UMH - Earnings call transcript Q1 2020

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Operator

Good day. And welcome to the UMH Properties First Quarter 2020 Earnings Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. is event this note, being recorded. Please

now Nelli Madden, is Madden, may my Thank pleasure Miss. host, you your introduce begin. Director Miss. to you. It of Relations. Investor

Nelli Madden

much, very Thank you operator.

filed we In to the we website quarter information The the company's information that presentation our umh.reit. an addition available filed along in first unaudited the with XX-Q SEC with yesterday, presentation. supplemental supplemental have XX-Q at are

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

any believes are provide no Although the statements reasonable the will in expectations its reflected expectations be company forward-looking assumptions, company achieved. assurance can on based the that

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

In be financial Reconciliations to are and historical included discussing these release, supplemental we call, earnings metrics. our well metrics addition, SEC financial information the our non-GAAP and non-GAAP financial metrics GAAP cautioning language today's of comparable filings. as during explanatory will as in our

Chief us Landy, Lykins, management Brett Capital Chief Having Officer; President Daniel Eugene Vice said President Chief Executive Vice that, James Chew, Vice Markets; with Chairman; Vice today. Anna and Samuel Taft, Officer; of I introduce to President. President and and Officer; like Landy, President Landy, and would Operating Financial

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

Samuel Landy

you much, Nelli. very Thank

of the COVID-XX for December pandemic. We and state XXXX the an quarter results ended pleased to report operations XXst, our given and our provide first update are the

to continuing personnel operate, are sales and essential of we home In maintain services some not deliver sort, residents. conduct of to we are our orders to understand communities where all our in-person our permitted While community community states leasing. and most

rent all application been However, visual completing using to we remotely our required and tools sell by digital online paperwork the of all signature software. home online have providing and able and

Our payment website the also for rent. online allows of

with March to We levels the are of XXXX are order. crisis April on of and a Many throughout these pleased and home at operations. portion occupancy of by increasing. remain is state have employed the income. residents our Remarkably A holding our impacted large continue many residents and are financially stay our been sales fixed

our collections rental all We in site Keeping charges. collected strong. home rent XX% this mind, of April been our have and

main As in XXXX. this Xth, our of of and XX% home we've of May May site to point compared at collected as charges XX%

We to expected receive able tenants or or when rent work the resume are and unemployment pay any the will checks delinquent they checks. to if be able stimulus

up stepped solid goals we has and Our worked the are of further environments to employees and to times UMH balance These incredibly maintain challenging truly challenge. continues proud team to our the of difficult sheet. a are have UMH. hard work which

first of the million Preferred our $XX Series preferred we of proceeds ATM approximately stock. During to raise utilize net quarter, D our

of negative capital a strength preferred impact Although financial the quarter UMH. this issuances had this first earnings, ensures on

in will rental new capital This expansions to allow UMH invest improvements. homes, also and continue to

of a term announce and to have that to in assigned mortgage step its lender interest the of below sheet with on we pleased portfolio also the $XXX rate communities included fixed rate are X%. million We obtain place

in B debt. October $XX rate from our Perpetual stock the able positioning be are million, mortgage Preferred this company to Series We proceeds redeem with to X% fixed

while million increase an closing unforeseen redemption. result related approximately issues annually preferred $X.XX a per as on in share this transaction, anticipate no we FFO to of $X Assuming direct of this

also the of finance rental Further housing homes communities to manufactured to success cost will rental that us that their capital. as with should purchased $XXX traditional financing in recognition allow in rental UMH the working the preferred obtaining our million recognition stock to reducing pioneer with apartments. same of GSEs of as were is be entitled homes our

testament I year-over-year. quarter income value operating increased to am year-over-year. These business plan. for add are and pleased the quarter outstanding related community XX% to operating report income XX% the net that rental for increased results A in our

the increase rental very home quarter quarter perform end, owned which XXX of program over first XXXX. well. At The of an continues we rentals is to XXXX

occupancy rate Our rental was XX%. home

rental were our homes XXX we home year. to to our additional an this adding anticipate orders portfolio rental crisis, Although delayed the by XXX

The rental plan. allows component resulting of program increase in and us operation. It our quickly to home a community key is efficiently occupancy business improved

we the portfolio NOI a property second growth. have store NOI digit same double exceptional This Our grew the property Same year. generated that quarter in to results delivered begin is same row XX%.

