Sam Landy, president and CEO of UMH Properties (NYSE: UMH), joined REIT.com for a CEO Spotlight video interview at REITWeek 2016: NAREIT’s Investor Forum at the Waldorf Astoria New York.
UMH owns and operates a portfolio of 98 manufactured home communities in seven states throughout the Northeast. The company recorded a 31 percent increase in core funds from operations (FFO) in the first quarter of 2016. Landy reflected on the results.
“It’s what we’ve been planning, going back about six years when we started doing our acquisitions. If we improve the properties, add rental units, add marketing, the revenue’s going to go up, and it’s going to bring the FFO up,” he said.
Landy also discussed UMH’s success in decreasing its operating expense ratio.
Looking ahead, Landy said the company’s ability to create results on a consistent basis will be noticed by investors, which should drive the stock price higher.
Also on UMH’s agenda is the possibility of collaborating with Freddie Mac on a rental-only community, Landy said.