Sign in

    Jesse Lederman • Zelman & Associates

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership •

    Question

    Jesse Lederman noted that third-party management (3PM) revenue and expenses increased sequentially in Q4 while units under management declined, and asked if the projected $0.02 incremental contribution in 2025 will come from more units or margin expansion.

    Answer

    Chief Financial Officer Jonathan Olsen explained that the 3PM portfolio will ebb and flow as partners periodically prune assets, which is part of their asset management role. The incremental $0.02 contribution for 2025 reflects a full year of earn-in from existing contracts. He acknowledged that PME expenses rose to scale the business but expects the quarterly run rate for PME and G&A to be slightly lower in 2025 as they extract efficiencies from the now-scaled platform.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership • Q2 2025

    Question

    Jesse Lederman of Zelman & Associates sought clarity on the composition of the nearly 1,000 homes acquired in Q2, as only 485 were classified as 'deliveries' in the supplemental.

    Answer

    EVP & CIO Scott Eisen confirmed the 485 were from forward purchase contracts with builders. The remainder consisted of a mix of one-off opportunities from builder tapes at attractive pricing, homes purchased from JV partners seeking liquidity, and one stabilized build-to-rent community acquired at a good cap rate.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership • Q2 2025

    Question

    Jesse Lederman from Zelman & Associates sought clarification on the composition of the nearly 1,000 homes acquired in Q2, noting that only 485 were classified as 'deliveries' in the supplemental.

    Answer

    CIO Scott Eisen confirmed the 485 homes were from forward purchase contracts with builders. The remainder consisted of a combination of one-off opportunities from builder inventory tapes at attractive pricing, homes purchased from JV partners seeking liquidity, and one stabilized build-to-rent community. This mix represents both forward deliveries and opportunistic one-off acquisitions.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership • Q1 2025

    Question

    Jesse Lederman from Zelman & Associates inquired about the drivers behind the recent increase in property management expense, noting an 80 basis point year-over-year rise.

    Answer

    CFO Jonathan Olsen clarified that the year-over-year comparison is misleading. The third-party management clients were onboarded throughout the prior year, so Q1 2024 did not reflect the full cost structure, including headcount and technology, that is now in place to service these clients. The increase is primarily related to the full-year impact of supporting the third-party platform.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Invitation Homes Inc (INVH) leadership • Q3 2024

    Question

    Jesse Lederman of Zelman & Associates asked for the specific incremental factors that led to the lowering of revenue growth guidance for the second consecutive quarter, seeking what was not embedded in the outlook three months prior.

    Answer

    CFO Jon Olsen explained that while some softness emerged in late June, the company subsequently gained better visibility into the severity of supply pressures and the degree to which they would need to compete on price. This, combined with a slower rate of absorption in key markets, led to a more fulsome picture that necessitated the guidance revision, which was only just emerging at the time of the July call.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Champion Homes Inc (SKY) leadership

    Jesse Lederman's questions to Champion Homes Inc (SKY) leadership • Q1 2026

    Question

    Jesse Lederman sought clarification on whether the impact from tariffs was included in the gross margin guidance and asked if the company was tracking buyer demographics, such as household income or a mix-shift from site-built housing.

    Answer

    EVP, CFO & Treasurer Lori Hough confirmed the estimated 1% tariff impact on material costs is already contemplated in the 25% to 26% gross margin guidance. President & CEO Tim Larson added that internal surveys show the company is successfully attracting first-time homebuyers and buyers from site-built homes, but declined to share specific income data, citing its proprietary nature.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Champion Homes Inc (SKY) leadership • Q3 2025

    Question

    Jesse Lederman asked about any potential regulatory changes or initiatives from the new administration that could be a tailwind for the sector, and what indicators the company is watching before increasing capacity utilization further, including activating idled plants.

    Answer

    CEO Tim Larson expressed optimism for supportive government actions on affordable housing, noting that builder-developer projects serve as proof points to encourage municipalities, but stated there is nothing immediate to report. He explained that leading indicators like quoting activity guide production rates. He clarified the 63% utilization rate includes idled plants, so the active rate is higher, and there are no current plans to turn on idled facilities as capacity in key markets is sufficient.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Cavco Industries Inc (CVCO) leadership

    Jesse Lederman's questions to Cavco Industries Inc (CVCO) leadership • Q1 2026

    Question

    Jesse Lederman of Zelman & Associates asked for quantification of the potential future impact from tariffs, insights into buyer household income trends, opportunities in the lending business, the potential for financial services gross margins to recover, and the drivers behind strong SG&A leverage.

