Core Viewpoint - UMH Properties, Inc. has authorized a significant increase in its share repurchase program from $25 million to $100 million, reflecting confidence in the company's intrinsic value and operational strength [1][5]. Share Repurchase Program - The Board of Directors has approved a repurchase program that allows for the purchase of up to $100 million of common stock, a notable increase from the previous authorization of $25 million [1]. - Since the initial approval of the share repurchase program in 2009, the company has repurchased approximately 194,000 shares at a weighted average price of $10.64 per share, totaling around $2.1 million [1]. - No share repurchases have been made since 2020, indicating a potential shift in strategy with the new authorization [1]. Implementation Details - The repurchase program will be executed through various methods, including open market purchases, privately negotiated transactions, or block trades, in compliance with applicable laws and regulations [2]. - The timing and size of purchases will be at management's discretion, influenced by market conditions, regulatory requirements, and capital availability [3]. - The program does not obligate the company to acquire a specific amount of stock and can be modified or suspended at any time [3]. Current Financial Programs - The company maintains its September 2024 common stock at-the-market sale program and its March 2025 preferred stock at-the-market program, although no common shares are currently being issued under the ATM program [4]. - The company retains the right to utilize these programs in the future based on market conditions [4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, operating 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [5]. - The communities are located across several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5].

Core Viewpoint - The manufactured housing (MH) sector is well-positioned for growth due to a significant price disparity with site-built homes, regulatory changes, and increasing demand for affordable housing solutions [1][2][12]. Sector Fundamentals - The MH sector has experienced a substantial undersupply due to stringent financial and zoning regulations, which has created a favorable environment for existing players [1][7]. - MH currently constitutes about 10% of the single-family housing market, down from 30% in the 1970s, indicating a historical low in MH building volume [9][11]. - The affordable housing crisis is partly attributed to the low percentage of MH in the overall housing market, prompting regulatory loosening at federal, state, and local levels [7][12][13]. Company-Level Analysis - UMH Properties and Flagship Communities are identified as the best-positioned companies within the MH sector due to their geographic advantages and growth potential [2][39]. - UMH has demonstrated strong same-store NOI growth, significantly outperforming larger mixed-asset MH REITs [30][36]. - Flagship Communities, while smaller, is achieving impressive same-store NOI growth rates of around 12% [33]. Valuation - Current valuations show that UMH is trading at 15.9X AFFO, while larger competitors like Equity LifeStyle Properties and Sun Communities are trading at higher multiples of 22.8X and 21.2X AFFO, respectively [37][38]. - The cheaper valuation and higher growth potential of UMH and Flagship make them attractive compared to their larger peers [39]. Geographic Advantage - UMH and Flagship operate in states that are more favorable to MH development, allowing for more efficient zoning and land acquisition [40][45]. - Kentucky, where Flagship is headquartered, has a high concentration of MH, with 31.6% of its single-family housing consisting of MH [41]. Bull Thesis Summary - The combination of favorable macroeconomic and regulatory factors is expected to drive continued growth in the MH sector, particularly for UMH and Flagship, which are trading at discounted valuations [46][47].

Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [4] - The communities are located across multiple states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [4] Board Appointment - On September 17, 2025, UMH Properties, Inc. appointed Mr. Todd J. Clark as a Class I Director, with his term expiring in 2028 [1] - Mr. Clark is the Dean of Widener University Delaware Law School and has extensive experience in legal issues, including employment discrimination and corporate justice [2][3] Leadership Statement - Samuel A. Landy, President and CEO, expressed satisfaction in welcoming Dean Todd J. Clark to the Board, highlighting his respected status as an attorney and academic leader with significant management and governance experience [4]

Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, specializing in manufactured home communities [5] - The company owns and operates 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 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 Results - UMH Properties will host its Third Quarter 2025 Financial Results Webcast and Conference Call on November 4, 2025, at 10:00 a.m. Eastern Time [1] - The financial results will be released on November 3, 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 November 4, 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]

