UMH Properties Inc (UMH) 2024 Q2 法說會逐字稿

Good morning, and welcome to UMH Properties second-quarter 2024 earnings conference call. (Operator Instructions)

早安，歡迎參加 UMH Properties 2024 年第二季財報電話會議。（操作員說明）

Please note, this event is being recorded. It is now my pleasure to introduce your host, Mr. Craig Koster, Executive Vice President and General Counsel. Thank you. Mr. Koster, you may begin.

請注意，此事件正在被記錄。現在我很高興向大家介紹東道主克雷格·科斯特先生，他是執行副總裁兼總法律顧問。謝謝。科斯特先生，您可以開始了。

Thank you very much, operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited second quarter supplemental information presentation. This supplemental information presentation, along with our 10-Q, are available on the company's website at umh.reit.

非常感謝您，接線生。除了我們昨天向 SEC 提交的 10-Q 報告之外，我們還提交了未經審計的第二季補充資訊簡報。此補充資訊演示以及我們的 10-Q 可在公司網站 umh.reit 上取得。

We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

我們想提醒大家，本次電話會議中所做的某些陳述並非歷史事實，可能被視為 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved.

我們在本次電話會議中所做的前瞻性陳述是基於我們目前的預期，並涉及各種風險和不確定性。儘管該公司認為任何前瞻性陳述中反映的預期都是基於合理的假設，但該公司不能保證其預期將會實現。

The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's second quarter 2024 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.

該公司向美國證券交易委員會提交的 2024 年第二季財報和文件中詳細介紹了可能導致實際結果與預期有重大差異的風險和不確定性。該公司不承擔任何更新其前瞻性陳述的義務。

In addition, during today's call, we will be discussing non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics to the comparable GAAP financial metrics as well as the explanatory and cautioning language are included in our earnings release, our supplemental information, and our historical SEC filings.

此外，在今天的電話會議中，我們將討論非公認會計準則財務指標。這些非 GAAP 財務指標與可比較 GAAP 財務指標的調整以及解釋性和警告性語言均包含在我們的收益發布、補充資料和歷史 SEC 文件中。

Having said that, I would like to introduce management with us today. Eugene Landy, Founder and Chairman, Samuel Landy, President and Chief Executive Officer, Anna Chew, Executive Vice President and Chief Financial Officer, Brett Taft, Executive Vice President and Chief Operating Officer, Jim Lykins, Vice President of Capital Markets, and Daniel Landy, Executive Vice President.

話雖如此，今天我想跟大家介紹一下管理。Eugene Landy，創辦人兼董事長、Samuel Landy，總裁兼執行長、Anna Chew，執行副總裁兼財務長、Brett Taft，執行副總裁兼營運長、Jim Lykins，資本市場副總裁和 Daniel Landy ，執行副總裁。

It is now my pleasure to turn the call over to UMH's President and Chief Executive Officer, Samuel Landy.

現在我很高興將電話轉給 UMH 總裁兼執行長 Samuel Landy。

Thank you very much, Craig. UMH is pleased to report another quarter of year-over-year earnings per share growth. Normalized FFO per share for the second quarter of 2024 was $0.23 as compared to $0.21 last year, representing an increase of approximately 10%.

非常感謝你，克雷格。UMH 很高興地報告每股收益又一個季度同比增長。2024 年第二季標準化 FFO 每股為 0.23 美元，較去年的 0.21 美元成長約 10%。

Sequentially, normalized FFO increased from $0.22 for the first quarter to $0.23 in the second quarter, representing a 5% per share increase. This quarter, we announced a $0.01 increase in our quarterly common stock dividend, raising it to $0.215 per share from $0.205 per share, representing a 4.9% increase.

隨後，標準化 FFO 從第一季的 0.22 美元增加到第二季的 0.23 美元，每股成長 5%。本季度，我們宣布季度普通股股息增加 0.01 美元，從每股 0.205 美元提高到每股 0.215 美元，增幅為 4.9%。

Since 2020, we have increased our dividend four times by an aggregate annual amount of $0.14, representing a 19% increase. Our annual dividend rate on our common stock is currently $0.86 per share. UMH has a proven business plan, which should result in further occupancy revenue and earnings growth over the coming quarters and years.

自 2020 年以來，我們已四次增加股息，每年總計 0.14 美元，增幅為 19%。目前我們普通股的年度股息率為每股 0.86 美元。UMH 擁有經過驗證的商業計劃，這應該會在未來幾季和幾年內帶來進一步的入住收入和獲利成長。

Our rental home program, capital improvements, and expansions, has substantially increased the value of our communities and our portfolio driving best-in-class operating results.

我們的租賃房屋計劃、資本改善和擴張極大地增加了我們社區的價值和我們的投資組合，推動了一流的營運績效。

Turning to our second quarter operating results, we are proud that our communities are experiencing strong demand for our home sales and rentals. This demand is the result of investing in the right locations and rapidly improving the quality and reputation of our communities.

談到我們第二季的經營業績，我們感到自豪的是，我們的社區對我們的房屋銷售和租賃有強勁的需求。這種需求是在正確的地點進行投資並迅速提高社區品質和聲譽的結果。

Overall, occupancy increased by 64 units to 87% during the quarter and 196 units year-to-date. Year-over-year, overall occupancy increased by 430 units or 195 basis points. These occupancy gains translated to income growth of 9%, and NOI growth of 11% over the same quarter last year.

總體而言，本季入住率增加了 64 個單位，達到 87%，今年迄今則增加了 196 個單位。與去年同期相比，整體入住率增加了 430 個單位，即 195 個基點。與去年同期相比，這些入住率成長轉化為營收成長 9%，NOI 成長 11%。

Our operating expense ratio decreased from 42.6% last year to 41.9% this year. Our collection rate remained strong at over 98.5% for the second quarter. Same-property occupancy improved by 49 units from the first quarter and 380 units year-over-year.

我們的營業費用率從去年的42.6%下降到今年的41.9%。第二季我們的收款率維持在 98.5% 以上的強勁水準。同物業入住率較第一季增加 49 套，較去年同期增加 380 套。

Year-to-date, same-property occupancy increased by 170 units to 88%. Year-over-year, for the second quarter, same property income increased by 9%, while expenses grew 6%, resulting in an 11% increase in same-property NOI.

