U.S. REITs: BofA U.S. REIT Weekly

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U.S. REITs: BofA U.S. REIT Weekly

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U.S. REITs

BofA U.S. REIT Weekly

Price Objective Change

May 7–May 14: RMZ flat vs S&P +2.2% 15 May 2026

Healthcare (+2.7%) performed best this week; Manufactured Housing performed worst Equity

(-2.9%). Per BofA's Client Flow Trends report, for the last week of 5/4, Real Estate United States

fund flows were +$52mn for single stocks, with the 4-week average of +$12mn vs REITs

+$85mn for the prior week; ETF fund flows were +$56mn, with 4-week average of Jeffrey Spector

+$4mn vs +$77mn for the prior week. Research Analyst

BofAS

1Q26 earnings scorecard: strong quarter with 78% beats +1jeff.spector@bofa.com646 855 1363

1Q26 earnings results were better than expected with 78% of companies beating the Farrell Granath

Street. This compares with the typical 1Q average of 55% and last year’s 66%. Misses ResearchBofAS Analyst

were only 5%, below the historical 19% and last year’s 13%. 60% of guidance midpoints farrell.granath@bofa.com

were increased which is above the historical 31%. See inside for our earnings scorecard. Julieta Michelin

Research Analyst

Spector's Top Picks: adding AVB and removing MAA BofASjulieta.michelin@bofa.com

Following 1Q26 results, select coastal markets, including Northern California and NYC, See Team Page for List of Analysts

continue to demonstrate strong fundamentals, while the Sunbelt only shows modest

improvement, with growing concern that the anticipated '27 recovery could be delayed. Exhibit 1: REITs vs. Equity Indices

As a result, we are adding AVB and removing MAA from Spector's Top Picks List. Top RMZ flat

picks: ADC, AHR, AVB, CUBE, MAC, PECO & WELL. See more details in Exhibit 5.

18%

BofA 2026 earnings growth: HC, Data Centers screen best 12% Past week YTD