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): November 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 November 6, 2024, UMH Properties, Inc. issued a press release announcing the results for the third quarter September 30, 2024 and disclosed a supplemental information package in connection with its earnings conference call for the third quarter September 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 third quarter September 30, 2024 and press release dated November 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: November 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 November 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								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Operating Information
Number of Communities (1)											139				137
Total Sites (1)											26,189				26,141
Rental and Related Income		$	51,937			$	48,135			$	153,760			$	140,503
Community Operating Expenses		$	22,511			$	20,673			$	65,203			$	60,795
Community NOI		$	29,426			$	27,462			$	88,557			$	79,708
Expense Ratio			43.3	%			42.9	%			42.4	%			43.3	%
Sales of Manufactured Homes		$	8,734			$	7,909			$	24,919			$	23,438
Number of Homes Sold			100				90				300				264
Number of Rentals Added, net			117				245				284				779
Net Income (Loss)		$	12,905			$	(1,499	)		$	16,461			$	(3,403	)
Net Income (Loss) Attributable to Common Shareholders		$	8,181			$	(5,831	)		$	2,444			$	(15,546	)
Adjusted EBITDA excluding Non-Recurring Other Expense		$	29,138			$	25,965			$	84,152			$	74,695
FFO Attributable to Common Shareholders		$	17,662			$	13,791			$	47,890			$	36,474
Normalized FFO Attributable to Common Shareholders		$	18,462			$	14,400			$	50,286			$	39,169
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic			75,610				65,076				72,173				61,853
Diluted			76,563				65,554				72,971				62,508
Net Income (Loss) Attributable to Shareholders per Share-
Basic and Diluted		$	0.11			$	(0.09	)		$	0.03			$	(0.25	)
FFO per Share- (2)
Basic		$	0.23			$	0.21			$	0.66			$	0.59
Diluted		$	0.23			$	0.21			$	0.66			$	0.58
Normalized FFO per Share- (2)
Basic		$	0.24			$	0.22			$	0.70			$	0.63
Diluted		$	0.24			$	0.22			$	0.69			$	0.63
Dividends per Common Share		$	0.215			$	0.205			$	0.64			$	0.62
Balance Sheet
Total Assets										$	1,501,533			$	1,392,884
Total Liabilities										$	643,148			$	715,137
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs										$	614,944			$	686,630
Equity Market Capitalization										$	1,547,969			$	927,733
Series D Preferred Stock										$	306,778			$	279,482
Total Market Capitalization										$	2,469,691			$	1,893,845

 

	(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
	(2)	Please see Definitions on page 15.

 

 

Consolidated Balance Sheets
(in thousands except per share amounts)		September 30,				December 31,
		2024				2023
			(unaudited)
ASSETS
Investment Property and Equipment
Land		$	87,478			$	86,497
Site and Land Improvements			915,748				896,568
Buildings and Improvements			39,795				39,506
Rental Homes and Accessories			554,034				516,470
Total Investment Property			1,597,055				1,539,041
Equipment and Vehicles			30,759				29,126
Total Investment Property and Equipment			1,627,814				1,568,167
Accumulated Depreciation			(456,795	)			(416,309	)
Net Investment Property and Equipment			1,171,019				1,151,858
Other Assets
Cash and Cash Equivalents			66,704				57,320
Marketable Securities at Fair Value			34,178				34,506
Inventory of Manufactured Homes			31,440				32,940
Notes and Other Receivables, net			88,367				81,071
Prepaid Expenses and Other Assets			17,138				11,729
Land Development Costs			65,965				33,302
Investment in Joint Venture			26,722				24,851
Total Other Assets			330,514				275,719
TOTAL ASSETS		$	1,501,533			$	1,427,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs		$	488,285			$	496,483
Other Liabilities
Accounts Payable			5,732				6,106
Loans Payable, net of unamortized debt issuance costs			25,968				93,479
Series A Bonds, net of unamortized debt issuance costs			100,691				100,055
Accrued Liabilities and Deposits			12,546				15,117
Tenant Security Deposits			9,926				9,543
Total Other Liabilities			154,863				224,300
Total Liabilities			643,148				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 September 30, 2024 and December, 31 2023; 12,271 and 11,607 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			306,778				290,180
Common Stock- $0.10 par value per share: 163,714 and 153,714 shares authorized as of September 30, 2024 and December 31, 2023; 78,697 and 67,978 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively			7,870				6,798
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of September 30, 2024 and December 31, 2023			-0-				-0-
Additional Paid-In Capital			567,178				433,106
Accumulated Deficit			(25,364	)			(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity			856,462				704,720
Non-Controlling Interest in Consolidated Subsidiaries			1,923				2,074
Total Shareholders’ Equity			858,385				706,794
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		$	1,501,533			$	1,427,577