年初至今，同一物業的入住率增加了 170 個單位，達到 88%。與去年同期相比，第二季相同財產收入增加了 9%，而支出增加了 6%，導致相同財產 NOI 增加了 11%。

For the six months, same property income is up 10% with a 5% increase in expenses resulting in same-property NOI growth of 13%, or approximately $14 million annualized. This increase in same-property NOI substantially increases the value of our communities, as demonstrated by past refinancings, and should be demonstrated by our future refinancing of communities with mortgages maturing in 2025.

在這六個月中，相同財產收入增加了 10%，費用增加了 5%，導致相同財產 NOI 增加 13%，即年化約 1,400 萬美元。正如過去的再融資所證明的那樣，相同財產 NOI 的增加大大增加了我們社區的價值，我們未來對抵押貸款將於 2025 年到期的社區進行的再融資也應該證明這一點。

The capital generated through the refinancing will be deployed into accretive investments, which should result in additional per share FFO growth.

透過再融資產生的資本將用於增值投資，這將導致每股 FFO 的額外成長。

Moving on to sales. Our team sold 105 homes during the quarter, of which 35 were new home sales for gross home sales revenue of approximately $8.8 million. This compares to 91 home sales last year, of which 43 were new home sales, with gross home sales revenue of $8.2 million, representing an increase of 7%.

繼續銷售。我們的團隊在本季售出 105 套房屋，其中 35 套為新房銷售，房屋銷售總收入約為 880 萬美元。相比之下，去年的房屋銷售量為 91 套，其中 43 套為新房銷售，房屋銷售總收入為 820 萬美元，成長了 7%。

Our gross sales margin increased from 30% same quarter last year to 38% this year. Our gross sales profit improved from $2.5 million in the second quarter of last year, to $3.4 million this year. We financed approximately 66% of these home sales. Our notes portfolio continues to perform well with only a 2% repossession rate on an annual basis.

我們的毛銷售利潤率從去年同期的 30% 增至今年的 38%。我們的總銷售利潤從去年第二季的 250 萬美元增加到今年的 340 萬美元。我們為這些房屋銷售的大約 66% 提供了資金。我們的票據投資組合持續表現良好，每年回收率僅為 2%。

As happy as we are with these sales results, they still have the potential to substantially improve. Several high-end expansions in good locations are just opening, or are just about to open, which will generate a pipeline of sites where we can profitably sell homes.

儘管我們對這些銷售業績感到滿意，但它們仍然有大幅改善的潛力。幾個位於好地段的高端擴建項目剛剛開業或即將開業，這將產生一系列地塊，我們可以在這些地塊上出售房屋並從中獲利。

We continue to invest in new rental homes and now own 10,100 homes. Our rental home occupancy rate is 95% as compared to 94% last year. During the quarter, we converted 144 new homes from inventory to revenue-producing rental homes. The net increase in our rental home portfolio was 111 homes because of the sale of older homes.

我們繼續投資新的出租房屋，目前擁有 10,100 套房屋。我們的出租房屋入住率為 95%，而去年為 94%。本季度，我們將 144 套新房從庫存轉為創收出租屋。由於舊房屋的出售，我們的出租屋投資組合淨增加了 111 套。

Our rental home program increases the value of the communities by filling otherwise vacant sites with homes that generate a stable recession-tested revenue stream. These homes improve the curb appeal, increasing our community's value, and increase the supply of affordable housing in any given market.

我們的出租房屋計劃透過用房屋填補原本空置的土地來增加社區的價值，這些房屋可以產生穩定的經受經濟衰退考驗的收入流。這些房屋提高了外觀吸引力，增加了我們社區的價值，並增加了任何特定市場中經濟適用房的供應。

We continue to experience 30% or less turnover per year. The time it takes from ordering a home to receiving a home from our manufacturers has returned to pre-COVID traditional levels of four to eight weeks.

我們每年的營業額仍然在 30% 或更少。從訂購房屋到從製造商收到房屋所需的時間已恢復到新冠疫情爆發前四到八週的傳統水平。

This has helped to reduce our interest expense and carrying costs while allowing us to generate similar overall occupancy and revenue gains without negatively impacting earnings. During the first half of the year, we replenished our inventory, which will allow us to further increase occupancy, revenue, and sales income in the second half of the year, and into 2025.

這有助於減少我們的利息支出和持有成本，同時使我們能夠產生類似的整體入住率和收入收益，而不會對收益產生負面影響。上半年，我們補充了庫存，這將使我們能夠在下半年甚至 2025 年進一步提高入住率、收入和銷售收入。

We currently have 315 homes on site that are ready for occupancy or are being set up and another 140 homes expected to be delivered over the next few weeks.

目前，我們現場有 315 套房屋可供入住或正在建造，另外 140 套房屋預計將在未來幾週內交付。

Our annual investment in new rental homes yields approximately 10% on the invested funds. Most of the capital being raised through the ATM is being accretively deployed into our rental home program. We are on track to add approximately 300 expansion sites this year. We have made investment in these expansions, but they are not yet fully occupied, and accretive to earnings.

我們每年對新出租房屋的投資收益率約為投資資金的 10%。透過 ATM 籌集的大部分資金都被逐漸部署到我們的租賃房屋計劃中。今年我們預計將增加約 300 個擴展站點。我們已對這些擴建項目進行了投資，但尚未完全投入使用，無法增加收益。

It is important to keep a pipeline of sites in development as they are additive to the long-term value and the goals of UMH, even though the capital is deployed in advance of them being accretive to earnings.

保持一系列正在開發的站點非常重要，因為它們可以增加 UMH 的長期價值和目標，即使資本是在它們增加收益之前就已經部署的。

We currently have $53 million invested into expansions, and $26 million invested in our greenfield development joint venture that is primed to generate accretive returns in the coming quarters. Additionally, we believe these expansions provide us with premier sales lots that should allow us to generate profitable home sales, increased occupancy, and more valuable communities.

