UMH Properties(UMH) - 2024 Q4 - Annual Results

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]