There's nothing particularly sexy about Equity Lifestyle Properties' (NYSE: ELS) core business of owning mobile-homes properties. It's a slow and steady business. But that doesn't mean Equity Lifestyle is a boring real estate investment trust (REIT), considering that its dividend has been increased annually at a huge 15% clip over the past decade. Here's one of the new tricks this REIT is using to pull off this feat.
The first thing you need to know about Equity Lifestyle is that its core portfolio is pretty attractive. On television and in the movies, mobile home parks are often portrayed as dilapidated and dangerous. Such places do exist, but they aren't what this REIT owns. Equity Lifestyle's properties are basically like little resorts.
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This Mobile Home REIT Is Prospering From Some New Tricks