Pure Cycle (PCYO) Q3 2025 Earnings Call July 10, 2025 08:30 AM ET Company ParticipantsMark Harding - President, CEO & DirectorElliot Knight - OwnerOperatorGood morning, everybody, and welcome to Pure Cycle Corporation's Third Quarter Earnings Call. We'll start with a presentation from our CEO, Mark Barding, before moving into the Q and A session. We'll ask that everybody mute. So sorry about that. We we went ahead and mute muted everybody, and when we get to the Q and A session, we'll make sure the mics are ...

Financial Performance - In Q3 2025, Pure Cycle delivered revenue of $5.14 million, gross profit of $3.26 million with a 63% gross margin, and net income of $2.26 million, translating to $0.09 EPS[23] - Year-to-date 2025, Pure Cycle delivered revenue of $14.89 million, gross profit of $8.45 million with a 57% gross margin, and net income of $7.00 million, translating to $0.29 EPS[23] - Year-to-date net income totaled $7 million, representing 56% of the full-year target, and EPS reached $0.29, also 56% of the 2025 EPS guidance[32] - The company has acquired over $130 million in water and land interests[7] Water Utilities - The water rights portfolio can provide water to as many as 60,000 connections[63] - The current water system can produce over 3.4 million gallons of water per day, with a book value of $56 million[65] - The company estimates its water portfolio can generate approximately $2.3 billion in revenues based on current rates, serving approximately 60,000 connections[68] Land Development - Total lot sales from completed phases reached $80 million with a 77% gross margin[79] - Sky Ranch land acquisition cost was $3.7 million, with over $600 million in potential development revenue expected[93] Single-Family Rentals - The company has 14 completed homes with $131,000 in quarterly rent revenue and a 69% gross margin[46, 49] - The fair market value of completed homes is $7.4 million[106]

Core Viewpoint - UMH Properties, Inc. reported strong second quarter operating results, highlighting the effectiveness of its long-term business plan and the successful addition to its Fannie Mae credit facility, which generated approximately $56 million in proceeds for further investments [1][2]. Financial Performance - The company converted 188 new homes from inventory to revenue-generating rental homes in Q2 2025, totaling approximately 10,600 rental homes with an occupancy rate of 94.4% [2]. - Same Property occupancy increased by 76 units in Q2 and 251 units year-over-year, reaching 88.2% [2]. - Gross home sales revenue reached $10.3 million, a 17% increase from $8.8 million in the previous year [2]. - Rental and related charges for Q2 were $55.9 million, up 8.5% from $51.5 million last year, with a 9.2% increase in same property charges compared to July 2024 [2]. Refinancing and Investments - The addition of ten communities to the Fannie Mae credit facility generated total proceeds of approximately $101.4 million, with a fixed interest rate of 5.855%. These communities were appraised at $163.5 million, reflecting a 146% increase in value from the company's cost basis of $66.6 million [2]. - The company issued approximately 1.8 million shares of Common Stock at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million [2]. Future Outlook - The company anticipates continued sales and occupancy growth throughout the year, with a target of converting 800 new rental homes in 2025, supported by over 500 new homes in various stages of setup [1].

Company Overview - UMH Properties owns and operates 141 manufactured home communities with approximately 26,500 developed homesites across 11 states [9, 19] - The company's rental portfolio has expanded to approximately 10,400 units, a 417 unit increase from March 2024 to March 2025, with an anticipated addition of 800 homes this year [9] - UMH has a sales and finance subsidiary with an approximate $91.6 million loan portfolio [10] Financial Performance (Q1 2025) - Rental and related income increased by 8% [16] - Community Net Operating Income (NOI) increased by 8% [16] - Normalized Funds from Operations (FFO) increased by 25%, with Normalized FFO per diluted share up by 5% [16] - Same Property Community NOI increased by 8% [16] Portfolio Metrics - Portfolio occupancy stands at 87.9% [19] - Home rentals account for 39.9% of sites, with a home rental occupancy of 94.6% [19] - The average monthly site rent is $554 [19] - Gross asset value is $2.0 billion, while gross real estate book value is $1.7 billion [19] Growth and Expansion - UMH has 3,400 existing vacant lots to fill and over 2,400 vacant acres for approximately 9,600 future lots [9] - The company acquired two age-restricted communities in New Jersey with approximately 266 homesites for approximately $24.6 million [16] - UMH anticipates adding 800 rental units in the current year [9] Financial Strategy - UMH raised its quarterly common stock dividend by $0.01, a 4.7% increase to $0.225 per share, or $0.90 annually [16] - The company completed an addition to its Fannie Mae Credit Facility through Wells Fargo Bank, N A, for approximately $101.4 million [107] - The company estimates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year [105]

Investor Presentation Together with you, we make a house a home. I. Executive Summary South Florida June 2023 2 Key Takeaways And Updates We are the nation's premier single-family home leasing company, with an emphasis on the resident experience Phoenix 3 Our May QTD Same Store results reflect continued strong demand and sustained pricing power: New lease rate growth of 7.4%, versus 5.7% in 1Q23 Renewal rate growth of 6.9%, versus 8.0% in 1Q23 Blended rate growth of 7.0%, versus 7.3% in 1Q23 Average occupan ...

