【花旗集团】房地产投资信托基金（REIT）及住宿业每周策略：旅途中的故事；2025年6月Nareit会议后的营销要点

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12Jun202516:37:53ET│44pages

WeeklyREITandLodgingStrategy

TalesfromtheRoad;MarketingTakeawayspostJune2025Nareit

CITI'STAKE

We’vebeenonthe“road”hostingnumerousinvestormeetingsfollowingtheJuneNareitconferencelastweek(SummerintheCity–June2025NareitReview).Whilethemacro-economicenvironment,capitalmarkets,andpublicpolicyaretopofmind,throughoutourconversationswehavereceivedsomecommonsectorandstock-relatedquestions.Weoutlinethequestionsandprovideanswerstoeachinthisreport.Aswealwayssay,manyofourbestideascomefromquestionsaskedandconversationswithinvestors!

TheMostCommonQuestions—Thequestionsweaddresshereininclude:Willdatacenterdemandin2025bebackhalfweighted?You’reOverweightseniorhousingandUnderweightlifesciencestocksinyourmodelportfolio,whatwouldchangeyourview?Doyoustillbelieveinthe2Hindustrialdemandrecovery?Howdoyouthinkhoteldemandistrendingfollowing1Qupdates?Howdoyouthinknetleasenamesarepositionedatthisjuncture?Whathasbeenthefeedbackonthe90-daypositivecatalystwatchonBXP?WhydidyourotateintoINVHandwhyhaveSFRsunderperformedrecently?Howdoyoufeelaboutstrips?Will2Qearningsbeacatalystforthestoragesector?HowcouldtowersbeimpactedbyEchoStarrisks?

NickJosephAC

+1-212-816-1909

nicholas.joseph@

Office/Healthcare/CREServices

SethBergey,CPA,CFA+1-212-816-2066

seth.bergey@

Industrial/Retail/ColdStorage

CraigMailman+1-212-816-4471

craig.mailman@

Lodging/NetLease

SmedesRose

+1-212-816-6243

smedes.rose@

Residential/SelfStorage

EricWolfe

+1-212-816-2640

eric.wolfe@

DataCenter/Towers

MichaelRollins,CFA

michael.rollins@

Associates

MadeleineFargis

madeleine.fargis@

AngelaJi

angela.ji@

NickKerr

nick.kerr@

SydneyMcEntee

sydney.mcentee@

SeeAppendixA-1forAnalystCertification,ImportantDisclosuresandResearchAnalystAffiliations.

CitiResearchisadivisionofCitigroupGlobalMarketsInc.(the"Firm"),whichdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestment

decision.Certainproducts(notinconsistentwiththeauthor'spublishedresearch)areavailableonlyonCiti'sportals.

2

WeeklyREITandLodgingStrategy

12June2025CitiResearch

UpcomingEvents

Figure1.Citi-SponsoredEvents,NDRs,and

Analyst/InvestorDays

Citi

Citi

June18,2025

Citi-HostedExpertCall–CMBSMarketObservationswithJeffBerenbaum,Citi’sHeadofCMBSandAgency

Virtual

June24-25,2025

Citi's2025AsiaPacificPropertyConference

HongKong

June25-27,2025

Citi-HostedNDRwithTanger(SKT)ManagementTeam

Mid-West

July9,2025

Citi-HostedSelf-StoragePrivateOperator&BrokerDinner

NewYork,NY

July15,2025

Citi-HostedExpertCall-TheStateoftheOfficeMarketwithNewmark

Virtual

July16,2025

Citi-HostedExpertCall-TheStateoftheNetLeaseMarketwithTheBoulderGroup

Virtual

July21,2025

Citi-HostedExpertCall-TheStateoftheIndustrialMarketwithNewmark

Virtual

July28,2025

Citi-HostedExpertCall–TheStateofSeniorHousingandSNFMarketWithNIC

Virtual

October13-17,2025

CitiAustralia&NewZealandInvestmentConference&CitiAustraliaPropertyTours

Sydney

December8,2025

Citi-HostedResidentialPropertyTourinDallasaheadofNareit

Dallas,TX

December8-11,2025

Citi-HostedMeetingsatNareitREITworld

Dallas,TX

March1-4,2026

CitiGlobalPropertyCEOConference

Hollywood,FL

February28-March3,2027

CitiGlobalPropertyCEOConference

Hollywood,FL

March5-8,2028

CitiGlobalPropertyCEOConference

Hollywood,FL

March4-7,2029

CitiGlobalPropertyCEOConference

Hollywood,FL

March3-6,2030

CitiGlobalPropertyCEOConference

Hollywood,FL

June25,2025

EQIXAnalystDay

NewYork,NY

September8,2025

BXPInvestorDay

NewYork,NY

December3,2025

AREInvestorDay

NewYork,NY

Figure2.IndustryEvents

&

September8-10,2025

NICFallConference(SeniorHousing)

