Welcome to our dedicated page for UMH Properties news (Ticker: UMH), a resource for investors and traders seeking the latest updates and insights on UMH Properties stock.
UMH Properties, Inc. (symbol: UMH) is a publicly traded real estate investment trust (REIT) that has been specializing in manufactured home communities since 1968. Founded on principles of stability and long-term growth, UMH owns and operates 74 manufactured home communities across seven states in the Northeast, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, and Michigan. These communities collectively offer approximately 13,400 home sites, providing residents with a dependable and recession-resistant living environment.
UMH Properties is multifaceted in its operations. In addition to leasing home sites to residents, they also lease manufactured homes. Through their wholly-owned subsidiary, UMH Sales and Finance, Inc., they sell and finance the purchase of manufactured homes, making homeownership more accessible. This subsidiary also facilitates home sales for placement on privately-owned land, broadening their market reach.
The company prides itself on owning not just the homes and sites, but also the accompanying infrastructure such as utility connections, streets, lighting, driveways, and common area amenities. These capital improvements enhance the quality of life for residents and contribute to stable income streams for UMH.
Operating as a public company since 1985, UMH has continually demonstrated financial resilience and growth. For prospective investors and residents alike, the company's investor relations website (ir.umh.com) offers comprehensive resources, including the latest annual reports, letters to shareholders, and SEC filings.
Those interested in purchasing a home within UMH's communities can visit the UMH Sales and Finance website at www.umhhomesales.com for more information.
UMH Properties, Inc. has successfully closed the acquisition of a 30-acre parcel in Perrysburg, Ohio, for $2.3 million. This site is entitled for the development of 115 manufactured home sites and is strategically adjacent to its existing Meadows of Perrysburg community, which boasts a high occupancy rate of 95% and site rents averaging $500 per month. The purchase aligns with UMH’s long-term growth strategy, aimed at developing vacant land, enhancing operations, and expanding their sales and finance operations.
Currently, UMH operates 135 manufactured home communities across several states, with approximately 25,700 homesites in total. This acquisition is anticipated to strengthen UMH's market position and operational results.
UMH Properties, Inc. (NYSE:UMH) announced strong first-quarter 2023 results, with sales reaching approximately $7.3 million, a 70% increase from $4.3 million in Q1 2022, setting a new sales record. The portfolio saw an increase of 238 units in occupancy, with new rental units rising by 230. Rental home occupancy improved to 93.7% from 93.3% at year-end 2022. Monthly rental charges surged by approximately $550,000 as of April 1, 2023, following implemented rent increases. Final Q1 results will be disclosed on May 9, 2023, with a management discussion on May 10, 2023.
UMH Properties, Inc. has announced a quarterly cash dividend of $0.205 per share, effective June 15, 2023, to shareholders on record by May 15, 2023. The annual rate for this common stock dividend amounts to $0.82 per share. Additionally, the company declared a quarterly dividend for its Series D Preferred Stock of $0.3984375 per share, also payable on June 15, 2023, with a cumulative annual rate of $1.59375 per share. UMH manages 135 manufactured home communities comprising approximately 25,700 homesites across various states, including New Jersey and Florida.
UMH Properties, Inc. (NYSE:UMH) announced it will host a First Quarter 2023 Financial Results Webcast on May 10, 2023. The results will be released on May 9, 2023, after market close. This event will provide insights into current market conditions and the company's future outlook. UMH, organized in 1968, operates 135 manufactured home communities comprising approximately 25,700 homesites across multiple states, including New Jersey, New York, and Pennsylvania, and has a joint venture in Florida. The company's financial performance and strategic direction will be key topics during the call.
UMH Properties, Inc. (NYSE:UMH) announced the availability of its 2022 Annual Report on its official website. The report provides insights into the company's operations, financial performance, and future outlook. UMH, a real estate investment trust founded in 1968, manages 135 manufactured home communities with approximately 25,700 homesites across various states including New Jersey, New York, and Ohio. The CEO, Samuel A. Landy, encouraged stakeholders to review the report for more information on the company's trajectory.
UMH Properties, Inc. (NYSE: UMH) announced a $30 million revolving line of credit with Triad Financial Services on March 9, 2023, secured by rental homes and leases. This funding aims to enhance UMH's rental home business, allowing them to purchase new rental homes. With over 10,000 owned rental homes, UMH plans to add 800 annually, boosting revenue and operating performance. The company, established in 1968, operates 135 manufactured home communities across several states, housing approximately 25,700 homesites. UMH emphasizes its commitment to providing quality affordable housing and improving community living standards.
UMH Properties, Inc. has successfully acquired a 24-acre parcel of land in Monticello, New York, for $137,000. This land adjoins the existing Kinnebrook Estates, a community with nearly 100% occupancy and strong rental rates, averaging $660 for sites and $1,200 for homes. The acquisition aligns with the company's strategy to expand their portfolio, following the successful development of 48 sites in the past. Additionally, UMH reports strong performance in early 2023, having occupied 125 new rental homes and seeing a 60% increase in online applications.
UMH Properties, Inc. reported a 5% increase in Total Income for 2022, totaling $195.8 million compared to $186.1 million in 2021. However, it faced a net loss of $36.3 million or $0.67 per diluted share, contrasting with a profit of $21.2 million in the previous year. Funds from Operations (FFO) also declined to $28.5 million or $0.51 per diluted share, down from $39.1 million in 2021. The company expanded its rental home portfolio by 5% to approximately 9,100 homes and reported plans for future growth driven by acquisitions and increased demand. A conference call is scheduled for March 1, 2023, to discuss results further.
UMH Properties, Inc. (NYSE:UMH) announced the tax treatment of its 2022 distributions. For common shares, a total distribution of $0.80 per share was allocated entirely as return of capital. The preferred shares saw a total distribution of $1.10155 for Series C and $1.593752 for Series D, with portions classified as non-qualifying ordinary income and return of capital. The company encourages shareholders to consult their tax advisors regarding the specific tax implications. UMH operates 135 manufactured home communities across multiple states, with over 25,700 homesites.
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