Financial Performance - Rental and related income for Q4 FY 2024 was $53,259,000, an increase of 4.1% from $49,246,000 in Q4 FY 2023[4] - Net income for Q4 FY 2024 was $4,980,000, down 55.7% from $11,254,000 in Q4 FY 2023[4] - Adjusted EBITDA excluding non-recurring other expenses reached $29,806,000, up 9.0% from $27,174,000 in Q4 FY 2023[4] - Funds from operations (FFO) attributable to common shareholders increased to $18,369,000, a 25.5% rise from $14,595,000 in Q4 FY 2023[4] - Total income for the year ended December 31, 2024, increased to $240,552, up 8.9% from $220,925 in 2023[8] - Net income for the year ended December 31, 2024, was $21,441, compared to $7,851 in 2023, representing a significant increase of 173.5%[9] - Adjusted EBITDA for the year ended December 31, 2024, reached $113,112, an increase of 12.5% from $100,541 in 2023[10] - Funds from Operations (FFO) attributable to common shareholders for the year ended December 31, 2024, was $66,259, up 29.7% from $51,069 in 2023[10] Assets and Liabilities - Total assets as of December 31, 2024, were $1,563,728,000, compared to $1,427,577,000 as of December 31, 2023, marking a 9.5% increase[7] - Total liabilities decreased to $647,819,000 in 2024 from $720,783,000 in 2023, a reduction of 10.1%[7] - Net debt decreased to $515,002,000 in 2024 from $632,697,000 in 2023, a reduction of 18.6%[12] - Total debt decreased to $614,722,000 in 2024 from $690,017,000 in 2023, a decline of 10.9%[13] Market Capitalization - The total market capitalization as of December 31, 2024, was $2,481,743,000, up from $2,021,619,000 in 2023, reflecting a growth of 22.8%[4] - Total equity market capitalization increased to $1,546,449,000 in 2024 from $1,041,422,000 in 2023, representing a growth of 48.6%[12] - Total Market Capitalization increased by 23% to over $2.5 billion at year-end 2024[40] Dividends - Dividends per common share increased to $0.215 in Q4 FY 2024 from $0.205 in Q4 FY 2023[4] - Raised quarterly common stock dividend by 4.9% to $0.215 per share, or $0.86 annually[40] Operational Metrics - Community operating expenses rose to $22,151,000 in Q4 FY 2024, compared to $20,548,000 in Q4 FY 2023, reflecting a 7.8% increase[4] - The company added 80 net rentals in Q4 FY 2024, down from 92 in Q4 FY 2023[4] - Total rentals increased to 10,333 in 2024, a growth of 3.7% from 9,969 in 2023[19] - The company plans to expand its property portfolio, adding two newly constructed communities in 2024[19] - Added 565 new homes to the rental home portfolio while maintaining 94% rental home occupancy[41] Occupancy and Rent - Occupancy rate increased to 87.3% in 2024 from 86.7% in 2023, reflecting a 60 basis points improvement[19] - Monthly rent per site rose to $544 in 2024, up 4.8% from $519 in 2023[19] - Occupancy percentage for the year ended December 31, 2024, was 87.8%, an increase of 70 basis points from 87.1% in 2023[22] - Monthly Rent Per Site increased by 5.3% to $546 in December 2024, compared to $519 in December 2023[22] Future Guidance - Anticipating 2025 guidance with Normalized FFO in a range of $0.96-$1.04 per diluted share, representing 7.5% growth at the midpoint over 2024[41] Cash Flow - Cash provided by operating activities for the year ended December 31, 2024, was $81,601, a decrease of 32.1% from $120,077 in 2023[9] - The company reported a net cash increase of $44,374 for the year ended December 31, 2024, compared to $23,561 in 2023[9] Other Financial Metrics - The company experienced a loss on investment in joint ventures of $376 for the year ended December 31, 2024, compared to a loss of $808 in 2023[9] - The company’s depreciation expense for the year ended December 31, 2024, was $60,239, an increase from $55,719 in 2023[9] - Interest coverage ratio improved to 3.4x in 2024 compared to 2.7x in 2023, indicating better ability to meet interest obligations[12] - The percentage of fixed-rate debt increased to 99.1% in 2024 from 90.0% in 2023, enhancing interest rate stability[13] - Increased Same Property Net Operating Income (NOI) by 10% and Same Property Occupancy by 70 basis points to 87.8%[40]

