Fresh 5/19: ZORI April Data, NYC Hotel Union Contract, GSE Vol, OUT/LAMR Ests

Research evidence excerpt

Fresh 5/19: ZORI April Data, NYC Hotel Union Contract, GSE Vol, OUT/LAMR Ests

REITs

CRE Services - Market Weight

Retail - Market Weight

Single Family Rental - Market Weight

Technology - Market Underweight

Fresh 5/19: ZORI April Data, NYC Hotel Union Contract, May 19, 2026

GSE Vol, OUT/LAMR Ests

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We highlight (1) Tenant News (2) ZORI SFR data (3) GSE business volumes (4) CRE services deals (5) NMRK to relocate

in DC (6) Industry wide agreement contract summary (7) Law firm 1Q (8) IIPR loan agreements (9) Congress to vote on

road to housing act (10) ELME sale (11) US Policy & Politics note (12) OUT/LAMR estimates

●In Exhibits 1 and 2 , we highlight ZORI data released for the month of April. Y/Y rent growth ticked up for both

companies, but AMH markets continue to be holding up better than INVH, a result of stronger Midwest markets

where AMH is an overweight.

●Exhibit 3 shows one GSE reported volumes which were up 168% y/y in April - an acceleration from 1Q y/y growth.

●An 8-year NYC hotel union contract was negotiated, with wages rising (Exhibit 4) at a ~5.5% CAGR

(PK/HST/DRH/RLJ/APLE).

●We raise OUT/LAMR '26 and '27 estimates. 1Q came in ahead of our estimates for both, and we increase revenue

growth expectations given strong pacings through the remainder of the year.

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