BTIG: Single-Family REITs Underperform 1,540 bps

Single-family rental REITs underperform REIT index by 1,540 bps YTD 2026, second-worst subsector.
Relative valuation fell to 1.07x, lowest since BTIG tracking, below 1.38x historical average.
Consensus FFO growth for 2026/27 lags peers by 320 bps and 290 bps amid 21st Century ROAD to Housing Act concerns.
BTIG keeps Buy on AMH with $40 target, updates estimates for AMH and INVH, noting supply pressure reduces pricing power.