EELSEquity Lifestyle Properties, Inc.

Equity Lifestyle owns manufactured home communities and holiday parks for recreational vehicles.

The trust owns the land and the infrastructure while the home belongs to the resident. Moving out is nearly impossible: transporting a manufactured home is expensive and often not technically feasible. Hence exceptionally low turnover and the ability to raise rent every year.

The second part is holiday parks in Florida and Arizona where retirees come for the winter: some pitches are let by the season, some nightly, and that half depends on leisure demand and fuel prices. Municipalities almost never permit new communities, so supply does not grow. Risks: interest rates, coastal insurance and rent regulation.