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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): February 28, 2024
UMH
Properties, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-12690 |
|
22-1890929 |
(State
or other jurisdiction |
|
(Commission |
|
(IRS
Employer |
of
incorporation) |
|
File
Number) |
|
Identification
No.) |
Juniper
Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ |
|
07728 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (732) 577-9997
Not
Applicable
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock, $0.10 par value |
|
UMH |
|
New
York Stock Exchange |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value |
|
UMH
PD |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 | Results
of Operations and Financial Condition. |
Item
7.01 | Regulation
FD Disclosure. |
On
February 28, 2024, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December
31, 2023 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and
year ended December 31, 2023. A copy of the supplemental information package and press release is furnished with this report as Exhibit
99 and is incorporated herein by reference.
The
information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities
Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any
filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.
Forward-Looking
Statements
Statements
contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section
21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange
Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company
uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,”
“intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and
are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements,
intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could
cause actual results or events to differ materially from those that the Company anticipates or projects, such as:
|
● |
changes
in the real estate market conditions and general economic conditions; |
|
● |
the
inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations
affecting manufactured housing communities and illiquidity of real estate investments; |
|
● |
increased
competition in the geographic areas in which we own and operate manufactured housing communities; |
|
● |
our
ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed
into manufactured housing communities on terms favorable to us; |
|
● |
our
ability to maintain or increase rental rates and occupancy levels; |
|
● |
changes
in market rates of interest; |
|
● |
inflation
and increases in costs, including personnel, insurance and the cost of purchasing manufactured homes; |
|
● |
our
ability to purchase manufactured homes for rental or sale; |
|
● |
our
ability to repay debt financing obligations; |
|
● |
our
ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us; |
|
● |
our
ability to comply with certain debt covenants; |
|
● |
our
ability to integrate acquired properties and operations into existing operations; |
|
● |
the
availability of other debt and equity financing alternatives; |
|
● |
continued
ability to access the debt or equity markets; |
|
● |
the
loss of any member of our management team; |
|
● |
our
ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures
and filings are timely made in a timely manner in accordance with all rules and regulations, and any potential fraud or embezzlement
is thwarted or detected; |
|
● |
the
ability of manufactured home buyers to obtain financing; |
|
● |
the
level of repossessions by manufactured home lenders; |
|
● |
market
conditions affecting our investment securities; |
|
● |
changes
in federal or state tax rules or regulations that could have adverse tax consequences; |
|
● |
our
ability to qualify as a real estate investment trust for federal income tax purposes; and |
|
● |
risks and uncertainties
related to the COVID-19 pandemic or other highly infectious or contagious diseases. |
Item
9.01 | Financial
Statements and Exhibits. |
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
UMH Properties, Inc. |
|
|
|
Date:
February 28, 2024 |
By: |
/s/
Anna T. Chew |
|
Name: |
Anna
T. Chew |
|
Title: |
Executive
Vice President and
Chief
Financial Officer |
Exhibit
99
Table
of Contents
Certain
information in this Supplemental Information Package contains Non-GAAP financial measures. These Non-GAAP financial measures are REIT
industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States
of America. Please see page 15 for a definition of these Non-GAAP financial measures and page 7 for the reconciliation of certain captions
in the Supplemental Information Package to the statement of operations as reported in the Company’s filings with the SEC on Form
10-K.
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 2 |
Financial
Highlights
(dollars
in thousands except per share amounts) (unaudited)
| |
Three
Months Ended | | |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2022 | |
Operating Information | |
| | | |
| | | |
| | | |
| | |
Number of Communities | |
| | | |
| | | |
| 135 | | |
| 134 | |
Number of Sites | |
| | | |
| | | |
| 25,766 | | |
| 25,568 | |
Rental and Related Income | |
$ | 49,246 | | |
$ | 43,735 | | |
$ | 189,749 | | |
$ | 170,434 | |
Community Operating Expenses | |
$ | 20,548 | | |
$ | 19,485 | | |
$ | 81,343 | | |
$ | 75,660 | |
Community NOI | |
$ | 28,698 | | |
$ | 24,250 | | |
$ | 108,406 | | |
$ | 94,774 | |
Expense Ratio | |
| 41.7 | % | |
| 44.6 | % | |
| 42.9 | % | |
| 44.4 | % |
Sales of Manufactured Homes | |
$ | 7,738 | | |
$ | 5,013 | | |
$ | 31,176 | | |
$ | 25,342 | |
Number of Homes Sold | |
| 77 | | |
| 65 | | |
| 341 | | |
| 301 | |
Number of Rentals Added, net | |
| 92 | | |
| 99 | | |
| 871 | | |
| 392 | |
Net Income (Loss) | |
$ | 11,254 | | |
$ | 3,659 | | |
$ | 7,851 | | |
$ | (4,972 | ) |
Net Income (Loss) Attributable to Common Shareholders | |
$ | 6,832 | | |
$ | 283 | | |
$ | (8,714 | ) | |
$ | (36,265 | ) |
Adjusted EBITDA excluding Non-Recurring Other
Expense | |
$ | 27,174 | | |
$ | 21,807 | | |
$ | 101,870 | | |
$ | 89,926 | |
FFO Attributable to Common Shareholders | |
$ | 14,595 | | |
$ | 9,973 | | |
$ | 51,069 | | |
$ | 28,489 | |
Normalized FFO Attributable to Common Shareholders | |
