UMH Properties(UMH) Newsfilter·2025-02-26 21:30Core 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 220.9 million in 2023, marking a 9% increase [1][3]. - Net Income attributable to common shareholders for the year was 0.03 per diluted share, compared to a loss of 0.15 per diluted share, in 2023 [1][3]. - Funds from Operations (FFO) for the year was 0.88 per diluted share, compared to 0.80 per diluted share, in 2023, reflecting a strong operational performance [2][4]. - Normalized FFO increased by 27% to 0.93 per diluted share, from 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 0.86 annually [5]. Capital and Market Position - Total market capitalization increased by 23% 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 28.0 million [5]. Future Outlook - The company anticipates a range of Normalized FFO of 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].