Posts Tagged ‘chief executive officer’

Canadian Firm Gobbling Up Dozens of Manufactured Home Communities

April 4th, 2019 Comments off


New Canadian Apartment Properties Real Estate Investment Trust CEO Mark Kenney isn’t wasting any time putting his stamp on the trust, announcing its second major purchase of manufactured homes communities (MHCs) in the past three weeks. The latest acquisition of 23 Canadian communities, comprising 3,469 pads, means the trust will have grown its MHC portfolio by 45 per cent in that short span,” said Real Estate News Exchange (RENX).


NBC News 29 said, “Mark Kenney has been appointed Chief Executive Officer of CAPREIT and as a member of CAPREIT’s board of trustees, effective March 27, 2019.”

MarketWatch reported on November 14, 2018 that “Canadian Apartment Properties Real Estate Investment Trust (CAR.UN) (“CAPREIT”) today announced that Mark Kenney has been appointed President of CAPREIT, in addition to his current role of Chief Operating Officer, effective today.”

The video posted below is a testimonial/plug for a service provider, but gives the reader a chance to see Kenny, here his voice, etc.



Bloomberg’s ticker reflects the following trends since November 14, 2018, when the executive change noted was announced.




We look to continue expanding this highly accretive aspect of our business going forward,” Kenney told RENX in an interview, speaking about manufactured home communities.

in March, CAPRIET announced a deal for 11 communities in Ontario, B.C. and Alberta. The trust’s portfolio will grow to some 11,166 sites in 68 communities when both transactions have closed.

Kenney said CAPREIT likes the manufactured home communities market for its steady cash flow and minimal capital costs.  That sums up the view of several who have done both multifamily apartments and manufactured home communities.




Funding the Deal

CAPREIT said they will be doing a $300-million share offering, issuing 6,125,000 shares at $49 per unit to a syndicate of underwriters led by RBC Capital Markets. That offering is expected to close by April 23, said RENX.

  • $116 million of those proceeds will fund the equity portion of the most recent purchase. CAPREIT stated it expects its debt ratio to remain unchanged, roughly 38 percent.
  • The most recent acquisitions of MHCs by the Canadian REIT are located in five provinces, but are concentrated in three regions: 47 per cent in Atlantic Canada, 23 per cent in Ontario and 30 per cent in Alberta. Occupancy stands at 95.4 per cent.
  • Beyond the equity funding, CAPREIT assumes $66 million in existing mortgages with a weighted average interest rate of 3.4 per cent and a weighted average term of 2-1/2 years. Closing is expected in May 2019, subject to approvals.

While the two nations have their clear differences, some of the dynamics in Canada for their manufactured homes and communities have some similarities to their southern neighbors in the United States.

The Daily Business News on MHProNews will be adding CAPREIT to its evening market report watchlist/closing ticker.



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Clayton Bank named #1 Community Bank in the Nation by ICBA’s Independent Banker

June 7th, 2015 Comments off

Clayton-Bank-Ranked-#1-By-Independent-Community-Bankers-of-America-posted-manufactured-housing-Daily-Business-News-MHProNews-Knoxville, TN – – Clayton Bank and Trust has been named the #1 Community Bank in the Nation by the ICBA Independent Banker, the award winning magazine of the Independent Bankers Association. The list published annually covers banks in the $1 Billion assets and Sub S category annually as the Best of the Best.

Travis Edmondson, Chief Executive Officer, said, “This exciting recognition confirms the quality of the staff – and the health of the economic climate in the Tennessee markets served by Clayton.”

President, Kevin Kimzey, stated, “The team at Clayton Bank recognized the economic downturn early and made adjustments which facilitated an early recovery by individual, family and business clients.  Accordingly in each of the last four years record performance has been realized by Clayton Bank.”

