FREEHOLD, NJ, May 01, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended March 31, 2025 of $61.2 million as compared to $57.7 million for the quarter ended March 31, 2024, representing an increase of 6%. Net Loss Attributable to Common Shareholders amounted to $271,000 or $0.00 per diluted share for the quarter ended March 31, 2025 as compared to a Net Loss of $6.3 million or $0.09 per diluted share for the quarter ended March 31, 2024. Funds from ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) Contains UMH Properties' unaudited consolidated financial statements and management's discussion for the quarter ended March 31, 2025 [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents UMH Properties' unaudited consolidated financial statements for Q1 2025, including balance sheets, income statements, equity, cash flows, and explanatory notes [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Provides a snapshot of assets, liabilities, and shareholders' equity for UMH Properties at March 31, 2025, and December 31, 2024 Consolidated Balance Sheet Highlights (in thousands) | Item | March 31, 2025 | December 31, 2024 | Change | % Change | | :-------------------------------- | :------------- | :---------------- | :----- | :------- | | **Assets:** | | | | | | Net Investment Property and Equipment | $1,257,256 | $1,228,899 | $28,357 | 2.31% | | Cash and Cash Equivalents | $35,199 | $99,720 | $(64,521) | -64.70% | | Inventory of Manufactured Homes | $41,008 | $34,982 | $6,026 | 17.23% | | Land Development Costs | $45,815 | $33,868 | $11,947 | 35.28% | | TOTAL ASSETS | $1,549,306 | $1,563,728 | $(14,422) | -0.92% | | **Liabilities:** | | | | | | Mortgages Payable, net | $476,372 | $485,540 | $(9,168) | -1.89% | | Total Liabilities | $635,111 | $647,819 | $(12,708) | -1.96% | | **Shareholders' Equity:** | | | | | | Total Shareholders' Equity | $914,195 | $915,909 | $(1,714) | -0.19% | [Consolidated Statements of Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) Details UMH Properties' revenues, expenses, and net income (loss) for the three months ended March 31, 2025, and 2024 Consolidated Statements of Income (Loss) (in thousands, except per share amounts) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | % Change | | :------------------------------------ | :-------------------------------- | :-------------------------------- | :----- | :------- | | Rental and Related Income | $54,574 | $50,329 | $4,245 | 8.43% | | Sales of Manufactured Homes | $6,651 | $7,351 | $(700) | -9.52% | | Total Income | $61,225 | $57,680 | $3,545 | 6.15% | | Total Expenses | $51,651 | $48,408 | $3,243 | 6.70% | | Net Income (Loss) | $4,810 | $(1,625) | $6,435 | -396.00% | | Net Loss Attributable to Common Shareholders | $(271) | $(6,264) | $5,993 | -95.67% | | Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted | $(0.00) | $(0.09) | $0.09 | -100.00% | [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) Outlines changes in UMH Properties' shareholders' equity, including common and preferred stock, for the three months ended March 31, 2025 Shareholders' Equity Changes (in thousands) | Item | Balance Dec 31, 2024 | Balance Mar 31, 2025 | Change | | :------------------------------------------ | :------------------- | :------------------- | :----- | | Common Stock (Amount) | $8,191 | $8,283 | $92 | | Preferred Stock (Series D) | $320,572 | $321,804 | $1,232 | | Additional Paid-In Capital | $610,630 | $607,640 | $(2,990) | | Total UMH Properties, Inc. Shareholders' Equity | $914,029 | $912,363 | $(1,666) | | Total Shareholders' Equity | $915,909 | $914,195 | $(1,714) | - Common Stock Issued: * DRIP: **152,000 shares** * Restricted Stock Awards: **224,000 shares** * Stock Options: **25,000 shares** * At-The-Market Offerings: **515,000 shares**[14](index=14&type=chunk) - Preferred Stock Issued: * At-The-Market Offerings: **$1,232,000**[14](index=14&type=chunk) [Consolidated Statements of Cash Flows](index=9&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Summarizes UMH Properties' cash flows from operating, investing, and financing activities for the three months ended March 31, 2025, and 2024 Consolidated Statements of Cash Flows (in thousands) | Activity | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | Change | | :-------------------------------- | :-------------------------------- | :-------------------------------- | :----- | | Net Cash Provided by Operating Activities | $12,779 | $19,048 | $(6,269) | | Net Cash Used in Investing Activities | $(56,411) | $(25,424) | $(30,987) | | Net Cash Used in Financing Activities | $(18,693) | $(8,849) | $(9,844) | | Net Decrease in Cash, Cash Equivalents and Restricted Cash | $(62,325) | $(15,225) | $(47,100) | | Cash, Cash Equivalents and Restricted Cash at End of Period | $46,486 | $49,212 | $(2,726) | [Notes To Consolidated Financial Statements](index=10&type=section&id=Notes%20To%20Consolidated%20Financial%20Statements) Provides critical context to financial statements, detailing UMH Properties' REIT organization, business, accounting policies, and significant financial items [NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES](index=10&type=section&id=NOTE%201%20%E2%80%93%20ORGANIZATION%20AND%20ACCOUNTING%20POLICIES) Details UMH Properties' structure as a REIT, its core business of operating manufactured home communities, and key accounting principles - UMH Properties, Inc. operates as a REIT, primarily deriving income from real estate rental operations of **141 manufactured home communities** (approx. **26,500 homesites**, **10,400 Company-owned rental homes**) across **12 states**[20](index=20&type=chunk) - The Company's wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (S&F), sells manufactured homes to fill vacancies and enhance community value[20](index=20&type=chunk) - The Company holds a **77% controlling interest** in its qualified opportunity zone fund, created in 2022 to acquire, develop, and redevelop