Austin,TX

December8-11,2025

NareitREITworld

Dallas,TX

©2025CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearchandCompanyReports

©2025CitigroupInc.NoredistributionwithoutCitigroup’swrittenpermission.Source:CitiResearch

Figure3.PerformanceIndices

PerformanceIndices(*denotestotalreturns)

WTDChange

(%)

QTDChange

(%)

YTDChange

(%)

Last30Days

(%)

Last90Days

(%)

Last6Months

(%)

Last12

Months(%)

FTSENAREITEquityREITTotalReturnIndex*0.1%-0.1%0.8%0.5%3.0%-2.8%13.0%

CitiModelREITPortfolio*0.6%0.8%3.0%1.2%4.5%-0.4%16.3%

MSCIUSIMIRealEstate25/50*0.5%-0.3%2.4%0.8%3.2%-1.8%13.6%

MSCIREITIndex(EquityREITfocused)*0.1%0.0%1.0%0.5%3.0%-2.6%13.3%

DJUSSelectREITIndex0.0%-0.7%-0.5%0.2%1.8%-4.4%8.5%

WilshireUSRealEstateSecuritiesIndex0.0%-0.5%-0.5%0.3%2.0%-4.3%9.5%

REITsinS&P500(largecap)-0.2%0.5%2.9%0.4%3.2%-1.5%11.8%

REITsinS&P400(midcap)1.0%-1.5%-1.9%1.2%2.0%-6.3%7.7%

REITsinS&P600(smallcap)0.6%-4.1%-3.6%0.5%-1.7%-9.2%11.6%

Russell20000.8%7.1%-3.3%2.8%7.8%-8.3%6.5%

DowJonesIndustrialAverage0.3%2.3%1.0%1.3%5.1%-2.2%10.7%

S&P5000.4%7.5%2.6%3.2%9.1%-0.5%12.0%

S&P500Financials-0.5%2.4%5.5%0.3%7.5%2.9%24.8%

S&P500Utilities-0.3%2.6%6.9%1.4%4.6%4.2%14.9%

NasdaqComposite0.5%13.5%1.6%5.0%13.4%-1.8%13.0%

10-YearTreasuryYieldbpschange-1217-19-812-2-1

GlobalRealEstate(USD)0.9%5.0%7.0%2.6%7.3%3.7%14.4%

AsiaRealEstate(localcurrency)0.5%4.6%3.2%0.4%4.7%4.7%2.6%

EuropeRealEstate(localcurrency)1.5%8.8%6.8%3.7%10.8%5.4%4.9%

Source:FactSet

CitiModelPortfolioandGlobalPricingsasof6/10/2025.Allotherreturnsasof6/11/2025.

WeeklyREITandLodgingStrategy

12June2025CitiResearch

3

Figure4.RecommendationListsforInvestmentStrategies

CitiResearchLargeCapList

CompanyName

Ticker

Prop.

Type

Rating

6/11/2025

Price

Spot

NAV

Implied

Cap

Rate

Prem/

(Disc)toPriceChange

SpotNAVWTDQTD

YTD

Total

Return

Div.

Yld.

25AFFOTEV/Fixed

Payout2025EFFO2025EAFFOEBITDADebt/Cov.

RatioGrowthMult.GrowthMult.Mult.GAVRatio

Public

Float

Model

Port

Weight

REIT

Index

Weight

Model

Port

OW/UW

($)

($)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

(x)

(%)

(x)

(x)

(%)

(x)

($B)

(%)

(%)

(bps)

AMH

AMH

SingleFamily

2

36.34

38.49

5.2

(5.6)

(0.9)

(3.9)

(2.1)

3.3

75

4.5

19.6

6.5

22.8

21.5

24

4.9

13.4

1.2

1.1

13

AmericanTower

AMT

Towers

1

214.36

N/A

N/A

N/A

(4.1)

(1.5)

16.9

3.5

N/A

N/A

N/A

6.8

20.3

N/A

N/A

N/A

100.4

0.3

0.0

27

CamdenProp

CPT

Apts.

