UMH PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2024
UMH Properties (NYSE:UMH) reported strong Q2 2024 results, with Total Income increasing 9% to $60.3 million compared to Q2 2023. Net Income Attributable to Common Shareholders was $527,000 or $0.01 per diluted share, up from a Net Loss of $4.4 million in Q2 2023. Normalized FFO increased 10% to $0.23 per diluted share.
Key highlights include:
- 9% increase in Rental and Related Income
- 7% increase in Sales of Manufactured Homes
- 11% increase in Community NOI and Same Property NOI
- 130 basis point increase in Same Property Occupancy to 87.7%
- Expansion of unsecured credit facility by $80 million to $260 million
- 4.9% increase in quarterly common stock dividend to $0.215 per share
UMH provided guidance for full-year 2024 Normalized FFO of $0.91-0.95 per diluted share, representing approximately 8% growth over 2023.
UMH Properties (NYSE:UMH) ha riportato risultati solidi per il secondo trimestre del 2024, con un aumento del 9% dei ricavi totali a 60,3 milioni di dollari rispetto al secondo trimestre del 2023. Il reddito netto attribuibile agli azionisti ordinari è stato di 527.000 dollari, pari a 0,01 dollari per azione diluita, in aumento rispetto a una perdita netta di 4,4 milioni di dollari nel secondo trimestre del 2023. Il FFO normalizzato è aumentato del 10% a 0,23 dollari per azione diluita.
I punti salienti includono:
- aumento del 9% nei ricavi da affitto e redditi correlati
- aumento del 7% nelle vendite di case prefabbricate
- aumento dell'11% nel NOI della comunità e nel NOI degli stessi immobili
- aumento di 130 punti base nell'occupazione degli stessi immobili, raggiungendo il 87,7%
- espansione della linea di credito non garantita di 80 milioni di dollari a 260 milioni di dollari
- aumento del 4,9% del dividendo trimestrale delle azioni ordinarie a 0,215 dollari per azione
UMH ha fornito indicazioni per l'anno intero 2024, prevedendo un FFO normalizzato tra 0,91 e 0,95 dollari per azione diluita, che rappresenta circa l'8% di crescita rispetto al 2023.
UMH Properties (NYSE:UMH) informó resultados sólidos en el segundo trimestre de 2024, con un aumento del 9% en los ingresos totales a 60,3 millones de dólares en comparación con el segundo trimestre de 2023. El ingreso neto atribuible a los accionistas comunes fue de 527,000 dólares o 0.01 dólares por acción diluida, mejorando desde una pérdida neta de 4.4 millones de dólares en el segundo trimestre de 2023. El FFO normalizado aumentó un 10% a 0.23 dólares por acción diluida.
Los aspectos destacados incluyen:
- incremento del 9% en ingresos por alquiler y relacionados
- aumento del 7% en ventas de casas manufacturadas
- incremento del 11% en NOI de la comunidad y NOI de propiedades comparables
- incremento de 130 puntos básicos en la ocupación de propiedades comparables al 87.7%
- expansión de la línea de crédito no garantizada en 80 millones de dólares a 260 millones de dólares
- aumento del 4.9% en el dividendo trimestral de acciones comunes a 0.215 dólares por acción
UMH proporcionó orientación para el año completo 2024, con un FFO normalizado proyectado de 0.91-0.95 dólares por acción diluida, lo que representa aproximadamente un 8% de crecimiento en comparación con 2023.
UMH Properties (NYSE:UMH)는 2024년 2분기 실적을 발표하며, 총 수익이 9% 증가하여 6,030만 달러에 달했습니다, 이는 2023년 2분기와 비교할 때의 결과입니다. 보통주 주주에게 귀속된 순이익은 527,000달러, 즉 희석 후 주당 0.01달러였습니다, 이는 2023년 2분기 440만 달러의 순손실에서 증가한 수치입니다. 정상화된 FFO는 10% 증가하여 희석 후 주당 0.23달러에 도달했습니다.