Summary of Invitation Homes Conference Call Company Overview - **Company**: Invitation Homes - **Industry**: Residential Real Estate, specifically focused on single-family rentals Key Points and Arguments Market Performance - **Occupancy Rates**: Currently at low 97% with blended rates in the low 4% range, indicating a strong position heading into peak leasing season [3][6][20] - **Renewals**: Strong renewal business, accounting for 75% of leases, with rates above 4% [4][6] - **New Leases**: Steady performance, although some markets like Dallas, Tampa, and Phoenix are facing challenges due to new supply [4][5] Supply Dynamics - **Supply Pressure**: Deliveries in the Build-to-Rent (BTR) segment are dramatically slowing, which is expected to alleviate supply pressure in the coming quarters [6][7] - **Market Competition**: Competitive environment with some markets remaining flat year-over-year, while others like Denver and Southern California show strength [5][6] Customer Demographics - **Customer Segments**: Three main customer types identified: those renting by choice, those in transition, and those renting out of necessity due to credit issues [12][13][14] - **Affordability**: Renting is approximately $1,100 more affordable than buying in all markets, making it an attractive option for families [15][16] Operational Efficiency - **Days to Re-Resident**: Currently tracking in line with pre-pandemic levels, with a focus on reducing the time to lease homes [21][22] - **Revenue Management**: Utilizes data and technology to optimize pricing and occupancy, with a focus on maintaining a balance between occupancy and rental rates [25][26] Strategic Initiatives - **Developer Lending Program**: A new initiative aimed at providing capital to builders, with a focus on projects that align with Invitation Homes' long-term acquisition strategy [44][46][49] - **Third-Party Management**: Successfully managing 20,000 homes, creating efficiencies and expanding into new markets [58][59] Financial Outlook - **Acquisition Strategy**: Plans to fund growth through asset dispositions and excess operating cash flow, with a focus on capital-light growth [60][61] - **Market Conditions**: Anticipates 3% to 5% rent growth in a normalized market, with stable expense growth expected [38][39] Long-Term Vision - **Customer Retention**: Average length of stay is over 38 months, indicating strong customer loyalty [33] - **Market Positioning**: Focus on acquiring homes in areas with existing operations to leverage local market knowledge [40][41] Additional Important Insights - **Shadow Supply**: Rising home inventory levels are not significantly impacting Invitation Homes, as the company focuses on the rental market where ownership costs are rising [30][31] - **Market Trends**: The company is optimistic about the long-term outlook, citing historical trends where rent growth follows home price appreciation [36][37] This summary encapsulates the key insights and strategic directions discussed during the Invitation Homes conference call, highlighting the company's strong market position and proactive strategies in the residential rental sector.

SATO Corporation, Interim Report 8 May 2025 at 9:00 am This is a summary of SATO's interim report for January–March, which has been published in full as an appendix to the release and at www.sato.fi. The figures in the report are unaudited. Summary for 1 Jan – 31 Mar 2025 (1 Jan – 31 Mar 2024) President and CEO Antti Aarnio: Inflation remained low in Finland during the period under review, but consumer confidence is still weak and expectations for personal finances and growth of the Finnish economy are subd ...

