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Core Insights - UMH Properties, Inc. (UMH) reported strong second-quarter performance driven by rental home conversions, rising occupancy, and increased rental income [1] Group 1: Rental Home Performance - UMH converted 188 homes from inventory to revenue-generating rental units in Q2, bringing the total to 10,600 rental homes with a 94.4% occupancy rate [2][11] - Year-to-date, UMH has transitioned 305 homes into rental units and aims to reach a full-year goal of 800 new rental homes, with over 500 homes in the setup pipeline [3] Group 2: Sales and Revenue - The company achieved $10.3 million in gross home sales revenues for the quarter, a 17% increase from the previous year, setting a new quarterly sales record [4][11] Group 3: Refinancing Activities - UMH refinanced ten communities through its Fannie Mae credit facility, generating $101.4 million in proceeds from properties appraised at $163.5 million, reflecting a 146% appreciation from its $66.6 million investment [5] - The refinancing resulted in approximately $56 million in excess proceeds, which can be reinvested in rental home programs, expansions, and capital upgrades [6] Group 4: Acquisitions - UMH acquired two manufactured home communities in Conowingo, MD, for $14.625 million, adding 191 developed homesites and enhancing operational synergies with existing properties [7][8] - The total year-to-date community purchases amount to four, representing 457 sites for $39.2 million [8] Group 5: Overall Strategy and Market Position - The second-quarter performance underscores the effectiveness of UMH's rental home strategy and disciplined capital deployment, with rising occupancy and record home sales [9] - Shares of UMH have increased by 6.3% over the past year, contrasting with a 1.3% decline in the industry [10]

Acquisition Details - UMH Properties, Inc. has acquired two manufactured home communities in Conowingo, Maryland for a total purchase price of $14.625 million, consisting of 191 developed homesites with 79% occupancy [1][2] - The acquisition includes Maybelle Manor, a fully occupied community with 49 sites, and Conowingo Court, a value-add community with 142 sites, of which 101 are homeowner occupied [3] Operational Efficiency - The acquisition expands UMH's footprint in the Maryland market and is expected to create operational efficiencies, leading to higher returns [2] - The company plans to implement its typical business plan to increase occupancy rates and property-level value over time [3] Year-to-Date Performance - Year to date, UMH has completed the acquisition of four communities, totaling 457 sites for a total purchase price of $39.2 million, indicating a strong acquisition pipeline moving forward [4] - UMH Properties, Inc. operates 143 manufactured home communities with approximately 26,700 developed homesites across multiple states [4]

Core Viewpoint - UMH Properties, Inc. reported strong second quarter operating results, highlighting the effectiveness of its long-term business plan and the successful addition to its Fannie Mae credit facility, which generated approximately $56 million in proceeds for further investments [1][2]. Financial Performance - The company converted 188 new homes from inventory to revenue-generating rental homes in Q2 2025, totaling approximately 10,600 rental homes with an occupancy rate of 94.4% [2]. - Same Property occupancy increased by 76 units in Q2 and 251 units year-over-year, reaching 88.2% [2]. - Gross home sales revenue reached $10.3 million, a 17% increase from $8.8 million in the previous year [2]. - Rental and related charges for Q2 were $55.9 million, up 8.5% from $51.5 million last year, with a 9.2% increase in same property charges compared to July 2024 [2]. Refinancing and Investments - The addition of ten communities to the Fannie Mae credit facility generated total proceeds of approximately $101.4 million, with a fixed interest rate of 5.855%. These communities were appraised at $163.5 million, reflecting a 146% increase in value from the company's cost basis of $66.6 million [2]. - The company issued approximately 1.8 million shares of Common Stock at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million [2]. Future Outlook - The company anticipates continued sales and occupancy growth throughout the year, with a target of converting 800 new rental homes in 2025, supported by over 500 new homes in various stages of setup [1].

Company Overview - UMH Properties owns and operates 141 manufactured home communities with approximately 26,500 developed homesites across 11 states [9, 19] - The company's rental portfolio has expanded to approximately 10,400 units, a 417 unit increase from March 2024 to March 2025, with an anticipated addition of 800 homes this year [9] - UMH has a sales and finance subsidiary with an approximate $91.6 million loan portfolio [10] Financial Performance (Q1 2025) - Rental and related income increased by 8% [16] - Community Net Operating Income (NOI) increased by 8% [16] - Normalized Funds from Operations (FFO) increased by 25%, with Normalized FFO per diluted share up by 5% [16] - Same Property Community NOI increased by 8% [16] Portfolio Metrics - Portfolio occupancy stands at 87.9% [19] - Home rentals account for 39.9% of sites, with a home rental occupancy of 94.6% [19] - The average monthly site rent is $554 [19] - Gross asset value is $2.0 billion, while gross real estate book value is $1.7 billion [19] Growth and Expansion - UMH has 3,400 existing vacant lots to fill and over 2,400 vacant acres for approximately 9,600 future lots [9] - The company acquired two age-restricted communities in New Jersey with approximately 266 homesites for approximately $24.6 million [16] - UMH anticipates adding 800 rental units in the current year [9] Financial Strategy - UMH raised its quarterly common stock dividend by $0.01, a 4.7% increase to $0.225 per share, or $0.90 annually [16] - The company completed an addition to its Fannie Mae Credit Facility through Wells Fargo Bank, N A, for approximately $101.4 million [107] - The company estimates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year [105]

Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, specializing in manufactured home communities [5] - The company owns and operates 141 manufactured home communities with approximately 26,500 developed homesites, including 10,400 rental homes and over 1,000 self-storage units [5] - These communities are located across several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5] Upcoming Financial Events - UMH Properties will host its Second Quarter 2025 Financial Results Webcast and Conference Call on August 7, 2025, at 10:00 a.m. Eastern Time [1] - The financial results will be released on August 6, 2025, after the close of trading on the New York Stock Exchange [2] - Interested parties can participate in the webcast via the company's website or through a conference call [3] Conference Call Details - A replay of the conference call will be available on August 7, 2025, at 12:00 p.m. Eastern Time [4] - The replay can be accessed by dialing specific toll-free numbers for domestic and international callers [4] - A transcript of the call and the webcast replay will also be available on the company's website [4]

Summary of the Conference Call Company Overview - The company discussed is UMH Properties, which owns 141 manufactured home communities in the Eastern United States, with over 26,500 developed home sites [2][3]. Core Business Model - UMH provides factory-built homes for sale or rent, emphasizing affordability and community living [3][4]. - The cost of a 1,000 square foot three-bedroom, two-bath house is approximately $70,000, with lot costs varying from $30,000 to $100,000 [4]. - The rental price for homes is set at around $1,000 per month, targeting individuals earning between $40,000 to $80,000 annually [4][10]. Market Demand and Growth - There is a significant shortage of affordable housing in the U.S., estimated at over 4 million units [8]. - Since 2011, UMH has rented out 10,400 homes and plans to add 800 rental units annually [6][12]. - The company has seen a 10.8% average same-property NOI growth over the past five years [17]. Financial Performance - Sales are projected to approach $40 million, with current sales at over $30 million [13]. - The company has maintained strong rent collection rates, around 98.5% to 99% [19]. - Revenue for the company is projected at $200 million, with expectations of a 5% rent increase contributing an additional $10 million [25]. Challenges and Solutions - The company faced challenges with retail financing and supply chain disruptions, particularly during the COVID-19 pandemic [12][24]. - UMH has adapted by focusing on rental homes, which has allowed them to fill communities that others could not [12]. - The company has a strong balance sheet with $35 million in cash and has recently refinanced communities to improve its financial position [43][44]. Future Outlook - UMH is optimistic about future growth, with plans to continue adding rental units and expanding its portfolio [28][32]. - The company anticipates that demographic trends will favor their business model, particularly among retirees and young families [30]. - The management believes that the rental program will continue to be successful, with homes appreciating in value over time [24][60]. Capital Needs and Financing - The company requires approximately $100 million to $150 million annually to support its growth strategy, including acquisitions and capital expenditures [42]. - Recent refinancing efforts have proven the effectiveness of their business plan, with significant increases in property appraisals [44][46]. Conclusion - UMH Properties is positioned for continued growth in the manufactured home community sector, leveraging its business model to address the ongoing demand for affordable housing while maintaining strong financial performance and operational efficiency [56][58].

Group 1 - Real estate preferred shares are currently facing significant discounts, indicating potential undervaluation in the market [1] - Investors are cautious due to the looming credit risk that could further depress valuations in the real estate sector [1] - Pearl Gray specializes in systematic analysis of Bonds, Preferreds, and REITs, focusing primarily on the Financials and Real Estate sectors [1] Group 2 - The mission of Pearl Gray is to identify actionable total return ideas by integrating rigorous academic theories with practical experience [1]

FREEHOLD, NJ, May 27, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH), today announced that the Company will participate in Nareit’s REITweek: 2025 Investor Conference, to be held in New York City, at the New York Hilton Midtown. UMH’s senior management team is scheduled to present on Tuesday, June 3, 2025, at 10:15 a.m. Eastern Time. The presentation will be available live via webcast and accessible on the Company’s website, www.umh.reit, in the Upcoming Events section. The webcast re ...

Core Viewpoint - UMH Properties, Inc. has successfully added ten communities with 2,001 sites to its Fannie Mae credit facility, securing approximately $101.4 million in proceeds to support further investments and debt repayment [1][2]. Group 1: Financial Details - The loan is an interest-only loan with a fixed rate of 5.855% and a 10-year term [1]. - The ten communities were appraised at $163.5 million, equating to $82,000 per site, while the total investment in these communities is approximately $66.6 million [2]. - The increase in value of these communities is $96.9 million, representing a 146% rise from the original cost basis [2]. Group 2: Business Strategy and Operations - The proceeds from the refinancing will be utilized for additional acquisitions, expansions, rental homes, and to repay higher interest rate debt on a short-term basis [1]. - UMH Properties operates 141 manufactured home communities with around 26,500 developed homesites, including 10,400 rental homes and over 1,000 self-storage units across multiple states [3]. - The company aims to provide additional affordable housing while generating significant long-term results for shareholders [3].