Citi‘s Most Read - Real Estate

Research evidence excerpt

Citi‘s Most Read - Real Estate

Roundup |

Citi's Most Read - Real Estate

June 22 - June 28 29 Jun 2026 07:44:45 ET

ACMost Read Citi Global Research

As boundaries increasingly blur between conventional sectors, and as bottom-up +44-20-7500-1400

and top-down analysis converges, Citi Research offers a Super-Sector lens to help

you better understand and take advantage of widespread disruptive trends and

innovation, extending our peer analysis for greater breadth and depth. The Real

Estate Super-Sector consists of the Real Estate/Property, and REITs sectors.

Please find below a collection of our most impactful recent research in the Real

Estate Global Super-Sector – we hope you find it thought-provoking.

Most Read

theHunter Express & Lodging Valuation Tool (Excel) - Our REIT and Lodging

Comparative Table – June 24, 2026

theHunter tracks ~120 real estate, lodging, and CRE service companies – please

click “Download File” to open in excel.

Nick Joseph | Seth Bergey, CPA, CFA | Craig Mailman | Michael Rollins, CFA | Smedes Rose

US REITs - Making the Rounds; Upgrading AHR to Buy, Downgrading SBRA to

Neutral

We are upgrading AHR to Buy and downgrading SBRA to Neutral. Following Nareit,

we have greater conviction that current industry tailwinds can persist for multiple

years. Against that backdrop, we view AHR’s relative underperformance (–1,100bps

YTD vs the healthcare REIT sector) as an attractive entry point. Concurrently, we

are downgrading SBRA from Buy to Neutral. Our relative preference for AHR is

driven by: 1) a widening relative investment spread advantage as SHOP acquisition

yields compress; 2) a pre-funded acquisition pipeline that should support upward

earnings revisions; and 3) the presence of an owned operating platform (Trilogy)