As acquisitions, and creation. complete we we ultimately rentals result the in strong can we value This expenses seen be This with community. increased operating for or at demand in our work recent have reduction should NOI significant value turnaround refinance realized paired and our when finance sales. growth

points our increase a to basis has our Our potential the producing year-end; sites and an revenue same and year-over-year that XXX the remain today. XXX meaningful rate last this basis of property XX.X% sales occupancy of from by profits. quarter operation XXX area improved encouraged business deliver and sites believe We from to to year same points here translates this XXX the

XX% representing Gross a period of sales the year. last of same for were the quarter million $X.X decrease

improvement that April slight were We $X.X a sales our report pleased of April over marking XXXX. million to are

a rate should cost of on we reducing the X.XX% financing occupancy. capital, from obtaining our As retail to a increase lower are result and which sales X.XX%

stay-at-home the improve. normal were as We throughout quarter in our results for returns issued business impacted sales that the negatively Our year, believe March. by orders will to the

results. group in online sales coming expansions markets improved drive sales several that should have We

recently Manufactured providing the dedication to are quality that Pennsylvania Sales We The its Center Housing Institute Sunny for Year. affordable is a housing Acres testament UMH's Somerset, award Center in Retail enhancement Sales buying customers. and of This proud UMH's to to of announce XXXX experience named the

our of Tennessee despite development delays expansions the has continued Most Notably, move to pandemic expansions the the continues progress. of that caused. our forward to

We the ordering homes should two have up houses set and for started locations the open and of for ready have beginning been at summer.

in to now now sites. expect to Initially a on XXXX. As pandemic, first the of half and we by the to expect delays sites sites. result approvals planned obtain the approvals XXX of for the of We for caused development XXX complete XXX had we approvals obtaining obtain the remaining

sites sales us produced growth rental community our allow continue developed will excellent at to newly These results. and consistently staff

York communities We and located XXX under are communities XX% Pennsylvania occupied. and contains in are have two New sites which contract. These

per close million in is to cost representing communities a in that These approximately value good these of are They are communities we communities had relatively proximity for and are added $X owned. $XX,XXX. price already purchase site condition. The communities

our benefit of and marketing rental will high-quality market greatly properties home We acquisition The programs. from competitive. remains

looking at continued other are of pipeline. our growth We anticipate and several opportunities

growth we increase are from rather well of as positioned execute strategy, property to share. and our the deliver pandemic, FFO results COVID-XX the stemming remainder operating believe we improved level still per Looking XXXX, that uncertainty to forward

annual that delayed to dividend second given of UMH's obtain to policy. rent still position, strength increases. XXX anticipate changes and order dividend has we quarter declared home the current We've already of not crisis we our the majority on are rental our the XXX our some we purchases this Although and homes any believe financial current our do track for increases, to and rent

FFO historically per to cost of UMH is is improve interest operating rates. increase delaying reduce results share. of advantage substantially and capital taking The to community low the level our by groundwork plan our

The in term in FFO results both. succeeding capital per near preferred share. from are issuing raise pressure on We stock

We successfully believe XX-year that recognize of should capital. a is history UMH shareholders deploying

as was to capital not are able will accretive, portfolio our it acquisitions. new the immediately be into capital the and future invest Although we

like breakthrough in substantial should to to the results would meaningful lower debt to addition future share. obtaining I team our this cost take dedicated FFO Our to a for work. in hard increase their translate operating near thank UMH in all per opportunity improvement a in

faced results on quarter. results provide we and first proud of our for adversity the are We the have now, with the you detail quarter will the the greater achieved Anna for that And despite year. during

Anna Chew

Thank non-recurring items the other you, security Sam. $X.X quarter Normalized was period. of FFO $X.X. which year prior and excludes share realized per or for and gains the deluded XXXX to on per Million $X.XX the deluded million sales first or $X.XX compared for share

income for capital This decrease increase year compared period a This in which ATM. capital quarter tapping capital $XX.X to ago; the of difficult. was primarily growth markets allow continue $XX.X was impact more to raising to a during our the of related our an will and preferred Rental representing is us uncertainty attributable million economic the XX%. to of million

for from rent and quarter XX% $XX.X our by to in are increased the the acquisitions, NOI million These million of program. XXXX. to success $XX.X rental in increases attributable increases home our Community XXXX

by rent the X% last over $XXX to increased Our period monthly site same year.

