UMH Properties Inc (UMH) 2025 Q3 法說會逐字稿

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

早安，歡迎參加 UMH Properties 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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，我很榮幸地向大家介紹主持人克雷格‧科斯特先生，他是執行副總裁兼總法律顧問。謝謝。科斯特先生，您可以開始了。

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

非常感謝接線生。除了昨天向美國證券交易委員會提交的 10-Q 表格外，我們還提交了一份未經審計的第三季補充資訊簡報。本補充資訊簡報以及我們的 10-Q 表格可在公司網站 umh.reit 上查閱。

We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties.

我們想提醒大家，本次電話會議中某些並非歷史事實的陳述，可能被視為 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。我們在本次電話會議中所做的前瞻性陳述是基於我們目前的預期，並涉及各種風險和不確定性。

Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's third quarter 2025 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.

儘管公司認為任何前瞻性聲明中所反映的預期都是基於合理的假設，但公司無法保證這些預期能夠實現。可能導致實際結果與預期結果有重大差異的風險和不確定性已在公司 2025 年第三季收益報告和提交給美國證券交易委員會的文件中詳細說明。該公司聲明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 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GAAP財務指標。這些非GAAP財務指標與可比較GAAP財務指標的調節表以及解釋性和警示性語言均包含在我們的盈利公告、補充資訊和我們以往提交給美國證券交易委員會的文件中。

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.

說到這裡，今天我想向大家介紹一下管理階層。尤金‧蘭迪，創辦人兼董事長；塞繆爾‧蘭迪，總裁兼執行長；安娜‧丘，執行副總裁兼財務長；布雷特‧塔夫特，執行副總裁兼營運長；吉姆‧萊金斯，資本市場副總裁；丹尼爾‧蘭迪，執行副總裁。

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

現在我很高興將電話轉交給 UMH 總裁兼執行長 Samuel Landy。

Thank you very much, Craig. We are pleased to report normalized FFO of $0.25 per diluted share for the third quarter of 2025 as compared to $0.24 per diluted share for the same period last year, representing an increase of 4%. Sequentially, normalized FFO per diluted share increased 9% from $0.23 in the second quarter.

非常感謝你，克雷格。我們很高興地宣布，2025 年第三季經調整後的每股攤薄收益為 0.25 美元，而去年同期為 0.24 美元，成長了 4%。與上一季相比，經調整後的每股攤薄收益成長了 9%，從第二季的 0.23 美元增加到 1.5 美元。

Normalized FFO of $0.25 per diluted share for the quarter annualizes out to an even $1 and is a significant milestone we are proud of. We continue to execute our long-term business plan, which is resulting in increased occupancy, sales, and ultimately, increased net operating income and property values.

本季經調整後的每股攤薄收益為 0.25 美元，年化收益為 1 美元，這是我們引以為傲的重要里程碑。我們繼續執行長期商業計劃，這將帶來入住率、銷售額的提高，並最終帶來淨營業收入和物業價值的增加。

We now own 145 communities, containing approximately 27,000 developed homesites with 10,800 rental homes. Our portfolio is 87.2% occupied, leaving us with 3,500 vacant sites to continue to grow organically as we invest in our rental home program and experience further growth in our sales operation. At any given time, UMH has $100 million or more invested in turnaround acquisitions, expansions, and inventory. These long-term investments provide for a runway to generate strong operating results, grow the company and increase the value of our communities.

我們現在擁有 145 個社區，包含約 27,000 個已開發的住宅用地和 10,800 套出租房屋。我們的房產組合入住率為 87.2%，剩餘 3,500 個空置地塊，我們將繼續透過投資租賃房屋計劃和銷售業務的進一步增長實現有機增長。UMH 在任何時候都投入了 1 億美元或更多資金用於扭虧為盈的收購、擴張和庫存。這些長期投資為公司創造強勁的經營業績、發展壯大以及提升我們社區的價值提供了發展空間。

For example, over the past five years, we have completed the construction of approximately 1,100 sites. Of these sites, approximately 470 are currently occupied. As we fill the remaining 630 sites, we have the opportunity to earn significant sales profits and increase our overall occupancy rates, revenues, and property values. 630 sites can generate sales profits of $20 million or more and generate recurring site rental revenue of $4 million per year or more.

例如，在過去的五年裡，我們已經完成了大約 1100 個項目的建設。這些地點中，目前約有 470 個已被佔用。隨著剩餘630個地塊的入住，我們將有機會獲得可觀的銷售利潤，並提高整體入住率、收入和物業價值。這630個地塊可產生2,000萬美元或以上的銷售利潤，並帶來每年400萬美元或以上的經常性場地租賃收入。

Additionally, we have approximately $33.6 million invested in our joint ventures with Nuveen, which own three recently developed communities containing 471 sites. These communities continue to make progress increasing occupancy and should begin to positively impact earnings in the coming quarters. We have the potential to increase sales profits, occupancy, NOI, and grow our loan portfolio. We have raised the capital to do this because we believe that will result in FFO per share growth in the next few quarters.

此外，我們也向與 Nuveen 的合資企業投資了約 3,360 萬美元，這些合資企業擁有三個新近開發的社區，共包含 471 個地塊。這些社區的入住率持續提高，應該會在接下來的幾季開始對收益產生積極影響。我們有能力提高銷售利潤、入住率、營業淨收入，並擴大貸款組合。我們籌集資金是為了實現這一目標，因為我們相信這將在未來幾季帶來每股FFO的成長。

During the third quarter, we increased total revenue from $60.7 million in the third quarter of last year to $66.9 million in the third quarter of this year, that represents an increase in quarterly total income of 10%. For the nine months ended September 30, 2025, total income was $194.8 million, an increase of 9% from the prior year period. We are on track to surpass $250 million in total income in 2025.

第三季度，我們的總收入從去年第三季的 6,070 萬美元增加到今年第三季的 6,690 萬美元，季度總收入成長了 10%。截至 2025 年 9 月 30 日的九個月，總營收為 1.948 億美元，比上年同期成長 9%。我們預計在 2025 年實現總收入超過 2.5 億美元。

Our company is well positioned with a strong balance sheet and a sound operating environment for earnings per share growth in the quarters to come. During the quarter, we issued $80 million of our new 5.85% Series B Israeli bonds, which will be deployed accretively over time. We have capital needs of $120 million to $150 million annually, which we invest in our capital improvements, new rental homes, expansions and financing of home sales; most of these uses being accretive uses of capital.

