UMH Properties Inc (UMH) 2024 Q3 法說會逐字稿

Good morning, and welcome to UMH Properties third quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded.

早安，歡迎參加 UMH Properties 2024 年第三季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

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.

現在我很高興介紹您的主持人，執行副總裁兼總法律顧問克雷格·科斯特先生。謝謝。科斯特先生，您可以開始囉。

Thank you very much, operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited third 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，接線生。除了昨天向美國證券交易委員會提交的 10-Q 表之外，我們還提交了未經審計的第三季補充資訊報告。此補充資訊簡報以及我們的 10-Q 均可在公司網站 umh.reit 上找到。

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. The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties.

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》所定義的前瞻性陳述。我們在本次電話會議上所做的前瞻性陳述是基於我們目前的預期，涉及各種風險和不確定性。

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

儘管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，但公司無法保證其預期將會實現。可能導致實際結果與預期存在重大差異的風險和不確定性已詳細說明在公司 2024 年第三季收益報告和向美國證券交易委員會提交的文件中。該公司不承擔更新其前瞻性陳述的任何義務。

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 財務指標的對帳以及解釋性和警告性語言都包含在我們的收益報告、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，今天我想向我們介紹管理階層：創辦人兼董事長 Eugene Landy；塞繆爾·蘭迪 (Samuel Landy)，總裁兼執行長； Anna Chew，執行副總裁兼財務長；布雷特‧塔夫脫 (Brett Taft)，執行副總裁兼營運長；資本市場副總裁 Jim Lykins；以及執行副總裁丹尼爾·蘭迪（Daniel Landy）。

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。

UMH is pleased to report a third consecutive quarter of year-over-year normalized FFO growth. Normalized FFO per diluted share for the third quarter of 2024 was $0.24 as compared to $0.22 last year, representing an increase of approximately 9%.

UMH 很高興地報告，連續第三個季度實現同比正常化 FFO 成長。2024 年第三季每股攤薄標準化 FFO 為 0.24 美元，而去年同期為 0.22 美元，成長約 9%。

Sequentially, normalized FFO per diluted share increased from $0.23 in the second quarter to $0.24 in the third quarter, representing a 4% per diluted share increase. Year-to-date, normalized FFO increased from $39.2 million last year to $50.3 million this year, representing an increase of 28%.

與上一季相比，每股攤薄標準化 FFO 從第二季的 0.23 美元增加到第三季的 0.24 美元，每股攤薄成長 4%。年初至今，標準化 FFO 從去年的 3,920 萬美元增加到今年的 5,030 萬美元，增幅為 28%。

Our communities continue to experience strong demand for our homes, which is resulting in increased occupancy, revenue, sales income and ultimately, earnings per share. Our long-term business plan is delivering best-in-class results. We will continue to improve our operating results through the infill of our 3,300 vacant sites, development of our vacant land and increasing the profitability of our sales and rental programs.

我們的社區對我們房屋的需求持續強勁，從而導致入住率、收入、銷售收入以及每股收益增加。我們的長期業務計劃正在實現一流的成果。我們將繼續透過填補 3,300 個空置場地、開發空置土地以及提高銷售和租賃計劃的盈利能力來改善我們的經營業績。

During the quarter, we issued and sold approximately 5.7 million shares through our common ATM at a weighted average price of $18.93, raising net proceeds of $107 million. In the short term, we utilize this capital to fully pay down our line of credit. This capital will allow us to invest in our value-added business plan and positions us to execute on potential acquisitions should they become available at the right prices.

本季度，我們透過普通股 ATM 發行和出售了約 570 萬股，加權平均價格為 18.93 美元，籌集淨收益 1.07 億美元。短期內，我們利用這筆資金來全額償還我們的信用額度。這筆資金將使我們能夠投資於我們的增值業務計劃，並使我們能夠在合適的價格下執行潛在的收購。

Turning to our third quarter operating results, we are proud that our communities are experiencing strong demand for 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. Overall, occupancy increased by 39 units to 87.4% during the quarter and 234 units year-to-date. Year-over-year, overall occupancy increased by 271 units or 120 basis points.

談到我們第三季的營運業績，我們很自豪我們的社區對房屋銷售和租賃的需求強勁。這種需求是投資正確地點和迅速提高社區品質和聲譽的結果。整體而言，本季入住率增加了 39 套，達到 87.4%，年初至今入住率已增加 234 套。與去年同期相比，整體入住率增加了 271 個房間，即 120 個基點。

During the quarter, we experienced some storm-related expenses, which increased our overall expense ratio to 43.3%. Year-to-date, our expense ratio was 42.4% as compared to 43.3% last year. Our collection rate remained strong, and our third quarter rents are 98.5% collected. Our same property results continue to meet expectations.

本季度，我們經歷了一些與風暴相關的費用，這使我們的整體費用率增加到 43.3%。年初至今，我們的費用率為 42.4%，而去年為 43.3%。我們的收款率保持強勁，第三季的租金收款率為 98.5%。我們的同類物業業績持續符合預期。

Third quarter rental and related income grew by approximately 8% and NOI increased by approximately 7%. Year-to-date, same property income is up 9%, and same-property NOI is up 11% or $9.2 million. Annualized, this equates to a $12 million increase in community NOI. We anticipate similar results in the coming quarters and years as we continue to fill our 3,300 vacant sites through our rental and sales programs.

第三季租金及相關收入成長約8%，淨營業收入成長約7%。年初至今，同類房產收入上漲 9%，同類房產淨營業收入上漲 11% 或 920 萬美元。以年率計算，這相當於社區 NOI 增加 1200 萬美元。隨著我們繼續透過租賃和銷售計劃填補 3,300 個空置場地，我們預計未來幾個季度和幾年仍將取得類似的業績。

We anticipate further occupancy growth in the coming quarters as we obtain and set up our rental homes. We currently have over 200 homes on order and 300 homes recently delivered that are ready for occupancy or are in various stages of setup.

隨著我們獲得並設置出租房屋，我們預計未來幾季的入住率將進一步成長。我們目前已訂購超過 200 套房屋，並有 300 套房屋最近交付，這些房屋已準備好入住或處於不同的設置階段。

Next year, we anticipate a $10 million increase in revenue through the occupancy of 800 new rental homes and a $10 million increase from our 5% annual rent increases. We continue to invest in new rental homes and now own 10,300 homes.

明年，我們預計透過入住 800 套新出租房屋將增加 1,000 萬美元的收入，而每年 5% 的租金成長將帶來 1,000 萬美元的收入成長。我們繼續投資新的出租房屋，現在擁有 10,300 套房屋。

Our rental home occupancy rates remained stable at 94% compared to the prior year. During the quarter, we converted 179 new homes from inventory to revenue-producing rental homes. The net increase in our rental home portfolio was 117 homes because of the sale of older homes. Year-to-date, we have converted 443 homes from inventory to revenue-producing rental homes. The net increase was 284 units because of the sale of older homes.

我們的出租房屋入住率與去年相比保持穩定，為 94%。本季度，我們將 179 套庫存新房改造為可產生收入的出租房屋。由於出售舊房，我們的出租房屋組合淨增加了 117 套。今年迄今為止，我們已將 443 套庫存房屋改造成可產生收入的出租房屋。由於出售舊房，淨增加 284 套。

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 fourth quarter of the year and into 2025. Our annual investment in new rental homes yields approximately 10% on the funds invested. We anticipate the addition of 800 new rental homes in 2025.

今年上半年，我們補充了庫存，這將使我們能夠在今年第四季以及2025年進一步提高入住率、收入和銷售收入。我們每年對新出租房屋的投資報酬率約為投資資金的 10%。我們預計 2025 年將增加 800 套新的出租房屋。

Moving on to sales. Our team sold 100 homes during the quarter, of which 34 were new home sales, for gross home sales revenue of approximately $8.7 million. This compares to 90 homes last year, of which 41 were new home sales, with gross home sales revenue of $7.9 million, representing an increase of 10%.

繼續銷售。我們的團隊在本季銷售了 100 套房屋，其中 34 套為新房銷售，房屋銷售總收入約為 870 萬美元。相比之下，去年共銷售 90 套房屋，其中 41 套為新房，總房屋銷售收入為 790 萬美元，成長了 10%。

Our gross sales margin increased 500 basis points from 33% for the same quarter last year to 38% for this year's quarter. Our gross sales profit increased 30% from $2.6 million in the third quarter of last year to $3.3 million this year. We financed approximately 53% of these home sales. We have a $4 million sales pipeline, which should allow us to generate year-over-year sales growth in the fourth quarter.

