The rise of the five-house landlord: Wall Street blinked, small investors kept buying

kAmx? 2 D:?8=6 >@?E9[ p>6C:42VD 3:886DE =2?5=@C5D 4FE E96:C D92C6 @7 9@>6 AFC492D6D ?62C=J :? 92=7] u:C>D E92E @H? >@C6 E92? `[___ 9@FD6D 3@F89E a]dT @7 E96 D:?8=6\72>:=J 9@>6D D@=5 :? s646>36C a_ad 2?5 `]bT :? y2?F2CJ a_ae[ k2 9C67lQ9EEADi^^HHH]4@E2=:EJ]4@>^AC6DD\C6=62D6D^:?G6DE@C\C6A@CE\B`\a_aeQm244@C5:?8 E@ r@E2=:EJk^2m[ 2D r@?8C6DD >@G65 E@ C6DEC:4E :?DE:EFE:@?2= 3FJ:?8]k^Am

kAm$>2== :?G6DE@CD 32C6=J 7=:?4965] !FC492D6D 3J 3FJ6CD H9@ @H? E9C66 E@ ?:?6 AC@A6CE:6D D=:AA65 ;FDE bT 7C@> 2 J62C 62C=:6C[ H9:=6 E96 =2C86DE 7:C>DV 7:CDE\BF2CE6C AFC492D6D 76== c_T[ k2 9C67lQ9EEADi^^HHH]4@E2=:EJ]4@>^AC6DD\C6=62D6D^:?G6DE@C\C6A@CE\Ba\a_aeQmr@E2=:EJVD D64@?5\BF2CE6C C6A@CEk^2m D9@HD]k^Am

kAm}@H D@>6 @7 E96 3:8 >@?6J :D 4@>:?8 324<] x? pF8FDE[ >682\:?G6DE@CD 3@F89E a]aT @7 D:?8=6\72>:=J 9@>6D[ k2 9C67lQ9EEADi^^HHH]4@E2=:EJ]4@>^AC6DD\C6=62D6D^`_\E9:?8D\D6AE6>36C\a_aeQmr@E2=:EJ C6A@CE65 :? $6AE6>36Ck^2m] p?5 2D k2 9C67lQ9EEADi^^8C:77:?7F?5:?8]4@>QmvC:77:? uF?5:?8k^2m[ 2 >@CE8286 2?5 9@>6 =@2? =6?56C[ C6A@CED[ E96 D>2== :?G6DE@CD ?6G6C =67E[ 2?5 E96JVC6 3FJ:?8 :? E96 D2>6 AC:46 C2?86 2D 7:CDE\E:>6 9@>63FJ6CD]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^`_^`c^t2C?65Ta_|65:2Ta_hTa_x?Ta_pCE:4=6Ta_x>286Ta_`]A?8Q 2=ElQp 32C 8C2A9 D9@H:?8 E96 J62C\@G6C\J62C 492?86 :? 9@>6 AFC492D6D 3J :?G6DE@C D:K6 :? 62C=J a_ae]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?mvC:77:? uF?5:?8k^7:842AE:@?mk^7:8FC6m

k9bmk3C ^mp A@=:4J D9@4< 9:E E96 3:886DE 3FJ6CD 92C56DEk^9bm

kAm%96 a`DE r6?EFCJ #~ps E@ w@FD:?8 p4E[ H9:49 3642>6 =2H @? yF=J ``[ 32CD 6?E:E:6D E92E 4@?EC@= bd_ @C >@C6 D:?8=6\72>:=J 9@>6D 7C@> 3FJ:?8 255:E:@?2= 9@>6D[ H:E9 6I46AE:@?D 7@C 3F:=5\E@\C6?E 2?5 C6?@G2E6\E@\C6?E AC@8C2>D] w@>6D E96J 2=C625J @H? 2C6?VE 27764E65] %96 32? k2 9C67lQ9EEADi^^HHH]8E=2H]4@>^6?^:?D:89ED^a_ae^f^a`DE\46?EFCJ\C@25\E@\9@FD:?8\24E\364@>6D\=2H\:>A=:42E:@?D\7@C\=2C86\:?DE:EFE:@?2=\:?G6DE@CDQm5@6D?VE E2<6 67764E F?E:= y2?] f[ a_afk^2m[ 3FE 3:8 3FJ6CD DE2CE65 324<:?8 @77 :? y2?F2CJ[ >@?E9D 367@C6 :E 3642>6 =2H] {2C86 :?G6DE@CD[ E9@D6 @H?:?8 `__ E@ hhh 9@>6D[ 3@F89E a`T 76H6C 9@>6D E92? 2 J62C 62C=:6C[ 2?5 >65:F>\D:K65 :?G6DE@CD 3@F89E `fT 76H6C]k^Am

