Real Estate 2023-09-22: DOWN -2 to WEAKER strength rating (7th strongest of 9 levels), previous move was UP

TABLE OF CONTENTS

1. INDUSTRY OVERVIEW
   1A. Performance
   1B. Background
2. SUB-INDUSTRIES AND STOCKS DETAIL
   2A. Sub-Industries Overview
   2B. Sub-Industries 10-Week Strengthening Analysis
   2C. Stocks 1 Week Strongest and Weakest
3. STRENGTH BY LOOKBACK PERIOD (with Best/Worst stocks)
   3A. Lookback 6 Months
   3B. Lookback 4 weeks
   3C. Lookback 1 Week

1. INDUSTRY OVERVIEW

1A. Performance

Past 10 Weeks Strengthening/Weakening week-by-week, per the following chart:

WEAKENING 1 Week vs. Mid- and Longer-Term // 1 week positive/negative stocks ratio is LOWER than both 4 weeks and 6 Months, per the following chart:

Comments:
- 5% positive stocks is very low.
- Only 2% of stocks are rated Strongest while 49% of stocks are rated Weakest.

1B. Background

Largest of 8 sub-industries (190 stocks, average 24):

• REIT - Diversified/Industrial (51 stocks)
• Property Management/Development (34 stocks)
• REIT - Residential (27 stocks)
• REIT - Retail (20 stocks)

Top 10 by Market Capitalization:
PLD/ProLogis Inc, AMT/American Tower Corp, BN/Brookfield Corporation, PSA/Public Storage, WELL/Welltower Inc, SPG/Simon Property Group, DLR/Digital Realty Trust Inc, O/Realty Income Corp, CSGP/Costar Group Inc, AVB/Avalonbay Communities

2. SUB-INDUSTRIES AND STOCKS DETAIL

2A. Sub-Industries Overview

Strengthened: 0/8 sub-industries
Weakened: 7/8 sub-industries

STRONGEST at Weak rating/6th strongest of 9 levels:

• Mortgage Investment (15 stocks)
• REIT - Healthcare Facilities (15 stocks)

WEAKEST at Weaker rating/7th strongest of 9 levels:

• Property Management/Development (34 stocks)
• REIT - Diversified/Industrial (51 stocks)
• REIT - Hotel/Motel (13 stocks)
• REIT - Office (15 stocks)
• REIT - Residential (27 stocks)
• REIT - Retail (20 stocks)

2B. Sub-Industries 10-Week Strengthening Analysis

What: recent week-by-week strength changes for the industry and each underlying sub-industry
Why: objective measurement of strengthening and weakening enabling comparison within and across industries and sub-industries

2C. Stocks 1 Week Strongest and Weakest

What: stocks currently rated Strongest/Weakest (highest/lowest of 9 strength ratings)
Why: most interesting stocks for available capital because

• the Strongest have the least amount of overhead supply to dampen breakouts while
• the Weakest may be prone to volatility, subject to big pops from bottom-fishing and short-covering BUT ALSO to bigger and faster falls.

(Not guaranteed and not a recommendation - weak stocks in weakening sub-industries may be better shorts than high-flyers.)

3. STRENGTH BY LOOKBACK PERIOD (with Best/Worst stocks)

3A. Lookback 6 Months

3B. Lookback 4 weeks

3C. Lookback 1 Week