GAAP Net Loss of $(0.07) Per Diluted Share for the First Quarter Normalized FFO of $0.25 Per Diluted Share for the First Quarter Office Same Store NOI Growth of 9.2% (GAAP) Positive Office Releasing Spreads of 23.3% (GAAP) and 3.7% (Cash) Positive Retail Renewal Spreads of 11.0% (GAAP) and 7.4% (Cash) Approximately 313K Net Rentable Square Feet of New and Renewed Commercial Lease Space Maintained 2025 Full-Year Normalized FFO Guidance Range of $1.00 to $1.10 per Diluted Share VIRGINIA BEACH, Va., May 07, 20 ...

Core Viewpoint - UMH Properties, Inc. reported a solid first quarter of 2025 with increased total income and improved financial metrics, reflecting the strength of its long-term business plan and operational resilience [2][7]. Financial Performance - Total Income for Q1 2025 was $61.2 million, up 6% from $57.7 million in Q1 2024 [2][4]. - Net Loss Attributable to Common Shareholders for Q1 2025 was $271,000 or $0.00 per diluted share, compared to a net loss of $6.3 million or $0.09 per diluted share in Q1 2024 [2][4]. - Funds from Operations (FFO) for Q1 2025 was $18.2 million or $0.22 per diluted share, a 10% increase from $14.0 million or $0.20 per diluted share in Q1 2024 [3][4]. - Normalized FFO for Q1 2025 was $18.8 million or $0.23 per diluted share, up 5% from $15.0 million or $0.22 per diluted share in Q1 2024 [3][4]. Operational Highlights - Same-property occupancy increased by 113 sites from year-end 2024, totaling 94.6% occupancy at the end of Q1 2025 [7]. - The company converted 109 new homes from inventory to revenue-generating rental homes, expanding its rental portfolio to approximately 10,400 homes [7]. - Gross sales revenue for home sales reached $6.7 million, with expectations for growth as the peak selling season approaches [7]. Acquisitions and Growth Strategy - The company acquired two fully occupied communities in New Jersey for approximately $24.6 million, enhancing its portfolio [8]. - Two additional communities in Maryland, containing 191 sites, are under contract for a total purchase price of $14.6 million, expected to close in Q2 2025 [7][8]. Dividend and Shareholder Returns - The annual dividend was increased for the fifth consecutive year to $0.90 per share, reflecting a total increase of $0.18 or 25% over the past five years [7][8]. - The company issued approximately 515,000 shares of common stock, generating gross proceeds of $9.4 million, and approximately 49,000 shares of Series D Preferred Stock, generating gross proceeds of $1.1 million [8]. Full Year Guidance - The company maintains its full-year 2025 guidance for normalized FFO in the range of $0.96-$1.04 per diluted share, with a midpoint expectation of $1.00 per diluted share [7][20].

Core Points - Healthcare Realty Trust reported a net loss attributable to common stockholders of $(44.9) million, or $(0.13) per diluted common share for Q1 2025 [1][19] - The company declared a quarterly dividend of $0.31 per share, payable on May 23, 2025 [3] - The company reaffirmed its earnings per share guidance for 2025, with a range of $(0.28) to $(0.20) [4] Leasing - Portfolio leasing activity in Q1 2025 totaled 1,450,000 square feet across 377 leases, including 1,002,000 square feet of renewals and 448,000 square feet of new and expansion leases [5] - The company signed new leases totaling 370,000 square feet in the first quarter [5] Same Store Metrics - Same store occupancy increased to 89.3% as of the end of Q1 2025, up from 89.2% in Q4 2024 [5] - Tenant retention improved to 84.8% in Q1 2025, compared to 81.6% in Q4 2024 [5] Balance Sheet - Total assets decreased to $10.5 billion in Q1 2025 from $10.7 billion in Q4 2024 [14][15] - Total liabilities remained relatively stable at $5.3 billion in Q1 2025, compared to $5.3 billion in Q4 2024 [15] Leadership - Peter A. Scott was appointed as President & CEO effective April 15, 2025, succeeding Connie Moore, who served as Interim President and CEO [5] Dividend - The company will pay a cash dividend of $0.31 per share on May 23, 2025, to Class A common stockholders of record on May 12, 2025 [3] Guidance - The company provided guidance for 2025, with expected earnings per share ranging from $(0.28) to $(0.20) and NAREIT FFO per share between $1.44 and $1.48 [4]

Financial Data and Key Metrics Changes - Cash basis NOI grew by nearly 2% year over year, while normalized FFO increased 43% year over year and 52% sequentially [7][15] - NOI for the quarter was reported at $87,500,000, with cash basis NOI at $83,800,000 and adjusted EBITDAre at $85,300,000, all showing increases year over year and sequentially [16] - Interest expense decreased to $69,800,000, reflecting a reduction in interest rate cap costs [16] Business Line Data and Key Metrics Changes - The company executed over 2,300,000 square feet of total leasing activity with an occupancy rate of 94.6%, reflecting a sequential increase of 20 basis points [7] - The Mainland properties accounted for nearly 80% of renewal activity, with significant leases signed with major tenants [11] - In Hawaii, 492,000 square feet of renewals were signed at rental rates 18.2% higher than prior rents [9] Market Data and Key Metrics Changes - The company is monitoring the evolving landscape surrounding global tariffs, which may impact tenant demand and the overall leasing environment [10] - The leasing pipeline includes 32 deals for more than 7,400,000 square feet, with anticipated roll-ups in rent of 20% on the Mainland and 30% in Hawaii [13] Company Strategy and Development Direction - The company aims to maximize mark-to-market growth opportunities, maintain strong tenant retention, and lease vacancies, particularly in undeveloped land parcels [10] - There is a focus on evaluating opportunities to improve the balance sheet and reduce leverage, potentially through refinancing existing debt and strategic property dispositions [10][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the portfolio's ability to withstand short-term volatility due to its high-quality assets and diversified tenant roster [10] - The company anticipates that tariffs may positively impact tenant demand, leading to higher tenant retention in the short term [38] Other Important Information - The company reported a strong start to the year with solid financial performance and steady demand for industrial real estate [17] - The company has no debt maturities until 2027, with all debt currently carried at fixed rates [17] Q&A Session Summary Question: Details on bad debt recovery impact - The financial impact from bad debt recovery in the first quarter was around $750,000, which is reflected in revenues [20][21] Question: Insights on leasing timelines - Leasing timelines have elongated, with tenants looking to start renewal processes earlier due to more stakeholders involved in lease decisions [22][23] Question: Status of notable vacancies in Hawaii and Indianapolis - Activity has been seen for the Hawaii property, with proposals out, while the Indianapolis property is actively being marketed with proposals but no finalized leases yet [24][26] Question: Motivation for leverage reduction and property sales - The company is evaluating unsolicited offers for properties, particularly from owner-users, which may lead to higher valuations [28][30] Question: Impact of tariffs on tenant decisions - Tariffs are anticipated to be beneficial for tenant demand, with some tenants opting to stay in place rather than relocate due to concerns about construction costs [37][38] Question: Exposure of Hawaii portfolio to inbound travel - The portfolio's exposure to inbound travel is minimal, as tenants generally serve the local economy rather than relying on tourism [39]