    Answer

    EVP and CFO Allison Aden estimated a potential future quarterly tariff impact between $2 million and $5.5 million. President and CEO William Boor stated they don't track buyer household income at a macro level but confirmed the lending strategy is to originate and sell loans, not hold them long-term. Boor also saw no structural reason financial services margins couldn't return to historical levels over time. Aden explained that SG&A leverage is a core part of their model, driven by a high variable cost structure and disciplined control of fixed costs.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Cavco Industries Inc (CVCO) leadership • Q4 2025

    Question

    Jesse Lederman from Zelman & Associates sought clarification on whether April's order strength was a continuation of momentum or just flat with March. He also asked about pricing seasonality, the expected timing of tariff impacts on margins, and key takeaways from CEO Bill Boor's recent testimony at a House subcommittee hearing.

    Answer

    CEO William Boor clarified that April continued the positive momentum from March, consistent with normal seasonality. He stated that pricing is not typically seasonal but is driven by supply and demand. CFO Allison Aden projected that tariff impacts would likely begin to appear in late Q1 and more heavily in Q2, given the 60-90 day lag for costs to flow through. Regarding the hearing, Boor highlighted positive legislative momentum to clarify HUD as the sole industry regulator and to remove the 'chassis' from the manufactured home definition, which would open up significant opportunities for product innovation.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to American Homes 4 Rent (AMH) leadership

    Jesse Lederman's questions to American Homes 4 Rent (AMH) leadership • Q2 2025

    Question

    Jesse Lederman asked about AMH's appetite for using land options, which could provide flexibility to renegotiate terms if the market slows.

    Answer

    CEO & Trustee Bryan Smith stated they are flexible with all land takedown structures, leveraging their team's homebuilding expertise. SEVP & CFO Christopher Lau added that while AMH has used options before, the high cost of option capital (double-digits) often makes using their own balance sheet more financially attractive, though options remain a valuable tool.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to American Homes 4 Rent (AMH) leadership • Q1 2025

    Question

    Jesse Lederman from Zelman & Associates asked about the future geographic focus of the development pipeline based on current land acquisitions. He also inquired about the performance of the large portfolio acquired last year relative to initial expectations.

    Answer

    CEO Bryan Smith indicated that while they are pleased with current markets, future development could see an acceleration into the Carolinas and a slight uptick in the Midwest, balanced by land availability. CFO Christopher Lau reported that the integration of the acquired portfolio is complete and on track to hit performance targets and stabilization by year-end, with opportunities to improve collections, revenue, and cost controls.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to American Homes 4 Rent (AMH) leadership • Q4 2024

    Question

    Jesse Lederman of Zelman & Associates asked for more detail on the industry-wide and AMH-specific changes that support the company's confidence in a new, higher normalized occupancy level of 96%.

    Answer

    CFO Christopher Lau (as per transcript attribution) explained that at the industry level, there is a greater appreciation for the single-family rental value proposition. At AMH specifically, a focus on the resident experience and technology has made the platform faster and more efficient. He cited the frictionless leasing process as a driver of occupancy and the excellent services platform as a driver of retention, with numerous other line-item improvements contributing to the higher occupancy expectation.

    Ask Fintool Equity Research AI

    Jesse Lederman's questions to Tri Pointe Homes Inc (Delaware) (TPH) leadership

    Jesse Lederman's questions to Tri Pointe Homes Inc (Delaware) (TPH) leadership • Q4 2024

    Question

    Jesse Lederman asked for clarification on demand strength by buyer segment, specifically if move-up demand was stronger than entry-level. He also inquired about any potential business impacts from immigration enforcement on labor supply or housing demand.

    Answer

    EVP and CMO Linda Mamet confirmed a shift in demand, with the premium entry-level segment shrinking to 40% of orders from a previous high near 50%. CFO Glenn Keeler added that absorption paces for entry-level and move-up are now roughly consistent. CEO Douglas Bauer stated there have been no impacts from immigration enforcement, as their trade partners have maintained compliance and they do not anticipate any labor issues.

    Ask Fintool Equity Research AI