UMH Properties Inc (UMH) 2025 Q1 法說會逐字稿

Good morning and welcome to UMH Properties first quarter 2025 earnings conference call. (Operator Instructions) 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. Mr. Koster, you may begin.

早安，歡迎參加 UMH Properties 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我很高興介紹您的主持人、執行副總裁兼總法律顧問 Craig Koster 先生。科斯特先生，您可以開始。

Thank you very much, operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited first 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一季補充資訊報告。此補充資訊簡報以及我們的 10-Q 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. 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。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。

The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's first quarter 2025 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.

可能導致實際結果與預期有重大差異的風險和不確定性已在公司 2025 年第一季財報和向美國證券交易委員會提交的文件中詳細說明。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層：創始人兼董事長 Eugene Landy；總裁兼首席執行官 Samuel Landy； Anna Chew，執行副總裁兼首席財務官；布雷特·塔夫脫 (Brett Taft)，執行副總裁兼首席營運官；資本市場副總裁 Jim Lykins；以及執行副總裁 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。

Thank you very much, Greg. First, we are devastated by the passing of our Director, KC Conway. KC was an exceptional friend father director, economist and so much more. He positively impacted every organization he was involved in, and he will be greatly missed by all.

非常感謝，格雷格。首先，我們的主任 KC Conway 的去世讓我們深感悲痛。KC 是一位出色的朋友、父親、導演、經濟學家，等等。他對他參與的每一個組織都產生了正面的影響，大家都會非常想念他。

UMH is pleased to report another solid quarter of operating and financial results. Our communities continue to experience strong demand, which is resulting in increased occupancy and improved community operating results. Normalized FFO for the first quarter of 2025 was $0.23 per diluted share as compared to $0.22 per diluted share last year, representing an increase of 5%.

UMH 很高興地報告其又一個季度的營運和財務表現穩健。我們的社區持續面臨強勁的需求，這導致入住率增加和社區營運績效改善。2025 年第一季的標準化 FFO 為每股稀釋後 0.23 美元，而去年同期為每股稀釋後 0.22 美元，成長 5%。

Our strong financial and operating results have given management and the Board of Directors the confidence to increase our common stock dividend by $0.04 per share annually to $0.90 per share. This represents a 4.7% increase over last year. We have now increased our dividend for five consecutive years for a cumulative annual increase of $0.18 or 25%.

我們強勁的財務和經營業績使管理層和董事會有信心將我們的普通股股息每年增加 0.04 美元/股，達到 0.90 美元/股。比去年增加了 4.7%。我們現在已經連續五年增加股息，累計每年增加 0.18 美元或 25%。

Our business plan has been proven to provide investors with enduring long-term value. The acquisitions and investments we have made in our communities have improved the overall quality of housing we provide, which has allowed us to increase occupancy through the successful implementation of our rental home and sales programs.

我們的商業計劃已被證明能夠為投資者提供持久的長期價值。我們在社區中進行的收購和投資提高了我們所提供住房的整體質量，這使我們能夠透過成功實施租賃房屋和銷售計劃來提高入住率。

We are optimistic that we will continue to increase earnings and value through the occupancy of our 3,400 vacant sites, development of our 2,400 acres of vacant land, the increased profitability of our sales division and through the acquisition of existing communities and development of new communities. Given the housing shortage and our position in the industry, we believe we have positioned the company for success for many years to come.

我們樂觀地認為，透過佔用 3,400 個空置場地、開發 2,400 英畝空置土地、提高銷售部門的盈利能力以及收購現有社區和開發新社區，我們將繼續增加收益和價值。考慮到住房短缺和我們在行業中的地位，我們相信我們已經為公司未來多年的成功做好了準備。

Our same property results continue to meet our expectations. Rental and related revenue increased by 8%, expenses increased by 8% and community NOI increased by 8%. Our expenses in the first quarter were elevated as a result of the difficult winter throughout our entire portfolio. That being said, we are pleased with the performance of our communities in this environment.

我們相同的物業業績持續符合我們的預期。租金及相關收入增加了 8%，支出增加了 8%，社區 NOI 增加了 8%。由於整個投資組合都經歷了嚴冬，因此第一季的支出有所增加。話雖如此，我們對社區在這種環境下的表現感到滿意。

Same property occupancy increased by 113 units year-to-date and 227 units over the first quarter of last year. The demand we are seeing at the community level should result in further occupancy gains throughout the remainder of the year.

今年迄今，同一物業的入住率增加了 113 套，比去年第一季增加了 227 套。我們在社區層面看到的這種需求應該會在今年剩餘時間內導致入住率進一步上升。

Gross home sales for the quarter were $6.7 million as compared to $7.4 million last year, representing a decrease of approximately 9.5%. And -- included in last year's sales was the liquidation and sales of inventory at a sales center that was leased to a third-party operator. Excluding these homes liquidated or sold in the sales center, sales of manufactured homes for the quarter ended March 31, 2024, amounted to $6.4 million or 88 homes and cost of sales amounted to $4.2 million.

本季房屋銷售總額為 670 萬美元，而去年同期為 740 萬美元，下降約 9.5%。並且——去年的銷售額還包括清算和銷售中心的庫存銷售，該中心租賃給第三方營運商。不包括這些在銷售中心清算或出售的房屋，截至 2024 年 3 月 31 日的季度，製造房屋的銷售額為 640 萬美元或 88 套房屋，銷售成本為 420 萬美元。

Our gross sales profit for the quarter was $2.3 million, and our net profit from sales was approximately $618,000. During the quarter, we sold 71 homes, of which 26 were new, averaging $151,000 per sale and 45 were used, averaging $60,000 per sale. Our sales results should continue to improve throughout the year as we enter our peak selling season and generate increased sales at our recently opened expansions.

本季我們的總銷售利潤為 230 萬美元，銷售淨利潤約為 618,000 美元。本季度，我們售出了 71 套房屋，其中 26 套為新房，平均每套售價 151,000 美元，45 套為二手房，平均每套售價 60,000 美元。隨著我們進入銷售旺季並且最近開業的擴張店的銷售額增加，我們的銷售業績應該會在全年繼續改善。

We continue to make progress obtaining approvals for expansion sites on our vacant land. We anticipate the development of over 150 sites this year. These sites are well located in markets where existing communities experience high occupancy levels, rental rates and sales profits. Our vacant land and these expansion sites give us a long runway to deliver organic growth for the foreseeable future.

我們在獲得空置土地擴建場地的批准方面繼續取得進展。我們預計今年將開發超過 150 個站點。這些地點位於現有社區入住率、租金和銷售利潤都較高的市場中。我們的空置土地和這些擴建場地為我們在可預見的未來實現有機成長提供了長期的基礎。

Expansions improved the community operating results as many of the community expenses are fixed. These expansions greatly increase the value of our communities while generating sales profits and improving our community operating results. We have over $45 million invested in expansions that are not yet generating our expected yield on cost.

由於許多社區開支都是固定的，因此擴張改善了社區的營運表現。這些擴張極大地提高了我們社區的價值，同時產生了銷售利潤並改善了我們的社區營運績效。我們已投資超過 4500 萬美元用於擴張，但尚未產生預期的成本效益。

As we sell homes and fill these sites, our occupancy rates, income and NOI should rise accordingly, resulting in our 2,400 acres of vacant land becoming valuable. We will continue to work on expanding our existing communities in addition to exploring selling our vacant land to single-family homebuilders or for other higher and better uses.

隨著我們出售房屋並填補這些地塊，我們的入住率、收入和淨營運收入將相應上升，從而使我們 2,400 英畝的空置土地變得有價值。我們將繼續致力於擴大我們現有的社區，並探索將我們的空置土地出售給獨棟住宅建築商或用於其他更高更好的用途。

Our rental home program continues to perform as expected. We have strong demand throughout our portfolio and in many cases, have waiting lists. Our rental home occupancy rate increased from 94% at year-end to 94.6% at the end of the first quarter. During the first quarter, we converted 109 new homes from inventory to revenue-generating rental homes. We anticipate adding 800 new rental homes to our portfolio this year.