 

 

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

 

		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
INCOME:
Rental and Related Income		$	51,937			$	48,135			$	153,760			$	140,503
Sales of Manufactured Homes			8,734				7,909				24,919				23,438
TOTAL INCOME			60,671				56,044				178,679				163,941
EXPENSES:
Community Operating Expenses			22,511				20,673				65,203				60,795
Cost of Sales of Manufactured Homes			5,446				5,334				16,463				16,059
Selling Expenses			1,787				1,792				5,177				5,269
General and Administrative Expenses			4,474				4,491				15,348				14,654
Depreciation Expense			14,693				14,147				44,435				41,271
TOTAL EXPENSES			48,911				46,437				146,626				138,048
OTHER INCOME (EXPENSE):
Interest Income			1,816				1,306				4,884				3,661
Dividend Income			357				508				1,079				1,745
Gain (Loss) on Sales of Marketable Securities, net			-0-				226				(3,778	)			183
Increase (Decrease) in Fair Value of Marketable Securities			5,499				(5,496	)			3,468				(10,439	)
Other Income			150				235				514				850
Loss on Investment in Joint Venture			(75	)			(165	)			(299	)			(645	)
Interest Expense			(6,524	)			(7,694	)			(21,369	)			(24,662	)
TOTAL OTHER INCOME (EXPENSE)			1,223				(11,080	)			(15,501	)			(29,307	)
Income (Loss) before Gain (Loss) on Sales of Investment Property and Equipment			12,983				(1,473	)			16,552				(3,414	)
Gain (Loss) on Sales of Investment Property and Equipment			(78	)			(26	)			(91	)			11
NET INCOME (LOSS)			12,905				(1,499	)			16,461				(3,403	)
Preferred Dividends			(4,783	)			(4,364	)			(14,168	)			(12,251	)
Loss Attributable to Non-Controlling Interest			59				32				151				108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	8,181			$	(5,831	)		$	2,444			$	(15,546	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted		$	0.11			$	(0.09	)		$	0.03			$	(0.25	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic			75,610				65,076				72,173				61,853
Diluted			76,563				65,554				72,971				62,508

 

 

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

 

		Nine Months Ended
		September 30, 2024				September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)		$	16,461			$	(3,403	)
Non-Cash Items Included in Net Income (Loss):
Depreciation			44,435				41,271
Amortization of Financing Costs			1,770				1,592
Stock Compensation Expense			3,732				4,010
Provision for Uncollectible Notes and Other Receivables			1,302				1,332
(Gain) Loss on Sales of Marketable Securities, net			3,778				(183	)
(Increase) Decrease in Fair Value of Marketable Securities			(3,468	)			10,439
(Gain) Loss on Sales of Investment Property and Equipment			91				(11	)
Loss on Investment in Joint Venture			690				799
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes			1,500				49,518
Notes and Other Receivables, net of notes acquired with acquisitions			(8,598	)			(12,645	)
Prepaid Expenses and Other Assets			(4,800	)			1,612
Accounts Payable			(374	)			(409	)
Accrued Liabilities and Deposits			(2,571	)			(3,815	)
Tenant Security Deposits			383				1,007
Net Cash Provided by Operating Activities			54,331				91,114
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities			-0-				(3,679	)
Purchase of Investment Property and Equipment			(67,575	)			(108,616	)
Proceeds from Sales of Investment Property and Equipment			3,888				2,282
Additions to Land Development Costs			(30,784	)			(24,310	)
Purchase of Marketable Securities			(18	)			(17	)
Proceeds from Sales of Marketable Securities			36				4,323
Investment in Joint Venture			(2,561	)			(5,709	)
Net Cash Used in Investing Activities			(97,014	)			(135,726	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Payments from Short-Term Borrowings			(67,363	)			(8,338	)
Principal Payments of Mortgages and Loans			(8,887	)			(67,429	)
Financing Costs on Debt			(593	)			(871	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs			15,260				46,792
Proceeds from At-The-Market Common Equity Program, net of offering costs			163,194				121,964
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments			5,258				4,807
Proceeds from Exercise of Stock Options			2,919				734
Preferred Dividends Paid			(14,168	)			(12,251	)
Common Dividends Paid, net of dividend reinvestments			(42,944	)			(36,102	)
Net Cash Provided by Financing Activities			52,676				49,306
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			9,993				4,694
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD			64,437				40,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		$	74,430			$	45,570

 

 