我們的毛銷售利潤率從去年同期的 33% 增加了 500 個基點至今年季度的 38%。我們的毛銷售利潤從去年第三季的 260 萬美元成長了 30% 至今年的 330 萬美元。我們為其中約 53% 的房屋銷售提供融資。我們擁有價值 400 萬美元的銷售管道，這將使我們在第四季度實現同比增長。

Our sales results 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.

我們的銷售業績仍有大幅提升的潛力。一些地段優越的高端項目剛剛開業或即將開業，這將產生一系列可讓我們有利可圖地出售房屋的地塊。

We are on track to develop approximately 200 expansion sites this year. Additionally, we anticipate approvals to develop approximately 500 new sites next year. We plan to develop approximately 300 of these sites in 2025. These expansion sites allow us to grow organically without the need for acquisitions. We have 2,200 acres of vacant land that may be able to be developed into 8,800 sites.

我們今年的計劃是開發約 200 個擴建站點。此外，我們預計明年將獲批開發約 500 個新站點。我們計劃在 2025 年開發約 300 個此類站點。這些擴張站點使得我們無需收購就能實現有機成長。我們有 2,200 英畝的空地，可以開發成 8,800 個場地。

We have made progress negotiating a joint venture with a major homebuilder for our 131 acres in Vineland, New Jersey.

我們在與一家大型房屋建築商就位於新澤西州維尼蘭的 131 英畝土地進行合資談判方面取得了進展。

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 and a platform that has proven to deliver outstanding results and a pipeline of organic growth opportunities to continue delivering these results for the next several years. Our 3,300 vacant sites and our 2,200 vacant acres provide internal growth opportunities for years to come.

UMH 預計將在今年繼續實現每股收益成長，我們對我們的平台所創造的成果感到滿意。我們擁有一個已被證明能夠帶來出色成果的商業計劃和平台，以及一系列有機成長機會，可以在未來幾年繼續帶來這些成果。我們的 3,300 處空置場地和 2,200 英畝空置土地為未來幾年提供了內部成長機會。

We have positioned the company with a strong balance sheet with $66.7 million in cash and full availability of our credit line. Our strong balance sheet and access to capital gives us the ability 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. Additionally, we are prepared to acquire new communities when accretive investment opportunities become available.

我們為公司建立了強勁的資產負債表，擁有 6,670 萬美元的現金和充足的信用額度。我們強勁的資產負債表和資本管道使我們能夠投資新房、資本改善和社區擴建，這將提高我們投資組合的長期價值並進一步提高我們的每股盈餘。此外，當出現增值投資機會時，我們準備收購新的社區。

And now, Anna will provide you with greater detail on our results for the quarter.

現在，安娜將向您提供有關本季度業績的更多詳細資訊。

Thank you, Sam. Normalized FFO, which excludes amortization and non-recurring items, was $18.5 million or $0.24 per diluted share for the third quarter of 2024, compared to $14.4 million or $0.22 per diluted share for 2023, resulting in a 9% per diluted share increase and a 28% overall increase. Sequentially, normalized FFO increased from $0.23 for the second quarter to $0.24 in the third quarter, representing a 4% per diluted share increase.

謝謝你，山姆。2024 年第三季的標準化 FFO（不包括攤銷和非經常性項目）為 1,850 萬美元或每股攤薄收益 0.24 美元，而 2023 年為 1,440 萬美元或每股攤薄收益 0.22 美元，導致每股攤薄增加 9%，整體收益增加 28%。與上一季相比，標準化 FFO 從第二季的 0.23 美元增加到第三季的 0.24 美元，每股攤薄收益增加 4%。

Rental and related income for the quarter was $51.9 million compared to $48.1 million a year ago, representing an increase of 8%. This increase was primarily due to an increase in rental rates and same-property occupancy and additional rental homes. Community operating expenses increased 9% during the quarter. This increase was mainly due to an increase in payroll costs, real estate taxes, rental home expenses and storm cleanup.

本季租金和相關收入為 5,190 萬美元，而去年同期為 4,810 萬美元，成長 8%。這一增長主要歸因於租金上漲、同類房產入住率上升以及出租房屋增加。本季社區營運費用增加了 9%。這一增長主要是由於工資成本、房地產稅、租金費用和風暴清理費用的增加。

Our same-property results continue to meet our expectations. Same-property income increased by 8% for the quarter and community NOI increased by 7% for the quarter from $28.2 million in 2023 to $30.3 million in 2024. Year-to-date, same-property NOI has increased by 11% from $82 million last year to $91.2 million this year.

我們的同類物業業績持續符合我們的預期。本季同物業收入成長了 8%，社區 NOI 本季成長了 7%，從 2023 年的 2,820 萬美元增至 2024 年的 3,030 萬美元。今年迄今，同類物業淨營業收入已從去年的 8,200 萬美元增加到 9,120 萬美元，成長了 11%。

As we turn to our capital structure, at quarter end, we had approximately $615 million in debt, of which $488 million was community-level mortgage debt, $26 million was loans payable and $101 million was our 4.72% Series A bonds.

談到我們的資本結構，截至季度末，我們的債務約為 6.15 億美元，其中 4.88 億美元為社區級抵押債務，2600 萬美元為應付貸款，1.01 億美元為 4.72% 的 A 系列債券。

Total debt was 99.5% 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 4.6 years at quarter end and 5 years at quarter end last year.

季末總債務固定利率為 99.5%。本季末，我們的抵押債務加權平均利率為 4.17%，而去年同期為 3.88%。我們抵押貸款債務的加權平均期限在季末為 4.6 年，去年季末為 5 年。

The weighted average interest rate on our short-term borrowings was 79 basis points lower at 6.47% at the current quarter end as compared to 7.26% at quarter end last year. In total, the weighted average interest rate on our total debt was 35 basis points lower at 4.36% at the current quarter end compared to 4.71% at quarter end last year.

本季末，我們短期借款的加權平均利率為 6.47%，較去年同期的 7.26% 下降 79 個基點。總體而言，本季末我們總負債的加權平均利率為 4.36%，較去年同期的 4.71% 下降 35 個基點。

In 2025, we have approximately $116 million in community mortgages maturing. Approximately $46 million of these mature by April 1, 2025.

2025 年，我們有大約 1.16 億美元的社區抵押貸款到期。其中約 4,600 萬美元將於 2025 年 4 月 1 日到期。

As we have demonstrated through our previous refinancing, our communities have increased in value substantially. In some cases, they have doubled in value. We are in the early stages of refinancing these communities, but anticipate proceeds will be well in excess of the maturing principal balances. Proceeds will be impacted by interest rates and coverage ratios at the time of refinancing.

正如我們之前的再融資所證明的那樣，我們社區的價值已經大幅增加。在某些情況下，它們的價值甚至翻了一番。我們正處於為這些社區再融資的早期階段，但預計收益將遠遠超過到期的本金餘額。收益將受到再融資時的利率和覆蓋率的影響。

At quarter end, UMH had a total of $307 million in perpetual preferred equity. Our preferred stock, combined with an equity market capitalization of over $1.5 billion and our $615 million in debt, results in a total market capitalization of approximately $2.5 billion at quarter end as compared to $1.9 billion last year, representing an increase of 30%.

截至季末，UMH 的永久優先股總額為 3.07 億美元。我們的優先股加上超過 15 億美元的股票市值和 6.15 億美元的債務，使得季末的總市值達到約 25 億美元，而去年同期為 19 億美元，成長了 30%。

During the quarter, we issued and sold 5.7 million shares of common stock through our common ATM program, generating net proceeds of approximately $107 million. The company also received $2.4 million, including dividends reinvested through the DRIP.

本季度，我們透過普通 ATM 計劃發行和出售了 570 萬股普通股，產生淨收益約 1.07 億美元。該公司還獲得了 240 萬美元，包括透過 DRIP 再投資的股息。

In addition, we issued and sold 441,000 shares of our Series D preferred stock during the third quarter of 2024 through the preferred ATM program, generating net proceeds of approximately $10 million. The capital raise was invested in our rental home program, capital improvements, financing of notes and to pay down our short-term line of credit.

