Institutional Investor Research

Portfolio Manager Weekly Z-Cap - Refreshed Macro Housing Forecasts and Proprietary Research Across Housing Mosaic

Presentation: Macro Housing Forecasts June 2018

KBH and LEN Earnings Preview - Comfortable Owning the Stocks Despite Near-Term Risks

Washington D.C. Apartment Market in Focus - Supply Ebbs and Flows at Elevated Levels Despite Low Growth

Century Communities - Puts and Takes of a High-Growth Story; Initiating at Hold

Building Products Survey - Solid Top-Line, But Inflation Limits Margin Expansion

Homecenter Survey - May Finished Strongly, Even Beyond Seasonal Rebound

Portfolio Manager Weekly Z-Cap - Housing Macro Outlook Still Strong but Near-Term Choppiness Evident

Apartment Survey - Pricing Trends Bounce Back and Forth in Soft Growth Territory

Builder Survey Points to Decelerating Growth - Reducing Estimates; Downgrading NWHM, TOL and TPH

Turning the Lights on Household Formation - Historic Stability in New Supply is Healthy, but More Needed

Zelman's Weekly Tape Measure - Week of June 11, 2018

Hovnanian Enterprises - Still a Speculative Call Option

Taylor Morrison - Hard to Ignore Potential Upside, but Investors Likely to Take Wait-And-See Approach

Taylor Morrison - Putting Strong Balance Sheet to Work With AVHI Acquisition

Zelman's Weekly Tape Measure - Week of June 4, 2018

Portfolio Manager Weekly Z-Cap - Proprietary Multi-Family Analysis a Stand Out in Short Week

Demystifying Multi-Family Supply - Introducing New, Proprietary Framework to Gauge Risk

American Woodmark - Staying The Course

Zelman's Weekly Tape Measure - Week of May 29, 2018

Single-Family Rental Survey - Fundamentals Steady, Survey Trends Predictive of REIT Results

Lowe's Companies - Left in Similar Place as New CEO Set for Challenge

Toll Brothers - Mixed Quarter but Selloff an Overreaction

Multi-Family Market-Level Forecasts - Low Growth Still Evident, With Ebbs and Flows Across Markets

Toll Brothers - Moving Pieces, but Longer Term View In Tact

First American Financial - Investor Day Reinforces Positive Outlook

Portfolio Manager Weekly Z-Cap - Checks Across Apartment, Building Products, Homecenter and Mortgage Origination Industries

Building Products Survey - Revenue Rebounds in April, But Cost Headwinds Persist

Building Products Company Takeaways - Pricing Power Necessary to Navigate Inflationary Pressures; Upgrading AMWD

Invitation Homes - Downgrading to Hold as Valuation Reflects Growth Potential

The Home Depot - Confident in Fundamentals but Valuation Upside Limited

The Home Depot - Weather Overhang Greater than Estimated, but Guidance Maintained

Invitation Homes - Timing and Weather Dull FFO, But Underlying Fundamentals Remain Strong

Homecenter Survey - 1Q18 Weather Headwind Too Much to Overcome

Homebuilding Survey - Order Growth Slower in April, but Outlook Still Positive

William Lyon Homes - An Execution Story

Armstrong Flooring - Outlook Remains Similar, Headwinds Persist

Armstrong Flooring - Slightly Stronger Revenue, But Margin Upside Limited

TopBuild - Solid 1Q18 Results in Spite of Industry Headwinds

AIMCO - Simplification Worth the Near-Term Dilution

Banking Survey - Competition, Loan Growth Accelerate; Single-Family Leading

Zelman's Weekly Tape Measure - Week of May 7, 2018

RE/MAX Holdings - Awaiting Stronger Domestic Trends

Essent Group - Meets our Above-Consensus View

RE/MAX Holdings - Upside to Quarter But Guidance Light

Realogy Holdings - Maintaining Our Balanced View

The New Home Company - Playing the Long Game

Camden Property Trust - First Quarter Upside But Maintaining 2018 FFO Guidance

The New Home Company - Moving Pieces to Start 2018

Essex Property Trust - Stronger Revenue Growth Drives Core FFO Upside