UMH Properties at Nareit REITweek: Affordable Housing Focus

On Tuesday, 03 June 2025, UMH Properties (NYSE:UMH) presented at the Nareit REITweek: 2025 Investor Conference. The company outlined its strategic focus on affordable housing through manufactured home communities. While highlighting robust growth metrics, UMH also acknowledged challenges such as tariff impacts and supply chain uncertainties. The company remains committed to its growth strategy despite these hurdles.

Key Takeaways

• UMH Properties is addressing the affordable housing shortage by acquiring and improving manufactured home communities.
• The company has achieved a 10.8% average same-property NOI growth over the past five years.
• UMH plans to add 800 rental units annually and expects 5% rent increases each year.
• The company needs $100 to $150 million annually for its growth initiatives.
• Despite tariff-related cost increases, UMH maintains strong rent collections and tenant demand.

Financial Results

• Occupancy: Increased by 227 units in the first quarter, marking a 70 basis points rise year-over-year.
• Sales: Sales remained flat, excluding inventory liquidation. April sales rose by $2.5 million compared to the previous year, with total sales expected to approach $40 million.
• NOI Growth: Achieved 8.4% growth in a challenging quarter due to snow removal costs. The company anticipates high single to low double-digit NOI growth.
• Rental Homes: Monthly rent for rental homes increased to $1,000 from $700 in 2011.
• Refinancing: Refinancing of 10 communities generated $101 million, with further refinancing expected in Q3 and Q4.
• FFO and Dividends: Normalized FFO increased 176% over five years, with a nearly 50% rise in FFO per share. Dividends grew by 20% over the same period.

Operational Updates

• Portfolio: UMH owns 141 communities with over 26,500 developed sites and 3,400 vacant sites. Occupancy in acquired communities increased from 75% to 88%.
• Rental Program: Since 2011, UMH has rented out 10,400 homes and plans to add 800 rental units annually.
• Capital Expenditures: Estimated at $20 to $30 million for CapEx and expansions.
• Inventory: 600 homes on order, with 500 already delivered to communities.

Future Outlook

• Growth Strategy: Focus on adding 800 rental homes annually and seeking new community acquisitions. The company aims for high single to low double-digit NOI growth.
• Demographics: Targeting retirees and young families seeking affordable housing options.
• Capital Needs: Requires $100 to $150 million annually, including $60 to $70 million for rental homes and $20 to $30 million for expansions.
• Strategy: Continued refinancing to free up capital, with a focus on increasing FFO per share and dividends.

Q&A Highlights

• Retail Financing: UMH addressed the lack of financing by offering rental homes.
• Tariff Impact: Manufacturer prices rose 3% to 5%, but UMH offsets this with pricing strategies.
• Supply Chain: Potential issues have not yet impacted UMH, with a backlog of six to ten weeks.
• New Shares: Issuing new stock is seen as accretive, enhancing earnings and dividends.

UMH Properties’ strategic focus on affordable housing and its commitment to growth amidst challenges were central themes at the Nareit REITweek conference. For a detailed account, refer to the full transcript below.

Full transcript - Nareit REITweek: 2025 Investor Conference:

John Massocca, Senior Research Analyst, B. Riley Securities: welcome to the twenty twenty five REIT Week Properties presentation. I’m John Massocca, senior research analyst at B. Riley Securities and one of the analysts who covers UmH, and I will be moderating the presentation this morning.

With me, I have Sam Landy, President and CEO of as well as CFO Anna Chew and COO Brett Taft. Owns 141 manufactured home communities in the Eastern United States with over 26 and a half thousand developed home sites at these properties. And to tell us more about those communities in the business model, I will now hand the floor over to Sam.

Sam Landy, President and CEO, UmH Properties: Thank you. First, I’ll let you know that we have our chairman here, Eugene Landy, founder of the company, and he’s with us today. There we go. And we have the UMH online presentation, the annual report. And basically, it comes down to we provide communities with factory built homes for sale or rent.

