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UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 (UPDATED)
UMHUMH Properties(UMH) GlobeNewswire News Room·2025-05-02 01:42

Core Viewpoint - UMH Properties, Inc. reported a solid first quarter of 2025 with increased total income and improved financial metrics, reflecting the strength of its long-term business plan and operational resilience [2][7]. Financial Performance - Total Income for Q1 2025 was 61.2million,up661.2 million, up 6% from 57.7 million in Q1 2024 [2][4]. - Net Loss Attributable to Common Shareholders for Q1 2025 was 271,000or271,000 or 0.00 per diluted share, compared to a net loss of 6.3millionor6.3 million or 0.09 per diluted share in Q1 2024 [2][4]. - Funds from Operations (FFO) for Q1 2025 was 18.2millionor18.2 million or 0.22 per diluted share, a 10% increase from 14.0millionor14.0 million or 0.20 per diluted share in Q1 2024 [3][4]. - Normalized FFO for Q1 2025 was 18.8millionor18.8 million or 0.23 per diluted share, up 5% from 15.0millionor15.0 million or 0.22 per diluted share in Q1 2024 [3][4]. Operational Highlights - Same-property occupancy increased by 113 sites from year-end 2024, totaling 94.6% occupancy at the end of Q1 2025 [7]. - The company converted 109 new homes from inventory to revenue-generating rental homes, expanding its rental portfolio to approximately 10,400 homes [7]. - Gross sales revenue for home sales reached 6.7million,withexpectationsforgrowthasthepeaksellingseasonapproaches[7].AcquisitionsandGrowthStrategy−ThecompanyacquiredtwofullyoccupiedcommunitiesinNewJerseyforapproximately6.7 million, with expectations for growth as the peak selling season approaches [7]. Acquisitions and Growth Strategy - The company acquired two fully occupied communities in New Jersey for approximately 24.6 million, enhancing its portfolio [8]. - Two additional communities in Maryland, containing 191 sites, are under contract for a total purchase price of 14.6million,expectedtocloseinQ22025[7][8].DividendandShareholderReturns−Theannualdividendwasincreasedforthefifthconsecutiveyearto14.6 million, expected to close in Q2 2025 [7][8]. Dividend and Shareholder Returns - The annual dividend was increased for the fifth consecutive year to 0.90 per share, reflecting a total increase of 0.18or250.18 or 25% over the past five years [7][8]. - The company issued approximately 515,000 shares of common stock, generating gross proceeds of 9.4 million, and approximately 49,000 shares of Series D Preferred Stock, generating gross proceeds of 1.1million[8].FullYearGuidance−Thecompanymaintainsitsfull−year2025guidancefornormalizedFFOintherangeof1.1 million [8]. Full Year Guidance - The company maintains its full-year 2025 guidance for normalized FFO in the range of 0.96-1.04perdilutedshare,withamidpointexpectationof1.04 per diluted share, with a midpoint expectation of 1.00 per diluted share [7][20].