Financial Data and Key Metrics Changes - Normalized FFO per diluted share increased to $0.25 for Q3 2025, up 4% from $0.24 in Q3 2024, and up 9% sequentially from $0.23 in Q2 2025 [5][16] - Total revenue rose from $60.7 million in Q3 2024 to $66.9 million in Q3 2025, marking a 10% increase [8] - Year-to-date total income reached $194.8 million, a 9% increase from the prior year [8] Business Line Data and Key Metrics Changes - Rental and related income for Q3 2025 was $57.8 million, an 11% increase from $51.9 million in Q3 2024, driven by higher occupancy and rental rates [16] - Same property rental and related income increased by 9% for the quarter, while same property NOI increased by 12% [10][17] - The company converted 227 new homes from inventory to revenue-generating rental homes during the quarter [10] Market Data and Key Metrics Changes - The portfolio occupancy rate stands at 87.2%, with 3,500 vacant sites available for growth [6] - The company has approximately $33.6 million invested in joint ventures, which are expected to positively impact earnings in upcoming quarters [7] Company Strategy and Development Direction - The company aims to grow earnings per share and property values through disciplined capital management and strategic acquisitions [24] - Focus on increasing occupancy in vacant lots and developing new rental homes to meet the growing demand for affordable housing [14][25] - The company is well-positioned to capitalize on the national housing shortage, particularly in the manufactured housing sector [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong fundamentals in the manufactured housing sector and ongoing operational efficiencies [24][25] - The company anticipates achieving a 5% annual rent increase, generating an additional $11 million in revenue [14] - Management highlighted the potential for increased sales profits and occupancy rates as they fill remaining vacant sites [6][14] Other Important Information - The company issued $80 million of new 5.85% Series B Israeli bonds, which will be deployed accretively over time [9] - Total debt at quarter end was approximately $673 million, with 99% fixed rate [18] Q&A Session Summary Question: Can you provide some color on the occupancy upside for the new acquisition in Georgia? - The property in Albany, Georgia is currently about 30% occupied, with plans to improve infrastructure and add amenities, expecting rental rates to reach $1,000-$1,200 per month [27][28] Question: How do share repurchases fit into your capital allocation plan going forward? - The plan includes selling assets and issuing preferred stock to fund growth, with potential for stock repurchases [31][32] Question: Can you provide details on the opportunity set regarding oil and gas rights? - The company has 4,000 acres in the Marcellus and Utica Shale area, with increasing inquiries and demand for energy, indicating a growing value for these rights [35][36] Question: What are the seasonal expectations for home sales in Q4? - The sales pipeline remains strong, with expectations to potentially exceed last year's sales record despite Q4 typically being a slower season [52][54] Question: Are the homes on site contributing to the vacancy number? - Homes on site are not included in the overall occupancy number until they are rented for the first time [59][60]

Financial Data and Key Metrics Changes - Product sales decreased by $6,500,000 or 21.2% for Q1 2025 compared to Q1 2024, primarily due to a decrease in unit volumes shipped, especially in mobile home park sales and retail sales [4][6] - Net revenue per product sold increased by 23.1% compared to the same period in 2024, driven by a shift from wholesale sales to higher retail prices [4][5] - Net income decreased by 32.1% to $10,300,000 in Q1 2025 compared to Q1 2024, with basic earnings per share decreasing to $0.43, a drop of 30.6% [8] - Cash increased to approximately $3,400,000 as of 03/31/2025, up from $1,100,000 as of 12/31/2024 [8][9] - Book value per basic share outstanding increased by 13.1% to $20.87 from the same period in 2024 [9] Business Line Data and Key Metrics Changes - Other revenue decreased by $1,000,000 or 59.2% during Q1 2025 compared to Q1 2024, primarily due to a decrease in forfeited deposits [6] - Cost of product sales decreased by $3,300,000 or 16% during Q1 2025 compared to Q1 2024, attributed to the decrease in units sold [7] - Gross profit margin was 29.2% of product sales in Q1 2025, down from 33.6% in Q1 2024 [7] Market Data and Key Metrics Changes - Retail loan originations in April 2025 were the highest in one month since going public, with year-to-date originations up 51% over the previous year [16][17] - Community shipments were lower than expected in Q1 due to broader market uncertainty and timing delays [17] Company Strategy and Development Direction - The company plans to simplify its product line by reducing the number of choices and options to improve efficiency [11] - A modification to the mobile home park financing program was introduced to allow community owners more flexibility in selling homes [12] - Management is focusing on enhancing sales, marketing, and land development projects, with new hires in key positions [13] Management Comments on Operating Environment and Future Outlook - Despite market uncertainty and tariff risks, the outlook for the remainder of 2025 is positive, with