“I can’t say enough about the Bank’s staff and management – and the loyal clients who had the foresight to adjust and effectively adapt to the changing economic climate,” said Chairman, Jim Clayton, who added, “this award goes to the Bank’s outstanding clients – and staff.”

As informed MHProNews  readers know, Clayton Bank devotes a signficant portion of its lending to the manufactured housing industry.

The Clayton Bank and Trust holding company is a $1.3 billion financial institution with 29 branches across Tennessee.  Banking services include a full range of business, consumer, residential, and Trust services.  For the complete list of the nation’s Top 25 best performing community banks in that categoryclick here.

About Clayton Banks: Clayton Bank, founded in 1899 at Henderson, is one of the highest ranked banks in the nation based on ROA, Charge-offs, Efficiency, NIM, and Loan Growth. With assets of $1.3 Billion, the holding company, Clayton Bancorp, is based in Knoxville and owns Clayton Bank and Trust (100% – Knoxville), American City Bank (100% – Tullahoma), and Bank of Camden (50% – Camden) and operates 29 banking centers across Tennessee.  The holding company is owned by Jim Clayton, and the staff, utilizing an ESOP structure – making every team member an owner.  The banks are consistently recognized for outstanding client satisfaction, strong capital position, superior compliance metrics, and top rated financial performance. For more information on the Clayton Banks, visit: Clayton Bank;American City Bank; and Bank of Camden.

About ICBA: The Independent Community Bankers of America®, the nation’s voice for more than 6,500 community banks, is dedicated exclusively to representing the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. 

CONTACT:  Travis Edmondson, CEO,, (865) 522-2930

(Image Credits: Clayton Bank and ICBA)

Patrick to Release Q1 Financials

April 20th, 2015 Comments off

patrick_ind_logoMHProNews has learned from marketwatch that manufactured housing component supplier Patrick Industries, Inc. will release its first quarter 2015 financial results before the market opens on April 30, 2015. The company will conduct a conference call later that same day at 10:00 AM to discuss the Q1 results and other business concerns.

Todd Cleveland, President and Chief Executive Officer, and Andy Nemeth, Chief Financial Officer will both lend remarks. Participation in the question-and-answer segment of the call will be limited to analysts and institutional investors. The dial in number for the live conference call is (800) 708 4540. Access code is 39455196. Others may listen to the live webcast on Patrick’s website at under “Investor Relations.”

Based in Elkhart, Indiana, Patrick also manufactures component products for the recreational vehicle industry and distributes building products to the commercial, marine and industrial markets from ten locations across the country. ##

(Image credit: Patrick Industries, Inc.)

matthew-silver-daily-business-news-mhpronews-com  Article submitted by Matthew J. Silver to Daily Business News-MHProNews.

Non-profits Team with United Nations to Produce Modular Shelters

July 2nd, 2013 1 comment

The Ikea Foundation, the Refugee Housing Unit (RHU) from Sweden and the United Nations High Commissioner for Refugees (UNHCR) have pooled resources to develop a modular dwelling to house refugees and other displaced persons. The 55 square-foot unit has a steel skeleton with lightweight but durable plastic panels for the ceiling and sides. Unlike tents often used in refugee camps which last about six months, this shelter is made to last up to three years. Like an Ikea product, it is functional, easy to transport and assemble and has a photovoltaic system for electricity and light. Currently priced at $10,000 each, the goal is to reduce the price substantially once the final design is mass produced, so informs MHProNews. A field test is presently being conducted with the Somali refugees in Ethiopia, allowing the UNHCR partner organizations to make adjustments on the design of the shelter. “Just as Ikea looks for innovative ways to create a better everyday home life for many people, the Ikea Foundation is looking for ways to create a better everyday life for poor families who have lost their homes and everything familiar to them,” said Per Heggenes, Ikea Foundation chief executive officer.