我們的出租房屋計劃繼續按預期進行。我們的整個投資組合都有強勁的需求，並且在許多情況下都有等候名單。我們的租賃房屋入住率從年底的94％上升至第一季末的94.6％。第一季度，我們將 109 套新房從庫存轉變為可產生收入的出租房屋。我們預計今年將新增 800 套出租房屋。

Our turnover rates remain low between 20% to 30%. Our rental home repair and maintenance remains at approximately $400 per home per year. On the acquisition front, we closed on the acquisition of two communities located in Mantua, New Jersey, for a total purchase price of $24.6 million or $92,500 per site. These two communities contain 266 sites, of which 100% are owner occupied. They are five star, age-restricted communities that we are proud to add to our portfolio.

我們的營業額率維持在20%至30%的較低水準。我們的出租房屋維修和保養費用仍為每戶每年約 400 美元。在收購方面，我們完成了對位於新澤西州曼圖亞的兩個社區的收購，總購買價為 2,460 萬美元，即每個地點 92,500 美元。這兩個社區共有 266 個地塊，其中 100% 為自住地塊。它們是五星級的、有年齡限制的社區，我們很榮幸將它們添加到我們的投資組合中。

Our current acquisition pipeline contains two communities in Maryland that we hope to close in the second quarter, consisting of 191 sites that are approximately 76% occupied. The purchase price for these communities is $14.6 million or $76,600 per site. We continue to evaluate future acquisitions and hope to grow our acquisition pipeline in the near future.

我們目前的收購管道包括馬裡蘭州的兩個社區，我們希望在第二季完成收購，這兩個社區共有 191 個地點，入住率約 76%。這些社區的購買價格為 1460 萬美元或每個地點 76,600 美元。我們將繼續評估未來的收購，並希望在不久的將來擴大我們的收購管道。

We are still assessing the impact of tariffs on our business, but early indications are they will have a minimal impact on our business. We currently have over 650 homes on order with more than 500 homes delivered to our communities. The 500 homes are paid for, and we don't anticipate large price increases on the balance. These homes should allow us to rapidly increase occupancy at our communities.

我們仍在評估關稅對我們業務的影響，但早期跡象表明，它們對我們業務的影響微乎其微。目前，我們已訂購超過 650 套房屋，其中 500 多套已交付給我們的社區。500 套房屋的付款已經完成，我們預計其餘價格不會大幅上漲。這些房屋可以讓我們快速提高社區的入住率。

Additionally, our rent collections remain strong and in line with our historical collection rates, application volume is up and sales demand is strong. We will continue to monitor the impact of tariffs and geopolitical issues on our business, but at the moment, all appears to be business as usual.

此外，我們的租金收取依然強勁，與我們的歷史收取率一致，申請量上升，銷售需求強勁。我們將繼續關注關稅和地緣政治問題對我們業務的影響，但目前看來，一切似乎一切照常。

Over the past 1, 5 and 10 years ending December 31, 2024, and -- UMH has been the top manufactured housing REIT. Our total shareholder return in 2024 was approximately 30% for 1 year, 51% over 5 years and 234% over 10 years. We have a proven track record of executing our business plan. Since 2020, UMH has increased its dividend by 25%. Our business plan has positioned us with 3,400 vacant sites and 2,400 acres of vacant land to continue our organic growth.

截至 2024 年 12 月 31 日的過去 1 年、5 年和 10 年中，UMH 一直是頂級的製造房屋房地產投資信託基金。我們 2024 年的股東總回報率為 1 年約為 30%，5 年約為 51%，10 年約為 234%。我們在執行業務計劃方面有著良好的記錄。自 2020 年以來，UMH 已將股息提高了 25%。我們的商業計劃為我們提供了 3,400 個空置場地和 2,400 英畝空置土地，以繼續我們的有機增長。

This organic growth should allow us to generate similar earnings growth and operating results for years to come. Additionally, with our strong balance sheet, we are prepared to execute on compelling acquisitions as they become available. The fundamentals of manufactured housing are strong, and UMH is well positioned to continue to grow through our established long-term business plan.

這種有機成長將使我們在未來幾年內實現類似的獲利成長和經營績效。此外，憑藉我們強大的資產負債表，我們準備在有吸引力的收購機會出現時立即執行。預製房屋的基本面強勁，UMH 已做好充分準備透過我們既定的長期業務計劃繼續增長。

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 nonrecurring items, with $18.8 million or $0.23 per diluted share for the first quarter of 2025 compared to $15 million or $0.22 per diluted share for 2024, resulting in a 25% cumulative increase and a 5% per diluted share increase.

謝謝你，山姆。標準化 FFO（不包括攤銷和非經常性項目）為 2025 年第一季的 1880 萬美元或每股稀釋後 0.23 美元，而 2024 年為 1500 萬美元或每股稀釋後 0.22 美元，累計增加 25%，每股稀釋後增加 5%。

Rental and related income for the quarter was $54.6 million compared to $50.3 million a year ago, representing an increase of 8%. This increase was primarily due to an increase in same-property occupancy, the addition of rental homes and an increase in rental rates.

本季租金及相關收入為 5,460 萬美元，而去年同期為 5,030 萬美元，成長 8%。這一增長主要是由於同房入住率增加、出租房屋增加以及租金上漲。

Community operating expenses increased 9% during the quarter. This increase was mainly due to an increase in payroll costs, real estate taxes, snow removal and water and sewer expenses. Our same property results continue to meet our expectations. Same-property income increased by 8% for the quarter, and despite the 8% increase in community operating expenses, community NOI increased by 8% for the quarter from $30 million in 2024 to $32.5 million in 2025.

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、除雪以及水和下水道費用的增加。我們相同的物業業績持續符合我們的預期。本季同物業收入成長了 8%，儘管社區營運費用增加了 8%，但本季社區 NOI 仍成長了 8%，從 2024 年的 3,000 萬美元增加到 2025 年的 3,250 萬美元。

As we turn to our capital structure, at quarter end, we had approximately $606 million in debt, of which $476 million was community-level mortgage debt, $29 million was loans payable and $101 million was our 4.72% Series A bonds.

談到我們的資本結構，截至本季末，我們的債務約為 6.06 億美元，其中 4.76 億美元為社區級抵押貸款債務，2,900 萬美元為應付貸款，1.01 億美元為我們的 4.72% A 系列債券。

Total debt was 99% fixed rate at quarter end with a weighted average interest rate of 4.39%. The weighted average interest rate on our mortgage debt was 4.18% at quarter end compared to 4.17% at quarter end last year. The weighted average maturity on our mortgage debt was 4.2 years at quarter end and 5.1 years at quarter end last year.

季末總負債為 99% 固定利率，加權平均利率為 4.39%。本季末，我們抵押貸款債務的加權平均利率為 4.18%，而去年同期為 4.17%。本季末，我們的抵押貸款債務的加權平均期限為 4.2 年，去年季度末為 5.1 年。

In this volatile interest rate environment, the weighted average interest rate on our short-term borrowings was 29 basis points lower at 6.5% at the current quarter end as compared to 6.79% at quarter end last year. In total, the weighted average interest rate on our total debt was 17 basis points lower at 4.39% at the current quarter end compared to 4.56% at quarter end last year.

在這種波動的利率環境下，本季末我們短期借款的加權平均利率為 6.5%，較去年季末的 6.79% 下降了 29 個基點。總體而言，本季末我們總負債的加權平均利率為 4.39%，較去年季末的 4.56% 下降 17 個基點。

At quarter end, UMH had a total of $322 million in perpetual preferred equity. Our preferred stock, combined with an equity market capitalization of over $1.5 billion and our $606 million in debt results in a total market capitalization of approximately $2.5 billion at quarter end as compared to $2.1 billion last year, representing an increase of 18%.

截至本季末，UMH 的永久優先股總額為 3.22 億美元。我們的優先股加上超過 15 億美元的股票市值和 6.06 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 21 億美元，增幅達 18%。

During the quarter, we issued and sold 515,000 shares of common stock under the 2024 September common ATM program at a weighted average price of $18.21 per share, generating gross proceeds of $9.4 million and net proceeds of $9.2 million after offering expenses.

