Residential Roundup in 49 Charts: AVB/EQR, SUI and AMH as Ideas into Earnings

研报英文原文证据摘录

Residential Roundup in 49 Charts: AVB/EQR, SUI and AMH as Ideas into Earnings

REITs

Apartments - Market Weight

Manufactured Housing - Market Overweight

Senior Housing - Market Overweight

Single Family Rental - Market Weight

Storage - Market Weight

Residential Roundup in 49 Charts: AVB/EQR, SUI and July 13, 2026

AMH as Ideas into Earnings

The Wolfe Byte

The report below reviews fundamentals, spot conditions, earnings, and valuation for all subsectors of our residential

compendium.

●Estimate Changes. We change estimates for four residential REITs (see Exhibit 1 below). Overall, we are the

most ahead of consensus for PSA, but are also above consensus for most apartment REITs. Our recent proxy

report (here) shows incentives to "beat and raise" are strong for apartment REITs. This commentary is perhaps

muddled for AVB/EQR given their guidance policy is unclear given the pending merger. We think increased AVB/

EQR commentary on the merger would be helpful, and offer PLD/SGRO as an example of keeping dialogue in

a potential combination as best practice.

●Buybacks-once a key theme for the sector-will likely subside given share prices are now largely above recent

repurchase levels (Exhibit 41). A key exception is SUI, where a low share price can turn "lemons into lemonade"

and mitigate Park Holidays dilution (Exhibit 42).

●We offer the following relative value examples (Exhibit 44):

○AVB and EQR where the pending merger appears to continue to impact relative value.

○SUI, whose multiple to growth is particularly attractive-and recent poor transient performance creating easy

comps for future years (Exhibit 22), although this requires treating Park Holidays sale dilution as an anomaly.