UMH Properties Inc (UMH) 2025 Q2 法說會逐字稿

Good morning and welcome to UMH Properties second quarter 2025 earnings conference call. (Operator Instructions) Please note that this event is being recorded.

早安，歡迎參加 UMH Properties 2025 年第二季財報電話會議。（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 Craig Koster 先生。謝謝你，科斯特先生。你可以開始了。

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

非常感謝，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二季補充資訊報告。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.

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。

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

我們在本次電話會議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 second 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 年第二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聲明的任何義務。

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。創辦人兼董事長尤金‧蘭迪 (Eugene Landy)；總裁兼執行長 Samuel Landy；執行副總裁兼財務長安娜‧週 (Anna Chew)；執行副總裁兼營運長布雷特‧塔夫脫 (Brett Taft)；資本市場副總裁吉姆‧萊金斯 (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。

Thank you very much, Craig. Normalized FFO for the quarter was $0.23 per share for both the second quarter of 2024 and 2025. Overall, normalized FFO was up 16% or $2.6 million for the quarter and 20% or $6.4 million for the year.

非常感謝，克雷格。2024 年第二季和 2025 年第二季的標準化 FFO 均為每股 0.23 美元。總體而言，本季標準化 FFO 成長 16% 或 260 萬美元，全年標準化 FFO 成長 20% 或 640 萬美元。

Our strong financial and operating results have given management and the Board of Directors the confidence to increase our quarterly common stock dividend by 4.7% and from $0.215 per share to $0.225 per share, representing an annual dividend rate of $0.90 per share. 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季度普通股股息提高 4.7%，從每股 0.215 美元提高到每股 0.225 美元，相當於年度股息率為每股 0.90 美元。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 earnings per share were impacted by the issuance of $101.4 million of new GSE debt at a 5.85% interest rate. Subsequent to quarter end, we issued a new Series B Israeli bond at a 5.85% interest rate.

我們每股收益受到以 5.85% 的利率發行 1.014 億美元新政府支持企業債務的影響。季度末之後，我們發行了新的 B 系列以色列債券，利率為 5.85%。

The capital raised sub-6% and will be deployed accretively over time. We have capital needs of $120 million to $150 million annually, which we invest in our capital improvement, new rental homes, expansions and financing of home sales, most of these uses being accretive uses of capital.

資本籌集率低於 6%，並將隨著時間的推移而增值部署。我們每年的資本需求為 1.2 億至 1.5 億美元，我們將把這些資金投資於資本改善、新出租房屋、擴建和房屋銷售融資，其中大部分用途是資本增值用途。

Over the past two years, we have relied on our common ATM to fund our growth initiatives. This year, we are utilizing our ATM less and debt more. In the long term, this debt will be repaid and the equity should increase in value. We currently have $150 million in capital available to invest in our growth initiatives.

在過去的兩年裡，我們依靠共同的 ATM 來資助我們的成長計畫。今年，我們使用 ATM 機的次數減少了，但負債卻增加了。從長遠來看，這筆債務將會得到償還，股權的價值也會增加。我們目前擁有 1.5 億美元的資金可用於投資我們的成長計畫。

Additionally, we are actively exploring acquisition opportunities, and we believe we will find compelling deals to deploy this capital, grow the company, and ultimately grow earnings per share and our share price. UMH had an active and outstanding second quarter of 2025. The quarter was highlighted by the refinancing of 10 communities for gross proceeds of $101.4 million. These properties were appraised as part of the refinancing process. The appraised value of the 10 communities was $164 million or $82,000 per site.

此外，我們正在積極探索收購機會，我們相信我們將找到引人注目的交易來部署這些資本，發展公司，並最終提高每股盈餘和股價。UMH 在 2025 年第二季表現活躍且出色。本季的亮點是 10 個社區的再融資，總收益為 1.014 億美元。這些房產作為再融資過程的一部分進行了估價。這 10 個社區的估價為 1.64 億美元，即每個社區 82,000 美元。

UMH's total investment in those properties to date is just $67 million, meaning that in 10 out of our 144 communities, we have created $97 million in value. The incredible takeaway from these results is that as important as FFO and FFO per share results are, it's as important to be aware of the value UMH adds to our investments in our communities.

迄今為止，UMH 對這些房產的總投資僅為 6,700 萬美元，這意味著在我們 144 個社區中的 10 個社區中，我們創造了 9,700 萬美元的價值。這些結果令人難以置信的是，FFO 和每股 FFO 結果很重要，但意識到 UMH 為我們在社區的投資所增加的價值也同樣重要。

Our Marcellus and Utica Shale strategy, which began in 2011 has resulted in substantial appreciation of the land, communities, homes and approvals we own in the area. Data centers, the shell cracker plant, pipeline projects, new gas wells and electric generation plants, all create the need for more quality affordable housing. UMH owns 4,000 acres of land in 78 communities with 12,300 home sites in the Marcellus and Utica Shale areas.

我們的馬塞勒斯和尤蒂卡頁岩策略始於 2011 年，已使我們在該地區擁有的土地、社區、房屋和許可證大幅升值。資料中心、殼牌裂解廠、管線計畫、新氣井和發電廠，都產生了更多優質經濟適用房的需求。UMH 在 78 個社區擁有 4,000 英畝土地，在馬塞勒斯和尤蒂卡頁岩地區有 12,300 個住宅區。

Currently, we own and operate a total of 144 communities, including our three joint venture communities containing 26,800 developed home sites, 10,600 rental homes situated on 8,200 acres of land. The $10 billion Homer City gas-fired power plant located in close proximity to four UMH communities is demonstrating proof that our strategic investments in the energy-rich Marcellus and Utica shale regions are working.

目前，我們擁有並經營總共 144 個社區，其中包括我們的三個合資社區，其中包含 26,800 個開發住宅用地和 10,600 個出租住宅，佔地 8,200 英畝。耗資 100 億美元的荷馬城燃氣發電廠位於四個 UMH 社區附近，證明我們在能源豐富的馬塞勒斯和尤蒂卡頁岩地區的戰略投資正在發揮作用。

This power plant will benefit the Pennsylvania economy and especially Western Pennsylvania, where we own 28 communities and where we have also seen increased interest in the leasing of our oil and gas rates. Our Nashville and Southeastern United States strategy is also delivering occupancy increases, strong sales profits and increased property values. Our well-located communities with our strategy of creating quality affordable housing in communities of factory-built homes for sale or rent is generating industry-leading performance.

該發電廠將有利於賓州的經濟，特別是賓州西部，我們在那裡擁有 28 個社區，我們也看到人們對我們的石油和天然氣租賃的興趣日益濃厚。我們的納許維爾和美國東南部策略也帶來了入住率的提高、強勁的銷售利潤和房地產價值的提升。我們的社區地理位置優越，我們的策略是在工廠建造的住宅社區中建造優質經濟適用房以供出售或出租，從而創造了行業領先的業績。

As of July 18, 2025, UMH's total two-year return was an industry-leading 17% and our five-year total return was an industry-leading 76.7%. During the second quarter, we increased total revenue from $60.3 million in the second quarter of last year, consisting of $51.5 million in rental and related income and $8.8 million in sales income to $66.6 million in the second quarter of this year, consisting of $56.1 million in rental and related income and $10.5 million in sales income.

截至 2025 年 7 月 18 日，UMH 的兩年總回報率達到業界領先的 17%，五年總回報率達到業界領先的 76.7%。第二季度，我們的總收入從去年第二季的 6,030 萬美元（包括 5,150 萬美元的租金及相關收入和 880 萬美元的銷售收入）增加到今年第二季的 6,660 萬美元（包括 5,610 萬美元的租金及相關收入和 1,050 萬美元的銷售收入）。

That represents an increase in quarterly total income of approximately 10%. For the three- and six months ended June 30, 2025, rental and related income increased 9% from the prior year period and community NOI increased by 11% and 9%, respectively.

這意味著季度總收入增加約 10%。截至 2025 年 6 月 30 日的三個月和六個月，租金和相關收入較去年同期成長 9%，社區 NOI 分別成長 11% 和 9%。

During the quarter, we increased same property occupancy by 76 units over the first quarter and by 251 units over last year. Same property rental and related income increased by 8% and same-property NOI increased by 10% or approximately $3.1 million. Year-to-date, same property rental and related income increased by 8% and same-property NOI increased by 9% or $5.6 million.

