Keepin' It Real 

Economics, Housing, & Commercial Real Estate Analysis

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  • Alex Pettee, CFA

Manufactured Housing REITs: Not Enough Homes, So Onto Boats

Daily Recap

  • Manufactured housing REITs have proven to immune from coronavirus-related headwinds that have slammed much of the real estate sector, collecting nearly 100% of rents while also boosting dividends this year.

  • Driven by the macroeconomic tailwinds associated with the affordable housing shortage and favorable demographics, Manufactured Housing ("MH") REITs have been the best-performing real estate sector of the past decade.

  • External growth through acquisitions has provided an added boost. Amid this housing shortage, MH REITs have begun investing in a new - but fundamentally similar - asset class: boat marinas.

  • Headwinds become tailwinds: After a sharp slowdown in late-Spring, recreational vehicle and boat sales have smashed records this summer while the U.S. housing market has roared back to life.

  • MH REITs aren't cheap, but long-term fundamentals remain stellar for this "essential" property sector. Low supply and strong demographic-driven demand for housing continue to provide a compelling backdrop.

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Hoya Capital Real Estate ("Hoya Capital") is an SEC-registered investment advisory firm that provides investment management services to ETFs, individuals, and institutions, focusing on portfolio and index management of publicly traded securities in the real estate industry. It is not possible to invest directly in an index. Index performance cited in this website or commentary does not reflect the performance of any fund or other account managed or serviced by Hoya Capital Real Estate. Nothing on this site nor any published commentary by Hoya Capital is intended to be investment, tax, or legal advice or an offer to buy or sell securities. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and should not be considered a complete discussion of all factors and risks. Data quoted represents past performance, which is no guarantee of future results. Investing involves risk. Loss of principal is possible. Investments in companies involved in the real estate and housing industries involve unique risks, as do investments in ETFs, mutual funds, and other securities. Hoya Capital has no business relationship with any company discussed/mentioned. Hoya Capital never receives compensation from any company discussed/mentioned. Hoya Capital, its affiliate, and/or its clients and/or its employees may hold positions in securities or funds discussed on this website and our published commentary. A complete list of holdings and other important disclosures and definitions are available by clicking the links below.

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