Jefferies

EquityResearch

USA|REITsJune3,2025

?06:45-NAREITKeyThemes

?10:00-IndustrialREITs-TheErasTourNote

?17:33-AMHVirtualNDRTakeaways

?20:05-MACPathForwardUpdate

?22:50-ELSOperatingUpdate

[Video]REITRoundup:KeyThemesforNAREIT

andtheIndustrialREITsEras

InthisREITRoundup,werecappedkeythemesforNAREITandour"TheEras

Tour"note,wherewerunthrough"eras"thatdrovewarehousedemandand

explainwhySTAG,LXP,andEGParebestpositionedforthecontinuationofthe

ManufacturingReinvestmentEra.OurnextwebinarwillbeMonday,June9th,

at9:00AMET.PleaseREGISTERhere.

Slidesfromthewebinarareattachedtothisnote.

VideoTimestamps:

00:00-MarketRecap

03:07-ResearchRecap

04:53-Extel(formerlyII)ResearchPollVote

05:41-UpcomingEvents

06:30-NAREITSchedule

REGISTERHEREforallfuturewebinars.

*Afteryoureceivetheconfirmatione-mail,besuretoclick"AddtoCalendar"tosavethecalendarslotgoingforward.

JonathanPetersen*|EquityAnalyst

(212)284-1705|jpetersen@

LindaTsai*|EquityAnalyst

1(212)778-8011|ltsai@

PeterAbramowitz*|EquityAnalyst

(212)336-7241|pabramowitz@

JoeDickstein*|EquityAnalyst

+1(212)778-8771|jdickstein1@

AhmedMehri*|EquityAssociate

+1(212)778-8456|amehri@

BrendanCutler*|EquityAssociate

+1(332)236-6839|bcutler@

MatthewRoberts*|EquityAssociate

+1(212)778-8524|mroberts1@

KatieElders*|EquityAssociate

+1(917)421-1968|kelders@

JanAygul*|EquityAssociate

+1(917)344-1839|jaygul@

Pleaseseeanalystcertifications,importantdisclosureinformation,andinformationregardingthestatusofnon-USanalystsonpages28-35ofthisreport.

*JefferiesLLC/JefferiesResearchServices,LLC

Jefferies

REITs

EquityResearch

June3,2025

ResearchReferencedontheWebinar:

2QOperatingUpdate:MHRemainsStrong,Marinas/RVsBelowConsensus

PSTLModelUpdate—ImprovedLeaseNegotiationsHelpSupportGrowth

MAC'sPathForwardUpdate-OfftoRunningStart

June2025Pre-NAREITCheatSheet:Big,BeautifulNAREIT

MonthlyInvestmentSales:NoCliffDropPostLiberationDay

IndustrialREITs-TheErasTour

JEFMallTrafficIndex–EasierCompsLiftApril

StorageWeekly:PSARemainsInFront

Pleaseseeimportantdisclosureinformationonpages28-35ofthisreport.2

ThisreportisintendedforJefferiesclientsonly.Unauthorizeddistributionisprohibited.