本季度，我們根據 2024 年 9 月普通 ATM 計劃發行並出售了 515,000 股普通股，加權平均價格為每股 18.21 美元，扣除發行費用後，總收益為 940 萬美元，淨收益為 920 萬美元。

The company also received $2.6 million, including dividends reinvested through the DRIP. During the quarter, we issued and sold 49,000 shares of Series D preferred stock under the 2023 preferred ATM program at a weighted average price of $23.03 per share, which generated growth and net proceeds after offering costs of $1.1 million.

該公司還獲得了 260 萬美元，其中包括透過 DRIP 再投資的股息。本季度，我們根據 2023 年優先 ATM 計劃發行並出售了 49,000 股 D 系列優先股，加權平均價格為每股 23.03 美元，在扣除 110 萬美元的發行成本後實現了增長和淨收益。

On March 5, 2025, the company terminated the use of the 2023 preferred ATM program and entered into the 2025 preferred ATM program, under which we may offer and sell shares of the company's Series B preferred stock, having an aggregate sales price of up to $100 million.

2025 年 3 月 5 日，公司終止使用 2023 年優先 ATM 計劃，並簽訂了 2025 年優先 ATM 計劃，根據該計劃，我們可以提供和出售公司 B 系列優先股的股份，總銷售價格高達 1 億美元。

At the time of such termination, approximately $16.5 million of Series D preferred stock remains unsold under the 2023 preferred ATM program. As of March 31, 2025, the company has not issued or sold any shares under the 2025 preferred ATM program.

在終止時，根據 2023 年優先 ATM 計劃，約有 1,650 萬美元的 D 系列優先股仍未售出。截至 2025 年 3 月 31 日，該公司尚未根據 2025 年優先 ATM 計劃發行或出售任何股份。

Subsequent to quarter end, we issued and sold an additional 1.2 million shares of our common stock under the 2024 September common ATM program at a weighted average price of $17.89 per share, generating net proceeds after offering costs of $21.5 million. As of April 30, 2025, $58.5 million of common stock remained eligible for sale under the 2024 September common ATM program.

季度末之後，我們根據 2024 年 9 月普通股 ATM 計劃以每股 17.89 美元的加權平均價格發行並出售了額外的 120 萬股普通股，扣除發行成本後產生的淨收益為 2150 萬美元。截至 2025 年 4 月 30 日，根據 2024 年 9 月普通股 ATM 計劃，仍有價值 5,850 萬美元的普通股符合出售條件。

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 23.1%, net debt less securities to total market capitalization of 21.8%, net debt to adjusted EBITDA of 4.9 times and net debt less securities to adjusted EBITDA of 4.6 times. Interest coverage was 4.1 times and fixed charge coverage was 2.4 times.

從信貸角度來看，本季末我們的淨負債與總市值的比率為 23.1%，淨負債減去證券與總市值的比率為 21.8%，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4.1倍，固定費用覆蓋率為2.4倍。

In the beginning of 2025, we had 23 mortgages totaling $115 million due within the next 12 months, of which 10 mortgages totaling approximately $46 million were due in the first and second quarters of 2025. During the quarter, we paid off one mortgage totaling $6.4 million with cash on hand. Subsequent to quarter end, we paid off nine mortgages totaling $39.3 million and drew down $40 million on our unsecured revolving credit facility.

2025 年初，我們有 23 筆抵押貸款，總額為 1.15 億美元，將在未來 12 個月內到期，其中 10 筆抵押貸款，總額約為 4,600 萬美元，將於 2025 年第一季和第二季到期。本季度，我們用手頭上的現金償還了一筆總額為 640 萬美元的抵押貸款。在季度末之後，我們償還了九筆抵押貸款，總額為 3,930 萬美元，並從無擔保循環信貸額度中提取了 4,000 萬美元。

We are in the process of refinancing these mortgages with Fannie Mae. These mortgages are expected to close in the coming weeks. We believe that proceeds from these refinancings will significantly exceed the $45.7 million in mortgages that were paid off.

我們正在與房利美一起對這些抵押貸款進行再融資。這些抵押貸款預計將在未來幾週內完成。我們相信，這些再融資的收益將大大超過已償還的 4,570 萬美元抵押貸款。

From a liquidity standpoint, we ended the quarter with $35.2 million in cash and cash equivalents and $260 million available on our unsecured revolving credit facility, with a potential total availability of up to $500 million pursuant to an accordion feature. We also had $192 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，本季末我們擁有 3,520 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，根據手風琴功能，總可用額度可能高達 5 億美元。我們還有 1.92 億美元的其他信貸額度可用於融資房屋銷售和購買庫存和租賃房屋。

Additionally, we had $30.3 million in our REIT securities portfolio, all of which is unencumbered. 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.

此外，我們的房地產投資信託基金 (REIT) 證券投資組合中有 3,030 萬美元，全部無任何抵押。此投資組合僅占我們未折舊資產的約 1.5%。我們承諾不會增加對房地產投資信託證券投資組合的投資，事實上，我們仍在繼續出售某些部位。

Our guidance for full year 2025 remains unchanged. We expect normalized FFO in the range of $0.96 to $1.04 per diluted share, a 7.5% growth at the midpoint compared to 2024's $0.93 per share. We are well positioned to continue to grow the company internally and externally.

我們對 2025 年全年的預期保持不變。我們預計，正常化 FFO 在每股攤薄收益 0.96 美元至 1.04 美元之間，與 2024 年每股 0.93 美元相比，中位數增長 7.5%。我們已做好準備，繼續推動公司的內部和外部發展。

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。

Thank you, Anna. UMH is off to a solid start in 2025. Our communities continue to deliver stable and growing returns. We have access to equity and debt capital to invest in our long-term business plan and may be able to rapidly grow the company if compelling opportunities become available.

謝謝你，安娜。UMH 在 2025 年取得了良好的開端。我們的社區繼續帶來穩定且不斷增長的回報。我們可以利用股權和債務資本來投資我們的長期業務計劃，如果出現有吸引力的機會，我們可能能夠迅速發展公司。

Demand for affordable housing in our markets and across the country remains incredibly strong. Our communities continue to fill sites with homes for rent and sale. Our long-term business plan has favorably positioned the company with 3,400 vacant sites to fill and 2,400 acres of land to develop. These vacant sites and vacant acres are increasingly valuable as the affordable housing crisis continues to intensify.

我們的市場和全國對經濟適用房的需求仍然非常強勁。我們的社區繼續提供可供出租和出售的房屋。我們的長期商業計劃為公司帶來了有利條件，公司有 3,400 個空置場地需要填補，還有 2,400 英畝土地需要開發。隨著經濟適用房危機的不斷加劇，這些空置場地和空置土地的價值越來越高。

These vacant sites and vacant acres are the key to driving organic growth for the next five years. Within the next five years, we believe our communities should be full, and there will be limited lots available for additional expansion sites on which to place homes. The housing crisis and the inability for conventional builders to deliver housing at an affordable price point, highlight the tailwinds between UMH and our industry.

這些空置場地和空置土地是推動未來五年有機成長的關鍵。我們相信，在未來五年內，我們的社區將會住滿，可供額外擴建的房屋地塊將非常有限。住房危機以及傳統建築商無法以可承受的價格提供住房，凸顯了 UMH 和我們行業之間的順風。

UMH should achieved nearly 100% occupancy and make continued progress developing our expansion land. All of these items could translate to substantial earnings improvement a stable income stream and an attractive valuation. UMH is a leader in the manufactured housing industry. We have worked with MHI and our manufacturers to improve our products and provide housing solutions in both rural and urban settings. We have championed the duplex manufactured home, which allows us to increase density and provide affordable housing in more expensive markets.

UMH 應該實現接近 100% 的入住率，並繼續推進擴建土地的開發。所有這些項目都可以轉化為大幅的獲利改善、穩定的收入流和有吸引力的估值。UMH 是預製房屋行業的領導者。我們與 MHI 及其製造商合作，改進我們的產品並為農村和城市環境提供住房解決方案。我們倡導複式預製住宅，這使我們能夠增加密度並在更昂貴的市場中提供經濟適用房。

We've also worked with GAF to pilot a solar home with solar shingles unlike solar panels are installed at the factory and do not require drilling holes for mounting hardware as panels do. In addition, in storing shingles at the factory greatly reduced the cost.