1

117.42

134.91

5.9

(13.0)

1.4

(4.0)

2.1

3.6

84

-0.5

17.2

-1.7

23.4

18.5

20

4.2

12.8

2.6

1.0

155

CBREGroup

CBRE

CREServices

1

133.83

N/A

N/A

N/A

5.3

5.4

5.4

N/A

N/A

N/A

N/A

N/A

N/A

11.1

N/A

N/A

29.9

0.4

0.0

43

CrownCastle

CCI

Towers

1

99.43

N/A

N/A

6.9

(7.0)

(4.6)

9.6

6.9

N/A

N/A

N/A

-7.5

14.2

N/A

N/A

N/A

43.3

0.3

0.0

35

DigitalRealtyTrust

DLR

DataCenter

1

175.84

166.44

6.9

5.6

(0.6)

22.7

(0.2)

2.8

76

6.0

24.7

5.1

27.4

25.4

24

6.7

59.2

6.2

4.8

137

Equinix

EQIX

DataCenter

1

893.70

838.54

N/A

6.6

(2.3)

9.6

(4.2)

2.1

49

30.8

31.8

8.4

23.5

22.9

N/A

13.2

87.4

7.9

7.7

22

EquityRes

EQR

Apts.

2

69.27

79.46

5.6

(12.8)

1.1

(3.2)

(1.6)

4.0

86

2.0

17.4

3.8

21.5

18.8

20

5.9

26.2

5.4

2.3

316

GamingandLeisureProp.

GLPI

GamingNetLease

1

47.63

48.45

7.3

(1.7)

2.6

(6.4)

0.5

6.4

79

2.8

12.3

2.7

12.3

14.3

N/A

4.3

13.5

1.2

1.1

18

HostHotels&Resorts

HST

LodgingREIT

1

15.97

21.10

7.7

(24.3)

1.3

12.4

(7.7)

5.0

42

(3.2)

8.4

(3.2)

8.4

10.5

N/A

9.0

11.1

1.2

0.9

24

InvitationHomes

INVH

SingleFamily

1

33.32

36.92

5.4

(9.8)

0.4

(4.4)

5.1

3.5

71

2.8

17.2

2.7

20.3

18.6

24

2.9

20.4

2.9

1.8

109

KimcoRealty

KIM

Retail

2

20.99

25.26

7.1

(16.9)

0.0

(1.2)

(8.3)

4.8

84

5.2

12.2

7.1

17.6

14.9

33.7

3.8

14.2

2.9

1.2

165

LamarAdvertisingCo

LAMR

Specialty

1

121.67

N/A

N/A

N/A

0.5

6.9

1.2

5.1

75

5.7

14.4

3.6

14.7

14.5

N/A

N/A

12.5

1.1

0.9

18

MarriottInternational

MAR

LodgingCorp

2

266.06

0.00

0.0

0.0

0.2

11.7

(4.2)

1.0

0

0.0

0.0

0.0

0.0

16.5

0.0

7.3

73.7

0.4

0.0

40

OmegaHealthcareInvestors

OHI

SkilledNursing

1

37.02

28.39

6.8

30.4

(1.1)

(2.8)

1.3

7.2

93

4.7

12.3

5.1

12.9

15.0

34.7

4.7

10.6

1.3

0.9

43

Prologis

PLD

Industrial

1

108.50

133.44

5.4

(18.7)

(0.3)

(2.9)

3.6

3.7

99

3.1

18.9

(2.7)

26.5

22.7

22.9

5.4

100.6

10.7

8.7

204

PublicStorage

PSA

SelfStorage

1

300.16

279.85

5.2

7.3

(0.9)

0.3

1.2

4.0

76

1.0

17.8

9.9

19.1

19.1

14.9

7.0

52.7

5.1

4.1

100

SBACommunications

SBAC

Towers

1

224.75

N/A

N/A

1.9

(7.1)

2.2

10.3

1.9

N/A

N/A

N/A

2.2

16.8

N/A

N/A

N/A

24.1

0.5

0.0

47

SunComm

SUI

Mfd.Homes

1

125.42

134.66

5.4

(6.9)

0.8

(2.5)

6.0

3.3

76

1.2

18.5

(5.7)

22.8

20.2

29.2

4.2

16.0

2.7

1.4

134

UDR

UDR

Apts.