此外，我們在 2024 年第三季透過優先 ATM 計畫發行並出售了 441,000 股 D 系列優先股，產生了約 1,000 萬美元的淨收益。籌集的資金用於我們的租賃房屋計劃、資本改善、票據融資以及償還我們的短期信用額度。

Subsequent to quarter end, we issued 170,000 shares of common stock through our common ATM program, generating net proceeds of approximately $3.2 million. In addition, we issued 247,000 shares of our Series D preferred stock to our preferred ATM program, generating net proceeds of approximately $5.8 million.

季度末之後，我們透過普通 ATM 計劃發行了 170,000 股普通股，產生了約 320 萬美元的淨收益。此外，我們也向優先 ATM 計畫發行了 247,000 股 D 系列優先股，產生約 580 萬美元的淨收益。

We also closed on the acquisition of a 246-unit self-storage facility adjacent to one of our communities located in Anderson, Indiana. We are proud to now own over 1,000 self-storage units in close proximity or directly adjacent to our communities that serve the storage needs of our residents and the surrounding area.

我們還完成了對位於印第安納州安德森市我們一個社區附近擁有 246 個單元的自助倉儲設施的收購。我們很自豪目前在社區附近或毗鄰擁有超過 1,000 個自助倉儲單元，可滿足我們居民和周邊地區的儲存需求。

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 22.2%, net debt less securities to total market capitalization of 20.8%, net debt to adjusted EBITDA of 4.9 times and net debt less securities to adjusted EBITDA of 4.6 times. Interest coverage was 3.3 times and fixed charge coverage was 2.1 times. All metrics indicate a very strong balance sheet.

從信貸角度來看，本季末我們的淨負債與總市值的比率為 22.2%，淨負債減去證券與總市值的比率為 20.8%，淨負債與調整後 EBITDA 的比率為 4.9 倍，淨負債減去證券與調整後 EBITDA 的比率為 4.6 倍。利息覆蓋率為3.3倍，固定費用覆蓋率為2.1倍。所有指標都顯示資產負債表非常強勁。

From a liquidity standpoint, we ended the quarter with $66.7 million in cash and cash equivalents and $260 million available on our unsecured revolving credit facility. We also had $202 million available on our other lines of credit for the financing of home sales and the purchase of inventory and rental homes. This liquidity positions the company with the ability to execute our long-term business plan and potentially grow externally as attractive growth opportunities become available.

從流動性角度來看，本季末我們擁有 6,670 萬美元的現金和現金等價物以及 2.6 億美元的無擔保循環信貸額度。我們還有 2.02 億美元的其他信用額度可用於融資房屋銷售以及購買庫存和租賃房屋。這種流動性使公司有能力執行我們的長期業務計劃，並在有吸引力的成長機會出現時實現潛在的外部成長。

In 2024, we expanded the borrowing capacity of our unsecured revolving credit facility from $180 million in available borrowings to $260 million in available borrowings. This facility is indicated with three banks: BMO Capital Markets, JPMorgan Chase and Wells Fargo as joint arrangers and joint book runners.

2024 年，我們將無擔保循環信貸額度的借款能力從 1.8 億美元擴大到 2.6 億美元。此筆貸款由三家銀行承銷：BMO Capital Markets、摩根大通 (JPMorgan Chase) 和富國銀行 (Wells Fargo) 作為聯合安排行和聯合帳簿管理人。

Additionally, we had $34.2 million in our REIT securities portfolio, all of which is unencumbered. This portfolio represents only approximately 1.7% 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. We are well positioned to continue to grow the company internally and externally.

此外，我們的房地產投資信託基金 (REIT) 證券投資組合中還有 3,420 萬美元，全部沒有任何抵押。此投資組合僅占我們未折舊資產的約1.7%。我們承諾不會增加對房地產投資信託基金 (REIT) 證券投資組合的投資，事實上，我們仍繼續出售某些部位。我們已做好準備，繼續在內部和外部推動公司的發展。

We are also updating our 2024 guidance, which previously was: normalized FFO in a range of $0.91 to $0.95 per diluted share for the full year or $0.93 at the midpoint. We are tightening this range to $0.92 to $0.94. This represents approximately 8% annual normalized FFO growth at the midpoint over full year 2023 normalized FFO of $0.86 per diluted share. We plan to issue full year 2025 guidance concurrent with our fourth quarter and year-end results.

我們也正在更新 2024 年的指引，先前的指引為：全年標準化 FFO 在每股攤薄收益 0.91 美元至 0.95 美元之間，或中間值為 0.93 美元。我們將此範圍收窄至 0.92 美元至 0.94 美元。這意味著，以中點計算，2023 年全年標準化 FFO 成長率約為 8%，每股攤薄收益 0.86 美元。我們計劃與第四季和年終業績同時發布 2025 年全年業績指引。

And now let me turn it over to Gene before we open it up for questions.

現在，在我們開始提問之前，讓我把時間交給 Gene。

UMH has a mission to provide the nation with high-quality affordable housing. We have successfully built one of the best portfolios of manufactured housing communities in the country. We have a platform with a demonstrated ability to turn around and improve older communities, thereby increasing the supply of quality affordable housing in the markets we operate in.

UMH 的使命是為國家提供高品質的經濟適用住房。我們已成功打造了國內最好的住宅社區之一。我們擁有一個平台，具有扭轉和改善老舊社區的顯著能力，從而增加我們營運市場中優質經濟適用住房的供應。

Our platform has also expanded our existing communities and develop new communities, further increasing the supply of affordable housing. While we have done a lot to help solve the housing crisis, there is still a tremendous amount of work to be done.

我們的平台還擴大了現有的社區並開發了新的社區，進一步增加了經濟適用房的供應。雖然我們為解決住房危機做了很多工作，但仍有大量工作要做。

Our work in our communities have put a spotlight on the benefits provided by the manufactured housing. We anticipate government programs that should encourage further growth in our industry and our company. While politicians are incredibly divided, they all agree that we need to work together to increase the supply of affordable housing.

我們在社區中開展的工作重點突顯了預製房屋的好處。我們期待政府的計劃能促進我們的產業和公司進一步發展。儘管政客們意見分歧很大，但他們都同意我們需要共同努力增加經濟適用住房的供應。

UMH is a sustainable investment. 100% of our income is considered social because rents are affordable in each of the markets we operate in. Additionally, we have been working with GAF on a program to have solar shingles installed at the factory. We are in the early stages of a pilot program, and we have ordered our first 20 homes, which should be delivered later this year. We anticipate the solar shingles will reduce our tenants' electricity costs, further decreasing the cost of housing.

UMH 是一項可持續的投資。我們的 100% 收入都用於社會福利，因為我們經營的每個市場的租金都是可以負擔的。此外，我們也一直與 GAF 合作進行在工廠安裝太陽能瓦片的計畫。我們正處於試點計畫的早期階段，我們已經訂購了首批 20 套房屋，預計今年稍後交付。我們預計太陽能瓦片將降低租戶的電力成本，進一步降低住房成本。

UMH is well positioned for future growth. We have acquired 3,300 vacant sites and 2,200 acres of vacant land through our acquisitions over the years. Our rental homes provide us with a key to rapidly filling these vacant sites.

UMH 已為未來成長做好了準備。我們透過多年來的收購獲得了 3,300 個空置地塊和 2,200 英畝空置土地。我們的出租房屋為我們提供了快速填補這些空置場所的關鍵。

We anticipate 800 new rental homes per year until we reach full occupancy and the development of 300 to 400 expansion sites annually. Our business plan has given us the ability to continue to grow earnings and earnings per share without the need for external growth opportunities.

我們預計每年新增 800 套租賃房屋，直到達到滿員率，並且每年開發 300 至 400 個擴建地點。我們的商業計劃使我們能夠繼續增加收益和每股收益，而無需外部成長機會。

That being said, we are well capitalized and ready to execute on acquisition opportunities as they become available at attractive prices. We are well positioned with a strong balance sheet to continue to grow internally and externally.

話雖如此，我們資本充足，並準備在出現具有吸引力的價格的收購機會時實施收購。我們擁有強勁的資產負債表，能夠持續實現內部和外部成長。

I am incredibly proud of our team of devoted employees for positioning UMH as leaders in the manufactured housing industry. We have made tremendous progress to increasing the supply of affordable housing by upgrading older communities and developing expansions and new communities.

