Appreciate Holdings, Inc. (SFR)
NASDAQ (NMS) NASDAQ (NMS) Primary 
Millrose Properties: Buy-To-Rent Fears Are Dramatically Overdone (Upgrade)
Millrose Properties has dropped 29% since September, driven by business model changes and SFR entry concerns. MRP's core land-banking model remains robust, with strong cross-pooling protections and healthy builder margins mitigating downside risk. The new single-family rental ("SFR") initiative adds operational complexity but is unlikely to justify the stock's steep discount to book value.
Assessing The Impact Of Mortgage Rates On REITs
Historically, REITs outperform the S&P 500 after rising interest rates, with recent data showing a 25% return from May to September 2024. Mortgage rates impact REITs differently, with lower rates boosting rental demand for multifamily and SFR REITs, but potentially increasing home prices. The "lock-in effect" limits home sales, benefiting multifamily and SFR REITs by driving rental demand, while self-storage REITs await increased home sales.
American Homes 4 Rent: SFR Exposure At A Good Price
American Homes 4 Rent is a REIT that owns and leases single-family homes nationwide. Its portfolio is well-diversified and in a market with favorable supply/demand dynamics. With such a low leverage, strong liquidity, performance momentum, and low price level, I think it deserves some consideration even though its dividend yield is low.