目前，我們已投資 5,300 萬美元用於擴張，並投資 2,600 萬美元用於綠地開發合資企業，該合資企業預計將在未來幾季產生增值回報。此外，我們相信這些擴張為我們提供了優質的銷售地段，使我們能夠實現有利可圖的房屋銷售、增加入住率和更有價值的社區。

UMH continues to work towards monetizing vacant land when it makes sense and is in discussions to form a joint venture with a prominent New Jersey homebuilder to develop approximately 131 acres of undeveloped land adjacent to one of the company's existing manufactured home communities in Vineland, New Jersey.

UMH 繼續致力於在有意義的情況下將空置土地貨幣化，並正在討論與新澤西州一家著名的住宅建築商組建一家合資企業，以開發毗鄰該公司位於新澤西州瓦恩蘭現有活動房屋社區之一的約131 英畝未開發土地。

If necessary government approvals can be obtained, the purpose of the joint venture would be to construct roads, infrastructure and other site improvements on the property, and then sell the improved lots to an affiliate of the company's joint venture partner, which would construct luxury single-family residential homes to sell.

如果能夠獲得必要的政府批准，合資企業的目的將是在該地產上建設道路、基礎設施和其他場地改良，然後將改良後的土地出售給該公司合資夥伴的一家附屬公司，該附屬公司將建造豪華單棟住宅- 出售家庭住宅。

It is envisioned that the joint venture partner would fully fund the cost of required site improvements and obtaining all approvals. The company would contribute the real property to the joint venture and expects to receive approximately 20% of the gross sales price of each home.

預計合資夥伴將全額資助所需場地改善和獲得所有批准的費用。該公司將向合資企業貢獻不動產，預計將獲得每套房屋總售價的約20%。

Furthermore, UMH introduced different solar providers to different home manufacturers which resulted in a multi-section Champion Home being shown at the Innovative Housing Showcase with factory installed solar shingles.

此外，UMH 向不同的住宅製造商介紹了不同的太陽能供應商，從而在創新住房展示會上展示了多部分的 Champion Home，並配有工廠安裝的太陽能木瓦。

UMH expects that in the near future, factory-built solar homes will provide greater affordability to all future manufactured home buyers and renters. UMH is proud to have pioneered this innovation.

UMH 預計，在不久的將來，工廠建造的太陽能房屋將為所有未來的活動房屋買家和租戶提供更大的負擔能力。UMH 很自豪能夠開創這項創新。

The duplex single-section home shown at the Innovative Housing Showcase in Washington, D.C. was a huge success. Our understanding is HUD will be finalizing approval of the innovative duplex created by the collaboration of Cavco and UMH shortly.

在華盛頓特區的創新住房展示會上展示的複式單節住宅取得了巨大成功。據我們了解，HUD 很快就會最終批准 Cavco 和 UMH 合作創建的創新複式公寓。

In many years of operating in the manufactured housing space, UMH has never had better tailwinds. Inflationary costs are causing conventional homes that are being built to be too expensive. We have expansion sites and turnaround communities ready to go.

多年來，UMH 一直在製造住房領域經營，從未遇到更好的順風車。通貨膨脹成本導致正在建造的傳統住宅過於昂貴。我們已準備好擴建場地和周轉社區。

We are one of the few housing solutions that can profitably build and sell units for under $250,000. We are well positioned to fill our existing 3,300 vacant sites and develop our vacant land.

我們是少數能夠以低於 250,000 美元的價格建造和銷售單位並盈利的住房解決方案之一。我們有能力填補現有 3,300 個空置土地並開發空置土地。

UMH is on track to continue to deliver per share earnings growth this year, and we are pleased with the results being generated by our platform. We have a business plan that has proven to deliver outstanding results, and a pipeline of organic growth opportunities, to continue delivering these results for the next several years.

UMH 今年預計將繼續實現每股收益成長，我們對我們平台產生的結果感到滿意。我們的業務計劃已被證明能夠帶來出色的業績，並且擁有一系列有機成長機會，可以在未來幾年繼續實現這些業績。

We have positioned the company with a strong balance sheet, as shown by our net debt to total market capitalization of less than 30%, so that we can continue to invest in new homes, capital improvements, and the expansion of our communities, which will enhance the long-term value of our portfolio, and further increase our earnings per share.

我們為公司提供了強勁的資產負債表，正如我們的淨債務佔總市值的比例不到 30% 所示，這樣我們就可以繼續投資新房、資本改善和社區擴張，這將提高我們投資組合的長期價值，並進一步增加我們的每股盈餘。

Additionally, we are prepared to acquire new communities when accretive investment opportunities become available, and we are proud to issue guidance for the first time this quarter. And now Anna will provide you with greater detail on our results for the quarter.

此外，我們準備在出現增值投資機會時收購新社區，並且我們很自豪能夠在本季首次發布指導意見。現在安娜將為您提供有關我們本季業績的更多詳細資訊。

Thank you, Sam. Normalized FFO, which excludes amortization and nonrecurring items, was $16.8 million or $0.23 per share for the second quarter of 2024, compared to $13 million or $0.21 per share for 2023, resulting in a 10% per share increase and a 29% overall increase.

謝謝你，山姆。2024 年第二季的標準化FFO（不包括攤銷和非經常性項目）為1,680 萬美元，即每股0.23 美元，而2023 年為1,300 萬美元，即每股0.21 美元，每股增長10%，整體成長29%。

Sequentially, normalized FFO increased from $0.22 for the first quarter to $0.23 in the second quarter, representing a 5% per share increase. Rental and related income for the quarter was $51.5 million compared to $47.1 million a year ago, representing an increase of 9%. This increase was primarily due to an increase in rental rates and same-property occupancy and additional rental homes.

隨後，標準化 FFO 從第一季的 0.22 美元增加到第二季的 0.23 美元，每股成長 5%。該季度的租金及相關收入為 5,150 萬美元，較去年同期的 4,710 萬美元成長 9%。這一增長主要是由於租金率、同一房產入住率和額外出租房屋的增加。

Community operating expenses increased 8% during the quarter. This increase was mainly due to an increase in payroll costs, real estate taxes and rental home expenses. Our same-property results continue to meet our expectations.