我為我們忠誠的員工團隊感到無比自豪，他們將 UMH 定位為預製房屋行業的領導者。透過升級舊社區和擴大新社區，我們在增加經濟適用住房供應方面取得了巨大進展。

Additionally, I'm proud of the progress we have made with respect to the opportunity zone laws. The HUD approval of duplex manufactured housing and the installation of solar shingles on our homes. These are all major developments that should impact our and the industry's ability to develop more affordable housing in the future.

此外，我對我們在機會區法律方面取得的進展感到自豪。住房和城市發展部 (HUD) 批准建造複式住宅並在我們的房屋上安裝太陽能瓦片。這些都是重大發展，將影響我們和產業未來開發更多經濟適用住房的能力。

We would now be happy to take any questions.

我們現在很樂意回答任何問題。

(Operator Instructions) Rob Stevenson, Janney.

（操作員指示） Rob Stevenson，Janney。

Sam, how is the acquisition pipeline today in the overall transaction environment versus a quarter or 2 ago?

Sam，與一個季度或兩個季度前相比，目前整體交易環境中的收購管道如何？

Well, in a sense, nothing's changed in terms of the pending deals in Maryland are still the pending deals. On the other hand, I have a lot of reason to believe more communities will come on the market, and there's less competition to buy them. So at this exact moment, there's nothing new in the pipeline but I am optimistic that more communities are going to become available.

嗯，從某種意義上說，馬裡蘭州待決交易仍未發生任何變化。另一方面，我有很多理由相信會有更多的社區進入市場，而且購買這些社區的競爭也會減少。因此，就目前而言，還沒有任何新計劃，但我樂觀地認為將會有更多的社區出現。

And just to touch on Maryland real quick. Those properties, they're making a lot of progress completing the upgrades that need to be done before we can close on the deal. We're probably looking at a first quarter of 2025 closing.

我來快速談談馬裡蘭州。這些房產在完成交易前需要進行的升級工作方面取得了很大進展。我們可能預計在 2025 年第一季完成。

All right. That's helpful, Brett. Self-storage, was that just a unique opportunity in the quarter? Are there real synergies that would make sense to own storage units peripheral to a number of your other communities at this point?

好的。這很有幫助，布雷特。自助存儲，這是本季的一個獨特機會嗎？目前，擁有位於其他一些社區週邊的儲存單元是否具有真正的協同效應？

Right. Almost all of our self-storage directly adjoins our existing communities. Quite a bit of it came with the communities when we acquired them. We've built a little bit of self-storage on joining vacant land. We want to continue to do more.

正確的。我們幾乎所有的自助倉儲都與我們現有的社區直接相鄰。當我們收購社區時，其中相當一部分是隨社區而來的。我們在連接空置土地上建造了一些自助倉儲。我們希望繼續做得更多。

We use our same community manager, the same manager managing the community and the same maintenance staff manages the self-storage. So, we're a more efficient operator than the seller because we don't have labor costs. And our residents want the self storage. They need the self-storage. And so it's just a natural fit. And we look at our vacant land all the time, and we will continue to build additional self-storage adjoining our communities.

我們使用同一個社群經理、同一個經理管理社群、同一個維修人員來管理自助倉儲。因此，由於我們沒有勞動成本，所以我們是比賣家更有效率的營運商。我們的居民想要自助倉儲。他們需要自助倉儲。所以這是一種自然的契合。我們一直在關注我們的空置土地，我們將繼續在社區附近建造更多的自助倉儲。

Okay. And then what are you guys paying today for new rental units? And how much upward cost pressure is there on the part of the manufacturers in terms of cost inflation today?

好的。那麼，你們今天為新租賃單位支付了多少錢？目前成本通膨方面，廠商的成本上漲壓力有多大？

Yeah. We haven't seen too much. I mean, obviously, prices are going up a little bit. We'll see where it goes over the next few months. But we're still for a single-wide unit, fully set up at our communities in the $70,000 to $75,000 range, double wides being a little bit higher than that, obviously.

是的。我們還沒看到太多。我的意思是，顯然價格會漲一點。我們將在接下來的幾個月觀察其發展。但我們仍然希望在我們的社區中建立一個單寬單位，其價格在 70,000 到 75,000 美元之間，顯然雙寬單位的價格會稍微高一點。

We're buying high-quality rental homes. We're upgrading the components that we generally see the most damage in. So -- and I'm just pointing out that our rentals are a little bit more expensive than some of our competitors, but we think that that's why we see lower turnover costs and lower overall cost per unit on the expense side.

我們正在購買高品質的出租房屋。我們正在升級那些損壞最嚴重的零件。所以——我只是想指出，我們的租金比一些競爭對手貴一點，但我們認為這就是為什麼我們在費用方面看到更低的營業額成本和更低的單位總成本。

Okay. Brett, I mean, I guess on that, I guess, obviously, single-wide, double-wide makes a difference, but it seems like a huge gap versus the $151,000 per home on the 98 new home sales in the third quarter. Anything else other than wholesale versus retail pricing coming into play here in terms of that gap versus what it would cost you for those homes or people increasing optionality when they buy at $151,000 per home? Can you talk a little bit about that?

好的。布雷特，我的意思是，我想在這一點上，顯然單寬和雙寬是有區別的，但與第三季度 98 套新房銷售的每套 151,000 美元相比，這似乎是一個巨大的差距。除了批發價與零售價之間的差距，還有什麼其他因素在起作用，與您購買這些房屋的成本相比，或者與人們以每套 151,000 美元的價格購買這些房屋時增加的選擇權相比？你能稍微談論一下這個嗎？

So, we have expansions coming available in great locations. We're probably better positioned than we've ever been to increase sales at new locations from expansions we've built, next phases we're building. We ran out of lots at Holiday Village, which was a top performer last year, and they're just getting those lots opened right at this moment. So, everything looks really good to increase sales.

因此，我們在絕佳地點推出了擴充版。透過我們已經進行的擴張和正在進行的下一階段建設，我們可能比以往任何時候都更有能力增加新地點的銷售。去年表現最好的度假村的停車場已經用完了，他們現在才剛開放這些停車場。因此，一切看起來都有利於提高銷量。

Many of our sales -- take Cinnamon Woods, where the buyers are 55 and older. They're going to be custom order homes. And we're working on an absolute minimum markup of 30% and it could be 100%. So, these are all location-based and the more expensive the home, the more we make. And building these new 300 to 400 lots per year, could it -- and it just by themselves, result in sales profits of $50,000 to $100,000 per house.

我們的許多銷售，例如 Cinnamon Woods，買家年齡都在 55 歲以上。它們將是定制房屋。我們正在努力實現最低 30% 的加價幅度，甚至可能達到 100%。所以，這些都是基於位置的，房價越貴，我們賺的越多。每年建造 300 到 400 塊新地塊，光是這些建設成本，就能為每棟房屋帶來 5 萬到 10 萬美元的銷售利潤。

Just to add one thing, and Sam points it out frequently, that those rental homes that we're buying and setting up for $70,000, $75,000. We wouldn't sell that rental home for that amount. That if it were a new home sale would be in the $90,000 to $100,000 range, and some markets even in excess of that.

再補充一點，Sam 經常指出，我們購買和設置的出租房屋的價格為 70,000 美元到 75,000 美元。我們不會以這個價格出售那套出租房。如果是新房，售價將在 9 萬至 10 萬美元之間，有些市場甚至會超過這個數字。

Okay. And then last one for me. Sam, you talked about that the New Jersey JV with the homebuilder is making progress. If that comes to fruition, is that first half '25, second half '25 type of deal? How would you sort of handicap the timing there and when we should expect additional news?

好的。這對我來說是最後一個。薩姆，你剛才談到與房屋建築商的新澤西合資企業正在取得進展。如果這項協議得以實現，那麼這是 25 年上半年和 25 年下半年類型的交易嗎？您如何判斷時機以及我們何時可以期待更多新聞？

Yeah, the minimum time it would take would be one year for the homebuilder to get all the approvals and then another year to build it. So, the minimum, before we're getting any money from this is, you're into three years from today. And that's a minimum. It could take longer than that. But what's -- a, that's exciting because you're talking about a significant number of homes that are going to potentially sell for $1 million a piece. So, potentially 150 homes, potentially $150 million and potentially we get 20% of that.