我們也與 GAF 合作，試用帶有太陽能瓦片的太陽能住宅，這與在工廠安裝的太陽能電池板不同，太陽能板不需要像電池板那樣鑽孔來安裝硬體。此外，在工廠儲存木瓦也大大降低了成本。

Our country is 4 million home short. And last year, we only built 1.3 million homes. Therefore, we need an affordable housing solution. We are working diligently to do more to help provide this housing and position manufactured housing as the preferred solution to the problem. We are proud of the progress we've made but we must do more to combat the affordable housing crisis.

我們國家缺口400萬。而去年，我們只蓋了 130 萬棟房屋。因此，我們需要一個經濟適用住房解決方案。我們正在努力提供更多幫助來提供這種住房，並將製造住房定位為解決問題的首選解決方案。我們為所取得的進步感到自豪，但我們必須付出更多努力來應對經濟適用房危機。

(Operator Instructions)

（操作員指示）

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Yeah, thank you. Good morning. I wanted to ask you on your rent growth expectations. Are you guys still expecting to see 5% rent growth that you've talked about in the past this year?

是的，謝謝。早安.我想問一下您對租金成長的預期。你們是否仍預期今年的租金會像過去所說的那樣成長 5%？

Yes. At this moment, yes, the 5% rent increase notices get sense.

是的。目前來看，5% 的租金上漲通知是合理的。

Yeah. We've had no issue year-to-date, sending out the notices, achieving our 5% increases. As we go throughout the year, our plan is still to push out a 5% increase. We're seeing strong demand at our properties. Rental demand is strong. Our sales pipeline is growing, and we don't think the 5% is going to be an issue.

是的。今年到目前為止，我們沒有遇到任何問題，發出了通知，實現了 5% 的成長。全年來看，我們的計劃仍然是實現 5% 的成長。我們發現我們的房產需求強勁。租賃需求強勁。我們的銷售管道正在成長，我們認為 5% 不會成為問題。

Okay. Second question, I think you talked about tariffs and it seems like you guys have preordered 650 homes. But I was wondering, if you were to order new homes today, are the prices up versus the prices that you guys ordered for preorder?

好的。第二個問題，我想你們談到了關稅，而且看起來你們已經預訂了 650 間房屋。但我想知道，如果您今天訂購新房，價格是否會比您預訂的價格上漲？

The prices are up a little bit, but not substantially yet. We've seen 3% to 5% price increases for manufacturers. But I think over the next month or two is where we'll really start to see the impact of the tariffs.

價格略有上漲，但不算大幅上漲。我們看到製造商的價格上漲了 3% 至 5%。但我認為，在接下來的一兩個月裡，我們才會真正開始看到關稅的影響。

As we always point out, we've done okay with higher prices, even though we prefer prices to be lower and it increases our return expectations, et cetera. Our bigger concern here is supply chain disruptions and the inability to get the homes. We're renting homes for $1,000, $1,200, $1,400 a month. We're earning over 10% on our rental investments, which is clearly accretive. If prices went up a little bit, we'd still have an accretive use, but we carefully look at the locations we're putting rentals in and make sure that we're selecting the right products, the right lot in the right market.

正如我們一直指出的那樣，儘管我們更希望價格更低，而且它會增加我們的回報預期等等，但我們對更高的價格還是可以接受的。我們更擔心的是供應鏈中斷和無法獲得房屋。我們以每月 1,000 美元、1,200 美元、1,400 美元的價格出租房屋。我們的租賃投資收益超過 10%，這顯然具有增值作用。如果價格稍微上漲，我們仍然會有增值用途，但我們會仔細查看我們出租的地點，並確保我們在正確的市場中選擇正確的產品、正確的地段。

Okay. And then lastly, the rates for refinancing the mortgage, I think you talked about looking to refinance some mortgages with Fannie Mae this quarter. What kind of rates are you that seeing now?

好的。最後，關於抵押貸款再融資利率，我想您談到了本季尋求與房利美進行一些抵押貸款再融資。您現在看到的利率是什麼樣的？

Well, the 10-year -- our rates are based on the 10-year treasury because we anticipate doing a 10-year loan. And those rates have stabilized a little bit. It has come down, as a matter of fact, a little and because of that, we believe that the rates will be around the 5.5% to maybe 5.75%, but in that range. But we should know within the next few weeks because we will hopefully be closing within the next few weeks. .

嗯，10 年期——我們的利率是基於 10 年期國債，因為我們預計發放 10 年期貸款。目前這些利率已經稍微穩定下來。事實上，它已經有所下降，因此，我們認為利率將在 5.5% 到 5.75% 左右，但在這個範圍內。但我們應該在接下來的幾週內知道，因為我們希望在接下來的幾週內完成。。

Okay, thank you. That's all I had.

好的，謝謝。這就是我所擁有的一切。

Rob Stevenson, Janney.

羅伯史蒂文森、珍妮。

Good morning guys. Brett, just to follow up on the same-store revenue question. On the expense growth on the same-store portfolio, are you seeing any notable upward pressure on real estate taxes or any other place on the expense side at this point near term?

大家早安。布雷特，只是想跟進同店收入的問題。關於同店支出的成長，您是否看到近期房地產稅或任何其他支出方面出現明顯的上行壓力？

There's definitely been an increase in real estate taxes, a small increase, but an increase alone. There are some other properties we're looking at potentially appealing to hopefully reduce that number, but we're working on that currently. Just to go over the same property numbers for a minute, we're pretty pleased with our 8.1% growth.

房地產稅肯定是增加了，雖然增加了一點點，但確實增加了。我們正在考慮一些其他可能有吸引力的房產，希望能減少這個數字，但我們目前正在努力。只需回顧相同的房地產數字，我們對 8.1% 的成長率感到非常滿意。

We think that as we continue to go through the year and occupy that inventory that we previously discussed, rental and related income should grow in excess of 8%. The community operating expenses were 7.8% increase over last year.

我們認為，隨著我們繼續度過這一年並佔用我們之前討論過的庫存，租金和相關收入應該會增加 8% 以上。社區營運支出比去年增加7.8%。

And -- this was a very tough winter. I know Sam mentioned it during his portion of the call, but snow removal expenses alone were up over $250,000. A -- add to that, you have overtime related expenses, repairs and maintenance increased a little bit as well. So snow removal really drove this number from what I expected to be in the 6% range up to 7.8%. Going forward throughout the rest of the year, we do expect that number to come down a little bit with the one caveat that we're assessing the impact of tariffs on the business.

這是一個非常艱難的冬天。我知道 Sam 在通話中提到了這一點，但僅除雪費用就超過了 25 萬美元。A——除此之外，加班相關費用、維修和維護費用也增加了一點。因此，除雪確實使這一數字從我預期的 6% 左右上升到了 7.8%。展望今年剩餘時間，我們確實預計這一數字會略有下降，但有一點需要注意，我們正在評估關稅對業務的影響。

Okay. That snow removal going to be my next question. And then I guess the question, you guys talked about duplexes and smaller units as well as the solar shingle homes. Have you guys put any considerable numbers of those in the portfolio today? And how is it being -- if so, how are they being received by prospective tenants or buyers if there are going to be ones for sale rather than rent?

好的。我的下一個問題是關於除雪。然後我想問一下，你們談到了複式公寓和較小的單元以及太陽能瓦片房屋。你們今天在投資組合中投入了大量資金嗎？如果是的話，如果這些房屋是出售而不是出租，那麼潛在的租戶或買家會如何看待它們？

Yeah. So on the solar shingles, we had our first 20 homes delivered to Friendly Village in Perrysburg, Ohio earlier this year. They have -- the first 10 just completed being set up, and I believe 7 of them are occupied. We've got deposits on the other 3.

是的。因此，就太陽能瓦片而言，我們在今年稍早向俄亥俄州佩里斯堡的友善村交付了首批 20 套房屋。他們已經——前 10 個剛剛完成設置，我相信其中 7 個已經被佔用。其餘 3 個我們已經有存款了。

So -- the product looks great. There is demand for it, we'll assess the impact of the energy savings and how our tenants ultimately do as time aggressive and we get some real data there. The other 10 should be ready for occupancy soon. And in that location, we shouldn't have any issue filling them.

