REITs: Amended Housing Bill Better Than Feared For SFR, Clear Positive for MH

研报英文原文证据摘录

REITs: Amended Housing Bill Better Than Feared For SFR, Clear Positive for MH

22 June 2026

REITs

Figure 1: SFR P/FFO - We think valuation is fair on this Figure 2: SFR P/NAV - The stocks are admittedly cheap

basis given slower earnings growth than past years. on a P/NAV basis, which should enable both companies

to fund share buybacks with asset sales.

Source: Deutsche Bank Research, Bloomberg Finance LP, FactSet Source: Deutsche Bank Research, Bloomberg Finance LP, FactSet

Implications for Manufactured Housing (MH) REITs – Permanent Chassis

Requirement Removal A Positive

While less of a focus, the bill also proposes removal of the requirement that a

manufactured home be set on a permanent chassis, a steel frame that provides

the home’s base. We believe the clearest impacts of this change are: 1) Increased

production due to lower costs; and 2) Greater flexibility and range of designs for

manufactured homes. While there's uncertainty around the detailed impact of

alternative home designs, we think thoughtful development is possible without

compromising the look and feel of existing communities. We think the removal of

the chassis requirement will provide another attractive avenue for capital

deployment, likely at high-single-digit/double-digit returns given the ability to

charge higher rents on sites with multiple tenants or larger manufactured homes.

This would be a net positive, particularly in a sector for which external growth

opportunities have been hard to come by in recent years. The flipside of that

argument is that removal of the chassis requirement and cheaper MH production

will lead to MH oversupply; however, we think the sector is protected from this in

the near to medium term, as NIMBY-ism and general resistance towards new MH