美国REITs：市场预期走向何方？

market weighted average202520260.2%0.0%0.1%0.0%0.1%-0.6%0.1%0.0%0.0%0.1%0.0%0.1%0.0%-0.1%0.0%0.0%0.0%0.0%-0.1%-0.3%-0.1%0.0%-0.1%0.3%-0.5%-1.6%0.0%-0.1%BofA GLOBAL RESEARCH 09 July 2025EquityUnited StatesREITsJeffrey SpectorResearch AnalystBofAS+1 646 855 1363jeff.spector@bofa.comDaniel ByunResearch AnalystBofAS+1 646 855 3195daniel.byun@bofa.comREITs TeamBofASSee Team Page for List of AnalystsSF: Single FamilyApts: ApartmentsFor a full list of mentioned tickers,see end of report. 1 month consensus estimate revisionsExhibit 2: Price return vs change in '25 FFO estimatesExhibit 3: Price return vs change in '26 FFO estimatesOffice saw the highest positive 1-month revisions for 2025 estimatesMalls saw the highest positive 1-month revisions for 2026 estimatesMallsTowers2%ManufacturedTriple NetshousingHealthcareApartments-2%REITsIndustrialSingle FamilyShoppingPrice rCenters-6%Self-StorageCold StorageOfficeData Centers-10%-0.6%-0.4%-0.2%0.0%0.2%0.4%Change in consensus FFOSource: FactSet, BofA Global ResearchSource: FactSet, BofA Global ResearchBofA GLOBAL RESEARCHExhibit 4: Lowest and highest 2022 Earnings Revisions for our coverage universe - 1 monthVNO (highest) and MPW (lowest) saw largest earnings revisions in 2025 estimatesRankREIT1M Revision to '25 est.Rank1VNO1.0%532AHH0.7%543NHI0.4%554AHR0.4%565CTRE0.3%576MAC0.3%587SBRA0.3%598NTST0.2%609VRE0.2%6110AMT0.2%62Source: BofA Global Research,FactSet as of 7/8/25ecExhibit 5: Lowest and highest 2023 Aarnings Revisions for our coverage universe - 1 monthVNO (highest) and MPW (lowest) swlalgest earnings revisions in 2026 estimatesRankREIT1M Revision to '26 est.Rank1VNO0.7%5323AHR0.6%54VRE0.5%554SLG0.4%565MAC0.4%576NHI0.4%587SBRA0.4%598AHH0.4%60NTST0.4%6110SPG0.3%62Source: BofA Global Research, FactSet as of 7/8/252U.S.REITsI09 July2025 Manufactured housingTowers2%Triple Nets- MallsHealthcareApartmentsShopping Centers-2%REITs -- IndustrialCold StorageSelf-StorageL Single Family-6%OfficeData Centers-10%口-2.0%-1.5%-1.0%-0.5%0.0%0.5%Change in consensus FFOBofA GLOBAL RESEARCHREIT1M Revision to'25 est.SPG-0.2%NSA-0.2%SUI-0.2%DOC-0.2%KRC-0.2%OHI-0.4%FVR-0.5%ARE-0.6%LINE-0.8%MPW-1.3%BofA GLOBAL RESEARCHREIT1M Revision to '26 est.NSA0.4%DOC-0.5%D-0.7%EQIX-1.2%COLD-1.3%LINE-1.7%KRC-2.1%FVR-2.5%ARE-2.8%MPW-2.9%BofA GLOBAL RESEARCH 1.0% ApartmentsExhibit 6: % change in apartments 25 FFO estimates - 1 mo.VRE had the highest positive revision (+0.2%) to 2025 estimatesApartments - SectorVRECPTESSUDRAVBEQRMAASource: FactSet, BofA Global Research* The lowest number (ie. 1) corresponds with the highest, or most positive, FFO estimate change.The highest number corresponds with the smallest change, or the most negative change.Exhibit 8: % change in apartments ‘26 FFO estimates - 1 mo.MAA had the highest negative revision (-0.2%) to 2026 estimatesApartments - SectorVREESSCPTAVBUDREQRMAASource: FactSet, BofA Global ResearchThe highest number corresponds with the smallest change, or the most negative change 2025Price returnRank0.2%-3.5%10.1%-2.1%230.0%1.6%0.0%-0.4%40.0%-0.3%5-0.1%-2.6%6-0.1%0.1%1BofA GLOBAL RESEARCHPriceRank2026return0.5%-3.5%10.0%1.6%20.0%-2.1%30.0%-0.3%40.0%-0.4%5-0.1%-2.6%6-0.2%0.1%BofA GLOBAL RESEARCH VRE had the highest positive revision (+0.2%) to 2025 estimates3.0%ESS1.5%AVBMAAUDRCPTEQR-3.0%VRE-4.5%-0.1%-0.1%0.0%0.1%0.1%0.2%Change in consensus FFOSource: FactSet, BofA Global ResearchBofA GLOBAL RESEARCHExhibit 9: Price return vs change in '26 apartment FFO estimatesMAA had the highest negative revision (-0.2%) to 2026 estimates3.0%ESS1.5%MAAUDRAVBCPTEQR-3.0%VRE-4.5%-0.2%0.0%0.2%0.4%Change in consensus FFOSource: FactSet, BofA Global ResearchBofA GLOBAL RESEARCHU.S.REITs I09 July 2025 Cold StorageExhibit 10: change in Cold Storage ‘25 AFFO estimates - 1 moLINE had the highest negative revision (-0.8%) to 2025 estimatesCold Storage - SectorCOLDLINESource: FactSet, BofA Global ResearchThe highest number corresponds with the smallest change, or the most negative changeExhibit 12: change in Cold Storage ‘26 AFFO estimates - 1 moLINE had the highest negative revision (-1.7%) to 2026 estimatesCold Storage - SectorCOLDLINESource: FactSet, BofA Global Research* The lowest number(ie 1) coresponds with the highest, or most positive,FFO estimate change.The highest number corresponds with the smallest change, or the most negative change4U.S. REITs I 09 July 2025 Price return2025Rank0.0%-5.2%1-0.8%-4.6%2BofA GLOBAL RESEARCH2026Price returnRank-1.3%-5.2%-1.7%-4.6%BofA GLOBAL RESEARCH Exhibit 11: Price return vs change in '25 cold storage AFFOestimatesLINE had the highest negative revision (-0.8%) to 2025 estimates-4.5%-4.6%口 LINE-4.7%-5.1%COLD-5.2%-5.3%-0.8%-0.6%-0.4%-0.2%Change in consensus FFOSource: FactSet, BofA Global ResearchBofA GLOBAL RESEARCHExhibit 13: Price return vs change in '26 cold storage AFF0estimatesLINE had the highest negative revision (-1.7%) to 2026 estimates-4.5%-4.6%LINE4.7%-5.1%-5.2%COLD-5.3%2.0%-1.5%-1.0%-0.5%Change in consensus FFOSource: Fac