UMH Properties(UMH) - 2025 Q3 - Quarterly Results

Financial Performance - Rental and related income for Q3 FY 2025 was $57,771,000, a 10.8% increase from $51,937,000 in Q3 FY 2024[4] - Community operating expenses increased to $24,334,000 in Q3 FY 2025, up from $22,511,000 in Q3 FY 2024, resulting in a community NOI of $33,437,000, a 13.8% increase year-over-year[4] - Net income attributable to common shareholders decreased to $4,211,000 in Q3 FY 2025 from $8,181,000 in Q3 FY 2024, reflecting a decline of 48.7%[4] - Adjusted EBITDA excluding non-recurring expenses for Q3 FY 2025 was $33,518,000, compared to $29,138,000 in Q3 FY 2024, marking a 15.8% increase[4] - Total income for the three months ended September 30, 2025, was $66,918,000, an increase of 10.5% compared to $60,671,000 for the same period in 2024[8] - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $6,472,000, up 164.5% from $2,444,000 in 2024[10] - Adjusted EBITDA for the nine months ended September 30, 2025, reached $93,419,000, representing a 11.4% increase from $83,527,000 in 2024[10] - Cash flows from operating activities for the nine months ended September 30, 2025, were $60,643,000, compared to $54,331,000 in 2024, reflecting a growth of 11.5%[9] Assets and Liabilities - Total assets as of September 30, 2025, were $1,629,535,000, an increase from $1,501,533,000 as of September 30, 2024[4] - Total liabilities increased to $703,122,000 as of September 30, 2025, compared to $643,148,000 as of September 30, 2024[4] - The company reported a net cash used in investing activities of $164,736,000 for the nine months ended September 30, 2025, compared to $97,014,000 in 2024[9] - Total debt increased to $672,538,000 from $614,944,000 year-over-year, representing a rise of 9.3%[12] - The net debt less securities was $606,739,000, up from $514,062,000, indicating a 17.9% increase year-over-year[12] Market Capitalization - The company reported a total market capitalization of $2,259,611,000 as of September 30, 2025, down from $2,469,691,000 a year earlier[4] - As of September 30, 2025, the equity market capitalization was $1,265,188,000, a decrease of 18.2% from $1,547,969,000 on September 30, 2024[12] Shareholder Returns - Normalized FFO attributable to common shareholders for Q3 FY 2025 was $21,313,000, up from $18,462,000 in Q3 FY 2024, representing a 10% increase[4] - Dividends per common share increased to $0.225 in Q3 FY 2025 from $0.215 in Q3 FY 2024, reflecting a growth of 4.7%[4] - Basic and diluted net income attributable to common shareholders per share for the three months ended September 30, 2025, was $0.05, down from $0.11 in 2024[8] Community and Occupancy - The number of communities increased to 144 in Q3 FY 2025 from 139 in Q3 FY 2024, with total sites rising to 26,871 from 26,189[4] - As of September 30, 2025, UMH Communities reported a total of 26,400 sites, an increase of 2.2% from 25,826 sites in the previous year[25] - Occupied sites increased by 788 to 23,353, reflecting a growth of 3.5% year-over-year[25] - The occupancy rate improved by 110 basis points to 88.5% compared to 87.4% in September 2024[25] Rental Income and Rates - Rental and related income for the three months ended September 30, 2025, was $56,210,000, a 9.4% increase from $51,374,000 in the same period last year[28] - Monthly rent per site increased by 6.0% to $566 from $534 in the previous year[25] - The average monthly rent per home rental, including site, rose to $1,027, a 6.0% increase from $969[25] - Same Property Community NOI for the nine months ended September 30, 2025, was $100,404,000, up 10.1% from $91,180,000 in 2024[28] - Total rentals for the three months ended September 30, 2025, reached 10,607, a 5.0% increase from 10,103 rentals in the same period last year[28] Debt and Interest - The interest coverage ratio improved to 3.7x for the nine months ended September 30, 2025, compared to 3.3x for the same period in 2024[12] - The weighted average interest rate for total debt was 4.83%, up from 4.36% in the previous year[13] - Fixed rate mortgages accounted for 99.2% of total debt, indicating a stable debt structure[13] - The total fixed charges amounted to $40,973,000, slightly higher than $39,656,000 in the previous year[12] Acquisitions - The company completed the acquisition of one community on October 7, 2025, adding 130 sites with an occupancy rate of 32%[32] - The company has acquired a total of 587 sites in 2025, with an average occupancy of 78% at the time of acquisition[32] Other Financial Metrics - The company incurred total expenses of $54,103,000 for the three months ended September 30, 2025, which is a 10.5% increase from $48,911,000 in the same period of 2024[8] - The weighted average common shares outstanding for the three months ended September 30, 2025, were 84,985,000, compared to 75,610,000 in 2024[8] - The company issued Series B Bonds totaling $80,230,000, which were not present in the previous year[16][17] - The net realized gain on sale of securities for the nine months ended September 30, 2025, was $1,122,000[23] - The adjusted EBITDA excluding non-recurring other expense was $94,263,000, an increase of 12.5% from $84,152,000 in the previous year[12]