Storage REITs | North America Proprietary Jobs Data Point to Improving Demand; Positively Inclined But Valuation vs. Growth Balanced; Resume PSA at EW and $344 PT

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Storage REITs | North America Proprietary Jobs Data Point to Improving Demand; Positively Inclined But Valuation vs. Growth Balanced; Resume PSA at EW and $344 PT

Foundation

July 28, 2026 08:54 PM GMT

Morgan Stanley & Co. LLCMStorage REITs | North America Ronald Kamdem, CFA

Equity Analyst

Proprietary Jobs Data Point to Ronald.Kamdem@morganstanley.comJenny Li +1 212 296-8319

Research Associate

Jenny.Li1@morganstanley.com +1 212 761-2228

Improving Demand; Positively

Real Estate Investment Trusts

North America

Industry View In-LineInclined But Valuation vs.

Exhibit 1 : YoY job openings risingGrowth Balanced; Resume PSA

Multiples vs YoY Job Opening

FFO Multiples YoY Job Opening

30.0x 100.0%at EW and $344 PT 28.0x 80.0%

26.0x

24.0x 60.0%

Improving job openings, new-tenant pricing, and home sales 22.0x20.0x 13.9% 40.0%20.0%

18.0x 0.0%

point to a better demand backdrop. LA pricing restrictions have 16.0x14.0x -20.0%

12.0x 18.0x -40.0%

expired, while NSA adds scale and potential earnings upside 2Q13A 4Q13A 2Q14A 4Q14A 2Q15A 4Q15A 2Q16A 4Q16A 2Q17A 4Q17A 2Q18A 4Q18A 2Q19A 4Q19A 2Q20A 4Q20A 2Q21A 4Q21A 2Q22A 4Q22A 2Q23A 4Q23A 2Q24A 4Q24A 2Q25A 4Q25A 2Q26A

surprise. We resume PSA at EW with a $344 PT as rent Source: AlphaWise, CoStar, FactSet, Morgan Stanley Research

recapture and integration benefits should build gradually.

Exhibit 2 : Consensus 27e FFO Multiples vs.

Key Takeaways Growth

Job openings rose +13.9% YoY in 2Q26, with new-tenant pricing improving +5.6% FFO/sh Growth vs. FFO Multiple 20.0x

YoY in July, signaling better demand. 19.0x

PSA, 18.8x

June existing-home sales increased +7.9% YoY, an encouraging mobility signal, Multiple EXR, 17.6x 18.0x17.0x

though affordability remains a constraint. FFO CUBE, 16.2x

27e 16.0x

y = 187.71x + 14.629