U.S. Cold Storage REITs: Ice, Ice, Maybe?

研报英文原文证据摘录

U.S. Cold Storage REITs: Ice, Ice, Maybe?

Global Research

16 July 2026ab

U.S. Cold Storage REITs Equities

AmericasIce, Ice, Maybe?

Real Estate

Michael Goldsmith

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

we believe excess capacity must be absorbed before rent growth can michael.goldsmith@ubs.com

reaccelerate meaningfully +1-212-713 2951

We expect 2Q'26 results to show continued stabilization, with easier occupancy Ami Probandt

comparisons, customer recaptures, and operational initiatives helping support Analyst

performance. That said, excess supply remains the defining theme for the sector. We ami.probandt@ubs.com

estimate roughly 50% of pallets delivered since 2020 have not been leased. We believe +1-212-713 2078

meaningful rent acceleration will require further absorption of this capacity. It is unclear Justin Haasbeek

how long financing on these facilities can be extended before lenders put pressure on Associate Analyst

operators to fill pallets. Efforts to accelerate lease-up could create another period of justin.haasbeek@ubs.com

pricing pressure in oversupplied markets. +1-212-713 2014

Anna O'Neil

Macro indicators for 2Q'26 were mixed and point more to a stabilization in Associate Analyst

anna.oneil@ubs.com

fundamentals rather than a meaningful recovery. USDA inventory levels increased

+1-212-713 4386

modestly yr/yr and accelerated relative to 1Q'26, suggesting inventory rebalancing is

largely complete. However, CoStar rent growth decelerated sequentially, while Connor Mitchell

consumer confidence continued to trend lower, limiting the likelihood of a meaningful Associate Analyst

connor.mitchell@ubs.com

increase in grocery spending and inventory accumulation. As a result, we expect

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