UMH Properties, Inc. (UMH) recently acquired two age-restricted manufactured home communities, Cedar Grove Park and Maplewood Village in Mantua, NJ, for a total purchase price of $24.6 million.Cedar Grove Park and Maplewood Village are high-quality stabilized communities that contain all modern, homeowner-occupied, manufactured homes. These communities, which are situated on approximately 38 acres, consist of 266 developed homesites, of which 100% are occupied.These communities are well-located near Philade ...

Core Insights - UMH Properties, Inc. has successfully acquired two age-restricted manufactured home communities in Mantua, New Jersey for a total of $24.6 million, which includes 266 developed homesites that are fully occupied [1][2] - The acquisition is expected to be accretive to earnings and offers additional upside through the brokerage of home sales, indicating strong demand in the area [2] Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 141 manufactured home communities with approximately 26,500 developed homesites, of which 10,300 are rental homes [2] - The company's properties are located across several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [2] - UMH also has a joint venture with Nuveen Real Estate, which includes two communities in Florida with 363 sites [2]

Core Insights - UMH Properties, Inc. has published its 2024 Annual Report, which is now available on the company's website [1][2] - The company operates 139 manufactured home communities with approximately 26,300 developed homesites, including 10,300 rental homes and over 1,000 self-storage units [2] Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, focusing on manufactured home communities [2] - The company's communities are located across multiple states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [2] - Among the 139 communities, there are two in Florida with 363 sites, operated through a joint venture with Nuveen Real Estate [2]

Core Viewpoint - UMH Properties, Inc. will host its First Quarter 2025 Financial Results Webcast and Conference Call on May 2, 2025, to discuss financial results, market conditions, and future outlook [1]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 139 manufactured home communities with approximately 26,300 developed homesites, including 10,300 rental homes and over 1,000 self-storage units [4]. - The company's communities are located across several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [4]. - Among the 139 communities, two are in Florida, containing 363 sites operated through a joint venture with Nuveen Real Estate [4]. Upcoming Events - The First Quarter 2025 results will be released on May 1, 2025, after the close of trading on the New York Stock Exchange, and will be accessible on the company's website [2]. - Interested parties can participate in the webcast via the company's website or through a conference call using provided toll-free numbers [2]. Conference Call Details - A replay of the conference call will be available on May 2, 2025, at 12:00 p.m. Eastern Time, with access through specific toll-free numbers and a passcode [3]. - A transcript of the call and the webcast replay will also be available on the company's website [3].

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2024 was $0.24 per share, up 4% from $0.23 per share in Q4 2023. For the full year, normalized FFO was $0.93 per share, an 8% increase from $0.86 in 2023 [9][25]. - Rental and related income for Q4 2024 increased to $53.3 million, an 8% rise from $49.2 million in Q4 2023. For the full year, it rose from $189.7 million in 2023 to $207 million in 2024, a 9% increase [26]. - Community NOI for Q4 2024 was $31.1 million, up 8% from $28.7 million in Q4 2023, and for the full year, it increased from $108.4 million in 2023 to $119.7 million in 2024, a 10% increase [28]. Business Line Data and Key Metrics Changes - Same property income increased by 8% for Q4 and 9% for the full year, with same property NOI growth of 8% for Q4 and 10% for the year [14][28]. - The rental home program added 565 homes in 2024, bringing the total to 10,300 rental homes, with a 94% occupancy rate [15][17]. Market Data and Key Metrics Changes - The company anticipates further occupancy growth in 2025, projecting to add another 800 homes or more [16]. - The sales division achieved gross sales of $33.5 million in 2024, an 8% increase from $31.2 million in 2023 [17]. Company Strategy and Development Direction - The company has a long-term value-add business plan, focusing on generating future income through vacant land and new home setups [11]. - The acquisition pipeline has grown, with four communities under contract, totaling 457 sites, and a purchase price of $39.1 million [19][20]. - The company aims to continue upgrading and adding to the supply of affordable housing, with a focus on community expansions and new developments [37][40]. Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the acquisition market in 2025, anticipating that high-interest rates may lead to more reasonable community prices [19]. - The company expects normalized FFO guidance for 2025 to be in the range of $0.96 to $1.04 per share [36]. Other Important Information - The company ended the year with $99.7 million in cash and cash equivalents and $260 million available on its credit facility [29]. - The total market capitalization increased to approximately $2.5 billion at year-end, up 23% from the previous year [33]. Q&A Session Summary Question: Details on the four acquisitions under contract - The company has four communities under contract, two in New Jersey and two in Maryland, with a total purchase price of $39.2 million [44][47]. Question: Expected interest rates for refinancing with Fannie Mae - The company anticipates refinancing rates to be in the 5.5% to 5.75% range [51]. Question: Factors affecting 2025 guidance range - Key factors include home sales and acquisitions, with potential for exceeding previous sales figures [61][62]. Question: Confidence in accelerating rental home additions - The company has a better starting inventory and anticipates faster growth in the rental home program [90]. Question: Changes in buyer demographics - The widening affordability gap has led to higher credit quality among buyers, with more cash purchases expected [122]. Question: Update on single-family housing developments - A preliminary agreement has been made with a luxury homebuilder for a potential JV to develop 131 acres in New Jersey [148].

