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. 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.
UMH Properties, Inc. (NYSE: UMH) has announced the acquisition of a manufactured home community in Orangeburg, South Carolina, for $5,200,000. The community consists of 186 homesites, with an occupancy rate of approximately 42%. This acquisition was made through UMH's new qualified opportunity zone fund (QOZF), benefiting from tax deferral options until December 31, 2026. The company aims to enhance affordable housing in opportunity zones, leveraging past capital gains from the sale of Monmouth Real Estate Investment Corp.
UMH Properties reported a net loss of $22.5 million for Q2 2022, compared to a net income of $8.4 million in Q2 2021. Total income rose by 7% to $49.2 million, but expenses increased to $41.3 million, marking a significant impact on profitability. Normalized FFO dropped to $8.7 million or $0.16 per share, influenced by costs from redeeming 9.9 million shares of preferred stock. The company continues to grow its rental portfolio and expects future earnings improvements following the recapitalization.
UMH Properties, Inc. (NYSE: UMH) announced the successful redemption of all 9,884,000 shares of its 6.75% Series C Cumulative Redeemable Preferred Stock on July 26, 2022. Each share was redeemed at $25.2578, which includes accrued dividends. The funds for this redemption were primarily sourced from a $26 million Fannie Mae add-on, a $103 million Series A Bond offering in Israel, and equity from its ATM program. This move is expected to lower UMH's capital costs and boost Funds from Operations (FFO) and earnings for shareholders.
UMH Properties, Inc. (NYSE: UMH) announced the acquisition of Hidden Creek, a manufactured home community in Erie, Michigan, comprising 351 homesites with a 63% occupancy rate. The acquisition aligns with UMH's growth strategy, as it currently holds 131 communities across several states, totaling around 24,800 developed homesites. Year-to-date, the company has purchased four communities for $39 million, reporting a blended occupancy of 56% with potential for further site infill.
FREEHOLD, NJ, July 1, 2022 - UMH Properties, Inc. (NYSE:UMH) has declared a quarterly cash dividend of $0.20 per share on its Common Stock, payable on September 15, 2022, to shareholders of record by August 15, 2022. This sets the annual dividend rate at $0.80 per share. Furthermore, a quarterly dividend of $0.3984375 per share for the Series D Cumulative Redeemable Preferred Stock is also declared, with similar payment details. UMH operates 130 manufactured home communities across several states, with around 24,400 developed homesites.
UMH Properties announced its Second Quarter 2022 Financial Results Webcast and Conference Call set for August 4, 2022, at 10:00 a.m. ET. The results will be available on the Company’s website after trading closes on August 3, 2022. UMH, a REIT focused on manufactured home communities, operates 130 communities with approximately 24,400 homesites across nine states and one community in Florida. Participants can join via the Company’s website or by conference call.
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?