manufactured housing communities in Qualified Opportunity Zones[20](index=20&type=chunk) - A joint venture with Nuveen Real Estate is developing a new **113-site manufactured home community** in Honey Brook, Pennsylvania, expected to open end of Q2 2025[20](index=20&type=chunk) - Management views the business as a single segment, focusing on increasing occupancy in communities through leasing homesites and homes, with home sales integrated to support this goal[21](index=21&type=chunk) [NOTE 2 – NET INCOME (LOSS) PER SHARE](index=14&type=section&id=NOTE%202%20%E2%80%93%20NET%20INCOME%20(LOSS)%20PER%20SHARE) Explains the calculation of net income (loss) per share, including the treatment of anti-dilutive common stock equivalents - For the three months ended March 31, 2025 and 2024, **944,000** and **406,000 common stock equivalents**, respectively, were excluded from diluted net loss per share calculation as they were anti-dilutive[44](index=44&type=chunk) [NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT](index=14&type=section&id=NOTE%203%20%E2%80%93%20INVESTMENT%20PROPERTY%20AND%20EQUIPMENT) Details UMH Properties' investment property and equipment, including recent acquisitions and their purchase price allocation - On March 24, 2025, the Company acquired two age-restricted communities, Cedar Grove and Maplewood Village, in Mantua, New Jersey, for approximately **$24.6 million**. These communities contain **266 newly developed homesites**, **100% occupied**[45](index=45&type=chunk) Purchase Price Allocation for Acquisitions (in thousands) | Assets Acquired | At Acquisition Date | | :---------------- | :------------------ | | Land | $1,448 | | Depreciable Property | $23,919 | | Total Assets Acquired | $25,367 | [NOTE 4 – MARKETABLE SECURITIES](index=15&type=section&id=NOTE%204%20%E2%80%93%20MARKETABLE%20SECURITIES) Provides information on UMH Properties' marketable securities portfolio, including fair value and unrealized gains or losses - As of March 31, 2025, marketable securities, primarily common and preferred stock of other REITs, had a fair value of **$30.3 million**, representing **1.5% of undepreciated assets**[47](index=47&type=chunk) - The Company recorded a **$1.6 million decrease** in the fair value of marketable securities for the three months ended March 31, 2025, and had total net unrealized losses of **$40.1 million** in its REIT securities portfolio[48](index=48&type=chunk) [NOTE 5- INVESTMENT IN JOINT VENTURE](index=15&type=section&id=NOTE%205-%20INVESTMENT%20IN%20JOINT%20VENTURE) Describes UMH Properties' joint ventures, including partnerships for acquiring and developing manufactured housing communities - In December 2021, the Company established a joint venture with Nuveen Real Estate to acquire and develop manufactured housing/RV communities, with Nuveen funding **60%** and the Company **40%** of equity capital[49](index=49&type=chunk) - The initial joint venture acquired Sebring Square (**$22.2 million**, **219 homesites**) and Rum Runner (**$15.1 million**, **144 homesites**) in Florida[55](index=55&type=chunk) - In November 2023, a new joint venture entity was formed with Nuveen for the development of a new **113-site manufactured housing community** in Honey Brook, Pennsylvania, expected to open by the end of Q2 2025[57](index=57&type=chunk) [NOTE 6 - OPPORTUNITY ZONE FUND](index=18&type=section&id=NOTE%206%20-%20OPPORTUNITY%20ZONE%20FUND) Details UMH Properties' investment in its qualified opportunity zone fund for acquiring and redeveloping manufactured housing communities - In July 2022, the Company invested **$8.0 million** in the UMH OZ Fund, LLC, created to acquire, develop, and redevelop manufactured housing communities in Qualified Opportunity Zones[60](index=60&type=chunk) - The OZ Fund acquired Garden View Estates (**$5.2 million**) in South Carolina and Mighty Oak (**$3.7 million**) in Georgia[60](index=60&type=chunk) - As of March 31, 2025, the Company's investment in the OZ Fund represented **77% of total capital contributed** and is consolidated in the financial statements[60](index=60&type=chunk) [NOTE 7 - DEBT](index=19&type=section&id=NOTE%207%20-%20DEBT) Outlines UMH Properties' debt structure, including loans payable, mortgages, and available credit facilities Loans Payable Summary (in thousands) | Loan Type | March 31, 2025 Amount | March 31, 2025 Rate | December 31, 2024 Amount | December 31, 2024 Rate | | :-------------------------------- | :-------------------- | :------------------ | :----------------------- | :----------------------- | | Floorplan inventory financing | $6,025 | 7.88% | $5,479 | 8.27% | | FirstBank rental home loan | $23,858 | 6.15% | $24,033 | 6.15% | | Total Loans Payable | $29,883 | 6.50% | $29,512 | 6.54% | | Loans Payable, net of unamortized debt issuance costs | $28,814 | 6.74% | $28,279 | 6.83% | - The Company has an unsecured revolving credit facility of **$260 million** with BMO, JPMorgan Chase, and Wells Fargo, maturing November 7, 2026[63](index=63&type=chunk) - Series A Bonds: **$102.7 million** of **4.72% Series A Bonds** due 2027, issued in Israel, principal and interest linked to U.S. Dollar[65](index=65&type=chunk) Mortgages Payable Summary (in thousands) | Item | March 31, 2025 Amount | March 31, 2025 Weighted Average Rate | December 31, 2024 Amount | December 31, 2024 Weighted Average Rate | | :------------------------------------------ | :-------------------- | :----------------------------------- | :----------------------- | :----------------------------------- | | Fixed rate mortgages | $479,879 | 4.18% | $489,271 | 4.18% | | Mortgages Payable, net of unamortized debt issuance costs | $476,372 | 4.21% | $485,540 | 4.21% | - On February 28, 2025, the Company paid off one mortgage totaling **$6.4 million**. Subsequent to quarter end, **$39.3 million** in mortgages were paid down, and **$40 million** was drawn on the unsecured line of credit[69](index=69&type=chunk)[106](index=106&type=chunk) [NOTE 