是的，房屋建築商至少需要一年的時間來獲得所有批准，然後再花一年的時間來建造它。因此，在我們獲得任何資金之前，最低要求是，從今天起你需要三年的時間。這是最低限度。這可能需要更長的時間。但是，這很令人興奮，因為你談論的是大量房屋可能以每棟 100 萬美元的價格售出。因此，可能有 150 套房屋，可能有 1.5 億美元，我們可能會獲得其中的 20%。

But in addition to that, we're working in Carlisle, Pennsylvania on 29 subdivided lots. We will use what they call a CrossMod, it's a bigger, more expensive than a standard HUD code home built to the local building code, but it's factory built. And then we're going to put it on a superior wall system so you get basically a two-story house. And we're going to retail those out. And there'll be about 29 of those in Carlisle, Pennsylvania, hopefully, next year, and we're going to continue to work on our 2,200 acres of vacant land and how to maximize income from it.

除此之外，我們也在賓州卡萊爾的 29 個細分區上開展工作。我們將使用所謂的 CrossMod，它比按照當地建築規範建造的標準 HUD 代碼房屋更大、更昂貴，但它是工廠建造的。然後我們把它放在一個更高級的牆體系統上，這樣你基本上就得到了一棟兩層樓的房子。我們將把它們零售出去。希望明年賓州卡萊爾會有大約 29 個這樣的農場，我們將繼續致力於開發我們的 2,200 英畝空置土地並最大限度地利用這些土地。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

I wanted to ask on your rental homes. You said you're looking to add 800 rental homes next year. And I think this year, you said you added 284, excluding the used home sales. So, that 800 number for next year, what's the comparable number for 2024 to compare to that 800 number?

我想詢問一下你們的出租房屋。您說過，您希望明年增加 800 套出租房屋。我認為今年您說您增加了 284 個，不包括二手房銷售。那麼，明年的 800 這個數字，與 2024 年的 800 這個數字相比，可比較數字是多少？

So go ahead, but there's 800 homes ordered for 2024, and we believe we'll order 800 homes for 2025. There's an obsolescence factor so that when we add 800 homes, we don't go forward 800 homes as we remove older homes. But many of those homes that are ordered are not delivered, not set up yet. But go ahead, Brett.

那就繼續吧，但 2024 年的訂單量已經是 800 套，我們相信 2025 年的訂單量也會是 800 套。有一個陳舊因素，因此，當我們增加 800 棟房屋時，我們不會在拆除舊房屋的同時再增加 800 棟房屋。但許多訂購的房屋尚未交付，也尚未安裝好。但繼續吧，布雷特。

Yeah, sure. So first of all, we have converted 443 new homes from inventory to revenue-producing rental homes. So, that's 443 new homes added to our portfolio of rentals. The net number you're referring to is the 284, which includes some older homes that we have sold out of that rental home portfolio this year.

是的，當然。首先，我們將 443 套新房從庫存改造成可產生收入的出租房屋。因此，我們的租賃組合增加了 443 間新房。您所指的淨數字是 284，其中包括我們今年已售出的一些租賃房屋組合中的老房子。

We have about 300 homes in our communities that are in various stages of setup, but about 200 of those are just about ready for occupancy. So, not saying we'll fill all 200 of those homes that are ready this year, but we have a potential to do that.

我們社區裡大約有 300 棟房屋處於不同的建設階段，但其中大約有 200 棟已經準備好入住。因此，並不是說我們今年就會填滿所有 200 套準備好的房屋，但我們有潛力做到這一點。

Assuming that occurs, again, we're at 443 for the first nine months of the year, I think that we should be able to get into the 600, 650 range of actual converted homes from inventory to revenue-producing sites. And then going into next year, we've got another 200-plus homes that are on order that will be delivered to our communities.

再次假設這種情況發生，我們今年前九個月的數字是 443，我認為我們應該能夠將庫存改建房屋實際數量達到 600 到 650 套。到明年，我們將再訂購 200 多棟房屋，並將交付給我們的社區。

So that gives us a good amount of inventory going into the first quarter. And given that demand is strong throughout the portfolio, we see no reason why we can't order, set up and install 800 homes next year, which we've done in previous years.

因此，這為我們第一季帶來了大量庫存。鑑於整個投資組合的需求都很強勁，我們認為沒有理由不能在明年訂購、設置和安裝 800 套房屋，就像前幾年我們所做的那樣。

Okay. That's helpful. I also wanted to ask you on your comments around self-storage. Just to clarify, the self-storage units that you talked about, are those units for UMH residents only? Or are they open to anybody?

好的。這很有幫助。我也想問一下您對自助倉儲的看法。只要澄清一下，您談到的自助儲存單元是否僅供 UMH 居民使用？或對任何人開放？

Almost all of them are open to anybody. The exception is in Vineland, New Jersey, approximately 50 units that are exclusively for our residents. That was the condition of the approval process.

幾乎所有這些都對任何人開放。例外的是新澤西州的 Vineland，大約有 50 個單位專供我們的居民使用。這是批准過程的條件。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

I think there was mentioned storm costs. Did you quantify that number for the quarter?

我認為其中提到了風暴成本。您是否量化了本季的數字？

We didn't, but I can touch on that a little bit. And I just want to start by pointing out that the number for the quarter that was impacted, it wasn't the hurricanes in Florida. It was some other high wind storms in the Midwest and -- impacted our communities in Indiana, Ohio and Pennsylvania. It was largely limited to tree removal, a cleanup, a few roofs that needed to be fixed and some skirting issues.

我們沒有，但我可以稍微談一下。首先我想指出的是，本季受到影響的數字並不是佛羅裡達的颶風。這是中西部地區的其他一些強風暴，影響了印第安納州、俄亥俄州和賓夕法尼亞州的社區。它主要限於移除樹木、進行清理、修理一些屋頂以及一些踢腳板問題。

The tree removal was up about $140,000. R&M for the quarter was up about $100,000. So, not substantial, but when you're looking at an increase in expenses of 200 basis points over the last year, those numbers do start to add up. Then just pivoting to the Florida storms, our properties performed very well. We're proud of the product we have. We had a lot of shingle damage, but nothing major, $1,000, $2,000 a home and it looks like our damages were limited to about $100,000 down there.

砍伐樹木的費用約為14萬美元。本季的 R&M 上漲了約 10 萬美元。因此，雖然不是很大，但當你看到去年支出增加了 200 個基點時，這些數字確實開始增加。然後，再看看佛羅裡達的風暴，我們的房產表現得非常好。我們對我們的產品感到自豪。我們家有很多瓦片受損，但都不嚴重，每棟房子的損失在 1,000 美元到 2,000 美元之間，看來我們那裡的損失限制在 10 萬美元左右。

Okay. And so if you were to remove those costs, would you -- would that have sprung you over into double-digit NOI growth territory for the quarter? Or would you have still been -- some think the magic number here is double-digit same-store NOI growth. So, I'm wondering if there's a return to that next quarter and down the line?

好的。那麼，如果您要消除這些成本，那麼您本季的淨營業收入 (NOI) 成長是否會進入兩位數的區間？或者你仍會這樣——有些人認為這裡的神奇數字是兩位數的同店淨營業收入成長率。所以，我想知道下個季度及以後是否會出現這種情況？

Yeah. We think we can get back to double-digit same-property NOI growth. Those two numbers alone would not have gotten us there. It would have gotten us very close into the 9% range. There were some other one-time charges that impacted our overall operating expenses. And if I were to add those back in, it would have been in the 9.5% to 10.5% range.

是的。我們認為我們可以恢復兩位數的同房淨營運收入成長。僅憑這兩個數字還不足以讓我們實現這一目標。這會讓我們非常接近 9% 的範圍。還有一些其他一次性費用影響了我們的整體營運費用。如果我將這些加回去，那麼它會在 9.5% 到 10.5% 的範圍內。

But that being said, we think that we're going to grow revenue faster, given that we will have more rental homes coming online. And we think our expenses will probably come down a little bit from this quarter, and we think we can be in that high single-digit, low double-digit range going forward.

但話雖如此，我們認為，鑑於我們將有更多的租賃房屋上線，我們的收入將會成長得更快。我們認為我們的支出從本季度開始可能會下降，我們認為未來我們的支出可以保持在高個位數到低兩位數的範圍內。

And I just want to point out that, for the year, we're still -- NOI growth was still 11.2%. It was $9 million in total increased NOI for the nine months, which annualizes at $12 million. And again, we're still very happy with that number. This is just a blip of one quarter as far as I'm concerned.

