UMH-D UMH Properties Inc

 

 

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): August 6, 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 August 6, 2024, UMH Properties, Inc. issued a press release announcing the results for the second quarter June 30, 2024 and disclosed a supplemental information package in connection with its earnings conference call for the second quarter June 30, 2024. 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.

 

(d)

Exhibits.

 

99	Supplemental information package for the second quarter June 30, 2024 and press release dated August 6, 2024.
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

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: August 6, 2024	By:	/s/ Anna T. Chew
	Name:	Anna T. Chew
	Title:	Executive Vice President and Chief Financial Officer

 

 

Exhibit 99

 

 

 

Table of Contents
		Page
Financial Highlights		3
Consolidated Balance Sheets		4
Consolidated Statements of Income (Loss)		5
Consolidated Statements of Cash Flows		6
Reconciliation of Net Income (Loss) to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO		7
Market Capitalization, Debt and Coverage Ratios		8
Debt Analysis		9
Debt Maturity		10
Securities Portfolio Performance		11
Property Summary and Snapshot		12
Same Property Statistics		13
Acquisitions Summary and Property Portfolio		14
Definitions		15
Press Release Dated August 6, 2024		16

 

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-Q.

 

 

Financial Highlights

(dollars in thousands except per share amounts) (unaudited)

 

		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Operating Information
Number of Communities (1)											136				135
Total Sites											25,787				25,729
Rental and Related Income		$	51,494			$	47,063			$	101,823			$	92,368
Community Operating Expenses		$	21,595			$	20,034			$	42,692			$	40,122
Community NOI		$	29,899			$	27,029			$	59,131			$	52,246
Expense Ratio			41.9	%			42.6	%			41.9	%			43.4	%
Sales of Manufactured Homes		$	8,834			$	8,227			$	16,185			$	15,529
Number of Homes Sold			105				91				200				174
Number of Rentals Added, net			111				304				167				534
Net Income (Loss)		$	5,181			$	(403	)		$	3,556			$	(1,904	)
Net Income (Loss) Attributable to Common Shareholders		$	527			$	(4,418	)		$	(5,737	)		$	(9,715	)
Adjusted EBITDA excluding Non-Recurring Other Expense		$	28,329			$	25,270			$	55,014			$	48,731
FFO Attributable to Common Shareholders		$	16,182			$	12,043			$	30,228			$	22,683
Normalized FFO Attributable to Common Shareholders		$	16,807			$	13,049			$	31,824			$	24,769
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic			71,418				61,236				70,291				60,186
Diluted			71,884				61,760				70,700				60,844
Net Income (Loss) Attributable to Shareholders per Share-
Basic and Diluted		$	0.01			$	(0.07	)		$	(0.08	)		$	(0.16	)
FFO per Share-(2)
Basic		$	0.23			$	0.20			$	0.43			$	0.38
Diluted		$	0.23			$	0.19			$	0.43			$	0.37
Normalized FFO per Share-(2)
Basic		$	0.24			$	0.21			$	0.45			$	0.41
Diluted		$	0.23			$	0.21			$	0.45			$	0.41
Dividends per Common Share		$	0.215			$	0.205			$	0.42			$	0.41
Balance Sheet
Total Assets										$	1,441,295			$	1,393,869
Total Liabilities										$	697,315			$	756,002
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs										$	668,876			$	726,862
Equity Market Capitalization										$	1,163,272			$	1,007,888
Series D Preferred Stock										$	295,757			$	265,032
Total Market Capitalization										$	2,127,905			$	1,999,782

 

	(1)	As of January 1, 2024, includes Duck River Estates, a newly constructed community.
	(2)	Please see Definitions on page 15.