我們公司擁有強勁的資產負債表和良好的經營環境，未來幾季每股收益可望成長。本季度，我們發行了 8000 萬美元的 5.85% B 系列以色列新債券，這些債券將隨著時間的推移逐步增值。我們每年需要 1.2 億美元至 1.5 億美元的資金，我們將這些資金投資於資本改善、新建出租房屋、擴建和房屋銷售融資；這些用途大多是資本的增值用途。

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. The objective is to grow earnings per share and ultimately, our share price. Over the past five years, normalized FFO per share has increased by 48% and the dividend has increased by 25%.

過去兩年，我們一直依靠共同的資金來資助我們的成長計畫。今年，我們使用自動櫃員機的次數減少了，而負債卻增加了。從長遠來看，這筆債務將會償還，股權價值也會增加。我們的目標是提高每股收益，並最終提高股價。過去五年，每股正常化FFO成長了48%，股利成長了25%。

During the quarter, we increased same property occupancy by 132 units over the second quarter and by 357 units over last year. For the three months ended September 30, 2025, same property rental and related income increased by 9% and same-property NOI increased by 12% or $3.7 million. Year-to-date, same property rental and related income increased by 8% and same property NOI increased by 10% or $9.2 million.

本季度，我們的同店入住率比第二季度增加了 132 套，比去年同期增加了 357 套。截至2025年9月30日的三個月內，同店租金及相關收入成長9%，同店淨營業收入成長12%，即370萬美元。年初至今，同店租金及相關收入成長了 8%，同店淨營業收入成長了 10%，即 920 萬美元。

Our same-property operating expense ratio for the quarter fell to 39.7% as compared to 41.1% last year. Our rental home occupancy was 94.1% as compared to 94.4% last year. During the quarter, we converted 227 new homes from inventory to revenue-generating rental homes. Year-to-date, we have converted 523 new homes from inventory to revenue-generating rental homes.

本季我們的同店營運費用率降至 39.7%，去年同期為 41.1%。我們的出租房屋入住率為 94.1%，而去年為 94.4%。本季度，我們將 227 套新房從庫存房轉變為可產生收入的出租房屋。今年迄今為止，我們已將 523 套新​​建房屋從庫存轉化為可產生收入的出租房屋。

We currently have 400 homes on site with 100 homes ready for occupancy and another 300 being set up an additional 200 homes on order that have not yet been delivered. The pipeline of homes on our vacant sites positions us for additional occupancy increases throughout the rest of the year and into next year. We anticipate by the end of 2025, we will have added 700 to 800 new rental homes.

我們目前在建房屋有 400 套，其中 100 套已準備好入住，另有 300 套正在建設中，還有 200 套已訂購但尚未交付。我們空置地塊上的房屋儲備使我們能夠在今年剩餘時間和明年繼續提高入住率。我們預計到 2025 年底，我們將新增 700 至 800 套出租房屋。

Sales of manufactured homes continue to grow, driving additional sales profits. Gross sales for the quarter were $9.1 million as compared to $8.7 million last year, representing an increase of 5%. Not included in these sales results are an additional $800,000 in sales at our recently opened joint venture, which is a greenfield development Honey Ridge. Including these sales, sales for the quarter were up 14% over last year.

預製房屋的銷售持續成長，帶動了銷售利潤的進一步提升。本季總銷售額為 910 萬美元，而去年同期為 870 萬美元，成長了 5%。這些銷售業績不包括我們最近開設的合資企業 Honey Ridge（一個全新的開發項目）的額外 80 萬美元銷售額。包括這些銷售額在內，本季銷售額比去年同期成長了 14%。

For the nine months ending September 30, 2025, sales of manufactured homes increased by 5% from the prior year period. Gains from sales for the quarter were $1.3 million or 14% of total sales. Gain from the sales for the nine months were $3.2 million or 12% of total sales.

截至 2025 年 9 月 30 日的九個月內，預製房屋的銷售額比去年同期成長了 5%。本季銷售收入為 130 萬美元，佔總銷售額的 14%。前九個月的銷售收入為 320 萬美元，佔總銷售額的 12%。

During the quarter, we acquired two Maryland communities consisting of 191 lots, which are 79% occupied for a total purchase price of $14.6 million. Subsequent to quarter end, we closed on the acquisition of one community located in Georgia, consisting of 130 sites of which 32% are occupied for a total purchase price of $2.6 million. Year-to-date, we closed on five communities containing 587 sites for a total purchase price of $41.8 million.

本季度，我們收購了馬裡蘭州的兩個社區，共包含 191 個地塊，入住率為 79%，總購買價格為 1,460 萬美元。季度末之後，我們完成了對位於喬治亞州的一個社區的收購，該社區包含130個地塊，其中32%已被佔用，總收購價為260萬美元。年初至今，我們以 4,180 萬美元的總價收購了五個社區，共 587 個地塊。

Our Marcellus and Utica shale strategy, which began in 2011, has resulted in substantial appreciation of the land, communities, homes and approved sites we own in the area. Data centers, the Shell cracker plant pipeline projects, new gas wells and electric generation plants all generate the need for more quality affordable housing.

我們從 2011 年開始實施的馬塞勒斯和尤蒂卡頁岩氣策略，使我們在該地區擁有的土地、社區、房屋和已批准的地點獲得了巨大的增值。資料中心、殼牌裂解裝置管線計畫、新的天然氣井和發電廠都帶來了更多優質經濟適用房的需求。

UMH owns 4,000 acres of land in 78 communities with 12,300 home sites in the Marcellus and Utica shale areas. We are seeing increased interest in leasing our oil and gas rights and anticipate more lease signings in the coming months.

UMH 在馬塞勒斯和尤蒂卡頁岩區擁有 4,000 英畝土地，分佈在 78 個社區，共有 12,300 個住宅用地。我們看到，人們對租賃我們的油氣開採權越來越感興趣，預計未來幾個月將簽署更多租賃協議。

UMH is well positioned for future growth through the occupancy of our 3,500 vacant lots, the development or sale of our 2,300 acres of vacant land infill of our 600 recently constructed expansion lots, the infill of our 329 sites owned through our joint venture, the leasing of our oil and gas rates and the growing profitability of our sales and finance company.