Jefferies

REITRoundup:2June2025

JUNE2025

USREITTeam

NAME

TITLE

CONTACTINFO

JonPetersen

HeadofUSREITTeam

(212)284-1705

jpetersen@

LindaTsai

SeniorVicePresident

(212)778-8011

ltsai@

PeterAbramowitz

SeniorVicePresident

(212)336-7241

pabramowitz@

JoeDickstein

VicePresident

(212)778-8771

jdickstein1@

AhmedMehri

SeniorAssociate

(212)778-8456

amehri@

BrendanCutler

SeniorAssociate

(332)236-6839

bcutler@

MattRoberts

Associate

(212)778-8524

mroberts1@

KatieElders

Associate

(917)421-1968

kelders@

JanAygul

Associate

(917)344-1839

jaygul@

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COM

Jefferies2

Jefferies3

Source:Jefferies,FactSet

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COM

MarketRecap

WeektoDateReturn

3.0%

2.0%

1.0%

0.0%

-1.0%

2.5%

2.4%

2.0%

1.5%

1.9%

1.9%

1.6%

1.5%

0.0%

0.0%

23-May26-May27-May28-May29-May30-May

REITs(IYR)S&P500

200bps

6%

4%

2%

0%

183bps

Yield

6.23%150bps

4.39%100bps

50bps

0bps

19-Jan

19-Feb

19-Mar

19-Apr

19-May

19-Jun

19-Jul

19-Aug

19-Sep

19-Oct

19-Nov

19-Dec

19-Jan

19-Feb

19-Mar

19-Apr

19-May

10YrTsyBBBBondYld(10yr)BBBtoTSYSpread

SpreadYeartoDateReturn

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0%

31-Dec

8-Jan

16-Jan

24-Jan

1-Feb

9-Feb

17-Feb

25-Feb

5-Mar

13-Mar

21-Mar

29-Mar

6-Apr

14-Apr

22-Apr

30-Apr

8-May

16-May

24-May

1.6%

0.5%

REITs(IYR)S&P500

300bps

200bps

100bps

0bps

-100bps

-200bps

-300bps

May-21

Jul-21

Sep-21

Nov-21

Jan-22

Mar-22

May-22

Jul-22

Sep-22

Nov-22

Jan-23

Mar-23

May-23

Jul-23

Sep-23

Nov-23

Jan-24

Mar-24

May-24

Jul-24

Sep-24

Nov-24

Jan-25

Mar-25

May-25

204bps

89bps

-18.4%

45%

30%

15%

0%

-15%

-30%

-45%

ImpledUpside

1

2

3

4

5

6

7

8

9

#

BBBBondYield-IYRYield10yrAvgSpreadImpliedUpside/(Downside)

TopPerformers(PastWeek,JEFCoverage)

BottomPerformers(PastWeek,JEFCoverage)

TopPerformers(YTD,JEFCoverage)

BottomPerformers(YTD,JEFCoverage)

Ticker

CompanyName

Wk%Change

Sector

Ticker

CompanyName

Wk%Change

Sector

Ticker

CompanyName

YTD%Change

Sector

Ticker

CompanyName

YTD%Change

Sector

MAC

ESS

PSTL

UDR

STAG

AVB

PLD

LXP

BXP

CWK

MacerichCompany

EssexPropertyTrust,Inc.

PostalRealtyTrust,Inc.ClassAUDR,Inc.

STAGIndustrial,Inc.

AvalonBayCommunities,Inc.Prologis,Inc.

LXPIndustrialTrustBXPInc

Cushman&WakefieldPlc

8.7%

5.4%

5.3%

5.0%

4.4%

4.4%

4.4%

4.3%

4.2%

4.2%

Malls

Apartments

PostOffice

Apartments

Industrial

Apartments

Industrial

Industrial

Office

CREServices

3

4

5

6

8

9

#

HPP

NHI

ELS

CCI

SBRA

VTR

LTC

ADC

AMH

NSA

HudsonPacificProperties,Inc.

NationalHealthInvestors,Inc.

EquityLifeStyleProperties,Inc.CrownCastleInc.

SabraHealthCareREIT,Inc.Ventas,Inc.

LTCProperties,Inc.

AgreeRealtyCorporation

AmericanHomes4RentClassA

NationalStorageAffiliatesTrust

-1.1%

0.1%

0.1%

0.2%

0.2%

0.2%

0.3%

0.3%

0.5%

0.7%

Office

SkilledNursing

ManufacturedHousing

Towers

SkilledNursing

SeniorHousing

SkilledNursing

NetLeaseRetail

SingleFamilyRental

Self-Storage

AHR

WELL

AMT

SBAC

NTST

CCI

VTR

ADC

PSTL

O

AmericanHealthcareREIT,Inc.WelltowerInc.

AmericanTowerCorporation

SBACommunicationsCorp.ClassANETSTREITCorp.

CrownCastleInc.

Ventas,Inc.

AgreeRealtyCorporation

PostalRealtyTrust,Inc.ClassARealtyIncomeCorporation

22.9%

22.4%

17.0%

13.8%

13.8%

10.6%

9.2%

6.9%

6.1%

6.0%

SeniorHousing

SeniorHousing

Towers

Towers

NetLeaseRetail

Towers

SeniorHousing

NetLeaseRetail

PostOffice

NetLeaseRetail

3

4

5

6

8

9

#

HPP

ARE

DEA

DEI

CWK

KRC

AKR

MAC

NXRT

SAFE

HudsonPacificProperties,Inc.

AlexandriaRealEstateEquities,Inc.

EasterlyGovernmentPropertiesInc

DouglasEmmett,Inc

Cushman&WakefieldPlc

KilroyRealtyCorporation

AcadiaRealtyTrust

MacerichCompany

NexPointResidentialTrust,Inc.SafeholdInc.