本季度，我們同類物業的入住率較第一季增加了 76 套，較去年同期增加了 251 套。同一物業租金及相關收入成長了8%，同一物業淨營業收入成長了10%，約310萬美元。年初至今，同一物業租金及相關收入增加了 8%，同一物業淨營業收入增加了 9%，即 560 萬美元。

Our same-property operating expense ratio for the quarter fell to 38.2% as compared to 39.4% last year. Our rental home occupancy was 94.4% as compared to 95% last year. During the quarter, we converted 190 new homes from inventory to revenue-generating rental homes. Year-to-date, we have converted 305 new homes from inventory to revenue-generating rental homes.

本季我們的同店營業費用率從去年的 39.4% 下降至 38.2%。我們的出租房屋入住率為 94.4%，而去年為 95%。在本季度，我們將 190 套新房從庫存轉變為可產生收入的出租房屋。今年迄今為止，我們已將 305 套新房從庫存轉變為可產生收入的出租房屋。

We currently have 450 homes on site with 145 ready for occupancy and another 300 being set up and an additional 200 homes on order that have not yet been delivered. We anticipate by the end of 2025, we will have added 700- to 800 new rental homes.

我們目前有 450 套房屋，其中 145 套已準備好入住，另有 300 套正在建設中，另有 200 套已訂購但尚未交付。我們預計到 2025 年底，我們將增加 700 至 800 套新的出租房屋。

Sales of manufactured homes continues to grow, driving additional sales profits. Gross sales for the quarter were a sales record at $10.5 million. For the three- and six months ended June 30, 2025, sales of manufactured homes increased by 19% and 6%, respectively, from the prior year period. Gains from the sales for the quarter was $1.5 million or 14% of total sales. Gain from the sales for the six months was $2.2 million or 13% compared to $1.8 million or 11% last year.

預製房屋的銷售持續成長，推動了額外的銷售利潤。本季總銷售額創下 1,050 萬美元的銷售紀錄。截至 2025 年 6 月 30 日的三個月和六個月，預製房屋銷售量分別比去年同期增加了 19% 和 6%。本季銷售收益為 150 萬美元，佔總銷售額的 14%。六個月的銷售收益為 220 萬美元，增幅為 13%，而去年同期的銷售收益為 180 萬美元，增幅為 11%。

We acquired two New Jersey communities on March 24, 2025, consisting of 266 lots, which are 100% occupied and subsequent to quarter end, we acquired two Maryland communities consisting of 191 lots, which are 79% occupied. Year-to-date, we have closed on four communities containing 457 sites for a total purchase price of $39 million.

我們於 2025 年 3 月 24 日收購了兩個新澤西州社區，共計 266 個地塊，入住率為 100%；在本季度末之後，我們收購了兩個馬裡蘭州社區，共計 191 個地塊，入住率為 79%。年初至今，我們已完成對四個社區的收購，共涉及 457 個地點，總收購價為 3,900 萬美元。

We continue to evaluate future acquisitions and anticipate growing our acquisition pipeline in short order. We continue to invest in greenfield development through our joint venture with Nuveen Real Estate. We have made progress filling our two Sebring, Florida communities and have recently opened our third joint venture community Honey Ridge in Honeybrook, Pennsylvania.

我們將繼續評估未來的收購，並預期短期內我們的收購管道將擴大。我們透過與 Nuveen Real Estate 的合資企業繼續投資綠地開發。我們在佛羅裡達州塞布林的兩個社區的建設方面取得了進展，最近在賓夕法尼亞州霍尼布魯克開設了第三個合資社區 Honey Ridge。

Honey Ridge is a 113-site community that officially opened in June. Sales traffic is incredibly strong and the homes are selling as we set them up. We anticipate our investments in a joint venture to generate increased cash flows and improve results as we continue to fill the communities. We invite you all to come to the innovative housing showcase on September 6 to September 9 in Washington, D.C. on the National Mall where we will be showing three of our homes.

Honey Ridge 是一個擁有 113 個場地的社區，於 6 月正式開放。銷售流量非常強勁，我們剛佈置好房子就賣了。我們預計，隨著我們繼續服務社區，我們對合資企業的投資將產生更多的現金流並改善績效。我們邀請大家參加 9 月 6 日至 9 月 9 日在華盛頓特區國家廣場舉行的創新住宅展示會，我們將在那裡展示我們的三套住宅。

These homes will be a rich craft multi-section home, a champion single-section home, both homes with factory-installed GAF solar singles, factory installed solar batteries and factory installed car chargers and a Cavco multi-section home to highlight the upcoming possibility of two-story HUD code homes.

這些住宅將是一個工藝精湛的多部分住宅、一個冠軍單部分住宅、兩個住宅都配備工廠安裝的 GAF 太陽能單塊、工廠安裝的太陽能電池和工廠安裝的汽車充電器，以及一個 Cavco 多部分住宅，以突出即將推出的兩層 HUD 代碼住宅的可能性。

We are excited about HUD's desire to solve the affordable housing crisis by breaking down zoning barriers and providing incentives for more manufactured home community development with easier to obtain lower cost financing. The Big Beautiful Bill made opportunity zones a permanent structure, which could enable UMH to improve and build more communities within opportunity zones.

我們很高興看到 HUD 希望透過打破分區障礙、為更多預製房屋社區發展提供激勵措施以及更容易獲得低成本融資來解決經濟適用房危機。《大美麗法案》將機會區變成了一個永久性結構，這使得 UMH 能夠在機會區內改善和建立更多的社區。

UMH's current opportunity owned fund has grown its annualized revenue from a year ago by more than $900,000. These results demonstrate the potential growth impact of opportunity zones. We view our 3,100 vacant lots and 2,300 acres of vacant land, 349 fully entitled lots, 406 completed and constructed lots and 500 lots in the approval process has incredible opportunities to increase rental revenue, sales revenue, finance and insurance revenue and increased value in FFO per share.

UMH 目前的機會自有基金的年收入比一年前增加了 90 多萬美元。這些結果證明了機會區的潛在成長影響。我們認為，我們的 3,100 個空置地塊和 2,300 英畝空置土地、349 個完全擁有產權的地塊、406 個已完工和已建成的地塊以及 500 個正在審批中的地塊具有增加租金收入、銷售收入、金融和保險收入以及每股 FFO 價值增加的絕佳機會。

This organic growth should allow us to generate earnings growth and improve operating results for the 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 grow through our established long-term business plan. And now I turn it over to Anna to discuss our second quarter results.

這種有機成長將使我們能夠在未來幾年實現獲利成長並改善經營績效。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實現成長。現在我讓安娜來討論我們的第二季業績。

Thank you, Sam. Normalized FFO, which excludes amortization and non-recurring items, increased 16% from $16.8 million for the second quarter of 2024 to $19.5 million for the second quarter of 2025. Normalized FFO per diluted share amounted to $0.23 for both the second quarter of 2024 and 2025. Sequentially, normalized FFO increased 3% or $632,000 from the first quarter of 2025.

謝謝你，山姆。不包括攤銷和非經常性項目的正常化 FFO 從 2024 年第二季的 1,680 萬美元增加 16% 至 2025 年第二季的 1,950 萬美元。2024 年和 2025 年第二季的每股稀釋後標準化 FFO 均為 0.23 美元。與 2025 年第一季相比，標準化 FFO 連續增加 3% 或 632,000 美元。

Rental and related income for the quarter was $56.1 million compared to $51.5 million a year ago, representing an increase of 9%. This increase was primarily due to an increase in same-property occupancy, the addition of rental homes and increase in rental rates and the purchase of two communities at the end of the first quarter of 2025.

本季租金及相關收入為 5,610 萬美元，去年同期為 5,150 萬美元，成長 9%。這一增長主要歸因於同房入住率的提高、出租房屋的增加和租金的上漲以及2025年第一季末購買了兩個社區。

Community operating expenses increased 7% during the quarter. This increase was mainly due to the two communities purchased at the end of the first quarter of 2025 and increase in payroll costs, real estate taxes, snow removal, water and sewer expenses. Our same property results continue to meet our expectations. Same-property income increased by 8% for the quarter, while same-property community operating expenses only increased by 5%, and resulting in an increase in same property community NOI of 10% for the quarter from $30.9 million in 2024 to $34 million in 2025.

