Last Week in REITs: More Jobs, More Yield

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Last Week in REITs: More Jobs, More Yield

oss asset classes.Top picks coming Virtual Jun 12

Jun 15out of NAREIT: ADC, AHR, CDP, DLR, EQIX, EXR, EGP, FR, LXP, PSA, STAG, and VTR. MARABostonAnalystNDRMarketing Mon Tue

New York Jun 16

Self-Storage Forum Wed

Virtual Jun 17All the Data Center Demand in the World, Still Not Enough Supply: Our latest Thematic Note, Analyst Marketing Thur

New York Jun 18

Group Lunch Data Centers x Power (Jon Petersen and Paul Zimbardo) Thurswith contributions from 10 Jefferies research teams, highlights a widening gap between AI data New York Jun 18

York Jun 22center demand and deliverable supply. In 2025, only 3.4 GW of capacity was delivered for leased HutNewAnalyst8 NDR Mon Marketing Wed

data centers in North America versus 15.6 GW of leases signed, resulting in a ~12 GW annual LondonRealty Income NDR Thur-TueJun 24

June 25 (London), 26 (London Property Tour), 29 (Amsterdam), 30 (Switzerland) Jun 25-30

Analyst Marketing Wedshortfall and more than 20 GW of undelivered capacity since 2021. Our DC Capacity Delivery Model Paris July 1

July 2identifies EPC and labor as the binding constraint today at ~10 GW, with cooling expected to AnalystFrankfurtSelf-StorageMarketingAssociation Fall Conference Tue-FriThurs

emerge as the primary bottleneck later this decade. Semiconductor-implied demand reinforces the .Source:Las Vegas Jefferies Sep 8-11

imbalance, with ~19 GW of AI power demand forecast for 2026E versus ~10 GW of new supply,

Jonathan Petersen * | Equity Analyst

while hyperscaler capex tracking toward ~$770B in 2026E continues to drive a growing backlog (212) 284-1705 | jpetersen@jefferies.com

of uncommenced leases. We view this supply-constrained backdrop as supportive for top data

Joe Dickstein * | Equity Analyst