UMH 憑藉 3,500 個空置地塊的入住、2,300 英畝空地的開發或出售、600 個新建擴建地塊的填充、合資企業擁有的 329 個地塊的填充、石油和天然氣租賃以及銷售和金融公司不斷增長的盈利能力，為未來的增長做好了充分準備。

We anticipate that we will achieve our 5% annual rent increase, generating $11 million in new revenue install and rent 800 new rental homes generating an additional $10 million in revenue and a substantial increase in our sales revenue and sales profit. These are valuable opportunities to increase rental revenue, sales revenue, finance and insurance revenue and increased value and FFO per share that are not currently reflected in the value of the company.

我們預計我們將實現每年 5% 的租金成長，創造 1,100 萬美元的新收入，安裝並出租 800 套新的出租房屋，創造額外的 1,000 萬美元收入，並大幅提高我們的銷售收入和銷售利潤。這些都是增加租賃收入、銷售收入、金融和保險收入以及提高每股價值和 FFO 的寶貴機會，而這些目前尚未反映在公司的價值中。

Additionally, we have $36 million in inventory that is paid for and actively being sold and rented, which will increase earnings as the homes and lots become occupied. This organic growth should allow us to generate earnings growth and improve operating results for the years to come. We are incredibly optimistic about the future of the company and look forward to driving FFO per share growth.

此外，我們還有價值 3,600 萬美元的庫存，這些庫存已經付款，正在積極銷售和出租，隨著房屋和地塊的入住，這將增加收入。這種內生成長應該能夠讓我們在未來幾年實現獲利成長並改善經營績效。我們對公司的未來充滿信心，並期待推動每股FFO成長。

And now I will turn it over to Anna to discuss our third quarter results.

現在我將把發言權交給安娜，讓她來談談我們第三季的業績。

Thank you, Sam. Normalized FFO per diluted share increased from $0.24 to for the third quarter of 2024, to $0.25 for the third quarter of 2025, representing an increase of 4%. Sequentially, normalized FFO per diluted share increased 9% from $0.23 in the second quarter to $0.25 in the third quarter.

謝謝你，山姆。2024 年第三季每股攤薄後 FFO 調整後增至 2025 年第三季每股攤薄後 0.25 美元，增幅為 4%。與上一季相比，經調整後的每股攤薄收益成長了9%，從第二季的0.23美元增加到第三季的0.25美元。

Rental and related income for the quarter was $57.8 million compared to $51.9 million a year ago, representing an increase of 11%. This increase was primarily due to an increase in same-property occupancy, the addition of rental homes, and increase in rental rates and the additional revenue generated by the purchase of two communities at the end of the first quarter of 2025, and the purchase of two communities at the beginning of the third quarter of 2025.

本季租金及相關收入為 5,780 萬美元，而去年同期為 5,190 萬美元，成長了 11%。這一增長主要是由於同一物業入住率的提高、出租房屋的增加、租金的上漲，以及在 2025 年第一季末和 2025 年第三季初購買兩個社區所帶來的額外收入。

Community operating expenses increased 11% during the quarter. This increase was due to acquisitions and an increase in payroll costs, real estate taxes, snow removal, and water and sewer expenses. These increases in community operating expenses also includes onetime legal and professional fees of $660,000 for the three and nine months ended September 30, 2025.

本季社區營運費用增加了 11%。這一增長是由於收購、工資成本增加、房地產稅增加、除雪費用增加以及水費和污水處理費增加所致。社區營運費用的增加還包括截至 2025 年 9 月 30 日止的三個月和九個月的一次性法律和專業費用 66 萬美元。

The 11% increase in both rental and related income and community operating expenses resulted in a net increase in community NOI of 11% for the quarter. Our same property results continue to meet our expectations. Same-property income increased by 9% for the quarter, while same-property community operating expenses only increased by 6%, resulting in an increase in same-property community NOI of 12%.

租金及相關收入和社區營運支出均增加了 11%，導致該季度社區淨營業收入 (NOI) 淨增加了 11%。我們現有的房產銷售業績持續符合預期。本季同店營收成長了 9%，而同店社區營運支出僅成長了 6%，導致同店社區淨營業收入成長了 12%。

Same-property NOI increased by $9.2 million for the nine months ended September 30, 2025, resulting in an annualized run rate of $12.3 million. Our community operating results continue to be exceptional, and we anticipate further growth as we fill our recently developed sites and our inventory.

截至 2025 年 9 月 30 日的九個月內，同店淨營業收入增加了 920 萬美元，年化運作率為 1,230 萬美元。我們的社區營運表現持續優異，隨著我們新開發的場地和庫存的填滿，我們預計未來將進一步成長。

As we turn to our capital structure, at quarter end, we had approximately $673 million in debt, of which $468 million was community-level mortgage debt, $28 million was loans payable, and $177 million with our Israeli bonds. Total debt was 99% fixed rate at quarter end, with a weighted average interest rate of 4.83%. The weighted average interest rate on our mortgage debt was 4.58% at quarter end compared to 4.17% at quarter end last year.

再來看我們的資本結構，截至季末，我們約有 6.73 億美元的債務，其中 4.68 億美元是社區層級的抵押貸款債務，2,800 萬美元是應付貸款，1.77 億美元是我們在以色列發行的債券。截至季末，總負債中有 99% 為固定利率，加權平均利率為 4.83%。本季末，我們的抵押貸款加權平均利率為 4.58%，而去年同期為 4.17%。

The weighted average maturity on our mortgage debt was 5.8 years at quarter end and 4.6 years at quarter end last year. In August and September, we paid off 10 mortgages, totaling $61 million, and we are currently in the process of refinancing most of these communities and anticipate closing during the fourth quarter. On July 22, 2025, we sold $80.2 million of 5.85% Series B 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 $75.1 million.

本季末，我們抵押貸款債務的加權平均到期期限為 5.8 年，而去年同期為 4.6 年。8 月和 9 月，我們償還了 10 筆抵押貸款，總額達 6,100 萬美元。目前，我們正在對這些社區中的大多數進行再融資，預計將在第四季度完成。2025 年 7 月 22 日，我們發行了 8,020 萬美元的 5.85% B 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，這些債券的銷售淨收益為 7,510 萬美元。

On July 8, 2025, we amended our $35 million revolving line of credit with Ocean First Bank to extend the maturity date to June 1, 2027. Interest is at prime with a floor of 4.75% and is secured by our eligible notes receivable. At quarter end, we had a total of $322 million in perpetual preferred equity. Our preferred stock, combined with an equity market capitalization of $1.3 billion and our $673 million in debt results in total market capitalization of approximately $2.3 billion at quarter end.