$ | 15,364 | | |
$ | 11,321 | | |
$ | 54,533 | | |
$ | 46,840 | |
| |
| | | |
| | | |
| | | |
| | |
Shares Outstanding
and Per Share Data | |
| | | |
| | | |
| | | |
| | |
Weighted Average Shares Outstanding | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 66,881 | | |
| 56,184 | | |
| 63,068 | | |
| 54,389 | |
Diluted | |
| 67,196 | | |
| 56,755 | | |
| 63,068 | | |
| 54,389 | |
Net Income (Loss) Attributable to Common Shareholders
per Share – | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.10 | | |
$ | 0.01 | | |
$ | (0.15 | ) | |
$ | (0.67 | ) |
Diluted | |
$ | 0.10 | | |
$ | 0.005 | | |
$ | (0.15 | ) | |
$ | (0.67 | ) |
FFO per Share – | |
| | | |
| | | |
| | | |
| | |
Diluted
(1) | |
$ | 0.22 | | |
$ | 0.18 | | |
$ | 0.80 | | |
$ | 0.51 | |
Normalized FFO per Share – | |
| | | |
| | | |
| | | |
| | |
Diluted
(1) | |
$ | 0.23 | | |
$ | 0.20 | | |
$ | 0.86 | | |
$ | 0.85 | |
Dividends per Common Share | |
$ | 0.205 | | |
$ | 0.20 | | |
$ | 0.82 | | |
$ | 0.80 | |
| |
| | | |
| | | |
| | | |
| | |
Balance Sheet | |
| | | |
| | | |
| | | |
| | |
Total Assets | |
| | | |
| | | |
$ | 1,427,577 | | |
$ | 1,344,596 | |
Total Liabilities | |
| | | |
| | | |
$ | 720,783 | | |
$ | 793,400 | |
| |
| | | |
| | | |
| | | |
| | |
Market Capitalization | |
| | | |
| | | |
| | | |
| | |
Total Debt, Net of Unamortized Debt Issuance
Costs | |
| | | |
| | | |
$ | 690,017 | | |
$ | 761,676 | |
Equity Market Capitalization | |
| | | |
| | | |
$ | 1,041,422 | | |
$ | 927,298 | |
Series D Preferred Stock | |
| | | |
| | | |
$ | 290,180 | | |
$ | 225,379 | |
Total Market Capitalization | |
| | | |
| | | |
$ | 2,021,619 | | |
$ | 1,914,353 | |
|
(1) |
Please see Definitions on page 15. |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 3 |
Consolidated
Balance Sheets
(in
thousands except per share amounts)
| |
December 31, | | |
December 31, | |
| |
2023 | | |
2022 | |
ASSETS | |
| | | |
| | |
Investment Property and
Equipment | |
| | | |
| | |
Land | |
$ | 86,497 | | |
$ | 86,619 | |
Site and Land Improvements | |
| 896,568 | | |
| 846,218 | |
Buildings and Improvements | |
| 39,506 | | |
| 35,933 | |
Rental Homes and Accessories | |
| 516,470 | | |
| 422,818 | |
Total Investment Property | |
| 1,539,041 | | |
| 1,391,588 | |
Equipment and Vehicles | |
| 29,126 | | |
| 26,721 | |
Total Investment Property
and Equipment | |
| 1,568,167 | | |
| 1,418,309 | |
Accumulated Depreciation | |
| (416,309 | ) | |
| (363,098 | ) |
Net
Investment Property and Equipment | |
| 1,151,858 | | |
| 1,055,211 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
| 57,320 | | |
| 29,785 | |
Marketable Securities at Fair Value | |
| 34,506 | | |
| 42,178 | |
Inventory of Manufactured Homes | |
| 32,940 | | |
| 88,468 | |
Notes and Other Receivables, net | |
| 81,071 | | |
| 67,271 | |
Prepaid Expenses and Other Assets | |
| 11,729 | | |
| 20,011 | |
Land Development Costs | |
| 33,302 | | |
| 23,250 | |
Investment in Joint
Venture | |
| 24,851 | | |
| 18,422 | |
Total
Other Assets | |
| 275,719 | | |
| 289,385 | |
| |
| | | |
| | |
TOTAL
ASSETS | |
$ | 1,427,577 | | |
$ | 1,344,596 | |
| |
| | | |
| | |
LIABILITIES AND SHAREHOLDERS’
EQUITY | |
| | | |
| | |
Liabilities | |
| | | |
| | |
Mortgages Payable, net
of unamortized debt issuance costs | |
$ | 496,483 | | |
$ | 508,938 | |
Other Liabilities | |
| | | |
| | |
Accounts Payable | |
| 6,106 | | |
| 6,387 | |
Loans Payable, net of unamortized debt issuance
costs | |
| 93,479 | | |
| 153,531 | |
Series A Bonds, net of unamortized debt issuance
costs | |
| 100,055 | | |
| 99,207 | |
Accrued Liabilities and Deposits | |
| 15,117 | | |
| 16,852 | |
Tenant Security Deposits | |
| 9,543 | | |
| 8,485 | |
Total
Other Liabilities | |
| 224,300 | | |
| 284,462 | |
Total
Liabilities | |
| 720,783 | | |
| 793,400 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Series D- 6.375% Cumulative Redeemable Preferred
Stock, $0.10 par value per share; 13,700 and 9,300 shares authorized as of December 31, 2023 and 2022, respectively; 11,607 and 9,015
shares issued and outstanding as of December 31, 2023 and 2022, respectively | |
| 290,180 | | |
| 225,379 | |
Common Stock- $0.10 par value per share:
153,714 and 154,048 shares authorized as of December 31, 2023 and 2022, respectively; 67,978 and 57,595 shares issued and outstanding
as of December 31, 2023 and 2022, respectively | |
| 6,798 | | |
| 5,760 | |
Excess Stock- $0.10 par value per share:
3,000 shares authorized; no shares issued or outstanding as of December 31, 2023 and 2022 | |
| -0- | | |
| -0- | |
Additional Paid-In Capital | |
| 433,106 | | |
| 343,189 | |
Undistributed Income
(Accumulated Deficit) | |
| (25,364 | ) | |
| (25,364 | ) |
Total
UMH Properties, Inc. Shareholders’ Equity | |
| 704,720 | | |
| 548,964 | |
Non-Controlling Interest
in Consolidated Subsidiaries | |
| 2,074 | | |
| 2,232 | |
Total
Shareholders’ Equity | |
| 706,794 | | |
| 551,196 | |
| |
| | | |
| | |
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 1,427,577 | | |
$ | 1,344,596 | |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 4 |
Consolidated
Statements of Income (Loss)
(in
thousands except per share amounts) | |
(unaudited) | | |
| |
| |
Three
Months Ended | | |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31,
2022 | |
INCOME: | |
| | |
| | |
| | |
| |
Rental and Related Income | |
$ | 49,246 | | |
$ | 43,735 | | |
$ | 189,749 | | |
$ | 170,434 | |
Sales of Manufactured
Homes | |
| 7,738 | | |
| 5,013 | | |
| 31,176 | | |
| 25,342 | |
TOTAL
INCOME | |
| 56,984 | | |
| 48,748 | | |
| 220,925 | | |
| 195,776 | |
| |
| | | |
| | | |
| | | |
| | |
EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Community Operating Expenses | |
| 20,548 | | |
| 19,485 | | |
| 81,343 | | |
| 75,660 | |
Cost of Sales of Manufactured Homes | |
| 5,030 | | |
| 3,412 | | |
| 21,089 | | |
| 17,562 | |
Selling Expenses | |
| 1,681 | | |
| 1,288 | | |
| 6,949 | | |
| 5,282 | |
General and Administrative Expenses | |
| 5,049 | | |
| 5,631 | | |
| 19,703 | | |
| 18,979 | |
Depreciation Expense | |
| 14,448 | | |
| 12,766 | | |
| 55,719 | | |
| 48,769 | |
TOTAL
EXPENSES | |
| 46,756 | | |
| 42,582 | | |
| 184,803 | | |
| 166,252 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Interest Income | |