last rent increased resulting over growth quarter same in to relatively income increased same for expenses year XX%. first X.X% $XXX Our last X.X% the NOI the period period same by monthly home the year. of stable, property over Same while property remained

listed. new of will virus in for and in Sales the $X.X million $X.X sales that orders of XX% of a quarter is XX impact reduced improve sold the stay-at-home were XX anticipate decreased XX manufactured are home home used at sales of were and sales. total from which million homes to homes XXXX We XXXX. We the

had is loans year. As mortgage the The quarter was $XX and $XXX mortgage we million debt our debt we in and turn XX% was average fixed at our of payable. X.XX% approximately community debt in end to to quarter prior X.XX% million our which was at rate. end compared total debt weighted $XXX structure, capital of rate level interest million

further end The debt a on our X.X years years increased compared ATM at to quarter year was weighted UMH X.X liquidity average preferred program. our utilizing ago. by maturity our mortgage

million average quarter, at D Redeemable Preferred the share. sold Cumulative price $XX.XX weighted of Stock X.X our shares of per X.XXX% Series During we a

these of temporary purchase our We of includes expansion approximately manufactured to plan to of sale use proceeds lease our a or customers, purposes additional credit acquisitions communities, attain for of basis. proceeds general of existing net homes down the which properties, lines $XX.X Generating corporate on million. for

of equity. had preferred in UMH a perpetual total end, At $XXX quarter million

Our preferred approximately quarter total at million market an of results $XXX capitalization an $X.X representing period. the combines a of increase stock X% year and million equity over in are end in debt, prior capitalization with $XXX billion market of

market credit XX%, XX%. debt our total debt total net securities to net standpoint, our a capitalization by was From capitalization market was

for to debt net X.X to our adjusted Our net securities EBITDA X.X debt times, was adjusted EBITDA was times.

our was and interest Our was X.X fixed times. X.X coverage coverage times charge

with $XX.X cash and equivalence, credit inventory. in and our quarter facility the home From accordion unsecured pursuant available available a ended million cash for financing an of lines liquidity available on on potentially million standpoint, additional we with to $XX the purchase sales feature credit, our million revolving and million $XX of $XX the an

million also million undepreciated $XX.X assets. more our no by than We encumbered undepreciated portfolio XX% in of portfolio loans. margin our We approximately REIT had securities our our to X% portfolio $XX assets. This represents limit in of

the With dividends committed Mammoth not securities portfolio. reinvesting the are in to of exception in investments increasing real-estate, our REIT our we

flexibility. We continue to providing financial additional the with on work company

approximately X% the mentioned, term communities below a sheet mortgage rate portfolio generating with million. free fixed proceeds Sam we lender place in at clear As of debt and of finance rates with have $XXX to assigned

stock We lenders $X sources collateral Series redeem or We million in annually. additional with a our rental several FFO X% utilizing $X.XX B favorable with of to are are capital plan our generating homes also pricing. these facility of to Preferred to use create approximately Perpetual credit discussions

growth operating to to invest further These positioned the With capital we sources to also acquisitions quality us rental and allow will strong are our home continue of and our improvements, expansions, of initiatives. results position our in well the our and financial capital continue additional our access program, portfolio. to markets, improving capital

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

Eugene Landy

experiencing were possibilities endless the and Rising we GDP market end, low highs wages, unemployment year rates. growth, fast At historically Anna. you, Thank strong economy. for

will Over the weeks, unemployment past for apply few more than out ever people before.

whether consequences. the since long shrunk we've contraction the not and about will concerned that reopen will or to economy crisis lasting take how long be GDP X.X%, there the and we've experienced biggest it financial

Fortunately, we've Swan always for a Black event. UMH positioned

fallen demand a also during Our become are solid a in during put business. time oil excel sheet has and balance hard to prices us this enough trying The have to to. stay in oil not is many been gas Global hit piles we've when simply position support crisis. industry and stock accustomed to has the

and continue have the that a overtly Utica to is That the that well. Shale residency being communities The concentrated stable should Marcellus we we business. not do and made have have that areas investments base gas acquired in the in oil said,