所以——產品看起來很棒。有需求，我們會評估節能的影響以及我們的租戶最終如何積極地利用時間，並從中獲得一些真實的數據。其餘 10 間客房即將投入使用。在那個位置，我們應該不會遇到任何問題。

We've got approximately five duplexes that are fully set up at some of our Pennsylvania properties. They are mostly occupied, we're finalizing setup on one of them, but we haven't had any issues filling that, and we're working on some duplex orders for a location in Indiana and potentially that Friendly Village location.

我們在賓州的一些房產中已經建好了大約五套複式公寓。它們大部分都被佔用了，我們正在完成其中一個的設置，但我們沒有遇到任何問題，我們正在為印第安納州的一個地點以及可能的友好村地點處理一些複式訂單。

If I can add, manufacturing homes at a factory is much better than building in the field. And when we work with GAF they put things on in the field where they're dealing with individual homeowners.

如果我可以補充的話，在工廠製造房屋比在現場建造房屋要好得多。當我們與 GAF 合作時，他們會把事情放在與個人房主打交道的現場。

When you deal with the factory and you build in the factory, the cost is cut in the half and the time it's 45 minutes to put out an entire roof with solar shingles. So it's the most efficient way to do it. and it makes a lot of sense, and we've done it as a test and so far, the test is going well.

當您與工廠打交道並在工廠內建造時，成本會減少一半，並且只需 45 分鐘即可將整個屋頂用太陽能瓦片鋪設好。所以這是最有效的方法。這很有意義，我們已經進行了測試，到目前為止，測試進展順利。

What is -- at this point, what are you looking at as a potential premium for the solar shingle homes over normal shingle homes? And then what's the potential discount or lower pricing of duplexes versus the single wides in your portfolio? .

什麼是——目前，您認為太陽能瓦片房屋相對於普通瓦片房屋的潛在溢價是多少？那麼，在您的投資組合中，複式公寓相對於單層公寓的潛在折扣或更低價格是多少？。

It's not so much that we're looking for the return on the solar, but our residents earn between predominantly $40,000 and $80,000. And so what they can --

我們追求的並不是太陽能的回報，而是我們的居民的收入主要在 40,000 美元到 80,000 美元之間。那麼他們能做什麼--

(technical difficulty)

（技術難度）

Pardon me, ladies and gentlemen, it looks like we have lost connection speaker one. Please stand by while we reconnect. Thank you for your patience.

對不起，女士們，先生們，看來我們失去了聯繫，發言人一。請稍候，我們將重新連線。感謝您的耐心。

All right. Ladies and gentlemen, this is the operator. We have reconnected the speakers, and we will continue. Rob, please proceed with your question again.

好的。女士們、先生們，我是接線生。我們已經重新連接了揚聲器，我們將繼續。羅布，請再次繼續你的問題。

So sorry, I didn't know whether you got me before it cut off, but the solar shingle homes, the premium there and how much cheaper are the -- are you renting out duplexes versus the normal sort of single wides?

非常抱歉，我不知道在截止日期之前您是否收到了我的來信，但是太陽能瓦片房屋，那裡的保費以及便宜多少——您出租的是複式公寓還是普通的單層公寓？

Yes. The purpose of the solar shingle our residents own between $40,000 and $80,000 per year. So if we can reduce their utility costs we increased what they could pay for new homes, what they could pay for lot rent and what they can pay for home rental. So it's not really so much that we expect to earn direct additional income from the solar, but we expect to increase our customer base, which the increased demand translates to increased profits.

是的。我們的居民所擁有的太陽能瓦片的用途是每年花費 40,000 至 80,000 美元。因此，如果我們能夠降低他們的水電費，我們就會增加他們支付新房子的費用、支付地段租金的費用以及支付房屋租金的費用。因此，我們實際上並不是期望從太陽能中獲得直接的額外收入，而是期望增加我們的客戶群，而需求的增加會轉化為利潤的增加。

And in the case of the duplex home, there's an amount you can get per lot, but if you reduce the cost per unit so that we can provide these 1,000 square foot homes that are now 2,500 square foot one-bedroom units, instead of that lot in the house generating $1,000 per month, it can generate $1,500, $1,600 per month. So the duplex you're going to get a higher return per lot, the solar shingles is predominantly to increase the consumer base by increasing affordability.

對於複式住宅來說，每個地塊可以獲得一定的收益，但是如果降低每個單元的成本，這樣我們就可以提供這些面積為 1,000 平方英尺的住宅，而現在這些住宅面積為 2,500 平方英尺，那麼房屋中的地塊每月不但可以產生 1,000 美元的收入，而且可以產生 1,500 美元的收入。因此，複式公寓每塊地的回報會更高，太陽能瓦片主要是為了透過提高可負擔性來增加消費者基礎。

If I can add that, single an apartment for a single bedroom is about [$325,000], [$350,000] to build and as Sam pointed out, the 625 feet that may be less, and we're talking about producing a comparable 500 to 550 square foot apartment. And the cost may be substantially less.

如果我可以補充一點的話，建造一套單臥室公寓的成本大約是 [325,000 美元]，[350,000 美元]，正如 Sam 指出的那樣，625 英尺可能要少一些，我們討論的是建造一套面積為 500 到 550 平方英尺的類似公寓。而且成本可能會大大降低。

It's just amazing at what price we come in when we buy a unit for $75,000 and put it on our site. And basically, you cut it in two , so it's around 550 square feet, one bedroom and the cost is cut in half. So we're very excited about it, but it's really a new development that we helped pioneer one year, two years ago, and we're going to the major coats this year to see the newest models of the single-unit duplexes and that could be a major, major housing breakthrough.

當我們以 75,000 美元的價格購買一套設備並將其放置在我們的網站上時，我們得到的價格真是令人驚訝。基本上，你把它分成兩半，所以它大約有 550 平方英尺，一間臥室，成本也減少了一半。所以我們對此感到非常興奮，但這確實是我們在一兩年前幫助開拓的一個新的發展項目，今年我們將去各大城市參觀單元複式住宅的最新模型，這可能是一個重大的住房突破。

Okay, thanks guys. I appreciate the time and have a great weekend.

好的，謝謝大家。我很感激您的時間並祝您週末愉快。

Thank you.

謝謝。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

Hey, good morning, guys. I appreciate the color on the new versus used home sales this quarter. Can you give us a sense of what the gross margins are on sale for those two types

嘿，大家早安。我很欣賞本季新房和二手房銷售的對比。能告訴我們這兩種產品的毛利率是多少嗎？

It can be substantially higher, but sales are remarkably strong predominantly because of the number of people who downsize who could sell their existing home, pay off their mortgage and have cash to retire to a downsized house for them, but a great house for us. And we've built expansions in the right locations. We're building new communities in the right locations.

這個價格可能會高得多，但銷量卻異常強勁，主要是因為許多縮小住房規模的人可以賣掉現有住房，還清抵押貸款，然後有現金退休，住進對他們來說面積縮小了的房子，而對我們來說，這是一棟很棒的房子。我們已經在正確的位置進行了擴建。我們正在正確的位置建立新的社區。

(technical difficulty)

（技術難度）

Pardon me, ladies and gentlemen, it appears we have lost connection to the speakers. Once again, please stand by while we reconnect. Thank you for your patience.

對不起，女士們，先生們，我們似乎與揚聲器失去了聯繫。再次提醒，請稍候，我們將重新連線。感謝您的耐心。

All right. Ladies and gentlemen, we have reconnected the speakers, and we will proceed. Craig, please continue.

好的。女士們，先生們，我們已經重新連接了揚聲器，我們將繼續進行。克雷格，請繼續。

Yeah, I'll just repeat the question. It was a follow-up on sales just that you mentioned that they were very strong but they were down year-over-year for the first time in a few years. And I just would be curious if you attribute that to a more difficult winter and sort of what you're seeing here in the second quarter as far as traffic and volume and sort of interest?

是的，我只是重複這個問題。這是對銷售情況的後續跟踪，您剛才提到銷售情況非常強勁，但這是幾年來首次出現同比下降。我只是好奇，您是否將此歸因於更艱難的冬季以及您在第二季度看到的客流量、數量和興趣方面的情況？

The decrease was solely due to the fact that last year at this time, we had liquidated the Port Royal sales center. So that resulted in a high gross number. But there was no net on those sales.