| 1,323 | | |
| 1,027 | | |
| 4,984 | | |
| 4,085 | |
Dividend Income | |
| 573 | | |
| 703 | | |
| 2,318 | | |
| 2,903 | |
Gain (Loss) on Sales of Marketable Securities,
net | |
| -0- | | |
| (17,922 | ) | |
| 183 | | |
| 6,394 | |
Increase (Decrease) in Fair Value of Marketable
Securities | |
| 6,884 | | |
| 21,185 | | |
| (3,555 | ) | |
| (21,839 | ) |
Other Income | |
| 232 | | |
| 458 | | |
| 1,082 | | |
| 1,240 | |
Loss on Investment in Joint Venture | |
| (163 | ) | |
| (298 | ) | |
| (808 | ) | |
| (671 | ) |
Interest Expense | |
| (7,812 | ) | |
| (7,587 | ) | |
| (32,475 | ) | |
| (26,439 | ) |
TOTAL
OTHER INCOME (EXPENSE) | |
| 1,037 | | |
| (2,434 | ) | |
| (28,271 | ) | |
| (34,327 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income (Loss) before Loss on Sales of Investment
Property and Equipment | |
| 11,265 | | |
| 3,732 | | |
| 7,851 | | |
| (4,803 | ) |
Loss on Sales of Investment
Property and Equipment | |
| (11 | ) | |
| (73 | ) | |
| -0- | | |
| (169 | ) |
NET INCOME (LOSS) | |
| 11,254 | | |
| 3,659 | | |
| 7,851 | | |
| (4,972 | ) |
| |
| | | |
| | | |
| | | |
| | |
Preferred Dividends | |
| (4,472 | ) | |
| (3,433 | ) | |
| (16,723 | ) | |
| (23,221 | ) |
Redemption of Preferred Stock | |
| -0- | | |
| -0- | | |
| -0- | | |
| (8,190 | ) |
Loss Attributable to
Non-Controlling Interest | |
| 50 | | |
| 57 | | |
| 158 | | |
| 118 | |
| |
| | | |
| | | |
| | | |
| | |
NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS | |
$ | 6,832 | | |
$ | 283 | | |
$ | (8,714 | ) | |
$ | (36,265 | ) |
| |
| | | |
| | | |
| | | |
| | |
NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON
SHAREHOLDERS PER SHARE – | |
| | | |
| | | |
| | | |
| | |
Basic | |
$ | 0.10 | | |
$ | 0.01 | | |
$ | (0.15 | ) | |
$ | (0.67 | ) |
Diluted | |
$ | 0.10 | | |
$ | 0.005 | | |
$ | (0.15 | ) | |
$ | (0.67 | ) |
| |
| | | |
| | | |
| | | |
| | |
WEIGHTED
AVERAGE COMMON SHARES OUTSTANDING: | |
| | | |
| | | |
| | | |
| | |
Basic | |
| 66,881 | | |
| 56,184 | | |
| 63,068 | | |
| 54,389 | |
Diluted | |
| 67,196 | | |
| 56,755 | | |
| 63,068 | | |
| 54,389 | |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 5 |
Consolidated
Statements of Cash Flows
(in
thousands)
| |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | |
CASH FLOWS FROM OPERATING
ACTIVITIES: | |
| | | |
| | |
Net Income (Loss) | |
$ | 7,851 | | |
$ | (4,972 | ) |
Non-Cash Items Included in Net Income (Loss): | |
| | | |
| | |
Depreciation | |
| 55,719 | | |
| 48,769 | |
Amortization of Financing
Costs | |
| 2,135 | | |
| 1,956 | |
Stock Compensation Expense | |
| 4,896 | | |
| 4,970 | |
Provision for Uncollectible
Notes and Other Receivables | |
| 2,061 | | |
| 1,497 | |
Gain on Sales of Marketable
Securities, net | |
| (183 | ) | |
| (6,394 | ) |
Decrease in Fair Value
of Marketable Securities | |
| 3,555 | | |
| 21,839 | |
Loss on Sales of Investment
Property and Equipment | |
| -0- | | |
| 169 | |
Loss from Joint Venture | |
| 1,026 | | |
| 756 | |
Changes in Operating Assets and Liabilities: | |
| | | |
| | |
Inventory of Manufactured
Homes | |
| 55,528 | | |
| (64,809 | ) |
Notes and Other Receivables,
net of notes acquired with acquisitions | |
| (15,861 | ) | |
| (12,740 | ) |
Prepaid Expenses and Other
Assets | |
| 4,308 | | |
| (636 | ) |
Accounts Payable | |
| (281 | ) | |
| 2,113 | |
Accrued Liabilities and
Deposits | |
| (1,735 | ) | |
| (310 | ) |
Tenant
Security Deposits | |
| 1,058 | | |
| 565 | |
Net
Cash Provided by (Used in) Operating Activities | |
| 120,077 | | |
| (7,227 | ) |
CASH FLOWS FROM INVESTING
ACTIVITIES: | |
| | | |
| | |
Purchase of Manufactured
Home Communities, net of mortgages assumed | |
| (3,679 | ) | |
| (65,562 | ) |
Purchase of Investment
Property and Equipment | |
| (123,860 | ) | |
| (81,112 | ) |
Proceeds from Sales of
Investment Property and Equipment | |
| 3,049 | | |
| 3,098 | |
Additions to Land Development
Costs | |
| (37,928 | ) | |
| (27,185 | ) |
Purchase of Marketable
Securities | |
| (23 | ) | |
| (19 | ) |
Proceeds from Sales of
Marketable Securities | |
| 4,323 | | |
| 56,144 | |
Investment
in Joint Venture | |
| (7,455 | ) | |
| (10,241 | ) |
Net
Cash Used in Investing Activities | |
| (165,573 | ) | |
| (124,877 | ) |
CASH FLOWS FROM FINANCING
ACTIVITIES: | |
| | | |
| | |
Proceeds from Mortgages | |
| 57,743 | | |
| 59,801 | |
Net Proceeds (Payments)
from Short-Term Borrowings | |
| (59,542 | ) | |
| 107,280 | |
Principal Payments of Mortgages
and Loans | |
| (70,317 | ) | |
| (24,294 | ) |
Proceeds from Bond Issuance | |
| -0- | | |
| 102,670 | |
Financing Costs on Debt | |
| (1,678 | ) | |
| (6,561 | ) |
Investments from Non-Controlling
Interest | |
| -0- | | |
| 2,350 | |
Proceeds from At-The-Market
Preferred Equity Program, net of offering costs | |
| 55,729 | | |
| 9,075 | |
Payments on Redemption
of Preferred Stock | |
| -0- | | |
| (247,100 | ) |
Proceeds from At-The-Market
Common Equity Program, net of offering costs | |
| 145,789 | | |
| 100,752 | |
Proceeds from Issuance
of Common Stock in the DRIP, net of dividend reinvestments | |
| 6,394 | | |
| 5,025 | |
Proceeds from Exercise
of Stock Options | |
| 734 | | |
| 4,195 | |
Preferred Dividends Paid | |
| (16,723 | ) | |
| (24,611 | ) |
Common
Dividends Paid, net of dividend reinvestments | |
| (49,072 | ) | |
| (40,628 | ) |
Net
Cash Provided by Financing Activities | |
| 69,057 | | |
| 47,954 | |
| |
| | | |
| | |
NET INCREASE (DECREASE)
IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | |
| 23,561 | | |
| (84,150 | ) |
CASH,
CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR | |
| 40,876 | | |
| 125,026 | |
CASH,
CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | |
$ | 64,437 | | |
$ | 40,876 | |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 6 |
Reconciliation
of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO
(in
thousands) (unaudited)
| |
Three
Months Ended | | |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2022 | |
Reconciliation of Net Income (Loss) to Adjusted
EBITDA | |
| | |
| | |
| | |
| |
| |
| | |
| | |
| | |
| |
Net Income
(Loss) | |
$ | 11,254 | | |
$ | 3,659 | | |
$ | 7,851 | | |
$ | (4,972 | ) |
Interest Expense | |
| 7,812 | | |
| 7,587 | | |
| 32,475 | | |
| 26,439 | |
Franchise Taxes | |
| 130 | | |