-38.6%

-28.0%

-23.5%

-23.3%

-23.3%

-20.4%

-20.3%

-18.8%

-18.6%

-18.5%

Office

OutMedand/orLab

Office

Office

CREServices

Office

ShoppingCtrs

Malls

Apartments

Diversified

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies4

JefferiesResearchRecap

IndustrialREITs-TheErasTour

IndustrialREITsarechannelingtheirinnerTaylorSwift-movingfromoneeratothenext

-asevolvingdemanddriversandpolicyshiftsreshapesupplychains.Trump'ssecondtermshouldactasacontinuingcatalystforthecurrent"ManufacturingReinvestmentEra"(2021–Present),bringingincreasedinvestmenttomanufacturingmarketsfromarenewedfocusonAmericaninnovationandsecurity.WereiterateourbeliefthatSTAG,LXP,andEGParebestpositioned.

Source:Jefferies,CompStak,CompanyMaterialsTitle:CompStakImpliedGAAPLeasingSpreadsSuggestSTAG,LXP&EGPOutperform

JEFMallTrafficIndex-EasierCompsLiftApril

Aprilmallfoottrafficincreased+4.3%Y/Y,bettervsMarch(-0.3%Y/Y),drivenbyaneasycomp.SKT'strafficcontinuestoscreenbest,followedbySPG'sandMAC's.Athletic

apparelimprovedinApril,postingitsfirstmonthofnon-negativeY/Ygrowthinoverayear,whileDepartmentStoreslagged.Restauranttrendsimprovedmodestly.

Source:Jefferies,Placer;TitleFootTrafficbyREIT-2YearCompStack

StorageWeekly:PSARemainsInFront

Y/YSSaskingrentsweredown-1.2%onavg,a20bpsimprovementfromlastweek's-1.4%.OnaY/Ybasis,PSAwasup+7.7%,followedbyEXR(-0.9%),LSI(-2.0%),andCUBE(-9.7%).Thisweek,we’reflaggingcontinuedstrengthinGooglesearchvolumefor

'StorageNearMe',althoughweexpectrecentsoftnessinthehousingmarkettoweighonthatmomentumgoingforward.

Source:Jefferies,Sequentum,BabelStreet;Title:YTDStreetRateGrowth-StorageAverage

June2025Pre-NAREITCheatSheet:Big,BeautifulNAREIT

Thefollowing'cheatsheet'prepsinvestorswithmacroandcompany-specificquestionsforNewYorkNAREIT(June2-5),attheHilton.Wearehostingcompanymeetingsfor

mostofour~70REITstockcoverage.Ifyou'dliketojoinus,pleasereachouttoyourJefferiessalesperson.Ourscheduleisfoundwithinthisnote.

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies5

WeHumblyAskforYourConsideration

TheannualExtel(formerlyII)researchpollisopen,andyour

considerationofourteamisveryimportanttous.Ifourteamhas

beenhelpfultoyouinthepastyear,wewouldappreciateavoteforallourteammembers:

JonathanPetersen(REITsandCommunicationsInfrastructure)

LindaTsai(REITs)ShoppingCenters,Malls,Residential,NetLeasePeterAbramowitz(REITs)Office,Brokers,ManufacturedHousingJoeDickstein(REITs)Healthcare

Ourresearchisdata-driven:

?SelfStorage:Rentwebscrapes,foottraffic,webtraffic(somedataisshareable,justask)

?Warehouse:TheErasTour(deepdiveonmanufacturingdemand),Monthlyrenttracker(cansharesomedata)

?LifeScience:Monthlybiotechfundingtracker

?Healthcare:SeniorHousingConstructionTracker

?Residential:Homeaffordabilitytracker(cansharedata)

?DataCenters:QuarterlyleasingandEarningsTidbits(collabnotew/9JEFanalystsimpactedbyDCdemand)

?Malls:Monthlyfoottraffictrends,RetailREITs-NewShockstoAbsorb

?Office:Quarterlyrenttrackerbasedonrealtransactions(cansharesomedata)