주요 하이라이트는 다음과 같습니다:
- 임대 및 관련 수익 9% 증가
- 조립식 주택 판매 7% 증가
- 공동체 NOI 및 동일 자산 NOI 각각 11% 증가
- 동일 자산 점유율 130 베이시스 포인트 증가하여 87.7% 도달
- 무담보 신용 한도 8천만 달러 확장하여 2억 6천만 달러로 증가
- 분기 보통주 배당금 4.9% 증가하여 주당 0.215달러에 도달
UMH는 2024년 전체 정상화된 FFO를 희석 후 주당 0.91-0.95달러로 안내하며, 이는 2023년 대비 약 8% 성장에 해당합니다.
UMH Properties (NYSE:UMH) a rapporté de solides résultats pour le deuxième trimestre 2024, avec une augmentation de 9% des revenus totaux à 60,3 millions de dollars par rapport au deuxième trimestre 2023. Le revenu net attribuable aux actionnaires ordinaires s'élevait à 527 000 dollars, soit 0,01 dollar par action diluée, en hausse par rapport à une perte nette de 4,4 millions de dollars au deuxième trimestre 2023. Le FFO normalisé a augmenté de 10% à 0,23 dollar par action diluée.
Les faits saillants incluent :
- augmentation de 9% des revenus locatifs et connexes
- augmentation de 7% des ventes de maisons manufacturées
- augmentation de 11% du NOI communautaire et du NOI des mêmes propriétés
- augmentation de 130 points de base du taux d'occupation des mêmes propriétés, atteignant 87,7%
- expansion de la ligne de crédit non garantie de 80 millions de dollars à 260 millions de dollars
- augmentation de 4,9% du dividende trimestriel des actions ordinaires à 0,215 dollar par action
UMH a donné des prévisions pour l'année complète 2024, avec un FFO normalisé compris entre 0,91 et 0,95 dollar par action diluée, représentant environ 8% de croissance par rapport à 2023.
UMH Properties (NYSE:UMH) hat für das zweite Quartal 2024 starke Ergebnisse berichtet, mit einem Anstieg der Gesamteinnahmen um 9% auf 60,3 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Der Nettogewinn, der den Stammaktionären zurechenbar ist, betrug 527.000 Dollar oder 0,01 Dollar pro verwässerter Aktie, was eine Steigerung gegenüber einem Nettoverlust von 4,4 Millionen Dollar im zweiten Quartal 2023 darstellt. Der normalisierte FFO stieg um 10% auf 0,23 Dollar pro verwässerter Aktie.
Wichtige Highlights sind:
- 9% Anstieg bei Mieten und ähnlichen Einnahmen
- 7% Anstieg bei Verkäufen von Fertighäusern
- 11% Anstieg beim NOI der Gemeinschaft und beim NOI vergleichbarer Immobilien
- 130 Basispunkte Anstieg bei der Belegung vergleichbarer Immobilien auf 87,7%
- Erweiterung der unbesicherten Kreditlinie um 80 Millionen Dollar auf 260 Millionen Dollar
- 4,9% Anstieg der vierteljährlichen Dividende von Stammaktien auf 0,215 Dollar pro Aktie
UMH gab eine Prognose für 2024 aus, die einen normalisierten FFO von 0,91 bis 0,95 Dollar pro verwässerter Aktie vorsieht, was einem Wachstum von etwa 8% gegenüber 2023 entspricht.
- Total Income increased 9% year-over-year to $60.3 million
- Normalized FFO per diluted share increased 10% to $0.23
- Same Property NOI increased 11%
- Same Property Occupancy improved by 130 basis points to 87.7%
- Sales of Manufactured Homes increased 7% with gross margin improving from 30% to 38%
- Unsecured credit facility expanded by $80 million to $260 million
- Quarterly common stock dividend increased by 4.9% to $0.215 per share
- Provided positive guidance for full-year 2024 Normalized FFO growth of approximately 8%
- Net Income Attributable to Common Shareholders was only $527,000 or $0.01 per diluted share
- For the six months ended June 30, 2024, the company reported a Net Loss Attributable to Common Shareholders of $5.7 million
Insights
UMH Properties' Q2 2024 results show solid growth and operational improvements. Total Income increased by 9% to
- Rental and Related Income up
9% - Community NOI increased
11% - Same Property Occupancy improved by 130 basis points to
87.7% - Sales of Manufactured Homes grew
7% with improved gross margins
The company's focus on value-added acquisitions and community improvements is paying off, driving strong same-property performance. With 3,300 vacant sites and 2,200 acres of vacant land, UMH has significant organic growth potential. The recent credit facility expansion and successful equity raises strengthen their financial position for future growth.
