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].

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, with a target of adding 800 homes in 2025. The current occupancy rate for rental homes is 94% [15][29] - Gross sales for the year reached $33.5 million, an 8% increase from $31.2 million in 2023, with a gross sales margin of 35% [17] Market Data and Key Metrics Changes - The company anticipates further occupancy growth in 2025 as it rents and sells its in-place inventory and continues to achieve 5% rent increases across the portfolio [15] - The acquisition pipeline has grown, with four communities under contract, totaling 457 sites, with a purchase price of $39.1 million [19][20] 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][23] - The company aims to provide affordable housing solutions and has been actively involved in upgrading and expanding its communities [37][41] - The company is optimistic about acquiring communities at reasonable prices due to the prolonged high-interest rate environment [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving similar or improved same property operating results in 2025, driven by occupancy growth and rental home additions [15][36] - The company is well-positioned to execute on acquisition opportunities and anticipates a strong year in 2025 [42][41] 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: Can you provide more 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. The New Jersey communities are 100% occupied, while one Maryland property has a value-add opportunity [44][46] Question: What interest rates are expected for refinancing with Fannie Mae? - The company expects refinancing rates to be in the 5.5% to 5.75% range, with proceeds exceeding current balances [51] Question: What are the key factors affecting the 2025 guidance range? - Home sales and acquisitions are the primary factors influencing the guidance range [61] Question: How confident is the company in achieving the target of 800 new rental homes? - The company is optimistic about achieving this target due to better inventory management and strong demand in key markets [90] Question: What is the anticipated impact of potential changes in financing laws? - Changes in financing laws could significantly increase home sales, as more renters may transition to homeowners [103] Question: What is the expected stabilized return on the acquisition pipeline? - The expected stabilized return on the acquisition pipeline is in the 6.5% to 7% range over five years [133]

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2024 was $0.24 per share, up 4% from $0.23 in Q4 2023. For the full year, normalized FFO was $0.93 per share, an 8% increase from $0.86 in 2023 [6][20] - Rental and related income for Q4 2024 increased by 8% to $53.3 million from $49.2 million in Q4 2023. For the full year, it rose 9% to $207 million from $189.7 million in 2023 [20][21] - Community NOI for Q4 2024 was $31.1 million, an increase of 8% from $28.7 million in Q4 2023, and for the full year, it increased by 10% to $119.7 million from $108.4 million in 2023 [21][22] Business Line Data and Key Metrics Changes - Same property income increased by 8% in Q4 and 9% for the year, with same property NOI growth of 8% for Q4 and 10% for the year [10][22] - The rental home program added 565 homes in 2024, bringing the total to 10,300 rental homes, with a 94% occupancy rate [12][20] - The sales division achieved gross sales of $33.5 million in 2024, an 8% increase from $31.2 million in 2023, with a gross sales margin of 35% [13] Market Data and Key Metrics Changes - The company anticipates further occupancy growth and 5% rent increases across the portfolio in 2025 [11] - The acquisition pipeline includes four communities under contract, with a total purchase price of $39.1 million [15][33] - The company ended 2024 with $99.7 million in cash and cash equivalents, and $260 million available on its credit facility [22] Company Strategy and Development Direction - The company aims to balance growth with earnings accretion, focusing on value-add strategies to improve occupancy and revenue [9][10] - There is a strong emphasis on providing affordable housing solutions, with plans to develop and rehabilitate older communities [28][30] - The company is optimistic about acquiring communities at more reasonable prices due to the prolonged high interest rate environment [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving similar or improved same property operating results in 2025 [11] - The company is well-positioned to execute on acquisition opportunities as they arise, with a strong balance sheet supporting growth [19][30] - Management highlighted the importance of long-term patient capital to upgrade existing communities and increase development pace [30] Other Important Information - The company has a history of increasing dividends, with a 19% increase since 2020 [18] - The total market capitalization at year-end was approximately $2.5 billion, a 23% increase from the previous year [24] Q&A Session Summary Question: Can you provide more details on the four acquisitions under contract? - The four communities under contract include two in New Jersey and two in Maryland, with a total of 266 sites, all 100% occupied. The purchase price is $24.6 million for the New Jersey properties [32][33] Question: What interest rates should be expected for refinancing with Fannie Mae? - The company anticipates refinancing at rates between 5.5% and 5.75% [38] Question: What factors influenced the G&A increase in Q4? - G&A increased primarily due to additional bonuses accrued for strong operating results, with an overall increase of about 8% [41][42] Question: What are the key factors for the high end of the 2025 guidance range? - The main factors are home sales and acquisitions, with expectations of exceeding the four acquisitions discussed [46][47] Question: What is the expected average price per rental home being purchased? - The average price for rental homes is around $60,000 to $65,000, with setup costs bringing the total to approximately $70,000 to $75,000 [56] Question: How does the company view the potential for increased home sales with changes in financing laws? - Management believes that potential changes in financing laws could significantly increase home sales, as many renters may wish to transition to ownership [80]

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].

