--- title: The REIT Fleet | Al Otero description: Al Otero is the HAUS Portfolio Manager at Armada ETF Advisors. He brings decades of REIT and real estate investing experience to the firm. Al is a graduate of the University of Notre Dame with an MBA and a BBA in Finance. --- [![armada-etf-advisors-1_web](https://blog.armadaetfs.com/hs-fs/hubfs/armada-etf-advisors-1_web.png?width=200&height=43&name=armada-etf-advisors-1_web.png)](https://www.armadaetfs.com/) - [HOME](https://www.armadaetfs.com/) - [HAUS](https://www.armadaetfs.com/haus) - [INSIGHTS](https://blog.armadaetfs.com) - [VIDEOS](https://www.armadaetfs.com/videos/) - [TEAM](https://www.armadaetfs.com/team/) - [CONTACT](https://www.armadaetfs.com/contact) AUTHOR # Al Otero Al Otero is the HAUS Portfolio Manager at Armada ETF Advisors. He brings decades of REIT and real estate investing experience to the firm. Al is a graduate of the University of Notre Dame with an MBA and a BBA in Finance. [Follow me on my website](https://www.armadaetfs.com/) [Follow me on LinkedIn](https://www.linkedin.com/company/armada-etf-advisors/) [Follow me on Twitter](https://twitter.com/armadaetfs) ## Stories by Al --- Single Family Rental ### [Single-Family-Rentals: Operating Expenses are up, but Business Still Performing](https://blog.armadaetfs.com/single-family-rentals-operating-expenses-are-up-but-business-still-performing) Higher operating expenses impacted the SFR industry in similar ways as the line item affected the broader rental housing sub-sectors. Al Otero Dec 13, 2022 REIT ### [Residential REITs in A World of Change](https://blog.armadaetfs.com/residential-reits-in-a-world-of-change) 2022 by most accounts was a “historic” year for the rental housing industry in which the stars aligned and owner/operators benefited immensely from a... Al Otero Nov 29, 2022 REIT ### [Manufactured Housing: A Stormy End to the Quarter But Outlook Is Bright](https://blog.armadaetfs.com/manufactured-housing-a-stormy-end-to-the-quarter-but-outlook-is-bright) Two large manufactured housing REITs, Equity Lifestyle Properties (ELS) and Sun Communities (SUI) have reported 3Q 2022 earnings over the past week. Al Otero Nov 4, 2022 Residential REITs ### [Residential REITs: Balance Sheets Built to Last](https://blog.armadaetfs.com/residential-reits-balance-sheets-built-to-last) Shedding some light on the balance sheet characteristics of the Top 10 holdings (constituting roughly 70% of the total portfolio) within HAUS. Al Otero Oct 31, 2022 REIT ### [3Q Earnings Season...A Path to Normalization](https://blog.armadaetfs.com/3q-earnings-season...a-path-to-normalization) We believe that the rental housing segment of the REIT market will live up to its reputation for providing investors with safe and predictable cash... Al Otero Oct 28, 2022 REIT ### [Hurricane Ian: Managing Exposure Through Unprecedented Climate Events](https://blog.armadaetfs.com/hurricane-ian-managing-exposure-through-unprecedented-climate-events) This discussion provides a reasonable degree of solace that there will not be a lasting financial impact on our constituent companies from Hurricane... Al Otero Oct 12, 2022 Residential REITs ### [The Residential Ship Remains Steady](https://blog.armadaetfs.com/the-residential-ship-remains-steady) We believe residential REITs are poised to continue demonstrating consistent and predictable growth in operating cash flow & dividends for 2023 and... Al Otero Sep 28, 2022 Residential REITs ### [Housing Recession....What it Means and What it Means for Residential REITs](https://blog.armadaetfs.com/housing-recession....what-it-means-and-what-it-means-for-residential-reits) The long-awaited slowdown in the housing market may finally be upon us, but maybe not. We might just be witnessing a reset in expectations. Al Otero Aug 31, 2022 REIT ### [“Measuring ETF Liquidity”](https://blog.armadaetfs.com/measuring-etf-liquidity) We believe the alpha potential over the long term may make up for the spread of the lower-volume ETFs. Al Otero Aug 25, 2022 Singe Family Rental ### [Who Can Thrive With A Housing Reset?.......Single-Family Rental](https://blog.armadaetfs.com/who-can-thrive-with-a-housing-reset.......single-family-rental) It is our view that a reset in the for-sale housing market will lead to “stronger for longer” fundamentals in single family rentals. Al Otero Aug 25, 2022 [1](https://blog.armadaetfs.com/author/al-otero/page/1) [2](https://blog.armadaetfs.com/author/al-otero/page/2) ... [3](https://blog.armadaetfs.com/author/al-otero/page/3) ### Sign Up For Armada ETF Email Updates, Delivered Straight To Your Inbox. [![armada-etf-advisors-1_web](https://blog.armadaetfs.com/hubfs/armada-etf-advisors-1_web.png)](https://www.armadaetfs.com) © ARMADA ETF ADVISORS ALL RIGHTS RESERVED. ### Contact Us - [contact@armadaetfs.com](mailto:contact@armadaetfs.com) - [(800) 693-8288](tel:8006938288) ***Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please call [(800) 693-8288](tel:8006938288) or visit our website at **[www.armadaetfs.com](http://www.armadaetfs.com/)**. Read the **[prospectus](https://www.armadaetfs.com/haus/prospectus)** or **[summary prospectus](https://www.armadaetfs.com/haus/summary-prospectus)** carefully before investing.*** Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. The fund is new and has limited operating history to judge. **Risks of Investing in the Funds:** The Funds are classified as non-diversified investment companies. The Funds may invest a greater portion of assets in the securities of a single issuer or a smaller number of issuers than if they were diversified funds. To the extent that either Fund invests in other funds, a shareholder will bear two layers of asset-based expenses, which could reduce returns compared to a direct investment in the underlying funds. Through investments in REITs, the Funds are subject to the risks of investing in the real estate market, including decreases in property revenues, increases in interest rates, increases in property taxes and operating expenses, legal and regulatory changes, a lack of credit or capital, defaults by borrowers or tenants, environmental problems, and natural disasters. The Fund smay invest in derivatives, which are often more volatile than other investments and may magnify the Funds’ gains or losses. The HAUS Fund may invest in debt securities which are subject to the risks of an issuer’s inability to meet its obligations under the security; failure of an issuer or borrower to pay principal and interest when due; and interest rate changes affect the prices of fixed income securities. In addition, an increase in prevailing interest rates typically causes the value of existing fixed income securities to fall and often has a greater impact on longer duration and/or higher quality fixed income securities. The PRVT Fund invests in mortgage-backed securities (MBS), which are subject to the risks generally associated with fixed-income securities and mortgage-backed securities. Delinquencies and defaults by borrowers in payments on the underlying mortgages, and the related losses, are affected by general economic conditions, the borrower's equity in the mortgaged property, and the borrower's financial circumstances. In addition, an increase in prevailing interest rates typically causes the value of existing fixed income securities to fall and often has a greater impact on longer duration and/or higher quality fixed income securities. Unlike typical exchange-traded funds, there are no indexes that the Funds attempt to track or replicate. Thus, the ability of the Funds to achieve their respective objective will depend on the effectiveness of the portfolio manager. In general, ETFs can be tax efficient. ETFs are subject to capital gains tax and taxation of dividend income. However, ETFs are structured in such a manner that taxes are generally minimized for the holder of the ETF. An ETF manager accommodates investment inflows and outflows by creating or redeeming “creation units,” which are baskets of assets. As a result, the investor usually is not exposed to capital gains on any individual security in the underlying portfolio. However, capital gains tax may be incurred by the investor after the ETF is sold. The Fund is recently organized, giving prospective investors a limited track record on which to base their investment decision. Investment Objective: The Home Appreciation U.S. REIT ETF (HAUS) seeks total return. For current holdings and performance click [here](https://www.armadaetfs.com/haus/). Investment Objective: The Private Real Estate Strategy via Liquid REITs ETF (PRVT) seeks total return. For current holdings and performance click [here](http://www.armadaetfs.com/prvt/). Distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Armada ETF Advisors, Tidal ETF Services or Thryve Communications. 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