| 107 | | |
| 432 | | |
| 395 | |
Depreciation Expense | |
| 14,448 | | |
| 12,766 | | |
| 55,719 | | |
| 48,769 | |
Depreciation Expense from
Unconsolidated Joint Venture | |
| 188 | | |
| 114 | | |
| 692 | | |
| 371 | |
(Increase) Decrease in
Fair Value of Marketable Securities | |
| (6,884 | ) | |
| (21,185 | ) | |
| 3,555 | | |
| 21,839 | |
(Gain)
Loss on Sales of Marketable Securities, net | |
| -0- | | |
| 17,922 | | |
| (183 | ) | |
| (6,394 | ) |
Adjusted
EBITDA | |
| 26,948 | | |
| 20,970 | | |
| 100,541 | | |
| 86,447 | |
Non-
Recurring Other Expense (2) | |
| 226 | | |
| 837 | | |
| 1,329 | | |
| 3,479 | |
Adjusted
EBITDA without Non-recurring Other
Expense | |
$ | 27,174 | | |
$ | 21,807 | | |
$ | 101,870 | | |
$ | 89,926 | |
| |
| | | |
| | | |
| | | |
| | |
Reconciliation of Net Income (Loss) Attributable
to Common Shareholders to Funds from Operations | |
| | | |
| | | |
| | | |
| | |
| |
| | |
| | |
| | |
| |
Net Income
(Loss) Attributable to Common Shareholders | |
$ | 6,832 | | |
$ | 283 | | |
$ | (8,714 | ) | |
$ | (36,265 | ) |
Depreciation Expense | |
| 14,448 | | |
| 12,766 | | |
| 55,719 | | |
| 48,769 | |
Depreciation Expense from
Unconsolidated Joint Venture | |
| 188 | | |
| 114 | | |
| 692 | | |
| 371 | |
Loss on Sales of Investment
Property and Equipment | |
| 11 | | |
| 73 | | |
| -0- | | |
| 169 | |
(Increase) Decrease in
Fair Value of Marketable Securities | |
| (6,884 | ) | |
| (21,185 | ) | |
| 3,555 | | |
| 21,839 | |
(Gain)
Loss on Sales of Marketable Securities, net | |
| -0- | | |
| 17,922 | | |
| (183 | ) | |
| (6,394 | ) |
Funds
from Operations Attributable to Common Shareholders
(“FFO”) | |
| 14,595 | | |
| 9,973 | | |
| 51,069 | | |
| 28,489 | |
| |
| | | |
| | | |
| | | |
| | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Redemption
of Preferred Stock (1) | |
| -0- | | |
| -0- | | |
| -0- | | |
| 12,916 | |
Amortization
of Financing Costs (1) | |
| 543 | | |
| 511 | | |
| 2,135 | | |
| 1,956 | |
Non-
Recurring Other Expense (2) | |
| 226 | | |
| 837 | | |
| 1,329 | | |
| 3,479 | |
Normalized
Funds from Operations Attributable to
Common Shareholders (“Normalized FFO”) (1) | |
$ | 15,364 | | |
$ | 11,321 | | |
$ | 54,533 | | |
$ | 46,840 | |
| (1) | During
2022, the Company incurred the carrying cost of excess cash for the redemption of preferred
stock. Additionally, due to the change in sources of capital, amortization expense, a non-cash
expense, is expected to become more significant and is therefore included as an adjustment
to Normalized FFO for the three months and years ended December 31, 2023 and 2022. |
| | |
| (2) | Consists
of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae
financing, which were being expensed over the vesting period ($0 and $862, respectively)
and non-recurring expenses for the joint venture with Nuveen ($42 and $135, respectively),
one-time legal fees ($1 and $76, respectively), fees related to the establishment of the
Opportunity Zone Fund ($0 and $37, respectively), and costs associated with acquisitions
and financing that were not completed ($183 and $219, respectively) for the three months
and year ended December 31, 2023. Consists of special bonus and restricted stock grants for
the August 2020 groundbreaking Fannie Mae financing, which were being expensed over the vesting
period ($431 and $1,724, respectively) and non-recurring expenses for the joint venture with
Nuveen ($210 and $264, respectively), early extinguishment of debt ($125 and $320, respectively),
one-time legal fees ($10 and $197, respectively), fees related to the establishment of the
Opportunity Zone Fund ($61 and $954, respectively), and costs associated with an acquisition
not completed ($0 and $20, respectively) for the three months and year ended December 31,
2022. |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 7 |
Market
Capitalization, Debt and Coverage Ratios
(in
thousands except per share amounts) (unaudited)
| |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | |
Shares Outstanding | |
| 67,978 | | |
| 57,595 | |
Market
Price Per Share | |
$ | 15.32 | | |
$ | 16.10 | |
Equity Market Capitalization | |
$ | 1,041,422 | | |
$ | 927,298 | |
Total Debt | |
| 690,017 | | |
| 761,676 | |
Preferred | |
| 290,180 | | |
| 225,379 | |
Total
Market Capitalization | |
$ | 2,021,619 | | |
$ | 1,914,353 | |
| |
| | | |
| | |
Total Debt | |
$ | 690,017 | | |
$ | 761,676 | |
Less:
Cash and Cash Equivalents | |
| (57,320 | ) | |
| (29,785 | ) |
Net
Debt | |
| 632,697 | | |
| 731,891 | |
Less:
Marketable Securities at Fair Value (“Securities”) | |
| (34,506 | ) | |
| (42,178 | ) |
Net
Debt Less Securities | |
$ | 598,191 | | |
$ | 689,713 | |
| |
| | | |
| | |
Interest Expense | |
$ | 32,475 | | |
$ | 26,439 | |
Capitalized Interest | |
| 5,032 | | |
| 2,730 | |
Preferred
Dividends | |
| 16,723 | | |
| 23,221 | |
Total
Fixed Charges | |
$ | 54,230 | | |
$ | 52,390 | |
| |
| | | |
| | |
Adjusted
EBITDA excluding Non-Recurring Other Expense | |
$ | 101,870 | | |
$ | 89,926 | |
| |
| | | |
| | |
Debt and Coverage Ratios | |
| | | |
| | |
| |
| | | |
| | |
Net Debt / Total Market
Capitalization | |
| 31.3 | % | |
| 38.2 | % |
| |
| | | |
| | |
Net Debt Plus Preferred
/ Total Market Capitalization | |
| 45.7 | % | |
| 50.0 | % |
| |
| | | |
| | |
Net Debt Less Securities
/ Total Market Capitalization | |
| 29.6 | % | |
| 36.0 | % |
| |
| | | |
| | |
Net Debt Less Securities
Plus Preferred / Total Market Capitalization | |
| 43.9 | % | |
| 47.8 | % |
| |
| | | |
| | |
Interest Coverage | |
| 2.7x | | |
| 3.1 | x |
| |
| | | |
| | |
Fixed Charge Coverage | |
| 1.9x | | |
| 1.7 | x |
| |
| | | |
| | |
Net Debt / Adjusted EBITDA
excluding Non-Recurring Other Expense | |
| 6.2x | | |
| 8.1 | x |
| |
| | | |
| | |
Net Debt Less Securities
/ Adjusted EBITDA excluding Non-Recurring Other Expense | |
| 5.9x | | |
| 7.7 | x |
| |
| | | |
| | |
Net Debt Plus Preferred
/ Adjusted EBITDA excluding Non-Recurring Other Expense | |
| 9.1x | | |
| 10.6 | x |
| |
| | | |
| | |
Net Debt Less Securities
Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense | |
| 8.7x | | |
| 10.2 | x |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 8 |
Debt
Analysis
(dollars
in thousands) (unaudited)