本季社區營運費用增加了 7%。這一增長主要是由於2025年第一季末購買的兩個社區以及工資成本、房地產稅、除雪、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 8%，而同物業社區營運費用僅成長 5%，導致本季同物業社區 NOI 成長 10%，從 2024 年的 3,090 萬美元增至 2025 年的 3,400 萬美元。

As we turn to our capital structure, at quarter end, we had approximately $659 million in debt, of which $530 million was community-level mortgage debt, $28 million with loans payable and $101 million was our 4.72% Series A bond.

談到我們的資本結構，截至本季末，我們的債務約為 6.59 億美元，其中 5.3 億美元為社區級抵押貸款債務，2,800 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% fixed rate at quarter end with a weighted average interest rate of 4.63%. The weighted average interest rate on our mortgage debt was 4.52% at quarter end compared to 4.17% at quarter end last year. The weighted average maturity on our mortgage debt was 5.4 years at quarter end and 4.8 years at quarter end last year.

季末總負債為 99% 固定利率，加權平均利率為 4.63%。本季末，我們抵押貸款債務的加權平均利率為 4.52%，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 5.4 年，去年季度末為 4.8 年。

In this volatile interest rate environment, the weighted average interest rate on our short-term borrowings were 37 basis points lower at 6.44% at the current quarter end as compared to 6.81% at quarter end last year. In total, the weighted average interest rate on our total debt was 7 basis points higher at 4.63% in 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，本季末我們的短期借款加權平均利率為 6.44%，較去年季末的 6.81% 下降了 37 個基點。總體而言，本季末我們總負債的加權平均利率為 4.63%，比去年季末的 4.56% 高出 7 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 $1.4 billion and our $659 million in debt, results in total market capitalization of approximately $2.4 billion at quarter end as compared to $2.1 billion last year, representing an increase of 13%.

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 14 億美元的股票市值和 6.59 億美元的債務，使得季末的總市值達到約 24 億美元，而去年同期為 21 億美元，成長了 13%。

During the quarter, we issued and sold 1.8 million shares of common stock under the September 2024 common ATM program at a weighted average price of $17.60 per share, generating gross proceeds of $31 million and net proceeds of $30.3 million after offering expenses. The company also received $2.2 million, including dividends reinvested through the DRIP.

在本季度，我們根據 2024 年 9 月普通 ATM 計畫發行並出售了 180 萬股普通股，加權平均價格為每股 17.60 美元，扣除發行費用後，總收益為 3,100 萬美元，淨收益為 3,030 萬美元。該公司還獲得了 220 萬美元，其中包括透過 DRIP 再投資的股息。

During the quarter, we did not issue and sell any shares of our Series D preferred stock under our 2025 preferred ATM program, and we currently have $100 million eligible for sale under the 2025 preferred ATM program. Subsequent to quarter end, we issued and sold an additional 160,000 shares of our common stock under the September 2024 common ATM program at a weighted average price of $16.99 per share, generating net proceeds after offering costs of $2.7 million. We currently have $46.7 million of common stock remaining eligible for sale under the September 2024 common ATM program.

在本季度，我們沒有根據 2025 年優先 ATM 計劃發行和出售任何 D 系列優先股，目前我們有 1 億美元符合 2025 年優先 ATM 計劃的出售條件。季度末之後，我們根據 2024 年 9 月普通 ATM 計劃以每股 16.99 美元的加權平均價格發行並出售了額外的 160,000 股普通股，扣除發行成本後產生的淨收益為 270 萬美元。根據 2024 年 9 月的普通 ATM 計劃，我們目前還有價值 4,670 萬美元的普通股可供出售。

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 24.1%. Net debt less securities to total market capitalization of 22.9%, net debt to adjusted EBITDA of 4.8x, and net debt less securities to adjusted EBITDA and of 4.5x. Interest coverage was 3.8x and fixed charge coverage was 2.3x.

從信貸角度來看，本季末我們的淨負債與總市值的比率為 24.1%。淨負債減證券與總市值之比為22.9%，淨負債與調整後EBITDA比率為4.8倍，淨負債減證券與調整後EBITDA比率為4.5倍。利息覆蓋率為3.8倍，固定費用覆蓋率為2.3倍。

During the quarter, we paid off 11 mortgages totaling $43.1 million with cash on hand. In addition, as Sam mentioned, during the quarter, we completed the addition of 10 communities to our Fannie Mae credit facility for total proceeds of $101.4 million. This interest-only loan is at a fixed rate of 5.85% on with a 10-year term.

本季度，我們用現金償還了 11 筆抵押貸款，總額為 4,310 萬美元。此外，正如 Sam 所提到的，在本季度，我們完成了將 10 個社區添加到房利美信貸額度中的工作，總收益為 1.014 億美元。這筆只付利息的貸款固定利率為 5.85%，期限為 10 年。

As part of the refinancing process, a certified appraisal was conducted and concluded that these 10 communities appraised for $164 million. whereas our total investment in these communities is $67 million, demonstrating an increase in value of $97 million or 146% from our cost basis on these 10 communities.

作為再融資過程的一部分，進行了認證評估，結論是這 10 個社區的估價為 1.64 億美元。而我們在這些社區的總投資為 6,700 萬美元，顯示這 10 個社區的價值比我們的成本基礎增加了 9,700 萬美元或 146%。

Subsequent to quarter end, on July 22, 2025, we sold $80.2 million of 5.85% Series C bonds that are due in 2030. The net proceeds of the sale of these bonds after deducting offering discounts, fees and other transaction costs were $75.2 million. On July 8, 2025, we amended our $35 million revolving line of credit with OceanFirst Bank to extend the maturity date to June 1, 2027.

季度末之後，即 2025 年 7 月 22 日，我們出售了價值 8,020 萬美元的 5.85% C 系列債券，該債券將於 2030 年到期。扣除發行折扣、費用和其他交易成本後，這些債券的淨收益為 7,520 萬美元。2025 年 7 月 8 日，我們修改了與 OceanFirst Bank 的 3,500 萬美元循環信用額度，將到期日延長至 2027 年 6 月 1 日。

Interest is at prime with a floor of 4.75% and is secured by our eligible notes receivable. From a liquidity standpoint, we ended the quarter with $79.2 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 $194 million available on our other lines of credit for the financing of home sales and the purchase of inventory and rental homes.

利息為優惠利率，最低為 4.75%，並由我們的合格應收票據擔保。從流動性角度來看，本季末我們擁有 7,920 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 1.94 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 $30.2 million in our REIT securities portfolio, all of which is unencumbered. The portfolio represents only 1.4% 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證券投資組合中有 3,020 萬美元，全部都沒有受到任何限制。此投資組合僅占我們未折舊資產的 1.4%。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，我們一直在繼續出售某些部位。

At this time, we are not updating our full year 2025 guidance. We are well positioned to continue to grow the company internally and externally. And now let me turn it over to Eugene before we open it up for questions.

目前，我們尚未更新 2025 年全年指引。我們已做好準備，繼續推動公司的內部和外部發展。現在，在我們開始提問之前，讓我把時間交給尤金。

Thank you, Anna. UMH is the leader in the manufactured housing and affordable housing industry. We believe that our years of hard work will lead to a favorable legislative changes that will allow us and the nation to increase the supply of affordable housing while generating industry-leading returns. Our mission to provide quality affordable housing is an important and worthwhile course. Recent changes in the head code allowed duplexes, triplexes, quadplexes, and potentially two-story homes. These changes greatly increase the value of our existing investments and have made new investments where land costs are higher and affordable housing is needed more attractive to us.

