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: RIch Anderson - Wedbush Securities LLC - Analyst
: Thanks. Good morning and Great quarter again. In terms of the guidance, appreciate that, and I'm sure many do. The $110 million to $120 million
of capital needs that you point out.
You also mentioned future refinancing of communities. Can you sort of give us a rough range of how much of that will figure into the $110 million
to $120 million that you're looking to raise this year?
Question: RIch Anderson - Wedbush Securities LLC - Analyst
: Yes. Okay. So I was looking for like a cash-out scenario where you capture the increased value of your portfolio, but that's something not this year
in terms of your expectations?
Question: RIch Anderson - Wedbush Securities LLC - Analyst
: Okay. You mentioned the rental communities for the second quarter was, I think, of the $111 million net. And it was impacted by the sale of older
homes. Can you connect the dots for me as to why the older homes would impact your rental portfolio?
Question: RIch Anderson - Wedbush Securities LLC - Analyst
: Okay. So those sales of older homes came out of the rental portfolio. Okay. I'm sorry, last question. In terms of the additional components of
guidance, you lay out a bunch of it, but what does the guidance assume in terms of home sales going forward? And also profit margins?
Question: RIch Anderson - Wedbush Securities LLC - Analyst
: Okay. Thanks very much.
Question: Gaurav Mehta - Alliance Partners LLC - Analyst
: Thank you. Good morning. I wanted to follow up on the guidance assumptions. I was wondering if you are willing to talk about the same-store NOI
growth trajectory that you're expecting for the second half of '24?
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AUGUST 07, 2024 / 2:00PM, UMH.N - Q2 2024 UMH Properties Inc Earnings Call
Question: Gaurav Mehta - Alliance Partners LLC - Analyst
: Okay. Maybe one more on the guidance for the opportunistic sale of common and preferred stock. Are you assuming more sales beyond what you
have done so far this year?
Question: Gaurav Mehta - Alliance Partners LLC - Analyst
: Okay. Thank you. That's all I had.
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AUGUST 07, 2024 / 2:00PM, UMH.N - Q2 2024 UMH Properties Inc Earnings Call
Question: John Massocca - B Riley Securities Inc - Analyst
: Good morning. So maybe just given how interest rates have moved over the last couple of weeks and months. I mean, is that impacting the
acquisition market at all? Or maybe the bid-ask spread between buyers and sellers getting tighter, maybe more attractive? Or is more competition
kind of coming back into the space just given the reliance on financing?
Question: John Massocca - B Riley Securities Inc - Analyst
: Okay. And with interest rates in mind, I mean on a go-forward basis, how sticky are the interest rates on the financing you offer tenants and therefore,
what ends up going into the kind of the notes payable bucket?
Question: John Massocca - B Riley Securities Inc - Analyst
: I guess maybe just in terms of the notes payable bucket as it grows, I mean, should that just be kind of moving in line with where broad interest
rates are going? I mean are spreads going to kind of stay basically the same? Or can spreads maybe widen as interest rates come down?
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AUGUST 07, 2024 / 2:00PM, UMH.N - Q2 2024 UMH Properties Inc Earnings Call
Question: John Massocca - B Riley Securities Inc - Analyst
: Okay. Understood. And then I know it's very early days, but in terms of the Vineland, New Jersey JV or potential JV, what's kind of broad strokes the
potential size of that in terms of a capital generator for UMH.
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AUGUST 07, 2024 / 2:00PM, UMH.N - Q2 2024 UMH Properties Inc Earnings Call
I mean, any idea on the number of lots or even just the gross amount of money you can potentially get out of that joint venture?
Question: John Massocca - B Riley Securities Inc - Analyst
: I really appreciate the color. Thank you very much.
Question: Gaurav Mehta - Alliance Partners LLC - Analyst
: 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 2024
results. Thank you.
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AUGUST 07, 2024 / 2:00PM, UMH.N - Q2 2024 UMH Properties Inc Earnings Call
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