Umh Pptys Inc Stock Price, News & Analysis

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.

UMH Properties, Inc. declared a quarterly cash dividend of $0.18 per share on its Common Stock, payable on December 15, 2020, with a record date of November 16, 2020. The annual dividend rate for the Common Stock stands at $0.72 per share.

Additionally, a quarterly dividend of $0.421875 per share was declared for the 6.75% Series C Preferred Stock and $0.3984375 per share for the 6.375% Series D Preferred Stock, both payable on December 15, 2020, also with a record date of November 16, 2020.

UMH Properties has announced the promotion of Nelli Madden to Vice President of Investor Relations, effective October 1, 2020. Nelli has been with the company for over eight years, serving as the Director of Investor Relations for the past five years. Samuel A. Landy, President and CEO, praised her performance in building relationships with shareholders, analysts, and investment bankers. The company operates 124 manufactured home communities across several states, managing approximately 23,400 homesites and a portfolio of REIT securities.

UMH Properties, Inc. (NYSE:UMH) will host a Third Quarter 2020 Financial Results Webcast and Conference Call on November 5, 2020, at 10:00 a.m. ET. The company plans to release its Q3 results on November 4, 2020, after market close, available on their website. UMH operates 124 manufactured home communities across multiple states, with approximately 23,400 homesites. The call can be accessed domestically at 877-513-1898 or internationally at 412-902-4147. A replay will be available from 12:00 p.m. ET on November 5 until February 1, 2021.

UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured housing community in New York for approximately $4.5 million. The community consists of 163 homesites, with 71% occupancy, spanning around 21 acres. President and CEO Samuel A. Landy highlights the community's strategic location near Interstate 90, expecting strong rental demand and potential for value enhancement.