Financial Data and Key Metrics Changes - Normalized FFO for Q4 2025 was $0.24 per share, unchanged from the prior year, while for the full year, it increased by 2% to $0.95 per share compared to $0.93 in 2024 [6][16] - Gross Normalized FFO increased by 7% for the quarter and 15% for the year [7] - Total revenue, including home sales, reached $261.8 million for the year, a 9% increase over the previous year [10] Business Line Data and Key Metrics Changes - Rental and related income grew to $226.7 million for the year, representing a 10% increase from $207 million in 2024 [9][17] - Same-property revenue growth was 8.2% for the year, with same-property NOI growth of 9% [10][18] - Home sales generated gross revenue of $36.4 million for the year, a 9% increase from $33.5 million in 2024 [12] Market Data and Key Metrics Changes - The company added 717 new rental homes, bringing total rental home inventory to approximately 11,000 units with a 93.8% occupancy rate [11] - The average occupancy in newly acquired communities was 78% at acquisition, providing immediate upside potential [13] Company Strategy and Development Direction - The company aims to continue growing through acquisitions, community development, and enhancing the profitability of its sales operations [28][30] - Investments in communities have improved living conditions and generated strong demand, resulting in waiting lists for rental homes [29] - The company is exploring the expansion of communities and other uses for its vacant land, which holds substantial value [30] Management's Comments on Operating Environment and Future Outlook - The affordable housing crisis is a national concern, and the company positions factory-built homes as a solution [6] - Management anticipates strong growth prospects for 2026, supported by positive industry fundamentals and high demand for affordable housing [31][32] - The company expects to achieve normalized FFO guidance of $0.97 to $1.05 per share for 2026, reflecting a 2%-10% increase [8][27] Other Important Information - The company ended the year with $72 million in cash and cash equivalents and $260 million available on its credit facility [19] - Total debt at year-end was approximately $761 million, with 99% being fixed rate [20][21] - The company repurchased 320,000 shares of common stock at an average price of $15.06 per share, reflecting confidence in its undervaluation [24] Q&A Session Summary Question: What is the strategy between rental and home sales? - Management emphasizes the importance of rentals for short-term housing needs, which helps convert renters into buyers [36] Question: What is the expected same-store NOI growth without weather-related expenses? - Management indicated that without elevated snow removal costs, same-store NOI growth would have approached 10% [42][43] Question: What are the dynamics affecting home prices and supply chain issues? - Management noted that prices for homes remain stable, with no significant delays in obtaining homes [44][45] Question: What is the outlook for rental homes and acquisition opportunities? - Management expects rental home growth to be weighted towards the spring and summer months, with ongoing competitive acquisition opportunities [56][59]

Enerflex (NYSE:EFXT) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAaron MacNeil - Director of Institutional Equity ResearchJeff Fetterly - VP of Corporate Development and Investor RelationsJohn Gibson - Director of Equity ResearchPaul Mahoney - President and CEOPreet Dhindsa - SVP & CFOTim Monachello - Managing Director, Institutional Equity Research, Energy and Industrial Services and TechnologyOperatorGood day, and thank you for standing by. Welcome to the Enerflex Fourth Quarte ...

LSB Industries (NYSE:LXU) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAndrew Wong - Associate Director of Market Data Services SolutionsCheryl Maguire - EVP and CFODamien Renwick - EVP and Chief Commercial OfficerKevin Estok - VP of Equity Research in Chemicals, Emerging Technologies and Industrial BiotechKristy Carver - Senior Vice President and TreasurerMark Behrman - Chairman and CEOConference Call ParticipantsLucas Beaumont - Director and Equity Research AnalystRob McGuire - ...

Enerflex (NYSE:EFXT) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAaron MacNeil - Director of Institutional Equity ResearchJeff Fetterly - VP of Corporate Development and Investor RelationsJohn Gibson - Director of Equity ResearchPaul Mahoney - President and CEOPreet Dhindsa - SVP & CFOTim Monachello - Managing Director, Institutional Equity Research, Energy and Industrial Services and TechnologyOperatorGood day, and thank you for standing by. Welcome to the Enerflex fourth quarte ...

UMH Properties (NYSE:UMH) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAnna Chew - EVP and CFOBarry Oxford - Managing Director and Senior Equity ResearchBrett Taft - EVP and COOCraig Koster - EVP, General Counsel, and SecretaryEugene Landy - Founder and ChairmanJim Lykins - VP of Capital MarketsSamuel Landy - President and CEOConference Call ParticipantsGaurav Mehta - Managing Director and Senior Equity Research AnalystJohn Massocca - Senior Research AnalystRich Anderson - Equity ...

Service Properties Trust (NasdaqGS:SVC) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsBrian Donley - Treasurer and CFOChris Bilotto - President and CEOJesse Abair - VPKevin Barry - Senior Director of Investor RelationsConference Call ParticipantsJack Armstrong - Director and Senior Equity AnalystJohn Massocca - Senior Research AnalystTyler Batory - Executive Director and Senior AnalystOperatorGood morning, welcome to the Service Properties Trust Fourth Quarter 2025 Earnings Confere ...

TWFG (NasdaqGS:TWFG) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsBob Huang - Equity Research Executive DirectorGordy Bunch - Founder, Chairman, and CEOJanice Zwinggi - Chief Financial OfficerMolly Knoell - Equity Research AssociateConference Call ParticipantsMichael Zaremski - Senior Equity Research Analyst and Managing DirectorPablo Singzon - Equity Research AnalystPaul Newsome - Managing Director and Senior Research AnalystRowland Mayor - Senior Sell-Side Equity Research Analys ...

Permian Resources (NYSE:PR) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsDerrick Whitfield - Md and Head of Energy Equity ResearchGuy Oliphint - EVP and CFOHays Mabry - VP of Investor RelationsJames Walter - Co-CEO and DirectorJohn Freeman - Md and the Head of Energy ResearchJosh Silverstein - Md and the Head of Energy ResearchKevin MacCurdy - Md and Director of Upstream ResearchNeil Mehta - Md and the Head of Americas Natural Resources Equity ResearchPhillip Jungwirth - MdWill Hi ...

NWPX Infrastructure (NasdaqGS:NWPX) Q4 2025 Earnings call February 26, 2026 10:00 AM ET Company ParticipantsAaron Wilkins - CFOJustin Mechetti - Equity Research AssociateScott Montross - President and CEOConference Call ParticipantsBrent Thielman - Managing Director and Senior Research AnalystTed Jackson - Managing Director and Senior Research AnalystOperatorGreetings, welcome to the NWPX Infrastructure Fourth Quarter 2025 Earnings Call. At this time, all participants are in a listen-only mode. A brief ques ...

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