2025 年 7 月 8 日，我們修改了與 Ocean First Bank 簽訂的 3,500 萬美元循環信貸額度，將到期日延長至 2027 年 6 月 1 日。利率為優惠利率，最低利率為 4.75%，並以我們合格的應收票據作為擔保。截至季末，我們共有 3.22 億美元的永久優先股。我們的優先股，加上 13 億美元的股權市值和 6.73 億美元的債務，使得該公司在季度末的總市值約為 23 億美元。

During the quarter, we issued and sold 290,000 shares of common stock under the September 2024 common ATM program at a weighted average price of $16.44 per share. Generating gross proceeds of $4.8 million and net proceeds of $4.6 million after offering expenses. The company also received $2.6 million including dividends reinvested through the DRIP.

本季度，我們根據 2024 年 9 月普通股 ATM 計劃發行並出售了 290,000 股普通股，加權平均價格為每股 16.44 美元。本次發行總收益為 480 萬美元，扣除發行費用後淨收益為 460 萬美元。該公司還收到了 260 萬美元，其中包括透過股息再投資計畫 (DRIP) 再投資的股息。

During the quarter, we issued and sold 3,000 shares of our Series D preferred stock under our 2025 preferred ATM program at a weighted average price of $23 per share, generating gross proceeds of $75,000 and net proceeds of $59,000 after offering expenses. We currently have $99.9 million eligible for sale under the 2025 preferred ATM program.

本季度，我們根據 2025 年優先股 ATM 計劃發行並出售了 3,000 股 D 系列優先股，加權平均價格為每股 23 美元，總收益為 75,000 美元，扣除發行費用後淨收益為 59,000 美元。目前我們有 9,990 萬美元符合 2025 年優先 ATM 計畫的出售條件。

From a credit standpoint, we ended the quarter with net debt to total market capitalization of 28.3% and net debt less securities to total market capitalization of 26.9%, net debt to adjusted EBITDA of 5.1 times, and net debt by securities to adjusted EBITDA of 4.8 times. Interest coverage was 3.7 times and fixed charge coverage was 2.3 times.

從信貸角度來看，本季末，我們的淨負債與總市值之比為 28.3%，扣除證券後的淨負債與總市值之比為 26.9%，淨負債與調整後 EBITDA 比率為 5.1 倍，扣除證券後的淨負債與調整後 EBITDA 比率為 4.8 倍。利息保障倍數為 3.7 倍，固定費用保障倍數為 2.3 倍。

From a liquidity standpoint, we ended the quarter with $34 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 $183 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 3,400 萬美元現金及現金等價物，以及 2.6 億美元的無擔保循環信貸額度，根據一項增額條款，潛在總可用額度最高可達 5 億美元。我們還有其他信貸額度可用於房屋銷售融資以及購買庫存和出租房屋。

Additionally, we had $32 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. We are well positioned to continue to grow the company internally and externally.

此外，我們的 REIT 證券投資組合中還有 3,200 萬美元，全部都沒有抵押。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基金證券組合的投資。我們已做好充分準備，繼續透過內部和外部管道發展公司。

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

現在，在開放提問環節之前，我先把麥克風交給吉恩。

Thank you, Anna. UMH has continued to deliver consistent growth over the years by executing a disciplined strategy implemented by our talented and dedicated team. This strategy begins with identifying and investing in assets with strong upside potential.

謝謝你，安娜。多年來，UMH 透過執行我們才華橫溢、兢兢業業的團隊所實施的嚴謹策略，持續保持穩定成長。該策略首先要識別並投資於具有強勁上漲潛力的資產。

Our systems and processes, which have been refined through more than 55 years of operating experience, allow us to unlock that potential. We do this through infilling vacant lots, developing new sites, replacing outdated homes with modern state of the art housing, and applying a targeted sales and rental platform in markets where we already have a proven track record.

我們擁有經過 55​​ 年以上營運經驗不斷完善的系統和流程，使我們能夠釋放這種潛力。我們透過填補空地、開發新地塊、以現代化的先進住房取代過時的房屋，以及在我們已經擁有成功業績的市場中應用有針對性的銷售和租賃平台來實現這一目標。

To fuel these operations across our portfolio, we've taken a disciplined approach to raising capital. By thoughtfully issuing both equity and debt, we've been able to expand while maintaining a strong, flexible balance sheet. One that's built to capitalize on market opportunities, continuously improve our existing portfolio and withstand unforeseen challenges.

為了支持我們投資組合中的各項業務，我們採取了嚴謹的融資方式。透過審慎地發行股票和債券，我們得以在維持穩健、靈活的資產負債表的同時實現擴張。旨在掌握市場機遇，不斷改進現有產品組合，並抵禦不可預見的挑戰。

Because of UMH's proven business plan and responsible capital management, we are well positioned to continue growing earnings per share, increasing our property values, and enhancing long-term shareholder value.

由於 UMH 擁有成熟的商業計劃和負責任的資本管理，我們有能力繼續提高每股收益，增加我們的物業價值，並提升股東的長期價值。

We remain focused on the strong fundamentals of the manufactured housing sector and the broader need for housing across the country. These tailwinds, combined with our disciplined approach, continue to drive meaningful increases in the value of our portfolio. Our communities continue to perform exceptionally well with strong sales demand, rising occupancy, and the ongoing and operational efficiencies.

我們依然關注預製房屋行業的強勁基本面以及全國範圍內的住房需求。這些有利因素，加上我們嚴謹的投資策略，持續推動我們投資組合價值的顯著成長。我們的社區持續表現出色，銷售需求強勁，入住率不斷上升，營運效率持續提高。

We've also developed our vacant land in ways that will enhance both the value of our communities and the company over time and we've achieved this while keeping our mission, treating residents fairly and expanding the supply of attainable workforce housing at the center of everything we do.

我們也開發了空地，這將隨著時間的推移提升我們社區和公司的價值，而且我們在實現這一目標的同時，始終堅持我們的使命，公平對待居民，並將擴大經濟適用型勞動力住房的供應作為我們一切工作的核心。

Looking ahead, our mission has never been more important. The national housing shortage continues to intensify, and manufactured housing is uniquely positioned to help meet this critical need. We are encouraged by recent legislative initiatives that may provide residents with better financing options while also creating new opportunities for UMH to access long-term cost-effective capital for growth through acquisition and new development.