2

41.57

45.92

5.7

(9.5)

1.2

(8.0)

(2.3)

4.1

87

1.7

16.5

1.9

21.0

19.1

27.6

5.3

13.8

3.6

1.2

244

Ventas

VTR

DiversifiedHealthcare

1

63.41

49.39

5.5

28.4

(0.4)

(7.8)

8.5

2.8

63

8.1

18.5

10.3

22.3

20.3

35.6

3.2

28.6

4.1

2.3

177

VICIProperties

VICI

GamingNetLease

1

32.48

30.01

6.4

8.2

3.2

(0.4)

12.7

5.3

74

3.4

13.9

3.4

13.9

16.0

34.7

3.9

34.3

3.5

2.9

62

WelltowerInc.

WELL

DiversifiedHealthcare

1

150.24

76.11

3.3

97.4

(2.7)

(1.9)

20.3

1.6

57

16.0

30.1

16.7

35.3

32.9

25.0

5.5

98.4

13.5

8.2

526

Weyerhaeuser

WY

Timber

1

27.36

N/A

N/A

2.8

4.6

(6.6)

(2.8)

2.8

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

19.8

0.2

0.0

23

REITLargeCap/Wtd.Avg.

4.7

12.3

(0.7)

2.4

3.9

3.3

65

8.3

19.4

4.4

20.9

21.0

20

6.6

37

77.7

51.3

2,642

REITLargeCap/Str.Avg.

5.6

4.1

0.0

0.7

2.6

3.9

71

5.0

16.8

3.1

18.7

18.5

25

5.7

37

REITTotal/Wtd.Avg.

6.0

5.3

0.1

(0.0)

1.0

4.0

73

5.7

18.7

3.9

20.6

20.2

30

5.6

10

CitiResearchMidCapList

CompanyName

Ticker

Prop.

Type

Rating

Price

Spot

NAV

Implied

Cap

Rate

Prem/

(Disc)toPriceChange

SpotNAVWTDQTD

YTD

Total

Return

Div.

Yld.

25AFFOTEV/Fixed

Payout2025EFFO2025EAFFOEBITDADebt/Cov.

RatioGrowthMult.GrowthMult.Mult.GAVRatio

Public

Float

Model

Port

Weight

REIT

Index

Weight

Model

Port

OW/UW

($)

($)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

(%)

(x)

(%)

(x)

(x)

(%)

(x)

($B)

(%)

(%)

(bps)

AgreeRealty

ADC

RetailNetLease

2

74.54

57.97

5.5

28.6

0.7

(3.4)

7.6

4.1

72

3.8

17.6

3.4

17.4

20.9

31

4.3

8.2

1.9

0.7

123

AmericoldRealtyTrust

COLD

ColdStorage

2

17.76

29.26

11.6

(39.3)

3.2

(17.2)

(15.9)

5.2

60

6.4

13.8

4.6

11.5

13.4

63

4.4

5.1

0.5

0.4

12

EastGroupProp.

EGP

Industrial

1

172.09

188.75

5.2

(8.8)

0.5

(2.3)

8.1

3.3

78

7.2

19.2

6.9

23.9

22.1

13

12.3

9.0

3.0

0.7

232

EssentialProperties

EPRT

RetailNetLease

1

32.74

23.68

5.5

38.3

0.7

0.3

5.6

3.7

64

6.6

16.3

7.9

17.5

20.6

32

4.6

6.5

1.9

0.5

136

KiteRealtyGroup

KRG

Retail

1

22.44

32.45

8.3

(30.9)

(0.7)

0.3

(9.0)

4.8

75

(0.8)

10.9

(1.0)

15.5

14.3

31

4.1

4.9

2.2

0.4

177

RymanHospitalityProp.

RHP

LodgingREIT

1

98.62

107.62

6.1

(8.4)

1.9

7.9

(4.4)

4.7

57

(6.4)

12.3

(6.4)

12.3

10.9

35

3.8

5.9

1.1

0.5

62

REITMidCap/Wtd.Avg.

6.6

0.0

1.0

(2.2)

0.5

4.2

69

3.3

15.6

3.1

17.1

17.8

28

6.1

7

10.6

3.2

743

REITMidCap/Str.Avg.

7.0

(3.4)

1.1

(2.4)

(1.3)

4.3

68

2.8

15.0

2.6

16.4

17.0

34

5.6

7

REITTotal/Wtd.Avg.*

6.0

5.3

0.1

(0.0)

1.0

4.0

73.4

5.7

18.7

3.9

20.6

20.2

30

5.6

10

CitiResearchSmallCapList

CompanyName

Ticker

Prop.