 

 

Consolidated Balance Sheets

(in thousands except per share amounts)  

 

		June 30,				December 31,
		2024				2023
		(unaudited)
ASSETS
Investment Property and Equipment
Land		$	87,301			$	86,497
Site and Land Improvements			907,400				896,568
Buildings and Improvements			39,749				39,506
Rental Homes and Accessories			539,746				516,470
Total Investment Property			1,574,196				1,539,041
Equipment and Vehicles			30,059				29,126
Total Investment Property and Equipment			1,604,255				1,568,167
Accumulated Depreciation			(443,448	)			(416,309	)
Net Investment Property and Equipment			1,160,807				1,151,858
Other Assets
Cash and Cash Equivalents			39,457				57,320
Marketable Securities at Fair Value			28,673				34,506
Inventory of Manufactured Homes			31,986				32,940
Notes and Other Receivables, net			85,940				81,071
Prepaid Expenses and Other Assets			15,485				11,729
Land Development Costs			52,736				33,302
Investment in Joint Venture			26,211				24,851
Total Other Assets			280,488				275,719
TOTAL ASSETS		$	1,441,295			$	1,427,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs		$	491,030			$	496,483
Other Liabilities
Accounts Payable			5,386				6,106
Loans Payable, net of unamortized debt issuance costs			77,367				93,479
Series A Bonds, net of unamortized debt issuance costs			100,479				100,055
Accrued Liabilities and Deposits			13,145				15,117
Tenant Security Deposits			9,908				9,543
Total Other Liabilities			206,285				224,300
Total Liabilities			697,315				720,783
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 13,700 shares authorized as of June 30, 2024 and December, 31 2023; 11,830 and 11,607 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively			295,757				290,180
Common Stock- $0.10 par value per share: 153,714 shares authorized as of June 30, 2024 and December 31, 2023; 72,750 and 67,978 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively			7,275				6,798
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of June 30, 2024 and December 31, 2023			-0-				-0-
Additional Paid-In Capital			464,330				433,106
Accumulated Deficit			(25,364	)			(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity			741,998				704,720
Non-Controlling Interest in Consolidated Subsidiaries			1,982				2,074
Total Shareholders’ Equity			743,980				706,794
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,441,295			$	1,427,577

 

 

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

 

		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
INCOME:
Rental and Related Income		$	51,494			$	47,063			$	101,823			$	92,368
Sales of Manufactured Homes			8,834				8,227				16,185				15,529
TOTAL INCOME			60,328				55,290				118,008				107,897
EXPENSES:
Community Operating Expenses			21,595				20,034				42,692				40,122
Cost of Sales of Manufactured Homes			5,461				5,740				11,017				10,725
Selling Expenses			1,744				1,665				3,390				3,477
General and Administrative Expenses			5,506				5,181				10,874				10,163
Depreciation Expense			15,001				13,751				29,742				27,124
TOTAL EXPENSES			49,307				46,371				97,715				91,611
OTHER INCOME (EXPENSE):
Interest Income			1,501				1,217				3,068				2,355
Dividend Income			362				531				722				1,237
Loss on Sales of Marketable Securities, net			(3,778	)			(1	)			(3,778	)			(43	)
Increase (Decrease) in Fair Value of Marketable Securities			3,338				(2,548	)			(2,031	)			(4,943	)
Other Income			205				288				364				616
Loss on Investment in Joint Venture			(87	)			(175	)			(224	)			(480	)
Interest Expense			(7,371	)			(8,639	)			(14,845	)			(16,969	)
TOTAL OTHER INCOME (EXPENSE)			(5,830	)			(9,327	)			(16,724	)			(18,227	)
Income (Loss) before Gain (Loss) on Sales of  Investment Property and Equipment			5,191				(408	)			3,569				(1,941	)
Gain (Loss) on Sales of Investment Property  and Equipment			(10	)			5				(13	)			37
NET INCOME (LOSS)			5,181				(403	)			3,556				(1,904	)
Preferred Dividends			(4,712	)			(4,051	)			(9,385	)			(7,887	)
Loss Attributable to Non-Controlling Interest			58				36				92				76
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	527			$	(4,418	)		$	(5,737	)		$	(9,715	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted		$	0.01			$	(0.07	)		$	(0.08	)		$	(0.16	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic			71,418				61,236				70,291				60,186
Diluted			71,884				61,760				70,700				60,844

 

 