Core Viewpoint - UMH Properties, Inc. reported significant financial improvements for the year ended December 31, 2024, with total income increasing by 9% and a return to net income attributable to common shareholders, indicating a strong operational performance and growth potential for 2025 [1][5][6]. Financial Performance - Total Income for the year ended December 31, 2024, was $240.6 million, up from $220.9 million in 2023, marking a 9% increase [1][3]. - Net Income attributable to common shareholders for the year was $2.5 million, or $0.03 per diluted share, compared to a loss of $8.7 million, or $0.15 per diluted share, in 2023 [1][3]. - Funds from Operations (FFO) for the year was $66.3 million, or $0.88 per diluted share, compared to $51.1 million, or $0.80 per diluted share, in 2023, reflecting a strong operational performance [2][4]. - Normalized FFO increased by 27% to $69.5 million, or $0.93 per diluted share, from $54.5 million, or $0.86 per diluted share, in 2023 [2][5]. Operational Highlights - Rental and related income increased by 9%, and community net operating income (NOI) rose by 10% [5]. - Same property NOI increased by 10%, and occupancy improved by 70 basis points from 87.1% to 87.8% [5]. - The company raised its quarterly common stock dividend by 4.9% to $0.215 per share, or $0.86 annually [5]. Capital and Market Position - Total market capitalization increased by 23% to over $2.5 billion, while equity market capitalization rose by 48% to over $1.5 billion [5]. - The company reduced its net debt to total market capitalization from 31.3% in 2023 to 20.8% in 2024 [5]. - UMH Properties issued approximately 12.5 million shares of common stock, generating net proceeds of $220.6 million, and approximately 1.2 million shares of Series D Preferred Stock, generating net proceeds of $28.0 million [5]. Future Outlook - The company anticipates a range of Normalized FFO of $0.96-$1.04 per diluted share for 2025, representing a 7.5% growth at the midpoint over 2024 [6]. - Plans include adding 800 new homes to the rental portfolio and achieving 5% rent increases [6].