Type

Rating

Price

Spot

NAV

Implied

Cap

Rate

Prem/

(Disc)toPriceChange

SpotNAVWTDQTD

YTD

Total

Return

Div.

Yld.

25AFFOTEV/Fixed

Payout2025EFFO2025EAFFOEBITDADebt/Cov.

RatioGrowthMult.GrowthMult.Mult.GAVRatio

Public

Float

Model

Port

Weight

REIT

Index

Weight

Model

Port

OW/UW

AmericanHealthcareREIT

AHR

DiversifiedHealthcare

2

($)

35.90

($)

22.03

(%)

5.3

(%)

63.0

(%)

1.2

(%)

18.5

(%)

27.2

(%)

2.8

(%)

72

(%)

13.3

(x)

22.7

(%)

16.2

(x)

25.8

(x)

22.2

(%)

32

(x)

2.9

($B)

5.7

(%)

1.0

(%)

0.5

(bps)

55

CurblineProperties

CURB

Retail

2

22.79

22.30

5.8

2.2

0.0

(5.8)

(1.2)

2.8

N/A

N/A

22.3

N/A

N/A

N/A

N/A

N/A

2.4

1.0

0.2

78

Highwoods

HIW

Office

2

31.40

35.98

8.7

(12.7)

1.0

5.9

6.0

6.4

102

(6.1)

9.3

(8.0)

16.0

11.8

46

3.6

3.4

0.6

0.3

37

MacerichCo.

MAC

Retail

2

16.24

19.76

8.2

(17.8)

0.8

(5.4)

(16.8)

4.2

54

(6.3)

11.0

(0.3)

13.0

14.7

56

2.1

4.1

0.5

0.3

14

MillroseProperties

MRP

Specialty

1

27.63

35.72

8.8

(22.6)

(0.0)

4.2

N/A

8.6

99

N/A

11.5

N/A

11.5

N/A

0

N/A

4.6

0.5

0.0

55

NationalStorageAffiliates

NSA

SelfStorage

2

33.72

38.53

6.5

(12.5)

0.5

(14.4)

(9.5)

6.8

103

(3.5)

14.3

(4.0)

15.2

16.5

40

3.3

2.6

2.1

0.2

191

OUTFRONTMedia

OUT

Billboard

1

16.37

N/A

N/A

N/A

0.5

1.4

(6.6)

7.4

N/A

1.9

8.9

0.7

9.0

10.9

N/A

N/A

2.7

0.2

0.2

3

ParkHotels&Resorts

PK

LodgingREIT

1

10.53

20.49

8.2

(48.6)

2.5

(1.4)

(23.4)

9.5

52

(6.3)

5.5

(6.3)

5.5

10.4

53

2.5

2.1

0.2

0.2

3

PotlatchDeltic

PCH

Timber

1

39.84

N/A

N/A

4.6

2.5

(11.7)

1.5

4.6

N/A

N/A

N/A

N/A

N/A

N/A

N/A

N/A

3.1

0.2

0.0

25

SabraHealthcare

SBRA

SkilledNursing

1

18.25

13.67

7.0

33.5

2.2

4.5

8.8

6.6

81

3.3

12.7

3.8

12.3

15.3

43

3.9

4.3

0.4

0.4

6

SLGreen

SLG

Office

2

65.28

55.20

5.5

18.3

1.4

13.1

(2.0)

4.6

114

(31.7)

11.8

(54.1)

24.8

15.7

68

1.3

4.6

0.8

0.4

39

Tanger

SKT

Retail

1

30.36

36.41

7.7

(16.6)

0.3

(10.2)

(9.4)

3.6

51

6.9

13.4

23.0

14.2

15.3

27

4.7

3.4

2.3

0.3

204

SmallCap/Wtd.Avg.

7.9

(18.3)

0.7

(1.4)

(8.3)

6.5

83

(4.3)

11.7

(3.4)

12.1

12.4

36

2.8

3

5.2

1.4

380

SmallCap/Str.Avg.

7.7

(18.7)

0.8

(2.2)

(8.6)

6.5

82

(4.1)

11.8

(3.6)

11.7

12.9

39

2.9

3

REITTotal/Wtd.Avg.*

6.0

5.3

0.1

(0.0)

1.0

4.0

73.4

5.7

18.7

3.9

20.6

20.2

30

5.6

10

CitiResearchYieldList

CompanyName

Ticker

Prop.

Type

Rating

Price

Spot

NAV

Implied

Cap

Rate

Prem/

(Disc)toPriceChange

SpotNAVWTDQTD

YTD

Total

Return

Div.