謝謝你，安娜。UMH 是預製房屋和經濟適用房行業的領導者。我們相信，我們多年的努力工作將帶來有利的立法變化，使我們和國家能夠增加經濟適用房的供應，同時產生領先業界的回報。我們提供優質經濟適用住房的使命是一項重要且有價值的事業。最近，總法規的變化允許建造複式住宅、三層住宅、四層住宅，甚至兩層住宅。這些變化大大增加了我們現有投資的價值，並使得在土地成本較高且需要經濟適用房的領域進行新投資對我們更具吸引力。

Additionally, we are proud of our partnership with GAF to install solar shingles at the factory. Factory production should reduce the cost of solar shingles and thereby utility costs, further benefiting our tenants. We have seen positive proposed revisions to the opportunities on laws that may make raising capital for opportunity zones easier.

此外，我們很榮幸能與 GAF 合作在工廠安裝太陽能瓦片。工廠生產應該會降低太陽能瓦片的成本，從而降低公用事業成本，進一步使我們的租戶受益。我們看到對法律機會的積極修訂提議，這可能會使為機會區籌集資金變得更加容易。

We are excited about the future of the industry and plan to utilize these recent developments to benefit all of our shareholders and further grow the company. Operationally, the foundation we have laid over the past few years has positioned the company to generate outstanding results for the foreseeable future.

我們對行業的未來感到興奮，並計劃利用這些最新發展使我們的所有股東受益並進一步發展公司。從營運角度來看，過去幾年我們奠定的基礎將使公司在可預見的未來取得優異的業績。

Our communities continue to report strong sales demand, growing occupancy and more efficient operations. We continue to develop our vacant land, which, over time, will increase the value of our communities and our company.

我們的社區繼續報告強勁的銷售需求、不斷增長的入住率和更有效率的營運。我們繼續開發我們的空置土地，隨著時間的推移，這將增加我們社區和公司的價值。

We plan to be active on the acquisition front as compelling opportunities become available. UMH is poised to grow the company in our earnings because of our past achievements and the efforts of our sensational team. Managing a large portfolio of manufactured housing communities is not an easy task. We value all of our partners back as shareholders and residents. Each of you is a critical part of our current and future success.

一旦出現誘人的機會，我們計劃積極開展收購活動。憑藉我們過去的成就和我們傑出團隊的努力，UMH 已準備好實現公司盈利的成長。管理大量的預製房屋社區並非易事。我們重視所有合作夥伴作為股東和居民。你們每個人都是我們現在和未來成功的關鍵部分。

(Operator Instructions).

（操作員指令）。

Gaurav Mehta, Alliance Global Partners.

Gaurav Mehta，Alliance Global Partners。

Thank you I wanted to follow up on your comments. I think you said that you're not updating 2025 guidance. Does that mean you guys are withdrawing the prior guidance or the prior guidance still holds?

謝謝，我想跟進您的評論。我認為您說過您不會更新 2025 年指南。這是否意味著你們撤回了先前的指導，或者之前的指導仍然有效？

The low end of the prior guidance should hold based on current results. But in addition to that, I think it's very important that everybody understands in manufactured housing, there's going to be BT and AT and BT stands for before Scott Turner, and AT stands after Scott Turner. And Scott Turner and HUD are working on dramatically improving the finance available to the retail customer. So we remain incredibly optimistic about our ability to sell homes increased gross sales and increased profit.

根據當前結果，先前指導的低端應該保持不變。但除此之外，我認為讓每個人都了解製造房屋非常重要，會有 BT 和 AT，BT 代表 Scott Turner 之前，AT 代表 Scott Turner 之後。史考特特納和住房和城市發展部正在努力大幅改善零售客戶可獲得的融資。因此，我們對於提高房屋銷售總額和利潤的能力仍然非常樂觀。

And based on all of this, we see no reason to change guidance at this time, and so we're leaving guidance with the statement, maybe we'll hit the low end, but nobody knows that because we've built great expansions in great locations and new communities in great locations and $0.01 equals $840,000. We're trying to make a lot more than that. So let's see what happens.

基於所有這些，我們認為目前沒有理由改變指導方針，因此我們保留這樣的指導方針，也許我們會達到低端，但沒有人知道，因為我們已經在優越的地理位置建立了偉大的擴張，並在優越的地理位置建立了新的社區，0.01 美元等於 840,000 美元。我們正在努力實現更多目標。那麼讓我們看看會發生什麼。

And so what are some of the -- I guess, the drivers of, I guess, the change -- your -- I guess, not so much confidence in the prior guidance. I guess is it the capital -- the debt that you guys paid and timing of the deployment or I guess anything on the rent growth side that you guys are seeing?

那麼，我猜，導致這種變化的一些驅動因素是什麼？我猜，您對之前的指導沒有那麼大的信心。我猜是資本——你們支付的債務和部署的時間，或者我猜是你們看到的租金增長方面的任何東西？

Well, go slow. We are confident in the low end of the guidance, okay? We're very confident in the low end of the guidance. The chances are in the third and fourth quarter will grow earnings per share, which will get us to the low end of the guidance. Realize, we're currently at $0.96 to $1.04. Yes. And so based on the quarterly, if we just go up $0.01 per quarter for the third and fourth quarter, we're going to hit those numbers. and there's a potential of going up more than that.

嗯，慢慢來。我們對指導的低端很有信心，好嗎？我們對指導的低端非常有信心。第三季和第四季每股收益很有可能會成長，這將使我們達到預期的低端。意識到，我們目前處於0.96 美元至 1.04 美元。是的。因此，根據季度數據，如果我們在第三季和第四季每季僅增加 0.01 美元，我們就會達到這些數字，並且有可能增加更多。

And so it would be silly for us to change guidance when there is a potential we could actually get to the higher end because this financing of the retail customer could result in a dramatic increase in the sale of existing rental homes, which will be all cash to us. So it's too interesting a time to reduce or withdraw guidance.

因此，當我們有可能真正達到更高的目標時，改變指導方針是愚蠢的，因為這種對零售客戶的融資可能會導致現有租賃房屋的銷售大幅增加，而這些房屋對我們來說都是現金。因此，現在是減少或撤回指導的好時機。

Okay. Understood. And then maybe lastly, on the price of new homes, have you guys seen any changes on where the new homes are coming in?

好的。明白了。最後，關於新房價，你們看到新房子的售價有什麼變化嗎？

Yes. Prices of new homes are about where they've been. No material changes there. And I know we hit on it in our earnings call script, but we do have about 200 homes on-site, which are just about ready for occupancy. We continue to make progress getting all of those homes set up. We've got another 265 homes being set up and another 169 on order.

是的。新房的價格與之前的水平差不多。那裡沒有實質的變化。我知道我們在收益電話會議腳本中提到了這一點，但我們確實有大約 200 套房屋，即將準備好入住。我們將繼續努力，完成所有這些房屋的建造。我們正在建造另外 265 棟房屋，另有 169 棟已訂購。

Again, those homes we know what we're going to pay for them. We know exactly the rents we need to get to hit our 10% return on those rental units. And as we reported, demand is incredibly strong throughout our locations. We filled 305 new rental homes year-to-date.

再說一遍，我們知道要為這些房子付多少錢。我們清楚知道需要多少租金才能達到這些租賃單位的 10% 回報率。正如我們所報導的，我們各個門市的需求都非常強勁。今年迄今為止，我們已出租了 305 間新出租房屋。

In July, we actually converted 81 new rental homes from inventory to revenue generating rental homes. So that was actually the most that we've done all year. So we're seeing a lot of positive demand. We should continue to grow rental revenue -- we're very comfortable with where our expenses are. And we see our same property results continuing in the right direction, plus what Sam is saying on the increase in sales. So we're very confident operationally that we're going to get where we need to go.

7 月份，我們實際上將 81 套新出租房屋從庫存轉變為可產生收入的出租房屋。這實際上是我們全年所做的最多的事情。因此我們看到了很多積極的需求。我們應該繼續增加租金收入——我們對我們的支出狀況非常滿意。我們看到我們的房地產業績繼續朝著正確的方向發展，再加上 Sam 所說的銷售額成長。因此，我們非常有信心在營運方面能夠達到我們的目標。

Rob Stevenson, Janney.

羅伯史蒂文森、珍妮。

Have you finalized your plans for the Conowingo Court acquisition? And how many of those 142 sites are going to need to be have their homes removed in that process?