Company Operations - As of December 31, 2024, the company operated 139 manufactured home communities with approximately 26,300 developed homesites and 10,300 company-owned rental homes[16]. - The company has quadrupled the number of developed homesites since 2010, acquiring 107 communities with approximately 18,800 homesites[24]. - The company has approximately 2,400 acres of additional land potentially available for future development[26]. - The company operates 139 manufactured home communities, with 45 having their own wastewater treatment facilities, subject to environmental compliance[71]. - The company has a total of 26,259 developed sites with an occupancy rate of 86.5% as of December 31, 2024, compared to 85.8% in the previous year[160]. - The company is currently working on the redevelopment of a community that will consist of 237 sites, with phases I and II fully completed and occupied, and phase III recently completed in 2023[161]. - Approximately 3,400 sites are in various stages of the approval process, which may be developed over the next seven years[162]. - The company has developed a total of 9,500 potential sites from its undeveloped acres[162]. - The Company owned manufactured home properties with an approximate cost of $1.7 billion as of December 31, 2024, consisting of 137 separate communities[165]. Financial Performance - Increased Rental and Related Income by 9% and Community Net Operating Income (NOI) by 10% in 2024[195]. - Normalized Funds from Operations (Normalized FFO) increased by 27%, with Normalized FFO per diluted share rising from $0.86 in 2023 to $0.93 in 2024[195]. - Total Market Capitalization increased by 23% to over $2.5 billion, while Equity Market Capitalization rose by 48% to over $1.5 billion[195]. - Reduced Net Debt to Total Market Capitalization from 31.3% in 2023 to 20.8% in 2024[195]. - The Company raised its quarterly common stock dividend by 4.9% to $0.215 per share, equating to $0.86 annually[195]. - The Company increased its quarterly cash dividends from $0.205 to $0.215 per share during the year ended December 31, 2024, totaling $0.85 per share for the year[185]. Market and Economic Conditions - The company is concentrated in the manufactured housing/residential sector, making it vulnerable to economic downturns in that sector[45]. - The current interest rate environment poses risks that may affect the company's cost of capital and financial results[45]. - The geographic concentration of properties in the Eastern United States exposes the company to local economic downturns[53]. - Economic downturns in the manufactured housing sector could adversely affect the company's financial performance[78]. - Increased competition in the manufactured housing sector could adversely affect occupancy and rental rates, impacting overall profitability[45]. Risks and Compliance - The company faces risks associated with the illiquidity of real estate investments, which may hinder property sales when appropriate[45]. - The company may face challenges in maintaining or increasing rental rates and occupancy levels due to market conditions[49]. - The company is subject to various federal, state, and local taxes on income and property, despite its REIT status[45]. - Changes in tax laws applicable to REITs could adversely affect the company's financial condition and results of operations[45]. - The company faces risks associated with debt financing, including potential foreclosure if mortgage payments are not met[82]. - The company is required to distribute at least 90% of its REIT taxable income to shareholders annually, which may limit its ability to fund future capital needs from retained cash[83]. - Non-compliance with REIT qualification could lead to significant tax liabilities and reduced cash flow available for distributions[95]. Joint Ventures and Investments - The company formed an opportunity zone fund, UMH OZ Fund, LLC, holding a 77% interest, to acquire and develop manufactured home communities in economically distressed areas[15]. - The joint venture with Nuveen Real Estate may limit decision-making authority and expose the company to disputes[79]. - The joint venture with Nuveen Real Estate was established to acquire manufactured housing communities, with an initial equity capital commitment of up to $70 million, potentially increasing to $170 million[168]. - The Company acquired Sebring Square for $22.2 million and Rum Runner for $15.1 million through the joint venture with Nuveen[173]. - In November 2023, a new joint venture entity was formed with Nuveen, focusing on the development of a new manufactured housing community on 61 acres in Pennsylvania, expected to contain 113 sites[175]. Cybersecurity and Technology - The company faces cybersecurity risks that could lead to loss of confidential information and disrupt operations, despite measures in place to mitigate these risks[129]. - The Company has established a comprehensive cybersecurity risk management strategy, including incident response planning and employee training[139]. - The IT Department collaborates with senior management to implement a cybersecurity program to protect information systems and respond to incidents[142]. - The Board and Cybersecurity Subcommittee receive regular updates on cybersecurity risk management practices and developments[141]. - The Company conducts annual reviews of cybersecurity policies and practices, adjusting them based on assessment results[140]. Employee and Governance - The company employs approximately 513 individuals, with 42% of the total employee population being female[35]. - The company is dependent on key personnel, and the loss of management could adversely affect financial condition and cash flow[104]. - Conflicts of interest may arise from related party transactions involving key personnel, potentially impacting corporate governance[106]. - The company may amend its business policies without shareholder approval, which could impact shareholder interests[108]. - The ability to pay distributions in the future is dependent on the company's profitability and cash generation, with no guarantee of regular quarterly distributions[123].

Core Viewpoint - UMH Properties, Inc. has announced the tax treatment of its 2024 distributions to stockholders, detailing the nature of cash distributions for both common and preferred shares during the calendar year ended December 31, 2024 [1]. Distribution Summary - For common shares, total distributions per share for 2024 amount to $0.850, with 19.63% classified as Non-Qualifying Ordinary Income and 80.37% as Return of Capital [3][4]. - For the 6.375% Series D Cumulative Redeemable Preferred shares, total distributions per share for 2024 amount to $1.59375, with 100% classified as Non-Qualifying Ordinary Income [3][4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across multiple states [8].

The US continues to face an ongoing housing shortage with no clear end in sight. One beneficiary of this tailwind is UMH Properties (NYSE: UMH ), a leading manufacturer and distributor of manufactured homes.Our Marketplace service, Hidden Dividend Stocks Plus, focuses on undercovered, undervalued income vehicles, and special high yield situations.We scour the US and world markets to find solid income opportunities with dividend yields ranging from 5% to 10%-plus, backed by strong earnings.We publish exclusi ...