(Image credit:–Ikea modular for housing refugees)

Cavco Completes Acquisition of Fleetwood

June 14th, 2013 Comments off

Phoenix, AZ-based Cavco Industries, Inc., which owns 50 percent of Fleetwood Homes, Inc., has agreed to acquire the other 50 percent from Third Avenue Value Fund and an affiliate, according to Cavco will issue common stock to Third Avenue in consideration as per their original 2009 agreement in forming Fleetwood, which also includes Palm Harbor Homes, CountryPlace Mortgage, and Standard Casualty. Joseph Stegmayer, Cavco Chairman, President and Chief Executive Officer said, “We believe that the opportunity to obtain full ownership of these operations is attractive at this time. Although the manufactured housing industry remains challenged by overall economic conditions, we are encouraged by recent reports of improved general housing demand, consumer confidence, and unemployment levels. We have been fully responsible for operating the Fleetwood Homes business since August 2009 and the Palm Harbor Homes and related finance and insurance businesses since 2011. The opportunity to now consummate full ownership is clearly beneficial financially and will also eliminate certain administrative activities required of a joint venture.” As MHProNews knows, Cavco is the second largest producer of manufactured homes in the country, and also makes park model homes, vacation cabins and modular homes.

(Image credit: Cavco Industries, Inc.)

Rising For Sale Inventory Balances Market

June 14th, 2013 Comments off

After housing inventory hit low levels not seen in nearly ten years, HousingWire tells MHProNews national inventories rose by 5.82 percent in May over April, much better than last year’s increase for the same two months of 1.77 percent. In addition, the median list price rose 2.10 percent April to May 2013, significantly better than April to May 2012 of .48 percent. The increase in for sale inventory signals the beginning of a less heated market and a better balance between supply and demand. At the high end, Stockton-Lodi, Calif. and Sacramento led the growth of inventory, with 37.06 percent and 35.18 percent increase, respectively. Daytona Beach Fla. posted a 21.97 percent growth, and San Jose, Calif registered an increase of 17.27 percent. Steve Berkowitz, chief executive officer of Move, says, “We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market.”

(Photo credit: Wikipedia)

Cavco Releases Quarterly and Annual Financials

May 24th, 2013 Comments off

According to globenewswire, Cavco Industries, Inc. reports net income before taxes for the fiscal fourth quarter 2013 was $3 million, up from $2.9 million from the same period last year including a $1.2 million tax benefit from the acquisition of Palm Harbor. Net revenue rose 9.4 percent for fiscal Q4 2013 over Q4 2012, $108.8 million over $99.5 million. For the fiscal year ending March 30, 2013, net revenue rose 2.1 percent to $452.3 million from $443.1 million for the same period ending 2012. Net income attributable to Cavco stockholders for fiscal year 2013 was $5.0 million compared to $15.2 million the previous year, although this included approximately $11 million of the gain recognized from the acquisition of Palm Harbor. Joseph Stegmayer, Chairman, President and Chief Executive Officer said, “We are pleased to report improved results for the fourth quarter compared to the same period last year. We realized a 15.1% increase in home sales to 2,176, up from 1,890 homes sold in the fourth quarter of fiscal 2012. On an annual basis, the average sales price per home decreased to approximately $48,594 compared to $51,760 in fiscal year 2012, as demand rose for small size and lower price point homes. However, we sold 6.8% more homes overall in fiscal 2013 versus last year, totaling 8,398 homes compared to 7,860 in fiscal year 2012.” As MHProNews knows, Cavco is the second largest producer of manufactured homes in the U. S., marketed under Cavco, Fleetwood, and Palm Harbor.

