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Posts Tagged ‘q3’

Inside Look – Tricon Capital’s Recent Manufactured Home Community Moves

December 22nd, 2016 Comments off
TriconManufacturedHousingLandLeaseBusinessCreditTricon-postedManufacturedHousingDailyBusinessNewsMHProNews-

Credit: Tricon.

Toronto, Canada based Tricon Capital Group Inc. (TCN.TO), recently announced that its Tricon Lifestyle Communities (“TLC”) investment vertical has acquired a portfolio of three manufactured housing communities in California comprising a total of 421 residential pads for $30.4 million.

Tricon Capital tells the Daily Business News that two of the communities, Riverdale Estates and Palmdale Estates, are age-restricted properties totaling 336 rental pads located in Indio, California.

The third property, Springdale Estates, located in San Marcos (San Diego County) is a family community consisting of 85 residential home sites.

TLC intends to execute a capital improvement program, focused on the amenity center and entrance features at all three communities.

These acquisitions expand TLC’s presence in California and increase its portfolio size to 3,065 residential pads across 14 communities, with approximately $129 million of assets under management.

Credit: Tricon.

Tricon Lifestyle Communities states that they are focused on acquiring, enhancing and managing manufactured housing communities across the United States through a joint venture with its third-party operating partner, Cobblestone Real Estate LLC, a vertically integrated asset and property manager.

Tricon Capital Group is a principal investor and asset manager focused on the residential real estate industry in North America with approximately $3.1 billion USD of assets under management. Tricon owns, or manages on behalf of third party investors, a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities and multi-family development projects.

Tricon Capital Group also recently announced strong Q3 growth during their November 9th earnings call, citing investment income growth across verticals.

InsideTriconCapitalGroupsRecentMovescreditBloomBerg-postedtothedailybusinessnewsmhpronewsmhlivingnews

Tricon 1 year look. Credit: Bloomberg.

Solid execution by our management team and strength in the U.S. housing market laid the foundation for another very good quarter, with meaningful year-over-year growth in all our housing verticals,” said Gary Berman, Tricon’s President and Chief Executive Officer.

InsideTriconCapitalGroupsRecentMovescreditTriconCapital-postedtothedailybusinessnewsmhpronewsmhlivingnews

Gary Berman. Credit: Tricon Capital.

Shareholders will also note that we have revised our MD&A format this quarter, underscoring our commitment to providing simple and transparent reporting to our investors. We believe the new MD&A will help alleviate some of the perceived complexity in our reporting and enable investors to better understand the underlying value of our company.

Finally, we are pleased to report that subsequent to quarter-end we substantially completed the buyout of the minority interest in Tricon American Homes, which will further simplify our reporting and position us better for long term growth in the burgeoning single-family rental industry. Our operating partners were instrumental in helping TAH become a leader in the market and we would like to thank them for the important role they played in our success to date.

Tricon Capital’s Q3 earnings report is linked here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Rents Rise as Homeownership Falls

November 6th, 2013 Comments off

According to zerohedge.com, the uptick in home prices is transitory and more due to the Federal Reserve’s support of the economy than with organic growth or stability of consumers, as the homeownership rate is stuck at an 18-year low at 65.1 percent, and rents rise to an all-time high, increasing again in Q3 2013. Noting the new normal American Dream is renting, Tyler Durden says, “The American Dream briefly became a full-blown nightmare when in Q3 mortgage rates exploded, pummeling the affordability of housing, and ground any new mortgage-funded transactions to a complete halt.” As MHProNews understands, supportive evidence includes the precipitous decline in disposable per capita income in the last five years.

(Image credit: Fotosearch–homeownership remains elusive for many.)

UFPI to Post Q3 Results

October 16th, 2013 Comments off

Universal Forest Products, Inc. (NASDAQ:UFPI) will release its Q3 2013 financials Thursday, Oct. 17, at 8:30 AM EST. Headquartered in Grand Rapids, Michigan, as MHProNews knows the company supplies the manufactured housing industry with solid wood and wood-like products as well as plastic and other materials. Analysts expect UFPI to post earnings of +$0.54 per share and revenue of $625.77 for the third quarter, according to northforkvue.com. The company’s market cap is $835.5 million with a price-to-earning ratio of 36.41. To listen to the conference, please click here.