UMH's Q2 results demonstrate the resilience and growth potential of the manufactured housing sector. The
The company's strategy of acquiring and improving underperforming communities is creating substantial value. With a 130 basis point improvement in same-property occupancy and a
FREEHOLD, NJ, Aug. 06, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended June 30, 2024 of
A summary of significant financial information for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands except per share amounts):
| Three Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Total Income | $ | 60,328 | $ | 55,290 | ||||
| Total Expenses | $ | 49,307 | $ | 46,371 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 527 | $ | (4,418 | ) | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | (0.01 | ) | $ | (0.07 | ) | ||
| FFO (1) | $ | 16,182 | $ | 12,043 | ||||
| FFO (1) per Diluted Common Share | $ | 0.23 | $ | 0.19 | ||||
| Normalized FFO (1) | $ | 16,807 | $ | 13,049 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.23 | $ | 0.21 | ||||
| Basic Weighted Average Shares Outstanding | 71,418 | 61,236 | ||||||
| Diluted Weighted Average Shares Outstanding | 71,884 | 61,760 | ||||||
| Six Months Ended | ||||||||
| June 30, | ||||||||
| 2024 | 2023 | |||||||
| Total Income | $ | 118,008 | $ | 107,897 | ||||
| Total Expenses | $ | 97,715 | $ | 91,611 | ||||
| Net Loss Attributable to Common Shareholders | $ | (5,737 | ) | $ | (9,715 | ) | ||
| Net Loss Attributable to Common Shareholders per Diluted Common Share | $ | (0.08 | ) | $ | (0.16 | ) | ||
| FFO (1) | $ | 30,228 | $ | 22,683 | ||||
| FFO (1) per Diluted Common Share | $ | 0.43 | $ | 0.37 | ||||
| Normalized FFO (1) | $ | 31,824 | $ | 24,769 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.45 | $ | 0.41 | ||||
| Basic Weighted Average Shares Outstanding | 70,291 | 60,186 | ||||||
| Diluted Weighted Average Shares Outstanding | 70,700 | 60,844 | ||||||
A summary of significant balance sheet information as of June 30, 2024 and December 31, 2023 is as follows (in thousands):
| June 30, 2024 | December 31, 2023 | |||||||
| Gross Real Estate Investments | $ | 1,574,196 | $ | 1,539,041 | ||||
| Marketable Securities at Fair Value | $ | 28,673 | $ | 34,506 | ||||
| Total Assets | $ | 1,441,295 | $ | 1,427,577 | ||||
| Mortgages Payable, net | $ | 491,030 | $ | 496,483 | ||||
| Loans Payable, net | $ | 77,367 | $ | 93,479 | ||||
| Bonds Payable, net | $ | 100,479 | $ | 100,055 | ||||
| Total Shareholders’ Equity | $ | 743,980 | $ | 706,794 | ||||
Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2024.
