** Raymond James downgrades ratings on U.S real investment trusts as rental demand continues to deteriorate

** Brokerage downgrades ratings on U.S. REITs Essex Property Trust ESS.N, Invitation Homes INVH.N, American Homes 4 Rent AMH.N and NexPoint Residential Trust NXRT.N

** Brokerage says Q4 and early‑2026 leasing trends show no signs that this year’s leasing demand will improve from last year’s weak levels

** Notes, AI-driven job displacements among young adults and tougher domestic immigration enforcement as key macro headwinds weighing on near-term housing demand

** As of last close, S&P 500 Equity Real Estate Investment Trusts (REITs) Index (Industry Group) .SPLRCREC had risen 10.52% YTD