UMH Properties(US:UMH)2025-05-02 12:11Company Highlights - UMH owns and operates 141 manufactured home communities with approximately 26,500 developed homesites across 11 states[8] - The company's rental portfolio is expanding, with approximately 10,400 units, an increase of 417 homes from March 2024 to March 2025, and anticipates adding 800 more homes this year[8] - UMH has approximately 3,400 existing vacant lots to fill and over 2,400 vacant acres to build approximately 9,600 future lots[8] - Sales & Finance division sold 370 homes over the past 12 months, generating approximately $91.6 million[9] Financial Performance (Q1 2025) - Rental and related income increased by 8%[15] - Community Net Operating Income (NOI) increased by 8%[15] - Normalized Funds from Operations (FFO) increased by 25%, and Normalized FFO per diluted share increased by 5%[15] - Same Property Community NOI increased by 8%[15] - Same Property Occupancy increased by 70 basis points, from 87.2% to 87.9%[15] Portfolio Statistics - Portfolio occupancy stands at 87.9%[18] - Average monthly site rent is $554[18] - Home rentals account for 39.9% of sites, with a home rental occupancy of 94.6%[18] - Gross asset value is $2.0 billion, and gross real estate book value is $1.7 billion[18] - Total market capitalization is $2.5 billion[18] Growth and Acquisitions - The company acquired two 100% fully occupied, age-restricted communities in New Jersey for approximately $24.6 million[15] - UMH has approximately 3,800 acres in existing communities exposed to the Marcellus and Utica Shale Regions[28] - The company has 2,375 vacant acres available for future development[59] Sales & Finance Division - Sales amounted to $6.7 million for the first quarter of 2025, with a sales price per unit of approximately $94,000[67] - The loan portfolio is $91.6 million with a weighted average interest rate of approximately 7.2%, generating approximately $12.9 million in principal and interest payments annually[67] Financial Highlights (Past 5 Years) - Total Revenue increased by 59%[79] - Community NOI increased by 79%[79] - Normalized FFO increased by 176%, and Normalized FFO per share increased by 49%[79] - Annual Dividend per share increased by 18%[79] Balance Sheet - Total Debt, Net of Unamortized Debt Issuance Costs is $606.301 million as of March 31, 2025[97] - Fixed rate debt accounts for 99.0% of total debt, while floating rate debt accounts for 1.0%[97]