Fresh 6/18: Atlanta Resi Trip Notes (MAA/INVH), SFR Supply, Housing Starts, WPC Est

研报英文原文证据摘录

Fresh 6/18: Atlanta Resi Trip Notes (MAA/INVH), SFR Supply, Housing Starts, WPC Est

REITs

Apartments - Market Weight

Industrial - Market Weight

Net Lease - Market Weight

Office - Market Weight

Retail - Market Weight

Fresh 6/18: Atlanta Resi Trip Notes (MAA/INVH), SFR June 18, 2026

Supply, Housing Starts, WPC Est

The Wolfe Byte

The Wolfe Research daily or "Fresh" as we like to call it provides analysis on names in our sectors that we find

stock impacting, estimate updates, and earnings reports. We also include daily news on a real time basis that we

think moves stocks. Enjoy!

We highlight: (1) Tenant news (2) Atlanta resi trip notes (MAA/INVH) (3) SFR supply using multifamily data (4)

Housing starts (5) TRNO acquisition (6) LangChain sublease in SF (7) KRC recasts and expands credit facilities (8) SF

office leasing activity (9) NAR pending home sales report (10) Data Center report (11) Medical Outpatient building

report (12) May non-store retail sales (13) Economics and Policy & politics note (14) WPC estimates

●In Atlanta, we were able to spend time with MAA and Resibuilt/INVH. From the former, commentary was of a

bottoming and gradual recovery, while for the latter, we got to learn of the business model and the market impact

from Road to Housing Act changes.

●Exhibit 3 shows market-weighted Multifamily inventory levels for AMH, INVH, and MAA. We have heard from

AMH/INVH that Multifamily supply can affect their business, but the inventory in their markets is down from peak

levels. Although this isn't the only competing SFR product type, it could be a tailwind for a sector that currently

has limited pricing power.

●Housing starts data for May were published on Tuesday:

○Multifamily starts were down sequentially at 284k units vs. April at 486k.