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								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net Income (Loss)		$	12,905			$	(1,499	)		$	16,461			$	(3,403	)
Interest Expense			6,524				7,694				21,369				24,662
Franchise Taxes			114				101				342				302
Depreciation Expense			14,693				14,147				44,435				41,271
Depreciation Expense from Unconsolidated Joint Venture			209				179				610				504
(Increase) Decrease in Fair Value of Marketable Securities			(5,499	)			5,496				(3,468	)			10,439
(Gain) Loss on Sales of Marketable Securities, net			-0-				(226	)			3,778				(183	)
Adjusted EBITDA			28,946				25,892				83,527				73,592
Non- Recurring Other Expense (1)			192				73				625				1,103
Adjusted EBITDA without Non-recurring Other Expense		$	29,138			$	25,965			$	84,152			$	74,695

 

Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations

 

Net Income (Loss) Attributable to Common Shareholders		$	8,181			$	(5,831	)		$	2,444			$	(15,546	)
Depreciation Expense			14,693				14,147				44,435				41,271
Depreciation Expense from Unconsolidated Joint Venture			209				179				610				504
(Gain) Loss on Sales of Investment Property and Equipment			78				26				91				(11	)
(Increase) Decrease in Fair Value of Marketable Securities			(5,499	)			5,496				(3,468	)			10,439
(Gain) Loss on Sales of Marketable Securities, net			-0-				(226	)			3,778				(183	)
Funds from Operations Attributable to Common Shareholders (“FFO”)			17,662				13,791				47,890				36,474
Adjustments:
Amortization of Financing Costs			608				536				1,771				1,592
Non- Recurring Other Expense (1)			192				73				625				1,103
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)		$	18,462			$	14,400			$	50,286			$	39,169

 

(1)

Consists of one-time legal fees ($192 and $243, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and nine months ended September 30, 2024, respectively. Consists of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($0 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($43 and $93, respectively), one-time legal fees ($25 and $75, respectively), fees related to the establishment of the OZ Fund ($0 and $37, respectively), and costs associated with acquisitions that were not completed ($5 and $36, respectively) for the three and nine months ended September 30, 2023, respectively.

 

 

Market Capitalization, Debt and Coverage Ratios

(in thousands) (unaudited)

 

		Nine Months Ended								Year Ended
		September 30, 2024				September 30, 2023				December 31, 2023
Shares Outstanding			78,697				66,172				67,978
Market Price Per Share		$	19.67			$	14.02			$	15.32
Equity Market Capitalization		$	1,547,969			$	927,733			$	1,041,422
Total Debt			614,944				686,630				690,017
Preferred			306,778				279,482				290,180
Total Market Capitalization		$	2,469,691			$	1,893,845			$	2,021,619
Total Debt		$	614,944			$	686,630			$	690,017
Less: Cash and Cash Equivalents			(66,704	)			(38,646	)			(57,320	)
Net Debt			548,240				647,984				632,697
Less: Marketable Securities at Fair Value (“Securities”)			(34,178	)			(27,616	)			(34,506	)
Net Debt Less Securities		$	514,062			$	620,368			$	598,191
Interest Expense		$	21,369			$	24,662			$	32,475
Capitalized Interest			4,119				4,095				5,032
Preferred Dividends			14,168				12,251				16,723
Total Fixed Charges		$	39,656			$	41,008			$	54,230
Adjusted EBITDA excluding Non-Recurring Other Expenses		$	84,152			$	74,695			$	101,780
Debt and Coverage Ratios
Net Debt / Total Market Capitalization			22.2	%			34.2	%			31.3	%
Net Debt Plus Preferred / Total Market Capitalization			34.6	%			49.0	%			45.7	%
Net Debt Less Securities / Total Market Capitalization			20.8	%			32.8	%			29.6	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization			33.2	%			47.5	%			43.9	%
Interest Coverage			3.3	x			2.6	x			2.7	x
Fixed Charge Coverage			2.1	x			1.8	x			1.9	x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense			4.9	x			6.5	x			6.2	x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense			4.6	x			6.2	x			5.9	x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			7.6	x			9.3	x			9.1	x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			7.3	x			9.0	x			8.7	x

 

 

Debt Analysis

(in thousands) (unaudited)

 