下降的原因完全是去年此時我們清算了 Port Royal 銷售中心。因此導致總數很高。但這些銷售額並沒有淨額。

So it didn't affect the net, and at this moment, we believe sales are going to be better than ever for the year. And the reason being the number of 55 and older people downsizing, we've built expansions in great locations. We're building new communities in great locations. And all of this is going to translate into what we believe will be higher sales for 2025 than we've ever had before.

所以它並沒有影響淨銷售額，目前，我們相信今年的銷售額將比以往更好。由於 55 歲及以上人群的規模縮小，我們在優越的地理位置建造了擴建項目。我們正在優越的地理位置建立新的社區。我們相信，所有這些都將使 2025 年的銷售額達到前所未有的水平。

I just wanted to add, if you take out the sales from -- the sales and the liquidation of the sales center, actual sales for the quarter was up approximately 3%, 4%.

我只是想補充一點，如果扣除銷售中心的銷售額和清算銷售額，本季的實際銷售額將成長約 3% 至 4%。

Okay, that's helpful. Thank you. And just changing gears. You mentioned that you thought you'd be able to refinance these mortgages that you paid off here in the first half of the year 5.5%, maybe 5.75%. Can you talk about the interest rates on what is maturing both here in the first half of the year and during the remainder of the year?

好的，這很有幫助。謝謝。只是換檔而已。您提到，您認為您可以為今年上半年償還的這些抵押貸款進行 5.5% 或 5.75% 的再融資。您能否談談今年上半年和今年剩餘時間到期債券的利率情況？

Yes. I mean, the interest rates are, of course, a lot better because it was 10 years ago. And the ones that we are paying off or that we have already paid off as of April 1. The average interest rate there was about 4% and the remaining is about 4%, I think 4.1% for the remaining for the year.

是的。我的意思是，與 10 年前相比，現在的利率當然要好得多。我們正在償還的債務或截至 4 月 1 日已償還的債務。那裡的平均利​​率約為 4%，其餘的則約為 4%，我認為今年剩餘的利率為 4.1%。

Again, we believe that even though we will have a little bit more of an interest cost, we believe that our operations, our rental income will all make up for the increase in interest costs.

再次，我們相信，儘管我們的利息成本會稍微增加一點，但我們相信我們的營運、我們的租金收入都將彌補利息成本的增加。

And just to go back on the sales, you can't take one month to predict the year, but Brett, tell us how April was?

再說回銷售情況，你不能用一個月的銷售情況來預測全年的銷售情況，但是布雷特，你能告訴我們四月份的銷售情況嗎？

April was fantastic. It looks like we closed about $4.4 million in home sales in April, which is $2.5 million over April of 2024. And as we look forward and look at our sales pipeline, we've got about $4.4 million in our sales pipeline, typically, it's between $3 million and $3.5 million.

四月真是太棒了。看起來我們 4 月的房屋銷售額約為 440 萬美元，比 2024 年 4 月增加了 250 萬美元。展望未來，看看我們的銷售管道，我們的銷售管道大約有 440 萬美元，通常在 300 萬美元到 350 萬美元之間。

So given everything Sam mentioned about new home sales and our expansions and where we're opening and being in the right locations, we're starting to see some real good evidence of those sales occurring at profit margins that we're very happy with. And Hopefully, we'll be able to achieve results like this throughout the rest of the year.

因此，考慮到 Sam 提到的有關新房銷售和我們的擴張以及我們在哪裡開業以及在正確的位置的一切，我們開始看到一些真正的好證據表明這些銷售的利潤率令我們非常滿意。希望我們能夠在今年剩餘時間取得這樣的成果。

Got it. And just when you think about the appreciation in the properties that you are refinancing here in 2025. I guess how are you thinking about mortgage debt as more of a primary source of funding here in 2025 versus the last couple of years where you've leaned a little bit more on common and on the preferred.

知道了。只要您考慮一下 2025 年您在這裡再融資的房產的升值情況。我想，您如何看待抵押貸款債務在 2025 年成為主要的融資來源，而過去幾年您則更依賴普通股和優先股。

So and I'll let you answer one second, the appreciation is fantastic doing exactly what we've always stated at the end of 10 years, the property is doubled. It's proven by the appraisals for the refinance and so that doubles the amount of money you can take out of the same properties.

因此，我讓你回答一下，升值幅度非常大，正如我們一直所說的那樣，10 年後，房產價值翻了一番。再融資的評估證明了這一點，因此您可以從相同的房產中獲得雙倍的資金。

But we've always been a conservative company, not highly leveraged, and we have very substantial internal growth plans through the addition of 800 rentals, approximately $70 million. The financing of 50% of our home sales, the construction of our expansions, potentially acquisitions and capital improvement. So all of that means we always need common equity preferred equity and debt. But go ahead, Anna.

但我們一直是一家保守的公司，槓桿率不高，而且我們制定了非常可觀的內部成長計劃，透過增加 800 個租賃點，約 7000 萬美元。我們房屋銷售的 50% 的融資、擴建的建設、潛在的收購和資本改善。所以，這一切意味著我們始終需要普通股、優先股和債務。但繼續吧，安娜。

You are absolutely right. Regarding the value of the communities, they have doubled in value. If you look at what we did in 2023, we added -- we obtain mortgages of a total of 100 and -- I guess it's about $100 million -- I'm sorry, $58 million, but the communities that were in those mortgages praised for over $100 million, about $108 million. Our total investment in those communities is only $52 million. So we more than doubled the value of the communities based on appraisals.

你完全正確。就社區的價值而言，它們的價值已經翻倍了。如果你看看我們在 2023 年所做的事情，我們增加了——我們總共獲得了 100 筆抵押貸款——我猜大約是 1 億美元——對不起，是 5800 萬美元，但這些抵押貸款中的社區獲得了超過 1 億美元的讚譽，大約是 1.08 億美元。我們對這些社區的總投資僅 5,200 萬美元。因此，我們根據評估將社區的價值提高了一倍以上。

Now we believe that the new appraisals for this upcoming refinancings will also show a large increase in the valuation of the communities. We always look at the best possible ways to finance our needs. And that is, as Sam said, a combination of preferred, a combination of common and a combination of debt.

現在我們相信，即將進行的再融資的新評估也將顯示社區估值的大幅增加。我們總是尋找最佳的方式來滿足我們的需求。正如薩姆所說，這是優先股、普通股和債務的組合。

Now it all depends on what we need, when we need it. We always need about $120 million to $150 million a year to finance our business plan. But that doesn't include acquisitions. If we have additional acquisitions, we may need more. So we may -- that's why I said it all depends on the rates at the time, it all depends on what's going on in the market at the time.

現在一切都取決於我們需要什麼以及何時需要。我們每年總是需要大約 1.2 億到 1.5 億美元來資助我們的商業計劃。但這不包括收購。如果我們有額外的收購，我們可能需要更多。所以我們可能會——這就是為什麼我說這一切都取決於當時的利率，這一切都取決於當時市場的情況。

So we will assess what we need at the time we need it, and we love the ATM, and that's a great way of also raising capital when we need it.

因此，我們會在需要的時候評估我們需要什麼，我們喜歡 ATM，這也是在需要時籌集資金的好方法。

Great. Just one more for me. I feel like over the last few quarters, you've been saying that this might be the year where you saw some larger acquisition opportunities out there, maybe some operators that were financial buyers and really didn't know what they were doing and there might be a great opportunity for you or something along those lines. I guess, are you seeing any of those present themselves at this point?

偉大的。對我來說再多一個就好了。我覺得在過去的幾個季度裡，您一直在說，今年您可能會看到一些更大的收購機會，也許有些運營商是金融買家，他們真的不知道自己在做什麼，這對您來說可能是個好機會，或者類似的事情。我想，您現在看到其中任何一個了嗎？

Well, without being specific, there is a certainty that many, many people went into real estate since COVID bought properties. I've heard about people buying properties, just looking at Zillow and buying properties without physically inspecting the property. So there's a lot of reason to believe it's going to be a good time to be a property buyer.

