UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2024
UMH Properties reported strong Q3 2024 financial results with Total Income of $60.7 million, up 8% year-over-year. Net Income improved to $8.2 million ($0.11 per diluted share) compared to a loss of $5.8 million in Q3 2023. Normalized FFO reached $18.5 million ($0.24 per diluted share), a 9% increase per share. Key operational highlights include 8% growth in rental income, 10% increase in manufactured home sales, and 7% growth in Community NOI. The company raised significant capital through ATM programs, selling common and preferred stock, and updated its 2024 normalized FFO guidance to $0.92-$0.94 per diluted share.
UMH Properties ha riportato risultati finanziari solidi per il terzo trimestre del 2024, con un Reddito Totale di 60,7 milioni di dollari, in aumento dell'8% rispetto all'anno precedente. Il Reddito Netto è migliorato a 8,2 milioni di dollari (0,11 dollari per azione diluita) rispetto a una perdita di 5,8 milioni di dollari nel terzo trimestre del 2023. FFO Normalizzato ha raggiunto 18,5 milioni di dollari (0,24 dollari per azione diluita), un aumento del 9% per azione. I principali punti salienti operativi includono una crescita dell'8% nel reddito da locazione, un aumento del 10% nelle vendite di case prefabbricate e una crescita del 7% nel NOI della comunità. L'azienda ha raccolto capitale significativo attraverso programmi ATM, vendendo azioni ordinarie e privilegiate, e ha aggiornato la sua guida FFO normalizzata per il 2024 a 0,92-0,94 dollari per azione diluita.
UMH Properties reportó resultados financieros sólidos para el tercer trimestre de 2024, con un Ingreso Total de 60,7 millones de dólares, un aumento del 8% en comparación con el año anterior. El Ingreso Neto mejoró a 8,2 millones de dólares (0,11 dólares por acción diluida) en comparación con una pérdida de 5,8 millones de dólares en el tercer trimestre de 2023. FFO Normalizado alcanzó los 18,5 millones de dólares (0,24 dólares por acción diluida), un aumento del 9% por acción. Los principales puntos destacados operativos incluyen un crecimiento del 8% en el ingreso por alquiler, un aumento del 10% en las ventas de casas fabricadas y un crecimiento del 7% en el NOI de la comunidad. La empresa recaudó capital significativo a través de programas ATM, vendiendo acciones comunes y preferentes, y actualizó su guía de FFO normalizado para 2024 a 0,92-0,94 dólares por acción diluida.
UMH Properties는 2024년 3분기 강력한 재무 실적을 보고했으며, 총 수익은 6070만 달러로 전년 대비 8% 증가했습니다. 순이익은 820만 달러(희석주당 0.11 달러)로 개선되어, 2023년 3분기의 580만 달러 손실과 비교됩니다. 정상화 FFO는 1850만 달러(희석주당 0.24 달러)에 달하며, 이는 주당 9% 증가한 수치입니다. 주요 운영 하이라이트로는 임대 수익 8% 증가, 주택 판매 10% 증가, 커뮤니티 NOI 7% 증가가 있습니다. 회사는 ATM 프로그램을 통해 일반주와 우선주를 판매하여 상당한 자본을 모금했으며, 2024년 정상화 FFO 지침을 희석주당 0.92-0.94 달러로 업데이트했습니다.
UMH Properties a rapporté des résultats financiers solides pour le troisième trimestre 2024, avec un Revenu Total de 60,7 millions de dollars, en hausse de 8 % par rapport à l'année précédente. Le Revenu Net s'est amélioré à 8,2 millions de dollars (0,11 dollar par action diluée) par rapport à une perte de 5,8 millions de dollars au troisième trimestre 2023. FFO Normalisé a atteint 18,5 millions de dollars (0,24 dollar par action diluée), soit une augmentation de 9 % par action. Les principaux faits marquants opérationnels incluent une augmentation de 8 % des revenus locatifs, une hausse de 10 % des ventes de maisons manufacturées et une croissance de 7 % du NOI communautaire. L'entreprise a levé des fonds importants grâce à des programmes ATM, en vendant des actions ordinaires et privilégiées, et a mis à jour ses prévisions de FFO normalisé pour 2024 à 0,92-0,94 dollar par action diluée.