UMH Properties, Inc. (NYSE:UMH) Q4 2023 Results Conference Call February 27, 2025 10:00 AM ET Company Participants Craig Koster - Executive Vice President and General Counsel Samuel Landy - President and Chief Executive Officer Anna Chew - Executive Vice President and Chief Financial Officer Eugene Landy - Founder and Chairman Brett Taft - Executive Vice President and Chief Operating Officer Conference Call Participants Gaurav Mehta - Alliance Global Partners Rob Stevenson - Janney Rich Anderson - Wedbush C ...

Core Insights - UMH Properties reported revenue of $61.87 million for the quarter ended December 2024, reflecting an 8.6% increase year-over-year [1] - Earnings per share (EPS) for the quarter was $0.24, up from $0.10 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $61.6 million by 0.44%, while EPS met the consensus estimate [1] Revenue Breakdown - Sales of Manufactured Homes amounted to $8.61 million, surpassing the average estimate of $8.11 million by analysts, representing an 11.3% year-over-year increase [4] - Rental and Related Income was reported at $53.26 million, slightly above the average estimate of $53.25 million, with an 8.2% year-over-year increase [4] Stock Performance - UMH shares have returned +1.3% over the past month, contrasting with a -2.3% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

分组1 - UMH Properties reported quarterly funds from operations (FFO) of $0.24 per share, matching the Zacks Consensus Estimate and showing an increase from $0.23 per share a year ago [1] - The company posted revenues of $61.87 million for the quarter ended December 2024, exceeding the Zacks Consensus Estimate by 0.44% and up from $56.98 million year-over-year [2] - Over the last four quarters, UMH has surpassed consensus revenue estimates three times [2] 分组2 - The stock's immediate price movement will largely depend on management's commentary during the earnings call and future FFO expectations [3][4] - UMH shares have underperformed the market, losing about 2.9% since the beginning of the year compared to the S&P 500's gain of 1.3% [3] - The current consensus FFO estimate for the coming quarter is $0.23 on revenues of $63.69 million, and for the current fiscal year, it is $1 on revenues of $258.73 million [7] 分组3 - The estimate revisions trend for UMH is currently favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] - The REIT and Equity Trust - Residential industry is currently in the bottom 25% of the Zacks industries, which may impact UMH's stock performance [8]

