The BREW: Resi Focus as Political Uncertainty (Hopefully) Clears

Research evidence excerpt

The BREW: Resi Focus as Political Uncertainty (Hopefully) Clears

June 28, 2026 | 18:23 ET~

US Real Estate

The BREW: Resi Focus as Political Uncertainty US Real Estate

(Hopefully) Clears Juan C. Sanabria Analyst

juan.sanabria@bmo.com (312) 845-4074

John P. Kim AnalystBottom Line:

JohnP.Kim@bmo.com (212) 885-4115

Last week we upgraded AMH (OP). Political risk is fading for Single Family (SFR) with the

Ari Klein Analyst21st Century ROAD to Housing Act passed by Congress with large bipartisan support. SFR

ari.klein@bmo.com (212) 885-4103

fundamentals also appears to be improving with lower supply with AMH seeing renewal

Eric Borden Analystrate momentum. Valuation is supportive with accretive buyback activity. As per industry

eric.borden@bmo.com (347) 213-9706

sources, the bill is expected to be delivered to the White House Monday, starting the 10-

Regan Sweeney, CPA Senior Associateday clock on it becoming law, assuming it's not vetoed. Prior reports suggested it was

regan.sweeney@bmo.com (347) 831-2406

delivered on Friday.

Robin Haneland Senior Associate

Investors feedback was supportive of our AMH upgrade. That said, investors generally robin.haneland@bmo.com (646) 901-2282

saw residential (multifamily and manufactured housing) as attractively priced with Legal Entity: BMO Capital Markets Corp.

relative growth a key consideration. In multifamily, we believe coastal REITs EQR,

ESS, and UDR are most likely to raise guidance, based on blended results YTD. In MH, What's Inside

Outperform-rated ELS is our preferred name. Global REIT Performance Chart

YTD 1 Week

Key Points -5.0% +0.0% +5.0% +10.0% +15.0% +20.0% +25.0%

Road to Housing: SFR & MH Implications. For SFR, the ROAD to Housing isn't Global Real Estate 2.9% 10.9%