Core Insights - UMH Properties, Inc. will participate in the U.S. Department of Housing and Urban Development's annual Innovative Housing Showcase for the fifth consecutive year, starting on September 6, 2025 [1][2] Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [2] - The communities are located across multiple states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [2] Event Participation - At the Innovative Housing Showcase, UMH will present three advanced manufactured homes in collaboration with Ritz-Craft Homes, Champion Homes, and Cavco Industries, showcasing innovations in design, efficiency, and affordability [2] - One highlighted home features an integrated solar shingle roofing system and home energy storage solution developed in partnership with GAF Energy, aimed at reducing energy costs and promoting sustainability [2] - The event provides an opportunity for lawmakers, policymakers, and the public to experience modern housing solutions addressing the affordable housing crisis [2]

Group 1 - The conference call is for UMH Properties' Second Quarter 2025 Earnings, with key participants including the Executive VP, CFO, and CEO [1][2] - The company has filed an unaudited second quarter supplemental information presentation along with its 10-Q with the SEC, which is available on its website [3] - Forward-looking statements made during the call are based on current expectations and involve various risks and uncertainties, with no assurance that these expectations will be achieved [4]

Financial Data and Key Metrics Changes - Normalized FFO for Q2 2025 was $0.23 per share, unchanged from Q2 2024, with overall normalized FFO increasing by 16% or $2.6 million for the quarter and 20% or $6.4 million for the year [5][20] - Earnings per share were impacted by the issuance of $101.4 million of new GSE debt at a 5.855% interest rate [6] - The company increased its quarterly common stock dividend by 4.7%, from $0.02 to $0.025 per share, marking five consecutive years of dividend increases totaling a 25% increase [5][6] Business Line Data and Key Metrics Changes - Total revenue increased from $60.3 million in Q2 2024 to $66.6 million in Q2 2025, representing a 10% increase [11] - Rental and related income rose by 9% year-over-year, while community NOI increased by 119% for the six months ended June 30, 2025 [12][21] - Sales of manufactured homes reached a record $10.5 million for the quarter, with a 196% increase year-over-year [13] Market Data and Key Metrics Changes - The company operates 144 communities with 12,300 home sites, including 10,600 rental homes [10] - The Marcellus and Utica Shale strategy has led to significant appreciation in land and community values, supported by local energy projects [10][11] - The company reported an industry-leading total return of 17% over two years and 76.7% over five years [11] Company Strategy and Development Direction - The company is focusing on increasing affordable housing supply and is optimistic about legislative changes that could enhance growth opportunities [29][30] - There is a commitment to Greenfield development and joint ventures to enhance cash flows and operational results [15] - The company plans to actively pursue acquisitions and has $150 million available for growth initiatives [7][19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the low end of prior guidance, citing strong demand for homes and potential increases in sales due to favorable financing conditions [35][36] - The company anticipates continued growth in rental income and occupancy rates, with expectations for same property NOI to increase [76][77] - Management highlighted the importance of recent HUD initiatives aimed at improving financing for manufactured housing, which could significantly impact sales [79][80] Other Important Information - The company ended the quarter with $79.2 million in cash and $260 million available on its unsecured revolving credit facility [27] - The weighted average interest rate on total debt was 4.63%, with 99% of the debt being fixed rate [22][23] - The company is committed to not increasing investments in its REIT securities portfolio and has been selling certain positions [28] Q&A Session Summary Question: Is the company withdrawing its prior guidance? - Management indicated that the low end of the prior guidance should hold, emphasizing confidence in the manufactured housing market and potential for increased sales [35][36] Question: What are the drivers of confidence in guidance? - Management noted that confidence stems from expected increases in rental income and potential sales growth, with a focus on operational performance [36][39] Question: How are new home prices trending? - Prices of new homes have remained stable, with strong demand for rental homes and ongoing setup of new units [40][42] Question: What is the expected CapEx for community upgrades? - The capital budget for community upgrades is approximately $20 million, focusing on infrastructure improvements [46][49] Question: What is the outlook for same property operating expenses? - Same property operating expenses are expected to grow in the 5% to 7% range, with a decrease noted in the second quarter [75][76] Question: How is the sales pipeline trending? - The sales pipeline is currently over $5 million, indicating strong sales momentum and positive demand for new homes [85][86]

