UMH Properties, Inc. reports news as a public equity REIT focused on the ownership and operation of manufactured home communities. Company updates commonly cover community occupancy, conversion of homes from inventory to rental homes, manufactured home sales, rental and related charges, self-storage assets, and joint-venture communities.
Recurring announcements also include quarterly and annual financial results, FFO and normalized FFO measures, common and Series D preferred dividends, distribution tax treatment, annual report publication, refinancings, credit facilities, and other capital actions tied to the REIT’s manufactured-housing portfolio.
UMH Properties, Inc. (NYSE:UMH) announced strong first-quarter 2023 results, with sales reaching approximately $7.3 million, a 70% increase from $4.3 million in Q1 2022, setting a new sales record. The portfolio saw an increase of 238 units in occupancy, with new rental units rising by 230. Rental home occupancy improved to 93.7% from 93.3% at year-end 2022. Monthly rental charges surged by approximately $550,000 as of April 1, 2023, following implemented rent increases. Final Q1 results will be disclosed on May 9, 2023, with a management discussion on May 10, 2023.
UMH Properties, Inc. has announced a quarterly cash dividend of $0.205 per share, effective June 15, 2023, to shareholders on record by May 15, 2023. The annual rate for this common stock dividend amounts to $0.82 per share. Additionally, the company declared a quarterly dividend for its Series D Preferred Stock of $0.3984375 per share, also payable on June 15, 2023, with a cumulative annual rate of $1.59375 per share. UMH manages 135 manufactured home communities comprising approximately 25,700 homesites across various states, including New Jersey and Florida.
UMH Properties, Inc. (NYSE:UMH) announced it will host a First Quarter 2023 Financial Results Webcast on May 10, 2023. The results will be released on May 9, 2023, after market close. This event will provide insights into current market conditions and the company's future outlook. UMH, organized in 1968, operates 135 manufactured home communities comprising approximately 25,700 homesites across multiple states, including New Jersey, New York, and Pennsylvania, and has a joint venture in Florida. The company's financial performance and strategic direction will be key topics during the call.
UMH Properties, Inc. (NYSE:UMH) announced the availability of its 2022 Annual Report on its official website. The report provides insights into the company's operations, financial performance, and future outlook. UMH, a real estate investment trust founded in 1968, manages 135 manufactured home communities with approximately 25,700 homesites across various states including New Jersey, New York, and Ohio. The CEO, Samuel A. Landy, encouraged stakeholders to review the report for more information on the company's trajectory.
UMH Properties, Inc. (NYSE: UMH) announced a $30 million revolving line of credit with Triad Financial Services on March 9, 2023, secured by rental homes and leases. This funding aims to enhance UMH's rental home business, allowing them to purchase new rental homes. With over 10,000 owned rental homes, UMH plans to add 800 annually, boosting revenue and operating performance. The company, established in 1968, operates 135 manufactured home communities across several states, housing approximately 25,700 homesites. UMH emphasizes its commitment to providing quality affordable housing and improving community living standards.
UMH Properties, Inc. has successfully acquired a 24-acre parcel of land in Monticello, New York, for $137,000. This land adjoins the existing Kinnebrook Estates, a community with nearly 100% occupancy and strong rental rates, averaging $660 for sites and $1,200 for homes. The acquisition aligns with the company's strategy to expand their portfolio, following the successful development of 48 sites in the past. Additionally, UMH reports strong performance in early 2023, having occupied 125 new rental homes and seeing a 60% increase in online applications.
UMH Properties, Inc. reported a 5% increase in Total Income for 2022, totaling $195.8 million compared to $186.1 million in 2021. However, it faced a net loss of $36.3 million or $0.67 per diluted share, contrasting with a profit of $21.2 million in the previous year. Funds from Operations (FFO) also declined to $28.5 million or $0.51 per diluted share, down from $39.1 million in 2021. The company expanded its rental home portfolio by 5% to approximately 9,100 homes and reported plans for future growth driven by acquisitions and increased demand. A conference call is scheduled for March 1, 2023, to discuss results further.
UMH Properties, Inc. (NYSE:UMH) announced the tax treatment of its 2022 distributions. For common shares, a total distribution of $0.80 per share was allocated entirely as return of capital. The preferred shares saw a total distribution of $1.10155 for Series C and $1.593752 for Series D, with portions classified as non-qualifying ordinary income and return of capital. The company encourages shareholders to consult their tax advisors regarding the specific tax implications. UMH operates 135 manufactured home communities across multiple states, with over 25,700 homesites.
UMH Properties, Inc. (NYSE:UMH) will release its Fourth Quarter and Full Year 2022 Financial Results on February 28, 2023. The results will be available on its website in the Financials section after the close of trading. A webcast and conference call will be held on March 1, 2023, at 10:00 a.m. ET, discussing the results, market conditions, and future outlook. Interested participants can join via the company's website or by calling the provided toll-free numbers. The company operates 135 manufactured home communities across multiple states, encompassing approximately 25,700 homesites.
UMH Properties, Inc. (NYSE: UMH) has completed the acquisition of a new manufactured home community, Mighty Oak, located in Albany, Georgia, for $3.65 million. The community comprises 118 developed homesites over 26 acres. This marks UMH's first venture into Georgia, expanding its presence in the Southeast region. The acquisition will cater to a growing workforce in Albany, supported by nearby corporations such as Pratt Industries and Thrush Aircraft, which are investing significantly in their facilities. UMH plans to implement a rental home program to enhance community occupancy and returns, while also focusing on additional opportunities within qualified opportunity zones.