The industry's own research.
6 items
Latest MH REIT quarterly: ELS 93.9% occupancy with 5.7% YoY rent growth, Sun above 98% occupancy integrating $450M of acquisitions, UMH 7.1% NOI growth; affordability and aging demographics drive demand.
Full-year wrap on MH REITs: ~98.1% same-property occupancy, 8.8% Q4 / 8.9% FY same-property NOI growth on 7.3% revenue growth vs 3.2% opex; 5-7.6% rent growth across operators.
Q3 review of ELS, Sun Communities and UMH covering occupancy, rental rates, expenses, transaction activity and macro context for the manufactured housing sector.
MH REIT performance: ELS 6.4% core NOI growth with flat opex, Sun Communities raised guidance after $5.25B marina sale, UMH 10% same-property NOI growth on occupancy and rental-home gains.
MHC sector performance review across ELS, Sun Communities and UMH: Sun Communities posted 7.3% revenue growth and 8.9% same-property MH NOI growth; affordability driving demand.
Full-year 2024 MH REIT review (ELS, Sun, UMH): ELS 5.8% YoY rent growth, SUI 97.6% occupancy and $570M asset sales, UMH 7.9% same-property rental income growth; insurance up 15-20%, Sunbelt migration tailwind.