And we take the incredible efficiencies of a factory built house, the fact that we can get 1,000 square foot three bedroom, two bath house for $70 per square foot, 70,000, and put it on a 50 by 100, five thousand square foot lot that we obtain sometimes for as little as $30,000 per lot. And if we build that lot new, about $100,000 per lot. And we take these efficiencies to provide a great community. And one of the things you learn over time is locations incredibly important, products incredibly important, but it’s the people who make the company. And our people have a mission to provide great communities, to provide security for our residents, to to provide a place where people want to live at the price of just $1,000 per month for our rental homes.

So over the course of time, we’ve been doing this since 1968. Jim Clayton said in 02/2002, the greatest problem facing the industry was a lack of places to put the homes. Solved that problem by buying communities with vacancies so that we have 33 3,400 vacant sites to fill, and we have 2,200 vacant acres of land, which we either obtained when we acquired the community or we bought land adjoining the community, knowing that the land you’re most likely to be built be able to build a manufactured home community or expansion on was the land adjacent to you because the town gets to know you and if you do a good job, they’ll let you expand. So we take all these things, we provide quality housing to people at the $1,000 per month price. This we went to the rental units in 2011 because people couldn’t get to retail financing.

Since 2011, we’ve rented out 10,400 homes. Demand is not slowing down. We believe we can continue to add 800 rental units per year. We can continue our sales, and the sales are the great variable. We’ve built great expansions.

We’ve partnered with Nuveen to build new communities, three new communities constructed right now. And those new communities and those expansion sites and communities in great location will result in additional sales and sales profits. So that’s where we are today, and now we’ll let you ask your questions.

John Massocca, Senior Research Analyst, B. Riley Securities: Yes. We’re gonna open the floor up to questions here. One thing I would just highlight, if you do have a question, ideally, go to one of the microphones just because we are being, I believe, recorded for a webcast. To kinda start things off, I’ll go with a big picture ten to twenty years, and what changes do you expect in the next ten?

Sam Landy, President and CEO, UmH Properties: It’s it’s remarkable that this industry ever experienced a downturn, but it in experienced a very fundamental downturn. Seventies, eighties, and nineties, ’2 hundred thousand homes were shipped a year, 300,000 shipments, even 400,000 shipments. The demand for affordable housing never ends. Right? There’s a 4,000,000 unit plus shortage of affordable housing in this country.

So how could it be that, you know, shipments fell to a low of 40,000 units in 02/2009? And it’s all the retail financing issue, right? We’re providing quality affordable housing. People who earn 40,000 to 70,000 to $80,000 per year, if you tell them the price of a house is $100,000 well, they don’t have $100,000 We have to be talking about monthly payment. And in 02/2002, you lost the securitization of manufactured home loans.

The government sponsored entities used to guarantee manufactured home loans. Financing was readily available for the retail customer. So that’s why Jim Clayton in 2002 thought the greatest problem facing the industry was a lack of places to put the houses. But in fact, later, the lack of financing when when there was a fundamental shift throughout the country by because of NAFTA, rural housing received there started to be vacancies. Rural areas weren’t doing well.

There was foreclosure in manufactured home paper. You lost the retail financing, and it got even worse in 2009 when laws were passed regarding ability to pay. H solved those problems for our self by going to rental homes, and that worked. And so by by solving the problem, lack of retail financing for people who earn 40 to 80,000 a year, go to rental houses, we’ve been able to fill communities that other people couldn’t fill. We have the capital to make the improvements to take communities that have twenty years of deferred maintenance, deferred capital improvements.

We make the improvements. We replace water lines, sewer lines, repave, upgrade clubhouses that haven’t been upgraded since the nineteen seventies, and add these brand new homes for sale or rent and fill the communities. And we’ve done that time and time again. We’ve quadrupled the size of the portfolio over fifteen years, added to 10,400 rental units. Sales are over 30,000,000, and we think they’re gonna approach 40,000,000.