UMH Properties hat starke Finanzkennzahlen für das dritte Quartal 2024 gemeldet, mit einem Gesamteinkommen von 60,7 Millionen Dollar, was einem Anstieg von 8 % im Vergleich zum Vorjahr entspricht. Der Nettoertrag verbesserte sich auf 8,2 Millionen Dollar (0,11 Dollar pro verwässerter Aktie) im Vergleich zu einem Verlust von 5,8 Millionen Dollar im 3. Quartal 2023. Normalisiertes FFO erreichte 18,5 Millionen Dollar (0,24 Dollar pro verwässerter Aktie), was einem Anstieg von 9 % pro Aktie entspricht. Zu den wichtigsten betrieblichen Highlights gehören ein Wachstum der Mieteinnahmen um 8 %, ein Anstieg der Verkäufe von Fertighäusern um 10 % und ein Wachstum des NOI der Gemeinschaft um 7 %. Das Unternehmen hat über ATM-Programme erhebliches Kapital gesammelt, indem es Stamm- und Vorzugsaktien verkaufte, und hat seine Prognose für das normalisierte FFO 2024 auf 0,92-0,94 Dollar pro verwässerter Aktie aktualisiert.
- Total Income increased 8% YoY to $60.7 million
- Net Income improved from -$5.8M to +$8.2M YoY
- Normalized FFO per share increased 9% to $0.24
- Same Property NOI grew 7%
- Rental home portfolio expanded by 284 homes (3% growth)
- Successfully raised $106.7M through common stock ATM sales
- Same property occupancy increased 70 basis points to 87.7%
- Sales of manufactured homes increased 10% to $8.7M
- Tightened 2024 FFO guidance range, potentially indicating slower growth
- Total Expenses increased by 5.3% to $48.9M
Insights
UMH Properties delivered strong Q3 2024 results with notable improvements across key metrics. Total income increased by
The balance sheet shows significant strengthening, with total assets reaching
The
The manufactured housing sector continues to demonstrate resilience, as evidenced by UMH's strong performance in home sales and occupancy rates. The
The company's expansion strategy through rental homes and property improvements positions it well in the current housing market environment, where affordability remains a key concern. The
FREEHOLD, NJ, Nov. 06, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended September 30, 2024 of
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was
A summary of significant financial information for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands except per share amounts):
| Three Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Total Income | $ | 60,671 | $ | 56,044 | ||||
| Total Expenses | $ | 48,911 | $ | 46,437 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 8,181 | $ | (5,831 | ) | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | 0.11 | $ | (0.09 | ) | |||
| FFO (1) | $ | 17,662 | $ | 13,791 | ||||
| FFO (1) per Diluted Common Share | $ | 0.23 | $ | 0.21 | ||||
| Normalized FFO (1) | $ | 18,462 | $ | 14,400 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.24 | $ | 0.22 | ||||
| Basic Weighted Average Shares Outstanding | 75,610 | 65,076 | ||||||
| Diluted Weighted Average Shares Outstanding | 76,563 | 65,554 | ||||||
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2024 | 2023 | |||||||
| Total Income | $ | 178,679 | $ | 163,941 | ||||
| Total Expenses | $ | 146,626 | $ | 138,048 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 2,444 | $ | (15,546 | ) | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | 0.03 | $ | (0.25 | ) | |||
| FFO (1) | $ | 47,890 | $ | 36,474 | ||||
| FFO (1) per Diluted Common Share | $ | 0.66 | $ | 0.58 | ||||
| Normalized FFO (1) | $ | 50,286 | $ | 39,169 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.69 | $ | 0.63 | ||||
| Basic Weighted Average Shares Outstanding | 72,173 | 61,853 | ||||||
| Diluted Weighted Average Shares Outstanding | 72,971 | 62,508 | ||||||
A summary of significant balance sheet information as of September 30, 2024 and December 31, 2023 is as follows (in thousands):
| September 30, 2024 | December 31, 2023 | |||||||
| Gross Real Estate Investments | $ | 1,597,055 | $ | 1,539,041 | ||||
| Marketable Securities at Fair Value | $ | 34,178 | $ | 34,506 | ||||
| Total Assets | $ | 1,501,533 | $ | 1,427,577 | ||||
| Mortgages Payable, net | $ | 488,285 | $ | 496,483 | ||||
| Loans Payable, net | $ | 25,968 | $ | 93,479 | ||||
| Bonds Payable, net | $ | 100,691 | $ | 100,055 | ||||
| Total Shareholders’ Equity | $ | 858,385 | $ | 706,794 | ||||
Samuel A. Landy, President and CEO, commented on the results of the third quarter of 2024.
