UMH Properties Inc at NAREIT REITweek: Investor Conference Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Jay McCanless - Wedbush Securities - Analyst : Great. Thank you for that intro, Sam. Before we go to audience questions, I did want to -- if you could talk about some of the recent lending changes we've seen for manufactured home communities from Fannie Mae, where now they're lending against both the homes and the dirt versus only lending against the dirt before. How far can that go, what type of benefits should UMH see from that? And do we expect that to expand further and/or are there any other Fannie Mae, Freddie Mac lending plans for manufactured home communities that we should be aware of?

Question: Jay McCanless - Wedbush Securities - Analyst : I was going to see are there any questions in the audience. Yep, go ahead, sir. Unidentified Participant (inaudible- microphone inaccessible)

Question: Jay McCanless - Wedbush Securities - Analyst : So Brett, could you maybe stay on that topic for a minute and just kind of talk about for people who don't understand what a chattel mortgage is, may be the difference between a chattel mortgage and a traditional land home mortgage. And what type of rates are we seeing on chattel mortgages right now versus, say, a land home transaction?

Question: Jay McCanless - Wedbush Securities - Analyst : Any questions from the field? Sam, did you have something to say?