| |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | |
Debt Outstanding | |
| | | |
| | |
Mortgages
Payable: | |
| | | |
| | |
Fixed Rate
Mortgages | |
$ | 501,135 | | |
| 513,709 | |
Unamortized
Debt Issuance Costs | |
| (4,652 | ) | |
| (4,771 | ) |
| |
| | | |
| | |
Mortgages,
Net of Unamortized Debt Issuance Costs | |
$ | 496,483 | | |
$ | 508,938 | |
Loans
Payable: | |
| | | |
| | |
Unsecured Line of Credit | |
$ | 70,000 | | |
$ | 75,000 | |
Other
Loans Payable | |
| 24,683 | | |
| 79,226 | |
| |
| | | |
| | |
Total Loans Before Unamortized
Debt Issuance Costs | |
| 94,683 | | |
| 154,226 | |
Unamortized
Debt Issuance Costs | |
| (1,204 | ) | |
| (695 | ) |
| |
| | | |
| | |
Loans,
Net of Unamortized Debt Issuance Costs | |
$ | 93,479 | | |
$ | 153,531 | |
Bonds
Payable: | |
| | | |
| | |
Series A Bonds | |
$ | 102,670 | | |
$ | 102,670 | |
Unamortized
Debt Issuance Costs | |
| (2,615 | ) | |
| (3,463 | ) |
| |
| | | |
| | |
Bonds,
Net of Unamortized Debt Issuance Costs | |
$ | 100,055 | | |
$ | 99,207 | |
| |
| | | |
| | |
Total
Debt, Net of Unamortized Debt Issuance Costs | |
$ | 690,017 | | |
$ | 761,676 | |
| |
| | | |
| | |
% Fixed/Floating | |
| | | |
| | |
Fixed | |
| 90.0 | % | |
| 80.0 | % |
Floating | |
| 10.0 | % | |
| 20.0 | % |
Total | |
| 100.0 | % | |
| 100.0 | % |
| |
| | | |
| | |
Weighted
Average Interest Rates (1) | |
| | | |
| | |
Mortgages Payable | |
| 4.17 | % | |
| 3.93 | % |
Loans Payable | |
| 6.98 | % | |
| 6.76 | % |
Bonds Payable | |
| 4.72 | % | |
| 4.72 | % |
Total
Average | |
| 4.63 | % | |
| 4.60 | % |
| |
| | | |
| | |
Weighted Average Maturity
(Years) | |
| | | |
| | |
Mortgages
Payable | |
| 5.3 | | |
| 5.1 | |
|
(1) |
Weighted average interest
rates do not include the effect of unamortized debt issuance costs. |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 9 |
Debt
Maturity
(in
thousands) (unaudited)
As of December 31, 2023: | |
| | |
| | |
| | |
| | |
| |
Year
Ended | |
Mortgages | | |
Loans | | |
Bonds | | |
Total | | |
%
of Total | |
2024 | |
$ | -0- | | |
$ | -0- | | |
$ | -0- | | |
$ | -0- | | |
| 0.0 | % |
2025 | |
| 118,798 | | |
| -0- | | |
| -0- | | |
| 118,798 | | |
| 17.0 | % |
2026 | |
| 37,155 | | |
| 70,000 | (1) | |
| -0- | | |
| 107,155 | | |
| 15.3 | % |
2027 | |
| 39,003 | | |
| -0- | | |
| 102,670 | (2) | |
| 141,673 | | |
| 20.3 | % |
2028 | |
| 25,193 | | |
| 24,683 | | |
| -0- | | |
| 49,876 | | |
| 7.1 | % |
Thereafter | |
| 280,986 | | |
| -0- | | |
| -0- | | |
| 280,986 | | |
| 40.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total Debt Before Unamortized Debt Issuance
Cost | |
| 501,135 | | |
| 94,683 | | |
| 102,670 | | |
| 698,488 | | |
| 100.0 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Unamortized Debt Issuance
Cost | |
| (4,652 | ) | |
| (1,204 | ) | |
| (2,615 | ) | |
| (8,471 | ) | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total
Debt, Net of Unamortized Debt
Issuance Costs | |
$ | 496,483 | | |
$ | 93,479 | | |
$ | 100,055 | | |
$ | 690,017 | | |
| | |
|
(1) |
Represents $70.0 million
balance outstanding on the Company’s Line of Credit due November 7, 2026, with an additional one-year option. |
|
|
|
|
(2) |
Represents $102.7 million
balance outstanding of the Company’s Series A Bonds due February 28, 2027. |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 10 |
Securities
Portfolio Performance
(in
thousands)
Year
Ended | |
Securities
Available for Sale | | |
Dividend
Income | | |
Net
Realized Gain on
Sale of Securities | | |
Net
Realized Gain on
Sale of Securities & Dividend Income | |
2010 | |
$ | 28,757 | | |
$ | 1,763 | | |
$ | 2,028 | | |
$ | 3,791 | |
2011 | |
| 43,298 | | |
| 2,512 | | |
| 2,693 | | |
| 5,205 | |
2012 | |
| 57,325 | | |
| 3,244 | | |
| 4,093 | | |
| 7,337 | |
2013 | |
| 59,255 | | |
| 3,481 | | |
| 4,056 | | |
| 7,537 | |
2014 | |
| 63,556 | | |
| 4,066 | | |
| 1,543 | | |
| 5,609 | |
2015 | |
| 75,011 | | |
| 4,399 | | |
| 204 | | |
| 4,603 | |
2016 | |
| 108,755 | | |
| 6,636 | | |
| 2,285 | | |
| 8,921 | |
2017 | |
| 132,964 | | |
| 8,135 | | |
| 1,747 | | |
| 9,882 | |
2018 | |
| 99,596 | | |
| 10,367 | | |
| 20 | | |
| 10,387 | |
2019 | |
| 116,186 | | |
| 7,535 | | |
| -0- | | |
| 7,535 | |
2020 | |
| 103,172 | | |
| 5,729 | | |
| -0- | | |
| 5,729 | |
2021 | |
| 113,748 | | |
| 5,098 | | |
| 2,342 | | |
| 7,440 | |
2022 | |
| 42,178 | | |
| 2,903 | | |
| 6,394 | | |
| 9,297 | |
2023 | |
| 34,506 | | |
| 2,318 | | |
| 183 | | |
| 2,501 | |
| |
| | | |
| | | |
| | | |
| | |
| |
| | | |
$ | 68,186 | | |
$ | 27,588 | | |
$ | 95,774 | |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 11 |
Property
Summary and Snapshot
(unaudited)
| |
December
31, 2023 | | |
December
31, 2022 | | |
%
Change | |
| |
| | |
| | |
| |
Communities | |
| 135 | | |
| 134 | | |
| 0.7 | % |
Developed Sites | |
| 25,766 | | |
| 25,568 | | |
| 0.8 | % |
Occupied | |
| 22,330 | | |
| 21,626 | | |
| 3.3 | % |
Occupancy % | |
| 86.7 | % | |
| 84.6 | % | |
| 210 | bps |
Total Rentals | |
| 9,969 | | |
| 9,098 | | |
| 9.6 | % |
Occupied Rentals | |
| 9,373 | | |
| 8,487 | | |
| 10.4 | % |
Rental Occupancy % | |
| 94.0 | % | |
| 93.3 | % | |
| 70 | bps |
Monthly Rent Per Site | |
$ | 519 | | |
$ | 498 | | |
| 4.2 | % |
Monthly Rent Per Home Rental Including Site | |
$ | 933 | | |
$ | 873 | | |
| 6.9 | % |
State | |
Number | | |
Total
Acreage | | |
Developed
Acreage | | |
Vacant
Acreage | | |
Total
Sites | | |
Occupied Sites | | |
Occupancy
Percentage | | |
Monthly
Rent Per Site | | |
Total
Rentals | | |
Occupied
Rentals | | |
Rental
Occupancy
Percentage | | |
Monthly
Rent Per Home
Rental | |
| |
| | |
(1) | | |
| | |
(1) | | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
(2) | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Alabama | |
| 2 | | |
| 69 | | |
| 62 | | |
| 7 | | |
| 325 | | |
| 127 | | |
| 39.1 | % | |
$ | 189 | | |
| 106 | | |
| 96 | | |
| 90.6 | % | |
$ | 1,030 | |
Georgia | |
| 1 | | |
| 26 | | |
| 26 | | |
| -0- | | |
| 118 | | |
| 1 | | |
| 0.8 | % | |
$ | 450 | | |
| 1 | | |
| 1 | | |
| 100.0 | % | |
$ | 1,200 | |
Indiana | |
| 14 | | |
| 1,105 | | |
| 908 | | |
| 197 | | |
| 4,021 | | |
| 3,557 | | |
| 88.5 | % | |
$ | 476 | | |
| 1,913 | | |
| 1,799 | | |
| 94.0 | % | |
$ | 946 | |
Maryland | |
| 1 | | |
| 77 | | |
