More than 8,800 SNL-covered real estate properties lie in Hurricane Harvey's projected five-day path. Single-family rental homes comprise the largest category of properties potentially affected, followed by single-tenant retail.
Current projections show the hurricane, rated a Category 3 as of press time, making landfall early Saturday morning on Texas' gulf coast near Corpus Christi. The storm is expected to bring storm surge and flooding from heavy rainfall, and is expected to stay over the Texas coast for about 48 hours before turning north up the coast.
Single-family housing REITs in the aggregate own the most properties in the path of the storm. American Homes 4 Rent owns 5,079 homes in the area, representing 10.5% of its total portfolio, and Reven Housing REIT Inc. owns 264 homes, comprising about 35% of its total portfolio, the largest portfolio exposure among the top 20 companies with the largest number of potentially affected properties.
About 30% of industrial REIT EastGroup Properties Inc.'s owned properties are in the projected affected area, while about 19% of Life Storage Inc.'s lie in Harvey's path.
After single-family rental REITs, single-tenant retail REITs have the next largest exposure to the storm, aggregating 1,116 properties. VEREIT Inc. owns 350 properties in the affected region, while Realty Income Corp. and National Retail Properties Inc. own 347 and 265 properties, respectively.
The healthcare and industrial sectors also have large exposures, with an aggregate of 447 and 405 properties, respectively.
Parkway Inc. owns five office properties, all of which are in Houston.