房地产投资信托基金上周回顾：全国房地产投资信托协会（NAREIT）日前
Jonathan Petersen * | Equity Analyst(212) 284-1705 | jpetersen@jefferies.comLinda Tsai * | Equity Analyst1 (212) 778-8011 | ltsai@jefferies.comPeter Abramowitz * | Equity Analyst(212) 336-7241 | pabramowitz@jefferies.comJoe Dickstein * | Equity Analyst+1 (212) 778-8771 | jdickstein1@jefferies.comAhmed Mehri * | Equity Associate+1 (212) 778-8456 | amehri@jefferies.comBrendan Cutler * | Equity Associate+1 (332) 236-6839 | bcutler@jefferies.comMatthew Roberts * | Equity Associate+1 (212) 778-8524 | mroberts1@jefferies.comKatie Elders * | Equity Associate+1 (917) 421-1968 | kelders@jefferies.comJan Aygul * | Equity Associate+1 (917) 344-1839 | jaygul@jefferies.comWeekly REIT Roundup Webinar:Pleaseregister for our next webinar onMonday,June 2, at 9:00 AM ET. Register hereand click “add to calendar” in the emailconfirmation.Exhibit 1 - Upcoming Jefferies / IndustryEventsJefferies Events Shaded.NYCTueNYCWedWedTueWed Upcoming Events:Exhibit 2 - Upcoming Jefferies / Industry EventsJefferies Events Shaded.NAREIT REIT WeekNYCRealty Income Corp (O) DinnerNYCAnalyst MarketingTokyo, Seoul, Hong Kong, Singapore, Kuala LumpurSelf Storage Virtual ForumVirtualAKR NDRLondon, StockholmO NDRLondonSelf Storage Association ConferenceLas VegasREG Investor Meetings in LondonLondonREG Investor Meetings in ZurichZurichSouthern California Multi-Property TourLos AngelesJefferies Miami Real Estate ConferenceMiamiNAREIT REIT WorldDallasPlease see important disclosure information on pages 15 - 31 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Exhibit 3 - Jefferies June '25 NAREIT Meeting Schedule.Date3-Jun8:00 - 8:45 AM ET3-Jun8:00 - 8:45 AM ET3-Jun8:00 - 8:45 AM ET3-Jun9:00 - 9:45 AM ET3-Jun9:00 - 9:45 AM ET3-Jun9:00 - 9:45 AM ET3-Jun9:00 - 9:45 AM ET3-Jun10:00 - 10:45 AM ET3-Jun10:00 - 10:45 AM ET3-Jun10:00 - 10:45 AM ET3-Jun11:00 - 11:45 AM ET3-Jun11:00 - 11:45 AM ET3-Jun11:00 - 11:45 AM ET3-Jun12:00 - 12:45 PM ET3-Jun1:00 - 1:45 PM ET3-Jun1:00 - 1:45 PM ET3-Jun1:00 - 1:45 PM ET3-Jun2:00 - 2:45 PM ET3-Jun2:00 - 2:45 PM ET3-Jun2:00 - 2:45 PM ET3-Jun3:00 - 3:45 PM ET3-Jun3:00 - 3:45 PM ET3-Jun4:00 - 4:30 PM ET3-Jun4:00 - 4:30 PM ET3-Jun4:00 - 4:45 PM ET3-Jun5:00 - 5:45 PM ET4-Jun8:00 - 8:45 AM ET4-Jun9:00 - 9:45 AM ET4-Jun11:00 - 11:45 AM ET4-Jun12:00 - 12:45 PM ET4-Jun1:00 - 1:45 PM ET4-Jun1:00 - 1:45 PM ET4-Jun2:00 - 2:45 PM ET4-Jun3:00 - 3:45 PM ET4-Jun3:00 - 3:45 PM ET4-Jun4:00 - 4:45 PM ET4-Jun4:00 - 4:45 PM ET5-Jun9:00 - 9:45 AM ETLast Week's Notes:2Q Operating Update: MH Remains Strong, Marinas/RVs Below Consensus - Despite a -10 bp tickdown in occupancy in April, MH core base rental income of +5.5% came in toward the high endof the 2Q guide (+5.0-5.6%) and above JEF/Street 2Q estimates (+5.2%/+5.4%), suggesting betterthan expected pricing power. However, RV & Marina results were below expectations, likely reflectingconsumer caution amid macro uncertainty. Shares subsequently underperformed Resi peers by~100 bps Th/Fri and SUI by ~150 bps.Warehouse Rent Tracker (April 2025): SoCal Slump Continues - Rents continue to decline in SoCal(-13.6% YoY) as Trump's tariff battle reverses positive net absorption in Q1. We expect businesseswill shift toward building inventory into year-end to mitigate effects from day-to-day uncertainty. Thisshift will likely take a few months though, since orders from Asia don't happen overnight. We seethis as a catalyst in 2025 for operators in port markets, but still favor manufacturing markets fromon-shoring tailwinds.Please see important disclosure information on pages 15 - 31 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. AMH - Virtual NDR Takeaways - Focused on The Long-Game - Pre-NAREIT, we hosted a full day ofinvestor meetings with AMH. Key takes include: 1) New lease rate growth grew M/M to +4.3% in May;2) Midwest markets are strong, driven by migration & low competition; 3) AMH is weighting leaseexp. to 1H (like pre-COVID), helping rate growth LT; 4) AMH driving efficiencies via tech, its scale &its dev platform expands its NOI margin 6) 96% portfolio occ. is the new steady-state, reflecting lowchurn/portfolio maturation.PSTL Model Update — Improved Lease Negotiations Help Support Growth - The internal growth storyfor PSTL continues to pick up as annual rent escalators and 10-yr leases are now the new norm forlease negotiations. With Postal already looking to 2027 leases, we see improved risk/reward withshares trading at 11.3x our 2025 AFFO estimates. Maintain Buy.MAC's Path Forward Update - Off to Running Start - MAC's go-forward portfolio sheds 11 Eddies& comprises 31 malls that are 92% Class A, 94.5% occupied, higher trafficked, & generate ~$900SPSF. Core NOI grows +22% from $750M to $880M by 2028, reaching $1.80 FFO/ps at the MP. Givenaccelerated leasing in 1Q25, with 23 of 26 anchors in LOI & +50% of sales/give backs done, MACbecoming a smaller, lower-levered portfolio o