k9bm$>2== :?G6DE@CD H6C6 82:?:?8 8C@F?5 367@C6 E96 =2Hk^9bm

kAm%96 D9:7E DE2CE65 H6== 367@C6 E9:D J62C] k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2mVD k2 9C67lQ9EEADi^^HHH]C62=E@C]4@>^C6D62C49^:?G6DE@C\C6A@CE\;F?6\a_ae^Qm2??F2= :?G6DE@C C6A@CEk^2m[ C6=62D65 :? yF?6[ 7@F?5 E92E D>2== :?G6DE@CD >256 FA C@F89=J ebT @7 :?G6DE@C 9@>6 AFC492D6D :? a_ad[ FA 7C@> dbT 2E E96 96:89E @7 E96 A2?56>:4 3FJ:?8 3@@> 2?5 E96:C 9:896DE D92C6 :? >@C6 E92? `d J62CD] |682\:?G6DE@CD 244@F?E65 7@C f]dT[ E96:C D>2==6DE D92C6 D:?46 a_``]k^Am

kAm$>2== :?G6DE@CD H6C6 2=D@ E96 @?=J 8C@FA DE:== 255:?8 E@ E96:C 9@=5:?8D] %96J 3@F89E 23@FE db[___ >@C6 9@>6D E92? E96J D@=5 :? a_ad[ H9:=6 6G6CJ =2C86C 42E68@CJ 925 >@G65 E@ ?6E D6==:?8] |682\:?G6DE@CD 2=@?6 92G6 D@=5 C@F89=J `bd[___ >@C6 9@>6D E92? E96J 3@F89E @G6C E96 A2DE E9C66 J62CD]k^Am

kAmx?G6DE@CD 2D 2 H9@=6 96=5 DE625J :? 2 D=@H J62C] %96J 3@F89E 23@FE dbc[___ 9@>6D :? a_ad[ FA _]fT 7C@> E96 J62C 367@C6[ 6G6? 2D AFC492D6D 3J 6G6CJ@?6 6=D6 76== a]`T]k^Am

kAm~?6 42FE:@? @? E96 ?F>36CDi %96 EH@ 52E2D6ED 5@?VE 567:?6 :?G6DE@CD E96 D2>6 H2J] r@E2=:EJ D@CED 3FJ6CD 3J 9@H >2?J AC@A6CE:6D E96J 2=C625J @H?] k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2m EC24<D 9@>6D 3@F89E E9C@F89 4@CA@C2E6 6?E:E:6D DF49 2D {{rD 2?5 ECFDED 2?5 D@CED E9@D6 6?E:E:6D 3J 9@H >2?J AFC492D6D E96J 92G6 >256[ D@ :ED D>2== 8C@FA CF?D FA E@ `_ AFC492D6D[ 2?5 :ED >682 8C@FA DE2CED 2E bd`] p =2?5=@C5 H9@ 3FJD :? E96:C @H? ?2>6 >@DE=J H@?VE D9@H FA :? k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2mVD 4@F?E] %96 A6C46?E286D 42?VE 36 4@>A2C65 5:C64E=J[ 3FE 3@E9 52E2D6ED A@:?E :? E96 D2>6 H2J]k^Am

k9bmw@H @?6 C6?E2= EFC?D :?E@ 7:G6k^9bm

kAm%96C6VD ?@ D:?8=6 C@FE6 :?E@ E9:D 8C@FA] $@>6 A6@A=6 3FJ 2 C6?E2= @? AFCA@D6] ~E96CD <66A E96:C @=5 9@FD6 H96? E96J >@G6[ :?96C:E 2 AC@A6CEJ[ @C DE2CE H:E9 2 5FA=6I 2?5 564:56 E@ 255 2?@E96C] ~?6 C6?E2= 364@>6D EH@[ E96? E9C66] %6? J62CD =2E6C[ D@>6@?6 H9@ ?6G6C D6E @FE E@ 36 2 =2?5=@C5 @H?D 7:G6 @C D:I 9@>6D]k^Am

