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. has successfully acquired a manufactured home community in Dothan, Alabama for approximately $3.9 million. The community comprises 139 homesites, with about 6% currently occupied, situated on 36 acres. President Samuel A. Landy emphasized the strategic location, just two miles from an existing property, and highlighted the potential for growth through a value-added business plan. The acquisition presents opportunities for profitability and appreciation due to strong rental demand and below replacement cost purchases.
UMH Properties, Inc. (NYSE:UMH) reported a Total Income of $45.9 million for Q1 2022, marking a 6% increase from $43.1 million in Q1 2021. However, the company faced a Net Loss of $4.3 million or $0.09 per diluted share, in contrast to a Net Income of $6.8 million or $0.16 per diluted share in the previous year. Funds from Operations (FFO) were slightly up at $8.5 million ($0.16 per share) compared to $8.4 million ($0.19 per share) a year earlier. Notably, the company raised its quarterly dividend by 5.3% to $0.20 per share, signaling confidence despite losses.
UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured home community in Butler, Pennsylvania for $7.4 million. The community features 132 developed homesites on approximately 65 acres, with 38 entitled sites for future development. The acquisition is strategically located near UMH's top-performing assets in western Pennsylvania, which is expected to drive demand and profitability. UMH is also pursuing two additional communities totaling 490 sites for approximately $25.9 million, indicating ongoing growth.
UMH Properties, Inc. (NYSE: UMH) has been recognized with two prestigious awards from the Manufactured Housing Institute for 2022. On April 11, UMH was named Community Operator of the Year for the second consecutive year. Additionally, on April 12, it received the Retail Sales Center of the Year Award, awarded to its Port Royal Sales Center in Pennsylvania. President Samuel A. Landy expressed pride in these achievements, attributing success to the dedicated efforts of the company's staff and ongoing initiatives to enhance affordable housing access.
UMH Properties (NYSE:UMH) will host a First Quarter 2022 Financial Results Webcast on May 5, 2022, at 10:00 a.m. ET. The results will be released on May 4, 2022, after market close, and available on their website. Participants can join via a conference call or the webcast icon on the homepage. UMH Properties operates 128 manufactured home communities across several states, comprising approximately 24,100 homesites, also managing a community in Florida. A replay of the call will be available post-event.
UMH Properties, Inc. (NYSE:UMH) declared a quarterly cash dividend of $0.20 per share on its Common Stock, payable on June 15, 2022, to shareholders on record by May 16, 2022. The annual dividend rate stands at $0.80 per share. Furthermore, the Board announced dividends for its Series C and Series D Cumulative Redeemable Preferred Stocks, amounting to $0.421875 and $0.3984375 per share, respectively, also payable on June 15, 2022. UMH operates 128 manufactured home communities with around 24,100 homesites across multiple states.
UMH Properties, Inc. (NYSE: UMH) has successfully acquired a manufactured home community in Monaca, Pennsylvania for $5.8 million. This community comprises 96 developed homesites and spans approximately 18 acres. CEO Samuel A. Landy expressed enthusiasm for the acquisition, highlighting its strategic location near existing high-occupancy communities. UMH aims to upgrade the facility to enhance income and value. The company manages 128 communities across various states, totaling around 24,100 homesites, and continues to pursue growth through additional acquisitions.
UMH Properties (NYSE: UMH) has received a Second-Party Opinion on its March 2022 Sustainable Bond Framework from Sustainalytics. This framework highlights UMH's commitment to providing affordable housing for low-income earners, achieving rents that do not exceed 30% of gross income for those making 50-80% of the area median income. The company's efforts in water conservation and energy efficiency, such as using LED lights and smart thermostats, have also been favorably reviewed. UMH operates 127 manufactured home communities across eleven states.
UMH Properties, Inc. (NYSE:UMH) announced the release of its 2021 Annual Report, highlighting a year of exceptional results and positioning for future growth. The report is accessible on the company’s website. President Samuel A. Landy emphasized the outstanding performance of the company in 2021, encouraging stakeholders to review the report for insights into the company’s future outlook. UMH operates 127 manufactured home communities across multiple states, providing around 24,000 developed homesites.
UMH Properties (NYSE: UMH) has added approximately 1,100 homes to its Fannie Mae credit facility, securing about $25.6 million in proceeds via Wells Fargo Bank. This financing, at a fixed interest rate of 4.25%, aligns with the facility's term maturing in 2030. The funds aim to enhance acquisitions and rental housing, boosting shareholder value.
CEO Samuel A. Landy expressed confidence in the recognition of rental homes in manufactured housing communities as equivalent to apartments for financing purposes, stating this transaction will facilitate further refinancing and favorable financing for future developments.