Company Overview - UMH Properties Inc is a leading owner and operator of manufactured home communities, with a portfolio of 144 communities across 12 states, containing approximately 26,800 developed homesites[8] - The company has a growing rental portfolio of approximately 10,600 units, reflecting an increase of 500 homes in the last 12 months, and anticipates adding an additional 700-800 homes this year[8] - UMH has a $95.3 million loan portfolio with a weighted average interest rate of approximately 7.1%, generating approximately $13.9 million in principal and interest payments annually[10,65] Financial Performance - Same Property Occupancy increased by 80 basis points from 87.4% to 88.2%[16] - Rental and Related Income increased by 9%, Sales of Manufactured Homes increased by 19%, Community Net Operating Income ("NOI") increased by 11%, and Normalized Funds from Operations ("Normalized FFO") increased by 16%[18] - The company completed the addition of ten communities to its Fannie Mae credit facility through Wells Fargo Bank, N A, for total proceeds of approximately $101.4 million at a fixed rate of 5.855% with a 10-year term[18] Portfolio and Growth - The company's gross asset value is $2.1 billion, with a gross real estate book value of $1.8 billion and a total market capitalization of $2.4 billion[21] - UMH has approximately 2,300 vacant acres on which to build approximately 9,200 future lots[8] - The company issued and sold approximately 1.8 million shares of Common Stock through its At-the-Market Sale Program at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million and net proceeds of $30.3 million[18] Future Outlook - The company is well-positioned for growth with 3,100 existing vacant lots to fill[8] - UMH anticipates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year[109] - The company's 2025 guidance for Normalized FFO Per Share is in the range of $0.96 to $1.04[106]

Core Viewpoint - UMH Properties reported a revenue increase of 10.5% year-over-year for Q2 2025, with earnings per share (EPS) showing significant improvement compared to the previous year, although it fell short of consensus estimates [1]. Financial Performance - Revenue for the quarter was $66.64 million, exceeding the Zacks Consensus Estimate of $66.16 million by 0.74% [1]. - EPS for the quarter was $0.23, a notable increase from $0.01 in the same quarter last year, but below the consensus estimate of $0.25, resulting in an EPS surprise of -8% [1]. - Sales of Manufactured Homes reached $10.48 million, surpassing the two-analyst average estimate of $10.17 million, reflecting an 18.6% year-over-year increase [4]. - Rental and Related Income was reported at $56.17 million, slightly above the estimated $55.99 million, marking a 9.1% increase compared to the previous year [4]. - Diluted Net Income Per Share was $0.03, which was lower than the estimated $0.04 by three analysts [4]. Stock Performance - Over the past month, UMH shares have returned -2.4%, contrasting with a +0.5% change in the Zacks S&P 500 composite [3]. - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3].

分组1 - UMH Properties reported quarterly funds from operations (FFO) of $0.23 per share, missing the Zacks Consensus Estimate of $0.25 per share, representing an FFO surprise of -8.00% [1] - The company posted revenues of $66.64 million for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 0.74%, compared to year-ago revenues of $60.33 million [2] - UMH has not surpassed consensus FFO estimates in the last four quarters, although it has topped consensus revenue estimates twice during the same period [2] 分组2 - The stock has underperformed, losing about 11.9% since the beginning of the year, while the S&P 500 gained 7.1% [3] - The current consensus FFO estimate for the coming quarter is $0.26 on revenues of $67.22 million, and for the current fiscal year, it is $1.00 on revenues of $262.77 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Residential is currently in the bottom 38% of over 250 Zacks industries, indicating potential challenges for the sector [8]