8 - SHAREHOLDERS' EQUITY](index=21&type=section&id=NOTE%208%20-%20SHAREHOLDERS'%20EQUITY) Details changes in UMH Properties' shareholders' equity, including dividend increases and stock offerings - On April 1, 2025, the Company announced a **4.7% increase** in its quarterly common stock dividend, raising it to **$0.225 per share** from **$0.215 per share**, marking the fifth consecutive increase in five years (**25% cumulative increase**)[71](index=71&type=chunk)[107](index=107&type=chunk) - During Q1 2025, **515,000 shares of Common Stock** were sold under the September 2024 Common ATM Program, generating **$9.2 million net proceeds**. As of March 31, 2025, **$80.4 million** remained eligible for sale[74](index=74&type=chunk)[76](index=76&type=chunk) - During Q1 2025, **49,000 shares of Series D Preferred Stock** were sold under the 2023 Preferred ATM Program, generating **$982,000 net proceeds**. A new 2025 Preferred ATM Program for up to **$100 million** was implemented on March 5, 2025[79](index=79&type=chunk)[80](index=80&type=chunk) - Authorized capital stock increased to **205,413,800 shares**, including **183,713,800 Common Stock**, **18,700,000 Series D Preferred Stock**, and **3,000,000 Excess Stock**[82](index=82&type=chunk) [NOTE 9 – STOCK BASED COMPENSATION](index=23&type=section&id=NOTE%209%20%E2%80%93%20STOCK%20BASED%20COMPENSATION) Provides information on UMH Properties' stock-based compensation plans, including costs recognized and outstanding awards - Total stock compensation costs recognized for Q1 2025 were **$3.1 million** (**$1.3 million capitalized**), compared to **$1.8 million** (**$491,000 capitalized**) for Q1 2024[83](index=83&type=chunk) - Awards in Q1 2025 included: * **26,000 restricted stock shares** to employees (grant date fair value **$473,000**) * **7,479 common stock shares** to directors (**$136,000**) * **179,944 restricted stock shares** to employees (**$3.3 million**), subject to performance and time-based vesting * Options to purchase **541,500 common stock shares** to employees (**$1.9 million**)[84](index=84&type=chunk)[86](index=86&type=chunk)[87](index=87&type=chunk) - As of March 31, 2025, **5.9 million options** were outstanding with an aggregate intrinsic value of **$19.3 million**. Shareholders will vote on increasing available shares for future awards by **2,250,000**[90](index=90&type=chunk) [NOTE 10 - FAIR VALUE MEASUREMENTS](index=25&type=section&id=NOTE%2010%20-%20FAIR%20VALUE%20MEASUREMENTS) Presents fair value measurements for UMH Properties' marketable securities and fixed rate mortgages payable Fair Value Measurements of Marketable Securities (in thousands) | Item | March 31, 2025 Total | Level 1 (Quoted Prices) | December 31, 2024 Total | Level 1 (Quoted Prices) | | :------------------------------ | :------------------- | :---------------------- | :---------------------- | :---------------------- | | Marketable Securities - Preferred stock | $565 | $565 | $509 | $509 | | Marketable Securities - Common stock | $29,763 | $29,763 | $31,374 | $31,374 | | Total | $30,328 | $30,328 | $31,883 | $31,883 | - As of March 31, 2025, the estimated fair value of fixed rate mortgages payable was **$473.7 million**, compared to a carrying value of **$479.9 million**[92](index=92&type=chunk) [NOTE 11 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS](index=26&type=section&id=NOTE%2011%20%E2%80%93%20CONTINGENCIES,%20COMMITMENTS%20AND%20OTHER%20MATTERS) Details UMH Properties' contingent liabilities, commitments, and other significant matters, including repurchase obligations and pending acquisitions - The Company has repurchase obligations with 21st Mortgage for defaulted manufactured home loans, totaling approximately **$2.1 million** for its own communities and **$496,000** for acquired communities as of March 31, 2025. This program was terminated on June 22, 2023, but obligations for outstanding loans remain[94](index=94&type=chunk) - The Company acquired approximately **$87.7 million** in loans under the Triad Financial Services Chattel Loan Origination, Sale and Servicing Agreement (COP Program) as of March 31, 2025[96](index=96&type=chunk) - A pending agreement to purchase two manufactured home communities in Maryland for approximately **$14.6 million** is expected to close in Q2 2025[99](index=99&type=chunk) - The Company entered a preliminary agreement with a national homebuilder for a potential joint venture to develop **131 acres** in southern New Jersey for luxury single-family residential homes, contingent on governmental approvals and definitive documentation[100](index=100&type=chunk) [NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION](index=28&type=section&id=NOTE%2012%20-%20SUPPLEMENTAL%20CASH%20FLOW%20INFORMATION) Provides additional details on UMH Properties' cash flow activities, including cash paid for interest and capitalized costs Supplemental Cash Flow Information (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------ | :-------------------------------- | :-------------------------------- | | Cash paid for interest | $6,600 | $7,800 | | Interest cost capitalized to land development | $1,300 | $1,100 | | Stock compensation capitalized to land development | $1,300 | $491 | | Dividend Reinvestments | $836 | $712 | [NOTE 13– SUBSEQUENT EVENTS](index=28&type=section&id=NOTE%2013%E2%80%93%20SUBSEQUENT%20EVENTS) Reports significant events occurring after the balance sheet date, including stock sales, debt payments, and dividend increases - Since April 1, 2025, the Company issued and sold an additional **1.2 million shares of Common Stock** under the September 2024 Common ATM Program, generating **$21.5 million net proceeds**[105](index=105&type=chunk) - On April 1, 2025, the Company paid down nine mortgages totaling **$39.3 million** and drew **$40 million** on its unsecured line of credit[106](index=106&type=chunk) - On April 1, 2025, the Company announced a **4.7% increase** in