UMH Properties Inc. (NYSE:UMH) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 10:00 am ET
Good morning, and welcome to UMH Properties' Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note, this event is being recorded.
It is now my pleasure to introduce your host, Ms. Nelli Madden, Director of Investor Relations. Thank you. Ms. Madden, you may begin.
Thank you very much, operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited second quarter supplemental information presentation. The supplemental information presentation, along with our 10-Q, are available on the company's website at umh.reit.
I would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our current expectations and involve various risks and uncertainties. Although the company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the company can provide no assurance that its expectations will be achieved. The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's second quarter 2020 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements.
In addition, during today's call, we will be discussing non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics to the comparable GAAP financial metrics as well as explanatory and cautionary language are included in our earnings release, our supplemental information and our historical SEC filings.
Having said that, I would like to introduce management with us today: Eugene Landy, Chairman; Samuel Landy, President and Chief Executive Officer; Anna Chew, Vice President and Chief Financial Officer; Brett Taft, Vice President and Chief Operating Officer; Jim Lykins, Vice President of Capital Markets; and Daniel Landy, Vice President.
It is now my pleasure to turn the call over to UMH's President and Chief Executive Officer, Samuel Landy.
Samuel A. Landy
Thank you very much, Nelli. We are pleased to report our results for the second quarter ended June 30, 2020 and discuss the impact that the COVID-19 pandemic has had on our operations.
Although the pandemic has had a negative impact on many businesses and industries throughout the nation, we are pleased to report it has not materially impacted UMH's rent collections and occupancy.
Our rent collections are in line with pre-pandemic levels. Site and home rent for the quarter is now 98% collected. Rent collections remained consistent to pre-pandemic figures at 95% collections for the month of July this year and last.
The coming expiration of the unemployment benefits will be indicative of the true strength of our collections. Less than 100 residents have elected to enter into a payment agreement with us. Our residents recognize that we provide the highest-quality affordable housing in any market that we operate in.
Our communities are reporting strong demand. In fact, the migration of the population away from cities and out of apartments is