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

		Six Months Ended
		June 30, 2024				June 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)		$	3,556			$	(1,904	)
Non-Cash Items Included in Net Income (Loss):
Depreciation			29,742				27,124
Amortization of Financing Costs			1,163				1,056
Stock Compensation Expense			2,543				2,999
Provision for Uncollectible Notes and Other Receivables			795				797
Loss on Sales of Marketable Securities, net			3,778				43
Decrease in Fair Value of Marketable Securities			2,031				4,943
(Gain) Loss on Sales of Investment Property and Equipment			13				(37	)
Loss on Investment in Joint Venture			469				577
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes			954				27,414
Notes and Other Receivables, net of notes acquired with acquisitions			(5,664	)			(9,017	)
Prepaid Expenses and Other Assets			552				1,591
Accounts Payable			(720	)			317
Accrued Liabilities and Deposits			(1,972	)			(3,534	)
Tenant Security Deposits			365				633
Net Cash Provided by Operating Activities			37,605				53,002
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities			-0-				(3,679	)
Purchase of Investment Property and Equipment			(41,052	)			(74,604	)
Proceeds from Sales of Investment Property and Equipment			2,348				1,332
Additions to Land Development Costs			(18,249	)			(12,587	)
Purchase of Marketable Securities			(12	)			(11	)
Proceeds from Sales of Marketable Securities			36				502
Investment in Joint Venture			(1,829	)			(5,349	)
Net Cash Used in Investing Activities			(58,758	)			(94,396	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net (Payments) Proceeds from Short-Term Borrowings			(15,837	)			29,527
Principal Payments of Mortgages and Loans			(5,915	)			(64,583	)
Financing Costs on Debt			(552	)			(814	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs			5,058				34,600
Proceeds from At-The-Market Common Equity Program, net of offering costs			56,478				78,447
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments			3,503				3,197
Proceeds from Exercise of Stock Options			2,079				550
Preferred Dividends Paid			(9,385	)			(7,887	)
Common Dividends Paid, net of dividend reinvestments			(27,831	)			(23,331	)
Net Cash Provided by Financing Activities			7,598				49,706
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(13,555	)			8,312
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD			64,437				40,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		$	50,882			$	49,188

 

 

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								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net Income (Loss)		$	5,181			$	(403	)		$	3,556			$	(1,904	)
Interest Expense			7,371				8,639				14,845				16,969
Franchise Taxes			114				100				228				201
Depreciation Expense			15,001				13,751				29,742				27,124
Depreciation Expense from Unconsolidated  Joint Venture			204				166				401				325
(Increase) Decrease in Fair Value of  Marketable Securities			(3,338	)			2,548				2,031				4,943
Loss on Sales of Marketable Securities, net			3,778				1				3,778				43
Adjusted EBITDA			28,311				24,802				54,581				47,701
Non- Recurring Other Expense (1)			18				468				433				1,030
Adjusted EBITDA without Non-recurring Other Expense		$	28,329			$	25,270			$	55,014			$	48,731
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations
Net Income (Loss) Attributable to Common Shareholders		$	527			$	(4,418	)		$	(5,737	)		$	(9,715	)
Depreciation Expense			15,001				13,751				29,742				27,124
Depreciation Expense from Unconsolidated Joint Venture			204				166				401				325
(Gain) Loss on Sales of Investment Property and Equipment			10				(5	)			13				(37	)
(Increase) Decrease in Fair Value of Marketable Securities			(3,338	)			2,548				2,031				4,943
Loss on Sales of Marketable Securities, net			3,778				1				3,778				43
Funds from Operations Attributable to  Common Shareholders (“FFO”)			16,182				12,043				30,228				22,683
Adjustments:
Amortization of Financing Costs			607				538				1,163				1,056
Non- Recurring Other Expense (1)			18				468				433				1,030
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)		$	16,807			$	13,049			$	31,824			$	24,769

 

(1)

Consists of non-recurring one-time legal fees ($18 and $51, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and six months ended June 30, 2024. 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 $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($3 and $50, respectively), one-time legal fees ($30 and $50, respectively), fees related to the establishment of the OZ Fund ($4 and $37, respectively), and costs associated with an acquisition that was not completed ($0 and $31, respectively) for the three and six months ended June 30, 2023.