its quarterly common stock dividend to **$0.225 per share**[107](index=107&type=chunk) [NOTE 14 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)](index=28&type=section&id=NOTE%2014%20%E2%80%93%20PROFORMA%20FINANCIAL%20INFORMATION%20(UNAUDITED)) Presents unaudited pro forma condensed financial information for UMH Properties, including income and loss figures Unaudited Pro Forma Condensed Financial Information (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Rental and Related Income | $54,963 | $50,795 | | Community Operating Expenses | $23,040 | $21,110 | | Net Loss Attributable to Common Shareholders | $(3,873) | $(10,586) | | Net Loss Attributable to Common Shareholders per Share – Basic and Diluted | $(0.05) | $(0.15) | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management's discussion and analysis of UMH Properties' financial condition and results of operations for Q1 2025, covering business overview, acquisitions, policies, and liquidity [Overview](index=29&type=section&id=Overview) Provides an overview of UMH Properties' business as a REIT, its operational focus, and key performance highlights for Q1 2025 - UMH Properties, Inc. operates as a self-administered, self-managed REIT, owning and operating **141 manufactured home communities** with approximately **26,500 homesites** and **10,400 Company-owned rental homes** across **12 states**[111](index=111&type=chunk)[112](index=112&type=chunk) - The Company's business model focuses on leasing manufactured homesites and homes, with home sales integrated to increase occupancy. It also engages in joint ventures (Nuveen Real Estate) and a qualified opportunity zone fund for development and acquisitions[111](index=111&type=chunk)[116](index=116&type=chunk) - For Q1 2025, rental and related income increased **8%**, and Community Net Operating Income (NOI) increased **8%**. Same property NOI increased **8%** due to a **70 basis point increase in occupancy** (to **87.9%**) and **4.3% rental rate increases**[118](index=118&type=chunk) - The macro-economic environment, characterized by high mortgage rates and low housing inventory, favors home rentals. The Company added **72 rental homes** in Q1 2025, bringing the total to approximately **10,400**, with rental home occupancy at **94.6%**[119](index=119&type=chunk) [Acquisitions](index=31&type=section&id=Acquisitions) Details UMH Properties' community acquisitions during Q1 2025, including purchase prices and site information Communities Acquired During Q1 2025 | Community | Date of Acquisition | State | Number of Sites | Purchase Price (in thousands) | Number of Acres | Occupancy at Acquisition | | :-------------- | :------------------ | :---- | :-------------- | :---------------------------- | :-------------- | :----------------------- | | Cedar Grove | March 24, 2025 | NJ | 186 | $17,000 | 25 | 100% | | Maplewood Village | March 24, 2025 | NJ | 80 | $7,600 | 13 | 100% | | Total | | | 266 | $24,600 | 38 | 100% | [Significant Accounting Policies and Estimates](index=31&type=section&id=Significant%20Accounting%20Policies%20and%20Estimates) Confirms no material changes to UMH Properties' significant accounting policies and estimates from the prior annual report - Management believes there have been no material changes to the significant accounting policies and estimates disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024[123](index=123&type=chunk) [Supplemental Measures](index=32&type=section&id=Supplemental%20Measures) Presents UMH Properties' non-GAAP financial measures, including Community NOI, FFO, and Normalized FFO, for performance assessment - The Company uses non-U.S. GAAP financial measures: Community Net Operating Income (Community NOI), Funds from Operations Attributable to Common Shareholders (FFO), and Normalized Funds from Operations Attributable to Common Shareholders (Normalized FFO) to assess operating performance[125](index=125&type=chunk) Community NOI (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :-------------------------- | :-------------------------------- | :-------------------------------- | | Rental and Related Income | $54,574 | $50,329 | | Less: Community Operating Expenses | $(23,029) | $(21,097) | | Community NOI | $31,545 | $29,232 | FFO and Normalized FFO Attributable to Common Shareholders (in thousands) | Item | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Net Loss Attributable to Common Shareholders | $(271) | $(6,264) | | Depreciation Expense | $16,663 | $14,741 | | Depreciation Expense from Unconsolidated Joint Venture | $217 | $197 | | Loss on Sales of Investment Property and Equipment | $1 | $3 | | Decrease in Fair Value of Marketable Securities | $1,562 | $5,369 | | **FFO Attributable to Common Shareholders** | **$18,172** | **$14,046** | | Adjustments: | | | | Amortization of Financing Costs | $599 | $556 | | Non-Recurring Other Expense | $49 | $415 | | **Normalized FFO Attributable to Common Shareholders** | **$18,820** | **$15,017** | [Changes In Results Of Operations](index=34&type=section&id=Changes%20In%20Results%20Of%20Operations) Analyzes changes in UMH Properties' revenues, expenses, and other income/expense items for the three months ended March 31, 2025 - Rental and related income increased **8% to $54.6 million** in Q1 2025 (from **$50.3 million** in Q1 2024), driven by higher rental rates (**5-6% annually**) and a **70 basis point increase in same property occupancy to 87.9%**. Occupied rental homes increased **4% to 9,900**[131](index=131&type=chunk) - Community operating expenses increased **9% to $23.0 million** in Q1 2025 (from **$21.1 million** in Q1 2024), primarily due to increases in payroll, real estate taxes, snow removal, and water/sewer costs[132](index=132&type=chunk) - Community NOI increased **8% to $31.5 million** in Q1 2025 (from **$29.2 million** in Q1 2024). The operating expense ratio was **42.2%** in Q1 2025, up from **41.9%** in Q1 2024[133](index=133&type=chunk) - Sales