U.S. REITs "Crowded Stocks: What the Quant Data Says About REITs, June 2..."

Research evidence excerpt

U.S. REITs "Crowded Stocks: What the Quant Data Says About REITs, June 2..."

experienced one of the largest score increases in May and moved to flattish stance

from a net short position in April. Conversely, CPT was flat and keeps holding a

modest long position. Meanwhile, ESS's score dropped significantly in May and is

now solidly positioned on the short side. UDR continues to be the most heavily net

short within the Apartment sector. However its positioning improved from April.

Single Family Homes: AMH closed the crowding gap with INVH in May. The

change was both driven by INVH, whose long crowding score moved notably

lower, as AMH experienced a notable sequential increase in its score.

Manufactured Housing: ELS saw a notable increase in their crowding score, and is

now positioned on the long side from a flat stance in April. In contrast, SUI

experienced deceleration in the last month and has now moved to the short side.

Industrial REITs: modest acceleration observed in May

On a market cap weighted average, the Industrial REITs crowded score increased in the

most recent month.

Industrial: PLD emerged as the most favored net long positions within the sector,

with acceleration in May. FR remains among the most crowded longs within the

group despite recent score deceleration. Conversely, STAG and REXR are

positioned near the bottom of the group, with mix trends during May.

Cold Storage: LINE maintained a firmly long position, with a sequential

acceleration. COLD's long crowding score experienced a modest sequential

increase.

Data Center and Tower REITs: net long crowded with overall stable trends

Historically, Towers has been at the top end of the crowding spectrum while Data

Centers trailed behind. Towers remains near the top of the REIT universe, with a