 

 

Market Capitalization, Debt and Coverage Ratios

(in thousands) (unaudited)

 

		Six Months Ended								Year Ended
		June 30, 2024				June 30, 2023				December 31, 2023
Shares Outstanding			72,750				63,072				67,978
Market Price Per Share		$	15.99			$	15.98			$	15.32
Equity Market Capitalization		$	1,163,272			$	1,007,888			$	1,041,422
Total Debt			668,876				726,862				690,017
Preferred			295,757				265,032				290,180
Total Market Capitalization		$	2,127,905			$	1,999,782			$	2,021,619
Total Debt		$	668,876			$	726,862			$	690,017
Less: Cash and Cash Equivalents			(39,457	)			(41,484	)			(57,320	)
Net Debt			629,419				685,378				632,697
Less: Marketable Securities at Fair Value (“Securities”)			(28,673	)			(36,701	)			(34,506	)
Net Debt Less Securities		$	600,746			$	648,677			$	598,191
Interest Expense		$	14,845			$	16,969			$	32,475
Capitalized Interest			2,378				2,699				5,032
Preferred Dividends			9,385				7,887				16,723
Total Fixed Charges		$	26,608			$	27,555			$	54,230
Adjusted EBITDA excluding Non-Recurring Other Expenses		$	55,014			$	48,731			$	101,780
Debt and Coverage Ratios
Net Debt / Total Market Capitalization			29.6	%			34.3	%			31.3	%
Net Debt Plus Preferred / Total Market Capitalization			43.5	%			47.5	%			45.7	%
Net Debt Less Securities / Total Market Capitalization			28.2	%			32.4	%			29.6	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization			42.1	%			45.7	%			43.9	%
Interest Coverage			3.2x				2.5x				2.7x
Fixed Charge Coverage			2.1x				1.8x				1.9x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense			5.7x				7.0x				6.2x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense			5.5x				6.7x				5.9x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			8.4x				9.8x				9.1x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			8.1x				9.4x				8.7x

 

 

Debt Analysis

(in thousands) (unaudited)

 

		Six Months Ended								Year Ended
		June 30, 2024				June 30, 2023				December 31, 2023
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages		$	495,219			$	449,126			$	501,135
Unamortized Debt Issuance Costs			(4,189	)			(4,329	)			(4,652	)
Mortgages, Net of Unamortized Debt Issuance Costs		$	491,030			$	444,797			$	496,483
Loans Payable:
Unsecured Line of Credit		$	50,000			$	100,000			$	70,000
Other Loans Payable			28,846				83,753				24,683
Total Loans Before Unamortized Debt Issuance Costs			78,846				183,753				94,683
Unamortized Debt Issuance Costs			(1,479	)			(1,319	)			(1,204	)
Loans, Net of Unamortized Debt Issuance Costs		$	77,367			$	182,434			$	93,479
Bonds Payable:
Series A Bonds		$	102,670			$	102,670			$	102,670
Unamortized Debt Issuance Costs			(2,191	)			(3,039	)			(2,615	)
Bonds, Net of Unamortized Debt Issuance Costs		$	100,479			$	99,631			$	100,055
Total Debt, Net of Unamortized Debt Issuance Costs		$	668,876			$	726,862			$	690,017
% Fixed/Floating
Fixed			91.9	%			75.0	%			90.0	%
Floating			8.1	%			25.0	%			10.0	%
Total			100.0	%			100.0	%			100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable			4.17	%			3.88	%			4.17	%
Loans Payable			6.81	%			7.42	%			6.98	%
Bonds Payable			4.72	%			4.72	%			4.72	%
Total Average			4.56	%			4.88	%			4.63	%
Weighted Average Maturity (Years)
Mortgages Payable			4.8				5.2				5.3

 

(1)

Weighted average interest rates do not include the effect of unamortized debt issuance costs.