of manufactured homes decreased **10% to $6.7 million** (**71 homes**) in Q1 2025 (from **$7.4 million**, **95 homes** in Q1 2024). Gross profit percentage improved to **35%** from **24%**[134](index=134&type=chunk) - General and administrative expenses increased **12% to $6.0 million** in Q1 2025 (from **$5.4 million** in Q1 2024), mainly due to higher payroll and professional fees. As a percentage of gross revenue, it was **9.4%** in Q1 2025 vs **9.0%** in Q1 2024[137](index=137&type=chunk) - Depreciation expense increased **13% to $16.7 million** in Q1 2025 (from **$14.7 million** in Q1 2024) due to increased rental homes and expansions[138](index=138&type=chunk) - Interest income increased **44% to $2.3 million** in Q1 2025 (from **$1.6 million** in Q1 2024), driven by an increase in average notes receivable balance (**$90.4 million** vs **$74.1 million**) and interest on excess cash[139](index=139&type=chunk) - Decrease in fair value of marketable securities was **$1.6 million** in Q1 2025, significantly lower than **$5.4 million** in Q1 2024[140](index=140&type=chunk) - Interest expense decreased **21% to $5.9 million** in Q1 2025 (from **$7.5 million** in Q1 2024) due to a decrease in the average balance of mortgages and loans (**$509.5 million** vs **$580.6 million**) and a lower weighted average interest rate (**4.4%** vs **4.6%**)[141](index=141&type=chunk) [Changes in Financial Condition](index=36&type=section&id=Changes%20in%20Financial%20Condition) Discusses changes in UMH Properties' balance sheet items, including investment property, marketable securities, and debt - Total investment property increased **3% or $43.8 million** in Q1 2025, driven by the addition of **109 rental homes (net)** and the acquisition of two communities for **$24.6 million**. Occupancy rate on rental homes increased **60 basis points to 94.6%**[143](index=143&type=chunk) - Marketable securities decreased **5% or $1.6 million** due to a net decrease in fair value[144](index=144&type=chunk) - Land development costs increased **35% or $11.9 million** due to increased expansion projects, with **158 expansion sites** anticipated for 2025[144](index=144&type=chunk) - Mortgages payable, net, decreased **2% or $9.2 million** due to principal payments, including a **$6.4 million payoff**[145](index=145&type=chunk) - Loans payable, net, remained relatively stable during Q1 2025[145](index=145&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) Outlines UMH Properties' liquidity demands and capital resources, including cash, credit facilities, and market capitalization - The Company's liquidity demands include shareholder distributions, acquisitions, capital improvements, debt service, and purchases of manufactured homes. These are funded by real estate income, sales, refinancing, bank borrowings, lines of credit, DRIP, and capital markets access (ATM Programs)[146](index=146&type=chunk) - As of March 31, 2025, the Company had **$35.2 million** in cash and cash equivalents, **$30.3 million** in marketable securities, and **$260 million** available on its unsecured credit facility[153](index=153&type=chunk) - The Company has **$137 million** available on revolving lines of credit for home sales/inventory purchases and **$55 million** on a line of credit secured by rental homes[153](index=153&type=chunk) - Net debt to total market capitalization was approximately **23%** as of March 31, 2025. The Company has **55 unencumbered communities** and unencumbered joint venture properties that can be used to raise additional funds[154](index=154&type=chunk)[155](index=155&type=chunk) [Off-Balance Sheet Arrangements](index=38&type=section&id=Off-Balance%20Sheet%20Arrangements) Confirms that UMH Properties does not have any off-balance sheet arrangements - The Company does not have any off-balance sheet arrangements[156](index=156&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=38&type=section&id=Cautionary%20Statement%20Regarding%20Forward-Looking%20Statements) Warns that forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements based on current expectations and forecasts, which are subject to various risks and uncertainties that could cause actual results to differ materially[157](index=157&type=chunk)[158](index=158&type=chunk) - Key risk factors include changes in real estate and economic conditions, increased competition, ability to acquire/develop properties, changes in interest rates, inflation, debt obligations, and regulatory changes[159](index=159&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section states that there have been no material changes to the quantitative and qualitative disclosures about market risk since the end of the preceding fiscal year - There have been no material changes to the Company's market risk disclosures from the end of the preceding year to the date of this Quarterly Report on Form 10-Q[161](index=161&type=chunk) [Item 4. Controls and Procedures](index=40&type=section&id=Item%204.%20Controls%20and%20Procedures) This section confirms the effectiveness of the Company's disclosure controls and procedures as of March 31, 2025, and states that there were no material changes in internal control over financial reporting during the quarter - The Company's President and CEO and Executive Vice President and CFO concluded that disclosure controls and procedures were effective as of March 31, 2025[162](index=162&type=chunk) - There were no changes in internal control over financial reporting during the quarter ended March 31, 2025, that materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting[163](index=163&type=chunk) [PART II - OTHER INFORMATION](index=41&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) Contains other required information not covered in the financial statements, including legal proceedings, risk factors, and exhibits [Item 1. Legal Proceedings](index=41&type=section&id=Item%201.