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Overview
UMH Properties Inc. (UMH) is a specialized real estate investment trust (REIT) focused on the ownership, operation, and management of manufactured home communities in a diversified portfolio spanning several states in the Northeast and surrounding regions. The company has established itself as a stalwart in the residential real estate landscape by offering a blend of affordable housing solutions and stable, recession-resistant income streams. Its expert management of these communities and integrated approach to residential leasing and manufactured home sales reflect deep industry knowledge and a commitment to maintaining a resilient asset base.
Company History and Market Position
Founded with a long-standing history in the real estate market, UMH Properties Inc. has evolved its business model from a focus solely on property ownership to a multifaceted approach that capitalizes on both leasing and sales. Having been publicly traded for several decades, the company emphasizes a balance between preserving long-term capital appreciation and meeting the immediate needs of its residents. This dual approach underscores its position as a stable provider of affordable housing and strategic asset management, giving investors insight into its dedication to operational excellence and enduring market relevance.
Business Model and Operational Strategy
UMH operates by acquiring, developing, and managing manufactured home communities. Its revenue streams are generated through:
- Residential Leasing: The company earns consistent income by leasing manufactured home sites and, in some cases, the homes themselves, ensuring long-term occupancy and stable cash flows.
- Manufactured Home Sales and Finance: Through its wholly-owned subsidiary, UMH Sales and Finance, Inc., the company facilitates sales and financing options for manufactured homes, supplementing its traditional leasing income. This subsidiary plays a crucial role in expanding the company’s service offerings by providing residents with flexible purchasing options.
- Community Infrastructure: The ownership and maintenance of the community infrastructure, including land, utility connections, streets, lighting, driveways, and other capital improvements, are vital in preserving the value and appeal of each community. These investments contribute directly to the operational sustainability and attractiveness of the properties.
The company leverages its expertise in property management, resident services, and financial structuring to enhance the long-term value of its assets while mitigating risks typically associated with cyclical economic downturns.
Manufactured Home Communities
At the core of UMH Properties Inc.'s operations are its manufactured home communities, which are designed to offer residents a blend of private home ownership and the benefits of communal infrastructure. These communities feature well-maintained common areas, essential utilities, and various on-site amenities that contribute to a high standard of residential living. The strategic selection of locations and the robust management practices allow the company to maintain stable occupancy rates and appeal to a broad demographic looking for affordable yet quality living solutions.
Subsidiary Operations: UMH Sales and Finance, Inc.
A key extension of UMH Properties Inc.'s business model is its subsidiary focused on home sales and financing. This arm of the company not only facilitates the sale of manufactured homes to current and prospective residents but also provides financing solutions designed to ease the purchasing process. The integration of sales and financing into the broader operational framework enhances the overall value proposition to customers, ensuring a seamless experience from home selection to financial planning.
Competitive Landscape and Risk Management
Operating in a niche segment of the real estate market, UMH Properties Inc. competes with other REITs and housing providers that focus on manufactured homes and affordable residential living. The company sets itself apart through its deep-rooted experience in community management, its integrated sales and finance subsidiary, and a comprehensive approach to property and asset management. While the market faces challenges such as regulatory shifts and regional economic variations, UMH effectively manages these risks through diversification of its portfolio and a steadfast focus on operational discipline.
Operational Excellence and Community Impact
The success of UMH Properties Inc. lies in its consistent attention to the quality of its communities and the value delivered to residents. By investing in infrastructure and maintaining high standards of community management, the company ensures that its properties remain attractive, functional, and competitive in the affordable housing market. This holistic strategy not only supports sustained property values but also reinforces a reputation built on stability and thoughtful management practices.
Industry-Specific Insights
In the broader context of real estate investment, manufactured home communities are recognized as a distinct asset class that offers resilience during economic downturns. The inherent recession-resistant nature of manufactured housing, combined with the structured income from long-term leases, makes UMH Properties Inc.'s business model particularly appealing for investors seeking stability. The company employs industry-specific practices in asset management and risk mitigation, ensuring that its portfolio is both robust and adaptable to market fluctuations.
Conclusion
UMH Properties Inc. embodies the principles of sophisticated asset management within the manufactured home community sector. Its integrated approach—combining residential leasing, home sales, and dedicated infrastructure management—demonstrates a commitment to quality and long-term value. With decades of operational experience and a resilient business model, UMH continues to serve as an informative case study in balancing growth with stability in a specialized sector of the real estate market.
UMH Properties (NYSE: UMH) has reported strong operational results for Q1 2025. The company converted 115 new homes to rental properties, now managing approximately 10,400 rental homes with a 94.7% occupancy rate. Same Property occupancy increased by 113 units during Q1 and 227 units year-over-year to 88%.
Rental and related charges grew 8.3% to $54.9 million, while gross home sales revenue decreased 9.5% to $6.7 million. The company raised capital through its At-the-Market programs, generating $9.4 million from common stock and $1.1 million from preferred shares.
UMH acquired two age-restricted communities in Mantua, New Jersey, for $24.6 million, adding 266 fully occupied homesites. The company increased its annual dividend for the fifth consecutive year to $0.90 per share, representing a 25% increase over five years.
