FREEHOLD, NJ, Oct. 03, 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 third quarter 2024 operating results: 1. As of quarter end, UMH achieved an equity market capitalization of over $1.5 billion. 2. During the third quarter, UMH converted 179 new homes from inventory to revenue generating homes. UMH now owns approximately 10 ...

Core Viewpoint - UMH Properties, Inc. reported minimal damage to its manufactured housing communities due to Hurricane Helene, indicating the resilience of its properties and ensuring the safety of residents and employees [2]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 136 manufactured home communities with approximately 25,800 developed homesites across multiple states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, and Georgia [2]. Impact of Hurricane Helene - The hurricane caused high winds and heavy rain in Florida, Alabama, South Carolina, and Georgia, resulting in minor damage to the communities [2]. - Communities in Tennessee and Ohio experienced downed trees and other minor damages, but overall, the damage was limited [2]. - The company does not anticipate any material impact on its operations or financial results due to the storm [2]. - UMH Properties is prepared to support local, state, and federal government efforts as needed [2].

FREEHOLD, NJ, Oct. 02, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) announced that it will present to the Philadelphia Securities Association (PSA) on Wednesday, October 9, 2024. The Forum will be held at the Union League of Philadelphia, located in Philadelphia, PA. Samuel A. Landy, President and Chief Executive Officer, will present an overview of the Company followed by a question and answer session. It is a luncheon meeting that will start at 11:30 a.m. Eastern Time. The present ...

FREEHOLD, NJ, Sept. 23, 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 Third Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, November 7, 2024, at 10:00 a.m. Eastern Time. UMH's Third Quarter 2024 results will be released on Wednesday, November 6, 2024, after ...

1 E 1 TILE 494 1 1175 JamesBrey Pennsylvania Ohio Indiana New York Tennessee (2) New Jersey Michigan Alabama South Carolin Georgia Maryland Total (2) Introduction In my initial piece on UMH Properties (NYSE:UMH), a specialized REIT with a focus on residential manufactured housing, I noted that the company had been exceuting steady rental increases and improving occupancy, with the potential for further FFO growth in the future. With a balance sheet that could support FFO generation in the fitture, I conclud ...

FREEHOLD, NJ, Aug. 20, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) (TASE: UMH) is pleased to announce that on August 19, 2024, Samuel A. Landy, President and Chief Executive Officer, was inducted into the RV/MH Hall of Fame. Mr. Landy started his career at UMH in 1991 and was promoted to his current role of President and Chief Executive Officer in 1995. Under his leadership, UMH has grown its portfolio of manufactured housing communities from 22 communities containing approximately 4,200 homes ...

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Looking for the best stock you've never heard of? Take a look at this manufactured home community REIT. It's got a solid dividend and long and stable track record. With the S&P 500 a bit wobbly in the last few weeks, many investors are looking for rock-solid stocks to put their money into. The big names of the world are givens, but you might want more of an opportunity than the stocks the rest of the market is also watching. So what about some of the smaller guys? For my money, the first stock I'd turn to i ...

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]