3 Manufactured Homes REITs With Yields Up to 5.6% and Track Records of Dividend Growth

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. SUI owns, operates, or has an interest in 667 developed manufactured home, RV, and marina properties. These properties contain 179,310 developed sites and 48,030 wet slips and dry storage spaces in the U.S., the U.K., and Canada.

Sun Communities currently pays a quarterly distribution of $0.94 per share, equating to an annualized distribution of $3.76 per share, which gives it a yield of about 3.2% at the time of this writing. The company has also raised its annual distribution each of the last seven years and its 1.1% hike in February has it on track for 2024 to mark the 8th consecutive year with an increase.

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Equity LifeStyle Properties

Equity LifeStyle Properties Inc. ELS owns and operates 451 manufactured home communities, RV resorts, and campgrounds containing 172,465 sites in North America as of its most recent investor presentation.

Equity LifeStyle currently pays a quarterly dividend of $0.4775 per share, equating to an annualized dividend of $1.91 per share, which gives its stock a yield of about 3.1% at the time of this writing. The company has raised its annual dividend for an eye-popping 19 consecutive years and its 6.7% hike in January has it on track for 2024 to mark the 20th consecutive year with an increase.

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UMH Properties

UMH Properties Inc. UMH owns and operates 135 manufactured home communities containing approximately 25,800 developed homesites across 11 U.S. states. It also has an ownership interest in an additional two communities in Florida containing 363 sites through a joint venture with Nuveen Real Estate.

UMH currently pays a quarterly dividend of $0.215 per share, equating to an annualized dividend $0.86 per share, which gives its stock a yield of about 5.6% at the time of this writing. It has also raised its annual dividend each of the last three years and its 4.9% increase earlier this month has it on track for 2024 to mark the fourth consecutive year with an increase.

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