Financial Data and Key Metrics Changes - Revenue increased by 9.5% year over year and 16.6% sequentially, reaching $556.9 million [5][15] - Operating profit rose approximately 50% compared to both the previous quarter and the same quarter last year [5] - Net income was $51.6 million, compared to $34.4 million in the previous year, with diluted earnings per share at $6.42 versus $4.11 [20] Business Line Data and Key Metrics Changes - Factory Built Housing segment net revenue was $535.7 million, up 17% from $458 million in the prior quarter, driven by a 14.7% increase in homes sold [15] - Financial Services segment net revenue increased to $21.2 million, up 8.2% from $19.6 million in the prior year, primarily due to higher insurance premium rates [15][19] Market Data and Key Metrics Changes - The Southeast region experienced a slight lag in orders, with Q1 shipments slightly below the preceding quarter [7][30] - Average selling price (ASP) increased due to a shift towards multi-section homes and true price appreciation, marking a significant upward move after a period of modest declines [10][11] Company Strategy and Development Direction - The company is focused on increasing production rates to meet demand, with a record of 5,416 homes shipped this quarter [6][7] - An agreement to purchase American HomeStar for approximately $184 million in cash was announced, expected to close early in the third quarter, aimed at cost reduction and product optimization [12][13] - The company continues its share repurchase program, having repurchased $50 million of stock this quarter, totaling 16.6% of outstanding shares since the program's inception [14][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of their plan despite uncertainties in future demand, noting that the current order trends remain positive [6][28] - The company acknowledged challenges in the Southeast region, particularly in Florida, but emphasized a steady performance in other areas [30][32] - Management highlighted improvements in financial services, attributing the turnaround to better underwriting criteria and favorable weather conditions [11][19] Other Important Information - Consolidated gross margin increased to 23.3%, up 160 basis points from the previous year [16] - The effective income tax rate decreased to 20.9% from 21.5% in the prior year [20] - The company generated $55.5 million in cash from operating activities, reflecting solid performance [22] Q&A Session Summary Question: Is the level of ordering continuing into fiscal Q2? - Management noted that while summer months may see a seasonal slowdown, there is a continuation of positive trends without indications of a drop [27][28] Question: Are there specific states in the Southeast experiencing softness? - Management clarified that Florida has been struggling, but other Southeastern states are performing steadily, with a focus on monitoring production levels [30][32] Question: What is the impact of tariffs on costs? - The estimated impact of tariffs on costs was about $700,000 for Q1, with potential increases expected if proposed tariffs are implemented [51][75] Question: What are the expectations for growth in Texas? - Management expressed confidence in Texas as a key market for manufactured housing, anticipating continued growth and opportunities for value creation [105][106]

Company Overview - Century Communities operates in 16 states and over 45 markets across the U S [9] - The company reported revenues of $4 3 billion for the LTM 2Q 2025 period[14] - As of June 30, 2025, the company has 68,701 lots[14] Financial Performance & Growth - Total revenues increased by 70% from $2 5 billion in 2019 to $4 3 billion in LTM Q2 2025[25] - EBITDA increased by 108% from $207 million in 2019 to $432 million in LTM Q2 2025[25] - Book value per share increased by 169% from $32 11 in 2019 to $86 39 in LTM Q2 2025[25] - Home sale deliveries increased by 36% from 8,000 in 2019 to 10,903 in LTM Q2 2025[25] - Community count increased by 23% year-over-year[23] - Book value per share increased by 10% year-over-year to $86 39[23] Business Strategy - 93% of total company home deliveries are priced below FHA limits[30] - 99% of total company home deliveries are spec builds[32] - The company maintains a strong balance sheet with significant liquidity of $858 million[43]

Core Points - A "builder's remedy" lawsuit has been filed regarding the former Mayfair Farms property in West Orange, NJ, following the township's failure to submit its Fair Share Housing Plan by the June 30 deadline [3][4][5] - The lawsuit allows developers to bypass local zoning laws to build higher-density residential projects, contingent on including affordable housing units [6] - West Orange is required to provide 409 "present need" units and 660 "prospective need" units over the next decade according to state regulations [6] Political Dynamics - Mayor Susan McCartney has accused the town council of inaction leading to the lawsuit, while council members have countered that the mayor is responsible for missing the deadline [5][8] - The council members claim they were only informed of the lawsuit after it was filed, indicating a lack of communication from the mayor's office [9] - The council asserts that the mayor has the sole authority to propose contracts and that the responsibility for the affordable housing plan lies with her [11][12] Project Details - The lawsuit proposes the construction of 421 new housing units on the Mayfair Farms site, including 82 affordable units and a 41-unit bonus, totaling 123 affordable unit credits [10] - This proposed development would fulfill over 15% of West Orange's Fourth Round "prospective need" obligation of 660 units [10] Next Steps - An executive session presentation on an affordable housing plan prepared by Heyer Gruel & Associates is scheduled for the town council meeting on July 22 [13]

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Joining us right now for a conversation about real estate, local New York City, mayoral politics, and so much more, RXR chairman and CEO Scott Reckler. Good morning to you. I think we're all trying to figure out what's going on with the real estate market in New York City.But I think the overhang or overlay to all of this is what's just happened um in this mayoral election and I think a lot of people surprised about it and I know a lot of people in your business seem to be anxious about it. So what's your t ...

