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. 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 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.
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.