?CREServices:Monthlyinvestmentvolumetrends

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies6

UpcomingEvents

NAREITREITWeek,NYC,June2-5

RealtyIncomeCorp(O)Dinner,NYC,June3

AnalystMarketing,Asia,June9-13

SelfStorageForum,Virtual,June18

AKRNDR,London,Stockholm,June24-26

ONDR,London,June25

SelfStorageAssociationConference,LasVegas,September2-5

Greentext=Jefferies-

hostedcorporateaccess

RegencyCenters(REG)InvestorMeetings,London&Zurich,September23-24

SouthernCaliforniaMulti-PropertyTour,LosAngeles,Sept29-Oct1

JefferiesMiamiRealEstateConference,Miami,November18-19

NAREITREITWorld,Dallas,December8-11

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies7

JefferiesMeetingsatNAREIT-NewYork,June2-5

Date

Time

Company

Ticker

3-Jun

8:00-8:45AMET

EastGroupProperties

EGP

3-Jun

8:00-8:45AMET

RealtyIncome

O

3-Jun

8:00-8:45AMET

NationalHealthInvestorsInc

NHI

3-Jun

9:00-9:45AMET

STAGIndustrialInc.

STAG

3-Jun

9:00-9:45AMET

RymanHospitalityPropertiesInc

RHP

3-Jun

9:00-9:45AMET

AgreeRealtyCorporation

ADC

3-Jun

9:00-9:45AMET

CareTrust

CTRE

3-Jun

10:00-10:45AMET

SabraHealthCareREITInc

SBRA

3-Jun

10:00-10:45AMET

Safehold,Inc.

SAFE

3-Jun

10:00-10:45AMET

ParkHotels&ResortsInc

PK

3-Jun

11:00-11:45AMET

HealthpeakPropertiesInc

DOC

3-Jun

11:00-11:45AMET

NETSTREIT

NTST

3-Jun

11:00-11:45AMET

HostHotels&ResortsInc

HST

3-Jun

12:00-12:45PMET

NNNREITInc.

NNN

3-Jun

1:00-1:45PMET

CubeSmart

CUBE

3-Jun

1:00-1:45PMET

NexPointResidentialTrustInc

NXRT

3-Jun

1:00-1:45PMET

XeniaHotels&ResortsInc

XHR

3-Jun

2:00-2:45PMET

KimcoRealty

KIM

3-Jun

2:00-2:45PMET

LTCProperties

LTC

3-Jun

2:00-2:45PMET

GamingandLeisurePropertiesInc

GLPI

3-Jun

3:00-3:45PMET

Equinix

EQIX

3-Jun

3:00-3:45PMET

EPRProperties

EPR

3-Jun

4:00-4:30PMET

NationalStorageAffiliatesTrust

NSA

3-Jun

4:00-4:30PMET

RegencyCenters

REG

3-Jun

4:00-4:45PMET

VICIPropertiesInc

VICI

3-Jun

5:00-5:45PMET

SunstoneHotelInvestorsInc

SHO

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies8

JefferiesMeetingsatNAREIT-Continued

Date

Time

Company

Ticker

4-Jun

8:00-8:45AMET

AcadiaRealtyTrust

AKR

4-Jun

9:00-9:45AMET

OmegaHeathcare

OHI

4-Jun

11:00-11:45AMET

IndependenceRealtyTrustInc

IRT

4-Jun

12:00-12:45PMET

TerrenoRealtyCorp

TRNO

4-Jun

1:00-1:45PMET

DigitalRealtyTrustInc

DLR

4-Jun

1:00-1:45PMET

FederalRealtyInvestmentTrust

FRT

4-Jun

2:00-2:45PMET

KiteRealtyGroup

KRG

4-Jun

3:00-3:45PMET

PublicStorage

PSA

4-Jun

3:00-3:45PMET

BrixmorPropertyGroupInc

BRX

4-Jun

4:00-4:45PMET

ExtraSpaceStorage

EXR

4-Jun

4:00-4:45PMET

InventrustPropertiesCorp

IVT

5-Jun

9:00-9:45AMET

HealthcareRealty

HR

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies9

NAREITKeyThemes

?Weexpectthatmanagementteamswillexpressdifficultyinmanagingconstantshiftsin

politicalpolicy,whichischangingthemacroeconomicbackdroponaweek-to-weekbasis.Inanenvironmentlikethis,REITsgenerallypullbackondevelopmentandacquisitions.

TrumpPolicyImplications

?Theon-again-off-againpatternoftariffshasbeendisruptivetostabilityinthemarket,how

doesthatimpacttheabilitytorunarealestateportfolio?Howwillpotentialinventorybuildingimpacttherealestatestrategiesofretailersforwarehousesandbrick-and-mortarlocations?

