仓储周报：PSA保持领先

Equity ResearchMay 29, 2025Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.comAhmed Mehri * | Equity Associate+1 (212) 778-8456 | amehri@jefferies.comPlease email us for a copy of our webscrapes + ECRI analysis + our Build-Your-Own-Same-Store Estimates filesBuild-Your-Own-Same-StoreEstimates(BYOSSE)file allows you totweak the revenue building blocks (move-in rates, churn, ECRIs, and occupancy) andsee how they affect SS Revenue growth.Exhibit 5 - Street Rates Change & Mark toMarket (Based on 2Q25E In-place Rents)vs. Same PeriodPortfolio1 Yr Ago (SS Pool)Mark-to-Market+7.7%-34.7%-0.9%-29.3%-2.0%-23.3%-9.7%-35.6%NA-29.4%NA-30.0%NANANote: SMA's Mark-to-Market is based on JEFe in-place rents estimatesSource: Jefferies, Sequentum, Babel StreetExhibit 6 - YTD Street Rate Growth - StorageAugSep Oct Nov DecSource: Jefferies, Sequentum, Babel Street Aug-23Nov-23Feb-24May-24Aug-24Nov-24Feb-25May-25Exhibit 2 - There's a 69% Correlation Between Y/YHome Sales and Y/Y Storage Street Rates (on a 6-Month Leading Basis).-50%-40%-30%-20%-10%0%10%20%30%40%50%60%Apr-19Aug-19Dec-19Apr-20Aug-20Dec-20Apr-21Aug-21Dec-21Apr-22Aug-22Home Sales Y/Y (On a 6-Mo Leading Basis)Source: Jefferies, Sequentum, FactSetExhibit 4 - Active Home Listings is on an Uptrend.-200,000400,000600,000800,0001,000,0001,200,0001,400,0001,600,000Oct-16Apr-17Oct-17Apr-18Oct-18Apr-19Oct-19Apr-20Oct-20Source: Jefferies, FRED, realtor.com Our.Throughvs prior26-May-254 weeksPSA+5.1%EXR+4.0%LSI+9.7%CUBE+0.3%NSA+3.5%SMA+6.4%StorageMart+0.3%Average.DecJanFebMar Apr May JunJul Dec-22Apr-23Aug-23Dec-23Apr-24Aug-24Dec-24Apr-25Aug-25Street Rate Y/Y %Correlation r = 69%Apr-21Oct-21Apr-22Oct-22Apr-23Oct-23Apr-24Oct-24Apr-25 How Does the 2025 Peak Leasing Season Compare toPrevious Years?Exhibit 7 - YTD Street Rate Growth - CUBE.-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2019Source: Jefferies, Sequentum, Babel StreetExhibit 9 - YTD Street Rate Growth - SMA (Relative to Storage avg Seasonality).-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%DecJan Feb Mar Apr May Jun2019Source: Jefferies, Sequentum, Babel StreetExhibit 11 - YTD Street Rate Growth - EXR.-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2019Source: Jefferies, Sequentum, Babel StreetPlease see important disclosure information on pages 13 - 20 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 2022202320242025Exhibit 8 - YTD Street Rate Growth - PSA.-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%20.0%DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2019Source: Jefferies, Sequentum, Babel StreetJulAug Sep Oct Nov Dec2022202320242025Exhibit 10 - YTD Street Rate Growth - NSA (Relative to Storage avg Seasonality).-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%DecJan Feb Mar Apr May Jun2019Source: Jefferies, Sequentum, Babel Street2022202320242025Exhibit 12 - YTD Street Rate Growth - LSI.-25.0%-20.0%-15.0%-10.0%-5.0%0.0%5.0%10.0%15.0%DecJan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec2019Source: Jefferies, Sequentum, Babel Street Summary of Web Scraped Street RatesExhibit 13 - Net Effective Asking Rent PSF - Trailing 4-Week Avg.$10$12$14$16$18$20$22$24Jul-18Nov-18Mar-19Jul-19CUBESource: Jefferies, Sequentum, Babel StreetNote: For units with 50-250 Sq. Ft.Exhibit 16 - Net Effective Asking Rent Growth YoY - Trailing 4-week Avg.-40%-20%0%20%40%60%80%Nov-19Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21CUBESource: Jefferies, Sequentum, Babel StreetNote: Same-store. Includes units with 50-250 Sq. Ft.Exhibit 18 - CUBE's YoY Change in Net/Gross Asking Rents (Monthly).----------10%20%Source: Jefferies, Sequentum, Babel StreetPlease see important disclosure information on pages 13 - 20 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Nov-19Mar-20Jul-20Nov-20Mar-21Jul-21Nov-21Mar-22Jul-22Nov-22Mar-23EXRLSIPSATrailing 4-WeekAvgMar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23Nov-23Jan-24Mar-24May-24Jul-24Sep-24Nov-24Jan-25EXRLSIPSASame-UnitYoY GrowthTrailing 4-WeekAvg----0%20%40%60%80%0%Exhibit 19 - EXR's YoY Change in Net/Gross Asking Rents (Monthly).---------------5%0%Source: Jefferies, Sequentum, Babel Street Source: Jefferies, Sequentum, Babel Street REIT Portfolio Mark-To-Market Remains Wide1Q25E Rent PSF Mark to Market was Derived Using Our Current Rent PSF EstimatesExhibit 22 - Net Effective Rent Mark-to-Market, by REIT.Source: Jefferies, Sequentum, Babel StreetExhibit 23 - Implied Portfolio Mark to Market (on both a Gross and Net Effective Basis).Source: Jefferies, Sequentum, Babel StreetExhibit 24 - Implied Mark-to-Market (Asking vs In-Place Rents).-50%-40%-30%-20%-10%0%10%20%30%4Q182Q194Q19CUBESource: Jefferies, Sequentum, Babel StreetWeb & Foot Traffic TrendsExhibit 26 - Web & Mobile Site Visits by REIT.-20,00040,00060,00080,000100,000120,000140,000Apr-22Jul-22Oct-22