嗯，雖然不具體說明，但可以肯定的是，自從新冠疫情以來，很多人購買了房產，進入了房地產行業。我聽說有人買房子時只看 Zillow 就買，而沒有親自檢查房子。因此，我們有充分的理由相信，現在是購屋的好時機。

Okay. Thanks guys. That's it for me.

好的。謝謝大家。對我來說就是這樣。

Merrill Ross, Compass Point.

梅里爾·羅斯，指南針點。

Good morning. I have two questions. The first one is on the Mantua acquisition. But Asia stricter properties. I think that's the first time in the many years that I've been following you as that I've ever seen you buy 100% occupied property with no expansion sites available. Can you tell us if that was a one-off and what return expectations and what the drivers of those returns are you incorporate it?

早安.我有兩個問題。第一個是關於曼圖亞收購的。但亞洲的屬性更為嚴格。我想這是我關注您這麼多年以來第一次看到您購買 100% 已入住的房產，而沒有可用的擴建地塊。您能否告訴我們這是否是一次性的，以及您將其納入的回報預期和這些回報的驅動因素是什麼？

Thank you, Brett -- Brett will tell you about the returns and the current return expectations. But the giant reason to do this deal, there are 100% occupied communities in great condition, right in our market, right, where we already operate. And they're just outside of Philadelphia. And market rent there is easily $800 per month but they have municipal rent control.

謝謝你，布雷特——布雷特會告訴你有關回報和當前的回報預期。但達成這筆交易的一個重要原因是，在我們已開展業務的市場中，存在著一個入住率 100% 且狀況良好的社區。他們就在費城郊區。那裡的市場租金很容易達到每月 800 美元，但有市政租金管制。

But there's vacancy decontrol and us as the operator will broker home sales and by brokering home sales, you'll get the existing resident or price that they're happy with. And so nobody will care that you're raising the rent to the new customer to market. So by taking care of the existing customer, you'll be able to bring the rent to the new customer to market, so there's a lot of upside in the deal. And Brett, go ahead about the current returns and what you expect.

但是空置率已經放開，我們作為運營商將負責房屋銷售的經紀，透過經紀房屋銷售，您將獲得現有居民滿意的價格。因此，沒有人會在意你提高新客戶的租金。因此，透過照顧現有客戶，您將能夠將租金帶給新客戶，因此這筆交易有很多好處。布雷特，請繼續討論當前的回報以及您的預期。

Yeah. So the in-place cap rate on that was about 5%, which is honestly a good rate for such high-quality properties. They're up there with just about any other properties in our portfolio or anybody's portfolio. So first-class, five star communities, the average rent at the communities, to Sam's point, is only $629 a month right now.

是的。因此，現有的資本化率約為 5%，對於如此高品質的房產來說，這確實是一個不錯的利率。它們與我們投資組合或任何人投資組合中的任何其他資產一樣，都具有同等價值。因此，一流的五星級社區，正如 Sam 所說，這些社區的平均租金目前僅為每月 629 美元。

You've got a certain number of sites in there with rents in the $400 to $500 range, some in the $500 to $600 range. So working carefully with our tenants will help them broker their home sales and increase those rents to market over time. Over 5 years and again, a lot of it is dependent on exactly how many people decide to sell, move leave the community for whatever reason and our ability to resell those homes, but we should be yielding in the 6.5% to 7% range. That does not include potential sales profit. This is a very strong sales market.

其中有一定數量的場地租金在 400 至 500 美元之間，有些則在 500 至 600 美元之間。因此，與我們的租戶謹慎合作將有助於他們促成房屋銷售，並隨著時間的推移提高市場租金。五年多來，這在很大程度上取決於到底有多少人決定出售、有多少人因為某種原因離開社區，以及我們轉售這些房屋的能力，但我們的收益率應該在 6.5% 到 7% 之間。這還不包括潛在的銷售利潤。這是一個非常強勁的銷售市場。

on occasion, we may get a home back that we can resell at a very nice profit margin. They're selling single section homes for over $150,000 at the property and multi close to $200,000. So and those are used homes. So it's just really opportunity-driven. It came to us. They were first-class properties in a market or in our home state. So we took advantage of that and went forward with the acquisition.

有時，我們可能會收回一棟房子，然後以非常可觀的利潤率轉售。他們以超過 15 萬美元的價格出售單層住宅，以接近 20 萬美元的價格出售多層住宅。這些都是二手房。所以這確實是一個機會驅動的。它來到我們身邊。它們是市場上或我們家鄉的一流房產。因此我們利用了這一點並繼續進行收購。

Great. So it could happen again. But it's kind of like lightning, right? At the way that is right?

偉大的。所以這種事可能會再發生。但它有點像閃電，對吧？那樣才對嗎？

The reason it could happen more, our equity cost of capital has gone down, right? So Sun and ELS used to have all the advantage over us in the world because their equity cost of capital was 3%, and -- north was about 6%. But now our equity cost of capital has gotten into the 5% area. And so we can be a bidder on these perfect communities that are 100% occupied as long as we stick to wanting to see upside. But as long as we see upside, we can do that.

這種情況可能發生更多的原因是我們股權資本成本下降了，對嗎？因此，Sun 和 ELS 曾經在全球範圍內比我們擁有優勢，因為他們的股權資本成本為 3%，而北方約為 6%。但現在我們的股權資本成本已經進入5%的區域。因此，只要我們堅持希望看到上漲空間，我們就可以成為這些 100% 入住的完美社群的競標者。但只要我們看到好處，我們就可以這樣做。

Right. I had one more follow-up on the refinancing. I was just interested to know if the properties being refinanced, at the GSEs also include rentals as well as owner-occupied because I think that is part of that innovative financing structure that you had a couple of years ago? And maybe there's some follow-through with this refinancing?

正確的。我還有一次再融資跟進。我只是想知道，政府支持企業再融資的房產是否也包括出租房屋和自住房屋，因為我認為這是你們幾年前創新融資結構的一部分？這次再融資也許會有一些後續行動？

Unfortunately, right now, the rental homes are not going to be financed. However, the rental -- the income from the site underneath the rental home is included in this refinancing. So although the homes are not included, the income from the site of these rental homes are included.

不幸的是，目前這些出租房屋還無法獲得融資。但是，租金——出租房屋地下土地的收入包含在這次再融資中。因此，雖然不包括房屋，但這些出租房屋的場地收入已包括在內。

So we believe that there was a change in the GSE thinking, but hopefully, we can change their mind again because we did win that battle a few years back. And hopefully, we will be able to do that again.

因此，我們相信 GSE 的想法發生了變化，但希望我們能夠再次改變他們的想法，因為幾年前我們確實贏得了那場戰鬥。希望我們能夠再次做到這一點。

Do you want to talk about this is just a week of MHI in Florida and the potential HUDCO --

你想談談佛羅裡達州一周的 MHI 和潛在的 HUDCO 嗎？

We're going to have the industry meeting in May and Florida and we're honored to have the Secretary of Housing come to speak. And I'm sure when he comes, he's going to tell everybody what the new administration, the housing policies are -- and traditionally, he's not going to break bad news. He's going to make good news. So we're looking forward to that.

我們將於五月在佛羅裡達州召開行業會議，我們很榮幸邀請到住房部長來發表演講。我相信，當他來的時候，他會告訴大家新政府的住房政策是什麼——按照傳統，他不會公佈壞消息。他將會創造好消息。所以我們對此充滿期待。

First of all, though, I must say that our relationship with HUD and the government sponsored that is excellent and it is an amazingly good program for the country. The housing is a national need. And there's nothing better than having the government guarantee a good loan and there is no category of loans that have a better history than more first mortgages on manufactured housing communities.

不過，首先我必須說，我們與 HUD 以及政府資助的關係非常好，這對國家來說是一個非常好的計畫。住房是國家需要。沒有什麼比政府擔保一筆好貸款更好的了，也沒有任何一類貸款比製造住宅社區的首筆抵押貸款有著更好的歷史。

So we -- our main source of financing will always be a 50% or 60% loan on our portfolio. And as our portfolio grows, we only have about $600 million in mortgages now. And if we were $2 billion, we'd be able to borrow $1 billion, $1.2 billion, and so we will have sources of capital under existing programs.