| 29 | | |
| 48 | | |
| 63 | | |
| 62 | | |
| 98.4 | % | |
$ | 621 | | |
| -0- | | |
| -0- | | |
| N/A | | |
| N/A | |
Michigan | |
| 4 | | |
| 241 | | |
| 222 | | |
| 19 | | |
| 1,088 | | |
| 916 | | |
| 84.2 | % | |
$ | 486 | | |
| 382 | | |
| 354 | | |
| 92.7 | % | |
$ | 954 | |
New Jersey | |
| 5 | | |
| 390 | | |
| 226 | | |
| 164 | | |
| 1,266 | | |
| 1,217 | | |
| 96.1 | % | |
$ | 694 | | |
| 45 | | |
| 38 | | |
| 84.4 | % | |
$ | 1,212 | |
New York | |
| 8 | | |
| 698 | | |
| 327 | | |
| 371 | | |
| 1,364 | | |
| 1,170 | | |
| 85.8 | % | |
$ | 612 | | |
| 473 | | |
| 440 | | |
| 93.0 | % | |
$ | 1,080 | |
Ohio | |
| 38 | | |
| 2,044 | | |
| 1,515 | | |
| 529 | | |
| 7,296 | | |
| 6,350 | | |
| 87.0 | % | |
$ | 478 | | |
| 2,920 | | |
| 2,763 | | |
| 94.6 | % | |
$ | 895 | |
Pennsylvania | |
| 53 | | |
| 2,348 | | |
| 1,894 | | |
| 454 | | |
| 7,961 | | |
| 6,927 | | |
| 87.0 | % | |
$ | 545 | | |
| 3,101 | | |
| 2,896 | | |
| 93.4 | % | |
$ | 930 | |
South Carolina | |
| 2 | | |
| 63 | | |
| 55 | | |
| 8 | | |
| 322 | | |
| 180 | | |
| 55.9 | % | |
$ | 212 | | |
| 121 | | |
| 106 | | |
| 87.6 | % | |
$ | 969 | |
Tennessee | |
| 7 | | |
| 710 | | |
| 373 | | |
| 337 | | |
| 1,942 | | |
| 1,823 | | |
| 93.9 | % | |
$ | 537 | | |
| 907 | | |
| 880 | | |
| 97.0 | % | |
$ | 945 | |
Total
as of December
31, 2023 | |
| 135 | | |
| 7,771 | | |
| 5,637 | | |
| 2,134 | | |
| 25,766 | | |
| 22,330 | | |
| 86.7 | % | |
$ | 519 | | |
| 9,969 | | |
| 9,373 | | |
| 94.0 | % | |
$ | 933 | |
|
(1) |
Total
and Vacant Acreage of 220 for Mountain View Estates property is included in the above summary. |
|
(2) |
Includes
home and site rent charges. |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 12 |
Same
Property Statistics
(in
thousands) unaudited)
| |
Three
Months Ended | | |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
Change | | |
%
Change | | |
December
31, 2023 | | |
December
31, 2022 | | |
Change | | |
%
Change | |
Community Net Operating
Income | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Rental and
Related Income | |
$ | 47,326 | | |
$ | 42,678 | | |
$ | 4,648 | | |
| 10.9 | % | |
$ | 182,944 | | |
$ | 167,798 | | |
$ | 15,146 | | |
| 9.0 | % |
Community
Operating Expenses | |
| 18,225 | | |
| 18,193 | | |
| 32 | | |
| 0.2 | % | |
| 73,733 | | |
| 70,741 | | |
| 2,992 | | |
| 4.2 | % |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Community
NOI | |
$ | 29,101 | | |
$ | 24,485 | | |
$ | 4,616 | | |
| 18.9 | % | |
$ | 109,211 | | |
$ | 97,057 | | |
$ | 12,154 | | |
| 12.5 | % |
| |
December
31, 2023 | | |
December
31, 2022 | | |
Change | |
| |
| | |
| | |
| |
Total Sites | |
| 23,958 | | |
| 23,886 | | |
| 0.3 | % |
Occupied Sites | |
| 21,212 | | |
| 20,580 | | |
| 632
sites, 3.1 | % |
Occupancy % | |
| 88.5 | % | |
| 86.2 | % | |
| 230
bps | |
Number of Properties | |
| 126 | | |
| 126 | | |
| N/A | |
Total Rentals | |
| 9,743 | | |
| 8,988 | | |
| 8.4 | % |
Occupied Rentals | |
| 9,165 | | |
| 8,392 | | |
| 9.2 | % |
Rental Occupancy | |
| 94.1 | % | |
| 93.4 | % | |
| 70
bps | |
Monthly Rent Per Site | |
$ | 524 | | |
$ | 502 | | |
| 4.4 | % |
Monthly Rent Per Home Including Site | |
$ | 930 | | |
$ | 872 | | |
| 6.7 | % |
Same
Property includes all properties owned as of January 1, 2022, with the exception of Memphis Blues and Duck River Estates.
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 13 |
Acquisitions
Summary
(dollars
in thousands)
Year
of Acquisition | |
Number
of Communities | | |
Sites | | |
Occupancy
% at
Acquisition | | |
Purchase Price | | |
Price Per
Site | | |
Total
Acres | |
2021 | |
| 3 | | |
543 | | |
| 59 | % | |
$ | 18,300 | | |
$ | 34 | | |
| 113 | |
2022 | |
| 7 | | |
1,480 | | |
| 65 | % | |
$ | 86,223 | | |
$ | 58 | | |
| 461 | |
2023 | |
| 1 | | |
118 | | |
| -0- | % | |
$ | 3,650 | | |
$ | 31 | | |
| 26 | |
2023
Acquisitions
Community | |
Date
of Acquisition | | |
State | | |
Number
of Sites | | |
Purchase
Price | | |
Number
of Acres | | |
Occupancy | |
Mighty Oak | |
January
19, 2023 | | |
| GA | | |
| 118 | | |
$ | 3,650 | | |
| 26 | | |
| -0- | % |
Total 2023 | |
| | |
| | | |
| 118 | | |
$ | 3,650 | | |
| 26 | | |
| -0- | % |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 14 |
Definitions
Investors
and analysts following the real estate industry utilize funds from operations available to common shareholders (“FFO”), normalized
funds from operations available to common shareholders (“Normalized FFO”), community NOI, same property NOI, and earnings
before interest, taxes, depreciation, amortization and acquisition costs (“Adjusted EBITDA excluding Non-Recurring Other Expense”),
variously defined, as supplemental performance measures. While the Company believes net income (loss) available to common shareholders,
as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure,
it considers Community NOI, Same Property NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO, given their
wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that
real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization
of real estate assets. FFO also adjusts for the effects of the change in the fair value of marketable securities and gains and losses
realized on marketable securities. Normalized FFO reflects the same assumptions as FFO except that it also adjusts for amortization of
financing costs and certain one-time charges. Community NOI and Same Property NOI provide a measure of rental operations and do not factor
in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA excluding
Non-Recurring Other Expense provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other
cash needs. In addition, Community NOI, Same Property NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized
FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial
position, performance and value.
FFO,
as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), is calculated to be equal to net income
(loss) applicable to common shareholders, as defined by 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 and change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-GAAP
supplemental measure of REIT operating performance.
Normalized
FFO is calculated as FFO excluding amortization and certain one-time charges.
