Umh Pptys Inc Stock Price, News & Analysis

UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) announced that Samuel A. Landy, President and CEO, was inducted into the RV/MH Hall of Fame on August 19, 2024. Under Landy's leadership since 1995, UMH has grown from 22 communities with 4,200 homesites to 136 communities with 25,800 homesites. His strategy focused on acquiring and improving value-add communities, expanding existing ones, and developing new sites. UMH Sales and Finance, Inc. has sold over 5,700 manufactured homes and financed over $100 million in consumer loans. The company now manages 10,200 rental homes. Eugene W. Landy, Founder and Chairman, praised Sam's contributions to affordable housing and industry leadership.

UMH Properties, Inc. (NYSE: UMH) has announced the promotion of T.C. Sheppard to Senior Vice President of Sales and Consumer Finance. Under Sheppard's leadership since 2020, UMH has seen significant growth in key areas:

• Sales increased by 54% from $20.3 million in 2020 to $31.2 million in 2023
• Notes receivable portfolio grew by 88% from $44.3 million at the end of 2020 to $83.3 million in Q2 2024

UMH, a public equity REIT founded in 1968, owns and operates 136 manufactured home communities with approximately 25,800 developed homesites across 11 states. The company also has a joint venture with Nuveen Real Estate, operating two communities in Florida with 363 sites.

UMH Properties (NYSE:UMH) reported strong Q2 2024 results, with Total Income increasing 9% to $60.3 million compared to Q2 2023. Net Income Attributable to Common Shareholders was $527,000 or $0.01 per diluted share, up from a Net Loss of $4.4 million in Q2 2023. Normalized FFO increased 10% to $0.23 per diluted share.

Key highlights include:

• 9% increase in Rental and Related Income
• 7% increase in Sales of Manufactured Homes
• 11% increase in Community NOI and Same Property NOI
• 130 basis point increase in Same Property Occupancy to 87.7%
• Expansion of unsecured credit facility by $80 million to $260 million
• 4.9% increase in quarterly common stock dividend to $0.215 per share

UMH provided guidance for full-year 2024 Normalized FFO of $0.91-0.95 per diluted share, representing approximately 8% growth over 2023.

UMH Properties, a REIT specializing in manufactured home communities, reported its Q2 2024 operating results. The company converted 144 new homes to rental properties, achieving a 95% occupancy rate. It sold 105 homes, generating $8.8 million in gross sales revenue, a 7% increase from last year. Year-to-date overall occupancy increased by 196 units, reaching 87%. The collection rate stood at 98% for Q2. The company’s rental income and related charges rose by 10%, resulting in an annualized monthly rent roll of $207 million. UMH's strong balance sheet supports continued investments and potential acquisitions.

On July 1, 2024, UMH Properties declared a quarterly cash dividend of $0.215 per share on its Common Stock, payable on September 16, 2024, to shareholders of record by August 15, 2024. This brings the annual dividend rate to $0.86 per share. Additionally, a quarterly dividend of $0.3984375 per share was declared on the Company's 6.375% Series D Cumulative Redeemable Preferred Stock for the period from June 1, 2024, to August 31, 2024. This preferred dividend is also payable on September 16, 2024. UMH Properties operates 136 manufactured home communities across eleven states and has an ownership interest in two Florida communities through a joint venture with Nuveen Real Estate.

UMH Properties, a REIT specializing in manufactured home communities, will host its Second Quarter 2024 Financial Results Webcast and Conference Call on August 7, 2024, at 10:00 a.m. ET. The results will be released on August 6, 2024, post-market close, and available on their website. Senior management will discuss financial results, market conditions, and future outlook. UMH, established in 1968, owns and operates 136 communities with 25,800 homesites across multiple states and has interests in two Florida communities through a joint venture with Nuveen Real Estate.

UMH Properties (NYSE:UMH, TASE:UMH) announced participation in the Department of Housing and Urban Development's annual Innovative Housing Showcase, starting June 7, 2024, in Washington, DC. UMH will present two duplex models: the 'UMH Tiny' made by Cavco Industries, and a larger 28’ by 70’ unit developed with Skyline Champion The models feature renewable energy adaptations like solar shingles. UMH aims to offer affordable, quality housing that caters to various living arrangements, enhancing urban density. The company operates 136 manufactured home communities across several U.S. states, with a joint venture in Florida.

UMH Properties (NYSE:UMH) (TASE:UMH) will participate in Nareit’s REITweek: 2024 Investor Conference in New York City. The event is scheduled for June 4, 2024, at 10:15 a.m. Eastern Time, with a webcast available on the company's website. UMH, a public REIT established in 1968, owns and operates 136 manufactured home communities with approximately 25,800 homesites across multiple states. Additionally, UMH holds an interest in two Florida communities through a joint venture with Nuveen Real Estate.

UMH Properties, Inc. reported a 10% increase in Total Income for Q1 2024 compared to the same period in 2023. Net Loss Attributable to Common Shareholders was $6.3 million. Funds from Operations increased by 11%, and Normalized Funds from Operations rose by 10% per diluted share. The company also saw improvements in Rental and Related Income, Community Net Operating Income, and Same Property Community NOI. UMH raised its quarterly common stock dividend and expanded its unsecured credit facility. Overall, the company is optimistic about future growth and continues to focus on creating long-term value for shareholders.