Financial Data and Key Metrics Changes - The company reported a core FFO per share of $0.46 for Q1 2025, representing a year-over-year growth of 6.6% [5][14] - Net income attributable to common shareholders was $110 million, or $0.30 per diluted share [14] - Same home core revenue growth was 4.3% for the quarter, with same home average occupied days strengthening to 95.9% [9][10] Business Line Data and Key Metrics Changes - Core operating expense growth was 4.2%, leading to same home core NOI growth of 4.4% for the quarter [10] - New lease spreads accelerated to 3.9% in April, with renewal and blended leasing spreads at 4.4% and 3.6% respectively [11] - The company successfully delivered 545 homes during the quarter, with 424 homes delivered to the wholly owned portfolio at an investment cost of approximately $173 million [15] Market Data and Key Metrics Changes - The Midwest markets showed strong performance, with new lease spreads nearly reaching 9% in April, up from 5.8% in Q1 [21] - The company was recognized as the 37th largest homebuilder in the U.S., up from 39th last year, indicating a growing market presence [7] - The company noted a persistent supply and demand imbalance in the U.S. housing market, with millions of quality homes still needed [6] Company Strategy and Development Direction - The company remains focused on high-quality markets and geographic diversification, with a strategic emphasis on resident experience [8][18] - The development program is expected to yield mid 5% returns as the company moves through the peak leasing season [12] - The company is maintaining a disciplined approach to acquisitions and dispositions, remaining patient for attractive opportunities [12][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals of the housing sector despite recent market uncertainties [5] - The company anticipates continued demand for high-quality rental homes, particularly as millennials enter household formation years [6][18] - Management has left the 2025 guidance unchanged, citing the need to remain cautious amid evolving economic conditions [17] Other Important Information - The company’s credit rating was revised to a positive outlook by S&P Global, reflecting improved balance sheet management [16] - The company has approximately $70 million in cash available and a $410 million drawn balance on its revolving credit facility [15] Q&A Session Summary Question: Strength in Midwest markets and future growth - Management noted that the Midwest markets are performing well, with new lease spreads showing significant acceleration, driven by quality of life and affordability [21][22] - The company is actively looking to expand its land bank in the Midwest, particularly in Columbus and Indianapolis [24] Question: Competition in North Florida and Texas - Management acknowledged increased competition from public builders but believes the impact will be temporary, with signs of improved occupancy in affected markets [28] Question: Adjustments to leasing strategy - Management confirmed that they have made changes to their leasing strategy, particularly through lease expiration management initiatives to align with peak demand [31] Question: Impact of tariffs on pricing - Management estimates a 2% to 3% impact from tariffs on development costs, with most pricing already locked in for 2025 [34][35] Question: Differences in demographics between development and scattered site homes - Management reported consistency in the demographic profiles of residents in both types of homes, with no significant differences in rent growth or turnover [54][105] Question: Guidance and economic outlook - Management remains cautious about the economic environment but has not seen signs of weakening demand or consumer behavior as of April [48][59]

Financial Data and Key Metrics Changes - The company reported a core FFO per share of $0.46 for Q1 2025, reflecting a year-over-year growth of 6.6% [7][15] - Net income attributable to common shareholders was $110 million, or $0.30 per diluted share [15] - Same home core revenue growth was 4.3% for the quarter, with core operating expense growth at 4.2%, leading to same home core NOI growth of 4.4% [10][11] Business Line Data and Key Metrics Changes - Same home average occupied days improved to 95.9%, with new lease spreads accelerating to 3.9% in April [10][12] - Renewal and blended rental rate spreads were 4.4% and 3.6% respectively [10] - The company delivered 545 homes during the quarter, with 424 homes delivered to the wholly owned portfolio at an investment cost of approximately $173 million [15][16] Market Data and Key Metrics Changes - The Midwest markets showed strong performance with new lease spreads reaching almost 9% in April, up from 5.8% in Q1 [22] - The company noted a persistent supply-demand imbalance in the U.S. housing market, with millions of quality homes still needed [8][9] - The company was recognized as the 37th largest homebuilder in the U.S., up from 39th last year [9] Company Strategy and Development Direction - The company aims to align lease expirations with peak leasing season demand through a lease expiration management initiative [11][32] - The focus remains on high-quality, well-located homes, with a commitment to maintaining a strong resident experience [9][10] - The company plans to continue its disposition program while remaining patient for attractive acquisition opportunities [13][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong fundamentals of the housing sector despite recent market uncertainties [7][8] - The company maintains its 2025 guidance unchanged, citing healthy demand and strong leasing activity [18] - Management highlighted the importance of the housing necessity and the ongoing need for high-quality rental options [18] Other Important Information - The company’s net debt to adjusted EBITDA ratio was 5.3 times at the end of the quarter, with approximately $70 million in cash available [16] - S&P Global revised the company's credit rating to a positive outlook, reflecting improved balance sheet management [17] Q&A Session Summary Question: Strength in Midwest markets and future growth - Management noted strong performance in the Midwest, with new lease spreads accelerating significantly, driven by quality of life and affordability [22][23] Question: Competition in North Florida and Texas - Management acknowledged increased competition but believes it may be temporary, with signs of improved occupancy in those markets [28] Question: Adjustments to leasing strategy - Management confirmed proactive adjustments to leasing strategies, including revenue optimization initiatives [31][32] Question: Impact of tariffs on development costs - Management estimated a 2% to 3% impact from tariffs on development costs, with labor being a significant portion of overall costs [35][39] Question: Differences in performance between developed and scattered site homes - Management indicated consistent performance across both types, with expectations for improved retention as communities stabilize [102][103]

UMH Properties (UMH) Q1 2025 Earnings Call May 02, 2025 10:00 AM ET Company Participants Craig Koster - Executive VP, General Counsel & SecretarySamuel Landy - President & CEOAnna Chew - EVP, CFO, Treasurer & DirectorEugene Landy - Founder & Chairman of the BoardGaurav Mehta - Managing DirectorBrett Taft - Executive VP & COORob Stevenson - Managing Director - Head of Real Estate ResearchCraig Kucera - MD - Equity ResearchMerrill Ross - REIT research Conference Call Participants John Massocca - Senior Resear ...