视频房地产投资信托综述：NAREIT和工业房地产投资信托时代的关键主题

USA | REITs [Video] REIT Roundup: Key Themes for NAREITand the Industrial REITs Eras In this REIT Roundup, we recapped key themes for NAREIT and our "The ErasTour" note, where we run through "eras" that drove warehouse demand andexplain why STAG, LXP, and EGP are best positioned for the continuation of theManufacturing Reinvestment Era. Our next webinar will be Monday, June 9th,at 9:00 AM ET. PleaseREGISTERhere. Slides from the webinar are attached to this note. Video Timestamps: •00:00 - Market Recap•03:07 - Research Recap•04:53 - Extel (formerly II) Research Poll Vote•05:41 - Upcoming Events•06:30 - NAREIT Schedule•06:45 - NAREIT Key Themes•10:00 - Industrial REITs - The Eras Tour Note•17:33 - AMH Virtual NDR Takeaways•20:05 - MAC Path Forward Update•22:50 - ELS Operating Update REGISTER HERE for all future webinars. Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.com *After you receive the confirmation e-mail, be sure to click "Add to Calendar" to save the calendar slotgoing forward. Linda Tsai * | Equity Analyst1 (212) 778-8011 | ltsai@jefferies.com Peter Abramowitz * | Equity Analyst(212) 336-7241 | pabramowitz@jefferies.com Joe Dickstein * | Equity Analyst+1 (212) 778-8771 | jdickstein1@jefferies.com Ahmed Mehri * | Equity Associate+1 (212) 778-8456 | amehri@jefferies.com Brendan Cutler * | Equity Associate+1 (332) 236-6839 | bcutler@jefferies.com Matthew Roberts * | Equity Associate+1 (212) 778-8524 | mroberts1@jefferies.com Katie Elders * | Equity Associate+1 (917) 421-1968 | kelders@jefferies.com Jan Aygul * | Equity Associate+1 (917) 344-1839 | jaygul@jefferies.com Research Referenced on the Webinar: 2Q Operating Update: MH Remains Strong, Marinas/RVs Below ConsensusPSTL Model Update — Improved Lease Negotiations Help Support GrowthMAC's Path Forward Update - Off to Running StartJune 2025 Pre-NAREIT Cheat Sheet: Big, Beautiful NAREITMonthly Investment Sales: No Cliff Drop Post Liberation DayIndustrial REITs - The Eras TourJEF Mall Traffic Index – Easier Comps Lift AprilStorage Weekly: PSA Remains In Front REIT Roundup: 2 June2025 JefferiesResearch Recap Industrial REITs-The Eras Tour JEF Mall Traffic Index–Easier Comps Lift April Industrial REITs are channeling their inner Taylor Swift-moving from one era to the next-as evolving demand drivers and policy shifts reshape supply chains. Trump's secondterm should act as a continuing catalyst for the current "Manufacturing ReinvestmentEra" (2021–Present), bringing increased investment to manufacturing markets from arenewed focus on American innovation and security. We reiterate our belief that STAG,LXP, and EGP are best positioned. Aprilmall foot traffic increased +4.3% Y/Y, better vs March (-0.3% Y/Y), driven by an easycomp. SKT's traffic continues to screen best, followed by SPG's and MAC's. Athleticapparel improved in April, posting its first month of non-negative Y/Y growth in over ayear, while Department Stores lagged. Restaurant trends improved modestly. June 2025 Pre-NAREIT Cheat Sheet: Big, Beautiful NAREIT Storage Weekly: PSA Remains In FrontY/Y SS asking rents were down-1.2% on avg, a 20 bps improvement from last week's- 1.4%. On a Y/Y basis, PSA was up +7.7%, followed by EXR (-0.9%), LSI (-2.0%), and CUBE(-9.7%). This week, we’re flagging continued strength in Google search volume for'Storage Near Me', although we expect recent softness in the housing market to weighon that momentum going forward. The following 'cheat sheet' preps investors with macro and company-specific questionsfor New York NAREIT (June 2-5), at the Hilton. We are hosting company meetings formost of our ~70 REIT stock coverage. If you'd like to join us, please reach out to yourJefferies salesperson. Our schedule is found within this note. We Humbly Ask for Your Consideration The annualExtel(formerly II) research poll is open, and yourconsideration of our team is very important to us. If our team hasbeen helpful to you in the past year, we would appreciate a vote for allour team members: Jonathan Petersen(REITsandCommunications Infrastructure)Linda Tsai (REITs) Shopping Centers, Malls, Residential, Net LeasePeter Abramowitz (REITs) Office, Brokers, Manufactured HousingJoe Dickstein (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 Upcoming Events ▪NAREIT REIT Week, NYC, June 2-5▪Realty Income Corp (O) Dinner, NYC, June 3▪Analyst Marketing, Asia, June 9-13▪Self