UMH Properties(US:UMH) Globenewswireยท2025-07-02 11:30Core Viewpoint - UMH Properties, Inc. reported strong second quarter operating results, highlighting the effectiveness of its long-term business plan and the successful addition to its Fannie Mae credit facility, which generated approximately $56 million in proceeds for further investments [1][2]. Financial Performance - The company converted 188 new homes from inventory to revenue-generating rental homes in Q2 2025, totaling approximately 10,600 rental homes with an occupancy rate of 94.4% [2]. - Same Property occupancy increased by 76 units in Q2 and 251 units year-over-year, reaching 88.2% [2]. - Gross home sales revenue reached $10.3 million, a 17% increase from $8.8 million in the previous year [2]. - Rental and related charges for Q2 were $55.9 million, up 8.5% from $51.5 million last year, with a 9.2% increase in same property charges compared to July 2024 [2]. Refinancing and Investments - The addition of ten communities to the Fannie Mae credit facility generated total proceeds of approximately $101.4 million, with a fixed interest rate of 5.855%. These communities were appraised at $163.5 million, reflecting a 146% increase in value from the company's cost basis of $66.6 million [2]. - The company issued approximately 1.8 million shares of Common Stock at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million [2]. Future Outlook - The company anticipates continued sales and occupancy growth throughout the year, with a target of converting 800 new rental homes in 2025, supported by over 500 new homes in various stages of setup [1].