Umh Pptys Inc Stock Price, News & Analysis

UMH Properties, a public equity REIT, declared quarterly dividends on its Series C and Series D preferred stocks, totaling $0.421875 and $0.3984375 per share, respectively. These dividends are for the period from December 1, 2020, to February 28, 2021, and are payable on March 15, 2021. Shareholders must be on record by February 16, 2021. The Series C dividends have an annual rate of $1.6875, while Series D has an annual rate of $1.59375. UMH owns 125 manufactured home communities across multiple states, managing approximately 23,600 developed homesites.

UMH Properties has successfully acquired a manufactured home community in Dothan, Alabama for approximately $4.6 million. This community comprises 195 homesites, with around 37% currently occupied and spans roughly 33 acres. UMH's CEO, Samuel A. Landy, highlighted the company's strong performance amidst economic challenges, maintaining rent collections near pre-pandemic levels. The Dothan community aligns with UMH's strategy to expand into similar demographics found in their Northeast and Midwest markets, with plans to enhance occupancy and value.

UMH Properties, Inc. has promoted Shaya Baron to Director of Insurance, enhancing its insurance operations across states where it operates. The announcement was made by Samuel A. Landy, President and CEO, highlighting Baron's expertise in providing affordable insurance for renters. UMH, established in 1968, manages 124 manufactured home communities with around 23,400 homesites in multiple states, including New Jersey and New York. This leadership change aims to strengthen UMH’s insurance strategy, ensuring adequate coverage for its operational needs.

UMH Properties, Inc. has announced the promotion of T.C. Sheppard to Vice President of Consumer Finance. Samuel A. Landy, the company's CEO, praised Sheppard's contributions, highlighting his role in enhancing financing options leading to increased home sales in their manufactured home communities. UMH Properties operates 124 communities across several states, providing reliable income streams through successful financing initiatives. The company aims to expand its sales and finance operations further.

UMH Properties, Inc. (NYSE: UMH) announced the promotion of Aaron Potter to Director of ESG, effective December 17, 2020. Potter, who joined the company in 2017, will lead efforts in sustainability, social responsibility, and diversity. Under his leadership, UMH aims to enhance its commitment to quality affordable housing, with rent starting at $750 for three-bedroom homes. The company emphasizes its initiatives that align with environmental, social, and governance (ESG) principles, aiming to improve shareholder returns through responsible practices.

UMH Properties announced participation in the Nareit’s REITworld: 2020 Annual Conference, scheduled for November 17-19, 2020. Key executives, including President Samuel A. Landy and CFO Anna T. Chew, will present on November 19 at 10:30 a.m. ET. Interested attendees can register for free and access the presentation, available on demand for two weeks post-conference. UMH Properties operates 124 manufactured home communities across several states, including New Jersey and New York, with approximately 23,400 homesites.

UMH Properties, Inc. (NYSE:UMH) reported a 16% increase in Total Income for Q3 2020, reaching $43.1 million compared to $37.3 million in Q3 2019. However, it faced a net loss of $12.8 million or $0.31 per diluted share due to changes in marketable securities, down from a net income of $5.6 million the previous year. Funds from Operations (FFO) decreased to $4.5 million or $0.11 per diluted share. Conversely, Normalized FFO rose to $7.4 million, marking a 20% increase year-over-year. The company also redeemed its Series B Preferred Stock, affecting financial metrics positively going forward.

UMH Properties, Inc. (NYSE: UMH) announced the redemption of 3,800,669 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock on October 20, 2020. The total redemption price was $25.2722 per share, consisting of the $25.00 liquidation preference plus $0.2722 in accrued dividends. Funding for this redemption was primarily sourced from a $106 million credit facility obtained from Fannie Mae at a fixed rate of 2.62%. This move is expected to save the company over $5 million annually, allowing for further acquisitions and expansions.

UMH Properties has secured a $20 million revolving line of credit from FirstBank, expandable to $30 million. This facility, with a three-year term, is secured by rental homes in several manufactured home communities. CEO Samuel A. Landy emphasized the importance of affordable housing, noting a 95% rental occupancy and 98% rent collection rate during the COVID-19 crisis. By leveraging rental home equity, UMH aims to enhance housing quality while increasing returns for shareholders.