ExternalGrowthOpportunities

?HowhaveinvestmentpipelinestrendedsincetheinitialtariffannouncementinearlyApril?SpringLeasingSeasonUpdates

?Howarecompaniesbalancingrategrowthvs.occupancytodayvsayearago?

SupplyTrends

?InRetail,howisdemandtrendingforbigboxes?

?Withrisingmaterialandlaborcostsoverthepastfewyears,andfurtherpressuredbytariffsandimmigrationpolicy,whatisthegapbetweenmarketrentsandreplacementrents?

IndustrialREITs–TheErasTour

?Weanalyzedthedifferent“Eras”ofIndustrial

warehousingintheUSandbelievewewillcontinuethe“ManufacturingReinvestmentEra”underTrump,whoisleveragingtariffstoon-shoremanufacturingtoboostjobs,security,andinnovation

?Ourrentgrowthandleasingspreadestimatesshowmanufacturingandinlanddistributionmarkets

shouldoutperformvsportmarkets.STAG,LXP&EGParebestpositioned.

?Intheshort-term,uncertaintyaroundpolicyshouldactasacatalystforinventorybuilding,benefitingcoastalindustrials

IndustrialWarehouseErasByTheNumbers

CompStakImpliedGAAPLeasingSpreadsSuggestSTAG,

LXP&EGPOutperform

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

Jun-16

Mar-17

Dec-17

Sep-18

Jun-19

Mar-20

Dec-20

Sep-21

Jun-22

Mar-23

Dec-23

Sep-24

Jun-25

Mar-26

Dec-26

Sep-27

-20.0%

一STAGLXPEGPPeerAverage

Source:Jefferies,CompStak,CompanyMaterials

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COM

Retailers:InventoriestoSalesRatio(seasonallyadjusted)

Source:Jefferies,U.S.CensusBureau

Jefferies10

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies11

AMHVirtualNDRTakeaways

?WemetwithAMH’sCEO,CFO&COO.Keytakeawaysinclude:1)Newleaserategrowth

acceleratedinMayto+4.3%andisthehighlightoftheoperatingupdate;2)Midwest

marketsareexhibitingstrength,drivenbymigrationandlimitedcompetition;3)AMHis

havingsuccessshiftingleaseexpirations,whichwillbenefitrategrowthlongerterm;4)

Texaspropertytaxreformdecisioniscomingup;and,5)AIisdrivingoperatingefficiencies.

RisingMortgageRatesHaveDrivingaMeaningfulDeclinein

HomeSales

Source:Jefferies,FreddieMac,Zillow

AMHNAREITOperatingUpdate

Source:Jefferies,CompanyFilings

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies12

MAC'sPathForwardUpdate-OfftoRunningStart

?MACisstreamliningitsportfolioto31high-performingClassAmalls(~94.5%occupancy,~$900SPSF),aimingfor$880MinNOIand$1.80FFO/shareby2028.

?Leasingmomentumisstrong,with23of26anchorspacesinLOIand72%ofFY24leasingvolumealreadycompleted,supportinga5.2%NOICAGRweightedtoward2027-28.

?TheSNOpipeline,with~$80Minexecutedleasesand~$50Mpending,underpins$160MinprojectedNOIupliftthrough2028.

?$1.1Bofthe$2Bassetsales/givebacksgoaliscomplete,withtheremaining$900Mexpectedtofundgrowthandreduceleverageto6.25-6.55xnetdebt/EBITDA.

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies13

ELSUpdate–MHStrong,ButRV/MarinasDisappoint

?CoreMHbaserentalincomeQTDthroughAprilcameof+5.5%istowardthehighendofguidance(+5.0-5.6%),and30/10bpsaheadofJEF/consensus2Qestimates.

?CoreMHoccupancytickeddown10bpsQ/Qto94.3%,belowourestimateof94.5%andconsensus94.4%,suggestingthebeatoncoreMHrentalincomeisdrivenbybetter-than-expectedpricingpower.

?CoreRV&Marinasbaserentalincomewas+2.0%throughApril,below2Qguidanceof+2.2-2.8%andJEF/consensus2Qestimatesof+2.4%/+2.5%.

?TransientrevenuesthroughthekeyMDWweekendwere-7.5%Y/Yvs.JEF/consensus2Qestimatesof-5.0%/-2.2%,likelyunderscoringincreasedconsumercautionamidmacro

uncertainty.

