KBWY - Manufactured Housing REITs: Not Enough Homes So Onto Boats

• Manufactured Housing REITs have proven to be 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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