VNQI - Mobile Home REITs: Work From Anywhere

• Manufactured Housing REITs outperformed the broad-based REIT Index for a remarkable eighth consecutive year in 2020, continuing to ride the tailwinds from the lingering housing shortage across the United States.
• Housing inventory levels dipped to historic-lows in 2020, particularly in the affordable housing segments. Fueled by limited supply, MH REITs have delivered the strongest rent growth of any property sector.
• Providing an added boost, RV and boat sales smashed records in the back-half of 2020. "Work From Home" will naturally transition to "Work From Anywhere," powering second-home and RV sales.
• Despite their REIT-leading historic growth rate, risks remain as MH REITs are among the most interest-rate sensitive property sectors, pay relatively low dividends, and are exposed to risks from extreme weather.
• Stellar fundamentals don't come cheap, either. MH REITs are priced for continued perfection but haven't disappointed investors in many years and housing should remain a bright spot in the REIT sector in 2021.

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