So it’s a great product that the factories always build and the factories always improve. The lending for the for the retail customer, the industry works with HUD and and the federal government to try to improve the retail financing situation. But up to this moment, they really haven’t been able to do it, and solved the problem ourself by going to the rental homes, and we also finance homes ourself. So we have $90,000,000 in loans today. But but those are, you know, the greatest difficulties in the industry.

How do you create supply? How do you finance the customer? Has supply, and finances the customer.

Brett Taft, COO, UmH Properties: Just to add to what Sam’s saying there, the problems with the retail financing really allowed us to go and acquire these value add communities that allow us to produce the tremendous results we’ve produced. Since 2010, we’ve acquired 109 communities, 19,000 home sites. Those communities were 75% occupied, weighted average anyway at the time that we acquired them. Our portfolio occupancy is now 88%. And again the reason we have those 3,400 vacant sites is because we opportunistically found communities in areas experiencing positive demographic and economic trends, implemented the rental home program and substantially increased occupancy.

I was looking at the numbers this morning. Over the past five years, we’ve delivered a 10.8% average same property NOI growth, and all of that is a reflection of this business plan that Sam just described.

John Massocca, Senior Research Analyst, B. Riley Securities: I guess maybe on a shorter term time horizon, given all the macro volatility that’s kind of happened over the last six months, maybe in the last couple of years, have you seen any impact on your tenants’ ability pay? And then also, has it impacted demand at all for the offering you have in the residential space?

Brett Taft, COO, UmH Properties: Yes. No, not to this point. First of all, occupancy in the first quarter was up two twenty seven units or 70 basis points over the first quarter of last year. Sales were flat excluding the liquidation of inventory at a sales center. Our sales in April as we reported on our first quarter earnings call were up $2,500,000 over April of a year ago and our sales pipeline remains incredibly strong.

Now our existing tenant base, they’re continuing to pay the rent. Our collections are in line with the historical norms, 98.5%, ninety nine %. We closely monitor that. We’ll continue to closely monitor it. We haven’t seen any problems and we’re hopeful that we don’t run into any, but obviously we’ll be ready to act if we need to.

John Massocca, Senior Research Analyst, B. Riley Securities: How is kind of the business model and growth being impacted by tariffs, if at all?

Brett Taft, COO, UmH Properties: Yes. First of all, I think when you look at our manufacturers, we really haven’t seen a major increase in prices to this point. Prices are up 3% to 5%. Given the demand we’re seeing, given our waiting list at a lot of properties, we can easily price for the increase in prices we’re seeing there. Again, our rent collections remain strong, so our tenants are still able to pay the rent regardless of the price increases they’re seeing in other areas of their lives.

We’ll see going forward if this leads to further price increases from the manufacturers. But looking back to 2022, our home prices were probably 10% to 15% higher than they are right now, and we were able to achieve rents that allowed us to earn our 10% unlevered return on our rental home investment. So stay tuned is what I would say, but so far so good.

John Massocca, Senior Research Analyst, B. Riley Securities: And I guess maybe, you know, it was a bit of an issue around, you know, kind of the COVID era with supply chain disruption. Have you seen any supply chain disruption given some of the movements in tariffs? And does that change how you view kind of inventory you want to hold in terms of homes to add to your rental portfolio?

Sam Landy, President and CEO, UmH Properties: There’s been no change. A real important point, when we started buying rental homes in 02/2011, the homes cost $40,000 apiece, and we were getting about $700 per month rent, so you were grossing $8,000 on a $40,000 investment. Today, replacement cost for those same homes is $70,000, and those exact home same homes rent for a thousand dollars per month. So a giant argument when we began the rental program, right, people didn’t know if it would work or not, was whether or not the homes would appreciate or depreciate. And in fact, replacement cost has gone up on those houses and the rents they collect have gone up.