MH&RVSegment

QTD

Guide

JEF

Consensus

CoreMHBaseRentalIncome

5.5%*

5.0%to5.6%

5.2%

5.4%

CoreMHOccupancy

94.3%*

NA

94.5%

94.4%

CoreRV&MarinaBaseRentalIncome

2.0%*

2.2%to2.8%

2.4%

2.5%

CoreRVTransientRentalIncome

-7.5%**

NA

-5.0%

-2.2%

*throughAprilQTD

**throughMayQTD

Source:Jefferies,CompanyMaterials

IsTheInterestRateSpikeCycleOver?

REITsTendToUnderperformtheBroaderMarketWhenRatesAreRising…

?REITsunderperformbyabout960bpsonaverageduringtheratespike.

?FromSeptember16th,2024toJanuary13th,2025REITsunderperformedby1,400bps

ButTendToBounceBackAfterwards:

?Onceratesstabilize,REITsalmostalwaysoutperform,withaverageoutperformanceof~660bpsinthe120daysfollowingstabilization.

REITsUnderperformDuringRisingRates,ButOutperformOnceRatesStabilize

RMZOutperformanceinDaysAfter

RatesStabilize

Start

End

Durationin

Days

Beginning10

Yr

Ending10

Yr

Change

RMZ

SPX

Outperformance/

(Underperformance)

AvgCPI

Inflation

30days

60days

120days

1/18/1996

6/11/1996

145

5.53%

6.99%

146bps

5.0%

10.3%

-5.3%

2.77%

3.98%

4.29%

4.83%

10/5/1998

1/12/2000

464

4.16%

6.72%

256bps

1.8%

44.9%

-43.1%

2.00%

0.54%

-2.19%

10.79%

10/31/2001

3/14/2002

134

4.30%

5.40%

110bps

15.7%

8.8%

6.9%

1.62%

10.77%

7.56%

18.34%

6/10/2003

8/13/2003

64

3.20%

4.58%

138bps

2.5%

-0.1%

2.6%

2.10%

0.30%

3.97%

5.10%

3/8/2004

5/19/2004

72

3.78%

4.79%

101bps

-13.9%

-5.1%

-8.8%

1.86%

5.53%

13.34%

18.24%

6/1/2005

6/22/2006

386

3.91%

5.21%

130bps

13.7%

3.6%

10.1%

3.58%

4.13%

4.17%

7.41%

12/18/2008

6/8/2009

172

2.08%

3.87%

179bps

-1.8%

6.1%

-7.8%

-0.13%

-7.54%

11.13%

7.07%

9/27/2010

2/8/2011

134

2.51%

3.72%

121bps

10.6%

16.0%

-5.4%

1.26%

0.89%

-0.84%

7.05%

4/5/2013

9/5/2013

153

1.71%

3.00%

129bps

-11.9%

6.6%

-18.4%

1.53%

1.66%

2.57%

-7.88%

1/30/2015

6/26/2015

147

1.65%

2.47%

83bps

-12.2%

5.3%

-17.6%

-0.09%

3.75%

6.28%

7.39%

6/27/2016

12/15/2016

171

1.44%

2.61%

117bps

-5.3%

13.1%

-18.4%

1.24%

2.58%

1.58%

1.99%

12/15/2017

10/5/2018

294

2.35%

3.23%

88bps

-5.4%

7.8%

-13.2%

2.49%

4.93%

9.81%

11.63%

11/4/2020

3/31/2021

147

0.77%

1.74%

97bps

16.9%

15.4%

1.5%

1.37%

2.66%

2.93%

4.89%

3/1/2022

10/21/2022

234

1.71%

4.22%

251bps

-22.7%

-12.9%

-9.8%

8.42%

2.92%

2.88%

5.68%

4/7/2023

10/19/2023

195

3.29%

4.99%

170bps

-8.8%

4.2%

-13.0%

3.89%

0.22%

6.90%

-2.25%

9/16/2024

1/13/2025

119

3.62%

4.79%

117bps

-10.4%

3.6%

-14.0%

2.62%

2.3%

0.82%

5.15%

6.05%

Averages

189

140bps

-1.6%

8.0%

-9.6%

2.4%

5.0%

6.6%

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMSource:Jefferies,FactSet

Jefferies14

JUNE2025|JONPETERSEN,EQUITYANALYST,(212)284-1705,JPETERSEN@JEFFERIES.COMJefferies15

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UnitedStatesofAmerica

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UnitedKingdom

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Europe

?KatieElders

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?ShujinChen(TeamLeader)

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?AbhinavSinha(TeamLeader)

?PriyankShah

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USREITTeam’sGreatestHits

DataCenters-ThisDataCenterAccelerationIsNotArtificial.WeaddedDLRtoJefferies’FranchisePickslistwithanin-depthreportonthematerialshiftinDCdemand(April2023).