Financial Performance - Rental and related income for Q4 FY 2024 was $53,259,000, an increase of 4.1% from $49,246,000 in Q4 FY 2023[4] - Net income for Q4 FY 2024 was $4,980,000, down 55.7% from $11,254,000 in Q4 FY 2023[4] - Adjusted EBITDA excluding non-recurring other expenses reached $29,806,000, up 9.0% from $27,174,000 in Q4 FY 2023[4] - Funds from operations (FFO) attributable to common shareholders increased to $18,369,000, a 25.5% rise from $14,595,000 in Q4 FY 2023[4] - Total income for the year ended December 31, 2024, increased to $240,552, up 8.9% from $220,925 in 2023[8] - Net income for the year ended December 31, 2024, was $21,441, compared to $7,851 in 2023, representing a significant increase of 173.5%[9] - Adjusted EBITDA for the year ended December 31, 2024, reached $113,112, an increase of 12.5% from $100,541 in 2023[10] - Funds from Operations (FFO) attributable to common shareholders for the year ended December 31, 2024, was $66,259, up 29.7% from $51,069 in 2023[10] Assets and Liabilities - Total assets as of December 31, 2024, were $1,563,728,000, compared to $1,427,577,000 as of December 31, 2023, marking a 9.5% increase[7] - Total liabilities decreased to $647,819,000 in 2024 from $720,783,000 in 2023, a reduction of 10.1%[7] - Net debt decreased to $515,002,000 in 2024 from $632,697,000 in 2023, a reduction of 18.6%[12] - Total debt decreased to $614,722,000 in 2024 from $690,017,000 in 2023, a decline of 10.9%[13] Market Capitalization - The total market capitalization as of December 31, 2024, was $2,481,743,000, up from $2,021,619,000 in 2023, reflecting a growth of 22.8%[4] - Total equity market capitalization increased to $1,546,449,000 in 2024 from $1,041,422,000 in 2023, representing a growth of 48.6%[12] - Total Market Capitalization increased by 23% to over $2.5 billion at year-end 2024[40] Dividends - Dividends per common share increased to $0.215 in Q4 FY 2024 from $0.205 in Q4 FY 2023[4] - Raised quarterly common stock dividend by 4.9% to $0.215 per share, or $0.86 annually[40] Operational Metrics - Community operating expenses rose to $22,151,000 in Q4 FY 2024, compared to $20,548,000 in Q4 FY 2023, reflecting a 7.8% increase[4] - The company added 80 net rentals in Q4 FY 2024, down from 92 in Q4 FY 2023[4] - Total rentals increased to 10,333 in 2024, a growth of 3.7% from 9,969 in 2023[19] - The company plans to expand its property portfolio, adding two newly constructed communities in 2024[19] - Added 565 new homes to the rental home portfolio while maintaining 94% rental home occupancy[41] Occupancy and Rent - Occupancy rate increased to 87.3% in 2024 from 86.7% in 2023, reflecting a 60 basis points improvement[19] - Monthly rent per site rose to $544 in 2024, up 4.8% from $519 in 2023[19] - Occupancy percentage for the year ended December 31, 2024, was 87.8%, an increase of 70 basis points from 87.1% in 2023[22] - Monthly Rent Per Site increased by 5.3% to $546 in December 2024, compared to $519 in December 2023[22] Future Guidance - Anticipating 2025 guidance with Normalized FFO in a range of $0.96-$1.04 per diluted share, representing 7.5% growth at the midpoint over 2024[41] Cash Flow - Cash provided by operating activities for the year ended December 31, 2024, was $81,601, a decrease of 32.1% from $120,077 in 2023[9] - The company reported a net cash increase of $44,374 for the year ended December 31, 2024, compared to $23,561 in 2023[9] Other Financial Metrics - The company experienced a loss on investment in joint ventures of $376 for the year ended December 31, 2024, compared to a loss of $808 in 2023[9] - The company’s depreciation expense for the year ended December 31, 2024, was $60,239, an increase from $55,719 in 2023[9] - Interest coverage ratio improved to 3.4x in 2024 compared to 2.7x in 2023, indicating better ability to meet interest obligations[12] - The percentage of fixed-rate debt increased to 99.1% in 2024 from 90.0% in 2023, enhancing interest rate stability[13] - Increased Same Property Net Operating Income (NOI) by 10% and Same Property Occupancy by 70 basis points to 87.8%[40]

Core Viewpoint - UMH Properties, Inc. reported significant financial improvements for the year ended December 31, 2024, with total income increasing by 9% and a return to net income attributable to common shareholders, indicating a strong operational performance and growth potential for 2025 [1][5][6]. Financial Performance - Total Income for the year ended December 31, 2024, was $240.6 million, up from $220.9 million in 2023, marking a 9% increase [1][3]. - Net Income attributable to common shareholders for the year was $2.5 million, or $0.03 per diluted share, compared to a loss of $8.7 million, or $0.15 per diluted share, in 2023 [1][3]. - Funds from Operations (FFO) for the year was $66.3 million, or $0.88 per diluted share, compared to $51.1 million, or $0.80 per diluted share, in 2023, reflecting a strong operational performance [2][4]. - Normalized FFO increased by 27% to $69.5 million, or $0.93 per diluted share, from $54.5 million, or $0.86 per diluted share, in 2023 [2][5]. Operational Highlights - Rental and related income increased by 9%, and community net operating income (NOI) rose by 10% [5]. - Same property NOI increased by 10%, and occupancy improved by 70 basis points from 87.1% to 87.8% [5]. - The company raised its quarterly common stock dividend by 4.9% to $0.215 per share, or $0.86 annually [5]. Capital and Market Position - Total market capitalization increased by 23% to over $2.5 billion, while equity market capitalization rose by 48% to over $1.5 billion [5]. - The company reduced its net debt to total market capitalization from 31.3% in 2023 to 20.8% in 2024 [5]. - UMH Properties issued approximately 12.5 million shares of common stock, generating net proceeds of $220.6 million, and approximately 1.2 million shares of Series D Preferred Stock, generating net proceeds of $28.0 million [5]. Future Outlook - The company anticipates a range of Normalized FFO of $0.96-$1.04 per diluted share for 2025, representing a 7.5% growth at the midpoint over 2024 [6]. - Plans include adding 800 new homes to the rental portfolio and achieving 5% rent increases [6].