UMH Properties (NYSE:UMH) announced a 4.7% increase in its quarterly common stock dividend to $0.225 per share from $0.215, marking its fifth consecutive annual increase. The dividend will be paid on June 16, 2025, to shareholders of record as of May 15, 2025, representing an annual dividend rate of $0.90 per share.
The company operates 141 manufactured home communities with approximately 26,500 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across 12 states. Two communities in Florida, containing 363 sites, are operated through a joint venture with Nuveen Real Estate. Management expects community expansions and new construction to drive future profit growth.
UMH Properties (NYSE:UMH) has announced its quarterly dividend declaration for its 6.375% Series D Cumulative Redeemable Preferred Stock. The Board of Directors declared a dividend of $0.3984375 per share for March 1, 2025, through May 31, 2025.
The dividend will be paid on June 16, 2025, to shareholders of record as of May 15, 2025. Series D preferred share dividends are cumulative and payable quarterly at an annual rate of $1.59375 per share.
UMH Properties, established in 1968, operates 141 manufactured home communities with approximately 26,500 developed homesites. The portfolio includes 10,300 rental homes and over 1,000 self-storage units across 12 states. Two communities in Florida, comprising 363 sites, are operated through a joint venture with Nuveen Real Estate.
UMH Properties has acquired two age-restricted manufactured home communities in Mantua, New Jersey for $24.6 million. The properties, Cedar Grove Park and Maplewood Village, feature 266 developed homesites with 100% occupancy rate across approximately 38 acres.
The newly acquired communities are strategically located near Philadelphia and consist of modern, homeowner-occupied manufactured homes. The acquisition is expected to be accretive to earnings, with additional revenue potential through home sales brokerage.
Following this acquisition, UMH's portfolio now encompasses 141 manufactured home communities with approximately 26,500 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across 12 states. Two communities in Florida, containing 363 sites, are operated through a joint venture with Nuveen Real Estate.
UMH Properties (NYSE:UMH, TASE:UMH), a real estate investment trust focused on manufactured home communities, has released its 2024 Annual Report on their website www.umh.reit. The company, established in 1968, currently manages 139 manufactured home communities with approximately 26,300 developed homesites.
Of these sites, 10,300 contain rental homes, and the portfolio includes over 1,000 self-storage units. The communities span across multiple states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia. Two communities in Florida, comprising 363 sites, are operated through a joint venture partnership with Nuveen Real Estate.
UMH Properties (NYSE:UMH) has announced it will host its First Quarter 2025 Financial Results Webcast and Conference Call on May 2, 2025, at 10:00 a.m. Eastern Time. The company's Q1 2025 results will be released on May 1, 2025, after NYSE trading closes.
The REIT, established in 1968, specializes in manufactured home communities and currently owns and operates 139 communities with approximately 26,300 developed homesites. Of these, 10,300 sites contain rental homes. The company also manages over 1,000 self-storage units. The communities span across multiple states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia. Two communities in Florida, comprising 363 sites, are operated through a joint venture with Nuveen Real Estate.
UMH Properties (NYSE:UMH) reported strong financial results for Q4 and full-year 2024. Total Income increased 9% to $240.6 million for 2024, compared to $220.9 million in 2023. The company achieved Net Income of $2.5 million ($0.03 per diluted share) in 2024, improving from a loss of $8.7 million in 2023.
Key highlights include:
- Normalized FFO increased 27% to $69.5 million ($0.93 per diluted share)
- Same Property NOI grew 10%
- Same Property Occupancy improved to 87.8%
- Sales of Manufactured Homes increased 8%
The company expanded its credit facility by $80 million to $260 million and raised its quarterly dividend by 4.9% to $0.215 per share. UMH issued guidance for 2025, projecting Normalized FFO between $0.96-$1.04 per diluted share, representing 7.5% growth at the midpoint.
UMH Properties has released its tax treatment details for 2024 distributions. For common shares, the total distribution was $0.850 per share, comprising 19.63% non-qualifying ordinary income ($0.166853) and 80.37% return of capital ($0.683147). The 6.375% Series D Preferred shares received total distributions of $1.59375 per share, classified as 100% non-qualifying ordinary income.
The company also disclosed dividend reinvestment plan discounts throughout 2024, with discount values ranging from $0.510 to $0.965 per share. UMH operates 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across multiple states.
UMH Properties (NYSE:UMH) has announced it will host its Fourth Quarter and Full Year 2024 Financial Results Webcast and Conference Call on February 27, 2025, at 10:00 a.m. Eastern Time. The company will release its results on February 26, 2025, after NYSE trading closes.
UMH Properties is a REIT specializing in manufactured home communities. The company owns and operates 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units. These communities span across 12 states, with two Florida communities (363 sites) operated through a joint venture with Nuveen Real Estate.
UMH Properties (NYSE:UMH) announced on January 7, 2025, that its Board of Directors has declared quarterly dividends for both common and preferred stockholders. The company will pay a quarterly cash dividend of $0.215 per share on its Common Stock, maintaining an annual dividend rate of $0.86 per share.
Additionally, a quarterly dividend of $0.3984375 per share was declared on the company's 6.375% Series D Cumulative Redeemable Preferred Stock. Both dividends will be payable on March 17, 2025, to shareholders of record as of February 18, 2025.
UMH Properties, established in 1968, operates 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across 12 states. Two communities in Florida, comprising 363 sites, are operated through a joint venture with Nuveen Real Estate.
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