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Posts Tagged ‘manufctured home communities’

ELS Q2 2016 Indicates Revenue, Income and Community Growth

July 19th, 2016 Comments off

Equity LifeStyle prop  Lake Haven Clearwater Fla posted DailyBusinessNewsMHProNewsEquity LifeStyle Properties (NYSE:ELS) reports for the second quarter ending June 30, 2016 total revenues rose $8.6 million, or 4.3 percent, to $210.1 million, as compared to $201.5 million for the same period in 2015. Net income available for common share stockholders increased $3.7 million, or $0.04 per diluted common share, to $35.5 million, or $0.42 per diluted common share. For the same period in 2015, net income was $31.8 million, or $0.38 per diluted common share, as businesswire reports.

Property operating revenues for Q2 2016 rose $8.9 million to $197.4 million, as compared to $188.5 million for the same period in 2015. For the 2nd quarter, income from property operations increased $6.9 million to $113.4 million, as compared to $106.5 million for the comparable period in 2015.

Core property operating revenues rose approximately 4.2 percent compared to the same period last year, while core income from property operations increased 6.1 percent over the same time frame last year.

A publicly-traded real estate investment trust (REIT), on June 1, 2016 ELS acquired Forest Lake Estates, a 1,168 home site, age restricted community in Zephryhills, Fla. for $75.2 million. The community consists of 894 manufactured home (MH) sites and 274 recreational vehicle (RV) sites.

Also, ELS finalized the acquisition of Portland Fairview, a 407-site RV resort located in Fairview, Oregon, for $17.6 million.

As MHProNews knows, ELS has an interest in 390 MHC and RV communities in 32 states and British Columbia, Canada, comprised of 145,804 sites. ##

(Photo credit: Equity LifeStyle Properties, Lake Haven MHC, Clearwater, Fla.)

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

Sun Announces Quarterly Dividends for First Quarter, 2016

March 8th, 2016 Comments off

sun communities as of 12-22-2012 owns palm creek golf and rv esort communityMHProNews has learned from euroinvestor that the board of directors of Sun Communities, Inc. (NYSE:SUI) declared a quarterly distribution of $0.65 per share of common stock for Q1 2016, payable April 15 to shareholders of record on March 31, 2016.

The board also declared a quarterly distribution of $0.441325 per share on the Company’s 7.125% Series A Cumulative Redeemable Preferred Stock, payable April 15, 2016 to shareholders of record April 1, 2016.

Additionally, Sun’s Board of Directors declared a distribution of the company’s 6.50% Series A-4 Cumulative Convertible Preferred Stock of $0.40625 per share. This distribution is payable March 31, 2016 to shareholders of record on March 18, 2016.

In trading today on the NYSE Sun’s stock closed down -0.15 percent at $66.88.

Sun Communities is a real estate investment trust (REIT) that owns a portfolio of 231 communities comprised of 88,400 developed home sites, of which 183 are manufactured home communities (MHCs). ##

(Photo credit: Sun Communities, Inc–Palm Creek MH and RV resort)

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

Manufactured Housing to be Featured on PBS

December 30th, 2015 Comments off

mhi_logoA memorandum from Dick Jennison, Manufactured Housing Institute President and CEO, informs MHProNews that PBS NewsHour has set Sat., Jan. 2 to air its story on the manufactured housing industry. The story has already been delayed, and it may be delayed again depending upon news priorities.

MHI expects the segment will be 8-10 minutes long, and likely will include social activists and perhaps others who are not so keen on manufactured housing, or do not share the importance of pending legislation that can reform MH lending.

Although Jennison says a balanced report is anticipated, he adds, “We know that the reporter has interviewed and will likely feature individuals and families who are living in manufactured housing and are struggling financially or otherwise. We believe the reporter visited communities in Northern Virginia and West Virginia, but we have no way of knowing whether residents from those states or others will be included in the final report.

Chairman of MHI’s Financial Services Division, Dick Ernst was the industry’s spokesperson interviewed on camera at the Washington, D. C. PBS studio. He was asked primarily about MH financing and legislation, although the reporter later followed up with questions abut manufactured home communities.

If the air time changes MHI assured us they will send word. ##

(Image credit: Manufactured Housing Institute)

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

UMH Releases Q2 2015 Financials

August 7th, 2015 Comments off

umh_mfg_home__cedit_umhManufactured home community (MHC) operator UMH Properties, Inc. (NYSE:UMH), in posting its 2nd quarter financial results for 2015, reported $0.12 earnings per share, missing analysts consensus estimate of $0.16 by $0.04, according to prnewswire.

Net operating income from community rose 18 percent to $8.8 million for Q2 2015 as compared to $7.4 million for the same period in 2014. Same property occupancy rose over the last year from 82.5 percent to 83.4 percent, and same property revenue increased 8.2 percent. Samuel A. Landy, President and CEO, said he expects to add 700 rental units this year.