kAm%96 7:G6\9@FD6 =2?5=@C5 :D?VE 2 42E68@CJ :? 6:E96C 52E2D6E] xEVD D9@CE92?5 7@C E96 <:?5 @7 @H?6C E96 ?F>36CD <66A A@:?E:?8 E@i D>2== 2?5 8C@H:?8 2 76H 5@@CD 2E 2 E:>6]k^Am

k9bm%96 7:?2?4:?8 86ED 92C56C 2D E96 A@CE7@=:@ 8C@HDk^9bm

kAmqF:=5:?8 2 C6?E2= A@CE7@=:@ :? a_ae E2<6D >@C6 5:D4:A=:?6 E92? :E 5:5 5FC:?8 E96 A2?56>:4[ H96? C:D:?8 AC:46D 2?5 72DE C6?E 8C@HE9 4@G6C65 7@C 2 =@E @7 >65:@4C6 562=D] %96 >65:2? 2D<:?8 C6?E 7@C DEF5:@ E9C@F89 EH@\365C@@> F?:ED :? E96 d_ =2C86DE >6EC@D 92D k2 9C67lQ9EEADi^^HHH]C62=E@C]4@>^C6D62C49^2F8FDE\a_ae\C6?E^Qm72==6? J62C @G6C J62C 7@C bf DEC2:89E >@?E9Dk^2m[ 244@C5:?8 E@ k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2mVD pF8FDE C6?E2= C6A@CE] r@E2=:EJ AFED >@CE8286 C2E6D ?62C fT]k^Am

kAmu:G6 C6?E2=D 2C6?VE ;FDE @?6 C6?E2= E:>6D 7:G6] t249 AC@A6CEJ 3C:?8D 2?@E96C >@CE8286[ 2?@E96C :?DFC2?46 A@=:4J[ 2?@E96C E2I 3:== 2?5 2?@E96C DEC62> @7 C6?E[ 2?5 2 4@?G6?E:@?2= =6?56C H6:89D 2== @7 :E 282:?DE E96 @H?6CVD A6CD@?2= 563E\E@\:?4@>6 C2E:@] pE D@>6 A@:?E[ E96 @H?6CVD @H? :?4@>6 DE@AD 36:?8 E96 62D:6DE H2J E@ BF2=:7J[ 6G6? H96? 6G6CJ AC@A6CEJ 4@G6CD :ED @H? 4@DED]k^Am

kAms63E\D6CG:46 4@G6C286 C2E:@ =@2?D E2<6 2 5:776C6?E 2AAC@249] p s$r# =@2? k2 9C67lQ9EEADi^^8C:77:?7F?5:?8]4@>^3=@8^5D4C\=@2?D^5D4C\=@2?\C6BF:C6>6?ED^QmBF2=:7:6D E96 AC@A6CEJ C2E96C E92? E96 A6CD@?k^2m[ 2D<:?8 H96E96C E96 C6?E 4@G6CD E96 A2J>6?Eik^Am

kAmkDEC@?8ms$r# l 8C@DD >@?E9=J C6?E 5:G:565 3J >@?E9=J !x%xp WAC:?4:A2=[ :?E6C6DE[ E2I6D[ :?DFC2?46 2?5 2DD@4:2E:@? 5F6DXk^DEC@?8mk^Am

kAmp C2E:@ 23@G6 `]_ >62?D E96 C6?E 6I4665D E9@D6 9@FD:?8 4@DED] xE 5@6D?VE >62? E96 AC@A6CEJ >2<6D >@?6J] %96 7@C>F=2 =62G6D @FE G242?4J[ C6A2:CD 2?5 AC@A6CEJ >2?286>6?E[ D@ 2 C6?E2= 42? 4=62C `]_ 2?5 DE:== CF? 2E 2 =@DD] "F2=:7:42E:@? DE2?52C5D 2=D@ G2CJ 3J =6?56C 2?5 AC@8C2>]k^Am