展望未來，我們的使命從未像現在這樣重要。全國住房短缺問題持續加劇，而預製房屋在滿足這項迫切需求方面具有獨特的優勢。我們對近期的立法舉措感到鼓舞，這些舉措可能會為居民提供更好的融資選擇，同時也為 UMH 創造新的機會，使其能夠透過收購和新開發獲得長期、成本效益高的資本，從而實現增長。

We are confident that we are on the right track. Our continued success should translate to growth in earnings per share and stock price along with the satisfaction of helping to meet one of the most pressing social needs of our time: quality, affordable housing.

我們確信我們走在正確的道路上。我們持續的成功應該會轉化為每股盈餘和股價的成長，同時，我們也會因為幫助滿足當今最迫切的社會需求之一——優質、價格合理的住房——而感到滿足。

(Operator Instructions) Gaurav Mehta, Alliance Global Partners.

（操作說明）Gaurav Mehta，Alliance Global Partners。

Thank you. Good morning. I wanted to ask you on your 4Q acquisition in Georgia. Can you provide some color on the occupancy upside there and it also looks like the average monthly home rent is lower than your other property in Georgia? Just hoping to get some more color on that property.

謝謝。早安.我想問一下您關於第四季度在喬治亞州的收購事宜。能否詳細說明一下該房產的入住率提升情況？另外，看起來該房產的平均月租金比您在喬治亞州的其他房產低？只是希望能為那處房產增添一些色彩。

Yeah, sure. So the property in Albany, Georgia is located very close to our other community in Georgia. It's 130 sites. It's currently about 30% occupied. It's really our typical value-add business plan we will go in there make some immediate improvements, increase the overall quality of the infrastructure, add some amenities and then start to bring in new homes for rent.

當然可以。因此，位於喬治亞州奧爾巴尼的這處房產與我們在喬治亞州的另一個社區距離非常近。共有130個站點。目前入住率約30%。這實際上是我們典型的增值型商業計劃，我們會進入那裡進行一些即時改進，提高基礎設施的整體質量，增加一些便利設施，然後開始引進新的房屋出租。

I would expect the rental rates to be in the $1,000 to $1,200 a month range once we get going, and that property has really significant upside potential. Our plan is to get in there and start bringing in homes basically as soon as we complete some initial improvements. And we should see a pretty substantial increase in occupancy over the first year.

我預計一旦專案啟動，租金將在每月 1000 至 1200 美元之間，而且該房產具有非常大的升值潛力。我們的計劃是，一旦完成一些初步的改進工作，就立即開始引進房屋。我們應該會看到第一年​​入住率大幅成長。

We're getting ahead of ourselves a little bit, but 30 units a year should be about what we're able to accomplish there; potentially more.

我們有點操之過急了，但每年30套單元應該是我們在那裡能夠完成的；有可能更多。

I just wanted to note the -- it appears to us in the Southeast, nobody has followed our model which is shipped to renting homes. They're going by the old model, resident owns the home and rent a lot by adding rental units. If you look at our three Southern states: Georgia, South Carolina, Alabama, our revenue increase for the past year, 469% in Georgia, 37% South Carolina, 23% Alabama. So our Southern strategy is working, and we're going to continue it.

我只是想指出——在我們東南部看來，似乎沒有人效仿我們這種向出租房屋運送產品的模式。他們沿用舊模式，居民擁有房屋所有權，並透過增加出租單位來出租土地。如果你看看我們南部的三個州：喬治亞州、南卡羅來納州、阿拉巴馬州，我們過去一年的收入成長是：喬治亞州成長 469%，南卡羅來納州成長 37%，阿拉巴馬州成長 23%。因此，我們的南方戰略正在奏效，我們將繼續推行這項策略。

Okay. Second question I have is on share repurchases. In September, you increased your share repurchase size of $100 million from $25 million. Just want to get some more color on how share repurchases fit in your capital allocation plan going forward.

好的。我的第二個問題是關於股票回購的。9 月份，你們將股票回購規模從 2,500 萬美元增加到 1 億美元。我想更詳細地了解股票回購在你們未來的資本配置計畫中扮演的角色。

So the plan is, we've done quite a bit of work. Part of our expense increase was the increased legal to create a contract to sell vacant land at the time a developer sells houses. That's a very long-term prospect because somebody has to get the approvals to build the expansions, sell the houses, and then eventually, we'll turn that into cash. But the objective is to sell assets, issue preferred stock, use those things to fund our growth and then potentially, repurchase stock.

所以計劃是這樣的，我們已經做了不少工作。我們支出增加的部分原因是，開發商在出售房屋時，需要簽訂一份出售空地的合同，而由此產生的法律費用也相應增加。這是一個非常長期的前景，因為必須有人獲得擴建許可，出售房屋，然後最終，我們才能將其轉化為現金。但我們的目標是出售資產、發行優先股，利用這些資金為我們的成長提供資金，然後才有可能回購股票。

If I can add, UMH is unique, and there's a REIT. Our sector is unique. We have the government-sponsored entities, which are, by legislation we are privileged to borrow money and the amount of perhaps 60% of value as the value of our communities go up, the ability to borrow money goes up. And over the last five years, we've had a remarkable growth in values, and we've realized some of that additional borrowing power.

如果可以補充一點，UMH 是獨一無二的，它是房地產投資信託基金 (REIT)。我們這個行業獨一無二。我們有政府支持的實體，根據法律規定，我們有幸可以藉款，金額可能達到社區價值的 60%。隨著我們社區價值的上升，借款能力也會上升。在過去的五年裡，我們的價值實現了顯著成長，我們也利用了其中一些額外的借貸能力。

But we do -- when we studied the company, -- we see that we are very conservative, but perhaps we've been too conservative and that we certainly can have debt of 45%, 50% of assets, and we have the ability then to go to the government-sponsored entities and borrow very substantial amounts of money.

但是，當我們研究公司時，我們發現我們非常保守，但也許我們太保守了，我們當然可以負債佔資產的 45% 或 50%，這樣我們就有能力向政府支持的實體藉入非常大量的資金。

In addition, there's a shortage of preferred shares. It's a unique type of security. It's equity as far as we're concerned and yet it doesn't share in the growth of the company so that it's very accretive to the common stock. So between the preferred stock and the ability to borrow from government sponsors. We are in a really unique and privileged position to complete the buyback that the Board has authorized.

此外，優先股也出現短缺。這是一種獨特的安全方式。就我們而言，這是股權，但它並不參與公司的成長，因此對普通股的增值作用非常大。因此，可以在優先股和從政府擔保人處借款的能力之間進行權衡。我們處於一個非常獨特且得天獨厚的地位，可以完成董事會批准的股票回購計畫。

Okay. And then lastly, in your prepared remarks, you talked about seeing more interest in oil and gas rights that your company has. Can you provide some more details on how big that opportunity set is?