我只想指出，今年我們的營業淨收入成長率仍為 11.2%。前九個月的淨營業收入總計增加了 900 萬美元，折合成年率為 1,200 萬美元。我們仍然對這個數字感到非常滿意。就我而言，這只是一個季度內的一個小插曲。

Fair enough. Noticed at the same-store level, you had flat occupancy sequentially at 87.7%. And we've talked in the past, what's the optimal occupancy to carry so that you have availability to grow? I'm just wondering, is there a number in mind? Or do you just -- are you driving towards 100% occupancy muscling through? Or is -- sort of low 90s, high 80s sort of the optimal level? Anything to read in from that flat occupancy sequential growth this quarter?

很公平。請注意，在同店層面，入住率與上一季持平，為 87.7%。我們過去曾經討論過，最佳佔用率是多少，以便有足夠的空間進行成長？我只是想知道，心裡有數字嗎？或者你只是——正在努力實現 100% 的入住率？還是 —— 90 度以下、80 度以上是最佳水準？從本季入住率環比成長持平來看，有什麼可讀的嗎？

In our presentations, we show you the region-by-region occupancy. So, Ohio, we have 87.57% occupancy. And with the likelihood that Marcellus and Utica Shale drilling increases the likelihood of getting to 100% occupancy in that area is pretty strong. Eastern New York, 94.21%, Western New York 77.91%. I don't know when they'll allow drilling in Western New York, but that is a Marcellus and Utica Shale area. So that could grow.

在我們的演示中，我們向您展示了各地區的佔用情況。因此，俄亥俄州的入住率為 87.57%。隨著馬塞勒斯和尤蒂卡頁岩鑽探的可能性增加，該地區達到 100% 佔用率的可能性相當大。紐約東部 94.21%，紐約西部 77.91%。我不知道他們什麼時候會允許在紐約西部進行鑽探，但那是馬塞勒斯和尤蒂卡頁岩地區。因此它可以增長。

Tennessee, 94.23% occupancy; Indiana, 88.69%; Eastern Pennsylvania, 91.36%; Maryland, 89.86%; Western PA, 84.33%; New Jersey, 96.36%; Michigan, 84.3%. And then it's the new communities to bring the number down. Alabama, 44.82%; Georgia, 11.86%; and South Carolina, 65.22%.

田納西州，入住率為 94.23%；印第安納州，88.69%；賓州東部，91.36%；馬裡蘭州，89.86%；賓州西部，84.33%；新澤西州，96.36%；密西根州，84.3%。然後是新社區，以降低這一數字。阿拉巴馬州，44.82%；喬治亞州，11.86%；以及南卡羅來納州，為 65.22%。

So, we need time to fill Alabama, Georgia, South Carolina. We have to build our 300 to 400 expansion lots, but the likelihood is the existing portfolio with the exception of Alabama, Georgia, South Carolina, will be pretty close to 100% occupied in a year.

所以，我們需要時間來填補阿拉巴馬州、喬治亞州和南卡羅來納州。我們必須建造 300 到 400 個擴建地塊，但現有投資組合（阿拉巴馬州、喬治亞州、南卡羅來納州除外）很可能在一年內接近 100% 的佔用率。

I guess we're just commenting on the sequential growth in occupancy. Not everything occurs in a straight line here. But if you look year-over-year, occupancy was up 220 sites. Our inventory always ebbs and flows, and there's always going to be some turnover of our rental homes, which we experienced later in the third quarter.

我想我們只是在評論入住率的連續增長。這裡並非所有事情都直線發生。但如果與去年同期相比，入住率則增加了 220 個。我們的庫存總是有起有落，我們的出租房屋也總會有一些週轉，我們在第三季後期就經歷了這種情況。

That being said, I'm very comfortable with where our occupancy rate on the rentals is, it's actually a little bit stronger than it was this time last year. And again, we do have inventory coming in at the right locations, and our team is experiencing strong demand to fill those rentals. So, we do expect continued occupancy growth going forward.

話雖如此，我對我們的租賃入住率感到非常滿意，實際上比去年同期略高一些。而且，我們確實在正確的位置有庫存，而且我們的團隊正面臨填補這些租賃的強烈需求。因此，我們確實預計未來入住率將持續成長。

Great color. Last question for me. Of the 10,089 rental homes in the portfolio today, when you look at that, what percentage of that would you say is obsolete? And will -- when a day comes that there is a vacancy that you'll have to replace it? And what percentage can carry on either through a home sale or a re-rental?

顏色很棒。我的最後一個問題。目前，投資組合中有 10,089 套出租房屋，您認為其中有多少比例是過時的？而且—當有一天出現空缺時，您是否必須替換它？那麼有多少比例的人可以透過出售房屋或轉租來維持生活？

So, I believe there's 10,300 vacant sites.

因此，我認為有 10,300 個空置站點。

He's looking at the same store.

他正在看同一家商店。

Okay. So UMH has a total of 10,300 rental units. We only started buying rental homes in 2011. So -- and then we only bought 100 homes that year, 300 the next, 500 the next and then started going to 800 a year. So virtually none of our homes are obsolete. But as they become 10 years old, it would have been great if we -- and still a possibility exists that the Vice President's tax credit for first, tax credit for first-time homebuyers comes to be. But potentially, you could sell those 10-year-old homes and potentially make $20,000, $30,000 per house.

好的。因此，UMH 共有 10,300 個租賃單位。我們從 2011 年才開始購買出租房屋。所以 — — 那一年我們只買了 100 套房子，第二年買了 300 套，第三年買了 500 套，然後開始每年買 800 套。所以實際上我們的房屋都沒有過時。但隨著他們 10 歲了，如果我們能夠——而且仍然存在這種可能性——副總統針對首次購房者的稅收抵免能夠實現，那就太好了。但有可能，你可以賣掉這些 10 年舊房子，每間房子可以賺 2 萬到 3 萬美元。

And Dodd-Frank SAFE Act Truth in Lending, the Consumer Finance Protection Bureau, all those things that came to be in 2009, basically tied both hands behind our back, and we found a way to get around it by renting homes.

2009 年推出的《多德—弗蘭克安全法案》、《誠實借貸》和《消費者金融保護局》等法規基本上束縛了我們的手腳，而我們找到了繞過這些法規的方法，那就是租房。

But if things get changed so that people earning $40,000 to $80,000 a year can qualify for financing, selling those older 10-year-old homes can be very profitable for us and very beneficial to the person who buys them because then they only receive the lot rent increase, not the increase on the value of the home plus a lot rent and so they build equity in their house, they could sell their house for a profit. It could be very beneficial to them and to us, and maybe that will still occur.

但如果情況發生變化，年收入 4 萬至 8 萬美元的人可以有資格獲得融資，那麼出售這些 10 年舊房對我們來說將非常有利可圖，對購買者來說也非常有利，因為這樣他們就只能獲得地租上漲的部分，而不是房屋價值上漲加上地租上漲的部分，因此他們可以積累房屋淨值，從而可以出售房屋賺取利潤。這對他們和我們來說都非常有益，而且這種情況也許仍會發生。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

I have another follow-up on the rental home deployments. I'm just trying to understand if you're deploying 800, let's say, in 2025, should we expect somewhat of a programmatic sale, and so maybe you don't have a net 800 added to the rental pool? Or I think we're just trying to figure out how much growth you're going to have in the rental pool if you're starting to sell out of it, which I don't think you've done too much of in the past?

我還有一個關於出租房屋部署的後續問題。我只是想知道，如果您在 2025 年部署了 800 輛汽車，我們是否應該期待某種程度的程序化銷售，那麼，您是否可能不會在租賃池中淨增 800 輛汽車？或者我認為我們只是想弄清楚，如果您開始出售房屋，您的租賃池將增長多少，而我認為您過去並沒有做過太多這樣的事情？

We don't have any desire to sell the rental homes. We look at it as the finance business. We look at -- Jim Clayton became a billionaire selling Clayton Homes to Warren Buffett and Warren Buffett bought it for the finance business and the rental homes are really the finance business.

我們無意出售出租房屋。我們將其視為金融業務。我們看到，吉姆·克萊頓通過把克萊頓房屋賣給沃倫·巴菲特而成為億萬富翁，而沃倫·巴菲特買下它是為了做金融生意，而出租房屋實際上是金融生意。

So why do we want to sell them. But at the same time, I say that, had -- if this tax credit for first-time homebuyers comes to be, and we can sell those 10-year-old rental homes at a significant profit or we're also looking at a government program for down payment, a government grant that pays people's down payment.

