• Powered by the macroeconomic tailwinds associated with the affordable housing shortage, Manufactured Housing REITs were the best-performing real estate sector of the past decade, and it wasn't particularly close.
• The sector produced cumulative returns that nearly doubled the next closest REIT sector. MH REITs outperformed the REIT average for a remarkable seventh straight year in 2019, surging nearly 50%.
• The most affordable housing option in most markets, regulatory impediments to housing supply growth have supported sector-leading NOI growth for MH REITs, which has averaged more than 6% since 2015.
• Beyond the sector-leading internal growth, external growth through acquisitions and site expansions provide an added boost. While competition has heated up, these REITs command a superior cost of capital.
• Trading at the loftiest valuations in the REIT sector, investors will continue to demand perfection but haven't been let down in quite some time. Low supply and strong, demographic-driven demand for housing continue to provide a compelling backdrop.

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