%20Legal%20Proceedings) This section states that there are no legal proceedings to report - None[165](index=165&type=chunk) [Item 1A. Risk Factors](index=41&type=section&id=Item%201A.%20Risk%20Factors) This section indicates that there have been no material changes to the risk factors previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 - There have been no material changes to information required regarding risk factors from the end of the preceding year to the date of this Quarterly Report on Form 10-Q[166](index=166&type=chunk) - Readers should refer to Part I, Item 1A – "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, for a comprehensive discussion of potential risks[166](index=166&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=41&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) This section reports that there were no unregistered sales of equity securities or use of proceeds to disclose - None[167](index=167&type=chunk) [Item 3. Defaults Upon Senior Securities](index=41&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) This section indicates that there were no defaults upon senior securities - None[168](index=168&type=chunk) [Item 4. Mine Safety Disclosures](index=41&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section states that there are no mine safety disclosures to report - None[169](index=169&type=chunk) [Item 5. Other Information](index=41&type=section&id=Item%205.%20Other%20Information) This section confirms that there is no information required to be disclosed in a Form 8-K but not reported, nor any material changes to procedures for security holders to recommend Board nominees - No information required to be disclosed in a Report on Form 8-K, but not reported[170](index=170&type=chunk) - No material changes to the procedures by which security holders may recommend nominees to the Board of Directors[170](index=170&type=chunk) [Item 6. Exhibits](index=42&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications from the CEO and CFO, and various Inline XBRL documents for financial statements - Exhibits include certifications from the President and CEO (Samuel A. Landy) and Chief Financial Officer (Anna T. Chew) pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350[173](index=173&type=chunk) - The report includes financial statements formatted in iXBRL (Inline eXtensible Business Reporting Language), such as Consolidated Balance Sheets, Statements of Income (Loss), Statements of Shareholders' Equity, Statements of Cash Flows, and Notes to Consolidated Financial Statements[173](index=173&type=chunk)

Financial Performance - Broadstone Net Lease reported quarterly funds from operations (FFO) of $0.36 per share, consistent with the Zacks Consensus Estimate and unchanged from the previous year [1] - The company posted revenues of $108.69 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 2.62%, but showing an increase from $105.37 million year-over-year [2] - Over the last four quarters, Broadstone Net Lease has surpassed consensus FFO estimates only once [1] Market Performance - Broadstone Net Lease shares have increased approximately 1.2% since the beginning of the year, contrasting with a decline of -5.5% in the S&P 500 [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus FFO estimate for the upcoming quarter is $0.36 on revenues of $112.44 million, and for the current fiscal year, it is $1.46 on revenues of $452.24 million [7] - The estimate revisions trend for Broadstone Net Lease is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] Industry Context - The REIT and Equity Trust - Residential industry, to which Broadstone Net Lease belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8]

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2024 was $0.24 per share, up 4% from $0.23 per share in Q4 2023. For the full year, normalized FFO was $0.93 per share, an 8% increase from $0.86 in 2023 [9][25] - Rental and related income for Q4 2024 increased to $53.3 million, an 8% rise from $49.2 million in Q4 2023. For the full year, it rose from $189.7 million in 2023 to $207 million in 2024, a 9% increase [26] - Community NOI for Q4 2024 was $31.1 million, up 8% from $28.7 million in Q4 2023, and for the full year, it increased from $108.4 million in 2023 to $119.7 million in 2024, a 10% increase [28] Business Line Data and Key Metrics Changes - Same property income increased by 8% for Q4 and 9% for the full year, with same property NOI growth of 8% for Q4 and 10% for the year [14][28] - The rental home program added 565 homes in 2024, with a target of adding 800 homes in 2025. The current occupancy rate for rental homes is 94% [15][29] - Gross sales for the year reached $33.5 million, an 8% increase from $31.2 million in 2023, with a gross sales margin of 35% [17] Market Data and Key Metrics Changes - The company anticipates further occupancy growth in 2025 as it rents and sells its in-place inventory and continues to achieve 5% rent increases across the portfolio [15] - The acquisition pipeline has grown, with four communities under contract, totaling 457 sites, with a purchase price of $39.1 million [19][20] Company Strategy and Development Direction - The company has a long-term value-add business plan, focusing on generating future income through vacant land and new home setups [11][23] - The company aims to provide affordable housing solutions and has been actively involved in upgrading and expanding its communities [37][41] - The company is optimistic about acquiring communities at reasonable prices due to the prolonged high-interest rate environment [19] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving similar or improved same property operating results in 2025, driven by occupancy growth and rental home additions [15][36] - The company is well-positioned to execute on acquisition opportunities and anticipates a strong year in 2025 [42][41] Other Important Information - The company ended the year with $99.7 million in cash