And then another giant question was, how long would the homes last? And we point out that in any manufactured home community that was built in the seventies, you’ll find homes in good condition from the nineteen seventies. So old homes have lasted fifty years, and these new homes that are better than ever are gonna last a minimum of fifty years. So the rental program truly works. Now what COVID did, the giant problem COVID created for us, the COVID year, 2020, we had inventory in place, right?

Business was going on as usual. You had inventory to rent and sell. So COVID hit, and guess what? You know, we we weren’t in our office, but we were selling houses and renting homes and going forward. But we couldn’t replace homes because the factories were closed.

And that was not a problem the COVID year, and it was not a problem 2021 because it was all money coming in and nothing coming out. So everything looked great. But 2022, that became a major problem because what I’m telling you today is with our $200,000,000 in revenue, we’ll raise rents 5%, that’s $10,000,000 And then we’ll add 800 rental units, which will gross another $10,000,000 So we’ll go forward $20,000,000 And additionally, our sales are increasing from $32,000,000 Nobody knows what that number will be, but sales are improving and increasing. But then the year after COVID, we could call the factories all we wanted, but we couldn’t get homes. So we couldn’t add 800 rental units.

And we had sold out all our inventory, so we couldn’t sell homes. So that was a terrible year for us. All we could get was the 5% rent increase. We couldn’t get the additional revenue from the 800 rental units or from having inventory to sell. And the next year after that, a thousand homes showed up all at once in the spring, which means we have suddenly 70,000,000 in inventory.

Interest rates went up, so it was costing more to hold inventory than it did the year before. But within half a year, we had rented out or sold almost all that inventory so that in 02/2024, everything was back to normal. And as we get back to normal, ’24 perfectly normal, ’25 everything is going normal. And so you look at where was just when COVID hit, we were doing great. The stock was doing great.

The company was doing great. We should be extremely predictable, right? 5% rent increases at 800 rental units a year. We have 34 vacant 3,400 vacant sites to fill. We have 2,200 vacant acres to expand.

When good acquisitions become available, we have access to low cost capital and we have the ability to make those acquisitions. So we have all those things directly in place. Now, you know, there’s a book about black swans events and COVID was a black swan event. But but barring things like that, we’re back on our trajectory to, in my opinion, be very predictable on our average improvement, not so predictable on how good we could do because building these expansions in these new communities in the right locations potentially means sales can be greater than anybody expects, and I think we’re gonna see that one day because of demographics. The 55 and older crowd who wants to downsize, didn’t save enough for retirement, we are the perfect home for them.

You can move to a great community, have access to hiking, sporting events, whatever you’d like, and reduce your cost of living moving into one of our thousand or 2,000 square foot homes on a 5,000 square foot lot where you can garden, have your dog, no common wall neighbor above, below, beside you. So we offer all those things and the demographics for the retirement people who wanna downsize, they’re perfect for us, But the demographics are also perfect for the young new families just starting to work and just starting to grow who want to save every dollar they can. Maybe they’re looking to buy a more expensive house somewhere else later, but we are the perfect place for them to start out, and that rental home created a reason for starting out families or starting out people to come to us. Before you rented houses, the model was you had to own the home and rent a lot. You had to sign a fifteen or twenty five year note.

You had to sign a lease, and you had to believe you were gonna buy this house and be able to get financed for it and hopefully sell it for more than you paid for it. Renting simplifies all of that. All you need is 30% of your income to pay a thousand dollars per month and one month rent and one month security, which is $2,000, and you could move in, decide if you like the house, decide if you like the community. As your family grows, you could buy a more expensive house if you’d like, if if you want and your older relatives need a place to live right nearby so you could take care of them, rent a lot right next door for them for $1,000 a month. So it’s a great deal, great property type, and does a great job with it.

