UMH Properties(US:UMH)2023-11-09 16:00Company Overview and Portfolio - UMH Properties, Inc is a REIT operating since 1968, with a portfolio of 135 manufactured home communities containing approximately 25,800 developed homesites across 11 states [3, 7] - The company has a growing rental portfolio of approximately 9,900 units, with an increase of 900 units in the last 12 months [3, 5] - UMH has significant growth potential with 3,500 existing vacant lots and nearly 2,100 vacant acres for approximately 8,500 future lots [3] - The company's gross asset value is $1.8 billion and the gross real estate book value is $1.5 billion [7] Financial Performance and Growth - In Q3 2023, UMH experienced a 12.2% increase in Rental and Related Income, a 15.8% increase in Community Net Operating Income (NOI), and a 12.9% increase in Same Property NOI [5] - Same Property Occupancy increased by 210 basis points, from 86.3% to 88.4% [5] - The company's loan portfolio is approximately $75.6 million, generating approximately $9.9 million in annual principal and interest payments [35] - Total revenue increased by 65%, Community NOI by 76%, and Normalized FFO by 116% over the past 5 years [43] Strategic Initiatives and Market Trends - UMH benefits from exposure to the Marcellus and Utica Shale Regions, with increased demand for residential units [8, 9] - The company is well-positioned to participate in the ongoing recovery of the US housing market, benefiting from the gap between buying and renting [11, 16] - UMH's Sales & Finance subsidiary (S&F) reported sales reaching $23.4 million in 2023 [35] - The company has a strong history of dividend payments, with an annual dividend estimate for 2023 reflecting $0.205 per share annualized [47, 48]