 

 

Debt Maturity

(in thousands) (unaudited)

 

 

As of June 30, 2024:
Year Ended		Mortgages				Loans				Bonds				Total				% of Total
2024		$	-0-			$	4,487			$	-0-			$	4,487				0.6	%
2025			117,008				-0-				-0-				117,008				17.3	%
2026			36,567				50,000	(1)			-0-				86,567				12.8	%
2027			38,524				-0-				102,670	(2)			141,194				20.9	%
2028			24,900				24,359				-0-				49,259				7.3	%
Thereafter			278,220				-0-				-0-				278,220				41.1	%
Total Debt Before Unamortized Debt Issuance Cost			495,219				78,846				102,670				676,735				100.0	%
Unamortized Debt Issuance Cost			(4,189	)			(1,479	)			(2,191	)			(7,859	)
Total Debt, Net of Unamortized Debt Issuance Costs		$	491,030			$	77,367			$	100,479			$	668,876

 

(1)	Represents $50.0 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.

 

 

Securities Portfolio Performance

(in thousands) (unaudited)

 

 

 

 

Year Ended		Securities Available for Sale				Dividend Income				Net Realized Gain (Loss) on Sale of Securities				Net Realized Gain (Loss) on Sale of Securities & Dividend Income
2010-2014			63,556			$	15,066			$	14,414			$	29,480
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
2024*			28,673				722				(3,778	)			(3,056	)
						$	68,908			$	23,811			$	92,719

 

* Financial Information is as of and for the six months ended June 30, 2024.

 

 

Property Summary and Snapshot

(unaudited)

 

		June 30, 2024				June 30, 2023				% Change
Communities (1)			136				135				0.7	%
Total Sites			25,787				25,729				0.2	%
Occupied Sites			22,526				22,096				430 sites, 1.9	%
Occupancy %			87.4	%			85.9	%			150 bps
Total Rentals			10,136				9,632				5.2	%
Occupied Rentals			9,630				9,048				6.4	%
Rental Occupancy %			95.0	%			93.9	%			110 bps
Monthly Rent Per Site		$	531			$	509				4.3	%
Monthly Rent Per Home Rental Including Site		$	960			$	905				6.1	%

 

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
						(2)								(2)																																(3)
Alabama			2				69				62				7				325				132				40.6	%		$	193				107				101				94.4	%		$	1,045
Georgia			1				26				26				-0-				118				10				8.5	%		$	450				10				10				100.0	%		$	1,057
Indiana			14				1,105				908				197				4,022				3,602				89.6	%		$	491				1,946				1,855				95.3	%		$	983
Maryland			1				77				29				48				63				61				96.8	%		$	621				-0-				-0-				N/A				N/A
Michigan			4				241				222				19				1,088				917				84.3	%		$	498				385				357				92.7	%		$	998
New Jersey			5				390				226				164				1,265				1,219				96.4	%		$	705				44				38				86.4	%		$	1,253
New York			8				698				327				371				1,367				1,188				86.9	%		$	633				485				462				95.3	%		$	1,130
Ohio			38				2,044				1,515				529				7,302				6,407				87.7	%		$	488				2,973				2,847				95.8	%		$	910
Pennsylvania			53				2,392				1,901				491				7,968				6,961				87.4	%		$	558				3,130				2,955				94.4	%		$	957
South Carolina			2				63				55				8				322				195				60.6	%		$	211				140				121				86.4	%		$	1,027
Tennessee (1)			8				710				368				342				1,947				1,834				94.2	%		$	548				916				884				96.5	%		$	963
Total as of June 30, 2024 (1)			136				7,815				5,639				2,176				25,787				22,526				87.4	%		$	531				10,136				9,630				95.0	%		$	960

 

(1)	As of January 1, 2024, includes Duck River Estates, a newly constructed community.
(2)	Total and Vacant Acreage of 220 for Mountain View Estates property is included in the above summary.
(3)	Includes home and site rent charges.

