Financial Data and Key Metrics Changes - Normalized FFO for Q4 2025 was $0.24 per share, unchanged from the prior year, while for the full year, it increased by 2% to $0.95 per share compared to $0.93 in 2024 [6][16] - Gross Normalized FFO increased by 7% for the quarter and 15% for the year [7] - Total revenue, including home sales, reached $261.8 million for the year, a 9% increase over the previous year [10] Business Line Data and Key Metrics Changes - Rental and related income grew to $226.7 million for the year, representing a 10% increase from $207 million in 2024 [9][17] - Same-property revenue growth was 8.2% for the year, with same-property NOI growth of 9% [10][18] - Home sales generated gross revenue of $36.4 million for the year, a 9% increase from $33.5 million in 2024 [12] Market Data and Key Metrics Changes - The company added 717 new rental homes, bringing total rental home inventory to approximately 11,000 units with a 93.8% occupancy rate [11] - The average occupancy in newly acquired communities was 78% at acquisition, providing immediate upside potential [13] Company Strategy and Development Direction - The company aims to continue growing through acquisitions, community development, and enhancing the profitability of its sales operations [28][30] - Investments in communities have improved living conditions and generated strong demand, resulting in waiting lists for rental homes [29] - The company is exploring the expansion of communities and other uses for its vacant land, which holds substantial value [30] Management's Comments on Operating Environment and Future Outlook - The affordable housing crisis is a national concern, and the company positions factory-built homes as a solution [6] - Management anticipates strong growth prospects for 2026, supported by positive industry fundamentals and high demand for affordable housing [31][32] - The company expects to achieve normalized FFO guidance of $0.97 to $1.05 per share for 2026, reflecting a 2%-10% increase [8][27] Other Important Information - The company ended the year with $72 million in cash and cash equivalents and $260 million available on its credit facility [19] - Total debt at year-end was approximately $761 million, with 99% being fixed rate [20][21] - The company repurchased 320,000 shares of common stock at an average price of $15.06 per share, reflecting confidence in its undervaluation [24] Q&A Session Summary Question: What is the strategy between rental and home sales? - Management emphasizes the importance of rentals for short-term housing needs, which helps convert renters into buyers [36] Question: What is the expected same-store NOI growth without weather-related expenses? - Management indicated that without elevated snow removal costs, same-store NOI growth would have approached 10% [42][43] Question: What are the dynamics affecting home prices and supply chain issues? - Management noted that prices for homes remain stable, with no significant delays in obtaining homes [44][45] Question: What is the outlook for rental homes and acquisition opportunities? - Management expects rental home growth to be weighted towards the spring and summer months, with ongoing competitive acquisition opportunities [56][59]

UMH Properties (NYSE:UMH) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAnna Chew - EVP and CFOBarry Oxford - Managing Director and Senior Equity ResearchBrett Taft - EVP and COOCraig Koster - EVP, General Counsel, and SecretaryEugene Landy - Founder and ChairmanJim Lykins - VP of Capital MarketsSamuel Landy - President and CEOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Research AnalystRich Anderson - Equity ...

UMH Properties (NYSE:UMH) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Speaker8Good morning. Welcome to UMH Properties' fourth quarter and year-end 2025 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by 0. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on a touch-tone phone. To withdraw your question, p ...