As in actually managers Utica employed deploying and than our gas we and residence regions, of our the believe XX% less sort Shale industry. oil community of in Marcellus the that had

The strong the gas, optimistic and We drive bring this portfolio oil, upside to businesses. supply disruption incremental be region. manufacturing our remain States workforce realized of with chain this for back in about need during crisis, the demonstrates turns housing. to demand sudden with will the United With ancillary

and being built to byproducts built or plastics. base. in turn our being the manufactures over he natural the compete increases to this the Back plants plants developed market. electricity. are to than of lower energy ability to into natural are global turn are Low-cost the last gas gas being Pipelines Larger up energy

multi-billion see mission this these progress, overall in to we provide continued affordable the As occupancy to for UMH transformation and the our and housing results. region investments continue growth developments has and a nation. will operating of

pandemic the is increase which on risk to to continue does crisis uncertainty mission. this response and Our

much housing financial and is accommodation exceeding might the and the community. land manufactured and be cost staff of and inflation the construction buy higher and has experienced resources to to build, due UMH future The supply. demand expand now, need

created the that of properties. quality, enhances Over our stability portfolio value, decades a platform we've the and

generate shareholders. increased We our endeavor per also for share to value

business of will increases value our plans, price. our in to these we're As stock reflected be execute on able

Operator

will Thank you. today ahead. question go Rob [Operator Our Janney. Please Instructions] from Stevenson come first with

Rob Stevenson

assets you're Hi, the of increases commentary. levels occupancy to the in region? what your good some Utica across morning sort Can talk for and guys. Marcellus Eugene, the terms thanks the rental of ability of seeing about you absorb and guys in Shale rate

started ability at all? there has basically drive impact mean, that to the X% your I bump rate to rental

Eugene Landy

busy and managers been its talking how ability for demands the impressive they're back to We've Tennessee. our state our in almost strong Each site. to in is. very about to open and our demand pent-up regional for talk are and managers product fill Tennessee's we optimistic business

that care rent X% We've not we passing thereafter they're our April, will deferred increases during our rent they our is properties, and because so problem. upgrade incurring the and increase experience not But June. and crisis, a take of potentially is May, through consistent increases

more Brett, on specific items? you various if And to be want

Brett Taft

Yes, sure.

come So, that is the on a point gain. XXX our was region. front, the just occupancy sites I do Shale our That the our to of next increase want majority out quarter which Ohio total did in of occupancy the to occupancy from Utica first

to demand continuing strong So, we're definitely that see region. in

this We into could added from If units May did to May, look our continue overall we April XX then improve occupancy rates. stirring to and we pandemics.

So, demand. we decrease seen really in haven’t a

able what are communities circumstances our we've of reporting with the All been pleased very demand strong accomplish. still to and we're very given

Rob Stevenson

at Do unemployed? units of percentage tenant the rental you are guys what present now have in any your idea

Eugene Landy

people extent asked we've I XX%. as think the And know, we going what's To believe on. as many we only

Samuel Landy

and to older and XX our Yes. and our looking our a back are older. approximately residents on But what understand we work the XX% income the When residents XX about tough is getting we It's it's question coming everybody base, are into of XX% answer of look in board. to across XX% we residency to and are fixed forward weeks.

while why want they of items employment's do to two strong our think and we as are one are that get collection those the back important do are. reasons as online, So, rates everybody we

Eugene Landy

the have rent mentioned. unemployed strongest collections as XX% already unemployed, collect unemployment and that we and that's just been And benefit they do temporary

Rob Stevenson

entire for or age site I cohorts, age lower is got the units are for Those rental to have the just that the either portfolio demographics a rentals. mean, alright? be

Eugene Landy

be but entire get the it portfolio. correct. to and into and between across that entire look that Break That's owned can portfolio, would We back rental you. out the

Rob Stevenson

individual extent they've Freddie that eviction the local what or or governments see the apartment states put you ban taken wherever of whether by are to in eviction it's in? that to impacted Fannie bands or some And space are guys

Eugene Landy

that rent includes a would standing, they're pay they're so the Well, we that made back they'll going May we back ban, is rent, That prior we do if April anyhow. Xst. people if resident differ when -- a filing rent, June to creating eviction evictions to these on let's governors on that what not work, work, decision pay first were month the say

housing they that living they going somewhere And we're month. May, they if don’t if fact there believe XX% because will not to that’s the in wind know quality pay the giving providing by they them price. pay highest an for payment. pay And And pay they're per for higher us a deferral as that didn’t affordable They we month is price. at else the good up following

by And out this. rent. percentage that into the entered paying they're proving the We've