Company Operations - As of December 31, 2024, the company operated 139 manufactured home communities with approximately 26,300 developed homesites and 10,300 company-owned rental homes[16]. - The company has quadrupled the number of developed homesites since 2010, acquiring 107 communities with approximately 18,800 homesites[24]. - The company has approximately 2,400 acres of additional land potentially available for future development[26]. - The company operates 139 manufactured home communities, with 45 having their own wastewater treatment facilities, subject to environmental compliance[71]. - The company has a total of 26,259 developed sites with an occupancy rate of 86.5% as of December 31, 2024, compared to 85.8% in the previous year[160]. - The company is currently working on the redevelopment of a community that will consist of 237 sites, with phases I and II fully completed and occupied, and phase III recently completed in 2023[161]. - Approximately 3,400 sites are in various stages of the approval process, which may be developed over the next seven years[162]. - The company has developed a total of 9,500 potential sites from its undeveloped acres[162]. - The Company owned manufactured home properties with an approximate cost of $1.7 billion as of December 31, 2024, consisting of 137 separate communities[165]. Financial Performance - Increased Rental and Related Income by 9% and Community Net Operating Income (NOI) by 10% in 2024[195]. - Normalized Funds from Operations (Normalized FFO) increased by 27%, with Normalized FFO per diluted share rising from $0.86 in 2023 to $0.93 in 2024[195]. - Total Market Capitalization increased by 23% to over $2.5 billion, while Equity Market Capitalization rose by 48% to over $1.5 billion[195]. - Reduced Net Debt to Total Market Capitalization from 31.3% in 2023 to 20.8% in 2024[195]. - The Company raised its quarterly common stock dividend by 4.9% to $0.215 per share, equating to $0.86 annually[195]. - The Company increased its quarterly cash dividends from $0.205 to $0.215 per share during the year ended December 31, 2024, totaling $0.85 per share for the year[185]. Market and Economic Conditions - The company is concentrated in the manufactured housing/residential sector, making it vulnerable to economic downturns in that sector[45]. - The current interest rate environment poses risks that may affect the company's cost of capital and financial results[45]. - The geographic concentration of properties in the Eastern United States exposes the company to local economic downturns[53]. - Economic downturns in the manufactured housing sector could adversely affect the company's financial performance[78]. - Increased competition in the manufactured housing sector could adversely affect occupancy and rental rates, impacting overall profitability[45]. Risks and Compliance - The company faces risks associated with the illiquidity of real estate investments, which may hinder property sales when appropriate[45]. - The company may face challenges in maintaining or increasing rental rates and occupancy levels due to market conditions[49]. - The company is subject to various federal, state, and local taxes on income and property, despite its REIT status[45]. - Changes in tax laws applicable to REITs could adversely affect the company's financial condition and results of operations[45]. - The company faces risks associated with debt financing, including potential foreclosure if mortgage payments are not met[82]. - The company is required to distribute at least 90% of its REIT taxable income to shareholders annually, which may limit its ability to fund future capital needs from retained cash[83]. - Non-compliance with REIT qualification could lead to significant tax liabilities and reduced cash flow available for distributions[95]. Joint Ventures and Investments - The company formed an opportunity zone fund, UMH OZ Fund, LLC, holding a 77% interest, to acquire and develop manufactured home communities in economically distressed areas[15]. - The joint venture with Nuveen Real Estate may limit decision-making authority and expose the company to disputes[79]. - The joint venture with Nuveen Real Estate was established to acquire manufactured housing communities, with an initial equity capital commitment of up to $70 million, potentially increasing to $170 million[168]. - The Company acquired Sebring Square for $22.2 million and Rum Runner for $15.1 million through the joint venture with Nuveen[173]. - In November 2023, a new joint venture entity was formed with Nuveen, focusing on the development of a new manufactured housing community on 61 acres in Pennsylvania, expected to contain 113 sites[175]. Cybersecurity and Technology - The company faces cybersecurity risks that could lead to loss of confidential information and disrupt operations, despite measures in place to mitigate these risks[129]. - The Company has established a comprehensive cybersecurity risk management strategy, including incident response planning and employee training[139]. - The IT Department collaborates with senior management to implement a cybersecurity program to protect information systems and respond to incidents[142]. - The Board and Cybersecurity Subcommittee receive regular updates on cybersecurity risk management practices and developments[141]. - The Company conducts annual reviews of cybersecurity policies and practices, adjusting them based on assessment results[140]. Employee and Governance - The company employs approximately 513 individuals, with 42% of the total employee population being female[35]. - The company is dependent on key personnel, and the loss of management could adversely affect financial condition and cash flow[104]. - Conflicts of interest may arise from related party transactions involving key personnel, potentially impacting corporate governance[106]. - The company may amend its business policies without shareholder approval, which could impact shareholder interests[108]. - The ability to pay distributions in the future is dependent on the company's profitability and cash generation, with no guarantee of regular quarterly distributions[123].

Core Viewpoint - UMH Properties, Inc. has announced the tax treatment of its 2024 distributions to stockholders, detailing the nature of cash distributions for both common and preferred shares during the calendar year ended December 31, 2024 [1]. Distribution Summary - For common shares, total distributions per share for 2024 amount to $0.850, with 19.63% classified as Non-Qualifying Ordinary Income and 80.37% as Return of Capital [3][4]. - For the 6.375% Series D Cumulative Redeemable Preferred shares, total distributions per share for 2024 amount to $1.59375, with 100% classified as Non-Qualifying Ordinary Income [3][4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across multiple states [8].