independent dealers showing recovery [14] - Delinquencies across loan portfolios remain low, and recovery rates are strong [18] - The company anticipates selling lots in a new development phase this summer, with significant potential value [19] Other Important Information - Share repurchases were limited in Q1 due to trading restrictions, but the company remains focused on long-term fundamentals [20] Q&A Session Summary Question: Pricing and Average Selling Price - The increase in average selling price was primarily due to a favorable sales mix, with plans for further price increases in June [22][23] Question: MHP Sales and Order Backlog - The decrease in MHP sales was attributed to both reduced demand and timing of orders, with significant orders pushed into Q2 [24][25] Question: Capital Spending and Cash Use - No unusual capital spending is expected outside of ongoing developments, particularly in Bastrop [29] Question: Production Expectations for Q2 - Production rates in Texas are expected to increase in Q2 compared to Q1, with a focus on streamlining the product portfolio [33][37] Question: Impact of Tariffs and Trade Uncertainty - Tariffs are a consideration but not a major issue, with most raw materials sourced domestically; uncertainty remains a challenge for investment decisions [39][40] Question: Comparison with Competitors - Delayed shipments and product complexity have impacted performance compared to competitors, but confidence in the industry remains strong [43][44]

Financial Data and Key Metrics Changes - Product sales decreased by $6.5 million or 21.2% for Q1 2025 compared to Q1 2024, primarily due to a decrease in unit volumes shipped, especially in mobile home park sales and retail sales [4][5] - Net revenue per product sold increased by 23.1% compared to the same period in 2024, driven by a shift from wholesale sales to consumers at higher retail prices [4][5] - Net income decreased by 32.1% to $10.3 million in Q1 2025 compared to Q1 2024, with basic earnings per share down to $0.43, a decrease of 30.6% [8] - Cash increased to approximately $3.4 million as of March 31, 2025, compared to $1.1 million as of December 31, 2024 [8][9] - Book value per basic share outstanding increased by 13.1% to $20.87 from the same period in 2024 [9] Business Line Data and Key Metrics Changes - Other revenue decreased by $1 million or 59.2% during Q1 2025 compared to Q1 2024, primarily due to a decrease in forfeited deposits [5][6] - Selling, general, and administrative expenses increased by $400,000 or 6.9% during Q1 2025 compared to the same period in 2024 [6] Market Data and Key Metrics Changes - Retail loan originations in April 2025 were the highest in one month since going public, with year-to-date originations up 51% over the previous year [15][16] - Community shipments were lower than expected in Q1 due to broader market uncertainty and timing delays [16] Company Strategy and Development Direction - The company plans to simplify its product line by reducing the number of choices and options to focus on core products and improve efficiency [11] - A modification to the mobile home park financing program was introduced to allow community owners more flexibility in selling homes, which is expected to broaden the customer base [12] - Management is focusing on enhancing sales, marketing, and land development projects, with new hires in key positions to strengthen operations [13] Management Comments on Operating Environment and Future Outlook - Despite market uncertainty and tariff risks, the outlook for the remainder of 2025 is positive, with independent dealers showing health across most regions [14] - Delinquencies across loan portfolios remain low, and recovery rates are strong, indicating a stable financial environment [17] - The company anticipates selling lots in a significant development project in Bastrop County this summer, which is expected to be valuable [18] Other Important Information - Share repurchases were limited in Q1 due to trading restrictions, but the company remains focused on long-term fundamentals and has the balance sheet capacity to repurchase shares [19] Q&A Session Summary Question: Pricing and Average Selling Price - The increase in average selling price was primarily due to a favorable sales mix, with a price increase implemented in February and another planned for mid-June [21][22] Question: MHP Sales and Order Backlog - The decrease in MHP sales was attributed to both reduced demand and timing of orders, with significant orders pushed into Q2 [23][24] Question: Capital Spending and Cash Use - No unusual capital spending is expected outside of ongoing developments, with a focus on completing the Bastrop project and exploring opportunities for growth [29] Question: Production Rates and Order Cadence - Production rates in Texas are expected to increase in Q2 compared to Q1, with a focus on rebuilding the dealer base and streamlining product offerings [36] Question: Impact of Tariffs and Trade Uncertainty - Tariffs are a consideration but not a major issue, with most raw materials sourced domestically; the uncertainty in the business environment is a more significant concern [39][40] Question: Comparison with Competitors - Delayed shipments and product complexity have impacted performance, but the company remains confident in the industry and expects a positive year ahead [44][47]