好的。最後，在您事先準備好的演講稿中，您提到您看到人們對貴公司擁有的石油和天然氣開採權越來越感興趣。您能否提供更多關於該機會規模的詳細資訊？

Well, it's very difficult for even us to evaluate that. We receive more and more inquiries pertaining to the properties. But if you look at the Marcellus and Utica Shale map and you recognize we have 4,000 acres, I believe, or in the Marcellus and Utica Shale area. You think about the Homer City data centers and these articles in today's Wall Street Journal about how technology is improving, how they could drill deeper, they could obtain more energy from the ground.

嗯，即使是我們，也很難對此進行評估。我們收到了越來越多關於這些房產的諮詢。但如果你查看馬塞勒斯和尤蒂卡頁岩的地圖，你會發現我們有 4,000 英畝土地，我相信，位於馬塞勒斯和尤蒂卡頁岩區域。想想霍默市的資料中心，再看看今天《華爾街日報》上關於科技進步的文章，文章講述如何鑽探得更深，如何從地下獲取更多能源。

The value of these rights is increasing. The demand for energy is increasing. Data centers are a huge thing. Off topic a little bit because we're talking about the Marcellus and Utica shale. But in that regard, when you look at where we've located our communities directly outside of great cities, Nashville, Memphis, Columbus, Pittsburgh, Jackson, New Jersey, Eatontown, New Jersey, the growth in value of these locations, just like the Marcellus and Utica shale, it's substantial and really creates a great future for us.

這些權利的價值正在不斷提升。能源需求正在成長。資料中心規模龐大。有點離題了，因為我們現在在討論馬塞勒斯頁岩和尤蒂卡頁岩。但從這個角度來看，當我們把社區直接建在納許維爾、孟菲斯、哥倫布、匹茲堡、新澤西州傑克遜、新澤西州伊頓鎮等大城市郊外時，這些地方的價值增長就像馬塞勒斯頁岩和尤蒂卡頁岩一樣，是巨大的，並且確實為我們創造了一個美好的未來。

Craig Kucera, Lucid Capital Markets.

Craig Kucera，Lucid Capital Markets。

There was a pretty meaningful decline in G&A from really, the last three quarters. I know there's some seasonality in your G&A, but is there anything else that we should be thinking about?

與過去三個季度相比，一般及行政費用出現了相當顯著的下降。我知道你們的一般及行政費用存在一些季節性波動，但除此之外，我們還應該考慮哪些因素嗎？

It was primarily seasonality and the timing of certain expenses. We would expect that on average, Q3 year-to-date would be -- what we would expect for Q4.

主要原因是季節性因素和某些開支發生的時間安排。我們預計，今年第三季至今的平均將與我們對第四季的預期水準相當。

Okay. That's helpful. And I just wanted to confirm the onetime legal and professional expenses were booked as property operating expenses.

好的。那很有幫助。我只是想確認一下，一次性的法律和專業費用是否已計入物業營運費用。

Yes, it was.

是的，的確如此。

Okay. Got it. When I look at what you paid for Albany, I think it's like $20,000 a site, which is significantly below which you've been typically paying even going back to '21. Is this property going to require a lot more CapEx in your typical value-add acquisition? Or is it going to be something similar to what you usually do?

好的。知道了。我看了看你們為奧爾巴尼支付的價格，我覺得每個地塊大概是 2 萬美元，這比你們自 2021 年以來通常支付的價格要低得多。這棟房產是否需要像典型的增值收購那樣投入更多資本支出？或會和你平常會做的事情類似？

No, it's a very similar strategy. I mean, you look at all body doing though, and it's 130 sites. It's only 32% occupied at the time of acquisition. There's very limited income there now. And obviously, the NOI property throws off is what really generates that property value. So we looked at Albany as an asset with a ton of upside by implementing our typical business plan.

不，這是一種非常相似的策略。我的意思是，你看看整個機構都在做什麼，總共有 130 個網站。收購時入住率僅32%。那裡現在的收入非常有限。顯然，NOI 屬性所決定的才是真正產生該屬性價值的因素。因此，我們把奧爾巴尼視為一項具有巨大發展潛力的資產，透過實施我們典型的商業計劃，我們取得了成功。

And quite frankly, we wish we could go out and find more assets that fit that exact strategy. That's what we've proven we're able to do very well, and we're going to keep our eye out for other assets that meet that criteria.

坦白說，我們希望能夠找到更多符合這項策略的資產。我們已經證明我們能夠很好地做到這一點，我們將繼續尋找符合這些標準的其他資產。

Just to add to the other acquisitions we've completed this year, Cedar Grove and Maplewood Village in New Jersey are both 100% occupied properties with reasonable site rent. So that's going to drive that cost per site up into the [$92,000] a pad range. And then Maryland similar to New Jersey, higher rents, higher occupancy and drives a higher per pad price.

繼我們今年完成的其他收購之後，位於新澤西州的 Cedar Grove 和 Maplewood Village 兩處物業的入住率均為 100%，且場地租金合理。這樣一來，每個場地的成本就會上漲到每塊墊子約 92,000 美元。然後，馬裡蘭州的情況與新澤西州類似，租金更高，入住率更高，從而推高了每塊地皮的價格。

Yeah, that makes sense. Thanks.

嗯，有道理。謝謝。

You have to realize that manufactured housing is in a unique position. We believe we can produce three bedrooms, two baths and 1,100 square feet of home for $250,000 a unit; 1,000 units for $250 million. And the cost -- the conventional construction is running $400,000, $450,000 a unit and apartments, which were only 650 square feet and only one bathroom running $350,000 a unit. So we have a distinct cost advantage. We are affordable housing. The government is recognizing it. The market is recognizing it, and we hope that we can continue to add 1,000 homes to the nation's need for housing.

你必須意識到，預製房屋處於一種特殊地位。我們相信，我們可以以每套 25 萬美元的價格生產三間臥室、兩間浴室、1100 平方英尺的住宅；1000 套住宅可獲得 2.5 億美元的收入。而成本——傳統的建築每套單元造價為 40 萬美元至 45 萬美元，而面積僅為 650 平方英尺且只有一個衛生間的公寓，每個單元造價為 35 萬美元。因此，我們擁有明顯的成本優勢。我們提供經濟適用房。政府已經意識到了這一點。市場已經意識到這一點，我們希望能夠繼續為國家增加 1000 套住房，以滿足國家住房需求。

Great. And just circling back to the new Georgia acquisition. I think you've had some issues with some of the new markets you've entered in the Southeast in the past where the municipalities have slowed down approvals. Is this community fully entitled and approved to move forward? Or do you expect any delay?

