r/StockMarket – Manufactured Homes REIT Sector Overview

Sector Overview

Total REITs: 3
Price/FFO: 29.4x
Forward Yield: 2.8%
Payout: 80.2%
FFO/Share Growth: 6.73%
Dividend Growth: 5.86%

Individual REITs Highlights

Sun Communities (SUI)

Market Cap: $17.2b
Price/FFO: 30.2x (26x 5y avg)
Yield: 2.2% (2.5% 5y avg)
Payout: 65.2%

Annual Base Rent Revenue (Q42020):
Manufactured Homes: 57%
RV Communities: 28.0%
Marinas: 15.0%

20-year Total Return (including dividends): 1596.9%

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Equity LifeStyle (ELS)

Market Cap: $11.9b
Price/FFO: 30.1x (28x 5y avg)
Yield: 2.2% (2.1% 5y avg)
Payout: 66.8%

Annual Base Rent Revenue (Q42020):
Manufactured Homes: 65.5%
RV Communities: 32.5%
Marinas: 2.0%

20-year Total Return (including dividends): 1932.8%

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UMH Properties (UMH)

Market Cap: $828.7m
Price/FFO: 27.9x (22.6x 5y avg)
Yield: 3.9% (4.8% 5y avg)
Payout: 108.6% !!!

Annual Base Rent Revenue (Q42020):
Manufactured Homes: 100%

20-year Total Return (including dividends): 591.2%

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ELS and SUI are incredibly similar and it’s difficult to pick one or the other. UMH pays the highest yield and even though it’s growing FFO/Share the payout ratio is so high that it can’t grow it, maybe just keep it at the same level. If you had to pick ELS or SUI, which one would you pick? Maybe both?

Source: https://alreits.com/insights/countries/usa/sectors/residential-manufactured


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