1Q25DataCenterLeasing&EarningsSeasonTidbitsAcrosstheMarket.QuarterlyupdateonleasingvolumethatwewriteinconjunctionwithotherJefferiesAnalysts(May2025).

EnclosedMalls-JEFMallTrafficIndex-MarchBounceBack.Monthlyin-depthlookatfoottrafficofmallsandoutlets(April2025).

Industrial-WarehouseRentTracker(April2025):SoCalSlumpContinues.Aforward-lookingviewintoleasingspreadsfromadatabaseofactualleasecomps-provenhighcorrelationtoactualresults(April2025).

LifeScience-LifeScienceMonthly:FOWeaknessWeighsonAprilFunding(-59%Y/Y).Ourbiotechfundingdataispredictiveoffuturelifescienceleasingvolumes(May2025).

Multifamily-ResiChartRefresh-ToughertoSMILE,Not2025Yet.Indepthlookatthesector(October2023).

Office-OfficeREITs:StillLookingtoGainShareInaChallenged,ButImprovingMarket.Alookintotheshiftingfundamentalsinthisoftendebatedsector(March2025).

OutpatientMedical-1Q25RevistaData:SteadyinaSeaofUncertainty(April2025).

Self-Storage-StorageWeekly:1Q25EarningsGamePlan+OneLastAnalysisonLSI.ThemostcomprehensiveweeklyreportontheSelf-Storageindustry(April2025).

SeniorHousing-SeniorHousingConstructionTracker:SilverTsunamiRequiresMoreSupply.(October2024).

ShoppingCenters-ShoppingCenterREITs-UpdatingFY25EstimatesforHigherBadDebt.(February2025).

SingleFamilyRental-GainingShareintheHousingSqueeze-->InitiatingBuysonAMH&INVH.(April2022).

SkilledNursing-CMSMinimumStaffingRuleDrivesa-0.34xAverageRentCoverageContraction.AlookintonewstaffingmandatesandcomplianceofoperatorsofSNFportfolios(July2024).

CREServices-MonthlyInvestmentSales:MarchVolumeResilientAheadofLiberationDay.Monthlyupdateonthecapitalmarketsenvironmentforbrokers(April2025).

ManufacturedHousing-InitiatingonManufacturedHousing:DemographicTailwindsSupportGrowth(April2025).

Jefferies

16

SectorViews

DataCenters-Positive:DCdemandisstrong,drivenbyAI,withnetabsorptionintopNorthAmericanmarketsabove4.5GWin4Q2024(TTM).Digestionperiodsaretemporary,andwebelieveinthelong-termseculardemandtailwinds.

CREServices-Positive:WemaintainaPositiveoutlookonCREServicesfor'25,withcontinueddouble-digitgrowthinresilientrevenuebusinessesforJLL/CBRE,asolidleasingrecovery,andupsideskewtoestimatesincapitalmarketsaswethinkfearsofreinflation/higherratesareoverdone.WemaintainBuyonJLLasourtoppickinthespace.

Industrial-Positive:Lowersupplyishelpful,buttariffsarearisktoportmarkets.Onshoringandnearshoringtrendsareanticipatedtoaccelerate,boostingdemandinsecondaryandmanufacturingmarkets.

Malls-Positive:WeexpectthepositivemomentumintheMallsspacetocontinuein'25,buoyedbyaresilienthigherincomeconsumerandlimitedsupplyofclassAalternatives.MallstradeatasteepdiscounttotheREITaverage(-19%discount).

NetLease-Positive:Withinterestratesstillmovinglower(albeitataslowerpace),caprateexpansionhasbroadlyaccelerated,improvingWACCsandthegrowthoutlookforNetLease.

Self-Storage-Positive:ECRIsremainresilient(orimprovinginPSA’scase),offsettingpersistentlyweakmove-inrates;however,webelievethatanyrecoveryinthehousingmarketin2025willbeatailwindforstoragedemand.

ShoppingCenters-Neutral:Withretailsupplyverytight,KPIsremainresilient,&guidancemostlyreiteratedacrosstheboardw