“We are pleased to announce another solid quarter of operating results. During the quarter, we:
- Increased Rental and Related Income by
8% ; - Increased Sales of Manufactured Homes by
10% ; - Increased Community Net Operating Income (“NOI”) by
7% ; - Increased Same Property NOI by
7% ; - Increased Same Property Occupancy by 70 basis points from
87.0% to87.7% ; - Increased our rental home portfolio by 117 homes from June 30, 2024 and 284 homes from yearend 2023 to approximately 10,300 total rental homes, representing an increase of
3% ; - Issued and sold approximately 5.7 million shares of Common Stock through our At-the-Market Sale Programs at a weighted average price of
$18.93 per share, generating gross proceeds of$108.4 million and net proceeds of$106.7 million , after offering expenses; - Issued and sold approximately 441,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of
$23.51 per share, generating gross proceeds of$10.4 million and net proceeds of$10.2 million , after offering expenses; - Subsequent to quarter end, issued and sold approximately 170,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of
$18.92 per share, generating net proceeds of$3.2 million , after offering expenses; and - Subsequent to quarter end, issued and sold approximately 247,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of
$23.90 per share, generating net proceeds of$5.8 million , after offering expenses.”
Mr. Landy stated, “UMH has executed on its long-term business plan which is resulting in improved community operating results, increased sales profits and ultimately growing earnings per share. Normalized FFO per share for the third quarter of 2024 was
“Our same property operating results continue to meet our expectations. Year-over-year, same property occupancy has increased by 220 sites, or 70 basis points, to
“Sales of manufactured homes were
“During the quarter, UMH issued and sold 5.7 million shares of common stock through our at-the-market sales program at a weighted average price of
“We are also updating our 2024 guidance, which previously was normalized FFO in a range of
UMH Properties, Inc. will host its Third Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, November 7, 2024, at 10:00 a.m. Eastern Time.
The Company’s 2024 third 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 Thursday, November 7, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 2262955. 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 139 manufactured home communities containing approximately 26,200 developed homesites, including two communities owned through its joint venture in which the Company has a
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 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively, and 65.6 million and 62.5 million shares for the three and nine months ended September 30, 2023, respectively. Common stock equivalents resulting from employee stock options to purchase 5.4 million shares of common stock amounted to 953,000 shares 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 478,000 and 655,000 shares for the three and nine months ended September 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 nine months ended September 30, 2024 and 2023 are calculated as follows (in thousands):
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 | |||||||||||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 8,181 | $ | (5,831 | ) | $ | 2,444 | $ | (15,546 | ) | ||||||
| Depreciation Expense | 14,693 | 14,147 | 44,435 | 41,271 | ||||||||||||
| Depreciation Expense from Unconsolidated Joint Venture | 209 | 179 | 610 | 504 | ||||||||||||
| (Gain) Loss on Sales of Investment Property and Equipment | 78 | 26 | 91 | (11 | ) | |||||||||||
| (Increase) Decrease in Fair Value of Marketable Securities | (5,499 | ) | 5,496 | (3,468 | ) | 10,439 | ||||||||||
| (Gain) Loss on Sales of Marketable Securities, net | -0- | (226 | ) | 3,778 | (183 | ) | ||||||||||
| FFO Attributable to Common Shareholders | 17,662 | 13,791 | 47,890 | 36,474 | ||||||||||||
| Amortization of Financing Costs | 608 | 536 | 1,771 | 1,592 | ||||||||||||
| Non-Recurring Other Expense (2) | 192 | 73 | 625 | 1,103 | ||||||||||||
| Normalized FFO Attributable to Common Shareholders | $ | 18,462 | $ | 14,400 | $ | 50,286 | $ | 39,169 | ||||||||
(2) Consists of one-time legal fees (
The following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2024 and 2023 (in thousands):
| 2024 | 2023 | |||||||
| Operating Activities | $ | 54,331 | $ | 91,114 | ||||
| Investing Activities | (97,014 | ) | (135,726 | ) | ||||
| Financing Activities | 52,676 | 49,306 | ||||||
Contact: Nelli Madden
732-577-9997
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