Samuel Landy

only It's May. April agreements that point and and to payment XX this includes

Eugene Landy

incredible working. very what had years. residence but bring part is So, to in program aware just our by marketing know for as existing program not the our marketing about And or made and they we long satisfied we're UMH will rental products believe they residents housing our it's an choosing possible, at of let new as in this to rent. with choice We've three the of all great never communities in communities pay a

Rob Stevenson

local that's Like in New that I City bans. made what in extent that government these portfolio. or York Okay. places operating the eviction you your in guys know to in mean, But you already though mean, I you're Seattle. operate of decision don’t I to subject

and -- further to the into the fall. York Seattle those But -- the into end year, it the just extended extended New just of

to be it to mean on stuff have going ability I if be own and to eventually done. get so I your doing needs your mean limited. that back to extend you'll is what to curious Just

of able you to as choose curious are to end not legally if to. where you summer come Just today

Samuel Landy

Yes, just it. issue announced yesterday doubt broken have it's look It's down Wolf it pausing there's an Governor at but you proceedings across state-by-state no about the all cetera. and I portfolio, don’t eviction et Pennsylvania

believe have also loans. We XX do I GSE its

we're et at it's evictions, of I the point. late this cetera, charge to until not fees, July middle able So, pursue believe

the it'll now, right rest everything happens So at the of what seen happens opens and be when what up. year

evictions issue. pursuing the for be an certainly future, foreseeable But will

Rob Stevenson

was I very what was source redeem that $XX theories what you one today that of Okay, obviously for. last or to me. to something. the Anna, capital from are And the was then, the you, helpful. looking mean, Thank be. planning price grade common were stock I use

not how the that that thinking assuming million are $XXX portfolio, taking that's is of it's card. about roughly that, use additional a do in the of you out But securities that debt, Series I Was some preferred, B. think you

Anna Chew

us give a right have we using would under $XXX million so will sources now Well, one of is preferred. that term a at approximately called be sheet the X% which we and to that

Rob Stevenson

debt? that's secured Okay,

Anna Chew

secured The will be debt. money. That

Rob Stevenson

Okay.

Anna Chew

money fundable with but et credit cetera. And sources too other have keeping lines is our we

Rob Stevenson

it. it. perfect. I That's Okay, appreciate

Anna Chew

problem. No

Rob Stevenson

Alright, thanks guys.

Operator

next question Our will Please Oxford Davidson. go come from D.A. Barry with ahead.

Barry Oxford

of normally were Great, that a have spreads have in down at seen them? the debt that thanks the you a little Have spreads And too. it's seen come good staying rate or of that the When out bit rate. noticed kind kind where you've come you guys. you looking rate, but

Anna Chew

has down spread the itself tremendously, gone little has because tab down. XX the so bit Well, rate gone increased the year a but

important So, was to that know.

year X% a will be loan. So, rate fantastic. be would it under we which think XX be This for a will

Barry Oxford

about little great, Absolutely REIT the right. discuss thanks. portfolio valuation? Sam, you could a in Great, And bit the

James Lykins

REIT is portfolio. let Eugene so him talk Well, Landy the here, about

Barry Oxford

Perfect, thanks James.

Eugene Landy

XX a have The billion. REIT XX,XXX we sites and million worth now over about $X portfolio Yes. is

small above It's the volatile. we've at or is by. million in it. very about So, a ago REIT XX or ago it's disappointed now few portfolio percentage time weeks But been months goes very been a

fast fluctuations and to going get rising. depends the XXX we're on how a and economy the was everyday U.S. It million up

and deal great other were they for They of their the a run, have REITs. well We topline. of capitalized they well lost sympathy many were

no have And if you makes very it to difficult a run your income, lose it topline and REIT.

the affordable topline The UMH pay is product to seem is is continue crisis Fortunately strong. our to real, to tenants housing demand our ability in have and rent.

