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 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.
UMH Properties, Inc. (NYSE: UMH) announced the successful redemption of all 9,884,000 shares of its 6.75% Series C Cumulative Redeemable Preferred Stock on July 26, 2022. Each share was redeemed at $25.2578, which includes accrued dividends. The funds for this redemption were primarily sourced from a $26 million Fannie Mae add-on, a $103 million Series A Bond offering in Israel, and equity from its ATM program. This move is expected to lower UMH's capital costs and boost Funds from Operations (FFO) and earnings for shareholders.
UMH Properties, Inc. (NYSE: UMH) announced the acquisition of Hidden Creek, a manufactured home community in Erie, Michigan, comprising 351 homesites with a 63% occupancy rate. The acquisition aligns with UMH's growth strategy, as it currently holds 131 communities across several states, totaling around 24,800 developed homesites. Year-to-date, the company has purchased four communities for $39 million, reporting a blended occupancy of 56% with potential for further site infill.
FREEHOLD, NJ, July 1, 2022 - UMH Properties, Inc. (NYSE:UMH) has declared a quarterly cash dividend of $0.20 per share on its Common Stock, payable on September 15, 2022, to shareholders of record by August 15, 2022. This sets the annual dividend rate at $0.80 per share. Furthermore, a quarterly dividend of $0.3984375 per share for the Series D Cumulative Redeemable Preferred Stock is also declared, with similar payment details. UMH operates 130 manufactured home communities across several states, with around 24,400 developed homesites.
UMH Properties announced its Second Quarter 2022 Financial Results Webcast and Conference Call set for August 4, 2022, at 10:00 a.m. ET. The results will be available on the Company’s website after trading closes on August 3, 2022. UMH, a REIT focused on manufactured home communities, operates 130 communities with approximately 24,400 homesites across nine states and one community in Florida. Participants can join via the Company’s website or by conference call.
UMH Properties has announced the redemption of all 9,884,000 shares of its 6.75% Series C Cumulative Redeemable Preferred Stock on July 26, 2022. The shares will be redeemed at a total price of $25.2578 per share, which includes accrued dividends. Following the redemption, trading of these shares under the symbol UMH.PRC will cease on the NYSE. Holders of the preferred stock will receive payment upon surrendering their certificates to the redemption agent.
UMH Properties, a public equity REIT, announced participation in Nareit’s REITweek: 2022 Investor Conference on June 8, 2022, at 9:30 a.m. ET. Key executives, including Samuel A. Landy and Anna T. Chew, will present at the event in New York City.
The presentation will be accessible via a live webcast on the company’s website, along with replay options and presentation materials for 30 days post-event. UMH operates 130 manufactured home communities across various states, totaling around 24,400 homesites.