Fresh 5/18: Polls (SBAC, CPT), IE Notes (FR/REXR), GSE Vol, West Marine Ch 11, Est (CIGI/DLR/O)

研报英文原文证据摘录

Fresh 5/18: Polls (SBAC, CPT), IE Notes (FR/REXR), GSE Vol, West Marine Ch 11, Est (CIGI/DLR/O)

May 18, 2026

Below is a framework for how to value Blackstone Digital Infrastructure Trust (BXDC), which recently filed its S-11

prospectus. This report is an update to our April 19 note using the BXDC disclosed proposed offering size.

Non-traded Mar-26 Monitor: Recovery Accelerates-BREIT/AREIT Inflows Cross $100M, SSNOI Rebounds

We report March updates for BREIT (who provided March financials on Thursday, 4/23) as well as Starwood and Ares

REITs as an update to our recurring research on Non-traded REITs.

Office 1Q26 Preview: Is leasing enough?

The report previews Office 1Q earnings using data from 1Q broker reports, CoStar, and intraquarter updates from

REITs. We review the latest leasing, occupancy, and rent trends and update AI headline trackers (AI leasing vs layoff

announcements citing AI).

Lodging REIT 1Q26 Tracker: RevPAR Beats Expected Across the Board

We update our Lodging REIT tracker ahead of 1Q26 earnings, with RevPAR forecasts for all companies screening

better than expected. The tracker is forecasting positive RevPAR growth across our entire coverage, with PEB

screening as having the strongest growth.

Outlook Library

Series of Tubes 1Q'26: Our Guess is Three Carrier Narrative will Slightly Outweigh SpaceXaphobia

CRE Services Primer

April 2026 REITs Marketing Deck: Picks in Sectors (Risk on and Off)

Billboards 2027: Rolling Out '27 Ests & Previewing a Strong '26 Earnings Growth Setup

Storage 2027: Pushing Growth a Year Out-but Signs Growth is Coming. PSA/CUBE- to PP, NSA+ to PP

mREIT 2027: Turning from Defense to Offense with Origination Pipelines Heading into 4Q Prints

Retail 27: Never so Healthy but yet so Cheap-Keeping BRX on the Alpha List, Adding CURB to OP