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 announced the acquisition of a manufactured home community in Jackson, New Jersey, for $23 million. This acquisition includes 260 developed homesites, with a high occupancy rate of 98%. The investment is expected to enhance operating efficiencies and drive improved results. The community is strategically located near UMH's corporate office and another property they have operated for over 53 years. In 2022, UMH also acquired six communities for a combined $86.3 million, totaling around 1,500 sites.
UMH Properties has completed the acquisition of Fohl Village, a manufactured home community in Canton, Ohio, for $19.1 million. This community features 321 homesites, with a 77% occupancy rate. The acquisition aligns with UMH's growth strategy, adding to the six communities purchased year-to-date, totaling $63 million and comprising 1,226 sites with a 59% blended occupancy.
CEO Samuel A. Landy notes strong potential for value increase through occupancy growth and operational improvements.
UMH Properties, Inc. (UMH) reported a total income of $51.9 million for Q3 2022, an 8% increase from $48.0 million in Q3 2021. However, the company faced a net loss attributable to common shareholders of $9.7 million or $0.18 per diluted share, widening from $3.4 million or $0.07 per diluted share a year earlier. Normalized FFO for the quarter was $11.7 million or $0.21 per share, slightly below $11.1 million or $0.23 last year. The company increased its rental home portfolio and saw a 16% growth in manufactured home sales.
UMH Properties, Inc. (NYSE:UMH) will present at the Philadelphia Securities Association (PSA) on October 26, 2022. CEO Samuel A. Landy will lead the presentation, which includes a Q&A session. The luncheon starts at 11:30 a.m. ET and will take place at the Union League of Philadelphia. Attendees can access presentation materials on the company's website at www.umh.reit. UMH owns and operates 132 manufactured home communities with approximately 25,000 developed homesites across multiple states, including New Jersey, New York, and Ohio.
UMH Properties, Inc. (NYSE:UMH) has announced its Third Quarter 2022 Financial Results Webcast scheduled for November 9, 2022, at 10:00 a.m. ET. The financial results will be released after market close on November 8, 2022, and will be accessible on the company’s website. Senior management will discuss results, current market conditions, and future outlook during the call. UMH operates 132 manufactured home communities with approximately 25,000 developed homesites across several states, including New Jersey and New York.
UMH Properties, Inc. reported on the impact of Hurricane Ian on its manufactured housing community in Sebring, Florida. President Samuel A. Landy stated that despite the hurricane's strength, the community suffered minimal damage, with no injuries reported among residents or employees. Some homes experienced minor damage, while assistance efforts for displaced individuals are underway. The company plans to accelerate the development of new homes in Florida to address urgent housing needs.
UMH Properties has declared a quarterly cash dividend of $0.20 per share on its Common Stock, payable on December 15, 2022, to shareholders of record by November 15, 2022. The annual dividend rate for the Common Stock totals $0.80 per share.
Additionally, a quarterly dividend of $0.3984375 per share has been announced for the Series D Cumulative Redeemable Preferred Stock, also payable on December 15, 2022, with an annual rate of $1.59375 per share.
UMH Properties has successfully completed two tranches to its Fannie Mae credit facility through Wells Fargo Bank, totaling approximately $34 million. The Community Tranche includes four communities, while the Home Tranche encompasses about 250 homes. Both tranches have a 10-year loan term, with interest fixed at 5.24%. Proceeds will be utilized for acquisitions, expansions, rental homes, and general corporate purposes, enhancing shareholder value and affordable housing availability.
UMH Properties proudly announces the induction of Eugene W. Landy, Founder and Chairman, into the RV/MH Hall of Fame on August 15, 2022. With over 54 years dedicated to affordable housing through manufactured homes, Landy has significantly impacted UMH's growth, transforming it into a major player with 132 communities and 25,000 developed home sites. His longtime leadership has bolstered UMH's commitment to quality housing, ensuring the company's future growth and success in meeting Americans' housing needs.
FAQ
What is the current stock price of UMH Properties (UMH)?
What is the market cap of UMH Properties (UMH)?
What does UMH Properties, Inc. specialize in?
How many communities does UMH Properties operate?
Which states are home to UMH Properties' communities?
What is UMH Sales and Finance?
How long has UMH Properties been in business?
Where can I find financial reports and SEC filings for UMH Properties?
What kind of infrastructure does UMH Properties own within its communities?
Can I purchase a home in one of UMH's communities?
What are the benefits of living in a UMH Properties community?
How does UMH Properties generate income?