UMH acquired three Pennsylvania MHCs during the quarter, adding 480 developed homesites for $8.8 million, and Mr. Landy said the company has a definitive agreement to acquire six more MHCs with 2,200 developed homesites for $68.6 million. He expects this purchase to close during the second half of 2015.

UMH has a 50-day moving average price of $9.78, with a market cap of $243.46 million. The company has registered a 52-week low of $9.01 and a 52-week high of $10.64. The stock closed up +0.53 percent at $9.54 in trading Thursday, Aug. 6.

A quarterly dividend of $0.18 per share will be issued on Tue., Sept 15 to shareholders of record on Mon., Aug. 17, representing an annual dividend of $0.72 with a yield of 7.55 percent.

A real estate investment trust (REIT), UMH owns and operates 92 MHCs comprised of 15,700 home sites in seven states. MHProNews knows that in addition to leasing homes, UMH also sells homes to residents through its wholly-owned subsidiary, UMH Sales and Finance, Inc. The company also owns a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

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

Sun Posts Positive Returns for Q2, 2015

July 30th, 2015 Comments off

Sun_CommunitiesSun Communities, Inc. (NYSE:SUI) reported earnings of $0.87 per share for the second quarter, besting analysts expectations by $0.04 per share, and besting earnings for the same quarter last year by $0.09 per share, according to dakotafinancialnews. Sun’s revenue was up 40 percent on a year-over-year basis, $165.90 million for the quarter over analysts’ expectations of $151.49 million.

The company issued a quarterly dividend to shareholders of $0.65 per share on Friday, July 17, representing a $2.60 annual dividend and a yield of 3.86 percent.

Separately, on June 19, 2015, as disclosed in a filing with the Securities and Exchange Commission (SEC), Director Randall K. Rowe purchased 25,664 shares of Sun at $50.00 per share with a total price of $1,283,200.

In today’s trading, Sun closed at $68.87, up +2.35 percent. The company has a 52-week low of $49.36 and a 52-week high of $71.40. The 50-day moving average is $64.95. Sun’s market capitalization is $3.70 billion, and the price-to-earnings ratio is 147.80.

MHProNews understands Sun Communities, Inc. owns and operates a portfolio of 217 communities, which includes 183 manufactured home communities (MHC), 25 recreational vehicle communities (RVC) and nine properties which contain both MH and RV. ##

(Image credit: Sun Communities, Inc.)

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

Sunday Morning Recap-Manufactured Housing Industry News July 19-July 26, 2015

July 26th, 2015 Comments off

mhpronews_sunday_morningWhat’s New in public focused Manufactured HomeLivingNews.com

A Hunter and Native American Decorator’s Dream! John Howard’s Home, Inside MH Road Show Video

How A Manufactured Modular Home Production Center Achieves Savings and Quality – Inside MH Video with Mike Stone

4 Easy Ways to Keep Your Home Clean

What’s New in Manufactured Housing Industry Professional News

As the Dodd-Frank Act hits the five year mark, stories abound how its offspring, the Consumer Financial Protection Bureau, continues to confound the manufactured home industry as well as the banking and mortgage industries, and the accompanying importance of MH fiancing reform. Meanwhile, MHLivingNews and MHProNews publisher L. A. “Tony” Kovach lands on The Hill in D. C., and as a family man on 83degreesmedia. In other news, industry pressure changes minds in a Texas city, several MHCs change hands, MH lands in Native American hands, MH Firms Plan Q2 Financials Release, much, much more.

Saturday, July 25

Temporary Modular Housing being Restricted in Bakken Oilfield

Friday, July 24

The Avoidance of the Rule of Law by Dodd-Frank

Dow Falls -163 Points, Most Tracked Manufactured Housing Stocks also Drop

Modular Workforce Housing Planned for Southwest Louisiana

Help Ensure Passage of The Preserving Access to Manufactured Housing Act

UMH Properties Set to Release Q2 Financials Aug. 7

Capital One Arranges $14 Million Fannie Mae Loan

Thursday, July 23

Drew Industries to Release Second Quarter Financials

Deer Valley Corp. Jumped +10.25 percent while Most All Tracked Stocks Fell

Home Sales Rise to Best Rate in Eight Years

Capital One Arranges Purchase of CA Manufactured Home Community

Orders for Keiser’s Modular Homes will be Built at a Sister Plant

Gendell Unloads More Patrick Stock for $1.48 Million

Wednesday, July 22

Manufactured Home Community in Florida Sells for $6.4 Million

PSP Seeks Manufactured Home Communities to Provide Affordable Housing

MHCV Edges Up, NASDAQ Slips, Existing Home Sales Rose 3.2 % in June

Elko Band Native Americans Break Ground for New Manufactured Homes

Texas City Reverses Decision, Votes to Allow Manufactured Housing

War of Words? DC’s The Hill Congressional Blog on Manufactured Housing Finance Reform