(Photo credit: Universal Forest Products, Inc.)

RV Sales Spike Manufactured Housing Component Suppliers

July 21st, 2013 Comments off

As sales of manufactured housing’s sister industry, the recreational vehicle (RV) business, began accelerating in mid-2012, it also spurred the sales of several manufactured housing (MH) component suppliers. Shipments of motor homes rose 30 percent through May of this year compared to 2012. Drew Industries, Inc., one of the three largest companies in the Investor’s Business Daily’s (IBD) Building-Mobile/Manufactured Homes group, supplies slide-out mechanisms and other items for the RV industry. Its sales rose 36 percent in Q3 2012, as IBD informs MHProNews. Overall, the group’s ranking as of Friday, July 19 had risen to 58 out of 197 industries from number 171 at the beginning of May. Included in the ranking are modular and MH manufacturer Cavco Industries and Patrick Industries, maker of ceiling and wall panels for the MH and RV industries.

(Photo credit: Wikipedia)

 

Multifamily and Commercial Mortgages Increase

March 11th, 2013 Comments off

“The appetite among lenders and investors for commercial and multifamily mortgages grew during the fourth quarter,” said Jamie Woodwell, Mortgage Bankers Association’s (MBA) vice president of commercial real estate research. “The fourth quarter saw the largest increase in commercial and multifamily mortgage debt outstanding since 2008.” HousingWire informs MHProNews outstanding multifamily mortgage debt increased to $846 billion in Q4 2012, marking the largest rise since 2008, an increase of 1.4 percent from Q3 2012, and up 4.4 percent from the same period 2011.

(Image credit: HousingWire)

Home Prices to Rise 3.3% Annually

March 4th, 2013 Comments off

According to nationalmortgagenews, Fiserv Case Shiller predicts by the end of the year home prices will be on the rise in every metro area in the U. S., and conditions point to a continuous recovery in the housing market through 2017. Fiserv says the data that shows price increases were up in 62 percent of the metro markets in Q3 2012 versus 12.5 percent in Q3 2011 indicates the market is in recovery mode. MHProNews has learned home prices will grow at an average rate of 3.3 percent each year through Q3 2017. However, as Fiserv Chief Economist David Stiff cautions, REOs and foreclosures may derail double-digit recovery in all markets until they are liquidated.

(Image credit: Fotosearch)

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.)

Cavco Releasing Financials

January 29th, 2013 Comments off

TradingCharts reports Cavco Industries, Inc. will release its earnings report for Q3 of fiscal year 2013 Thurs. Jan. 31 after the market closes. Senior officials will discuss the results in a live webcast Fri. Feb. 1 at 11:00 AM eastern time. Listen via Internet: http://www.cavco.com under the Investor Relations link. As MHProNews knows, Cavco, the second largest producer of manufactured homes in North America, also manufactures park model homes, cabins, commercial structures, and modular homes.

(Photo credit: Cavco Industries, Inc.)

Sun Communities Declares Dividend

December 25th, 2012 Comments off

JagsReport says Sun Communities, Inc. has declared a quarterly dividend of $0.63 a share for stockholders of record Dec. 31, 2012, payable January 18th, 2013. As MHProNews reported here Oct. 1, 2012, this is the same dividend amount as for Q3 2012, and represents an annualized dividend of $2.52, and a dividend yield of 6.31%. Sun’s revenue rose 11.2% compared to the same quarter last year. Analysts expect earnings per share (EPS) will equal $3.20 for the current fiscal year. Sun owns and operates 164 manufactured housing and recreational vehicle communities comprising over 57,000 developed sites, making it one of the largest LLC owners in the nation.

(Photo credit: Sun Communities, Inc.)

Modular Home Production Rises

December 10th, 2012 Comments off

MHProNews has learned the National Modular Housing Council (NMHC) reports 3,827 new modular homes were shipped in the third quarter of 2012, an increase of 14.5 percent over Q3 2011. Compared to the same quarter in 2011, 17 states showed increases in shipments, eight states showed declines, and nine states had no change for Q3 2012. For purposes of comparison, manufactured home shipments totaled 5,127 for the month of October.

(Photo credit: Dickinson Homes)