偉大的。最後再回到新收購喬治亞州的話題。我認為你過去在東南部的一些新市場遇到了一些問題，例如市政當局放慢了審批速度。這個社區是否已獲得所有必要的權利和批准，可以繼續前進？或者您預計會有延誤嗎？

To be fair, the one that we had issues with was fully entitled and we didn't expect a delay. But no, this is fully entitled. There should not be issues. If anything changes, we'll update you in the future. But our game plan is to go full speed ahead down there.

公平地說，我們遇到問題的那個人完全有權利獲得賠償，我們沒想到會延誤。不，這是完全合法的。應該不會有問題。如果情況有變，我們會及時通知您。但我們的計劃是全力以赴地往那裡推進。

Got it. Just one more for me. You had a nice pickup in your net additions of rental homes this quarter. And I know your sales out of the used home pool are up and down, but how meaningful do you view the remaining pool of used homes for sale? Is it getting closer to being complete? Or do you still think you have a healthy number you think you'll try and sell?

知道了。再給我來一個。本季您的出租房屋淨新增數量出現了不錯的成長。我知道你們二手房市場的銷售有起有落，但是你們如何看待剩餘的待售二手房市場呢？它是不是快要完成了？還是你仍然認為你手邊有足夠多的優質商品，打算嘗試出售？

Well, the ultimate objective is that the finance laws become more liberal. And that would be incredible because our first rental homes were purchased in approximately 2011. So they're just getting to be about 15 years old. We can be selling more and more rental homes if the people who live in them can be approved for the loans.

最終目標是讓金融法律更加自由化。那將是一件不可思議的事情，因為我們第一批出租房產大約是在 2011 年購買的。他們現在大概15歲左右。如果租屋者的貸款申請能夠獲得批准，我們就可以出售越來越多的出租房屋。

If all of that works out and add to that, there could be government guaranteed loans generating cash to us. And the way the rentals worked the first year, we did 100, second year 300, then than 800 a year. Eventually, we could be selling a significant percentage of the 15-year-old rentals as finance sales and potentially government guaranteed cash sales and we'll be adding our new 800 rental units needing minimal cash as a comparison to how it's done today.

如果這一切順利進行，再加上政府擔保貸款，我們或許還能獲得現金。第一年出租的房屋數量是 100 套，第二年是 300 套，然後每年是 800 套。最終，我們可能會將相當一部分房齡 15 年的出租房以融資銷售和政府擔保現金銷售的方式出售，同時，我們將新增 800 套只需少量現金即可入住的出租房，以此與目前的做法進行比較。

Today, we buy 800 rentals and set them up at about $75,000 a piece and we need to obtain all of that cash to do that. If we're selling 500 older rentals, which could be cash sales, and you're selling them, I hope, for about $60,000 per unit and you're paying $75,000 per new unit, that will greatly reduce the cash we need to grow the rental portfolio in the future.

今天，我們購買了 800 套出租房，每套的裝修成本約為 75,000 美元，我們需要籌集所有這些資金才能完成這項工作。如果我們出售 500 套舊出租房（可能是現金交易），我希望每套售價約為 6 萬美元，而您為每套新房支付 7.5 萬美元，這將大大減少我們未來擴大出租房組合所需的現金。

John Massocca, Ladenburg Thalmann.

約翰‧馬索卡，拉登堡‧塔爾曼。

Good morning. So on -- did I missed this earlier in the call, bouncing between a couple of different ones. But could you give any update maybe on manufactured home sales quarter-to-date? And I guess what are the seasonal expectations in 4Q for home sales? Could they be weaker than 2Q, 3Q? Or does the increased size of your portfolio today maybe offset some of the traditional seasonality in terms of sales?

早安.所以——我之前在通話中錯過了這個嗎？我在幾個不同的話題之間來回切換。您能否提供本季迄今的預製房屋銷售情況？那麼，您認為第四季度房屋銷售的季節性預期是多少呢？它們會比 2Q、3Q 弱嗎？或者，您目前投資組合規模的擴大是否可以抵銷一些傳統的銷售季節性波動？

It's a good question, John. And we did not provide an update on the call, so you're the first one there. But our sales pipeline remains very strong. We've been happy with what we've seen in October so far. Pipeline today is about $3 million and growing as we get some home set up at some high-traffic expansions with good demand right now.

約翰，你問得好。我們沒有就此次通話提供最新消息，所以你是第一個知道的。但我們的銷售管道依然非常強勁。我們對十月至今所看到的情況感到滿意。目前管道建設項目價值約 300 萬美元，並且還在增長，因為我們在一些高流量擴建項目中進行了房屋安裝，這些項目目前需求良好。

So hard to say exactly where we'll shake out in Q4, as it is typically one of our slower selling seasons as is Q1. But last year, we had a very strong fourth quarter, and we think we're positioned this year to also have a strong fourth quarter. We think we're in line to beat the sales record that we set last year, and we'll hopefully smash the record, honestly.

很難準確預測第四季的業績，因為第四季和第一季一樣，通常是我們銷售較為緩慢的季節。但去年我們第四季的業績非常強勁，我們認為今年我們也有信心在第四季也能取得強勁的成績。我們認為我們有望打破去年創下的銷售記錄，而且說實話，我們希望能夠打破這個記錄。

In our presentation for the call on page 13, we list homes sold since 1996. And in 2005 or 2006, when we were a much smaller company, we did $15 million in sales in one year because we had -- we were on the last phases of great expansions.

在我們的第 13 頁的電話會議簡報中，我們列出了自 1996 年以來售出的房屋。2005 年或 2006 年，我們公司規模小得多，但一年內銷售額就達到了 1500 萬美元，因為我們當時正處於大規模擴張的最後階段。

And today, we have great expansions, three new communities we've built and there are so many factors that go into how home sales are, including whether or not the people 55 and older are experiencing good sales to sell their home and downsize.

如今，我們取得了巨大的發展，新建了三個社區。影響房屋銷售的因素有很多，包括 55 歲及以上人士是否能夠順利出售房屋並縮小居住面積。

One of the things we've just done some research on -- we have photographs of the homes, people were downsizing from to buy homes from us. And people are selling remarkably large expensive homes to buy a house from us for $300,000 in the community.

