Fresh 6/2: 12 Decks-LXP/INN/OHI/EPRT/CUZ/HIW/CUBE/EXR/SUI/PECO/CURB/VTR, Resi Jobs, STR RevPAR

研报英文原文证据摘录

Fresh 6/2: 12 Decks-LXP/INN/OHI/EPRT/CUZ/HIW/CUBE/EXR/SUI/PECO/CURB/VTR, Resi Jobs, STR RevPAR

REITs

Industrial - Market Weight

Lodging - Market Weight

Manufactured Housing - Market Overweight

Net Lease - Market Weight

Retail - Market Weight

Fresh 6/2: 12 Decks-LXP/INN/OHI/EPRT/CUZ/HIW/CUBE/ June 2, 2026

EXR/SUI/PECO/CURB/VTR, Resi Jobs, STR RevPAR

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

Author's note: we will be writing the Fresh in the evening during NAREIT. The body of the report also includes links

to decks which may be helpful for the conference.

We highlight (1) NAREIT decks (LXP, INN, OHI, EPRT, CUZ, HIW, CUBE, EXR, SUI, PECO, CURB, VTR), (2) Job Growth

by Market, (3) Tourism Economics.

●In Exhibits 2-4, we show employment growth trends by market for multifamily. Slowing job growth and persistent

supply continue to create difficult supply/demand fundamentals. Of note, job growth actually improved in coastal

markets over the period.

●LXP provided an update on recent business activity and subsequently raised full-year AFFO guidance by ~5 cents

at the midpoint. We think the incremental updates and the guidance raise will support positive stock performance

tomorrow.

●EPRT provided an update on investments, dispositions, and investments pipeline.

●Trends in storage Y/Y occupancy changes were relatively unchanged from prior updates. Given storage

underperformed today on what we thought were constructive PSA KPIs, we are unsure if CUBE/EXR data points

will be enough to support stock performance.