您是否已最終確定 Conowingo Court 的收購計劃？那麼在這 142 個地點中，有多少個地點需要在過程中拆除房屋？

Yes. So again, we're happy to get that deal done. It was a long time coming. I think we had it under contract for 1.5 years or longer. We worked with the seller to complete improvements on the site. And we do expect to see some short-term occupancy decreases at Conowingo Court. The property is 142 units. It's currently got 101 occupied sites.

是的。所以，我們很高興能夠達成這筆交易。這是很久以前的事了。我認為我們已經簽訂了一年半或更長時間的合約。我們與賣家合作完成了網站的改進。我們確實預計 Conowingo Court 的短期入住率會有所下降。該物業共有 142 個單位。目前已有 101 個站點被佔用。

I don't want to go into too much detail as to what will be removed, but we believe, given the demand we see, given that the strength of the market there that we will pretty rapidly complete the turnaround process and start to grow occupancy there. That should not be a long-term value-add plan. Year, two years, we should have that property where we want it to be.

我不想過多地談論將會被移除的內容，但我們相信，鑑於我們看到的需求，鑑於那裡的市場實力，我們將很快完成扭虧為盈的過程，並開始增加那裡的入住率。這不應該是一個長期的增值計劃。一年、兩年後，我們就應該把這棟房產安置到我們想要的位置。

How much do you expect to spend on the upgrades to the community infrastructure, not the rental homes and stuff like that, but anything that you're planning on doing in improving the community? How big of a CapEx spend is that likely to be?

您預計在社區基礎設施升級上花費多少，不包括出租房屋之類的東西，而是您計劃為改善社區所做的任何事情？這筆資本支出可能有多大？

Yes. So we're out there getting bids basically to complete some of the common areas, pave the street. The good news is the water and sewer lines have been completely upgraded through -- by the seller before the acquisition was completed. So now we're really just working on roads, possibly some amenities and more minor items. The bulk of that was completed and included in the sales price.

是的。因此，我們在那裡進行投標，主要是為了完成一些公共區域的建設，鋪設街道。好消息是，在收購完成之前，賣方已經對水管和下水道進行了全面升級。所以現在我們實際上只是在修建道路，可能還有一些便利設施和一些小項目。其中大部分已經完成並包含在銷售價格中。

Okay. And then are there -- other than this property, are there any others where you're spending any notable dollars for repositioning other than just to add rental units? Or is that process and the rest of the portfolio largely been done at this point, spend?

好的。那麼，除了這處房產之外，您是否還花費大量資金重新定位，而不僅僅是增加出租單位？或者這個過程和投資組合的其餘部分基本上已經完成了，支出？

The capital budget for the communities to upgrade them is approximately $20 million, and that gets done through the course of the year. So there's still work to do. The reason we keep pointing out that the appraised value went up so much in the refinancing is, if you look at our 12-month increase in same-property operating income and you put that at a 5% cap and then you subtract the investment in the property, the increased value to the company is $180 million or $2 per share.

社區升級改造的資本預算約為 2000 萬美元，並將在一年內完成。所以還有很多工作要做。我們之所以一直指出再融資中估值上漲如此之多，是因為如果你看一下我們 12 個月的同類物業營業收入增長情況，並將其設定為 5% 的上限，然後減去物業投資，公司增加的價值為 1.8 億美元或每股 2 美元。

So people who are focusing on missing by $0.01. $840,000 are missing the boat because the appreciation and its appreciation and value add is $2 per share, and you're going to have the same results in the Conowingo properties. Things don't happen immediately. We have to replace old homes with new -- a new homes generate sales income. But it's going to work out, and it's going to be a great acquisition.

因此，那些只關注 0.01 美元損失的人。 84 萬美元錯失了良機，因為升值及其增值和價值增加是每股 2 美元，而你在 Conowingo 房產中也會得到同樣的結果。事情不會立即發生。我們必須用新房子取代舊房子——新房子可以產生銷售收入。但它會成功，而且會是一次偉大的收購。

And just to highlight what Sam was talking about the capital improvement budget that we set forth annually does include the other major capital improvement projects throughout the communities. That will be water and sewer line upgrades, pavings mostly, in some cases adding club houses or other amenities, but that's all detailed in the capital improvement budget. So nothing outside of that reposition the existing communities.

為了強調 Sam 所說的內容，我們每年制定的資本改善預算確實包括整個社區的其他主要資本改善項目。這將是水和下水道管線的升級，主要是鋪路，在某些情況下還會增加俱樂部會所或其他設施，但這些都在資本改善預算中詳細說明。因此，除了重新定位現有社區之外，沒有其他任何事情。

Okay. But that is sort of essentially maintenance right, at the end of the day? Is it that those -- the repositions are -- when you buy an asset and then empty it or reduce the -- get rid of units, et cetera, that's an addition to that, right? Is it that's not part of the sort of normal capital that you do.

好的。但歸根結底，這本質上是一種維護，對吧？是不是那些 - 重新定位是 - 當你購買資產然後清空它或減少 - 擺脫單位等等時，這是對此的補充，對嗎？這不屬於您所做的正常資本的一部分嗎？

So the reason I don't see it that way. Maintenance is snow plowing, fixing potholes, repairs and maintenance to rental homes as so they become vacant. Capital improvements give us the ability to increase rents and profits. That's repaving the streets, replacing waterlines, sewer lines, changing the signage. It's major improvements to the property that add value. So there's a separation between the two.

所以我不這麼認為。維護包括掃雪、修補坑洞、維修和維護出租房屋，直至其空置。資本改善使我們能夠增加租金和利潤。那就是重新鋪設街道、更換水管、下水道、改變標誌。對房產進行重大改進可以增加其價值。所以兩者之間是有差別的。

And our policy is to continually upgrade communities. We have homes in there that may last 50 years. We then we replace them with better homes. And the exciting thing now is we may replace them with larger homes, two-story homes. We have ability to really create affordable housing, but high-quality housing and the same thing with the operations apart. People always view that if you have one person in the office and a maintenance plan, that's ballpark park. We don't mind having two in the office and two maintenance people.

我們的政策是不斷升級社區。我們在那裡的房子可能可以使用50年。然後我們用更好的房子來代替它們。現在令人興奮的是，我們可能會用更大的房子、兩層樓的房子來取代它們。我們有能力真正打造經濟適用房，但高品質住房與同樣的事情的運作是分開的。人們總是認為，如果辦公室裡只有一個人，並且有一個維護計劃，那麼一切都正常了。我們不介意辦公室裡有兩名員工和兩名維修人員。

Our policy is to upgrade and upgrade and provide affordable housing but high-quality housing so that we improve the image of our business.

我們的政策是不斷升級，提供價格合理但品質優良的住房，以提升我們企業的形象。

Okay. Last one for me. Anna, how did the 585 that you got on the Israeli bond deal compared to where you could have priced the deal here in the US?

好的。對我來說是最後一個。安娜，你在以色列債券交易中獲得的 585 美元價格與你在美國為該交易定價的價格相比如何？

I think if we look at the US pricing, it would have been higher. If you look at other people's unsecured debt, and those are for people who are like we -- in Israel, we obtained a AA minus rating from S&P [Merlot]. We wouldn't be able to do that here because here, they depend a lot more on unsecured debt. And because we have Fannie and Freddie and the GSE financing at pretty low rates and pretty nice amortization, et cetera, we don't want to give that up.

我認為如果我們看看美國的定價，它會更高。如果你看看其他人的無擔保債務，你會發現那些債務是針對像我們這樣的人的——在以色列，我們獲得了標準普爾 [Merlot] 的 AA 減評級。我們在這裡無法做到這一點，因為在這裡，他們更依賴無擔保債務。而且由於我們擁有房利美、房地美和政府支持企業融資，且利率相當低，攤還相當不錯，等等，所以我們不想放棄這一點。

My comparison was the Vornado secured debt and our unsecured debt is at a lower rate than the Vornado secured debt.

我的比較對像是 Vornado 擔保債務，而我們的無擔保債務的利率低於 Vornado 擔保債務。

Okay. And then I guess the follow-up there is, I think that at the end of the day, did this Israeli bond deal, is this basically prefunding the, call it, $70 million of mortgages that are in the 2025 maturity schedule in the supplemental? Or are you planning on doing something else with that.