 

 

Same Property Statistics

(in thousands) (unaudited)

 

		Three Months Ended																Six Months Ended
		June 30, 2024				June 30, 2023				Change				% Change				June 30, 2024				June 30, 2023				Change				% Change
Same Property Community Net Operating Income (“NOI”)
Rental and Related Income		$	50,939			$	46,722			$	4,217				9.0	%		$	100,639			$	91,711			$	8,928				9.7	%
Community Operating Expenses			20,022				18,863				1,159				6.1	%			39,690				37,872				1,818				4.8	%
Same Property Community NOI		$	30,917			$	27,859			$	3,058				11.0	%		$	60,949			$	53,839			$	7,110				13.2	%

 

		June 30, 2024				June 30, 2023				Change
Total Sites			25,457				25,405				0.2	%
Occupied Sites			22,333				21,953				380 sites, 1.7	%
Occupancy %			87.7	%			86.4	%			130 bps
Number of Properties			133				133				N/A
Total Rentals			9,980				9,513				4.9	%
Occupied Rentals			9,485				8,939				6.1	%
Rental Occupancy			95.0	%			94.0	%			100 bps
Monthly Rent Per Site		$	534			$	509				4.9	%
Monthly Rent Per Home Rental Including Site		$	958			$	903				6.1	%

 

Same Property includes all properties owned as of January 1, 2023, with the exception of Memphis Blues and Duck River Estates.

 

 

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

 

 

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 Community 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 Community 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 Community 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 Community 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 71.9 million and 70.7 million shares for the three and six months ended June 30, 2024, respectively, and 61.8 million and 60.8 million shares for the three and six months ended June 30, 2023, respectively. Common stock equivalents resulting from stock options in the amount of 466,000 shares for the three months ended June 30, 2024, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 409,000 for the six months ended June 30, 2024, and 524,000 and 658,000 for the three and six months ended June 30, 2023, respectively, were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

 

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 Community NOI is calculated as Community NOI, using all properties owned as of January 1, 2023, 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 Community 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 Community 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 Community 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.

 

 

Press Release Dated August 6, 2024

 

FOR IMMEDIATE RELEASE	August 6, 2024
	Contact: Nelli Madden
	732-577-9997

 

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2024

 

FREEHOLD, NJ, August 6, 2024........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended June 30, 2024 of $60.3 million as compared to $55.3 million for the quarter ended June 30, 2023, representing an increase of 9%. Net Income Attributable to Common Shareholders amounted to $527,000 or $0.01 per diluted share for the quarter ended June 30, 2024 as compared to a Net Loss of $4.4 million or $0.07 per diluted share for the quarter ended June 30, 2023. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $16.8 million or $0.23 per diluted share for the quarter ended June 30, 2024, as compared to $13.0 million or $0.21 per diluted share for the quarter ended June 30, 2023, representing a 10% per diluted share increase.

 

A summary of significant financial information for the three and six months ended June 30, 2024 and 2023 is as follows (in thousands except per share amounts):

 

		Three Months Ended
		June 30,
		2024				2023
Total Income		$	60,328			$	55,290
Total Expenses		$	49,307			$	46,371
Net Income (Loss) Attributable to Common Shareholders		$	527			$	(4,418	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share		$	(0.01	)		$	(0.07	)
FFO (1)		$	16,182			$	12,043
FFO (1) per Diluted Common Share		$	0.23			$	0.19
Normalized FFO (1)		$	16,807			$	13,049
Normalized FFO (1) per Diluted Common Share		$	0.23			$	0.21
Basic Weighted Average Shares Outstanding			71,418				61,236
Diluted Weighted Average Shares Outstanding			71,884				61,760

 

		Six Months Ended
		June 30,
		2024				2023
Total Income		$	118,008			$	107,897
Total Expenses		$	97,715			$	91,611
Net Loss Attributable to Common Shareholders		$	(5,737	)		$	(9,715	)
Net Loss Attributable to Common Shareholders per Diluted Common Share		$	(0.08	)		$	(0.16	)
FFO (1)		$	30,228			$	22,683
FFO (1) per Diluted Common Share		$	0.43			$	0.37
Normalized FFO (1)		$	31,824			$	24,769
Normalized FFO (1) per Diluted Common Share		$	0.45			$	0.41
Basic Weighted Average Shares Outstanding			70,291				60,186
Diluted Weighted Average Shares Outstanding			70,700				60,844

