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
: I want to start out talking about your sales. Given the pickup in pace here this quarter, do you anticipate any inventory issues over the next several
quarters if demand remains this high?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And when you're selling used homes, do you have to complete any meaningful CapEx on those homes before you put them up for sale? Or
is it pretty low cost?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Okay. Got it. I want to circle to the dividend policy. I think you've been at about $0.18 a quarter since 2009. With the strength in operations,
mid-double-digit same-store NOI, you've got the reduction in your cost of capital here in the fourth quarter going forward and a few things coming
up over the next several years. Can you talk about how the Board would view the dividend if your payout ratio drops significantly in 2021 and
maybe beyond?
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NOVEMBER 05, 2020 / 3:00PM, UMH.N - Q3 2020 UMH Properties Inc Earnings Call
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. Brett, I wanted to circle back on the acquisitions. Are the 2 other properties you mentioned in the Northeast likely to close here in fourth
quarter? Or are those possibly going to slip into first quarter or first half of next year?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: Got it. And can you talk about the pricing differential from a cap rate perspective between buying these 40% occupied assets in the South versus
the 95% ones in the Northeast?
Question: Craig Gerald Kucera - B. Riley Securities, Inc., Research Division - Analyst
: And because they're 40% occupied, does that extend sort of the period at which you would get it stabilized? I feel like, traditionally, you've been
buying closer to 60% or 70% and get it stabilized inside of 3 years, let's say. Does this become maybe 4 or 5 years? Or do you think it's still pretty
much on target for your normal kind of 2 or 3-year stabilization period?
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