好的。然後我想接下來的問題是，我認為最終這筆以色列債券交易是否基本上是預先為補充貸款中 2025 年到期的 7000 萬美元抵押貸款提供資金？或者你打算用它做其他事情。

We are planning on doing other things with that. We are planning on refinancing some of the communities, not all of them through the GSEs. So --

我們正計劃利用它做其他事情。我們計劃透過政府支持企業為部分社區（而非全部社區）進行再融資。所以--

This is the conference operator. It appears we have lost connection to our speaker line. Please stand by while we reconnect. Thank you for your patience.

我是會議主持人。看來我們與揚聲器線路的連接已經中斷。請稍候，我們將重新連線。感謝您的耐心。

Pardon me, this is the conference operator. I have reconnected the main speaker line. proceed.

對不起，我是會議接線生。我已重新連接主揚聲器線路。繼續。

My apologies. I wasn't sure where I left over.

我很抱歉。我不確定我離開到哪裡了。

Rob, can you hear us? We'll go back to -- the phone cut out, so we don't know how much of our answer you heard, so we can go back and repeat it if that's where we are.

羅布，你聽得到我們說話嗎？我們會回去——電話斷了，所以我們不知道你們聽到了多少我們的回答，所以如果我們在那裡的話，我們可以回去重複一遍。

Yes. Can you hear me now?

是的。現在你能聽到我說話嗎？

Yes. Thank you. Sorry, we had some technical difficulties.

是的。謝謝。抱歉，我們遇到了一些技術問題。

Yes. I think you were saying, Ana, that you were going to take the $70 million and do some with HUD and some other do something else with that debt as well?

是的。安娜，我想你是說，你打算拿出 7000 萬美元，一部分用於 HUD，一部分用於其他用途？

Yes. What we anticipate is we anticipate refinancing the other -- not all of the other communities, but only some of the other communities. So we anticipate another $70 million, I believe, in total between HUD or really Fannie Mae and additional bank. So what will happen is we will have probably about three additional communities that will become free and clear, right.

是的。我們預計，我們將為其他社區提供再融資——不是所有其他社區，而是部分其他社區。因此，我認為我們預計住房和城市發展部或房利美與其他銀行之間的總額將達到 7000 萬美元。因此，我們可能會有另外三個社區變得自由和清晰，對吧。

And as I said, in any one given year, we need about $120 million to $150 million in new capital. So in addition to any acquisitions that come about, so we wanted to make sure that we had enough dry powder to take advantage of those acquisitions. We see that it is opening up. We see some communities coming from sale. So we wanted to make sure we are able to take that advantage.

正如我所說，在任何一年，我們都需要大約 1.2 億至 1.5 億美元的新資本。因此，除了任何發生的收購之外，我們還想確保我們有足夠的資金來利用這些收購。我們看到它正在開放。我們看到一些社區正在出售。因此，我們希望確保我們能夠利用這一優勢。

Okay. I guess as a follow-up to that, is there anything that you guys have under contract at this point? Or I think that is likely to be closed in the next 6- to 12 months here?

好的。我想作為後續問題，你們目前有什麼合約嗎？或者我認為這可能會在未來 6 到 12 個月內關閉？

We're working on a few deals. We don't have anything under contract at the moment. We do anticipate putting a few properties under contract in the coming months. It's possible that some closed before the end of the year. But given that they're not actually under contract right now, it's uncertain.

我們正在洽談幾筆交易。目前我們還沒有任何合約。我們確實預計在未來幾個月內簽訂一些房產合約。有些可能在年底前就關閉了。但考慮到他們現在實際上並未簽訂合同，因此還不確定。

We are pretty happy with some of the deals we're seeing on the acquisition front. So I would expect us to grow the pipeline shortly. But again, given that nothing is under contract, I wouldn't want to guarantee anything.

我們對收購方面的一些交易感到非常滿意。因此我希望我們能很快擴大管道。但同樣，鑑於沒有任何合同，我不想保證任何事情。

It's important to note, as we refer to all the time in our presentation, we need capital for the additional rental there. We need capital for the capital improvement. Sales are accelerating, and we use our own money to finance those sales. So you need money for that. And then you take the number of lots we referred to that we're constructing and that cost is approximately $100,000 per lot.

值得注意的是，正如我們在演示中一直提到的那樣，我們需要資金來支付那裡的額外租金。我們需要資金來進行資本改善。銷售正在加速，我們用自己的資金來資助這些銷售。所以你需要錢來做這件事。然後，你算一下我們正在建造的地塊數量，每塊地的成本大約是 10 萬美元。

And then you look at how many lots we have in the approval process. So there's a lot of need for capital and a common criticism was we were using the ATM at a low stock price we were using the preferred at a high interest rate. And now we shifted gears and want the debt at a very favorable interest rate. So I think it should be a very favorable development.

然後你看看我們有多少批次處於審批過程中。因此，我們需要大量的資金，而一個常見的批評是，我們以低股價使用 ATM，以高利率使用優先股。現在我們改變了策略，希望以非常優惠的利率償還債務。所以我認為這應該是一個非常有利的發展。

Craig Kucera, B. Riley FBR.

克雷格‧庫塞拉 (Craig Kucera)、B. Riley FBR。

Actually, we're the Lucid Capital Markets. You guys did a really good job of keeping a lid on same-store operating expenses this quarter. Can you talk about the outlook for the back half of 2025?

實際上，我們是 Lucid Capital Markets。本季，你們在控制同店營運費用方面做得非常好。能談談2025年下半年的前景嗎？

Yes, sure. Same property operating expenses had come down in the second quarter, which we're very happy about for the year. Same property operating expenses are 41%, same property as compared to last year at 41.9%. So a nice decrease there. We also -- as we had indicated, it was really drop winter and we had a lot of elevated snow removal costs. we anticipate same property expenses to be in a similar range to where they were, which was growth of 4.7% over last year. They may increase a little bit.

是的，當然。第二季同樣的物業營運費用有所下降，我們對今年的業績感到非常高興。同一物業的營業費用為 41%，而去年同期為 41.9%。因此，這是一個不錯的下降。我們也——正如我們所指出的，這是一個真正寒冷的冬天，我們的除雪成本大幅增加。我們預計相同的房地產費用將與去年同期的水平相似，增長 4.7%。它們可能會增加一點點。

But as we've told everybody throughout the year, we expect our same-property expense growth in the 5% to 7% range. In certain areas, we're looking at bringing on additional maintenance staff and all things like that. But again, we do anticipate an acceleration in occupancy growth. I would expect our rental and related income to grow more than the 7.8% and -- so even if operating expenses pick up a little bit, we anticipate community NOI being in that high single digit, low double-digit range.

但正如我們全年告訴大家的那樣，我們預計同店支出成長率將在 5% 至 7% 之間。在某些地區，我們正在考慮增加維護人員以及諸如此類的事情。但我們確實預期入住率成長將會加速。我預計我們的租金和相關收入將增加 7.8% 以上，因此，即使營運費用略有增加，我們預計社區 NOI 仍將處於高個位數、低兩位數的範圍內。

Got it. That's helpful. Changing gears, Sam, in your commentary, you mentioned that you might be looking at doing maybe closer to 700- to 800 home deployments this year. I think earlier in the year, you were thinking -- you were pretty confident you hit 800. Are you seeing any supply chain disruptions from the manufacturers? Or is it just really things are just going a little bit slower than initially expected?

知道了。這很有幫助。換個主題，山姆，在你的評論中，你提到今年你可能會考慮進行接近 700 到 800 個家庭部署。我想，今年早些時候，你就在想——你非常有信心你能達到 800。您是否發現製造商的供應鏈中斷？或者事情的進展真的比最初預期的要慢一點？

No, I don't think anything is going slower. The only thing possibly going slower, setup crews are a little bit of an issue, but we can get through that. And again, we remain confident. We want to be conservative, 700- to 800 units. Again, I would focus on the announcements coming from HUD pertaining to their exchange policies as to know frames on the houses, which allows you to go to two-storey, adding significant value to many lots and programs they are working on today to result and people being able to buy their existing home for just 3% down with low interest rates.