 

 

A summary of significant balance sheet information as of June 30, 2024 and December 31, 2023 is as follows (in thousands):

 

		June 30, 2024				December 31, 2023
Gross Real Estate Investments		$	1,574,196			$	1,539,041
Marketable Securities at Fair Value		$	28,673			$	34,506
Total Assets		$	1,441,295			$	1,427,577
Mortgages Payable, net		$	491,030			$	496,483
Loans Payable, net		$	77,367			$	93,479
Bonds Payable, net		$	100,479			$	100,055
Total Shareholders’ Equity		$	743,980			$	706,794

 

Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2024.

 

“We are pleased to announce another solid quarter of operating results. During the quarter, we:

 

	●	Increased Rental and Related Income by 9%;
	●	Increased Sales of Manufactured Homes by 7%;
	●	Increased Community Net Operating Income (“NOI”) by 11%;
	●	Increased Same Property NOI by 11%;
	●	Increased Same Property Occupancy by 130 basis points from 86.4% to 87.7%;
	●	Improved our Same Property expense ratio by 110 basis points from 40.4% in the second quarter of 2023 to 39.3% at quarter end;
	●	Amended our unsecured credit facility to expand available borrowings by $80 million from $180 million to $260 million syndicated with BMO Capital Markets Corp., JPMorgan Chase Bank, NA and Wells Fargo, N.A;
	●	For the fourth time since 2020, raised our quarterly common stock dividend by $0.01 representing a 4.9% increase to $0.215 per share or $0.86 annually;
	●	Issued and sold approximately 2.4 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $15.46 per share, generating gross proceeds of $36.9 million and net proceeds of $36.1 million, after offering expenses;
	●	Issued and sold approximately 29,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.18 per share, generating gross proceeds of $670,000 and net proceeds of $659,000, after offering expenses;
	●	Subsequent to quarter end, issued and sold approximately 765,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $16.94 per share, generating net proceeds of $12.8 million, after offering expenses; and
	●	Subsequent to quarter end, issued and sold approximately 150,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.01 per share, generating net proceeds of $3.4 million, after offering expenses.”

 

Mr. Landy stated, “UMH is pleased to report that Normalized FFO for the second quarter increased to $0.23 from $0.21 last year, representing an increase of approximately 10%. Sequentially, Normalized FFO increased from $0.22 to $0.23, representing an increase of approximately 5%. UMH has intentionally acquired value-added communities with vacant sites over the past 10 years. We have been improving the communities through our capital improvements, adding approximately 800 homes per year and selling 200 homes per year. These investments have added to the supply of affordable housing and generated best-in-class operating results.

 

“Our same property operating results continue to demonstrate the effectiveness of our business plan. Same property NOI increased by 11.0% for the quarter and 13.2% for the first six months, compared to the corresponding prior year periods. UMH has now increased same property NOI by double digits for four consecutive quarters. This increase was driven by an increase in rental and related income of 9.0% and 9.7% for the three and six months, respectively, partially offset by an increase in same property expenses of 6.1% and 4.8%, respectively. The growth in rental and related income is primarily attributed to a strong increase in occupancy of 380 units and rental rate increases of 4.9%.

 

 

“Our sales for the quarter increased from $8.2 million to $8.8 million, representing an increase of 7%. Notably, our gross margin increased from 30% last year to 38% this year. Sales demand remains strong, and we anticipate another solid quarter of profitable home sales in the third quarter.

 

“We are initiating guidance for the remainder of 2024, with Normalized FFO in a range of $0.91-0.95 per diluted share for the full year, or $0.93 at the midpoint. This represents approximately 8% annual normalized FFO growth at the midpoint over full year 2023 Normalized FFO of $0.86 per diluted share.