XX But some X%. over not could at we're been portfolio that's the get how hoping the our hurt closely to million which XXX it case go. portfolio banks and our near to So, we're quite see up very portfolio we we've REIT stocks We million, and from our position. they in going follow pour

to reduction So, but we we as have scorer. to these put as we it, a a took and today market substantial mark we

Barry Oxford

perfect. Right, for Thanks the color.

Operator

will question next Riley Craig with from our ahead. go And come B. Kucera Please FBR.

Craig Kucera

big not to with someone your Are saying circle go tenants paying morning, to if month, guys. it's not a part going but. a XX% I back, they I now portfolio misses Good charge know that want just of once you're work? sort you are basically right of the to back

that? rent, of incremental you we about by basically they miss how all so or a recover think Or two, Of that year-end. month if should rent

Samuel Landy

right. flow pay so that they'll make month employed, rent full. earlier didn’t The month Exactly, they're in them. And easiest their pay they'll they whatever To on month. XX% owe cash back

Brett Taft

to in that grants compared have gives to government, the realize who are texts that crisis. before getting unemployment that them have pandemic getting insurance they you or actually more that. from of our were the many tenants Is But

many only we So, people? how had

James Lykins

XX in people there. are

Brett Taft

XX people, I How many XXXXX? residents, know.

James Lykins

XX,XXX.

Brett Taft

XX,XXX.

pay a in even good it to And found rent yes, to crisis. item. a slow So ability we pretty continue have says this our tenants

Eugene Landy

because I'll that point And And what in of out, so than the that's an equity more resident stream community. our that's over income stable stable in the house. has decade has XX,XXX no owned manufactured about is of the home. proven homes And is just resident housing there

they're always But as well well was could at substantial is were in a that to become in fact and enough. or time, better which able as a if than house equity the homes, would apartment. ours So, pay least performing we've if anticipate as rental not apartments for bad of resident period other the perform things XXXX

so if to unit and an that there's you supply greatly demand unable the to the pay place. vacant, add then So, their was exceeds someone became take and back that immediate tenant

Craig Kucera

it. Circling the to I couple a about were of back know Got mentioned for $X that properties million. you acquisitions, they

guys the a ago months few Was of at the think or million year. million talking that on looking $XX for $X put about on I $XX were or top that you that component in $XX doing that you million maybe is have basically hold. million acquisitions of

Samuel Landy

Yes.

a now looking right to million. the $XX million. point at question this answer $X at So, That it's $XX would tough million in I the say would included be

has continuing are look a deals We pandemic paused but at to for this are moment deals basically there there. things out some

is it was. where Pricing similar to

how see we're and So, are to to as the begins evolves as reopen. been. they've I interest what rates happens as economy mean, low waiting this

they're the So, to entitled pricing. sellers same think

We goes. see will where it

to moment got the some we've being at anything looking pipeline. added report $X to But as we this million. at that have don’t the at We're other but point properties

Brett Taft

what I not repeat going I'm on the to remarks. said Yes, prepared

and increased expansions continue to housing do and are are be prepared and continue being to the aggressive to We very looking grow for affordable to acquisitions do we provide company. to

and to be We and I we to survey. costs and can our people out see point real the They housing for elsewhere. they think tremendous. can think very own going that our do products is is their product think what the it's shortage there's going internet always the demand we up be on going in go to inflation,

service $XXX Zillow and two with and a see bedrooms, what's on the area month like available bath, a then go for $XXX Three a month. in rents

and $XXXX, a month. for bath, $XXX in You'll get month. three exceed find $XXXX, provide that properties month we that one and $XXXX you lend bedrooms a bedroom, and for We value charge two bathroom an a we three

we're the very competitive pandemic. were the and there's in reason despite you having programs therefore our why So, a results excellent rental

Craig Kucera

great. Sam, XXX were that to you this rentals year. saw to you going XXX you mentioned Right, do

quarter? that what the year you hope the check, did Just for is the to in to you XXX that cumulative first incremental double of the it's amount is

Samuel Landy

the for that’s cumulative Well, year.

-- expect slow were we year. think but XXX-to-XXX units do four-to-six We to the got do probably hoping down we still for better, for we we'll rental weeks

Craig Kucera

same limited cost then been some which tree obviously we removed. I which quarter operating very expenses And store had to were great. Okay after believe as strong, results circling again your removal saw very was last

Just to throughout the tree quarters three those remind, were expenses first of removal year. ratable fairly the

they incurred primarily first Or half? in the were

Samuel Landy

before I'll that have. you Well, let but answer Anne

Anna Chew

Yes, --. they were

Samuel Landy

Yes.