我們最近做了一些調查——我們有照片，照片中的房子是人們從原來的房子搬到我們這裡購買的房子。人們甚至賣掉非常昂貴的大房子，只為了從我們這裡以 30 萬美元的價格購買社區裡的房子。

And that's exactly what the demographics say should be happening, the percentage of the population over 65 years old, who now wants to sell their home and downsize. And right now, they're stalled a little bit because of interest rates. They're not selling their existing homes in the numbers you would expect. But as that changes, our sales can dramatically improve.

而人口統計數據也表明，65歲以上的人口中，想要賣掉房子、換小房子的人口比例正在增加。而現在，由於利率問題，他們的進展稍微停滯了。他們出售現有房屋的數量並沒有達到預期。但隨著這種情況的改變，我們的銷售額可能會大幅提升。

And then on the rental side, as we think about some of the additional color you gave in the earnings release, the 100 homes or so you have on site. I mean are those contributing to the vacancy number at this point? Are those counted as vacancy today. And I guess what are you thinking of in terms of timing for renting those units out and the 300, you said are around and available to set up? I mean, is that something we should expect to have -- they've already occurred in the quarter?

然後，在租賃方面，正如您在收益報告中提到的一些額外細節，您目前在網站上擁有約 100 套房屋。我的意思是，這些是否導致了目前的職缺數量？這些職位今天算空缺嗎？那麼，您打算何時出租這些單元房？您說有 300 個單元房可以安裝。我的意思是，這是我們應該預料到的嗎？ ——它們在本季已經發生了？

Or is that something that could occur later in December? And how does all that work in the context of maybe 4Q not being a traditional core leasing season?

或者這件事可能會在12月下旬發生？如果第四季並非傳統的核心租賃旺季，那麼這一切又該如何運作？

Right after COVID, you had the problem of the factories were producing homes. And that sent everything off balance. There are no problems today. In terms of we can order a home, have it and set it up. And Brett, how long would that take us?

新冠疫情爆發後，工廠生產房屋的問題就出現了。這徹底打破了平衡。今天一切正常。我們可以訂購房屋，擁有並進行裝修。布雷特，這需要多長時間？

Well, ordering the home, you're probably two months backlog right now, and then you've got two to three months of setup. It can be done quicker, but you can run into utility issues and things like that. So from the time you order a home to the time it's fully set up, call it, six months.

嗯，訂購房屋的話，現在可能要等兩個月才能到貨，然後還需要兩到三個月的安裝時間。雖然速度可能更快，但可能會遇到公用設施問題之類的麻煩。所以從你訂購房屋到房屋完全安裝完畢，大概要六個月。

So we don't see any problem going forward or 800 units and possibly additional homes during the year, and we see communities accelerating their demand for rentals. Brett, can you give some specific examples?

因此，我們認為未來不會出現任何問題，800 套住房以及年內可能增加的住房數量都不會有問題，我們看到各個社區對租賃住房的需求正在加速增長。Brett，你能舉一些具體的例子嗎？

Yeah, sure. So property friendly village we own in the Toledo area, Perrysburg, Ohio. They're on track to fill over 80 rental units this year. One of the first years we own that property, they filled 100. So the only slowdown they really had was, let Sam just mentioned when they were not able to get inventory. So we're optimistic we'll continue to push there.

當然可以。所以，我們在俄亥俄州托萊多地區的佩里斯堡擁有一個對房產友善的村莊。他們今年預計將出租超過 80 間公寓。在我們擁有該物業的最初幾年裡，他們招收了 100 名客人。所以他們遇到的唯一阻礙是，正如 Sam 剛才提到的，他們無法獲得庫存。因此我們樂觀地認為，我們將繼續朝著這個方向努力。

We've got some positive going on near Purdue University right now with Wood's Edge. We've got a couple of hundred vacant sites at that community with very strong demand. And then you look really throughout the portfolio, and it may not be 50 or 100 sites, but there's many communities that can do 10 or 15 in a year, and that's where we should see some of this growth.

目前，普渡大學附近的 Wood's Edge 計畫進展順利，前景樂觀。我們在那個社區有幾百個空置地塊，需求非常旺盛。然後你仔細查看整個投資組合，可能沒有 50 個或 100 個網站，但有很多社區一年可以創建 10 個或 15 個網站，我們應該在這些社區看到一些增長。

Now to answer the question about whether that's included in occupancy or not, the inventory homes are not included in the overall occupancy number. So they show as vacant sites. They also are not included in the vacant rental pool. Once that home turns from inventory to a rental home, that's when it hits the rental pool.

現在來回答這是否包含在入住率中的問題，庫存房屋不包含在總入住率中。所以它們顯示為空置地塊。它們也不包含在空置出租房源。一旦房屋從庫存房變為出租房，它就進入了出租房屋市場。

And -- just going back to the commentary from the earnings release, not 100 homes or so you said are on site and ready for occupancy. Are those essentially contributing to the rental pool vacancy?

還有——回到財報發佈時的評論，您說的100套左右房屋已經開工建設並準備入住，但實際情況並非如此。這些因素是否是造成房屋空置率居高不下的主要原因？

No, they are not included in the rental pool until they are rented for the first time.

不，它們只有在首次出租後才會被納入租賃池。

All of our homes, when we order them, are either for rent or for sale. So therefore, we determine when it becomes a sole home. It becomes a sole phone that's out of inventory. When it becomes a rental, then we move it into the rental pool.

我們訂購的所有房屋，要么是出租的，要么是出售的。因此，我們決定何時將其作為唯一住所。它成了唯一缺貨的手機。當它變成出租房時，我們就把它移到出租房池裡。

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。我謹將會議交還給塞繆爾·蘭迪，請他作總結發言。

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 February with our fourth quarter and year-end 2025 results. Thank you.

謝謝接線生。我謹感謝參加本次電話會議的各位，感謝你們一直以來對我們公司的支持與關注。像往常一樣，Gene、Anna、Brett 和我隨時準備回答任何後續問題。我們期待在二月向您報告我們2025年第四季和全年的業績。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 +1-412-317-0088. The conference access code is 4344189. Thank you, and please disconnect your lines.

會議已經結束。感謝各位參加今天的報告會。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 +1-412-317-0088。會議接入碼為 4344189。謝謝，請斷開您的線路。