因此，我們的主要融資來源始終是投資組合中 50% 或 60% 的貸款。隨著我們的投資組合不斷成長，我們現在的抵押貸款僅剩下約 6 億美元。如果我們有 20 億美元，我們就能藉到 10 億美元、12 億美元，因此在現有計畫下我們將擁有資金來源。

We're looking forward to the Secretary of Housing, announcing new programs. We think that the rental homes included in our community should count as well. We have about $500 million in rental houses, which we own some exception before we own it free and clear, but minor exceptions on that. And you add that to the value of our communities, we have a great base for being able to increase our at debt for the purpose of buying new communities.

我們期待住房部長宣布新的計劃。我們認為社區內的出租房屋也應該算數。我們擁有價值約 5 億美元的出租房屋，在我們完全擁有這些房屋之前，我們會有一些例外，但這些例外很小。再加上我們社區的價值，我們就有很好的基礎來增加我們的債務，用於購買新的社區。

So we're very optimistic with the financial strength and the ability to build new communities. So we look forward to the information we gather from the national meeting occurring at May 9, next week, yes.

因此，我們對財務實力和建立新社區的能力非常樂觀。所以我們期待從下週 5 月 9 日舉行的全國會議上收集到的資訊。

Great. Well, good luck. Thank you.

偉大的。好吧，祝你好運。謝謝。

John Massocca, Ladenburg Thalman.

約翰·馬索卡、拉登堡·塔爾曼。

That's the wrong Massocca there, it's B. Riley Securities. But anyway, going back to that last question a little bit. As I'm kind of thinking about the GSE financing and rentals, is it just that you lose some of the LTV on that financing because you can't include the homes? Or does it exclude all kind of communities on rentals in them or portions of communities with rentals in them?

那是錯誤的 Massocca，那是 B. Riley Securities。但無論如何，稍微回到最後一個問題。當我考慮政府支持企業融資和租賃時，是不是因為不能包括房屋，所以會損失部分融資的 LTV？或者它是否排除了所有類型的出租社區或部分出租社區？

Pardon me, John, it looks like we lost connection to the speakers. Let me bring them in again.

對不起，約翰，看起來我們與揚聲器的連接已經斷開了。讓我再把它們帶進來。

(technical difficulty)

（技術難度）

Ladies and gentlemen, the speakers have reconnected and John, you may re-proceed with your question.

女士們、先生們，發言者已經重新接通，約翰，你可以繼續提問了。

So yeah, so kind of going back to the last question on GSE debt. Just to clarify, you can still get debt on communities with rental housing on them. It's just the LTV would be lower because you can't include the actual physical home in kind of the loan value, correct?

是的，回到關於政府支持企業債務的最後一個問題。需要澄清的是，您仍然可以從擁有出租房屋的社區獲得債務。只是 LTV 會較低，因為你不能將實際的房屋包括在貸款價值中，對嗎？

That is correct. The -- my apologies, our phone is kind of cutting in and out. But anyway, the number of rental homes is not an issue right now. If you look at a rental home, you have the income from the home itself and the income from the site rent, combined it's on average about $1,000 per month in our portfolio.

沒錯。抱歉，我們的電話時斷時續。但無論如何，目前出租房屋的數量不是問題。如果您看一下出租房屋，您會發現房屋本身的收入和場地租金的收入，在我們的投資組合中，加起來平均每月約為 1,000 美元。

What the GSEs are taking right now is the income from the site, which is approximately 50% of that total $1,000. And then that is what they are using as part of the collateral for the loan.

目前政府支持企業所獲得的收入是來自場地的收入，約佔總額 1,000 美元的 50%。然後他們就用它作為貸款的抵押品。

So -- but that does not affect the value of the community. It just means they are not financing the home itself at this moment, which is a whole separate value -- but the value of the community goes up because of the rental unit and because the vacant lot is now earning income.

所以——但這並不影響社區的價值。這只是意味著他們目前沒有為房屋本身提供融資，這是一個完全獨立的價值——但由於出租單位和空置土地現在產生收入，社區的價值將會上升。

(inaudible)

（聽不清楚）

I'm sorry, I couldn't quite hear that. But --

抱歉，我沒聽清楚。但--

It impacts on the value.

它會影響價值。

I'm sorry, the connection is bad, so I can't figure out what the question was --

抱歉，網路不好，所以我不明白你問的是什麼--

No worries, it's a question. Can you hear me now?

不用擔心，這是一個疑問。現在你能聽到我說話嗎？

Yes.

是的。

Okay. Moving to the next question. Is the thing about kind of the mechanics of the refinancings, you got another roughly $50 million, $70 million of debt maturing in the back half of the year. Are each of those kind of tranches, the maturity that can be refinanced separately? Or would you end up taking out kind of all of it at once, if you will, in the next coming weeks to be kind of prefunding it, if you will?

好的。轉到下一個問題。關於再融資機制的問題，今年下半年還有約 5,000 萬美元、7,000 萬美元的債務到期。這些部分中的每一種，其到期日都可以單獨進行再融資嗎？或者，如果您願意的話，您是否會在接下來的幾週內一次性將全部資金取出，以預先籌措資金？

What we are doing is we are already starting to talk about refinancing in the latter half of the year, in the third and fourth quarter. The ones that are -- we believe that we will be able to get GSE financing. But of course, these are communities that already have GSE financing on them. So we don't believe we should have a problem with getting GSE financing.

我們正在做的是，我們已經開始談論今年下半年、第三季和第四季的再融資。我們相信，我們將能夠獲得政府支持企業融資。當然，這些社區已經獲得了政府支持企業 (GSE) 融資。因此，我們認為取得政府支持企業融資不會有問題。

Well, I mean, essentially, it's not going to be -- is it going to be one big slug of debt here coming in the next couple of weeks? Or is it going to be kind of tranches over the course of the remainder of the year?

嗯，我的意思是，本質上，這不會是——未來幾週內會出現一大筆債務嗎？或者它會在今年剩餘時間內分批發放嗎？

It may be tranches because they have different payoff dates, but it may be in one swoop. It depends on what the market is going to bear at that time.

由於還款日期不同，所以可能是分期付款，但也可能是一次性付款。這取決於當時市場將承受什麼。

That's fair. And then lastly, as I think about adding new rental homes to existing communities, the 800 target you have out there. it kind of implies a pretty big ramp versus 1Q. Should we expect that to be concentrated maybe in kind of 2Q and 3Q just given that traditional rental season? Or could it be a little more variable over kind of the remaining nine months of the year?

這很公平。最後，當我考慮在現有社區中增加新的出租房屋時，您設定的目標是 800 套。這意味著與第一季相比，成長幅度相當大。考慮到傳統的租賃旺季，我們是否應該預期這種趨勢可能會集中在第二季和第三季？或者今年剩餘九個月的情況可能會更加多變？

Yeah, it's a good question. And in the first quarter, we did about 115 rental conversions which we were happy with.

是的，這是個好問題。第一季度，我們完成了約 115 筆租賃轉換，我們對此感到滿意。

That's next.

這是下一步。

Yeah. But going into the second and third quarters, we've got all of that inventory delivered and being set up right now. As you mentioned, the second and third quarters are our strongest quarters of the year, given the demand we're seeing at a property level given the April numbers and the demand we're seeing with some of the waiting list at our properties, we think we'll continue to see that ramp up through the second quarter into the third quarter and then have a stable fourth quarter. We still think we'll be able to hit the 800 number. But as time goes on, we'll update everybody accordingly.

是的。但進入第二季度和第三季度，我們已經交付了所有庫存並正在進行設定。正如您所提到的，第二季度和第三季度是我們今年表現最強勁的季度，考慮到我們四月份的數據以及我們房產部分候補名單上的需求，我們認為我們將在第二季度和第三季度繼續看到這種增長，然後在第四季度保持穩定。我們仍然認為我們能夠達到 800 這個數字。但隨著時間的推移，我們會向大家及時更新消息。

Okay, thank you very much for that. That's it for me.

好的，非常感謝。對我來說就是這樣。

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 August with our second quarter 2025 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，Gene、Anna、Brett 和我隨時可以回答任何後續問題。我們期待在 8 月向您報告 2025 年第二季的業績。謝謝。

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

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。

The conference access code is 3811796. Thank you, and please disconnect your lines.

會議接入碼為3811796。謝謝，請斷開您的線路。