kAm!C:G2E6 =6?5:?8 :D 8C@H:?8 2E E96 D2>6 E:>6] %96 }2E:@?2= !C:G2E6 {6?56CD pDD@4:2E:@?VD k2 9C67lQ9EEADi^^?A=2@?=:?6]4@>^3=@8^;F?6\a_ae\?A=2\AC:G2E6\=6?5:?8\>2C<6E\C6A@CE^QmyF?6 >2C<6E C6A@CEk^2m 7@F?5 E92E AC:G2E6 =6?56CD 7:?2?465 `e]cT @7 :?G6DE@C D:?8=6\72>:=J AFC492D6D :? E96 `a >@?E9D 6?5:?8 yF?6 b_[ FA `]g A6C46?E286 A@:?ED 7C@> 2 J62C 62C=:6C[ 2?5 82:?65 D92C6 :? a` @7 E96 ad =2C86DE :?G6DE@C >2C<6ED] %92E 7:8FC6 4@G6CD 2== AC:G2E6 =6?5:?8[ :?4=F5:?8 D9@CE\E6C> 7:I\2?5\7=:A =@2?D[ ?@E s$r# =@2?D 2=@?6] %96 >65:2? s$r# C2E6 :? yF?6 H2D e]ggT[ H:E9 h_T @7 E9@D6 =@2?D AC:465 36EH66? eT 2?5 gT]k^Am

kAm%96 52E2 5@6D?VE D9@H E92E D>2== :?G6DE@CD 2C6 42FD:?8 AC:G2E6 =6?5:?8VD 8C@HE9] xE 5@6D D9@H E96 EH@ EC6?5D >@G:?8 :? E96 D2>6 5:C64E:@? 2E E96 D2>6 E:>6]k^Am

k9bm%96JVC6 D9@AA:?8 H96C6 7:CDE\E:>6 3FJ6CD D9@Ak^9bm

kAm$>2== :?G6DE@CDV DE2J:?8 A@H6C >2EE6CD 7@C 7:CDE\E:>6 3FJ6CD[ E@@] k2 9C67lQ9EEAi^^#62=E@C]4@>Qm#62=E@C]4@>k^2m 7@F?5 E92E D>2== :?G6DE@CD A2:5 2 >65:2? @7 23@FE Sbb_[___ :? a_ad[ C@F89=J adT 36=@H E96 @G6C2== >2C<6E >65:2? @7 Scc_[___] %92E AFED >2?J :?G6DE@C AFC492D6D :? E96 =@H6C\AC:465 A2CE @7 E96 >2C<6E[ H96C6 7:CDE\E:>6 3FJ6CD >2J 2=D@ 36 D9@AA:?8] vC:77:? uF?5:?8U?3DAjH6?E E9C@F89 k2 9C67lQ9EEADi^^HHH]AC?6HDH:C6]4@>^?6HD\C6=62D6D^>682\:?G6DE@CD\C6EC62E\3FE\E96\:?G6DE@C\>2C<6E\9@=5D\:ED\8C@F?5\C62=E@C4@>\C6A@CE\b_ag_egfe]9E>=Qm#62=E@C]4@>VD >6EC@\3J\>6EC@ 7:8FC6Dk^2mU?3DAj7@C 4@CA@C2E6 :?G6DE@CD @7 2== D:K6D :? E96 d_ =2C86DE >2C<6ED] x? bg @7 E96 ch >6EC@D H:E9 AC:46 52E2[ :?G6DE@CD A2:5 2 >65:2? 36=@H E96 =@42= >2C<6E >65:2? :? a_ad[ 2?5 :? ba @7 E96> E96 82A H2D 2E =62DE `_T]k^Am

