Light REIT-ing: Amendment to 21st Century ROAD to Housing Act Would Remove BTR Sale Requirement

Research evidence excerpt

Light REIT-ing: Amendment to 21st Century ROAD to Housing Act Would Remove BTR Sale Requirement

Equity Research

Flash Comment — May 14, 2026

Single-Family Rental REITs

Light REIT-ing: Amendment to 21st Century

ROAD to Housing Act Would Remove BTR Sale

Requirement

Positive Sign for SFR & Consistent with Our Conference

Resi Panel Discussion

Our Call James Feldman

A version of House Republican amendments to the ROAD to Housing Act posted online Equity Analyst | Wells Fargo Securities, LLC

James.Feldman@wellsfargo.com | 212-214-5328

last night indicates removal of a key provision impacting future BTR development that

Conor Peakswould be a key positive for SFR business models.

Associate Equity Analyst | Wells Fargo Securities, LLC

Conor.M.Peaks@wellsfargo.com | 212-214-8281

Initial Thoughts Garrett FitzSimons

Would Remove a Key Overhang. In our view, if the version posted last night is accurate, it Garrett.Fitzsimons@wellsfargo.com | 212-214-8069

would remove a key overhang on the value-creation potential from BTR construction for

SFR companies. This comes at a good time for the stocks given discounted valuations &

weak (but rapidly improving) sentiment. Our longer term focus is timing for FFO growth

acceleration since we currently expect 2027 growth to be flattish to slightly positive vs.

2026. We remain OW AMH & EW INVH.

What Happened? Reports from Capitol Hill news sources last night indicate House

Republicans circulated amendments to the Senate's version of the 21st Century ROAD

to Housing Act. Press reports also indicate a vote on the bill could come as early as next

week. Our contacts on the Hill & President Trump's post earlier this week both indicate

passage of this Bill becoming more urgent again to give Republicans talking points on the