(Photo credit: Stacy Hairston/franklinnews-post–Cavco Homes, Rocky Mt., VA facility)

Cavco Financials: Holding Steady

February 1st, 2013 Comments off

GlobeNews reports Cavco Industries, Inc.’s financials for the fiscal third-quarter 2013 reveal net sales remained the same as for same quarter 2012–$114.6 million. Net income was $3 million for both. The first nine months of FY 2013, which ended Dec. 29, 2012 saw sales drop by $.01 million from the same period last year to $343.5 million. Net income for the first nine months of FY 2013 attributable to Cavco stockholders was $3.6 million versus $13.3 million for last year, which includes $11 million as the result of acquiring Palm Harbor in 2011. Speaking of Q3, Joseph Stegmayer, Chairman, President and Chief Executive Officer (and former MHI Chairman) says, “We are pleased with the continued contributions and progress of our acquired businesses. However, increasing homebuilding component and raw material costs, continued competitive pricing pressures, market demand for smaller and lower price-point homes and a higher income tax provision adversely affected our earnings during the quarter. The average sales price per home was approximately $50,100 during the third quarter of fiscal year 2013 compared to $53,200 during the third quarter last year, a 5.8% decrease. On a positive note, home sales increased this quarter to 2,065 homes, 4.7% higher than 1,972 homes sold during the same quarter last year.” As MHProNews understands, Cavco is the second largest producer of manufactured homes in the nation.

(Photo credit: Stacey Hairston/Franklin News-Post–Cavco plant Rocky Mt. Vir.)

Home Prices Nudge up in May

July 2nd, 2012 Comments off

OriginationNews states the CoreLogic House Price Index (HPI) notched its third consecutive monthly increase as house prices rose 1.8% in May, an increase of two percent over May 2011, and is expected to rise another 1.4% in June. Anand Nallathambi, president and chief executive officer of CoreLogic says the limited inventory of homes for sale is driving the price gains, however modest, even in the toughest markets such as Phoenix. Subtracting short sales and foreclosures, the HPI increase for May is 2.3%. The increase for homes priced 75% below the median is up 5.7% over a year ago, whereas homes priced 125% or more above the median rose 1.8%, a potentially good indicator for manufactured housing, has learned.

((Photo credit: MortgageBroker)

Kremydas says next 100 days in DC critical for housing recovery

October 4th, 2011 1 comment

Nick Kremydas SC RE  U.S. Rep. Jim Clyburn, who is a member of the Joint Select Committee deficit - Post and Couriier and APPostandCourier reports that Nick Kremydas, Chief Executive Officer of South Carolina Realtors said: “Our national association says these next 100 days could be a real turning point, or a critical time when the government and these agencies failed to respond to the crisis.” “This is by far the most extreme (time) in terms of the potential for changes,” said 18 year veteran Mikell Richards of First Federal of Charleston, president of the Mortgage Lenders Association of Greater Charleston.  With the so-called super committee on deficit-reduction meeting now, issues like the Mortgage Interest Deduction (MID), Federal Flood Insurance and mortgage rules under Dodd-Frank all hang like daggers over the quivering heart of the housing industry.   U.S. Rep. Jim Clyburn, who is a member of the Joint Select Committee working on deficit reduction plans. Kremydas said Clyburn “told us frankly that there are many people in Washington interested in scaling back or eliminating MID (mortgage interest deduction) on second homes.”  Richards said the mortgage bankers are waiting for a decision from the Dodd-Frank established Consumer Financial Protection Bureau. Public comment has ended, and a decision may not come until 2012.  Dodd-Frank required at least 5 percent risk retention by lenders unless loans are considered a “qualified residential mortgage.” Dodd-Frank did not define what a “qualified residential mortgage” is and under proposed rules, a qualified residential mortgage could be one where the buyer makes a down payment of at least 20 percent.  This is seen by many professionals as a knee jerk over-reaction to the no down, no docs ‘liar loans’ before the mortgage/housing bubble burst. Large losses following events such as Hurricane Katrina has caused the Federal Flood Insurance program to at times be suspended while temporary federal funding is past. That slows loan closings and causes some loans never to close at all.  A 5 year extension in the program would avoid those issues.

(Nick Kremydas (l) U.S. Rep. Jim Clyburn (r) photo credit: Post&Courier and AP)