John Massocca, Senior Research Analyst, B. Riley Securities: As Brett kind of highlighted, you’ve had kind of high single digit to even low double digit same store NOI growth over the last couple of quarters. It’s translated into relatively high AFFO per share growth in the last couple of years. How sustainable is that? As you get bigger, is that a scalable model you think at current levels? You’re adding 800 rental units this year, I guess, in terms of guidance.

Is that something you can kind of continue to do and build on? Just what’s the pathway here for growth?

Brett Taft, COO, UmH Properties: It’s a very good question as, obviously, as we continue to grow revenue, we need to grow new revenue enough to make up that 10%. Right? So we understand that. I just wanna back up a second. So the global supply chain potential issues haven’t impacted us yet.

We’ve got six to ten week backlogs from our manufacturers. Obviously, with potential trade wars on the horizon, etcetera, we don’t really know the uncertainty that that could cause. But at the moment, things are good. On top of that, we’ve got 600 homes on order. We have 500 of those homes at our communities right now.

This also relates to the tariff question. We know exactly what we paid for those homes and what we need to rent or sell those homes for. So that is a large majority of the home orders we will place this year and will receive this year. So we feel very good from an inventory perspective. Now we do think that we’ll be able to generate high single to low double digit NOI growth.

It’s going to fluctuate quarter to quarter. There’s some seasonality there as well. But given the ability to add 800 homes, the 5% rent increases that should result in income in the 7.5% to 9% range. Expenses are the variable here as in the winter this year we experienced snow removal costs that exceeded our expectations. That being said, our NOI growth was still 8.4%.

So I consider that a relatively weak quarter and it hit the numbers we were talking talking about. So we’re optimistic at least for the rest of this year and going into next year we can hit those numbers.

John Massocca, Senior Research Analyst, B. Riley Securities: Okay. And then you recently completed some new community acquisitions for the first time in a little bit. What made those properties attractive? And what’s the outlook for more acquisition activity in the near term versus maybe growing through kind of greenfield development or expansion of existing properties?

Sam Landy, President and CEO, UmH Properties: Two of the communities we acquired in New Jersey were beautiful communities and fantastic locations, but they had relatively low rent control rents of about $600 in what is easily an $800 market. And over time, right, nothing will happen quickly, but over time, if we broker the home sale, so a person wants to sell their house, if we broker that sale and finance it, we can get the customer the amount they’re asking for the home, so that will make the customer happy. Home will probably sell for about $200,000 We’ll get a six percent commission, 12,000, and the new customer should pay $800 plus whatever however many years it is from now, add the percentage increase each year and the new customer should be willing to pay that. And again because you’re going to get the existing customer what they want for their house, they’re not going to care that you’re raising the rent to the new customer to market and the rent control has vacancy decontrol, so it’s allowed. So we can take a longer term view than the existing owner.

The existing owner has a full property with beautiful houses at a low rent control rent, but can acquire it. The current the prior owner was not actively brokering homes the way we will. We’ll use the turnover to our advantage to increase rents and to earn those resale commissions.

John Massocca, Senior Research Analyst, B. Riley Securities: All right. Just if anyone has any questions from the audience, please feel free to kind of raise your hand and we’ll work you in. You know, changing gears a little bit and maybe maybe getting Anna involved, what’s kind of the capital needs for growth strategy? How kind of well prefunded are, I guess, you today if we have a moment of kind capital volatility and maybe maybe highlight some of the recent financing activity that’s gone on?

Brett Taft, COO, UmH Properties: Hold on.

Anna Chew, CFO, UmH Properties: Sorry. In any year, we need approximately a hundred to a hundred and $50,000,000 a year in order to complete our business plan. Part of it is our loan. Well, the biggest portion is to buy rental homes. So that’s about 60,000,000 to $70,000,000 a year.

Then we have our sales. As Sam had mentioned, we finance our own sales. We finance about 60%, so that’s about 20,000,000 a year. And hopefully more. CapEx is about 20 to 30,000,000 and we do have expansions of about 20 to 30,000,000.

