US Lodging and REITs: Survey Says: Investors Generally Bullish on REITs in 2Q26

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US Lodging and REITs: Survey Says: Investors Generally Bullish on REITs in 2Q26

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30 Jun 2026 19:03:46 ET │ 58 pages

US Lodging and REITs

Survey Says: Investors Generally Bullish on REITs in 2Q26

CITI'S TAKE

Nick Joseph AC

Our recent investor survey, conducted over the last ~10 days, highlights that +1-212-816-1909

investors are mostly bullish in their REIT investment outlook. Year-to-date, nicholas.joseph@citi.com

REITs are up +18% on a total return basis and are outperforming the broad

market (S&P +10%). We are generally constructive on REITs given solid Office/Healthcare/CRE Services

earnings growth, improving KPIs across some key subsectors, and a

constructive supply backdrop. That said, higher and volatile interest rates, Seth Bergey, CPA, CFA

macro-economic uncertainty, and AI disruption concerns continue to have +1-212-816-2066

an impact and create dispersion within REITs – so stock selection remains seth.bergey@citi.com

paramount, and we highlight our preferred sectors and stocks in our model

Industrial/Retail/Cold Storageportfolio.

Craig Mailman

Sector Picks & Pans — Healthcare, Data Centers, and Apartments were the top +1-212-816-4471

sectors expected to outperform over the next 12 months. Conversely, Lodging, Self- craig.mailman@citi.com

Storage, and Net Lease were the top sectors expected to underperform. Investors

increased their outperformance votes the most for Healthcare, and their Lodging/Net Lease

underperformance votes the most for Net Lease, vs. our last survey 3 months ago.

Smedes Rose

Stock Picks & Pans and M&A Targets — From a stock perspective, the top stocks +1-212-816-6243

expected to outperform over the next 12 months garnered ~55% of the write-in smedes.rose@citi.com

votes. Among these top stocks were AHR, DLR, and AMT.