Welcome to our dedicated page for Umh Pptys news (Ticker: UMH), a resource for investors and traders seeking the latest updates and insights on Umh Pptys stock.
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 has completed the acquisition of Fohl Village, a manufactured home community in Canton, Ohio, for $19.1 million. This community features 321 homesites, with a 77% occupancy rate. The acquisition aligns with UMH's growth strategy, adding to the six communities purchased year-to-date, totaling $63 million and comprising 1,226 sites with a 59% blended occupancy.
CEO Samuel A. Landy notes strong potential for value increase through occupancy growth and operational improvements.
UMH Properties, Inc. (UMH) reported a total income of $51.9 million for Q3 2022, an 8% increase from $48.0 million in Q3 2021. However, the company faced a net loss attributable to common shareholders of $9.7 million or $0.18 per diluted share, widening from $3.4 million or $0.07 per diluted share a year earlier. Normalized FFO for the quarter was $11.7 million or $0.21 per share, slightly below $11.1 million or $0.23 last year. The company increased its rental home portfolio and saw a 16% growth in manufactured home sales.
UMH Properties, Inc. (NYSE:UMH) will present at the Philadelphia Securities Association (PSA) on October 26, 2022. CEO Samuel A. Landy will lead the presentation, which includes a Q&A session. The luncheon starts at 11:30 a.m. ET and will take place at the Union League of Philadelphia. Attendees can access presentation materials on the company's website at www.umh.reit. UMH owns and operates 132 manufactured home communities with approximately 25,000 developed homesites across multiple states, including New Jersey, New York, and Ohio.
UMH Properties, Inc. (NYSE:UMH) has announced its Third Quarter 2022 Financial Results Webcast scheduled for November 9, 2022, at 10:00 a.m. ET. The financial results will be released after market close on November 8, 2022, and will be accessible on the company’s website. Senior management will discuss results, current market conditions, and future outlook during the call. UMH operates 132 manufactured home communities with approximately 25,000 developed homesites across several states, including New Jersey and New York.
UMH Properties, Inc. reported on the impact of Hurricane Ian on its manufactured housing community in Sebring, Florida. President Samuel A. Landy stated that despite the hurricane's strength, the community suffered minimal damage, with no injuries reported among residents or employees. Some homes experienced minor damage, while assistance efforts for displaced individuals are underway. The company plans to accelerate the development of new homes in Florida to address urgent housing needs.
UMH Properties has declared a quarterly cash dividend of $0.20 per share on its Common Stock, payable on December 15, 2022, to shareholders of record by November 15, 2022. The annual dividend rate for the Common Stock totals $0.80 per share.
Additionally, a quarterly dividend of $0.3984375 per share has been announced for the Series D Cumulative Redeemable Preferred Stock, also payable on December 15, 2022, with an annual rate of $1.59375 per share.
UMH Properties has successfully completed two tranches to its Fannie Mae credit facility through Wells Fargo Bank, totaling approximately $34 million. The Community Tranche includes four communities, while the Home Tranche encompasses about 250 homes. Both tranches have a 10-year loan term, with interest fixed at 5.24%. Proceeds will be utilized for acquisitions, expansions, rental homes, and general corporate purposes, enhancing shareholder value and affordable housing availability.
UMH Properties proudly announces the induction of Eugene W. Landy, Founder and Chairman, into the RV/MH Hall of Fame on August 15, 2022. With over 54 years dedicated to affordable housing through manufactured homes, Landy has significantly impacted UMH's growth, transforming it into a major player with 132 communities and 25,000 developed home sites. His longtime leadership has bolstered UMH's commitment to quality housing, ensuring the company's future growth and success in meeting Americans' housing needs.
UMH Properties, Inc. (NYSE: UMH) has announced the acquisition of a manufactured home community in Orangeburg, South Carolina, for $5,200,000. The community consists of 186 homesites, with an occupancy rate of approximately 42%. This acquisition was made through UMH's new qualified opportunity zone fund (QOZF), benefiting from tax deferral options until December 31, 2026. The company aims to enhance affordable housing in opportunity zones, leveraging past capital gains from the sale of Monmouth Real Estate Investment Corp.
UMH Properties reported a net loss of $22.5 million for Q2 2022, compared to a net income of $8.4 million in Q2 2021. Total income rose by 7% to $49.2 million, but expenses increased to $41.3 million, marking a significant impact on profitability. Normalized FFO dropped to $8.7 million or $0.16 per share, influenced by costs from redeeming 9.9 million shares of preferred stock. The company continues to grow its rental portfolio and expects future earnings improvements following the recapitalization.