Index beta VNQ + IYR 13.1% sits outside the core band. Listed-REIT beta, not an EQR-type compounder.
Trailing ~60d wealth of the current mix, not a live account curve. Formula: Π exp(Σ w_i r_i,t).
Working ranges, not a gate: core 50–60%, cycle 20–25% (one sunbelt), satellite ≤10%, dry 10–15%. EQR and AVB are one Vivmark claim. Starts vs completions is the supply behind the cycle sleeve. It does not size the sleeve.
Gateway lines. EQR and AVB are one Vivmark claim after 17 Aug 2026, not two names. ESS and UDR are separate. VNQ and IYR do not count here. The range is a prior.
One sunbelt name. The range is a prior, not a second core.
One small-cap or SFR, default CSP-only unless promoted
Cash; TLT only when beta/vol vs rates is hot
Index beta VNQ + IYR 13.1% sits outside the core band. Listed-REIT beta, not an EQR-type compounder.
Ranges are a prior from the one-cycle book, not a constraint. A print outside the range is information.
SSNOI / occupancy / guidance / cap-rate commentary — cached snapshot, not a live IR feed.
If occupancy or blended lease trade-outs break coverage, the gateway hold needs a re-underwrite — not a 20-DMA rule.
Cached research snapshot — typical print window, not a live IR calendar
Development as % of assets and occupancy. A pipeline print that stretches coverage is the falsifier, not the session.
Cached research snapshot — typical print window, not a live IR calendar
West Coast rent-control / occupancy. A break vs the hold path is a coverage question, not a DMA close.
Cached research snapshot — typical print window, not a live IR calendar
Sunbelt deliveries vs occupancy and trade-outs. If they push through coverage, the cycle hold is wrong.
Cached research snapshot — typical print window, not a live IR calendar
6–12m relative and z of the log-ratio, as context. Recs do not TRIM or ADD off that z. A price ratio is not a cap-rate comp, and it is not a reason to rotate a 12-month hold.
| Leg | Last | 6m | 12m | Book |
|---|---|---|---|---|
| EQR Gateway class-A | 61.16 | +0.03% | -0.83% | 10.7% |
| AVB Gateway class-A | 170.82 | -11.29% | -11.29% | 24.0% |
EQR vs AVB 6m rel +11.32% · 12m rel +10.46%. EQR rich / AVB cheap on the log-ratio.
Closed 2026-08-17. Each AVB share became 2.793 VMRK; EQR was renamed VMRK one-for-one. These two lines are the same stock now. Not a spread to trade.
| Leg | Last | 6m | 12m | Book |
|---|---|---|---|---|
| EQR Gateway class-A | 61.16 | +0.03% | -0.83% | 10.7% |
| MAA Sunbelt / garden | 116.98 | -7.45% | -13.29% | 21.1% shares-only |
EQR vs MAA 6m rel +7.48% · 12m rel +12.46%. EQR rich / MAA cheap on the log-ratio.
EQR is scarce-infill coastal. MAA is the occupancy-and-deliveries cycle. Own the expression, not both as the same beta. Z of the price ratio is context, not a rec.
| Leg | Last | 6m | 12m | Book |
|---|---|---|---|---|
| AVB Gateway class-A | 170.82 | -11.29% | -11.29% | 24.0% |
| ESS Gateway class-A | 273.55 | +9.39% | +5.60% | 9.6% shares-only |
AVB vs ESS 6m rel -20.67% · 12m rel -16.88%. ESS rich / AVB cheap on the log-ratio.
Same coastal compounder sleeve. Relative context only. Do not rotate the book off a price ratio.
| Leg | Last | 6m | 12m | Book |
|---|---|---|---|---|
| INVH Single-family rental | 26.81 | +3.02% | -4.27% | — shares-only |
| MAA Sunbelt / garden | 116.98 | -7.45% | -13.29% | 21.1% shares-only |
INVH vs MAA 6m rel +10.46% · 12m rel +9.02%. INVH rich / MAA cheap on the log-ratio.
INVH is adjacent housing, not apartments. CSP-only satellite vs the sunbelt occupancy line. Do not treat them as substitutes.
GICS Real Estate is not the cut. Gateway + one Sunbelt is still housing — layers are the risk view.
Sleeve: Core (working range 50–60%, now 52.8%). The range is a prior. TRIM is not a fill just because the range is open.
Sleeve: Cycle (working range 20–25%, now 21.1%). The range is a prior. TRIM is not a fill just because the range is open.
Sleeve: Dry powder (prior 10–15%, now 13.1%).
Sleeve: Dry powder (working range 10–15%, now 13.1%). The range is a prior. HEDGE is not a fill just because the range is open.