Industry Overview - The REIT and Equity Trust - Residential industry includes companies that own, develop, and manage residential properties such as apartment buildings, student housing, manufactured homes, and single-family homes [3] - Student housing properties are typically located near colleges and universities and are exclusively leased to students [4] - Demand for student housing is closely tied to enrollment growth at educational institutions [5] Market Dynamics - Elevated supply of new apartment units is creating pressure on rental rates despite strong demand [6] - The construction pipeline is depleting, suggesting promising occupancy and rent growth prospects in the coming years [7] - Increased use of concessions, particularly in lease-up assets, may drive higher renter turnover [8] - Healthy rental demand is supported by a strong labor market, favorable demographics, and high homeownership costs [9][10] Technological Initiatives - Residential REITs are adopting technologies like self-guided tours, digital move-ins, smart home systems, and AI-driven tools to enhance tenant experience and streamline operations [11] Industry Performance and Valuation - The REIT and Equity Trust - Residential industry has underperformed the broader Finance sector and the S&P 500, returning 6.1% compared to the S&P 500's 24.4% increase [15] - The industry is currently trading at a forward 12-month price-to-FFO ratio of 16.52X, below the S&P 500's forward 12-month P/E of 21.81X [16] Key Companies - **Equity Lifestyle Properties**: Focuses on manufactured home communities, RV resorts, and campgrounds, with a strategic advantage due to increasing demand and constrained supply [17][18] - Zacks Rank of 2 (Buy) with a 6.2% year-over-year increase in 2024 FFO per share estimate [19][20] - **Veris Residential**: Owns and operates multifamily rental properties in the Northeast, with a focus on technology-guided revenue optimization [21] - Zacks Rank of 2 with a 15.1% year-over-year increase in 2024 FFO per share estimate [22] - **UMH Properties**: Operates manufactured home communities across multiple states, benefiting from strong rental demand and a joint venture with Nuveen Real Estate [23][24][25] - Zacks Rank of 2 with an 8.1% year-over-year increase in 2024 FFO per share estimate [25]

Core Viewpoint - UMH Properties, Inc. will host a webcast and conference call to discuss its Fourth Quarter and Full Year 2024 financial results on February 27, 2025, at 10:00 a.m. Eastern Time [1] Group 1: Financial Results Announcement - The financial results for the Fourth Quarter and Full Year 2024 will be released on February 26, 2025, after the close of trading on the New York Stock Exchange [2] - The results will be accessible on the Company's website in the Financials section [2] Group 2: Participation Details - Interested parties can participate in the webcast by selecting the webcast icon on the Company's website [3] - A conference call option is available by calling toll-free 877-513-1898 domestically or 412-902-4147 internationally [3] Group 3: Replay Information - A replay of the conference call will be available at 12:00 p.m. Eastern Time on February 27, 2025 [4] - The replay can be accessed by dialing toll-free 877-344-7529 domestically and 412-317-0088 internationally, using the passcode 6664574 [4] - A transcript of the call and the webcast replay will also be available on the Company's website [4] Group 4: Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 139 manufactured home communities with approximately 26,200 developed homesites [5] - Of these homesites, 10,300 contain rental homes, and the company also operates over 1,000 self-storage units [5] - The communities are located across several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5] - Among the 139 communities, two are located in Florida, containing 363 sites operated through a joint venture with Nuveen Real Estate [5]

Core Viewpoint - UMH Properties, Inc. has reported strong operational results for Q4 and full year 2024, highlighting a consistent increase in dividends and plans for future revenue growth through rent increases and new home investments [1][4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 139 manufactured home communities with approximately 26,200 developed homesites, including 10,300 rental homes and over 1,000 self-storage units across multiple states [2]. Financial Performance - As of year-end 2024, UMH achieved an equity market capitalization exceeding $1.5 billion, with a share price increase from $15.25 to $18.88, representing a 24% rise. Including dividends, the total shareholder return was approximately 30% [4]. - In Q4 2024, UMH converted 122 new homes from inventory to revenue-generating rental homes, totaling 565 for the year, with an occupancy rate of 94% for its rental homes [4]. - Gross home sales revenue for Q4 was $8.4 million, up 9% from $7.7 million the previous year. For the full year, gross home sales revenue reached $32.6 million, a 4% increase from $31.2 million [4]. - Overall occupancy increased by 280 units to 88% year-to-date, with a Q4 increase of 46 units [4]. - Rental and related charges increased by approximately 9% in January 2025, leading to an annualized monthly rent roll generating about $210 million in annual rental revenue [4]. Capital Raising Activities - In Q4 2024, UMH issued and sold approximately 3.1 million shares of common stock at a weighted average price of $19.04, generating gross proceeds of $58.5 million. For the full year, approximately 12.5 million shares were sold at a weighted average price of $17.92, raising gross proceeds of $224.5 million [4].

UMH Properties (NYSE: UMH ) is one of the largest operators and owners of manufactured home communities: It leases home sites to residential homeowners. At the end of the third quarter, UMH had 139 communities in its portfolio withHe is the leader of the investment group European Small Cap Ideas which offers exclusive access to actionable research on appealing Europe-focused investment opportunities not found elsewhere. The a focus is on high-quality ideas in the small-cap space, with emphasis on capital ga ...

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