U.S. Self Storage REITs: Better Field Position, Still Waiting for the Goal

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U.S. Self Storage REITs: Better Field Position, Still Waiting for the Goal

Global Research

9 July 2026ab

U.S. Self Storage REITs Equities

AmericasBetter Field Position, Still Waiting for the Goal

Real Estate

Michael Goldsmith

Our view: Self Storage fundamentals likely continued to stabilize in 2Q'26, but Analyst

this alone may not justify current valuations michael.goldsmith@ubs.com

We expect Self Storage 2Q'26 results to show improvement over last quarter as well as +1-212-713 2951

upside to conservative guidances, though this is likely appreciated by the market. We Ami Probandt

forecast SSRev growth for CUBE, EXR, and PSA in 2Q'26 of 0.7%, up modestly from Analyst

1Q'26 of 0.6%. We believe stronger pricing and lower churn should provide further ami.probandt@ubs.com

confirmation of the sector's stabilization narrative. We also see potential for modest +1-212-713 2078

upward revisions to outlooks given conservative initial guidance, better-than-feared Justin Haasbeek

1Q'26 results, and the expiration of Los Angeles rent restrictions. While fundamentals Associate Analyst

are clearly better than a year ago, growth remains generally muted and we believe that justin.haasbeek@ubs.com

at current valuations, investors are paying for an acceleration that has yet to emerge in +1-212-713 2014

the underlying operating data. Connor Mitchell

Associate Analyst

connor.mitchell@ubs.com

Looking forward, we expect SSRev growth to continue grinding higher as we model

+1-212-649 8246

2027 growth of 1.8% over 2026 growth of 0.7%. However, we see little evidence that

the industry is on the cusp of a meaningful growth inflection. Construction activity has Anna O'Neil

moderated from 2023 highs by -26% but remains broadly consistent with 2019 levels Associate Analyst

anna.oneil@ubs.com