The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: You had the 2 properties in the Northeast where the tenants had a right of first refusal to buy them. Were they able to buy them? Or could those
properties still come back to UMH?
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MAY 07, 2021 / 2:00PM, UMH.N - Q1 2021 UMH Properties Inc Earnings Call
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. Anna, you mentioned in your discussions with Fannie Mae that you're trying to get them to use rental homes as collateral. But have you
garnered any additional interest among other lenders who are willing to lend against homes as collateral similar to FirstBank and expanding your
line of credit?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And I just want to circle back to your commentary on the portfolio. Did you say that you're planning on keeping it at $100 million? And if so,
does that imply that you're expecting to sell throughout 2021 given where it's valued today?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Great. With the one community that is under contract for $10.3 million, do you have a sense of when you think that might close?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. Great. And Sam, when you're looking at the rising costs of manufactured homes, as you buy them from the manufacturers, you mentioned
40%. Do you think the market will bear rentals that will allow your underwriting to continue basically as it has in the past? Or do you expect maybe
that there may be some compression of margins?
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