本季社區營運支出增加了 8%。這一增長主要是由於工資成本、房地產稅和租賃房屋費用的增加。我們的同屬性結果繼續滿足我們的預期。

Same-property income increased by 9% for the quarter and community NOI increased by 11% for the quarter, from $27.9 million in 2023 to $30.9 million in 2024. As we turn to our capital structure, at quarter end, we had approximately $669 million in debt, of which $491 million was community-level mortgage debt, $77 million was loans payable, and $101 million was our 4.72% Series A bonds.

本季相同財產收入成長 9%，社區 NOI 成長 11%，從 2023 年的 2,790 萬美元增至 2024 年的 3,090 萬美元。當我們轉向我們的資本結構時，截至季度末，我們的債務約為6.69 億美元，其中4.91 億美元是社區級抵押貸款債務，7700 萬美元是應付貸款，1.01 億美元是我們4.72% 的A 系列債券。

Total debt was 92% fixed rate at quarter end. The weighted average interest rate on our mortgage debt was 4.17% at quarter end, compared to 3.88% at quarter end last year. The weighted average maturity on our mortgage debt was 4.8 years at quarter end and 5.2 years at quarter end last year.

截至季末，總債務固定利率為 92%。截至季末，我們抵押貸款債務的加權平均利率為 4.17%，而去年季末為 3.88%。截至季末，我們抵押貸款債務的加權平均期限為 4.8 年，去年季末為 5.2 年。

The weighted average interest rates on our short-term borrowings was 61 basis points lower at 6.81% at the current quarter end, as compared to 7.42% at quarter end last year. In total, the weighted average interest rate on our total debt was 32 basis points lower at 4.56% at the current quarter end compared to 4.88% at quarter end last year.

本季末我們的短期借款加權平均利率為 6.81%，比去年季末的 7.42% 低 61 個基點。總的來說，本季末我們總負債的加權平均利率為 4.56%，比去年季末的 4.88% 低了 32 個基點。

At quarter end, UMH had a total of $296 million in perpetual preferred equity. Our preferred stock, combined with an equity market capitalization of over $1.2 billion and our $669 million in debt, results in a total market capitalization of approximately $2.1 billion at quarter end as compared to $2 billion last year, representing an increase of 6%.

截至季末，UMH 的永久優先股總額為 2.96 億美元。我們的優先股，加上超過 12 億美元的股票市值和 6.69 億美元的債務，導致季度末總市值約為 21 億美元，與去年的 20 億美元相比，增長了 6%。

During the quarter, we issued and sold 2.4 million shares of common stock through our Common ATM program, generating net proceeds of approximately $36.1 million. The company also received $2.5 million, including dividends reinvested through the DRIP.

本季度，我們透過 Common ATM 計劃發行和出售了 240 萬股普通股，淨收益約為 3,610 萬美元。該公司還獲得了 250 萬美元，包括透過 DRIP 進行再投資的股息。

In addition, we issued and sold 29,000 shares of our Series D preferred stock during the second quarter of 2024 through the preferred ATM program generating net proceeds of approximately $659,000.

此外，我們在 2024 年第二季透過優先 ATM 計畫發行並出售了 29,000 股 D 系列優先股，產生了約 659,000 美元的淨收益。

Subsequent to quarter end, we issued 765,000 shares of common stock through our Common ATM program, generating net proceeds of approximately $12.8 million. In addition, we issued 150,000 shares of our Series D preferred stock through our preferred ATM program, generating net proceeds of approximately $3.4 million. \

季度末後，我們透過 Common ATM 計劃發行了 765,000 股普通股，淨收益約為 1,280 萬美元。此外，我們還透過優先 ATM 計劃發行了 150,000 股 D 系列優先股，產生了約 340 萬美元的淨收益。 \

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 29.6%. Net debt less securities to total market capitalization of 28.2%, net debt to adjusted EBITDA of 5.7 times and net debt less securities to adjusted EBITDA of 5.5 times. Interest coverage was 3.2 times and fixed charge coverage was 2.1 times.

從信貸角度來看，本季末我們的淨負債佔總市值的比例為 29.6%。扣除證券後的淨債務佔總市值的 28.2%，扣除證券後的淨債務佔調整後 EBITDA 的 5.7 倍，扣除證券後的淨債務佔調整後 EBITDA 的 5.5 倍。利息保障倍數為3.2倍，固定費用保障倍數為2.1倍。

From a liquidity standpoint, we ended the quarter with $39.5 million in cash and cash equivalents and $210 million available on our unsecured revolving credit facility. We also had $194 million available on our other lines of credit for the financing of home sales and the purchase of inventory and rental homes.

從流動性角度來看，本季結束時，我們擁有 3,950 萬美元的現金和現金等價物，以及 2.1 億美元的無擔保循環信貸額度。我們還擁有 1.94 億美元的其他信貸額度，用於為房屋銷售以及購買庫存和出租房屋提供融資。

During the quarter, we expanded the borrowing capacity on our unsecured revolving credit facility from $180 million in available borrowings to $260 million in available borrowing.

本季度，我們將無擔保循環信貸額度的借款能力從 1.8 億美元的可用借款擴大到 2.6 億美元的可用借款。

This facility is now syndicated with three banks -- BMO Capital Markets, JPMorgan Chase and Wells Fargo -- as joint arrangers and joint book runners. In addition, we had $28.7 million in our REIT securities portfolio, all of which is unencumbered.

該貸款現已與蒙特利爾銀行資本市場 (BMO Capital Markets)、摩根大通 (JPMorgan Chase) 和富國銀行 (Wells Fargo) 等三家銀行聯合擔任聯合安排人和聯合帳簿管理人。此外，我們的 REIT 證券投資組合中有 2,870 萬美元，所有這些都不受限制。

This portfolio represents only approximately 1.5% of our undepreciated assets. We are committed to not increasing our investments in our REIT securities portfolio and have, in fact, continued to sell certain positions.

此投資組合僅占我們未折舊資產的約 1.5%。我們致力於不增加對房地產投資信託基金證券投資組合的投資，事實上，我們繼續出售某些部位。

We are well positioned to continue to grow the company internally and externally. As Sam mentioned, we are initiating guidance for the remainder of 2024 with normalized FFO in a range of $0.91 to $0.95 per diluted share for the full year or $0.93 at the midpoint.