Now all this comes to about 120 to 150. However, that doesn’t include acquisitions and acquisitions are as they come. We don’t know when an acquisition may come about and we have to prepare for that. So we do have a very strong balance sheet. Right now, at quarter end, we had $35,000,000 in cash.

We refinanced just recently 10 communities. Those 10 communities, we paid off the mortgages on those 10 communities of about 45 to 50,000,000 but we received proceeds of a hundred and $1,000,000. So we had about 50 to 60,000,000 in addition that came out of those communities. What’s important with that is also that it proved our business plan. We had in total approximately 67,000,000, I believe or 67,000,000 in total investment in those communities.

When it was appraised, it was appraised at $164,000,000. That’s a $97,000,000 increase. So that proved our business plan. We purchased the communities. We added all the improvements, $67,000,000.

10 years later, it was appraised at a hundred and $64,000,000. So that’s important. It improved our business plan and we continue to do this. So we take now, we take that money, we do additional money is fungible so we can use that money to again continue with our business plan. We have approximately $60,000,000 still to refinance toward I guess toward Q3 and Q4.

And we anticipate that the same thing will occur. A couple of years ago in 2023, we did the same thing. It was $50,000,000 and it appraised at $100,000,000 or a little over that. So we anticipate that the same thing will occur.

John Massocca, Senior Research Analyst, B. Riley Securities: Question in the back. So the question was how should we think about the translation from high single digit to low double digit NOI and bottom line growth translating to per share growth given investment they need to make?

Sam Landy, President and CEO, UmH Properties: So it’s called equity leverage. And if you look at our share price, which fluctuates, I’d rather the share price be $25 than $16 but we’ll take the $17 and if you’re issuing stock at $17 and investing it in rentals that earn 10%, you’re earning 1.7 per new share. And the current shares are earning approximately $90.93

Brett Taft, COO, UmH Properties: cents last year. Yep.

Sam Landy, President and CEO, UmH Properties: 93¢. So, you know, we we don’t issue, you know, a % new shares, so you don’t get a dollar 70 to the bottom line. But the percentage of new shares you issue, which gets leveraged with debt, so it’s even really better than a dollar 70. Right? If it’s 50% debt, add another, you know, 70¢ to that, so it’s $2.40.

So the new stock is a way that you safely add $2.4 earnings for the new stock that you issue. So it’s clearly accretive. What creates the picture in people’s head that it may not be accretive was strictly the fact that we couldn’t get the houses. The year that we couldn’t replace the inventory and couldn’t add the 800 rentals and couldn’t increase sales makes it look like we did something that didn’t work. But there was nothing we could do about that.

If you can’t get supply, you can’t grow. We are raising capital for a purpose. Capital does a number of things. Number one, size is liquidity, liquidity is value, right? Some of the biggest best investors, they could know about us, but just say, doesn’t have enough shares outstanding and doesn’t trade enough shares for us to invest.

To this day, we don’t have coverage from JPMorgan, Wells Fargo or BMO who would all cover us if we were bigger and trading more volume, which means all of their retail shareholders who currently know absolutely nothing about us would learn about us and may want to acquire us. So size is liquidity, liquidity is value. If we can productively issue new shares and put that money out accretively and grow, it will cause all the existing shares to appreciate. It will cause the dividend to grow. And by the way, dividend is fact, stock price is opinion, and we’ve increased the dividend for a number of years in a row.

And the main objective is FFO per share growth, reduce the payout ratio and increase the dividend. So we continue on all those things. And and one more thing, we have approximately $3,000,000,000 in assets. Let’s call 1,000,000,000 the rental homes plus the notes, things that, you know, people can argue whether or not they appreciate. But $2,000,000,000 is real estate.

