KBWY - Ground Zero Of The Housing Shortage

• Beneficiaries of the intensifying affordable housing shortage, manufactured housing ("MH") REITs have been the top-performing property sector over the past decade, continuing the strong momentum into 2021.
• Consistent with the trends across the residential REIT industry over the past quarter, MH REITs significantly boosted their growth outlook, citing strong rental housing demand and substantial upward rent pressure.
• MH REITs' amplified focus on analogous asset classes - RV parks and marinas - was perfectly-timed, providing an added external growth tailwind. "Work-From-Anywhere" has fueled soaring RV, boat, and vacation home sales.
• Harvard's annual housing report last week concluded that the country is nearly 4-million housing units short of meeting long-term demand, a compelling backdrop for companies across the broader housing industry.
• Following a double-digit rally over the last quarter, MH REITs are again trading at the loftiest valuations in the REIT sector. Other segments of the housing sector currently look more attractive, but don't bet against these perennial outperformers.

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