The third quarter of 2025 reflects a dynamic period for the U.S. manufactured housing (MH) sector, with leading REITs showing mixed performance across stock price, occupancy, and revenue growth. While some companies experienced stock volatility due to broader market conditions, operational fundamentals—including net operating income (NOI), lot rent growth, and portfolio expansion—remain largely positive. This report examines Sun Communities (SUI), Equity LifeStyle Properties (ELS), UMH Properties (UMH), and Flagship Communities (FLGMF), highlighting key trends over the past 12 months and insights into how each company is navigating supply-demand dynamics, inflationary pressures, and the ongoing demand for affordable housing.

Full Recap Here:

Sun Communities REIT (SUI) – Q3 2025 Performance Overview

1. Stock Price

• Current quarter: $129.00
• Previous quarter (Q2 2025): $126.49
• Same quarter previous year (Q3 2024): $135.15
• 12-month trend: Mixed (up and down)
• Reasoning: The stock has fluctuated over the past 12 months due to broader market volatility and investor sentiment shifts, partially offsetting operational gains.

2. Net Operating Income (NOI)

• Current quarter: $171,800,000
• Previous quarter (Q2 2025): $168,600,000
• Same quarter previous year (Q3 2024): $158,300,000
• 12-month trend: Up
• Reasoning: Growth primarily driven by increased rental revenue and operational efficiencies.

3. Occupancy (MH Only)

• Current quarter: 97.9%
• Previous quarter: 97.4%
• Same quarter previous year: 97.3%
• 12-month trend: Up
• Reasoning: Rising demand for affordable housing continues to support high occupancy levels.

4. Lot Rent Growth / Decline

• Current quarter: $737.00
• Previous quarter: $730.00
• Same quarter previous year: $701.00
• 12-month trend: Up 5.3%
• Reasoning: Inflation and supply-demand dynamics contributed to steady rent growth.

5. Recent MHP Acquisitions

• Location: Data not provided
• Number of lots: Data not provided
• Occupancy: Data not provided

6. Portfolio Totals

• Number of MHPs:
  • Current: 284
  • Previous quarter: 284
  • Same quarter previous year: 287
• Number of lots:
  • Current: 97,070
  • Previous quarter: 97,380
  • Same quarter previous year: 96,500
• 12-month trend: Slightly down in terms of number of parks, but lots held have increased marginally compared to the previous year
• Reasoning: Portfolio reduction reflects selective dispositions, while lot count remains stable with ongoing acquisitions and development.

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Equity LifeStyle Properties REIT (ELS) – Q3 2025 Performance Overview

1. Stock Price

• Current quarter: $60.70
• Previous quarter (Q2 2025): $61.67
• Same quarter previous year (Q3 2024): $70.76
• 12-month trend: Down
• Reasoning: Stock has declined over the past year despite operational growth, likely reflecting broader market pressures and investor sentiment.

2. Net Operating Income (NOI)

• Current quarter (Base Rental Income): $188,000,000
• Previous quarter (Q2 2025): $186,000,000
• Same quarter previous year (Q3 2024): $178,300,000
• 12-month trend: Up
• Reasoning: Growth driven by higher rental income from existing communities and new home sales.

3. Occupancy (MH Only)

• Current quarter: 93.9%
• Previous quarter: 93.9%
• Same quarter previous year: 94.4%
• 12-month trend: Down slightly
• Reasoning: Minor decrease due to market dynamics, though overall occupancy remains high.

4. Lot Rent Growth / Decline

• Current quarter: $912.00
• Previous quarter: $904.00
• Same quarter previous year: $861.00
• 12-month trend: Up 5.5%
• Reasoning: Inflation and supply-demand factors contributed to steady lot rent growth.

5. Portfolio Totals

• Number of MHPs:
  • Current: More than 200 communities
  • Previous quarter: 206
• Number of lots:
  • Current: 73,291
  • Previous quarter: 73,220
  • Same quarter previous year: 73,006
• 12-month trend: Up
• Reasoning: Portfolio growth driven by acquisitions and incremental lot additions, supported by new home sales and operational expansion.