and cash equivalents and $260 million available on its credit facility [29] - The total market capitalization increased to approximately $2.5 billion at year-end, up 23% from the previous year [33] Q&A Session Summary Question: Can you provide more details on the four acquisitions under contract? - The company has four communities under contract, two in New Jersey and two in Maryland, with a total purchase price of $39.2 million. The New Jersey communities are 100% occupied, while one Maryland property has a value-add opportunity [44][46] Question: What interest rates are expected for refinancing with Fannie Mae? - The company expects refinancing rates to be in the 5.5% to 5.75% range, with proceeds exceeding current balances [51] Question: What are the key factors affecting the 2025 guidance range? - Home sales and acquisitions are the primary factors influencing the guidance range [61] Question: How confident is the company in achieving the target of 800 new rental homes? - The company is optimistic about achieving this target due to better inventory management and strong demand in key markets [90] Question: What is the anticipated impact of potential changes in financing laws? - Changes in financing laws could significantly increase home sales, as more renters may transition to homeowners [103] Question: What is the expected stabilized return on the acquisition pipeline? - The expected stabilized return on the acquisition pipeline is in the 6.5% to 7% range over five years [133]

Financial Data and Key Metrics Changes - Normalized FFO for Q4 2024 was $0.24 per share, up 4% from $0.23 in Q4 2023. For the full year, normalized FFO was $0.93 per share, an 8% increase from $0.86 in 2023 [6][20] - Rental and related income for Q4 2024 increased by 8% to $53.3 million from $49.2 million in Q4 2023. For the full year, it rose 9% to $207 million from $189.7 million in 2023 [20][21] - Community NOI for Q4 2024 was $31.1 million, an increase of 8% from $28.7 million in Q4 2023, and for the full year, it increased by 10% to $119.7 million from $108.4 million in 2023 [21][22] Business Line Data and Key Metrics Changes - Same property income increased by 8% in Q4 and 9% for the year, with same property NOI growth of 8% for Q4 and 10% for the year [10][22] - The rental home program added 565 homes in 2024, bringing the total to 10,300 rental homes, with a 94% occupancy rate [12][20] - The sales division achieved gross sales of $33.5 million in 2024, an 8% increase from $31.2 million in 2023, with a gross sales margin of 35% [13] Market Data and Key Metrics Changes - The company anticipates further occupancy growth and 5% rent increases across the portfolio in 2025 [11] - The acquisition pipeline includes four communities under contract, with a total purchase price of $39.1 million [15][33] - The company ended 2024 with $99.7 million in cash and cash equivalents, and $260 million available on its credit facility [22] Company Strategy and Development Direction - The company aims to balance growth with earnings accretion, focusing on value-add strategies to improve occupancy and revenue [9][10] - There is a strong emphasis on providing affordable housing solutions, with plans to develop and rehabilitate older communities [28][30] - The company is optimistic about acquiring communities at more reasonable prices due to the prolonged high interest rate environment [15][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving similar or improved same property operating results in 2025 [11] - The company is well-positioned to execute on acquisition opportunities as they arise, with a strong balance sheet supporting growth [19][30] - Management highlighted the importance of long-term patient capital to upgrade existing communities and increase development pace [30] Other Important Information - The company has a history of increasing dividends, with a 19% increase since 2020 [18] - The total market capitalization at year-end was approximately $2.5 billion, a 23% increase from the previous year [24] Q&A Session Summary Question: Can you provide more details on the four acquisitions under contract? - The four communities under contract include two in New Jersey and two in Maryland, with a total of 266 sites, all 100% occupied. The purchase price is $24.6 million for the New Jersey properties [32][33] Question: What interest rates should be expected for refinancing with Fannie Mae? - The company anticipates refinancing at rates between 5.5% and 5.75% [38] Question: What factors influenced the G&A increase in Q4? - G&A increased primarily due to additional bonuses accrued for strong operating results, with an overall increase of about 8% [41][42] Question: What are the key factors for the high end of the 2025 guidance range? - The main factors are home sales and acquisitions, with expectations of exceeding the four acquisitions discussed [46][47] Question: What is the expected average price per rental home being purchased? - The average price for rental homes is around $60,000 to $65,000, with setup costs bringing the total to approximately $70,000 to $75,000 [56] Question: How does the company view the potential for increased home sales with changes in financing laws? - Management believes that potential changes in financing laws could significantly increase home sales, as many renters may wish to transition to ownership [80]

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 ...

RIVER VALLEY ESTATES Marion, OH Forward Looking Statements 2 Expanding rental portfolio of approximately 10,000 units, an increase of 900 in the last 12 months; anticipation of additional homes as demand dictates 3 Financial information as of December 31, 2023. 2023 Accomplishments • Increased Normalized Funds from Operations ("Normalized FFO) by 16%; • Improved our Same Property expense ratio from 42.2% at yearend 2022 to 40.3% at yearend 2023; • Raised our quarterly common stock dividend by 2.5% to $0.205 ...