Yld.

25AFFOTEV/Fixed

Payout2025EFFO2025EAFFOEBITDADebt/Cov.

RatioGrowthMult.GrowthMult.Mult.GAVRatio

Public

Float

Model

Port

Weight

REIT

Index

Weight

Model

Port

OW/UW

GamingandLeisureProp.

GLPI

GamingNetLease

1

($)

47.63

($)

48.45

(%)

7.3

(%)

(1.7)

(%)

2.6

(%)

(6.4)

(%)

0.5

(%)

6.4

(%)

79

(%)

2.8

(x)

12.3

(%)

2.7

(x)

12.3

(x)

14.3

(%)

N/A

(x)

4.3

($B)

13.5

(%)

1.2

(%)

1.1

(bps)

18

Highwoods

HIW

Office

2

31.40

35.98

8.7

(12.7)

1.0

5.9

6.0

6.4

102

(6.1)

9.3

(8.0)

16.0

11.8

46

3.6

3.4

0.6

0.3

37

MillroseProperties

MRP

Specialty

1

27.63

35.72

8.8

(22.6)

(0.0)

4.2

N/A

8.6

99

N/A

11.5

N/A

11.5

N/A

0

N/A

4.6

0.5

0.0

55

NationalStorageAffiliates

NSA

SelfStorage

2

33.72

38.53

6.5

(12.5)

0.5

(14.4)

(9.5)

6.8

103

(3.5)

14.3

(4.0)

15.2

16.5

40

3.3

2.6

2.1

0.2

191

OmegaHealthcareInvestors

OHI

SkilledNursing

1

37.02

28.39

6.8

30.4

(1.1)

(2.8)

1.3

7.2

93

4.7

12.3

5.1

12.9

15.0

35

4.7

10.6

1.3

0.9

43

OUTFRONTMedia

OUT

Billboard

1

16.37

N/A

N/A

N/A

0.5

1.4

(6.6)

7.4

N/A

1.9

8.9

0.7

9.0

10.9

N/A

N/A

2.7

0.2

0.2

3

ParkHotels&Resorts

PK

LodgingREIT

1

10.53

20.49

8.2

(48.6)

2.5

(1.4)

(23.4)

9.5

52

(6.3)

5.5

(6.3)

5.5

10.4

53

2.5

2.1

0.2

0.2

3

SabraHealthcare

SBRA

SkilledNursing

1

18.25

13.67

7.0

33.5

2.2

4.5

8.8

6.6

81

3.3

12.7

3.8

12.3

15.3

43

3.9

4.3

0.4

0.4

6

Yield/Wtd.Avg.

7.4

3.9

1.0

(2.1)

(0.3)

7.1

87

1.6

11.6

1.5

12.3

13.2

34

4.1

5

6.7

3.2

355

Yield/Str.Avg.

7.6

(4.9)

1.0

(1.1)

(3.3)

7.3

87

(0.5)

10.8

(0.9)

11.8

13.5

36

3.7

5

REITTotal/Wtd.Avg.*

6.0

5.3

0.1

(0.0)

1.0

4.0

73.4

5.7

18.7

3.9

20.6

20.2

30

5.6

10

CitiResearchPotentialM&AList

CompanyName

Ticker

Prop.

Type

Rating

Price

Spot

NAV

Implied

Cap

Rate

Prem/

(Disc)toPriceChange

SpotNAVWTDQTD

YTD

Total

Return

Div.

Yld.

25AFFOTEV/Fixed

Payout2025EFFO2025EAFFOEBITDADebt/Cov.

RatioGrowthMult.GrowthMult.Mult.GAVRatio

Public

Float

Model

Port

Weight

REIT

Index

Weight

Model

Port

OW/UW

CubeSmart

CUBE

SelfStorage

2

($)

43.32

($)

44.67

(%)

5.5

(%)

(3.0)

(%)

0.1

(%)

2.7

(%)

3.5

(%)

4.8

(%)

85

(%)

(1.4)

(x)

16.7

(%)

0.6

(x)

17.7

(x)

19.1

(%)

25

(x)

6.9

($B)

9.9

(%)

0.0

(%)

0.8

(bps)

(83)

GamingandLeisureProp.

