The manufactured housing sector has an impressive history of managing well through difficult economic and financial periods by providing a truly affordable housing proposition to an undeserved market where extensive barriers to supply exist. The industry does not push rents as aggressively as more traditional rental housing operators during really strong periods such as 2021-22 but have been successful at raising rents at a mid-single digit level consistently across varied environments. All three of the public operators we follow achieved 4Q22 revenue growth at or above 5% and met their yearend expectations as the economy slowed and financial markets reeled from rising interest rates.

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