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New words:
strategic
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gain, margin
Financial report summary
?Management Discussion
- For the three months ended June 30, 2019, we had total rental income of $2,899,554 compared to total rental income of $2,232,786 for the three months ended June 30, 2018. The increase is due primarily to an increase in the number of homes owned during the 2019 period when compared to the number of homes owned during the three months ended June 30, 2018. As of June 30, 2019, we owned 993 homes; at June 30, 2018, we owned 826 homes.
- As of June 30, 2019, 934, or 94.1%, of our 993 homes were occupied. During the three months ended June 30, 2019, we had 67 home leases turnover, which represented approximately 6.7 % of our end of the quarter portfolio. As of June 30, 2018, 771, or 93.3%, of our 826 homes were occupied. During the quarter ended June 30, 2018, we had 64 home leases turnover, which represented approximately 7.7% of our end of the quarter portfolio.
- For the three months ended June 30, 2019, we had property operating and maintenance expenses of $944,450 compared to $682,431 for the corresponding prior year period. Property operating and maintenance expenses consist of insurance, property management fees paid to third parties, repairs and maintenance costs, home owner association fees, and other miscellaneous property costs. Real estate taxes for the three months ended June 30, 2019 were $433,577 compared to $369,545 for the three months ended June 30, 2018. The increase in property operating and maintenance expenses from 2018 to 2019 reflects the corresponding increase in our inventory of single-family homes along with higher than normal increases in our repairs, maintenance activity along with increased insurance costs under our package policy when compared to the prior period. The increase in real estate taxes from 2018 to 2019 is based primarily on an increase in our inventory of single-family homes.