kAm%96 @G6C=2A :D 8C62E6C :? 277@C523=6 >6EC@D] x? E96 z2?D2D r:EJ >6EC@ 2C62[ D>2== :?G6DE@CD >256 h]dT @7 2== 9@>6 AFC492D6D :? a_ad 2?5 A2:5 2 >65:2? @7 Sac_[___ :? 2 >2C<6E H96C6 E96 >65:2? D2=6 H2D Sbcf[___] x? r92C=@EE6[ }@CE9 r2C@=:?2[ @G6C2== :?G6DE@C 24E:G:EJ 76== 7C@> `g]dT @7 AFC492D6D :? a_aa E@ `b]eT :? a_ad 2D 3:886C 3FJ6CD AF==65 324<[ 3FE D>2== :?G6DE@CDV D92C6 8C6H >@56DE=J[ 2?5 E96J A2:5 2 >65:2? @7 Sad_[___ 282:?DE 2 >2C<6E >65:2? @7 Sc`_[___] x?G6DE@CD 3@F89E ab]fT @7 E96 9@>6D D@=5 :? |6>A9:D[ %6??6DD66[ =2DE J62C[ a`]aT :? E96 z2?D2D r:EJ >6EC@ 2C62[ a`]`T :? $E] {@F:D 2?5 a`T :? q:C>:?892>[ p=232>2]k^Am

k7:8FC6mk:>8 DC4lQ9EEADi^^:>286D]DE24<6C]4@>^H^`ag_^:>286D^DE@C:6D^a_ae^`_^`c^t2C?65Ta_|65:2Ta_hTa_x?Ta_pCE:4=6Ta_x>286Ta_a]A?8Q 2=ElQp 32C 8C2A9 D9@H:?8 E96 >65:2? 9@>6 AFC492D6 AC:46 7C@> D>2== :?G6DE@CD 2?5 2== 3FJ6CD :? a_ad]Q DEJ=6lQH:5E9i `__TQ ^mk7:842AE:@?mvC:77:? uF?5:?8k^7:842AE:@?mk^7:8FC6m

kAm(2== $EC66EVD C6EC62E 5:5?VE E2<6 :?G6DE@C 4@>A6E:E:@? @FE @7 E96 DE2CE6C\9@>6 >2C<6E] xE 492?865 H9@ E96 4@>A6E:?8 3FJ6C :D] {6DD @7E6? :EVD 2 7F?5 3FJ:?8 :ED `_[___E9 9@FD6[ 2?5 >@C6 @7E6? :EVD 2 D>2==6C :?G6DE@C 255:?8 2?@E96C AC@A6CEJ]k^Am

k9bm%96 =2?5=@C5 ?6IE 5@@C 5:5?VE =62G6k^9bm

kAmx7 :?DE:EFE:@?2= 3FJ6CD <66A C6EFC?:?8[ E96 9625=:?6 DE@CJ >2J DH:?8 324< E@ (2== $EC66E 3J E96 6?5 @7 E96 J62C] r@E2=:EJVD E9:C5\BF2CE6C ?F>36CD H:== D9@H 9@H >F49 @7 E96 C6EC62E H2D E6>A@C2CJ]k^Am

kAm%96 D>2== :?G6DE@CVD A2CE @7 E96 DE@CJ :D =6DD 5C2>2E:4 2?5 >@C6 5FC23=6] %96D6 @H?6CD <6AE 3FJ:?8 E9C@F89 9:89 C2E6D[ D@7E6?:?8 C6?ED 2?5 2 A@=:4J 7:89E 2:>65 2E :?DE:EFE:@?2= 3FJ6CD] %96J 3FJ @?6 9@FD6[ E96? 2?@E96C[ 2 76H 2E 2 E:>6] p4C@DD 9F?5C65D @7 E9@FD2?5D @7 AFC492D6D 2 J62C[ E92E >2<6D E96> E96 DE625:6DE 3FJ6C :? E96 :?G6DE@C >2C<6E]k^Am

kAmk2 9C67lQ9EEADi^^8C:77:?7F?5:?8]4@>^3=@8^5D4C\=@2?D^7:G6\9@FD6\=2?5=@C5\D>2==\:?G6DE@CD^Qmk6>m%9:D DE@CJk^6>mk^2mk6>m H2D AC@5F465 3Jk^6>m k2 9C67lQ9EEADi^^8C:77:?7F?5:?8]4@>Qmk6>mvC:77:? uF?5:?8k^6>mk^2mk6>m 2?5 C6G:6H65 2?5 5:DEC:3FE65 3Jk^6>m k2 9C67lQ9EEADi^^9F3D]=2^"_b<=8$#_Q C6=lQ?@7@==@HQmk6>m$E24<6Ck^6>mk^2mk6>m]k^6>mk^Am