那我們為什麼要出售它們呢？但同時，我想說，如果首次購屋者的稅收抵免政策得以實施，我們就可以以可觀的利潤出售這些十年前建成的出租房屋，或者我們也在考慮政府的首付計劃，即政府補助來支付人們的首付。

If those things occur, and we can make $30,000 per unit, selling 10-year-old rental homes, it becomes a good idea. So that's not there yet, but the potential exists.

如果這些事情發生的話，我們可以透過出售 10 年房齡的出租房屋每套賺取 3 萬美元，這將是一個好主意。雖然目前還沒有實現，但是潛力是存在的。

Okay. I appreciate the color there. A big quarter from an equity issuance perspective, and you pay down the line of credit, but should we anticipate that you may pay down the loans payable that remain because I think they are still the highest cost to remain debt that you have? Or is it somehow cost prohibitive to do that?

好的。我很欣賞那裡的色彩。從股票發行的角度來看，這是一個重要的季度，您償還了信用額度，但我們是否應該預期您可能會償還剩餘的應付貸款，因為我認為它們仍然是您所欠債務中成本最高的？還是這樣做成本太高了？

I think the only loans payable we have is the term loan on our rental homes, and that's not due for another couple of years. And that's only $20-something million. But on an annual basis, we need between $120 million to $150 million.

我認為我們唯一需要償還的貸款是我們出租房屋的定期貸款，這筆貸款還要幾年才到期。而這僅僅只有2000多萬美元。但以年度計算，我們需要 1.2 億至 1.5 億美元。

So therefore, we are able, with our ATM issuance this quarter, we are all set in order to execute our business plan next year as well as anticipating any acquisitions that may come about. --

因此，隨著本季 ATM 的發行，我們能夠準備好執行明年的業務計劃，並預測可能發生的任何收購。--

That's all right. I understood you quite clearly. Just one more for me. There was a nice reduction in G&A. I know you had the last -- the special bonus related to Fannie Mae financing recognized last quarter. But how should we think about cash G&A going forward? Do you need -- is there any need to add more people?

沒關係。我很清楚地了解你。對我來說僅此一項。G&A 費用大幅減少。我知道您獲得了上個季度確認的與房利美融資相關的特別獎金。但我們該如何看待未來的現金一般及行政開支？您是否需要－是否需要增加更多人員？

In terms of more people, that all depends on what happens on the acquisition front. As we are with our properties to be developed, adding our rental units, any increase in G&A will be minor. It's nothing significant. If we find a large enough acquisition, there'll be increase in administrative, but that will be balanced by the new income from the acquisition.

就更多人員而言，這完全取決於收購方面發生的情況。由於我們正在開發物業，並增加了租賃單位，因此一般行政開支的任何增加都將很小。沒什麼大不了的。如果我們發現一個足夠大的收購，那麼管理費用就會增加，但這將透過收購帶來的新收入來平衡。

Well, this is Gene Landy, the Chairman. We geared up the company to expand it because the nation needs additional housing. And we're talking about -- we're doing 100,000 units a year in manufactured housing. We should be doing 200,000, and we really want to build additional communities.

嗯，這是董事長吉恩蘭迪 (Gene Landy)。由於國家需要更多的住房，我們加快了公司擴張的腳步。我們正在談論——我們每年建造 100,000 套預製房屋。我們應該做20萬個，而且我們確實想建立更多的社區。

And we know that the opportunities exist because we're doing it. We've been doing it. We've been successfully building parks, renovating parks, and we could do much more and we're staffed hopefully, for the Opportunity Zone law changes.

我們知道機會是存在的，因為我們正在這樣做。我們一直在做這件事。我們成功地建造了公園，翻新了公園，我們還可以做更多的事情，並且我們希望為機會區法律的變化配備人員。

But for whatever way we can expand as the company, we are staffed to do much more than we're doing now. And right as we speak, we're working on the Opportunity Zone amendments, which will give us the ability to get the zoning. Zoning is a big problem in building manufactured homes.

但無論我們以何種方式擴張公司，我們配備的員工可以做比現在更多的事情。就在我們說話的時候，我們正在研究機會區修正案，這將使我們能夠進行分區。分區是建造活動房屋時的一個大問題。

We have 2,000 acres but we've -- over the years, it's been only partially successful in rezoning them for manufactured housing. The nation needs 4 million homes. That means you need 4 million lots and the building for conventional homes and $1 million dollar mansions and towns are very anxious to do that and there's no opposition to it. So, our lots are going to be very valuable, but we want to also build the affordable housing.

我們有 2,000 英畝土地，但多年來，我們只部分成功地將其重新規劃為建造預製房屋的土地。該國需要400萬套住房。這意味著你需要 400 萬塊地皮來建造傳統住宅和價值 100 萬美元的豪宅，而城鎮非常渴望這樣做，並且沒有人反對。因此，我們的地塊將會非常有價值，但我們也想建造經濟適用房。

So, I guess what I'm trying to tell you is that I'd like to see the company much bigger. The people are our best asset. We have tremendous people working for us, and we're working on tremendous new ideas. We were the pioneer on the duplex unit.

所以，我想告訴你的是，我希望看到公司變得更大。人民是我們最寶貴的財富。我們擁有大量員工，我們也致力於開發大量新創意。我們是複式單位的先驅。

Duplex unit is simply taking a single-wide unit and cutting in half and have two 550 square foot units on one lot. And that really creates an opportunity for affordable housing and we envision building whole communities with duplex units and that's in its infancy.

複式單元房簡單地將一個單寬單元切成兩半，在同一個地塊上形成兩個 550 平方英尺的單元。這確實為經濟適用住宅創造了機會，我們設想建造整個複式住宅社區，但這還處於起步階段。

But you have to go find the land. You get it rezoned. We were successful in getting HUD to approve the concept, but we have to engineer it. And frankly, we've got to understand the market. We've never been in the duplex business. So please don't look at our administrative expenses based on a fixed company, you're looking at administration expenses for a company that wants to substantially increase in size and growth to fill the needs.

但你必須去尋找那片土地。您將其重新劃分。我們成功讓住房和城市發展部批准了這個概念，但我們必須對其進行設計。坦白說，我們必須了解市場。我們從來沒有涉足過複式業務。因此，請不要基於固定的公司來看待我們的管理費用，您應該查看希望大幅擴大規模和成長以滿足需求的公司的管理費用。

John Massocca, B. Riley Securities.

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

So maybe touching on external growth a little bit more. You seemed a little more optimistic that there might be opportunities out there that maybe the bid-ask spread between buyers and sellers of communities has narrowed. I was just wondering if there's any color you can give on what's driving that or any specific kind of operators in the market that are kind of more likely to sell now than they were three to six months ago?

所以也許可以多談外部成長。您似乎更樂觀地認為，可能存在一些機會，社區買家和賣家之間的買賣價差可能已經縮小。我只是想知道，您能否詳細說明一下推動這一現象的因素是什麼，或者市場上哪些特定類型的運營商現在比三到六個月前更有可能出售？

The other publicly-held manufactured housing REITs had a significant advantage over us in terms of cost of capital. But as our stock price has risen, our cost of equity capital has gone down. So that advantage is dwindling. And then on the private side, we have access to the markets. We have access to preferred, access to common.

其他公開持有的住宅房地產投資信託基金 (REIT) 在資本成本方面比我們有明顯優勢。但隨著我們股價上漲，我們的股本成本下降了。所以這種優勢正在逐漸消失。在私人方面，我們可以進入市場。我們可以獲得優先權，也可以獲得普通權。

We have plenty of debt available. So, we're in a better position than most people to acquire communities at this moment. So, I don't know what will come for sale. But if communities come for sale, we're able to pay more than we could pay in the past on a per lot basis because the yield spread is in our favor.

我們有大量債務。因此，目前我們比大多數人更有能力收購社區。所以，我不知道會有什麼東西可以賣。但如果社區出售，我們能夠支付比過去按地塊支付更多的價格，因為收益差對我們有利。

We look at acquisitions based on duration and compounding. And we look at the return we're going to get over 10, 12 years. Other people look at the return they're going to get next year. So that -- we think we have foresight to know that we're going to get some valuable and profitable acquisitions where other people who are just looking at what they're going to make a year or two years from now, turning them down. And if you look at what we've done with our existing portfolio, our business plan has worked, and we think it will work in the future.

