Proprietary Research

Masco - Softer-Than-Expected Results and 2020 Guidance

Tape Measure - Week of February 10, 2020

Jobs and Housing - Stronger Headline, Housing Read-Throughs Staying Positive

Century Communities - Getting to the Promised Land

Stewart Information Services - Early Progress Encouraging, but a High Bar Going Forward

Banking Survey - Expect AD&C Loan Growth to Inflect Higher

Taylor Morrison - 2020 Shaping Up to be an Exciting Year

Stewart Information Services - Noisy Quarter; Higher Losses Drive Weaker-Than-Expected EPS

Western Markets Report - Another Step Up in Sales Activity

MGIC Investment - Positive Story at Attractive Valuation

Constructing a Non-Residential Picture - Several Leading Indicators Point to Slightly Better 2020 Growth

Tape Measure - Week of February 3, 2020

Essex Property Trust - Past Performance is Not Indicative of Future Returns

AIMCO - All Cash Flows are Not Created Equal

Portfolio Manager Weekly Z-Cap - Despite Mixed Macro Data, Surveys and Public Companies Highlight For-Sale Strength

Mid-America Apartment Communities - There's More Where That Came From

Beazer Homes - Riding the Wave of a Strong Market, but Growth Set to Slow Significantly

Meritage Homes - Set Up for a Solid 2020 and a Great 2021

Macro Housing Quick Take - Homeownership Surges, Supply Hitting Multi-Decade Lows

M.D.C. Holdings - Incremental Data Raise Some Questions

Mid-America Apartment Communities - Higher Same-Store Expenses Drive 2020 Guidance Shortfall

Equity Residential - Balancing Still Challenged Fundamentals with Better Capital Allocation, Upgrading to Hold

Essex Property Trust - 2020 Guidance Reflects Decelerating Core FFO Growth

Macro Housing Quick Take: Reality is Better than Pending Home Sales Suggest

Single-Family Rental Survey - December Ends the Year on a High, Capital Availability Robust

NVR - More Moving Pieces Than Others; Valuation Full

Equity Residential - 4Q19 Results and 2020 Guidance in Line, Technology a Key Focus

PulteGroup - Solid Orders and Commentary, Margins a Bit Light

Macro Housing Quick Take - New Home Sales Data Disconnected From Reality; Moving Pieces to Stock Outlook

Real Estate Broker Survey - Momentum Continuing into the New Year

Apartment Transaction Survey - Total Returns Moderating Despite Cap Rate Compression

Portfolio Manager Weekly Z-Cap - Expect Margin Upside for 4Q19 Building Products Results

CoreLogic - Preliminary 4Q19 Results Indicate Upside to Estimates

Apartment REIT Earnings Preview - Core FFO Guidance in Focus as Same-Store Metrics Converge

Western Markets Report - Off to the Races

Tape Measure - Week of January 21, 2020

Building Products 4Q19 Earnings Preview - Lifting Estimates 5% Ahead of Consensus

Portfolio Manager Weekly Z-Cap - Raising 4Q19 Builder Order Forecasts Ahead of Earnings

Mortgage Survey - Lenders Optimistic Heading into the New Year

Macro Housing Quick Take - NAHB Index Ticks Lower, but Still Among Record Highs

Demystifying Multi-Family Supply - Non-Coastal Focused REITs Fare Better Than Coastal Peers

Western Markets Report - Is It Spring Time Already?

Raising 4Q19 Builder Order Forecasts - Estimates Likely to Go Higher, but the Bar Has Been Elevated

Zelman's Tape Measure - Week of January 13, 2020

Takeaways from Housing Finance Policy Meetings - All Eyes on Ending the Conservatorships... Eventually

Jobs and Housing - Subdued Headline but Still Solid Undertones for Housing

Western Markets Report - An Impressive Start to 2020

Lennar - Continuing to Walk the Walk

The Floor Plan - An Investor's Guide to Rental Housing

Portfolio Manager Weekly Z-Cap - A Solid Pending Home Sales Release to Cap Off 2019