GLPI

GamingNetLease

1

47.63

48.45

7.3

(1.7)

2.6

(6.4)

0.5

6.4

79

2.8

12.3

2.7

12.3

14.3

N/A

4.3

13.5

1.2

1.1

18

HudsonPacific

HPP

Office

2

2.48

2.54

7.7

(2.4)

5.5

(15.9)

(18.2)

0.0

N/A

(42.4)

8.0

(77.6)

22.3

13.9

82

2.4

0.4

0.0

0.0

(3)

NationalStorageAffiliates

NSA

SelfStorage

2

33.72

38.53

6.5

(12.5)

0.5

(14.4)

(9.5)

6.8

103

(3.5)

14.3

(4.0)

15.2

16.5

40

3.3

2.6

0.0

0.2

(21)

Netstreit

NTST

RetailNetLease

2

16.41

18.21

7.2

(9.9)

1.3

3.5

18.9

5.1

66

(1.7)

13.3

1.6

12.8

18.2

38

4.7

1.3

0.0

0.1

(12)

PlayaHotels&Resorts

PLYA

LodgingCorp

2H

13.50

0.00

0.0

0.0

0.1

1.3

6.7

0.0

0

0.0

0.0

0.0

0.0

10.0

0

N/A

1.7

0.0

0.0

0

SITECentersCorp.

SITC

Retail

2

11.98

16.04

9.2

(25.3)

1.1

(6.7)

(21.6)

0.0

0

N/A

20.8

N/A

23.4

6.3

33

3.1

0.6

0.0

0.1

(5)

SunstoneHotel

SHO

LodgingREIT

2

8.90

13.54

8.1

(34.3)

1.5

(5.4)

(24.1)

4.0

40

11.3

9.9

11.3

9.9

11.2

22

4.2

1.8

0.0

0.2

(15)

SunComm

SUI

Mfd.Homes

1

125.42

134.66

5.4

(6.9)

0.8

(2.5)

6.0

3.3

76

1.2

18.5

(5.7)

22.8

20.2

29

4.2

16.0

0.0

1.4

(137)

VerisResidential

VRE

Apts.

2

15.22

21.57

6.0

(29.4)

1.1

(10.0)

(8.0)

0.7

14

6.6

23.9

(0.2)

21.5

23.8

46

1.7

1.4

0.0

0.1

(10)

Pot.M&A/Wtd.Avg.

6.1

(6.7)

1.2

(3.3)

1.5

4.5

73

0.9

15.2

(1.3)

16.9

17.3

29

4.6

5

1.2

3.9

(268)

Pot.M&A/Str.Avg.

6.3

(12.5)

1.5

(5.4)

(4.6)

3.1

51

(3.0)

13.8

(7.9)

15.8

15.4

35

3.9

5

REITTotal/Wtd.Avg.*

6.0

5.3

0.1

(0.0)

1.0

4.0

73.4

5.7

18.7

3.9

20.6

20.2

30

5.6

10

*Year-to-dateandweek-to-datetotalreturnpursuanttoNAREITEquityTotalReturnIndex.

PleaseseeourWeeklyreportpublishedJanuary30,2025forthebasisforourPotentialM&Alist:WeeklyREITandLodgingStrategy:LookingfortheRightPartner–ThoughtsonREITsM&A

PleaseseeourreportpublishedJanuary30,2025hereforthebasisofourPotentialM&AlistSource:CitiResearchandFactSet

Pricingsasofmarketclose6/11/2025.

4

Figure5.CitiModelPortfolioPositioning

Model

PortfolioIndex

SectorPositionWeightWeight

OW/UW

KeyO/Ws/PositionsKeyU/Ws/NoPositionsCommentary

Healthcare

O/W

18.9

15.3

366

WeareoverweightthehealthcareREITsectorgivenitsresiliencyduringeconomicdownturnsandtheneeds-based

natureoftheirproductofferings.Withinthesector,wepreferseniorhousingandskillednursingwithselectexposuretooutpatientmedicalandlifescience.

DiversifiedHealthcare

O/W

18.9

12.6

632

AHR,OHI,SBRA,VTR,

WELL

Seniorhousingshouldbenefitfromstrongtoplinegrowthdrivenbyoccupancyandpricingpower.Thelabor

environmentcontinuestoimprove,whichshouldsupportNIOmarginexpansion.Theoutlookforskillednursing

continuestoimproveandweexpectoccupancyandrentcoveragetoincreasefurtheraslaborpressureseaseandoperatorscontinuetoeffectivelycontrolcosts.

