2Q25 预览 - 潜在 REIT 复苏的绿色萌芽

Equity ResearchJuly11,2025PRICE TARGETPRICE TARGET+→ $43.00 ($40.00) 9 JonathanPetersen *IEquityAnalyst(212) 284-1705 ljpetersen@jefferies.comLinda Tsai * I Equity Analyst1 (212) 778-8011 I Itsai@jefferies.comPeter Abramowitz * IEquity Analyst(212) 336-7241 Ipabramowitz@jefferies.comJoe Dickstein * I Equity Analyst+1 (212) 778-8771 1jdickstein1@jefferies.comAhmed Mehri * IEquity Associate+1 (212) 778-8456 lamehri@jefferies.comMatthew Roberts *IEquityAssociate+1(212)778-85241mroberts1@jefferies.comKatie Elders * IEquity Associate+1 (917) 421-1968 I kelders@jefferies.comJan Aygul * IEquity Associate+1 (917) 344-1839 ljaygul@jefferies.com JefferiesNsA: A guidance cut seems inevitable at this point. We expect a -50 bps cut this quarter,followed by another one next quarter (consistent with NSA's historical pattern of multipleguidance cuts rather than a single'rip-the-band-aid' move).Manufactured Housing: MH fundamentals are still strong, but decelerating transient resultscould weigh on sS guidance, so we're cautious given 2Q outperformance vs. the rest ofResidential.BXP/DEl: Higher int exp could pressure FFO guidance for both, and note our'25 FFO below theStreet. Absent an acceleration in fundamentals, we think both could underperform near term.All pricing is as of 7/9/25Please see important disclosure information on pages 139 - 163 of this reportThis report is intended for Jefferies clients only. Unauthorized distribution is prohibited. 9eC JefferiesSummary of ChangesCompanyAgree Realty Corp.ADCPreviousArmada HofflerAHHPreviousAmerican Healthcare REITAHRPreviousAcadia Realty TrustAKRPreviousAmerican Homes 4 RentAMHPreviousAmerican TowerAMTPreviousAlexandriaRealEstateEquitiesAREPreviousAvalonBay CommunitiesAVBPreviousBrixmor Property GroupBRXPreviousBoston PropertiesBXPPreviousCrown Castle InternationalCCIPreviousCOPT Defense PropertiesCDPPreviousCamden Property TrustCPTPreviousCareTrust REITCTREPreviousPlease see important disclosure information on pages 139 - 163 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. RatingPriceaBUY$70.98BUY$7.01BUY$36.04BUY$18.19BUY$35.51BUY$221.83HOLD$77.07HOLD$200.63BUY$25.53BUY$69.03HOLD$103.41BUY$28.20BUY$113.01BUY$30.97 JefferiesCompanyCubeSmartCUBEPreviousCousins PropertiesCUZPreviousEasterly Gov. PropertiesDEAPreviousDouglas EmmettDEIPreviousDigital Realty TrustDLRPreviousHealthpeakDOCPreviousEastGroup PropertiesEGPPreviousEquity LifeStyle PropertiesELSPreviousEquinixEQIXPreviousEquity ResidentialEQRPreviousEssex Property TrustESSPreviousExtra Space StorageEXRPreviousFirst IndustrialFRPreviousFederalRealtyInvestmentTrustFRTPreviousPlease see important disclosure information on pages 139 - 163 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesCompanyHighwoods PropertiesHIWPreviousHudson PacificHPPPreviousHealthcare Realty TrustHRPreviousInvitation HomesINVHPreviousIndependence Realty TrustIRTPreviousInvenTrustPropertiesIVTPreviousKimco Realty Corp.KIMPreviousKilroy RealtyKRCPreviousKite RealtyKRGPreviousLTC PropertiesLTCPreviousLXP Industrial TrustLXPPreviousMid-America ApartmentsMAAPreviousMacerich Co.MACPreviousNational Health InvestorsNHIPreviousPlease see important disclosure information on pages 139 - 163 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited JefferiesCompanyNNN REIT, IncNNNPreviousNationalStorageAffiliatesTrustNSAPreviousNetSTREITNTSTPreviousNexPointNXRTPreviousRealty Income0PreviousOmega Healthcare InvestorsIHOPreviousPrologisPLDPreviousPublic StoragePSAPreviousPostal RealtyPSTLPreviousRegency Centers Corp.REGPreviousRexford Industrial RealtyREXRPreviousSafeholdSAFEPreviousSBA CommunicationsSBACPreviousSabra Health Care REITSBRAPreviousPlease see important disclosure information on pages 139 - 163 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesCompanySL Green Realty Corp.SLGPreviousSimon Property GroupSPGPreviousSTAG IndustrialSTAGPreviousSun CommunitiesSUIPreviousTerrenoTRNOPreviousUDR, Inc.UDRPreviousVentasVTRPreviousWelltowerWELLPreviousμPrior trading day's closing price unless otherwise notedPrice: after mkCons.FFO: Note FFO for ADC refers to consensus AFFO/shAFFO: ADC estimates reflect AFFOCons. AFFO: FactSet DataFFO: LXP represent FFO on a normalized basis.Please see important disclosure information on pages 139 - 163 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. JefferiesExhibit 1 - Summary of Price Target and Earnings Estimate ChangesDagital Relly Trust, Inc.HealelscarHelpea Properties, neWellowe, ne.American Heltheae REIT, IncHealthcare Realty Trust, ILTC Praperties, :Simon Propery Group, ne.Equity ResidentialArealonBay Communities LncEsex Propery Trus, Ine.UDR, Ine.Equiy Lifesye Properies InPublic StoragExta Space Stortg, lnc.Ea