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05 Januar 2024 - 10:15PM
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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): January 4, 2024
UMH
Properties, Inc.
(Exact
name of registrant as specified in its charter)
Maryland |
|
001-12690 |
|
22-1890929 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
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
PRD |
|
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
7.01 | Regulation
FD Disclosure. |
On
January 4, 2024, the Company provided investors with an update on its year end 2023 operating
results.
The
information being furnished pursuant to this Item 7.01, including Exhibits 99 to this report, shall not be deemed “filed”
for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or otherwise subject to the liabilities of such section. The information in this report, including Exhibits 99, shall not be incorporated
by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically incorporated by reference
into any such filing. This report will not be deemed an admission as to the materiality of any information in this report that is required
to be disclosed solely by Regulation FD.
Item
9.01 | Financial
Statements and Exhibits. |
(d)
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:
January 5, 2024 |
By: |
/s/
Anna T. Chew |
|
Name: |
Anna
T. Chew |
|
|
Executive
Vice President and Chief Financial Officer |
Exhibit 99.1
UMH
PROPERTIES, INC. 2023 YEAR END OPERATIONS UPDATE
FREEHOLD,
NJ, January 4, 2024……UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate investment trust (REIT) specializing
in the ownership and operation of manufactured home communities, is providing investors with an
update on our year end 2023 operating results:
| 1. | As
of year end, UMH achieved an equity market capitalization of over $1 billion. |
| 2. | During
the year, UMH rented 1,040 new homes, 130 of which were rented during the fourth quarter.
UMH now owns approximately 10,000 rental homes with an occupancy rate of 94.0%. |
| 3. | During
the year, UMH sold 164 new homes, 41 of which were sold during the fourth quarter. Home sales
revenue increased to $31.1 million during the year ended 2023 from $25.3 million during the
year ended 2022, resulting in a 22.9% increase in home sales revenue. |
| 4. | Overall
occupancy increased by 705 units for the year to 86.7%. Same-property occupancy increased
by 632 units to 88.5%. |
| 5. | Our
occupancy gains and rent increases achieved throughout 2023 have increased our January 2024
rental and related charges by approximately 12.0%, resulting in our annualized monthly rent
roll generating approximately $196 million. |
Samuel
A. Landy, President and CEO of UMH Properties, Inc., stated “Installing and renting 1,040
new homes during the year is the equivalent of building and occupying a 1,040-unit apartment complex within one year. It’s an incredible
accomplishment made possible by our success in acquiring manufactured home communities with vacancies, making capital and operational
improvements, and adding cost-effective and energy-efficient manufactured homes. We look forward to building on the momentum we
created in 2023.”
It
should be noted that the financial information set forth above reflects our preliminary estimates with respect to such information, based
on information currently available to management, and may vary from our actual financial results as of and for the year and quarter ended
December 31, 2023. UMH’s Fourth Quarter and Full
Year 2023 results will be released on Wednesday, February 28, 2024, after the close of trading on the New York Stock Exchange and will
be available on the Company’s website at www.umh.reit, in the Financials section. Senior management will discuss the results,
current market conditions and future outlook on Thursday, February 29, 2024, at 10:00 a.m. Eastern Time.
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,
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.
Contact:
Nelli Madden
732-577-4062
v3.23.4
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Jan. 04, 2024 |
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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
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Common Stock 0. 10 Par Value [Member] |
|
Title of 12(b) Security |
Common
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|
Trading Symbol |
UMH
|
Security Exchange Name |
NYSE
|
Sec 6. 375 Series D Cumulative Redeemable Preferred Stock 0. 10 Par Value [Member] |
|
Title of 12(b) Security |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value
|
Trading Symbol |
UMH
PRD
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Security Exchange Name |
NYSE
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