我們處於有利地位，可以繼續發展公司的內部和外部。正如 Sam 所提到的，我們正在啟動 2024 年剩餘時間的指導，全年正常化 FFO 範圍為稀釋後每股 0.91 美元至 0.95 美元，中間為 0.93 美元。

This represents approximately 8% annual normalized FFO growth at the midpoint over full year 2023 normalized FFO of $0.86 per diluted share.

這相當於 2023 年全年標準化 FFO 稀釋每股 0.86 美元的中位數，每年增長約 8%。

Going forward, it is our intent to issue full year guidance annually, concurrent with our fourth quarter and year-end results. Our press release and supplemental provide an overview of full year 2024 normalized FFO guidance. And now, let me turn it over to Gene before we open it up for questions.

展望未來，我們打算每年發布全年指引，與第四季和年終業績同時發布。我們的新聞稿和補充資料概述了 2024 年全年標準化 FFO 指南。現在，在我們開始提問之前，讓我把它交給吉恩。

Manufactured housing and land lease communities present the Nation with a part of the solution to the affordable housing crisis. The housing shortage is currently estimated at 4 million or more units. We need to build 1.8 million units to keep up with current demand, but that doesn't put a dent in the 4 million unit shortage.

預製住房和土地租賃社區為國家提供了解決經濟適用住房危機的部分解決方案。目前住房短缺估計為 400 萬套或更多。我們需要建造 180 萬套才能滿足當前需求，但這並不能緩解 400 萬套的短缺問題。

In order to solve the housing crisis, we need innovation in housing. This year at the Innovative Housing Showcase, UMH, Champion and Cavco partnered to show a single-section and multi-section duplex unit.

為了解決住房危機，我們需要住房創新。在今年的創新住房展示會上，UMH、Champion 和 Cavco 合作展示了單部分和多部分複式單元。

These homes were incredibly well received by the HUD Secretary, elected officials and the general public. These homes double the potential density of manufactured housing communities which effectively reduced the cost to build affordable homes. UMH is working to build a HUD code duplex environmental-friendly community that should be well received throughout the country in any market with a housing shortages.

這些房屋受到 HUD 部長、民選官員和公眾的熱烈歡迎。這些房屋使預製住房社區的潛在密度增加了一倍，從而有效降低了建造經濟適用房的成本。UMH 正在努力建立一個 HUD 規範的複式環保社區，該社區應該會在全國任何住房短缺的市場中受到好評。

UMH invest in these initiatives because it is important for the country and for the long-term prosperity of UMH and the manufactured housing industry. Over the next 5 years, UMH will fill its 3,300 vacant sites and make continued progress developing our expansion land.

UMH 投資這些舉措，因為這對國家以及 UMH 和製造業的長期繁榮都很重要。未來 5 年，UMH 將填補 3,300 個空置土地，並持續推進擴建土地的開發。

Accomplishing these goals will greatly increase UMH's profitability but we have larger aspirations to combat the affordable housing crisis. Our business plan has resulted in increased occupancy, revenue and earnings and has also improved the housing stock and added to the supplier for affordable housing.

實現這些目標將大大提高 UMH 的獲利能力，但我們有更大的願望來應對經濟適用房危機。我們的業務計劃增加了入住率、收入和收入，也改善了房屋存量，並增加了經濟適用房的供應商。

Our affordable housing allows families to obtain a quality place to live at a reasonable price point, giving them more discretionary income to live freely and help pay for the inflationary cost of other needed goods and services. UMH is one of the few community operators that lead by example.

我們的經濟適用房使家庭能夠以合理的價格獲得優質的居住地，為他們提供更多的可自由支配收入來自由生活，並幫助支付其他所需商品和服務的通貨膨脹成本。UMH 是少數以身作則的社區業者之一。

We always strive to treat our tenants fairly and provide them with high-quality affordable housing. We invest back into our communities through our capital improvements and complete any deferred maintenance. We are proud of the improvements we have made to our communities and believe that our tenants are proud to call our communities home.

我們始終努力公平對待我們的租戶，為他們提供高品質的經濟適用房。我們透過資本改善和完成任何延期維護來投資回我們的社區。我們為我們對社區所做的改進感到自豪，並相信我們的租戶以我們的社區為家而自豪。

(Operator Instructions)

（操作員說明）

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Thanks. Good morning and Great quarter again. In terms of the guidance, appreciate that, and I'm sure many do. The $110 million to $120 million of capital needs that you point out.

謝謝。早上好，又是一個美好的季度。就指導而言，我很欣賞這一點，我相信很多人都會這樣做。您指出的 1.1 億至 1.2 億美元的資本需求。

You also mentioned future refinancing of communities. Can you sort of give us a rough range of how much of that will figure into the $110 million to $120 million that you're looking to raise this year?

您也提到了社區未來的再融資。您能否為我們大概介紹一下您今年計劃籌集的 1.1 億至 1.2 億美元中將有多少資金？

We expect approximately 50% debt to equity in our internal expansion plans, if we find additional growth opportunities through acquisitions, it will be different numbers. But in terms of -- and we look at the number, somewhere in that range, $110 million to $140 million of internal investments that will be 50% debt, 50% equity and potential use of preferred stock, too.

我們預期內部擴張計畫中的負債股本比例約為 50%，如果我們透過收購找到額外的成長機會，那將是不同的數字。但就這一數字而言，我們觀察了這個範圍內的 1.1 億至 1.4 億美元的內部投資，其中 50% 是債務，50% 是股權，還有可能使用優先股。

When we talked about refinancing of mortgages, there will be none refinancing of mortgages in 2024, they will not start until 2025.

當我們談到房貸再融資時，2024年不會有房貸再融資，要到2025年才會開始。

Yes. Okay. So I was looking for like a cash-out scenario where you capture the increased value of your portfolio, but that's something not this year in terms of your expectations?

是的。好的。因此，我一直在尋找一種兌現方案，您可以在其中獲得投資組合的增值，但就您的預期而言，今年這不是這樣的情況？

Correct. We expect that in 2025, we'll refinance approximately $117 million and we expect that we will be able to cash out a good number because these communities have increased in value.

