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FREEHOLD, NJ, Aug. 08, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) is proud to promote T.C. Sheppard to Senior Vice President of Sales and Consumer Finance. Samuel A. Landy, President and Chief Executive Officer, commented, "T.C. has excelled in his prior role of Vice President of Consumer Finance. Since his last promotion in 2020, sales have increased from $20.3 million in 2020 to $31.2 million in 2023, or an increase of 54%. Additionally, our notes receivable portfolio has increased from $44 ...

Financial Data and Key Metrics Changes - Normalized FFO per share for Q2 2024 was $0.23, up from $0.21 in Q2 2023, representing a 10% increase [5][17] - Sequentially, normalized FFO increased from $0.22 in Q1 2024 to $0.23 in Q2 2024, a 5% increase [6][17] - Rental and related income for Q2 2024 was $51.5 million, compared to $47.1 million a year ago, a 9% increase [18] - Community NOI increased from $27.9 million in Q2 2023 to $30.9 million in Q2 2024, an 11% increase [18] Business Line Data and Key Metrics Changes - Overall occupancy increased by 64 units to 87% during the quarter, with year-over-year occupancy up by 430 units or 195 basis points [7] - Same property income increased by 9% year-over-year, while expenses grew by 6%, resulting in an 11% increase in same property NOI [8] - The company sold 105 homes during the quarter, generating approximately $8.8 million in gross home sales revenue, a 7% increase from the previous year [9] Market Data and Key Metrics Changes - The rental home occupancy rate improved to 95% compared to 94% last year [10] - The company financed approximately 66% of home sales, with a 2% repossession rate on an annual basis [9] Company Strategy and Development Direction - The company aims to fill its 3,300 vacant sites and develop its expansion land over the next five years, which is expected to significantly increase profitability [25] - UMH is focused on addressing the affordable housing crisis by innovating housing solutions, including the development of duplex units [24] - The company is on track to add approximately 300 expansion sites this year, with significant investments in capital improvements [12] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about continued earnings growth, citing strong demand for home sales and rentals [6][15] - The company is well-positioned to capitalize on the current housing shortage, which is estimated at 4 million units [24][49] - Management anticipates increased sales and profits due to expansions in favorable locations [34] Other Important Information - The company has a strong balance sheet with a net debt-to-total market capitalization of less than 30% [16] - UMH has initiated guidance for the remainder of 2024, projecting normalized FFO in a range of $0.91 to $0.95 per diluted share [23] Q&A Session Summary Question: Can you provide a rough range of how much of the $110 million to $120 million capital needs will be from refinancing? - Management expects approximately 50% debt to equity in their internal expansion plan, estimating $110 million to $140 million of internal investments [27] Question: Will there be non-refinancing of mortgages in 2024? - Management confirmed that refinancing will not start until 2025 [28] Question: How do home sales impact rental pace? - Management clarified that they are always adding rental homes while selling older homes, impacting the net increase in rental units [30] Question: What is the expected same store NOI growth trajectory for the second half of 2024? - Management expects high double-digit and likely low double-digit same property NOI growth, assuming continued demand and rent increases [33] Question: How are interest rates affecting the acquisition market? - Management believes higher interest rates may lead to more sellers in the market, which could benefit the company [40][41] Question: What is the potential size of the Vineland, New Jersey joint venture? - Management hopes for 150 lots, potentially generating $30 million for UMH if all goes as planned [47][49]

Financial Performance - For the quarter ended June 2024, UMH Properties reported revenue of $60.33 million, reflecting a 9.1% increase year-over-year [1] - The earnings per share (EPS) was $0.23, a significant improvement from -$0.07 in the same quarter last year [1] - The reported revenue exceeded the Zacks Consensus Estimate of $59.84 million by 0.82% [1] - The company delivered an EPS surprise of 4.55%, with the consensus EPS estimate being $0.22 [1] Key Metrics - Sales of Manufactured Homes amounted to $8.83 million, surpassing the average estimate of $8.47 million by two analysts, representing a year-over-year change of 7.4% [3] - Rental and Related Income reached $51.49 million, slightly above the average estimate of $51.36 million based on two analysts, indicating a year-over-year increase of 9.4% [4] - The diluted net income per share was $0.01, compared to the average estimate of -$0.02 from three analysts [5] Stock Performance - Shares of UMH have returned 10.7% over the past month, contrasting with the Zacks S&P 500 composite's decline of 6.7% [5] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [5]

FREEHOLD, NJ, Aug. 06, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended June 30, 2024 of $60.3 million as compared to $55.3 million for the quarter ended June 30, 2023, representing an increase of 9%. Net Income Attributable to Common Shareholders amounted to $527,000 or $0.01 per diluted share for the quarter ended June 30, 2024 as compared to a Net Loss of $4.4 million or $0.07 per diluted share for the quarter ended June 30, 2023. Normalized ...

FREEHOLD, NJ, July 10, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate investment trust (REIT) specializing in the ownership and operation of manufactured home communities, is providing investors with an update on our second quarter 2024 operating results: "We have positioned the company with a strong balance sheet so that we can continue to invest in new homes, capital improvements and the expansion of our communities, which will enhance the long-term value of our portfol ...

Core Insights - UMH Properties, Inc. continues to experience strong demand for sales and rentals, leading to significant income and occupancy growth [5] - The company has converted 144 new homes into revenue-generating rental homes, increasing its total rental homes to approximately 10,100 with a 95% occupancy rate [1] - Gross home sales revenue for the second quarter reached $8.8 million, a 7% increase from $8.2 million in the previous year [2][1] Financial Performance - Overall occupancy increased by 196 units year-to-date, reaching 87%, with a 64-unit increase in the second quarter alone [1] - Year-over-year occupancy growth amounted to 430 units, translating to a 195 basis point increase in the occupancy rate [1] - The rental and related charges for June 2024 increased by 10%, resulting in an annualized monthly rent roll of $207 million [1] Inventory and Sales Strategy - The company operates with just-in-time inventory, having replenished its stock in the first half of the year to support further occupancy and revenue growth [2] - Currently, there are 315 homes ready for occupancy or being set up, with an additional 140 homes expected to be delivered soon [2] Future Outlook - The company maintains a strong balance sheet, allowing for continued investment in new homes and capital improvements, which will enhance long-term portfolio value and earnings per share [6] - UMH is prepared to acquire new communities when accretive investment opportunities arise [6]

FREEHOLD, NJ, July 01, 2024 (GLOBE NEWSWIRE) -- On July 1, 2024, the Board of Directors of UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) declared its quarterly cash dividend on the Company's Common Stock of $0.215 per share payable September 16, 2024, to shareholders of record at the close of business on August 15, 2024. The Company's annual dividend rate on its Common Stock is $0.86 per share. Also, on July 1, 2024, the Board of Directors declared a quarterly dividend of $0.3984375 per share for the period fr ...

UMH's Second Quarter 2024 results will be released on Tuesday, August 6, 2024, after the close of trading on the New York Stock Exchange and will be available on the Company's website at www.umh.reit, in the Financials section. UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Mary ...

FREEHOLD, NJ, June 26, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate investment trust (REIT) specializing in manufactured home communities, announced that it will host its Second Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, August 7, 2024, at 10:00 a.m. Eastern Time. UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and ...