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. (NYSE: UMH; TASE: UMH) is a public equity REIT that regularly issues news and updates about its manufactured home community portfolio, financial performance and corporate actions. Organized in 1968, the company owns and operates 145 manufactured home communities containing approximately 27,000 developed homesites, of which about 11,000 are rental homes, along with over 1,000 self-storage units in multiple U.S. states.
News about UMH often covers operating updates for specific quarters and years, including changes in rental and related income, sales of manufactured homes, community net operating income and occupancy trends. The company provides operations updates that describe the number of new rental homes added, conversions of homes from inventory to revenue-generating rentals and same property occupancy metrics across its communities.
Investors following UMH’s news can also expect announcements on acquisitions of manufactured home communities, such as purchases in Georgia and Maryland, and information on joint venture communities with Nuveen Real Estate. Financing and capital markets activities are another frequent topic, including additions to the company’s Fannie Mae credit facility, bond offerings, refinancings of communities and updates on at-the-market equity programs and stock repurchase authorizations.
UMH’s press releases additionally report on quarterly and annual financial results, dividend declarations on common and preferred stock, and corporate governance developments such as appointments to the Board of Directors or investor presentations. For readers tracking UMH (UMH) news, this stream of updates provides insight into the company’s manufactured housing operations, portfolio growth, capital structure decisions and board-level actions over time.
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.
UMH Properties, Inc. (NYSE:UMH) will ring the NYSE Opening Bell on August 25, 2020, celebrating the closing of a new credit facility with Fannie Mae and Wells Fargo. This initiative aligns with the company's mission to provide quality affordable housing through its 123 manufactured home communities. Samuel A. Landy, President and CEO, emphasized the collaboration with these financial institutions as a commitment to enhancing affordable housing access.
UMH Properties, Inc. (NYSE: UMH) announced the successful financing of 28 unencumbered communities, totaling approximately 4,100 sites, with Wells Fargo Bank for about $106 million. This Fannie Mae credit facility has a 10-year maturity and a fixed interest rate of 2.62%. The funds will be used to redeem 8% Series B Perpetual Preferred Stock and to enhance investments in additional acquisitions and rental homes. CEO Samuel A. Landy highlighted the significance of this financing in improving funds from operations by over $5 million annually.
UMH Properties, Inc. (NYSE:UMH) reported a significant increase in Total Income for Q2 2020, rising to $40.1 million from $37.2 million in Q2 2019, an 8% growth. Net Income Attributable to Common Shareholders was $10.2 million or $0.25 per diluted share, reversing a net loss of $5.5 million in the same period last year. The increase was primarily due to an unrealized gain of $13.4 million in their marketable securities. Funds from Operations also improved, with FFO reaching $7.1 million ($0.17 per diluted share), up from $5.7 million in Q2 2019.
UMH Properties has successfully closed the acquisition of a community in Pennsylvania for approximately $3.34 million. This community consists of 147 developed homesites, with an occupancy rate of about 56% and spans 27 acres. CEO Samuel A. Landy stated that Camelot Woods is a value-add community, and they plan to implement a rental program to enhance occupancy and generate substantial value. UMH continues to see strong rental demand across its portfolio, with collection rates returning to pre-pandemic levels.