Core Insights - Bank of America Community Development Banking provided $7.4 billion in financing in 2025, creating over 11,000 affordable housing units across 87 developments in 68 cities and 21 states [1] - Since 2020, the company has financed more than $42 billion, resulting in the creation and preservation of over 74,000 housing units in 335 cities across 40 states [1] - The focus on affordable housing is linked to improving stability and long-term opportunities for individuals and families, contributing to overall community wellness [1] Financing and Investments - In 2025, Bank of America closed direct and fund equity investments totaling $357 million for workforce and middle-income housing, targeting households earning up to 120% of the area median income [2] - These investments are aimed at creating over 3,400 new high-quality, attainable housing units in competitive housing markets across states including Florida, Georgia, Texas, California, Colorado, Virginia, and North Carolina [2] Health and Housing Initiatives - In 2025, Bank of America financed 39 developments with a healthcare component, providing access to health and wellness education, primary and preventative care, and supportive services [1][2] - The bank hosted a thought leadership event titled "A Meeting at the Intersection of Health and Housing" in Boston, connecting healthcare systems, affordable housing developers, and community leaders to improve health and housing outcomes [2] Community Engagement and Challenges - Bank of America hosted the 35th annual Affordable Housing Challenge, inviting teams to design innovative affordable housing developments, with many alumni pursuing careers in the affordable housing sector [2] - The company emphasizes collaboration with experienced developers and local/state agencies to address community needs and reduce housing insecurity [2]

Core Insights - The collaboration between Hear At Last (HRAL) and GG&C has resulted in a comprehensive housing model aimed at addressing Jamaica's housing needs, which will be presented to the Jamaican Government for consideration [1][3]. Group 1: Housing Model Overview - The housing model offers a strategic, scalable, and sustainable approach to tackle critical housing challenges in Jamaica, incorporating innovative design, cost-effective construction, and sustainable practices [2]. - This model is intended to serve as a blueprint for policy formulation and housing strategies to meet the increasing demand for affordable and sustainable housing in Jamaica [3]. Group 2: Government Collaboration - The presentation of the housing model marks a significant milestone in the partnership between HRAL, GG&C, and the Jamaican Government, aiming to shape future housing policies and large-scale developments [3][4]. - The Jamaican Government is currently reviewing the model to assess its feasibility and potential integration into future housing projects [4]. Group 3: Commitment to Implementation - HRAL and GG&C are dedicated to supporting the Jamaican Government in implementing innovative housing solutions that will benefit the local population [5]. - The housing model emphasizes sustainability, affordability, and community development, aiming to enhance the quality of life for residents [9]. Group 4: Organizational Background - GG&C is recognized as a leading organization in housing development and urban planning, focusing on sustainable growth and community improvement [6]. - Hear At Last (HRAL) is committed to providing housing solutions for underserved communities, emphasizing affordability and sustainability across North and Central America and the Caribbean [7]. Group 5: Future Initiatives - The partnership between Hear At Last and Hebei Jiachen Integrated Housing Co. aims to deliver effective solutions to homelessness, providing hope and stability to individuals and families in need [10]. - HRAL is launching the HOHM token to invite investors and communities to participate in building a foundation for affordable housing and sustainable living [11].

Core Insights - The current housing market presents an opportunity for affordable new home purchases due to builders having ample inventory and being motivated to negotiate prices and offer lower mortgage rates [1][3][5]. Group 1: New Construction Benefits - New construction homes are becoming more affordable, with the price difference between new and existing homes narrowing significantly [4]. - Builders are responding to market conditions by offering incentives such as lower mortgage rates and reduced down payments, making new homes more attractive to buyers [3][6][8]. - In November, 60% of new home communities provided incentives for homes to be built, and 78% offered incentives for quick move-in homes [6]. Group 2: Mortgage Rate Incentives - Builders commonly offer mortgage rate deals, which can include rate buydowns or below-market adjustable-rate mortgages [7][12]. - New home buyers received an average mortgage rate that was nearly one percentage point lower than that of existing home buyers [8]. - The average down payment for new construction homes was 15.7%, compared to 17.8% for existing homes, indicating a shift in buyer incentives [8][10]. Group 3: Considerations for Buyers - Buyers should carefully evaluate financing deals, as advertised low rates may come with higher APRs due to fees or future payment adjustments [11][12]. - It is advisable for buyers to compare loan offers from builders with those from outside lenders to ensure they are getting the best long-term value [13][14]. - While builder incentives can enhance affordability, they may also lead to thin equity if buyers finance a larger portion of the home purchase [15][17].

