U.S. Self Storage REITs: Behind the Self Storage Gate - July 2026: UBS Evidence Lab inside

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U.S. Self Storage REITs: Behind the Self Storage Gate - July 2026: UBS Evidence Lab inside

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U.S. Self Storage REITs Equities

AmericasBehind the Self Storage Gate - July 2026:

UBS Evidence Lab inside Real Estate

Michael Goldsmith

Analyst

michael.goldsmith@ubs.com

Our take: Self Storage average web asking rate growth in June 2026 +1-212-713 2951

accelerated sequentially but remained soft on an absolute basis

Ami Probandt

The average Self Storage street rate year-over-year change in June 2026 accelerated Analyst

compared to May 2026 according to the UBS Evidence Lab analysis of 6k+ self storage ami.probandt@ubs.com

facilities (> Access Dataset). Though, growth remained soft on an absolute level. +1-212-713 2078

Specifically, the average yr/yr change in web asking rate for the REITs including PSA, EXR, Justin Haasbeek

CUBE, and NSA in June was down -2%, above May of -4%. Comparisons were not a Associate Analyst

significant factor with growth on a 2-yr stack (2025 + 2026 monthly results) in June justin.haasbeek@ubs.com

2026 averaging down -1%, ahead of May's down -3%. Street rate improvement has +1-212-713 2014

been choppy. On a TTM basis, CUBE is the only REIT with a positive second derivative. Connor Mitchell

Notably, asking rents only take into account the advertised rates, and there may be other Associate Analyst

contributing factors to REIT move-in rates such as promotions or sales which can change connor.mitchell@ubs.com

frequently. +1-212-649 8246

PSA's yr/yr street rate growth accelerated sequentially by +1300 bps from May of Anna O'Neil

Associate Analyst -7% to June of +6%. On an absolute basis, PSA had the strongest yr/yr rent

anna.oneil@ubs.com

growth in June 2026.