不，我不認為任何事情進展得更慢。唯一可能進展較慢的是，安裝人員有點問題，但我們可以克服。我們依然充滿信心。我們希望保守一點，700 到 800 個單位。再次，我將重點關注來自 HUD 的公告，該公告涉及他們的交換政策，了解房屋的框架，這允許你建造兩層樓，為他們今天正在進行的許多地塊和項目增加顯著的價值，人們能夠以低利率僅用 3% 的首付購買現有房屋。

So it's not finalized yet. But as I've always told you, 2001 was a major blow to manufactured housing when we lost the securitization of manufactured home loans. It got far worse in 2009 when the ability to pay loss kicked in. Industry shipments fell to 40,000. We don't -- Scott Turner, the HUD Secretary is working on reversing all of these things improving, the retail financing improving, people's ability to get new communities approved. So we remain very optimistic, especially about our ability to sell existing rentals at a cash profit because these new loans will generate cash.

所以還沒有最終確定。但正如我一直告訴你的那樣，2001 年我們失去了房屋貸款證券化，這對房屋製造是一個重大打擊。2009年，當償付能力損失開始顯現時，情況變得更加糟糕。產業出貨量下降至40,000。我們不會——住房和城市發展部部長斯科特·特納正在努力扭轉所有這些局面，改善零售融資，提高人們獲得新社區批准的能力。因此，我們仍然非常樂觀，特別是對我們以現金利潤出售現有租賃的能力，因為這些新貸款將產生現金。

And families should cover those tax on tips.

家庭應該承擔小費稅。

No tax on tips is huge. So you have to understand that 30% of your income is what qualifies you for the loan. So the new rule of $25,000 in income can be tip income that you're not tax stock. So you pay fit taxes. But anyhow, you're paying all other taxes. So $25,000 in income on a 6% amortization, 25 years, is $100,000. So right now, with the letter from the employer, the restaurant, et cetera, saying this person has earned 25,000 tips, we think we will soon be able to qualify them for 100,000 more buying power they have.

小費稅不高。所以你必須明白，你的收入的 30% 才有資格獲得貸款。因此，新規定的 25,000 美元收入可以作為小費收入，無需納稅。所以你繳適當的稅。但無論如何，您都要繳納所有其他稅金。因此，25,000 美元的收入，以 6% 的攤銷率，25 年就是 100,000 美元。因此，現在，根據雇主、餐廳等部門的來信，說此人已經賺了 25,000 元小費，我們認為我們很快就能讓他們獲得 100,000 元的購買力。

And if it's not 25,000, 12,500, then they're going to qualify for 50,000. So this is absolutely the hugest development, which is why I keep harping on it and why it would be silly to change guidance based on $840,000.

如果不是 25,000，而是 12,500，那麼他們將有資格獲得 50,000。所以這絕對是最大的進展，這就是我一直強調這一點的原因，也是為什麼根據 84 萬美元改變指導是愚蠢的。

I got you. Changing gears, I'd like to talk about your interest income. There was a sequential decline from the last couple of quarters. Is that just a function of some movement in your cash balance on hand throughout the quarter? Or have any adjustments has been made to rates at UMH Finance?

我接到你了。換個話題，我想談談你的利息收入。與過去幾個季度相比，出現了連續下降。這是否只是整個季度現金餘額變動的結果？或者 UMH Finance 的利率有任何調整嗎？

Absolutely. What we've been doing is we raised the cash and then we do put it into money markets -- but again, when we -- then we use the cash, but also rates have come down a little bit.

絕對地。我們一直在做的是籌集現金，然後將其投入貨幣市場——但是，當我們——然後我們使用現金時，利率也會下降一點。

Okay. That's helpful. I guess, finally, how -- you mentioned sales were accelerating. How are they trending here in the third quarter? Is it a similar increase relative to the second quarter or maybe even better?

好的。這很有幫助。我想，最後，您提到銷售正在加速成長。第三季的趨勢如何？與第二季相比，增幅是否相似，甚至更好？

It's possible that it's better. I mean, Sam has laid out a lot of reasons why it may continue to improve. But with everything basically a similar sales environment to the second quarter, we're still seeing growth as we get some more positive traction at our expansions. We actually have over $5 million in our sales pipeline right now, which is an outstanding number, and I'm not quite sure I've seen it that high before. So that's very positive.

有可能它會更好。我的意思是，薩姆已經列舉了許多它可能會繼續改善的理由。但由於銷售環境與第二季基本相似，我們仍然看到成長，因為我們的擴張獲得了更積極的動力。事實上，我們目前的銷售管道中有超過 500 萬美元的銷售額，這是一個非常出色的數字，我不確定我以前是否見過如此高的數字。這是非常積極的。

We're also working through some older homes at some of our New Jersey properties, as people move out, we're able to recoup those lots and put new homes on there and generate sales profits and reset those rents to market. And we are very happy with the progress we've made in our Cinnamon Woods expansion.

我們也正在處理新澤西州一些房產中的一些老房子，隨著人們搬走，我們可以收回這些地塊並在上面建造新房，產生銷售利潤並將這些租金重新調整到市場水平。我們對 Cinnamon Woods 擴張所取得的進展感到非常高興。

We've got some expansions coming online in Tennessee, and we're really optimistic about the future of sales. Just pivoting back to the question about rental homes, briefly, I mentioned it earlier, but I want to mention it again, in July, we converted 82 homes and inventory to new rental homes, which was the most we have done all year.

我們在田納西州有一些擴張計劃，我們對未來的銷售非常樂觀。簡單來說，回到關於出租房屋的問題，我之前提到過，但我想再提一下，7 月份，我們將 82 套房屋和庫存改建成了新的出租房屋，這是我們全年做得最多的一次。

If you go back a few years when we did 1,100 rental homes, we were hitting 80- or 90 homes a month. So it's really nice to get back to that 80% number. with the homes we have being set up in the right locations and the demand, we think we can continue that. So we're hopeful that we get up to the $800, but we put the range at $700 to $800.

如果你回顧一下幾年前我們出租房屋的情形，當時我們一共有 1,100 套，每月出租的房屋數量大約是 80 套或 90 套。所以回到 80% 這個數字真是太好了。鑑於我們在正確的位置建造的房屋和需求，我們認為我們可以繼續保持這一勢頭。因此，我們希望能夠達到 800 美元，但我們將範圍設定為 700 美元至 800 美元。

I just want to repeat this again. We own 10,600 rental. We bought the first rental units in 2011 at $40,000 a piece. Based on people's current rent, the sales price of those homes is going to exceed $60,000 on the oldest homes. And these new policies and here's a couple of them.

我只是想再重複一次。我們擁有 10,600 間出租房。我們於 2011 年以每套 40,000 美元的價格購買了第一批租賃單位。根據人們目前的租金，這些房屋的最舊售價將超過 6 萬美元。以下是這些新政策中的幾項。

Number one, we've got the licensed mortgage loan originators to agree that your monthly payment, what you're paying for a house, if you're in a $2,000 a month apartment and you're moving to $1,000 per month manufactured housing. That carries more weight than debt to income or a percentage of income. So that's huge. That's a huge new development in the last quarter. And then we just talked about how no tax and tip is going to increase their income. How?

首先，我們與有執照的抵押貸款發放機構達成一致，確定您的每月還款額，即您為房子支付的金額，如果您現在住在每月 2,000 美元的公寓，而您要搬到每月 1,000 美元的預製房屋。這比債務佔收入或收入百分比更重要。這很重要。這是上個季度的一個巨大的新進展。然後我們剛剛討論了免稅和小費如何增加他們的收入。如何？

I didn't talk about yet. How we could credit their existing down payment on the rental to down payment -- the existing security deposit on rental to down payment on a sale. So all of these -- and I don't know exactly how quickly with our lender, we can -- when I say a lender with our mortgage loan originator, how quickly we can implement these new policies, we're working on it.

我還沒談到。我們如何才能將他們現有的租金首付款記為首付款——將現有的租金保證金記為銷售首付款。所以所有這些——我不知道我們與貸款人究竟能多快地——當我說貸款人與我們的抵押貸款發起人時，我們能多快地實施這些新政策，我們正在努力。

But as soon as those get implemented, as I see it, I'd be shocked if you don't sell 100 rentals within six months at $70,000 a piece, so $7 million in new sales with the sales profit.