Tuesday, July 21

Deer Valley Falls -11.11%, as Most Tracked Manufactured Housing Stocks Slip

Equity LifeStyle Properties Beats Analysts Expectations in Q2

Factory-Built Homes—the New Cool

Tired of renting? Get the scoop on manufactured homes

Lawsuit Challenges Removal of Manufactured Home Carports

Monday, July 20

Keiser Homes Fire did not Damage Main Structure, Electrical or New Homes

Deer Valley Gains 10.25%; Dodd-Frank Turns Five Tomorrow

Housing Starts, Permits Hit Eight-year High

Marcus & Millichap Arrange Sale of Florida Manufactured Home Community

Mark Engel to Join Green Courte Partners as CFO

Honda Agrees to Cease Discriminatory Automobile Lending

Sunday Morning Recap-Manufactured Housing Industry News-July 12-July 19, 2015 ##

(Photo credit: MHProNews.

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

Master Water Meter Targets Waste in Sun’s MHCs

August 4th, 2014 Comments off

sun homes coming soon signThe Holly Village Council in Michigan has voted unanimously to install a master water meter to service Holly Village and Hawaiian Gardens manufactured home communities (MHCs), both owned and operated by Sun Communities, Inc., as MHProNews has been informed. Sun is responsible for distribution to the individual homesites, each with a water meter. The utility knows there are leaks in the current system, and there may be people using water illegally, both of which will be addressed under the new proposal. According to tctimes.com, the $100,000 installation cost would be recovered in three years. Savings to the village in postage alone for all 419 residents of both communities would amount to around $2,000 annually. ##

(Image credit: Sun Communities, Inc.)

Age-restricted MHCs offer Strong Sense of Community

June 25th, 2014 Comments off

Noting the growing trend of retirees downsizing to homes that are more manageable and affordable, monroemonitor.com in Monroe, Washington suggests there is a growing market of used manufactured housing in 55+ retirement communities that with a little elbow grease can lead to living well, green and stylish. By replacing the flooring, appliances and lighting with materials from surplus and second-hand stores you can give an entirely new look to a tired home at budget prices. Many manufactured home communities (MHCs) offer recreational activities, controlled entry, swimming pools, a social center for group gatherings and lots big enough for a small garden. As MHProNews understands, the dangers of isolation on mental, emotional and physical health are very real for seniors, and the sense of community and caring that can come from an MHC is priceless. Many people would prefer to look out their front door and see earth and sky instead of a hallway in an apartment building. ##

(Photo credit: masterfile.com)

Michigan Market for Manufactured Homes Rising

March 31st, 2014 Comments off

Market research company for the manufactured housing industry, JLT & Associates, after studying the Michigan manufactured home market from 2000 to 2014, has determined that occupancy rates for the 315 all age communities in the state has stabilized at 74 percent as of Feb. 2014, after a steady decline from 94.3 percent in 2000. Nationally, the average for all age communities is 82 percent, according to digitaljournal.com. Average occupancy rates for 55+ communities rose one percent to an average of 81.3 percent as of Feb. 2014, following a steady decline from 95.4 percent in Feb. 2000. The national average occupancy for 55+ communities hit 92 percent in Nov. 2013.

Encompassing 107,528 homesites, the survey reports average adjusted rents stagnated during the post recession years, but in all age communities rose 1.6 percent as of Feb., the largest increase since 2009. Meanwhile, the average adjusted rent among 55+ communities rose 3.1 percent, the biggest jump since 2007, MHProNews.com has learned, higher than the national increase of 2.4 percent as of 2013. ##

(Photo credit: thinkstock.com–manufactured home community)

UMH Acquires Five Land Lease Communities

November 8th, 2013 Comments off

UMH Properties, Inc. of Freehold, New Jersey announces it has acquired five manufactured home communities (MHCs) consisting of 519 developed home sites for $11,800,000, according to wsj.com. The all-age communities—four in Ohio and one in New York—have an average occupancy of 82 percent, and boost UMH’s portfolio to 74 communities comprised of 13,400 developed home sites. UMH President Samuel A. Landy, noting the new properties are a good fit with the existing properties, says, “With this acquisition, we have increased our portfolio by approximately 26% since 2012. They will further enhance our substantial presence throughout the Marcellus and Utica shale region.” In addition to its ownership and operation of MHCs, as MHProNews understands, UMH also owns a portfolio of real estate investment trust (REIT) securities.

(Photo credit: UMH Properties, Inc.)