Sam Landy, president and CEO of UMH Properties, Inc. (NYSE: UMH), participated in a video interview in conjunction with Nareit’s REITweek: 2022 Investor Conference in New York on June 7-9.
Landy discussed the steps UMH is taking to improve the supply of affordable housing in the markets where it operates, including a joint venture with Nuveen to build three communities in Florida.
As for geographic markets UMH is keen to enter, Landy pointed to the company’s focus on the Southeast. He also noted that acquisitions remain very difficult and that building “is the best way to go today.”
Looking ahead, Landy said it is “highly likely” that funds from operations (FFO) in 2022 will exceed 2021 levels, while 2023 will be higher as well.
Meanwhile, a shortage of affordable housing of more than 7 million units should mean that demand stays strong for “many, many years to come,” Landy said.