正確的。我們預計到 2025 年，我們將再融資約 1.17 億美元，並且我們預計將能夠兌現大量資金，因為這些社區的價值已經增加。

Okay. You mentioned the rental communities for the second quarter was, I think, of the $111 million net. And it was impacted by the sale of older homes. Can you connect the dots for me as to why the older homes would impact your rental portfolio?

好的。我認為，您提到第二季的租賃社區淨值達到 1.11 億美元。它受到舊房屋銷售的影響。您能否幫我解釋為什麼舊住宅會影響您的租賃組合？

Yes. So this is Brett here, and thanks for the question. But we are always adding rental homes to our portfolio, and we're also selling older homes to the portfolio. So the $111 million number that you're referencing there is net of those sales.

是的。這是布雷特，謝謝你的提問。但我們一直在將出租房屋添加到我們的投資組合中，我們也在向投資組合中出售舊房屋。因此，您提到的 1.11 億美元是扣除這些銷售額後的數字。

I want to say it was about 140 that were actually filled during the quarter, the difference being the older homes that were sold.

我想說的是，本季實際入住的房屋數量約為 140 套，差異在於售出的舊房屋。

And year-to-date, we've converted 264 homes from inventory to revenue-producing rental homes, but the net number factoring in those sales is only 167. So we just want to point out that demand is strong out in the property.

今年迄今為止，我們已將 264 套房屋從庫存轉為創收出租房屋，但計入這些銷售的淨數量僅為 167 套。因此，我們只想指出該房產的需求強勁。

We are filling a lot of new rentals. We're actively improving the quality of the community through adding those new rentals. And we expect demand to remain strong throughout the rest of the year.

我們正在填補許多新的租金。我們正在透過增加這些新的租金來積極提高社區的品質。我們預計今年剩餘時間需求將保持強勁。

I think it's a good time to also hit on that we had a very strong month as far as rental conversions in July. It was actually our best month of the year. So we're optimistic that going forward into the third quarter, that continues.

我認為現在也是一個好時機，我們在 7 月的租金轉換方面表現非常強勁。這實際上是我們一年中最好的一個月。因此，我們對進入第三季度這種情況持續下去持樂觀態度。

And as we pointed out in the script, we have 315 homes in inventory right now that are either ready for occupancy or just about ready for occupancy that give us a pipeline to continue to grow that rental pool and occupancy throughout the remainder of the year.

正如我們在腳本中指出的那樣，我們目前有 315 套庫存房屋，要么已準備好入住，要么即將入住，這為我們在今年剩餘時間內繼續增加租賃池和入住率提供了管道。

Okay. So those sales of older homes came out of the rental portfolio. Okay. I'm sorry, last question. In terms of the additional components of guidance, you lay out a bunch of it, but what does the guidance assume in terms of home sales going forward? And also profit margins?

好的。因此，這些舊房屋的銷售來自於租賃組合。好的。抱歉，最後一個問題。就指導的其他組成部分而言，您列出了一堆內容，但是該指導對未來的房屋銷售有何假設？還有利潤率？

Rich, that's something we haven't disclosed. We might going forward, but we're just not prepared to disclose that right now.

Rich，這是我們還沒有透露的事情。我們可能會繼續前進，但我們現在還不準備透露這一點。

Okay. Thanks very much.

好的。非常感謝。

Gaurav Mehta, Alliance Global.

Gaurav Mehta，全球聯盟。

Thank you. Good morning. I wanted to follow up on the guidance assumptions. I was wondering if you are willing to talk about the same-store NOI growth trajectory that you're expecting for the second half of '24?

謝謝。早安.我想跟進指導假設。我想知道您是否願意談談您預計 24 年下半年的同店 NOI 成長軌跡？

It wasn't an assumption for the guidance. But as we speak about this frequently with you and other investors, we think that the results should be similar to what we have reported this year. The first quarter was exceptional with lower expense increases.

這不是指南的假設。但當我們經常與您和其他投資者談論這一點時，我們認為結果應該與我們今年報告的結果相似。第一季表現出色，費用增幅較低。

I think you're probably looking more towards a 6% to 7% expense increase throughout the remainder of the year. But we expect the rental and related income increases to be in line, and we expect high double-digit and likely low double-digit same-property NOI growth.

我認為您可能更希望在今年剩餘時間內將費用增加 6% 至 7%。但我們預計租金和相關收入的成長將保持一致，我們預計同一房產的 NOI 將出現高兩位數成長，也可能出現低兩位數成長。

As long as we're able to obtain our homes, occupy them and achieve our 5% rent increases, that formula should remain the same going forward.

只要我們能夠獲得住房、居住並實現 5% 的租金上漲，這個公式就應該保持不變。

And Sam here, as we said in the call, we anticipate increased sales and increased sales profits because we've built expansions in great locations. We have expansions just opening. Cinnamon Woods is just going to open.

山姆，正如我們在電話中所說，我們預計銷售額和銷售利潤都會增加，因為我們已經在很棒的地點擴張了。我們剛剛開放了擴建工程。肉桂森林 (Cinnamon Woods) 即將開幕。

Correct, and we have our first 5 homes there that are just about ready for sale, and those are very good margin sales.

是的，我們在那裡有前 5 套房屋即將出售，而且這些房屋的利潤率非常高。

And we expect those to retail for in excess of $250,000 per home. So we expect increased sales, increased sales profit. We stand by, you take the rental revenue, you're going to increase rents 5%. You're going to add 800 rental units at about $12,000 per year. And so that's what we project, and that's what we're hitting. So it's working out as we expected.

我們預計每戶零售價將超過 25 萬美元。所以我們預期銷量會增加，銷售利潤也會增加。我們支持，你拿了租金收入，就要增加租金5%。您將以每年約 12,000 美元的價格增加 800 個租賃單位。這就是我們的計劃，也是我們正在實現的目標。所以它的效果正如我們所預期的。

Okay. Maybe one more on the guidance for the opportunistic sale of common and preferred stock. Are you assuming more sales beyond what you have done so far this year?

