3 Manufactured Homes REITs With Yields Up to 5.2%
Manufactured homes real estate investment trusts (REITs) specialize in owning and operating income-generating properties related to manufactured homes. Manufactured homes are prefabricated houses that are built off-site and then transported to their final location. These REITs may own communities or parks where manufactured homes are situated, and they generate income through leasing or renting the land to individuals who own the manufactured homes.
Investors in manufactured homes REITs can benefit from the income generated by the leasing of land for these homes. If this interests you, here are three manufactured home REITs you could buy today.
Sun Communities
Sun Communities Inc. (NYSE:SUI) owns, operates, or has an interest in 670 developed manufactured home, RV, and marina properties as of September 30, 2023. These properties consist of over 180,000 developed sites and over 48,000 wet slips and dry storage spaces in the U.S., U.K., and Canada.
Sun Communities currently pays a quarterly distribution of $0.93 per share, equating to $3.72 per share annually, giving it a yield of about 2.8% today. It has also raised its annual distribution each of the last seven years, making it qualify as a quality dividend-growth play.
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Equity LifeStyle Properties
Equity LifeStyle Properties Inc. (NYSE:ELS) owns and operates 450 manufactured home communities, RV resorts, and campgrounds consisting of over 171,000 sites in North America as of October 16, 2023.
Equity LifeStyle currently pays a quarterly dividend of $0.4475 per share, equating to $1.79 per share annually, giving it a yield of about 2.6% today. It has raised its annual dividend for an eye-popping 19 consecutive years, putting it just six short years away from qualifying as a Dividend Aristocrat.
UMH Properties
UMH Properties Inc. (NYSE:UMH) owns and operates 135 manufactured home communities with approximately 25,800 developed homesites across 11 U.S. states. It also has an ownership interest in an additional two communities containing over 350 sites through a joint venture with Nuveen Real Estate.
UMH currently pays a quarterly dividend of $0.205 per share, equating to $0.82 per share annually, giving it a yield of about 5.2% today. It has also raised its annual dividend each of the last three years, making it both a high yield and dividend-growth play.
Arrived Homes
Arrived Homes offers another way for investors to gain exposure to real estate. It's an alternative investment platform, backed by Jeff Bezos and Dara Khosrowshahi, that allows individuals to easily invest in real estate by purchasing shares of rental properties. Investors on the platform earn passive income through rental revenue while waiting for the properties they invest in to appreciate in value over time.
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