VRAI - Manufactured Housing: Affordable Prices For Elite REITs

• Manufactured Housing REITs have emerged over the past decade from relative obscurity into several of the most well-run publicly-traded property owners in the world, but have uncharacteristically stumbled in early-2022.
• MH REITs are among the most interest-rate-sensitive property sectors, resulting primarily from the remarkable consistency in delivering mid-single-digit rent growth regardless of the macroeconomic environment.
• We expect rent growth to significantly exceed analyst forecasts. As the most affordable housing option, rent growth tends to track broader inflation rates (Cost-of-Living Adjustments), which have been substantial.
• Still a relative unknown to many generalist investors, Sun Communities is by many measures the GOAT ("Greatest of All Time") of the REIT sector, delivering the strongest total returns of any REIT since 2005.
• The secular tailwinds resulting from the intensifying affordable housing shortage should persist into the back half of the 2020s, if not longer. Now appears to be one of the rare buying opportunities to scoop up these top-performing REITs at affordable valuations.

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