但一旦這些措施得以實施，在我看來，如果你不能在六個月內以每套 70,000 美元的價格售出 100 套租賃房，那麼加上銷售利潤，新銷售額將達到 700 萬美元，我會感到震驚。

John Massocca with B. Riley.

John Massocca 和 B. Riley。

Maybe going back to the guidance again. I know we touched on it a bunch, but it seems like based on some of your earlier commentary that maybe the ability to hit that guidance range is contingent on kind of ramping up sales of homes. Is that fair on my end? And I guess, what kind of gives you -- what kind of level of sales would you need to see to make guidance achievable?

也許又要回到指導了。我知道我們已經多次討論過這個問題，但根據您之前的一些評論，達到該指導範圍的能力似乎取決於房屋銷售量的增加。這對我來說公平嗎？我想，您需要看到什麼樣的銷售水準才能實現預期目標？

Well, I want to back up. Just based on increased rental income, right? I think it's very realistic to expect a quarter for the fourth quarter. That's just based on increase in rental income, then growing the potential for increase in sales income. I get everything right?

好吧，我想備份一下。只是基於增加的租金收入，對嗎？我認為對第四季的預期是非常現實的。這只是基於租金收入的增加，然後增加銷售收入的潛力。我理解得對嗎？

Okay. I mean there's a lot of variables there. There's the home sales, there is the speed with which we complete expansions, financing costs acquisitions. So Sam talked about the confidence in hitting the lower end of the range. But to your question, yes, all of those things and others are going to impact whether or not we can hit the higher end.

好的。我的意思是那裡有很多變數。有房屋銷售，有我們完成擴張的速度，有融資成本收購。因此，薩姆談到了達到該範圍下限的信心。但對於你的問題，是的，所有這些因素以及其他因素都會影響我們是否能夠達到更高的水平。

Yes. So it sounds like maybe the lower end of the range is kind of achievable through kind of just run rate business. And then if you accelerate sales and obviously, the direct flow-through in terms of net profit that comes from that, you could reach towards the higher end of the range, is that kind of a fair way of characterizing it?

是的。因此，聽起來也許可以透過某種運行率業務來實現該範圍的下限。然後，如果您加速銷售，顯然，由此產生的淨利潤的直接流轉，您可以達到更高的範圍，這是一種公平的描述方式嗎？

It's a fair way of characterizing it. And as we all know, we're making forward looking statements, we could be wrong. There could be a major recession, interest rates could rise. But assuming things go as we see them at this moment, I think that's a very realistic statement.

這是一種公平的描述方式。眾所周知，我們正在做出前瞻性的陳述，我們可能會犯錯。可能會出現嚴重的經濟衰退，利率可能會上升。但假設事情按照我們現在看到的方式發展，我認為這是一個非常現實的說法。

Okay. With that in mind, I guess, kind of your net income from selling homes, even though you had a record kind of top line quarter was down a little bit. Was that resulted -- is that a result of anything that was kind of maybe timing wise, as you build that inventory? Or just kind of what was kind of driving maybe the margin.

好的。考慮到這一點，我想，儘管您本季的營業額創下了歷史新高，但您出售房屋的淨收入還是略有下降。這是不是結果——這是您在建立庫存時可能與時間有關的任何事情的結果？或僅僅是某種推動利潤的因素。

If I look at kind of home -- sales of homes versus kind of what the cost was for selling them, margins kind of compressed a little bit, but I was wondering if that was driven by something else timing-wise or if there was something else going on there?

如果我看一下房屋銷售情況——房屋銷售與銷售成本的關係，利潤率有點壓縮了，但我想知道這是否是由時間方面的其他因素驅動的，或者是否有其他因素發生？

On all expansions and new construction, when you get to the last phase if you earn the biggest profit and you have to jump-start these things a bit. So the first phase may have lower markets.

對於所有擴建和新建項目，當你進入最後階段時，如果你獲得了最大的利潤，你必須稍微啟動這些事情。因此第一階段的市場可能會較低。

No, that's exactly right. Last year, was a 38% gross margin, this year went down 3%. Historically, by the way, we're very happy with 32%. So the sales results to us are fine. But yes, that Cinnamon Wood and some other expansions. We hope selling at a 20% margin, which was reducing that overall margin down to 32%. But as we pointed out that the growth in the top line was there. And as we get further into these expansions, we do expect that gross margin to increase back hopefully, to that 38% range for the time will come.

不，完全正確。去年毛利率為38%，今年下降了3%。順便說一下，從歷史上看，我們對 32% 的比例非常滿意。因此我們的銷售業績還不錯。但是是的，有肉桂木和其他一些擴展。我們希望以 20% 的利潤率銷售，這會將整體利潤率降低到 32%。但正如我們所指出的，營業收入確實在成長。隨著我們進一步擴張，我們確實希望毛利率能回升至 38% 左右。

Okay. And is that just kind of like to borrow a terminology from like the multifamily and hotel space like a hedge and bed strategy? Or you want to get people -- in the initial phase, you kind of have to offer a bit of a discount, but as the community fills up, you're able to be a little bit more aggressive on pricing?

好的。這是否就像借用多戶住宅和酒店領域的術語，例如對沖和床位策略？或者您想吸引人們——在初始階段，您必須提供一點折扣，但隨著社區的充實，您是否能夠在定價上更積極一些？

Absolutely a 100%. People are fearful. When you first open, they don't know what's going to happen. You have to establish that you're going to fill this place, home values are consistent or going up. And then our history and our experience is the last phase sells out quickly at the highest price.

絕對是100%。人們感到恐懼。當你第一次打開時，他們不知道會發生什麼。你必須確定你要填補這個地方，房屋價值是穩定的還是上升的。根據我們的歷史和經驗，最後階段的產品會以最高的價格迅速售罄。

And then I mean, kind of bigger picture, you've mentioned how to bunch on the call. I guess the positive catalysts you're expecting to see there, should that flow through in the 2025 results? I mean it seems like by the time new government gets active on things not close to the consumer, it might be more of a 2026 kind of tailwind, but just was kind of curious why the confidence that could be so immediately impactful.

然後我的意思是，從更大的角度來看，您提到瞭如何在通話中進行分組。我想您期望在那裡看到的積極催化劑應該會在 2025 年的結果中體現出來嗎？我的意思是，當新政府開始積極處理與消費者無關的事情時，它可能更像是 2026 年的順風，但我只是有點好奇為什麼這種信心會如此迅速地產生影響。

These things have already begun, and the innovative housing conference is in early September. So I suspect you're going to see our results by the end of September. And we're the greatest form of quality affordable housing with communities for sale or rent. We have a HUD Secretary that recognizes that. We have both parties in the Senate and the Congress who recognize that. We just think that the atmosphere at this moment is better than it's been since the 1990s. So we're very optimistic.

這些事情已經開始了，創新住房會議就在九月初。所以我認為你會在九月底看到我們的結果。我們是最優質的經濟適用住房社區，提供出售或出租服務。我們的住房和城市發展部部長認識到了這一點。參議院和國會兩黨都認識到了這一點。我們只是認為，目前的氣氛比 20 世紀 90 年代以來任何時候都要好。所以我們非常樂觀。

We'll conclude our question-and-answer session. I would like to turn the conference back over to Samuel Landy for any closing remarks.

我們將結束問答環節。我想將會議交還給 Samuel Landy 並請他做最後發言。

Thank you, operator. I would like to thank the participants on this call for their continued support and interest in our company. As always, Gene, Anna, Brett and I are available for any follow-up questions. We look forward to reporting back to you in November with our third quarter 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 11 月向您報告 2025 年第三季的業績。謝謝。

The conference has now concluded. Thank you for attending today's presentation. The teleconference replay will be available in approximately one hour. To access this replay, please dial US toll-free 1 (877) 344-7529 and or international (412) 317-0088. The conference replay, the conference access code is 4486-279. Thank you, and please disconnect your lines.

會議現已結束。感謝您參加今天的演講。電話會議重播將在大約一小時後提供。若要觀看此重播，請撥打美國免付費電話 1 (877) 344-7529 或國際電話 (412) 317-0088。會議重播，會議接入碼為4486-279。謝謝，請斷開您的線路。