And if that real estate goes up in value just 4%, that’s $80,000,000 There’s only a little over 80,000,000 shares outstanding, which means the shareholder is getting the $1 appreciation that I just talked about, plus they’re getting the $0.92 dividend. So that’s $1.92 internal rate of return on a $17 stock. And in addition to that, we’re forecasting or believe and have guidance for growth and the nature of real estate. When you when you own a manufactured home community a little bit out of the city, if we’re a little bit out of Memphis, little bit out of Nashville, a little bit out of Albany, Pittsburgh, Columbus, those cities grow. And when they grow and the population and the jobs and the business comes to you, the value of your real estate goes up more dramatically than the 4%.

So that’s what we see happening and that’s what we position ourselves to do.

Anna Chew, CFO, UmH Properties: I just wanted to add that our normalized FFO increased 176% over the last five years and on a per share basis, it did increase almost 50%. So that shows that what we are doing, the issuance of our stock is being used to create value for our shareholders. Additionally, our dividends over the last five years, we’ve had annual a total of an increase of 20%.

John Massocca, Senior Research Analyst, B. Riley Securities: Okay. Question and answer. Hopefully the mic works. Yeah. Good.

Is the 10% return threshold an internal rate of return or an incremental return on capital?

Sam Landy, President and CEO, UmH Properties: Yeah. It’s the yield. It’s in the presentation. It shows you how we purchased a $70,000 rental unit, rented out for $12,000 per year, thirty percent to 40% is expenses, the rest is income and that’s how you get the 10% return. It does not include the depreciation for the rental.

But as just mentioned, giant argument whether rentals depreciate or appreciate and the fact that we bought the original units for 40,000 replacement cost is now 70,000. They originally rated for 700. They now rent for a thousand indicates to me they appreciate. We maintain waiting lists and satisfied customers by only raising rents to existing residents by 5%. That that makes people very happy with the product, very happy with us.

But in markets, rents could be going up more than 5%, could be going up 10%. When the resident vacates and and and the our our rental turnover is only 20 to 30%?

Brett Taft, COO, UmH Properties: That’s Yeah. Our our average rental tenant is staying, you know, four years right now. We think that that number may be improving as last year’s turnover was only 20%. Homeowners, we’ve had homeowners that have been in our communities for twenty and thirty years. The industry puts out statistics that homeowners stay seven years, some cases more, in some cases less.

But our rental tenants are staying four years on average, which we’re very happy with that number.

Sam Landy, President and CEO, UmH Properties: But the point being on the on the 20% to 30% rental home turnover, they’ll get raised to market, which means they’ll get a higher increase than the 5%.

John Massocca, Senior Research Analyst, B. Riley Securities: So last one in the back.

Sam Landy, President and CEO, UmH Properties: Memphis Blues in Memphis is a % rental community. But in our annual report, it shows you on page here we go. 30 exactly how many sites, occupancy, percentage occupancy, okay, that page doesn’t have the rental homes, but in the presentation we have the rental homes.

Anna Chew, CFO, UmH Properties: It’s on page nine of the presentation. It has the state and the number of sites that we have in that state and the number of rental homes in that state. You can also see that we most of the time, most of our communities are hybrid. We have some communities are all There’s one community that’s all rental and I believe there’s a few communities that may be all homeowners.

John Massocca, Senior Research Analyst, B. Riley Securities: And what communities did that have you built or has it been acquired?

Sam Landy, President and CEO, UmH Properties: We’ve been building it. It’s called Memphis Blues. We had a verbal deal with the GSEs that if we built an all rental community, they would lend against both the house and the lot. That’s a really big deal because it’s really innovative. You know, if if the lots worth $100,000 and the house worth $70,000 that’s $170,000 If you could borrow 60%, seventy % against it in one GSE loan, that would be extremely beneficial.

And by agreeing to do one community as all rental, we believed at the time that the GSEs would finance it. We’ll see what happens when we’re complete.

John Massocca, Senior Research Analyst, B. Riley Securities: Okay. Unfortunately, we’ve run out of time. So thank you all very much, and thank you to management.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.