HealthcareOffice

U/W

0.0

2.7

(266)

ARE,DOC,HR

Outpatientmedicaldemandremainssolid,withbetterre-leasingspreads,greaterleaseescalators,andsolidretentiongrowthdrivenbytrendstodeliverhealthcareinlowercostsettings.Althoughwebelieveinthelifescienceindustry

longer-term,weexpectthatnear-to-mediumtermsupplyheadwindswilltocontinuetoweighonfundamentals.

Residential

O/W

18.6

15.9

268

Needsbasedrealestatewithanattractiverentvs.buyconsideration.Increasingconstructionstarts,potentiallyslowingjobgrowth,andhigherturnoverarerisks.

SingleFamily

O/W

4.1

2.8

126

INVH,AMH

Solidoperatingresultsdrivenbylowerturnoverandunaffordablehousingmarket,offsetbydifficultcomps,increasedsupplypressureandpotentialregulatoryrisks.

Apartments

O/W

11.8

10.7

108

CPT,EQR,UDR

AVB,ESS,IRT,MAA,VRE

Inthenear-to-mediumterm,webelieverentgrowthremainsmodestandthenacceleratesin2H25into2026withlowerdeliveries.

ManufacturedHomes

O/W

2.7

2.4

35

SUI

ELS

Solidorganicgrowthandselectaccretiveexternalopportunitiesbalancedbycompanyspecificrisks.

Industrial

O/W

13.8

12.0

178

EGP,PLD

FR,REXR,STAG,TRNO

Wefavorindustrialgiventheexpectedre-accelerationinnetabsorptionandstabilization/improvementinmarketrentgrowthduring2025/2026alongwithslowingdevelopmentstartsfollowingaperiodofheighteneddeliveriesin2024,whichshouldallhelpsupportpremiumcashSSNOIgrowthrelativetothebroaderREITspace.WethematicallyfavorthoseindustrialREITsthataremoreexposedtonear-shoring/on-shoringtrends.

DataCenters

O/W

13.9

12.2

167

DLR*,EQIX*

WearepositiveondatacentersasthegroupcontinuestobenefitfromafavorabledemandenvironmentwithrespecttovolumeandpricingfromCorecloudandexpandingGenAI,alongwithvarioussupplylimitations

Towers

O/W

1.3

0.0

127

AMT*,CCI*,SBAC*

Overweightasthegroupshouldreturntomorenormalizedorganicrevenuegrowthratesinfutureyears,whileweviewvaluationasattractiveinaflat-todown-rateenvironment.Improvingdomesticleasingactivityassoonas1H25couldbeapositivecatalyst.

CREServices

O/W

0.5

0.0

50

CBRE

JLL,CWK

Webelievetheindustryshouldbenefitfromlongtermseculardemandtailwindsincludingcontinuedoutsourcingofcommercialrealestateservicesneeds.Transactionactivityandleasinghavestartedtopickbackup.

Timber

O/W

0.5

0.0

45

PCH*,WY*

RYN*

WearepositiveonlumberproducersWY&PCHgivenleveragetoaccelerating1-familyconstructionandresilientR&Rdemand;USTimberlandassetsarefurtherpositionedfavorablygivengrowingcarbonoptionality,Canadianlog&lumbersupplyrestrictions,lumbercapacityadds,andstabilizingsawlogpricesintheSouth&PacNW.

Lodging

O/W

2.9

2.6

33

HST,MAR,PK,RHP

DRH,H,HLT,PEB,PLYA,

SHO

Selectnamesreflectattractivevaluation(PK),positivepositioninggivenimprovingvisibility(HST,RHP),strongbalancesheet(HST),andcontinuedexpectedrecoveryinurbanfull-serviceassets(MAR).

OutdoorAdvertising

O/W

1.3

1.1

22

LAMR*,OUT*

Shouldbenefitfromhigherpricing,whilefixedcostnatureofsiteleasesmakebothcompaniesinsulated(onarelativebasis)frominflationinducedcostpressures.

ColdStorage

U/W

0.6

0.7

(12)

COLD

LINE

Weremainunderweightcoldstorageduetoaweakdemandenvironment.Onarelativebasis,wepreferCOLDoverLINEgivenrelativevaluationgap.

SelfStorage

U/W

7.2

7.9

(62)

NSA,PSA

CUBE,EXR

Mutednear-termfundamentalsduetoslowhousingmarketanddifficulttransactionmarketgivenvolatilerates.

Retail

U/W

8.8

10.3

(153)

CURB,KIM,KRG,MAC,

SKT

AKR,BRX,FRT,REG,SITC,

SPG

AFFOgrowthispoisedto