好的。也許還有一份關於普通股和優先股機會主義出售的指南。您是否假設銷售額會超過今年迄今的銷售額？

Well, we continue to issue stock to buy rental units. At this moment, I want to give you the right numbers here, 4,000 shares equals one rental unit grossing $12,000 and probably make $6,000. So we're probably making $1.50 a share unlevered on new stock issued.

好吧，我們繼續發行股票來購買租賃單位。目前，我想在這裡給您正確的數字，4,000 股等於 1 個租賃單位，總價值 12,000 美元，可能賺取 6,000 美元。因此，我們發行的新股在無槓桿情況下每股盈餘可能為 1.50 美元。

And so leverage that becomes approximately $2.30. So keeping the strong balance sheet gets us lower cost debt. We know we have internal growth needs of approximately $140 million, and we know we're looking for accretive acquisitions that we think will become more available than they have been in the past. So there's no plans to close the ATM, and we'll continue to raise capital as needed.

因此槓桿約為 2.30 美元。因此，保持強勁的資產負債表可以讓我們降低債務成本。我們知道我們有大約 1.4 億美元的內部成長需求，我們知道我們正在尋找增值收購，我們認為這些收購將比過去更容易實現。因此，我們沒有關閉 ATM 機的計劃，我們將繼續根據需要籌集資金。

Okay. Thank you. That's all I had.

好的。謝謝。這就是我所擁有的一切。

(Operator Instructions)

（操作員說明）

John Massocca, B. Riley Securities.

約翰‧馬索卡 (John Massocca)，B. 萊利證券 (Riley Securities)。

Good morning. So maybe just given how interest rates have moved over the last couple of weeks and months. I mean, is that impacting the acquisition market at all? Or maybe the bid-ask spread between buyers and sellers getting tighter, maybe more attractive? Or is more competition kind of coming back into the space just given the reliance on financing?

早安.因此，也許只是考慮到過去幾週和幾個月的利率變化。我的意思是，這對收購市場有影響嗎？或者買家和賣家之間的買賣價差可能會變得更小，也許更具吸引力？或者，鑑於對融資的依賴，更多的競爭是否會重新進入該領域？

Well, I'm not really sure it's interest rate related, but my belief is we had all the competition in the world the last four years for acquisitions. And I think you're going to see less players who were not in the business of buying communities, and you may see people who came into the business in the last four years selling communities.

嗯，我不太確定這是否與利率有關，但我相信過去四年我們在收購方面面臨著世界上所有的競爭。我認為你會看到更少的不從事購買社區業務的參與者，並且你可能會看到過去四年進入該行業銷售社區的人。

So all of that works way to our advantage. We've been very smart about acquisitions. We always did turnaround acquisitions. We didn't do yield spread investing, which has not worked as interest rates rose.

所以所有這些都對我們有利。我們在收購方面一直非常聰明。我們總是進行扭虧為盈的收購。我們沒有進行收益率利差投資，隨著利率上升，這種投資並沒有發揮作用。

And so we're looking for either accretive deals or turnaround deals. And so when those are available, we're going to be in a position to do them. And we believe that the higher interest rates are going to make more people, sellers than less people buyers, which will be to our advantage.

因此，我們正在尋找增值交易或扭虧為盈的交易。因此，當這些可用時，我們將能夠做到這一點。我們相信，較高的利率將使更多的人成為賣家，而不是更少的人成為買家，這對我們有利。

Okay. And with interest rates in mind, I mean on a go-forward basis, how sticky are the interest rates on the financing you offer tenants and therefore, what ends up going into the kind of the notes payable bucket?

好的。考慮到利率，我的意思是，在未來的基礎上，您為租戶提供的融資利率有多粘，因此，最終會進入應付票據類別？

Well, so first of all, we offer our own financing and try to be the same rate as conventional mortgage rates on our new home sales. And the higher mortgage rates are the greater the affordability gap widens.

嗯，首先，我們提供自己的融資，並嘗試與新房屋銷售的傳統抵押貸款利率相同。抵押貸款利率越高，負擔能力差距越大。

So if rates are 4%, a $300,000 house costs one amount, if they're 8% it costs another, and that difference makes houses way less affordable to a substantial number of people.

因此，如果利率是 4%，一套 30 萬美元的房子要花一筆錢，如果利率是 8%，則要花另一筆錢，這種差異使得很多人買不起房子。

Since we sell houses brand-new from $90,000 to $300,000, the higher interest rates affect buyers less. There's a greater pool of people who want to lower monthly payment that we provide.

由於我們出售的全新房屋價格從 90,000 美元到 300,000 美元不等，因此較高的利率對買家的影響較小。有更多的人希望降低我們提供的每月付款。

And so in fact, my father points out in the 1970s when mortgage rates were over 14%, and manufactured home sales never did better because there was no alternative for so many people.

事實上，我父親指出，在 20 世紀 70 年代，抵押貸款利率超過 14%，預製屋銷售從未表現得更好，因為許多人別無選擇。

I guess maybe just in terms of the notes payable bucket as it grows, I mean, should that just be kind of moving in line with where broad interest rates are going? I mean are spreads going to kind of stay basically the same? Or can spreads maybe widen as interest rates come down?

我想也許只是就應付票據的成長而言，我的意思是，這是否應該與整體利率的走勢保持一致？我的意思是利差會基本上不變嗎？或者，隨著利率下降，利差可能會擴大嗎？

Well, there's reasons we want to keep the new home rates at conventional mortgage rates, but on used homes, we currently charge --

好吧，我們有理由將新房利率保持在傳統抵押貸款利率，但對於二手房，我們目前收取費用--

5.5%.

5.5%。

No, no. 11.99%.

不，不。11.99%。

11.99% on the used home --

二手房 11.99%--

That's the broker finance.

這就是經紀人金融。

Yes. I apologize.

是的。我道歉。

Right. Used is also 7.5%.

正確的。二手的也是7.5%。

Used is 7.5%. So used is 7.5%, broker is 11%. But at any rate, so that we have such great experience and great history financing homes we can do it at a lower cost than anybody else because we have the manager on site at the community.

