2Q26 NIC Data - Occupancy Breaks 90%, Rent Growth Still Elevated

研报英文原文证据摘录

2Q26 NIC Data - Occupancy Breaks 90%, Rent Growth Still Elevated

USA | REITs EquityJulyResearch9, 2026

Exhibit 1 - Occupancy (Weighted Average REIT2Q26 NIC Data - Occupancy Breaks 90%, Rent

Growth Still Elevated Market91% Exposure)

89%

87%

85%2Q NIC data reinforces our positive stance on SHOP REITs into earnings. Senior 83%

housing occupancy surpassed 90% for the first time since 2014, up +40 bps 81%79%

Q/Q to 90.1%, with IL matching its all-time peak. New supply fell again to new 77% 4Q18 2Q19 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 2Q26

lows for both AL and IL, and rent growth eased to +4.7% but remained elevated . VTR WELL

Source: NIC, Company Reports, Jefferies

relative to the prior 4-quarter average. Fundamentals continue to break in favor

of AHR, WELL, & VTR ahead of the print. Exhibit 2 - Rent Growth (Weighted Average

REIT Market Exposure)

7.0%

2Q Occupancy Eclipses 90% Threshold; New Supply Drops to Decade+ Lows; Rent Growth 6.0%5.0%

Decelerates Off Tougher Comp But Still Elevated 4.0%

3.0%

Senior Housing occupancy increased by +40 bps QoQ to 90.1%, with AL leading the way. The 2.0%1.0%• 0.0%

gain marks another leg in an uninterrupted recovery off the 1Q21 trough and over double 4Q18 2Q19 4Q19 2Q20 4Q20 2Q21 4Q21 2Q22 4Q22 2Q23 4Q23 2Q24 4Q24 2Q25 4Q25 2Q26

the +15 bps seasonal median for a 2Q, another strong readthrough for AHR, WELL, and VTR. VTR WELL

.

Compared to the NIC dataset highs, AL is now -40 bps lower at 88.6% and IL has now matched Source: NIC, Company Reports, Jefferies

its peak of 91.5%.

Another quarter of declining new supply supports positive sentiment for the asset class. AL is•

now at the lowest level since 1Q10 and IL is now at the lowest level since 4Q13. This comes