Anna Chew

the Sorry. actually They first in wanted half, --. that in quarter. incurred And was do the XXX,XXX first the to were this

Samuel Landy

But I want to because to time this out. point a out it good point time it's at

You've become efficient. hit and all occupancy operate and metered with been at XX% XX% following ratio. to to After XX%, communities our these years a have we've known sewer we will that hit for you that communities story unseperately water expense

higher so and efficiencies are going if it's and is And performed that the water but to working. so just XX% the saw next throughout the are And paying occupancy XX.X% that residents really XX% at We're as it's occupancy metered you that separately are quarter sewer, a XX% expense ratio. future. not percentages there just like this to go this to we happen up

And Higher turnaround the will were the the net tree occupancy. additional $X on of properties had and that had we past maintenance. that three additional go year operating call the million year's to last we to years, in expenses got that percentages over pointed XX% purchased removal, related we've those because approximately during in repairs last of so properties out that growth the

next is the expansions opening. the It's thing forward, minor. that will increase relatively Looking expenses

don’t cost have are, to to lots the from. when I number think going But stop and adequate get before So, and it's I upfront occupancies our sales you as sites of open pay you you look there at progress. expansion, how many

we to do gave the I it work our with plan We has this continuously knew now of could forward. real go taste that with we website. meters, is and we'll separate show first I has well was our work think installation working. that you our of everybody the but it It would think how to

efficiencies working the and occupancy for we the X-years coming hit on everything we've coming into as plus All place been XX% together.

Eugene Landy

Sam was what saying there. And add some numbers just to

and of the growth, XX% Our to the at grew XXXX XX%, from basically acquisition, growth, XX% got XX%. by XX%. now income income XX% group of NOI quarter, XX% it That's by it XXXX, occupancy XX% of during was time acquisition. time acquisitions NOI it's the

growth XX% XX%. occupied occupancy XX% growth. occupancy we're acquisition were now. from They XX% XXXX, XX% growth, were and time the income income growth, an to of on they've XX% at the still XX% gone And XXXX's acquisitions working XX% NOI acquisitions, XX% but there now. NOI and

strength the So, of these really numbers demonstrate just value-added the business plan.

Craig Kucera

mentioned from guys facility And other with you're of summary in you your Great, pricing a me, Is of on credit homes looking right more unsecured that's good with floating color. were that? what or now other comparable line reasonably at you that's the seeing credit collateral. to Anna discussion one rental

Anna Chew

Well, was before this. That want first were that that, in quarter, XXX,XXX clarify to that I dispute. the for XX utility years. one was answer over did I a billing

of year. we the additional toward the So, in There year. it of fee were last rest quarter first settled throughout for XXX,XXX the some removal

we Brett the primarily were these as said, for Sam acquisition. But and was newer said,

our line notes it's is below on our the be with say bit what a little rates regarding of of rates of pinning credit will is what in that now. But to line line on working we're pretty line much credit, the Now higher we're than credit. I'm receivable going

for our it's I time, time So, a would say. little over -- it's

purchase preferred be because we at them, If loans in instead banks on obtain to they We X% we wanted this the units. discussions had past, roles, real are and This breakthrough we're receptive. we with did very seem rentals. those stock on in not obtain a our a to few and our issued rental will X% the

Craig Kucera

great. Okay, Thank you.

Anna Chew

you. Thank

Operator

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

Samuel Landy

continued this I to in of you, Thank the call like participants and our thank would interest operator. for their company. support

and always Brett As available Eugene and are any questions. follow-up for I

able We will forward NAREIT's be you'll with to our this which will virtual back results. in be And August be in reporting to quarter participating join event in second June, week to XXXX a We look us. you hope year.

Thank stay you, safe. and

Operator

replay, you this number hour. at U.S. conference for one concluded. Thank has now Thank is dial attending X-XXX-XXX-XXXX ID access your teleconference be please conference or available please presentation. replay The and The disconnect XXXXXXXX. The X-XXX-XXX-XXXX. you, will line. international approximately toll-free today's To

UMH Properties (UMH) 8 May 202020 Q1 Earnings call transcript