Housing Affordability Crisis - The rising cost of living, particularly housing, is a crucial problem across America [2] - The median home price in America is $426,600, six times the average annual income [2] - In New York City in 2024, the median home price was $785,000 [2] - Renters across the US are paying over $1,600 per month, while in New York, a two-bedroom apartment averages $5,560, a 175% jump in the last year [2] - New York City has a record low vacancy rate of 14%, indicating a housing emergency [2] - For the bottom 60% of US households, a minimum quality of life is out of reach [3][13] Proposed Solutions and Political Implications - Zoron Mandani won the Democratic primary for New York City mayor by focusing on affordability, promising rent freezes, tripled affordable housing, free buses, and free childcare [1][2] - The government needs to play a role in ensuring affordable housing [11] - Building affordable housing is essential, contrasting with luxury units that remain dormant [8] - Addressing housing affordability can improve life expectancy [15][17]

Core Insights - PNC Bank has closed Low-Income Housing Tax Credit (LIHTC) Fund 98, investing over $208 million in affordable rental housing development and rehabilitation across the U.S. [1][2] - The fund will finance the construction or rehabilitation of more than 2,000 affordable homes in 15 multifamily properties across 11 states, addressing the ongoing shortage of affordable housing [2][5] - PNC Multifamily Capital is a leading provider of affordable multifamily equity and debt, managing approximately $15.5 billion in tax credit equity supporting over 133,000 affordable rental units [2][3] Investment Details - The LIHTC Fund 98 includes investments from PNC and seven other financial services and insurance companies, with two new investors participating [1][2] - Notable projects include the renovation of the Albert Einstein Residence Center in Sacramento, California, and the Walnut Square Apartments in Allentown, Pennsylvania, which will provide supportive services to residents [5] Company Overview - PNC Bank is part of The PNC Financial Services Group, Inc., one of the largest diversified financial services institutions in the U.S., offering a range of banking and financial services [3][4] - PNC Real Estate, a segment of PNC Bank, provides commercial real estate financing and investment advisory services for affordable housing projects [4]

Financial Data and Key Metrics Changes - In fiscal year 2025, the company sold over 26,000 homes, a 19% increase year-over-year, with revenue growth of 23%, totaling $2.5 billion [4] - Fourth quarter net sales increased 11% to $594 million, with homes sold increasing 6% to 6,171 units [8][18] - Consolidated gross profit rose 55% to $152 million in the fourth quarter, with gross margin expanding by 740 basis points to 25.6% [21] - Net income for the fourth quarter increased by $33 million to $36 million, or earnings of $0.63 per diluted share [23] Business Line Data and Key Metrics Changes - U.S. factory-built housing revenue increased by 10%, with homes sold rising 5% to 5,941 homes [18] - Canadian revenue during the quarter was $25 million, representing a 22% increase in homes sold, although the average selling price decreased by 9% to $110,600 [21] - Sales to independent retail channels and captive retail stores both increased compared to the prior year [10] Market Data and Key Metrics Changes - The backlog at the end of the year was $343 million, up 9% from the end of the previous year [9] - Average backlog lead time ended at eight weeks, within the target range of four to twelve weeks [9] - The company noted mixed traffic in retail stores, with some regions showing strong buyer engagement while others were weaker [30] Company Strategy and Development Direction - The company is focused on expanding its retail capabilities and has announced the acquisition of Eisman Homes to enhance its market presence [5][15] - The strategic priorities include investing in new products and services, enhancing customer experience, and navigating market uncertainties [7][28] - The company is optimistic about the long-term outlook for affordable housing and is actively managing costs while investing in growth [27] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unpredictable demand environment and noted a shift towards smaller floor plans with fewer features [13] - The company anticipates low single-digit revenue growth for Q1 of fiscal 2026, reflecting mixed consumer sentiment [12] - Management expressed confidence in the company's ability to navigate current challenges while focusing on long-term strategic growth [27] Other Important Information - The company has a strong cash position with $610 million in cash and cash equivalents and plans to continue share repurchases [24][25] - The effective tax rate for the quarter was 17.1%, down from 19.2% in the prior year, due to increased tax credits [22] Q&A Session Summary Question: Can you elaborate on discussions with customers in retail and community markets? - Management noted that digital leads are up, but in-store traffic is mixed across regions, with more serious buyers in the market [30][31] Question: What is the status of the community segment? - The community segment saw year-over-year growth, now representing 28% of overall units, but remains cautious due to market dynamics [33] Question: Can you break down the increase in SG&A expenses? - Management indicated that the increase was due to industry shows and higher sales volumes, but specific components were not disclosed [37] Question: Thoughts on share buybacks? - Management expressed a balanced capital allocation strategy and indicated they would be opportunistic with share repurchases [40][42] Question: Were there any shipping issues due to weather? - Management confirmed that weather conditions in Texas and the South impacted order rates, but they feel balanced regarding inventory [44] Question: What are the dynamics of manufactured housing and potential share gains? - Management highlighted the importance of captive retail and consumer financing, as well as regulatory changes that could support growth [48][49] Question: Can you clarify the near-term gross margin guidance? - Management stated that the guidance reflects short-term pressures but expects structural margins to return to the 26% to 27% range in the long term [57] Question: How would the removal of the permanent chassis requirement impact costs? - Management noted that it would allow for more flexible designs and potentially lower transport costs, but would need to balance product pricing [61] Question: What is the current state of credit availability for chattel? - Credit availability remains stable, with rates still higher than traditional fixed rates for well-qualified buyers [100]