Notes Q3 2025: MH core base rental income for the quarter and nine months ended September 30, 2025 increased 5.5% compared to the same periods in 2024. During the quarter, 114 new homes were sold, and 347 new homes were sold over the nine months.

UMH Properties REIT (UMH) – Q3 2025 Performance Overview

1. Stock Price

• Current quarter: $14.65
• Previous quarter (Q2 2025): $16.79
• Same quarter previous year (Q3 2024): $19.67
• 12-month trend: Down
• Reasoning: The stock has declined over the past year, reflecting broader market pressures despite operational growth.

2. Net Operating Income (NOI)

• Current quarter: $98,100,000
• Previous quarter (Q2 2025): $88,557,000
• 12-month trend: Up
• Reasoning: NOI growth driven by higher rental income and operational efficiencies.

3. Occupancy (MH Only)

• Current quarter: 88.5%
• Previous quarter: 88%
• Same quarter previous year: 87.3%
• 12-month trend: Up slightly
• Reasoning: Steady demand for MH communities continues to support occupancy.

4. Lot Rent Growth / Decline

• Current quarter: $566.00
• Previous quarter: $558.00
• Same quarter previous year: $534.00
• 12-month trend: Up 6%
• Reasoning: Lot rent growth supported by inflation and supply-demand dynamics.

5. Portfolio Totals

• Number of MHPs:
  • Current: 144
  • Previous quarter: 144
  • Same quarter previous year: 139
• Number of lots:
  • Current: 26,871
  • Previous quarter: 26,800
  • Same quarter previous year: 26,189
• 12-month trend: Up
• Reasoning: Portfolio expansion through acquisitions and development contributed to growth in total lots and communities.

Flagship Communities REIT (FLGMF) – Q3 2025 Performance Overview

1. Stock Price

• Current quarter: $19.25
• Previous quarter (Q2 2025): $18.05
• Same quarter previous year (Q3 2024): $15.19
• 12-month trend: Up
• Reasoning: Stock appreciation reflects strong operational performance and investor confidence in growth prospects.

2. Net Operating Income (NOI)

• Current quarter: $16,957,000
• Previous quarter (Q2 2025): $16,700,000
• Same quarter previous year (Q3 2024): $15,102,000
• 12-month trend: Up
• Reasoning: NOI growth supported by higher rental income and portfolio expansion.

3. Occupancy (MH Only)

• Current quarter: 85.1%
• Previous quarter: 85%
• Same quarter previous year: 84.8%
• 12-month trend: Up
• Reasoning: Increased demand for affordable housing continues to support occupancy levels.

4. Lot Rent Growth / Decline

• Current quarter: $483.00
• Previous quarter: $484.00
• Same quarter previous year: $448.00
• 12-month trend: Up 7.67%
• Reasoning: Inflation and supply-demand factors contributed to steady lot rent growth.

5. Portfolio Totals

• Number of MHPs:
  • Current: 83
  • Previous quarter: 82
  • Same quarter previous year: 82
• Number of lots:
  • Current: 15,860
  • Previous quarter: 15,140
  • Same quarter previous year: 15,138
• 12-month trend: Up
• Reasoning: Portfolio expansion through acquisitions contributed to growth in total communities and lots.

Conclusion:

Across the four REITs, several clear patterns emerge. NOI has grown consistently, driven primarily by rent increases and operational efficiencies, with SUI, ELS, UMH, and FLGMF all reporting year-over-year gains. Occupancy remains strong across the sector, with modest gains or slight declines reflecting localized market conditions. Lot rents have increased between 5–8% annually, reflecting inflationary pressures and tight supply-demand conditions. Portfolio growth varies: while SUI saw a small contraction in the number of communities, ELS, UMH, and FLGMF expanded both their lots and communities over the last year. Stock performance, however, diverges from operational trends, with some companies experiencing declines due to market sentiment rather than business fundamentals. Overall, the sector shows resilience, with stable occupancy, healthy rent growth, and strategic portfolio expansion positioning these companies well for the coming year.

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Disclaimer:

The information provided is for informational purposes only and is not investment advice or a guarantee of any kind. We do not guarantee profitability. Make investment decisions based on your research and consult registered financial and legal professionals. We are not registered financial or legal professionals and do not provide personalized investment recommendations.