“We are pleased to announce another solid quarter of operating results. During the quarter, we:
| ● | Increased Rental and Related Income by | |
| ● | Increased Sales of Manufactured Homes by | |
| ● | Increased Community Net Operating Income (“NOI”) by | |
| ● | Increased Same Property NOI by | |
| ● | Increased Same Property Occupancy by 130 basis points from | |
| ● | Improved our Same Property expense ratio by 110 basis points from | |
| ● | Amended our unsecured credit facility to expand available borrowings by | |
| ● | For the fourth time since 2020, raised our quarterly common stock dividend by | |
| ● | Issued and sold approximately 2.4 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of | |
| ● | Issued and sold approximately 29,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of | |
| ● | Subsequent to quarter end, issued and sold approximately 765,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of | |
| ● | Subsequent to quarter end, issued and sold approximately 150,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of | |
Mr. Landy stated, “UMH is pleased to report that Normalized FFO for the second quarter increased to
“Our same property operating results continue to demonstrate the effectiveness of our business plan. Same property NOI increased by
“Our sales for the quarter increased from
“We are initiating guidance for the remainder of 2024, with Normalized FFO in a range of
“UMH continues to execute on our long-term business plan of acquiring communities. Our high-quality communities continue to experience strong demand for our products, which is translating to growing occupancy, net operating income and property value. Our 3,300 vacant sites and 2,200 acres of vacant land give us a runway to generate earnings growth for years to come. We maintain a strong balance sheet to ensure that we can execute our organic growth plan and be prepared when external acquisition opportunities become available. This strategy has allowed us to build a first-class portfolio of manufactured housing communities that deliver shareholders a resilient and growing dividend, greater scale, and improved net asset value per share.”
UMH Properties, Inc. will host its Second Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, August 7, 2024, at 10:00 a.m. Eastern Time.
The Company’s 2024 second quarter financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.
To participate in the webcast, select the webcast icon on the homepage of the Company’s website at www.umh.reit, in the Upcoming Events section. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on Wednesday, August 7, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 7242441. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.reit.
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.
Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Note:
(1) Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities investments and the change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.
FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.
The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 71.9 million and 70.7 million shares for the three and six months ended June 30, 2024, respectively, and 61.8 million and 60.8 million shares for the three and six months ended June 30, 2023, respectively. Common stock equivalents resulting from stock options in the amount of 409,000 for the six months ended June 30, 2024, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive. Common stock equivalents resulting from employee stock options to purchase 4.0 million shares of common stock amounted to 466,000 shares, for the three months ended June 30, 2024, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 524,000 and 658,000 shares for the three and six months ended June 30, 2023, respectively, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive.
The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three and six months ended June 30, 2024 and 2023 are calculated as follows (in thousands):
| Three Months Ended | Six Months Ended | |||||||||||||||
| June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||||||||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 527 | $ | (4,418 | ) | $ | (5,737 | ) | $ | (9,715 | ) | |||||
| Depreciation Expense | 15,001 | 13,751 | 29,742 | 27,124 | ||||||||||||
| Depreciation Expense from Unconsolidated Joint Venture | 204 | 166 | 401 | 325 | ||||||||||||
| (Gain) Loss on Sales of Depreciable Assets | 10 | (5 | ) | 13 | (37 | ) | ||||||||||
| (Increase) Decrease in Fair Value of Marketable Securities | (3,338 | ) | 2,548 | 2,031 | 4,943 | |||||||||||
| Loss on Sales of Marketable Securities, net | 3,778 | 1 | 3,778 | 43 | ||||||||||||
| FFO Attributable to Common Shareholders | 16,182 | 12,043 | 30,228 | 22,683 | ||||||||||||
| Amortization of Financing Costs | 607 | 538 | 1,163 | 1,056 | ||||||||||||
| Non-Recurring Other Expense (a) | 18 | 468 | 433 | 1,030 | ||||||||||||
| Normalized FFO Attributable to Common Shareholders | $ | 16,807 | $ | 13,049 | $ | 31,824 | $ | 24,769 | ||||||||
(a) Consists of non-recurring one-time legal fees (
The following are the cash flows provided by (used in) operating, investing and financing activities for the six months ended June 30, 2024 and 2023 (in thousands):
| 2024 | 2023 | |||||||
| Operating Activities | $ | 37,605 | $ | 53,002 | ||||
| Investing Activities | (58,758 | ) | (94,396 | ) | ||||
| Financing Activities | 7,598 | 49,706 | ||||||
| (2) | The following are the assumptions used in the 2024 Normalized FFO guidance: | ||
| - | Rent increases of | |
| - | Occupancy of 400 rental units in the second half of 2024; | |
| - | Overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately | |
| - | Includes the opportunistic sales of common and preferred stock through our ATM programs; and | |
| - | Excludes any potential acquisitions, dispositions, and development projects. |
Contact: Nelli Madden
732-577-9997
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