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2024 was $0.24 per share, up 4% from $0.23 per share in Q4 2023. For the full year, normalized FFO was $0.93 per share, an 8% increase from $0.86 in 2023 [9][25] - Rental and related income for Q4 2024 increased to $53.3 million, an 8% rise from $49.2 million in Q4 2023. For the full year, it rose from $189.7 million in 2023 to $207 million in 2024, a 9% increase [26] - Community NOI for Q4 2024 was $31.1 million, up 8% from $28.7 million in Q4 2023, and for the full year, it increased from $108.4 million in 2023 to $119.7 million in 2024, a 10% increase [28] Business Line Data and Key Metrics Changes - Same property income increased by 8% for Q4 and 9% for the full year, with same property NOI growth of 8% for Q4 and 10% for the year [14][28] - The rental home program added 565 homes in 2024, with a target of adding 800 homes in 2025. The current occupancy rate for rental homes is 94% [15][29] - Gross sales for the year reached $33.5 million, an 8% increase from $31.2 million in 2023, with a gross sales margin of 35% [17] Market Data and Key Metrics Changes - The company anticipates further occupancy growth in 2025 as it rents and sells its in-place inventory and continues to achieve 5% rent increases across the portfolio [15] - The acquisition pipeline has grown, with four communities under contract, totaling 457 sites, with a purchase price of $39.1 million [19][20] Company Strategy and Development Direction - The company has a long-term value-add business plan, focusing on generating future income through vacant land and new home setups [11][23] - The company aims to provide affordable housing solutions and has been actively involved in upgrading and expanding its communities [37][41] - The company is optimistic about acquiring communities at reasonable prices due to the prolonged high-interest rate environment [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving similar or improved same property operating results in 2025, driven by occupancy growth and rental home additions [15][36] - The company is well-positioned to execute on acquisition opportunities and anticipates a strong year in 2025 [42][41] Other Important Information - The company ended the year with $99.7 million in cash and cash equivalents and $260 million available on its credit facility [29] - The total market capitalization increased to approximately $2.5 billion at year-end, up 23% from the previous year [33] Q&A Session Summary Question: Can you provide more details on the four acquisitions under contract? - The company has four communities under contract, two in New Jersey and two in Maryland, with a total purchase price of $39.2 million. The New Jersey communities are 100% occupied, while one Maryland property has a value-add opportunity [44][46] Question: What interest rates are expected for refinancing with Fannie Mae? - The company expects refinancing rates to be in the 5.5% to 5.75% range, with proceeds exceeding current balances [51] Question: What are the key factors affecting the 2025 guidance range? - Home sales and acquisitions are the primary factors influencing the guidance range [61] Question: How confident is the company in achieving the target of 800 new rental homes? - The company is optimistic about achieving this target due to better inventory management and strong demand in key markets [90] Question: What is the anticipated impact of potential changes in financing laws? - Changes in financing laws could significantly increase home sales, as more renters may transition to homeowners [103] Question: What is the expected stabilized return on the acquisition pipeline? - The expected stabilized return on the acquisition pipeline is in the 6.5% to 7% range over five years [133]