使用率為7.5%。所以二手是7.5%，經紀人是11%。但無論如何，我們擁有如此豐富的經驗和悠久的房屋融資歷史，因此我們可以以比其他任何人都低的成本來完成這項工作，因為我們有社區現場的經理。

We're using the same law firms that we use for nonpayment of rent. So it's a very simple endeavor for us that reduces costs in managing the loans. So we passed that reduction in cost to the resident, and it's profitable for us at those rates.

我們使用的律師事務所與處理拖欠租金的律師事務所相同。因此，對我們來說，降低管理貸款的成本是一項非常簡單的努力。因此，我們將成本的降低轉嫁給了居民，按照這些費率，我們可以獲利。

And don't forget, it's not just the interest rates that we're earning. We're also earning the lot rent associated with that sale as well as any sales profit associated with that sale. So for us, using an interest rate that is equivalent or close to the conventional mortgage rate makes sense.

不要忘記，我們賺取的不僅僅是利率。我們還賺取與該銷售相關的地塊租金以及與該銷售相關的任何銷售利潤。因此對我們來說，使用等於或接近傳統抵押貸款利率的利率是有意義的。

Okay. Understood. And then I know it's very early days, but in terms of the Vineland, New Jersey JV or potential JV, what's kind of broad strokes the potential size of that in terms of a capital generator for UMH.

好的。明白了。然後我知道現在還為時過早，但就新澤西州瓦恩蘭合資企業或潛在合資企業而言，就 UMH 的資本產生者而言，其潛在規模是多大。

I mean, any idea on the number of lots or even just the gross amount of money you can potentially get out of that joint venture?

我的意思是，您對可以從該合資企業中獲得的批次數量甚至總金額有什麼想法嗎？

Well, first, the important thing to note is it's a prototype that when you look at our vacant land holdings, there's vacant land in places like Highland Estates, just out of Allentown, Pennsylvania.

嗯，首先，要注意的重要一點是，這是一個原型，當您查看我們的空置土地時，會發現在賓夕法尼亞州阿倫敦郊外的高地莊園等地方也有空置土地。

Pine Ridge, just out of Carlisle, Pennsylvania, where we've had difficulties over the years getting the land approved for manufactured housing, yet the land has gone up in value considerably so that it is valuable for single-family residential.

松嶺，就在賓州卡萊爾郊外，多年來我們一直很難獲得土地用於製造房屋的批准，但該土地的價值已大幅上漲，因此對於單戶住宅來說很有價值。

So there's no way to know when somebody is taking land through the approval process, exactly how many lots they will get. But on the Vineland, we are hoping for it. It doesn't mean we'll get it and we're hoping for 150 lots.

因此，我們無法知道某人何時透過審批程序徵用土地，以及他們將獲得多少塊土地。但在葡萄園，我們希望如此。這並不意味著我們會得到它，我們希望得到 150 件。

And we're hoping because these homes will adjoin a Tiger Woods, Mike Trout golf course, they will sell for $1 million a piece and that we're going to get 20% of the growth. So if all goes as planned and nothing is going to happen in a year, it will take many years. But you're talking about the potential of 150 homes selling for $150 million and us getting 20% or $30 million.

我們希望，由於這些房屋將毗鄰泰格伍茲、邁克特勞特高爾夫球場，因此它們的售價將達到每套 100 萬美元，而我們將獲得 20% 的增長。因此，如果一切按計劃進行，一年內甚麼也不會發生，那麼將需要很多年。但你談論的是 150 套房屋售價 1.5 億美元的潛力，而我們獲得 20% 或 3000 萬美元。

It's important to realize what has changed. The shortage of houses -- the housing shortage is estimated at 4 million units. If we produce 1.5 million homes a year, you require 1.5 million lots and the builders do a great job building 1.5 million or 2 million homes a year, but they need the lots. And this shortage is cumulative and the land has substantial value. And as a result, the builders have come up with a general formula that they feel a lot is worth about 20% of the sales price of the home.

重要的是要意識到發生了什麼變化。住房短缺－住房短缺估計為400萬套。如果我們每年生產 150 萬套房屋，則需要 150 萬塊土地，而建築商每年建造 150 萬或 200 萬套房屋做得很好，但他們需要這些土地。而這種短缺是累積性的，土地具有巨大的價值。結果，建商想出了一個通用公式，他們認為許多價值約為房屋售價的 20%。

And as everybody knows, home prices have skyrocketed. So UMH is sitting with a lot of land that we wanted to develop in the manufactured home communities. So we believe we should buy land adjacent to our existing units so that we would have the option of what to do. So this first deal for perhaps 150 lots, but we have other parcels, and we really believe that we'll be going to be able to monetize some of those parcels and have a great source of capital in the future.

眾所周知，房價飛漲。因此，UMH 擁有大量我們想要在活動房屋社區開發的土地。因此，我們認為我們應該購買與現有單位相鄰的土地，以便我們可以選擇做什麼。因此，第一筆交易可能是 150 塊地塊，但我們還有其他地塊，我們真的相信我們將能夠將其中一些地塊貨幣化，並在未來擁有大量資金來源。

I really appreciate the color. Thank you very much.

我真的很欣賞這種顏色。非常感謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Samuel Landy for any closing remarks.

我們的問答環節到此結束。我想將會議轉回塞繆爾·蘭迪發表閉幕詞。

Thank you, operator. I would like to thank the participants on this call for their continued support and interest in our company. As always, Gene, Anna, Brett and I are available for any follow-up questions. We look forward to reporting back to you in November with our third quarter 2024 results. Thank you.

謝謝你，接線生。我要感謝本次電話會議的參與者對我們公司的持續支持和關注。像往常一樣，吉恩、安娜、布雷特和我可以回答任何後續問題。我們期待在 11 月向您報告 2024 年第三季的業績。謝謝。

The conference has now concluded. Thank you for attending today's presentation. The teleconference replay will be available in approximately one hour.

會議現已結束。感謝您參加今天的演講。電話會議重播將在大約一小時後進行。

To access this replay, please dial US toll-free 1-(877)-344-7529, or internationally, +1(412)317-0088. The conference access code is 7242441. Thank you, and please disconnect your lines.

若要觀看此重播，請撥打美國免付費電話 1-(877)-344-7529，或撥打國際電話 +1(412)317-0088。會議接入碼為7242441。謝謝，請斷開您的線路。