U.S. Manufactured Housing REITs: Weather Or Not?

Research evidence excerpt

U.S. Manufactured Housing REITs: Weather Or Not?

Global Research

6 July 2026ab

U.S. Manufactured Housing REITs Equities

AmericasWeather Or Not?

Real Estate

Michael Goldsmith

Expecting annual segment stability with focus on Transient RV and SUI capital Analyst

allocation in 2Q'26 michael.goldsmith@ubs.com

When SUI and ELS report 2Q'26 earnings, we expect a familiar setup: stable +1-212-713 2951

performance from the core annual MH and RV segments and disproportionate investor Ami Probandt

focus on Transient RV. While annual segments should continue to deliver CPI+ growth, Analyst

we think one of the key debates on the stocks will center on whether early signs of ami.probandt@ubs.com

improving booking trends and supportive weather conditions are enough to signal a +1-212-713 2078

more normalized year for Transient RV demand. We also expect focus on SUI's plans for Justin Haasbeek

the proceeds from the UK Holiday Park sale and the implications for its earnings growth Associate Analyst

trajectory. justin.haasbeek@ubs.com

+1-212-713 2014

Starting with MH & Annual RV, we don't expect any surprises in performance in

Connor Mitchell

2Q'26. These segments, which account for the majority of property revenue,

Associate Analyst

should continue to deliver CPI+ growth and reinforce the stability of the core MH/ connor.mitchell@ubs.com

RV business model. For SUI, we think a conservative stance in setting rate at the +1-212-649 8246

start of the year may have left room for some upside if any sites turn. For ELS, we

Anna O'Neil

believe there will be interest in its ability to backfill new development sites and

manage its occupancy. anna.oneil@ubs.com

+1-212-713 4386 Related to Transient RV, we believe there will be continued scrutiny entering peak