Company Operations and Properties - As of December 31, 2023, the company owned and operated 135 manufactured home communities with approximately 25,800 developed homesites[16] - In 2023, the company purchased one community in Georgia containing 118 developed homesites through its opportunity zone fund[17] - The company currently holds a 77% interest in an opportunity zone fund that owns two communities in South Carolina and Georgia[15] - Approximately 39% of developed homesites are represented by 10,000 rental homes owned by the company as of December 31, 2023[23] - The company has quadrupled the number of developed homesites since 2010, acquiring 107 communities with approximately 18,800 homesites[25] - The company operates 135 manufactured home communities as of December 31, 2023, with 46 having their own wastewater treatment facility or water distribution system[76] - The company has a joint venture with Nuveen Real Estate, which has acquired two communities in Sebring, Florida, for a total of $37.3 million[177] - The company is seeking site plan approvals for approximately 360 sites for a property currently under redevelopment[171] - The company’s larger properties include Friendly Village (Ohio) with 824 developed sites and Woods Edge (Indiana) with 599 developed sites[174] - The company’s joint venture with Nuveen is focused on acquiring newly developed manufactured housing communities that meet specific investment guidelines[176] Financial Performance and Investments - The Company increased Rental and Related Income by 11% and Community Net Operating Income (NOI) by 14% in 2023[196] - Same Property NOI increased by 13%, and Same Property Occupancy rose by 230 basis points from 86.2% to 88.5%[197] - The rental home portfolio expanded by 871 homes, totaling approximately 10,000 rental homes, representing a 10% increase from year-end 2022[197] - The Company raised its quarterly common stock dividend by 2.5% to $0.205 per share, totaling $0.82 annually[197] - Total Market Capitalization increased by 6% to over $2 billion at year-end 2023[197] - Net Debt to Total Market Capitalization decreased from 38.2% in 2022 to 31.3% in 2023[197] - The Company financed eight existing communities for total proceeds of approximately $57.7 million[197] - The Company holds a portfolio of marketable equity securities of other REITs valued at $34.5 million, representing 1.9% of undepreciated assets[203] - The weighted average yield on the securities portfolio was approximately 6.7% at December 31, 2023, with unrealized losses of $39.7 million[204] - The Company issued and sold a total of 9.4 million shares of Common Stock, generating gross proceeds of $148.6 million and net proceeds of $145.8 million during 2023[205] - Approximately 2.6 million shares of Series D Preferred Stock were issued, generating gross proceeds of $56.7 million and net proceeds of $55.7 million in 2023[206] - The Company had approximately $57.3 million in cash and cash equivalents and $110 million available on its credit facility as of December 31, 2023[208] - The Company raised approximately $9.0 million in new capital through the Dividend Reinvestment and Stock Purchase Plan during 2023[205] Market and Economic Conditions - The company faces risks associated with potential natural disasters and climate change, which may adversely affect its business operations[48] - The concentration of investments in the manufactured housing sector exposes the company to economic downturns in that sector, impacting cash flow and profitability[48] - Changes in interest rates may affect the company's cost of capital, impacting financial results and operational flexibility[48] - Global economic conditions, including inflation and high unemployment, could materially adversely affect the company's business and financial condition[108] - Future terrorist attacks and military conflicts could adversely affect economic conditions and increase borrowing costs, impacting earnings[134] - Disruptions in financial markets may hinder the company's ability to obtain financing on reasonable terms, affecting property acquisitions and investment strategies[135] Risks and Challenges - The company is subject to risks related to its debt, including potential foreclosure risks due to property mortgages and reliance on external capital sources[48] - The company may face increased competition for acquisitions, leading to higher purchase prices for manufactured home communities[60] - The company may not be able to maintain or increase rental rates and occupancy levels, which could adversely affect revenue generation[55] - The company is subject to various federal, state, and local taxes, which could impact financial performance despite its REIT status[48] - The company may face risks related to public health crises, such as the COVID-19 pandemic, which could adversely affect operations and financial results[60] - The company is subject to significant regulations that may increase costs and inhibit expansion, including compliance with the SAFE Act and other financing laws[69][71] - The company may incur additional debt to maintain its status as a REIT, leading to increased leverage and risk of default on obligations[89] - The company faces risks related to financing home sales, including potential regulatory changes that could impact operating results[94] - The company is subject to various covenants in credit agreements that may limit operational flexibility and could result in defaults if breached[91] - The company may incur losses that exceed insurance coverage, which could adversely affect cash flow and financial condition[81] Occupancy and Rental Rates - The occupancy percentage for developed sites was 97% at 12/31/23, compared to 96% at 12/31/22 for the Allentown community[151] - The average monthly rent per site at Allentown was $568, while Arbor Estates had an average rent of $852 per site[151] - Auburn Estates showed an occupancy increase to 93% at 12/31/23 from 90% at 12/31/22, with an average rent of $443 per site[152] - The company reported a significant occupancy rate of 100% for the Clinton Mobile Home Resort as of 12/31/23[154] - The average monthly rent per site for the Countryside Estates community was reported as $476/$503, indicating a pricing strategy adjustment[154] - The occupancy percentage for the Broadmore Estates community was 92% at 12/31/23, slightly down from 93% at 12/31/22[152] - The average rent per site at Cedarcrest Village was $741, reflecting the company's pricing strategy in high-demand areas[152] - The occupancy percentage for Dallas Mobile Home Community increased to 94% in Q4 2023 from 89% in Q4 2022[156] - D & R Village maintained a stable occupancy rate of 94% for both Q4 2023 and Q4 2022, with a rent per site of $696[156] - Fairview Manor reported a rent per site of $808, with an occupancy rate of 95% for both Q4 2023 and Q4 2022[156] - Friendly Village's occupancy percentage improved to 58% in Q4 2023 from 50% in Q4 2022, with a rent per site of $472[158] - Highland Estates achieved a high occupancy rate of 97% in Q4 2023, slightly down from 98% in Q4 2022, with a rent per site of $716[158] - Kinnebrook reported a 100% occupancy rate in Q4 2023, with a rent per site of $708[160] - Holiday Village's occupancy percentage increased to 93% in Q4 2023 from 90% in Q4 2022, with a rent per site of $579[160] - The average rent per site across various communities shows a range from $191 at Deer Run to $808 at Fairview Manor, indicating diverse pricing strategies[156][160] - The total occupancy percentage across all developed sites increased to 86.7% in 2023 from 84.6% in 2022[170] - The company is focusing on maintaining high occupancy rates while adjusting rent prices to optimize revenue across its communities[156][158][160]