 

“UMH continues to execute on our long-term business plan of acquiring communities. Our high-quality communities continue to experience strong demand for our products, which is translating to growing occupancy, net operating income and property value. Our 3,300 vacant sites and 2,200 acres of vacant land give us a runway to generate earnings growth for years to come. We maintain a strong balance sheet to ensure that we can execute our organic growth plan and be prepared when external acquisition opportunities become available. This strategy has allowed us to build a first-class portfolio of manufactured housing communities that deliver shareholders a resilient and growing dividend, greater scale, and improved net asset value per share.”

 

UMH Properties, Inc. will host its Second Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, August 7, 2024, at 10:00 a.m. Eastern Time.

 

The Company’s 2024 second 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 Wednesday, August 7, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 7242441. 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 136 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, 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.

 

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 71.9 million and 70.7 million shares for the three and six months ended June 30, 2024, respectively, and 61.8 million and 60.8 million shares for the three and six months ended June 30, 2023, respectively. Common stock equivalents resulting from stock options in the amount of 409,000 for the six months ended June 30, 2024, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive. Common stock equivalents resulting from employee stock options to purchase 4.0 million shares of common stock amounted to 466,000 shares, for the three months ended June 30, 2024, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 524,000 and 658,000 shares for the three and six months ended June 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 six months ended June 30, 2024 and 2023 are calculated as follows (in thousands):

 

		Three Months Ended								Six Months Ended
		June 30, 2024				June 30, 2023				June 30, 2024				June 30, 2023
Net Income (Loss) Attributable to Common Shareholders		$	527			$	(4,418	)		$	(5,737	)		$	(9,715	)
Depreciation Expense			15,001				13,751				29,742				27,124
Depreciation Expense from Unconsolidated Joint Venture			204				166				401				325
(Gain) Loss on Sales of Depreciable Assets			10				(5	)			13				(37	)
(Increase) Decrease in Fair Value of Marketable Securities			(3,338	)			2,548				2,031				4,943
Loss on Sales of Marketable Securities, net			3,778				1				3,778				43
FFO Attributable to Common Shareholders			16,182				12,043				30,228				22,683
Amortization of Financing Costs			607				538				1,163				1,056
Non-Recurring Other Expense (a)			18				468				433				1,030
Normalized FFO Attributable to Common Shareholders		$	16,807			$	13,049			$	31,824			$	24,769

 

(a) Consists of non-recurring one-time legal fees ($18 and $51, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and six months ended June 30, 2024. Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($3 and $50, respectively), one-time legal fees ($30 and $50, respectively), fees related to the establishment of the OZ Fund ($4 and $37, respectively), and costs associated with an acquisition that was not completed ($0 and $31, respectively) for the three and six months ended June 30, 2023.

 

 

The following are the cash flows provided by (used in) operating, investing and financing activities for the six months ended June 30, 2024 and 2023 (in thousands):

 

		2024				2023
Operating Activities		$	37,605			$	53,002
Investing Activities			(58,758	)			(94,396	)
Financing Activities			7,598				49,706

 

(2)

The following are the assumptions used in the 2024 Normalized FFO guidance:

 

	-	Rent increases of 5%;
	-	Occupancy of 400 rental units in the second half of 2024;
	-	Overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $110-$120 million for the year;
	-	Includes the opportunistic sales of common and preferred stock through our ATM programs; and
	-	Excludes any potential acquisitions, dispositions, and development projects.

 

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v3.24.2.u1

Cover	Aug. 06, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Aug. 06, 2024
Entity File Number	001-12690
Entity Registrant Name	UMH Properties, Inc.
Entity Central Index Key	0000752642
Entity Tax Identification Number	22-1890929
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	Juniper Business Plaza
Entity Address, Address Line Two	3499 Route 9 North
Entity Address, Address Line Three	Suite 3-C
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	(732)
Local Phone Number	577-9997
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, $0.10 par value
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	UMH
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Title of 12(b) Security	6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Trading Symbol	UMH PD
Security Exchange Name	NYSE

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