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MANUFACTURED HOUSING

Long-Term Investment Rationale

Why Invest in Land Leased Manufactured Housing Communities

Stable tenant base

  •    Approximately 5 to 10% annual tenant turnover (vs. 50 to 60% for apartments)
  •    Significant cost to physically move home from site
  •    Personal attachment to home and sense of community
  •    On-site improvements (decks, carports, and landscaping)

Low capital expenditures

  •    Community owner responsible only for infrastructure (roads, lights, common
    grounds, amenities)

Limited new supply

  •    Zoning restrictions and community bias against mobile home parks
  •    Limited new tax revenues as homes are generally treated as personal property

High margin and flow-through

  •    Rental increases in excess of CPI increases
  •    Minimal incremental community owner costs with increased occupancy

Value creation opportunities

  •    Under-capitalized and/or under managed communities
  •    Below market rents and/or ability to reduce and/or pass-through costs

Other income available

  •    Sale of homes, self-storage, other

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