Normalized
FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 67.2 million and 63.7 million shares for
the three months and year ended December 31, 2023, respectively, and 56.8 million and 55.3 million shares for the three months and year
ended December 31, 2022, respectively. Common stock equivalents resulting from stock options in the amount of 613,000 shares and 936,000
shares for the years ended December 31, 2023 and 2022, respectively, were excluded from the computation of Diluted Net Income (Loss)
per Share as their effect would have been anti-dilutive. Common stock equivalents resulting from stock options in the amount of 315,000
shares and 571,000 shares for the three months ended December 31, 2023 and 2022, respectively, were included in the computation of Diluted
Net Income (Loss) per share.
Community
NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance,
community salaries, utilities, insurance and other expenses.
Same
Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2022, with the exception of Memphis Blues
and Duck River Estates.
Adjusted
EBITDA excluding Non-Recurring Other Expense is calculated as net income (loss) plus interest expense, franchise taxes, depreciation,
the change in the fair value of marketable securities and the gain (loss) on sales of marketable securities, adjusted for non-recurring
other expenses.
Community
NOI, Same Property NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO do not represent cash generated
from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including
the repayment of principal on debt and payment of dividends and distributions. Community NOI, Same Property NOI, Adjusted EBITDA excluding
Non-Recurring Other Expense, FFO and Normalized FFO should not be considered as substitutes for net income (loss) applicable to common
shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash flows (calculated in accordance
with U.S. GAAP) as a measure of liquidity. Community NOI, Same Property NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO
and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures
of other REITs.
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 15 |
Press
Release Dated February 28, 2024
FOR
IMMEDIATE RELEASE
|
February
28, 2024 |
|
Contact:
Nelli Madden |
|
732-577-9997 |
UMH
PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2023
FREEHOLD,
NJ, February 28, 2024…..... UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $220.9 million for the year
ended December 31, 2023 as compared to $195.8 million for the year ended December 31, 2022, representing an increase of 13%. Total Income
for the quarter ended December 31, 2023 was $57.0 million as compared to $48.7 million for the quarter ended December 31, 2022, representing
an increase of 17%. Net Loss Attributable to Common Shareholders amounted to $8.7 million or $0.15 per diluted share for the year ended
December 31, 2023 as compared to $36.3 million or $0.67 per diluted share for the year ended December 31, 2022. Net Income Attributable
to Common Shareholders amounted to $6.8 million or $0.10 per diluted share for the quarter ended December 31, 2023 as compared to $283,000
or $0.005 per diluted share for the quarter ended December 31, 2022.
Funds
from Operations Attributable to Common Shareholders (“FFO”) was $51.1 million or $0.80 per diluted share for the year ended
December 31, 2023 as compared to $28.5 million or $0.51 per diluted share for the year ended December 31, 2022. FFO was $14.6 million
or $0.22 per diluted share for the quarter ended December 31, 2023 as compared to $10.0 million or $0.18 per diluted share for the quarter
ended December 31, 2022. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $54.5
million or $0.86 per diluted share for the year ended December 31, 2023, as compared to $46.8 million or $0.85 per diluted share for
the year ended December 31, 2022. Normalized FFO was $15.4 million or $0.23 per diluted share for the quarter ended December 31, 2023,
as compared to $11.3 million or $0.20 per diluted share for the quarter ended December 31, 2022.
A
summary of significant financial information for the three months and year ended December 31, 2023 and 2022 is as follows (in thousands
except per share amounts):
| |
For the Three
Months Ended | |
| |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Total Income | |
$ | 56,984 | | |
$ | 48,748 | |
Total Expenses | |
$ | 46,756 | | |
$ | 42,582 | |
Net Income Attributable to Common Shareholders | |
$ | 6,832 | | |
$ | 283 | |
Net Income Attributable to Common Shareholders
per Diluted Common Share | |
$ | 0.10 | | |
$ | 0.005 | |
FFO (1) | |
$ | 14,595 | | |
$ | 9,973 | |
FFO (1) per Diluted Common Share | |
$ | 0.22 | | |
$ | 0.18 | |
Normalized FFO (1) | |
$ | 15,364 | | |
$ | 11,321 | |
Normalized FFO (1)
per Diluted Common Share | |
$ | 0.23 | | |
$ | 0.20 | |
Weighted Average Shares Outstanding | |
| 67,196 | | |
| 56,755 | |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 16 |
| |
For the Year
Ended | |
| |
December
31, | |
| |
2023 | | |
2022 | |
| |
| | |
| |
Total Income | |
$ | 220,925 | | |
$ | 195,776 | |
Total Expenses | |
$ | 184,803 | | |
$ | 166,252 | |
Net Loss Attributable to Common Shareholders | |
$ | (8,714 | ) | |
$ | (36,265 | ) |
Net Loss Attributable to Common Shareholders
per Diluted Common Share | |
$ | (0.15 | ) | |
$ | (0.67 | ) |
FFO (1) | |
$ | 51,069 | | |
$ | 28,489 | |
FFO (1) per Diluted Common Share | |
$ | 0.80 | | |
$ | 0.51 | |
Normalized FFO (1) | |
$ | 54,533 | | |
$ | 46,840 | |
Normalized FFO (1)
per Diluted Common Share | |
$ | 0.86 | | |
$ | 0.85 | |
Weighted Average Shares Outstanding | |
| 63,068 | | |
| 54,389 | |
A
summary of significant balance sheet information as of December 31, 2023 and 2022 is as follows (in thousands):