Core Viewpoint - The U.S. housing market may experience significant improvements due to government actions aimed at making housing more affordable, particularly through the purchase of mortgage bonds worth $200 billion [2][3][5]. Group 1: Government Actions - The Trump administration is directing representatives to buy $200 billion in mortgage bonds to lower mortgage rates and monthly payments, making homeownership more affordable [2][3]. - The Federal Housing Finance Agency Director, William Pulte, emphasized the importance of using the $200 billion in cash available at Fannie Mae and Freddie Mac to enhance housing affordability [5]. - Pulte expressed confidence in the administration's ability to reverse negative trends in the housing market from the past four years [5][7]. Group 2: Housing Market Dynamics - Pulte criticized the practice of homebuilders selling properties to corporations at significant discounts (20-40%) compared to prices for individual buyers, arguing that this undermines the goal of providing shelter for people [6]. - The administration's recent decision to ban large investment institutions from acquiring single-family homes aims to ensure that homes are available for individuals rather than being held on corporate balance sheets [5][6]. Group 3: Future Outlook - Pulte is optimistic about upcoming meetings with homebuilders and believes that they will resume construction activities, contributing to the housing market's recovery [5][7]. - There is an expectation of executive action followed by legislative codification to support these housing initiatives [7].

Core Insights - The average age of first-time homebuyers in the U.S. has risen to 38, significantly higher than the historical range of 29 to 33 years old, indicating a shift in the demographics of homebuyers [1][2] Group 1: Challenges for First-Time Buyers - First-time buyers are facing high home prices, elevated mortgage interest rates, and limited inventory, resulting in them being a decade older and having significantly higher incomes compared to previous generations [2] - Rising property values across the nation make it difficult for young buyers with limited savings or student debt to afford down payments, while higher mortgage rates increase monthly costs, pricing many out of the market [4] - The scarcity of affordable housing options is exacerbated by builders focusing on luxury homes and existing homeowners holding onto properties longer, which shrinks inventory and drives up prices [4] Group 2: Financial Strategies - Building a strong financial foundation is essential, and finding a good mortgage can be critical; shopping around for rates can save thousands over the life of a loan [5] - Improving credit scores, reducing debt, and saving strategically can help secure better loan terms and lower interest rates, making homeownership more attainable [5] - Addressing financial roadblocks, such as prioritizing debt repayment, can be facilitated by consulting with a financial advisor [6]

Core Insights - PNC Bank has closed its 100th Low-Income Housing Tax Credit (LIHTC) Fund, investing over $175 million to support the development and rehabilitation of affordable rental housing across the U.S. [1][2] - The fund will facilitate the construction or rehabilitation of nearly 1,500 affordable homes in 17 properties across 10 states and the District of Columbia, targeting families, seniors, and vulnerable populations [2][3]. Company Commitment - The establishment of the 100th LIHTC fund highlights PNC's long-standing commitment to addressing the affordable housing crisis in the U.S. [2][3] - PNC Multifamily Capital is recognized as one of the largest providers of affordable multifamily equity and both affordable and conventional debt in the industry [3]. Financial Overview - As of September 30, 2025, PNC Multifamily Capital manages approximately $15.8 billion in tax credit equity, supporting over 134,000 affordable rental units and maintaining a $34 billion agency loan portfolio [5]. Notable Projects - Rosenwald Pointe in Waynesboro, VA will provide 53 affordable family units with comprehensive supportive services [7]. - Marine Drive in Astoria, OR will offer 33 units, including 32 supportive housing apartments for individuals experiencing homelessness [7]. - 4345 Matilija in Los Angeles, CA will address the need for affordable housing and provide services to promote self-sufficiency and housing stability [7].

We're back now with a look at the major shift happening in Miami. A Democrat winning the mayoral race for the first time in 28 years. Democrat Eileen Higgins earning nearly 60% of the vote, beating out Republican candidate Emilio Gonzalez in last night's runoff election.Higgins, who served on the Miami Date County Commission, also became the first female mayor in Miami history. And Mayor Elect Eileen Higgins joins us now live. Mayor Elect, we thank you so much for coming on Top Story.and somebody who is fro ...