我們根據期限和複利來考慮收購。我們看的是10年到12年後我們將獲得的回報。其他人則關注的是明年他們將獲得的回報。所以，我們認為我們有遠見，知道我們將進行一些有價值和有利可圖的收購，而其他人只考慮一年或兩年後能賺多少錢，而拒絕了這些收購。如果你看看我們對現有投資組合所做的一切，你會發現我們的商業計劃已經奏效，而且我們認為它將來也會奏效。

Okay. I mean, with that in mind, I mean, how are you thinking about kind of your current leverage levels? They've obviously come down pretty significantly over the last couple of quarters. I mean is that more leaving you kind of a coiled spring to do more investments? Or do you kind of feel like all else being equal from a cost of capital perspective, you'd like to stay at this level going forward?

好的。我的意思是，考慮到這一點，您如何看待您目前的槓桿水平？在過去幾個季度中，這一數字顯然已經大幅下降。我的意思是，這是否讓你更有動力進行更多的投資？或者您覺得從資本成本的角度來看，如果其他一切都相同，您希望未來保持在這個水平？

No, I mean, we have no -- minimal debt right now. But the object is, let's see what interest rates do. If they go down, the preferred becomes the most attractive use to capital. And if interest rates go up, stay the same, with a combination of 50% debt, 50% common, is attractive. So, we have all of the options available to us, including the $118 million in properties that get refinanced next year.

不，我的意思是，我們現在沒有——最低限度的債務。但目的是讓我們看看利率會怎麼樣。如果它們下跌，優先股將成為對資本最具吸引力的選擇。如果利率上升，保持不變，那麼 50％ 債務、50％ 普通股的組合就很有吸引力。所以，我們擁有所有的選擇，包括明年再融資的價值 1.18 億美元的房產。

Correct. $116 million.

正確的。 1.16億美元。

$116 million of properties get refinanced next year, and we think they've doubled their value, so we could take twice as much money out of those properties as is currently available.

$116明年將有數百萬的房產獲得再融資，我們認為這些房產的價值已經翻了一番，因此，從這些房產中獲得的資金將是目前的兩倍。

And if I can add one more thing. There should be a better appreciation of the government-sponsored entities that we've borrowed from in the past. This money is long term and it's lower cost than from other sources. And the government is very interested in financing affordable housing, and we plan to utilize government-sponsored entities to finance our acquisitions to finance our expansions and our greenfield developments, and that is an area that other REITs and other businesses don't have. But on top of that, if you see the three banks we have, we have the top banks in the country on our line. And we believe we have access to capital.

我還可以補充一點。我們應該更理解過去我們所借貸的政府資助實體。這筆資金是長期的，而且成本比其他來源的資金要低。政府對資助經濟適用房非常感興趣，我們計劃利用政府支持的實體為我們的收購提供資金，為我們的擴張和綠地開發提供資金，這是其他房地產投資信託基金和其他企業所沒有的領域。但除此之外，如果你看看我們擁有的三家銀行，你會發現我們擁有國內頂尖的銀行。我們相信，我們可以獲得資本。

And compared to the potential gains because the housing has been one of the best investments over the past four years and we think it's going to continue to be a great investment. So, we plan to grow the company using various capital forms.

與潛在收益相比，由於住房是過去四年中最好的投資之一，我們認為它將繼續成為一項偉大的投資。因此，我們計劃利用各種資本形式來發展公司。

Switching gears just a little bit. Last one for me. On the self-storage units. I mean you talked about them being kind of additive to kind of existing and potential future communities. Is there a scenario where you would develop kind of on a more -- on a basis that's a little bit less tied to your kind of manufactured housing communities just given it may be a higher and better use for some of the land you have in the portfolio or for zoning reasons? Or do you think future development of that kind of asset class is going to be really tied to kind of community growth -- manufactured housing community growth?

稍微轉換一下話題。對我來說是最後一個。關於自助倉儲單元。我的意思是，您談到它們對於現有社區和潛在的未來社區具有某種附加作用。是否存在一種情形，您會在開發的基礎上，不那麼依賴您的預製房屋社區，只是考慮到它可能對您投資組合中的部分土地有更高、更好的用途，或者出於分區原因？或者您認為這種資產類別的未來發展將真正與社區發展—製造業住宅社區發展緊密相關？

A, we want to be 100% focused on strictly being quality affordable housing through homes for sale and rent. We see the self-storage as a necessary accessory use. Our residents need self-storage. So, us owning self-storage joining the communities benefits their experience of living in the communities. There's some, and it's not a lot, but some vacant land adjoining our communities where we're more likely to get approvals in the Vineland case for very expensive homes. And the Carlisle case, it's 29 1-acre lots. If they let us build eight homes per acre of manufactured housing, I'd prefer that. But it's not likely to happen.

答，我們希望 100% 專注於透過出售和出租房屋來提供優質經濟適用住房。我們將自助倉儲視為必要的附屬用途。我們的居民需要自助倉儲。因此，我們擁有的自助倉儲加入社區有利於他們在社區中的生活體驗。有，雖然不多，但有一些毗鄰我們社區的空置土地，我們更有可能在 Vineland 案例中獲得非常昂貴的住宅批准。卡萊爾的案例中有 29 塊 1 英畝的土地。如果他們允許我們在每英畝的預製房屋上建造八棟房屋，我會更願意這樣做。但這不太可能發生。

So, we'll take the 29 1-acre lots. We'll use a factory-built home, which is called a CrossMod and use the superior wall systems and then we'll retail out the final product of a house on a subdivided lot. But that's going to be a minimal part of what we do. It's done in our taxable REIT subsidiary.

所以，我們將選擇 29 塊 1 英畝的土地。我們將使用工廠建造的房屋，稱為 CrossMod，並使用卓越的牆體系統，然後我們將在細分地段零售房屋的最終產品。但這只是我們所做工作的一小部分。這是在我們的應稅房地產投資信託基金子公司中完成的。

But our giant focus is just keep doing what we're doing, provide what HUD defines and what Sustainalytics defines as affordable housing through our communities getting us that great social designation, which reduces our cost of capital from the government-sponsored entities and it's just beneficial.

但我們的主要重點是繼續做我們正在做的事情，透過我們的社區提供 HUD 定義和 Sustainalytics 定義的經濟適用住房，讓我們獲得優秀的社會稱號，這降低了我們從政府支持實體獲得的資本成本，這是有益的。

Rich Anderson, Wedbush.

里奇安德森，韋德布希。

Just a quick follow-up on same-store methodology. So, let's -- I know your same-store is calculated at the community level, you've excluded some for various reasons in the same-store pool. But let's say a community in a same-store pool has been expanded via your expansion site process.

只是對同店方法論的一個快速跟進。所以，讓我們——我知道你的同店是在社區層面計算的，你因為各種原因在同店池中排除了一些。但是，假設同一商店池中的社區已經透過擴展站點流程進行了擴展。

Are those new expansion units included in the pool such that it could weigh down the optics of growth initially before you start seeing units get -- or sites getting cash paying? Or do you exclude the expansion component from the same-store calculation until a full year has passed?

這些新的擴充單元是否包含在池中，以至於在您開始看到單元獲得現金支付之前，它可能會最初壓低成長的光學效果？或者您要將擴張部分從同店銷售額計算中排除，直到整整一年過去為止？

They are included if the community itself was included. So, it is included in our same-store numbers.

如果社區本身被包括在內，那麼它們也會被包括在內。所以，它包含在我們的同店資料中。

Okay. And does it play a material role in your growth? Or is it sort of very rounding area?

好的。它對你的成長有實質的作用嗎？或者它是一個非常圓形的區域？

Right. It hasn't been that material. So that's why we just leave it in there.

正確的。它並不是那麼重要。所以我們把它留在那裡。

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

問答環節到此結束。我想將會議交還給 Samuel Landy 來做結束語。

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 February with our fourth quarter and year-end 2024 results. Thank you.

謝謝您，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、布雷特和我都可以回答任何後續問題。我們期待在二月向您報告我們的第四季和 2024 年年終業績。謝謝。

The conference has now concluded. Thank you for attending today's presentation. The teleconference replay will be available in approximately 1 hour. To access this replay, please dial US toll-free 1 (877) 344-7529 or international (412) 317-0088. The conference access code is 2262955. Thank you, and please disconnect your lines.

會議現已結束。感謝您參加今天的演講。電話會議重播將在約 1 小時後提供。若要收聽此重播，請撥打美國免付費電話 1 (877) 344-7529 或國際電話 (412) 317-0088。會議接入碼為2262955。謝謝您，請斷開您的線路。