| |
December
31, 2023 | | |
December
31, 2022 | |
| |
| | |
| |
Gross Real Estate Investments | |
$ | 1,539,041 | | |
$ | 1,391,588 | |
Marketable Securities at Fair Value | |
$ | 34,506 | | |
$ | 42,178 | |
Total Assets | |
$ | 1,427,577 | | |
$ | 1,344,596 | |
Mortgages Payable, net | |
$ | 496,483 | | |
$ | 508,938 | |
Loans Payable, net | |
$ | 93,479 | | |
$ | 153,531 | |
Bonds Payable, net | |
$ | 100,055 | | |
$ | 99,207 | |
Total Shareholders’ Equity | |
$ | 706,794 | | |
$ | 551,196 | |
Samuel
A. Landy, President and CEO, commented on the 2023 results.
“During
2023, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving
our financial position. We have:
| ● | Increased
Rental and Related Income by 11%; |
| ● | Increased
Community Net Operating Income (“NOI”) by 14%; |
| ● | Increased
Normalized Funds from Operations (“Normalized FFO) by 16%; |
| ● | Increased
Same Property NOI by 13%; |
| ● | Increased
Same Property Occupancy by 230 basis points from 86.2% to 88.5%; |
| ● | Improved
our Same Property expense ratio from 42.2% at yearend 2022 to 40.3% at yearend 2023; |
| ● | Increased
our rental home portfolio by 871 homes from yearend 2022 to approximately 10,000 total rental
homes, representing an increase of 10% from yearend 2022; |
| ● | Increased
Sales of Manufactured Homes by 23%; |
| ● | Acquired
our first community in Georgia, containing 118 developed homesites, for a total cost of $3.7
million through our qualified opportunity zone fund; |
| ● | Entered
into a new joint venture agreement with Nuveen Real Estate to develop a 113-site community
in Honey Brook, Pennsylvania; |
| ● | Amended
our unsecured credit facility to expand available borrowing capacity from $100 million
to $180 million; |
| ● | Entered
into a $25 million term loan and a $25 million line of credit secured by rental homes and
their leases; |
| ● | Expanded
our revolving line of credit secured by eligible notes receivable from $20 million
to $35 million; |
| ● | Financed
eight existing communities for total proceeds of approximately $57.7 million; |
| ● | Raised
our quarterly common stock dividend by 2.5% to $0.205 per share or $0.82 annually; |
| ● | Increased
our Total Market Capitalization by 6% to over $2 billion at yearend; |
| ● | Increased
our Equity Market Capitalization by 12% to over $1 billion at yearend; |
| ● | Reduced
our Net Debt to Total Market Capitalization from 38.2% in 2022 to 31.3% in 2023; |
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 17 |
| ● | Issued
and sold approximately 9.4 million shares of Common Stock through At-the-Market Sale Programs
at a weighted average price of $15.81 per share, generating gross proceeds of $148.6 million
and net proceeds of $145.8 million, after offering expenses; |
| ● | Issued
and sold approximately 2.6 million shares of Series D Preferred Stock through At-the-Market
Sale Programs at a weighted average price of $21.88 per share, generating gross proceeds
of $56.7 million and net proceeds of $55.7 million, after offering expenses; |
| ● | Subsequent
to year end, issued and sold approximately 1.2 million shares of Common Stock through our
2023 Common Stock At-the-Market Sale Program at a weighted average price of $15.37 per
share, generating gross proceeds of $19.2 million and net proceeds of $18.9 million, after
offering expenses; and |
| ● | Subsequent
to year end, issued and sold approximately 121,000 shares of Series D Preferred Stock through
our 2023 Series D Preferred Stock At-the-Market Sale Program at a weighted average
price of $22.85 per share, generating gross proceeds of $2.8 million and net proceeds of
$2.7 million, after offering expenses.” |
“UMH
is pleased to report fourth quarter Normalized FFO of $0.23 per share as compared to $0.20 per share in the prior year period, representing
an increase of approximately 15%. UMH is strategically positioned to continue to increase earnings through the execution of our long-term
business plan. We have been acquiring vacant sites and land for development in desirable locations which have allowed us to rapidly fill
and develop our communities. The success of our investments in value-add communities and our expansions is demonstrated through our operating
results.”
“During
2023, we achieved a 23% increase in gross sales, installed and occupied over 1,000 new rental homes, improved same property occupancy
by 230 basis points and increased same property net operating income by 13%, or $12.2 million. Our communities continue to experience
strong demand for both sales and rentals. We anticipate delivering similar operating results in 2024, which should result in per share
earnings growth.”
“After
a two-year disruption from the COVID supply chain-related issues, abnormally high inventory levels and rising interest rates, we believe
we are back on track to deliver exceptional property operating performance and reliable earnings per share growth. Our financials have
been impacted by higher interest rates and inventory carrying costs, but we are pleased with our year over year normalized earnings per
share growth, our quarter over quarter normalized per share growth and our three sequential quarters of earnings per share growth.”
“Our
exceptional team has positioned the company to deliver organic growth in earnings and operating results through the infill of our 3,400
vacant lots and the development of our 2,100 acres of vacant land. We look forward to the continued execution of our long-term business
plan and generating value and exceptional returns for our shareholders.”
UMH
Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2023 Financial Results Webcast and Conference Call. Senior
management will discuss the results, current market conditions and future outlook on Thursday, February 29, 2024 at 10:00 a.m. Eastern
Time.
The
Company’s fourth quarter and year ended December 31, 2023 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 microphone icon found on the homepage www.umh.reit to access the call. 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, February 29, 2024 and can be accessed by dialing
toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 5824602. 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 135 manufactured home communities containing
approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana,
Michigan, Maryland, 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.
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 18 |
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
reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three months
and year ended December 31, 2023 and 2022 are calculated as follows (in thousands):
| |
Three
Months Ended | | |
Year
Ended | |
| |
December
31, 2023 | | |
December
31, 2022 | | |
December
31, 2023 | | |
December
31, 2022 | |
Net Income (Loss) Attributable
to Common Shareholders | |
$ | 6,832 | | |
$ | 283 | | |
$ | (8,714 | ) | |
$ | (36,265 | ) |
Depreciation Expense | |
| 14,448 | | |
| 12,766 | | |
| 55,719 | | |
| 48,769 | |
Depreciation Expense from Unconsolidated Joint
Venture | |
| 188 | | |
| 114 | | |
| 692 | | |
| 371 | |
Loss on Sales of Investment Property and Equipment | |
| 11 | | |
| 73 | | |
| -0- | | |
| 169 | |
(Increase) Decrease in Fair Value of Marketable
Securities | |
| (6,884 | ) | |
| (21,185 | ) | |
| 3,555 | | |
| 21,839 | |
(Gain) Loss on Sales
of Marketable Securities, net | |
| -0- | | |
| 17,922 | | |
| (183 | ) | |
| (6,394 | ) |
FFO Attributable to Common Shareholders | |
| 14,595 | | |
| 9,973 | | |
| 51,069 | | |
| 28,489 | |
Redemption of Preferred Stock
(2) | |
| -0- | | |
| -0- | | |
| -0- | | |
| 12,916 | |
Amortization (2) | |
| 543 | | |
| 511 | | |
| 2,135 | | |
| 1,956 | |
Non-Recurring
Other Expense (3) | |
| 226 | | |
| 837 | | |
| 1,329 | | |
| 3,479 | |
Normalized FFO Attributable
to Common Shareholders | |
$ | 15,364 | | |
$ | 11,321 | | |
$ | 54,533 | | |
$ | 46,840 | |
The
diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share
were 67.2 million and 63.7 million shares for the three months and year ended December 31, 2023, respectively, and 56.8 million and 55.3
million shares for the three months and year ended December 31, 2022, respectively. Common stock equivalents resulting from stock options
in the amount of 613,000 shares and 936,000 shares for the years ended December 31, 2023 and 2022, respectively, were excluded from the
computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive. Common stock equivalents resulting
from stock options in the amount of 315,000 shares and 571,000 shares for the three months ended December 31, 2023 and 2022, respectively,
were included in the computation of Diluted Net Income (Loss) per share.
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 19 |
| (2) | During
2022, the Company incurred the carrying cost of excess cash for the redemption of preferred
stock. Additionally, due to the change in sources of capital, amortization expense, a non-cash
expense, is expected to become more significant and is therefore included as an adjustment
to Normalized FFO for the three months and years ended December 31, 2023 and 2022. |
| (3) | Consists
of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae
financing, which were being expensed over the vesting period ($0 and $862, respectively)
and non-recurring expenses for the joint venture with Nuveen ($42 and $135, respectively),
one-time legal fees ($1 and $76, respectively), fees related to the establishment of the
Opportunity Zone Fund ($0 and $37, respectively), and costs associated with acquisitions
and financing that were not completed ($183 and $219, respectively) for the three months
and year ended December 31, 2023. Consists of special bonus and restricted stock grants for
the August 2020 groundbreaking Fannie Mae financing, which were being expensed over the vesting
period ($431 and $1,724, respectively) and non-recurring expenses for the joint venture with
Nuveen ($210 and $264, respectively), early extinguishment of debt ($125 and $320, respectively),
one-time legal fees ($10 and $197, respectively), fees related to the establishment of the
Opportunity Zone Fund ($61 and $954, respectively), and costs associated with an acquisition
not completed ($0 and $20, respectively) for the three months and year ended December 31,
2022. |
The
following are the cash flows provided by (used in) operating, investing and financing activities for the year ended December 31, 2023
and 2022 (in thousands):
| |
2023 | | |
2022 | |
Operating Activities | |
$ | 120,077 | | |
$ | (7,227 | ) |
Investing Activities | |
| (165,573 | ) | |
| (124,877 | ) |
Financing Activities | |
| 69,057 | | |
| 47,954 | |
#
# # #
UMH Properties, Inc. | Fourth Quarter FY 2023 Supplemental Information | 20 |
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