		Nine Months Ended								Year Ended
		September 30, 2024				September 30, 2023				December 31, 2023
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages		$	492,248			$	446,280			$	501,135
Unamortized Debt Issuance Costs			(3,963	)			(4,116	)			(4,652	)
Mortgages, Net of Unamortized Debt Issuance Costs		$	488,285			$	442,164			$	496,483
Loans Payable:
Unsecured Line of Credit		$	-0-			$	100,000			$	70,000
Other Loans Payable			27,320				45,888				24,683
Total Loans Before Unamortized Debt Issuance Costs			27,320				145,888				94,683
Unamortized Debt Issuance Costs			(1,352	)			(1,265	)			(1,204	)
Loans, Net of Unamortized Debt Issuance Costs		$	25,968			$	144,623			$	93,479
Bonds Payable:
Series A Bonds		$	102,670			$	102,670			$	102,670
Unamortized Debt Issuance Costs			(1,979	)			(2,827	)			(2,615	)
Bonds, Net of Unamortized Debt Issuance Costs		$	100,691			$	99,843			$	100,055
Total Debt, Net of Unamortized Debt Issuance Costs		$	614,944			$	686,630			$	690,017
% Fixed/Floating
Fixed			99.5	%			79.0	%			90.0	%
Floating			0.5	%			21.0	%			10.0	%
Total			100.0	%			100.0	%			100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable			4.17	%			3.88	%			4.17	%
Loans Payable			6.47	%			7.26	%			6.98	%
Bonds Payable			4.72	%			4.72	%			4.72	%
Total Average			4.36	%			4.71	%			4.63	%
Weighted Average Maturity (Years)
Mortgages Payable			4.6				5.0				5.3

 

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

 

 

Debt Maturity

(in thousands) (unaudited)

 

 

As of September 30, 2024: Year Ended		Mortgages				Loans				Bonds				Total				% of Total
2024		$	-0-			$	3,123			$	-0-			$	3,123				0.5	%
2025			116,113				-0-				-0-				116,113				18.7	%
2026			36,273				-0-				-0-				36,273				5.8	%
2027			38,285				-0-				102,670	(1)			140,955				22.7	%
2028			24,753				24,197				-0-				48,950				7.9	%
Thereafter			276,824				-0-				-0-				276,824				44.5	%
Total Debt Before Unamortized Debt Issuance Costs			492,248				27,320				102,670				622,238				100.0	%
Unamortized Debt Issuance Costs			(3,963	)			(1,352	)			(1,979	)			(7,294	)
Total Debt, Net of Unamortized Debt Issuance Costs		$	488,285			$	25,968			$	100,691			$	614,944

 

(1)	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*			34,178				1,079				(3,778	)			(2,699	)
						$	69,265			$	23,811			$	93,076

 

* Financial Information is as of and for the nine months ended September 30, 2024.

 

 

Property Summary and Snapshot

(unaudited)

 

		September 30, 2024				September 30, 2023				% Change
UMH Communities (1)			137				135				1.5	%
Total Sites			25,826				25,778				0.2	%
Occupied Sites			22,565				22,294				271 sites, 1.2	%
Occupancy %			87.4	%			86.5	%			90 bps
Total Rentals			10,253				9,877				3.8	%
Occupied Rentals			9,683				9,308				4.0	%
Rental Occupancy %			94.4	%			94.2	%			20 bps
Monthly Rent Per Site		$	534			$	514				3.9	%
Monthly Rent Per Home Rental Including Site		$	969			$	922				5.1	%

 

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 (3)
Alabama			2				69				62				7				299				134				44.8	%		$	200				112				104				92.9	%		$	1,056
Georgia			1				26				26				-0-				118				14				11.9	%		$	450				14				14				100.0	%		$	1,070
Indiana			14				1,105				908				197				4,051				3,593				88.7	%		$	495				1,956				1,846				94.4	%		$	957
Maryland			1				77				29				48				69				62				89.9	%		$	655				1				-0-				0.0	%			N/A
Michigan			4				241				222				19				1,089				918				84.3	%		$	503				380				361				95.0	%		$	1,019
New Jersey			5				390				226				164				1,265				1,219				96.4	%		$	706				44				39				88.6	%		$	1,282
New York (2)			8				698				327				371				1,370				1,194				87.2	%		$	632				498				469				94.2	%		$	1,140
Ohio			38				2,044				1,515				529				7,307				6,399				87.6	%		$	490				3,001				2,850				95.0	%		$	921
Pennsylvania			53				2,392				1,901				491				7,976				6,975				87.4	%		$	561				3,163				2,970				93.9	%		$	966
South Carolina			2				63				55				8				322				210				65.2	%		$	220				155				138				89.0	%		$	1,069
Tennessee (1)			9				710				368				342				1,960				1,847				94.2	%		$	554				929				892				96.0	%		$	1,005
Total UMH (1)			137				7,815				5,639				2,176				25,826				22,565				87.4	%		$	534				10,253				9,683				94.4	%		$	969

 

(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024. Excludes two Florida communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
(2)	Total and Vacant Acreage of 220 acres for Mountain View Estates property is included in the above summary.
(3)	Includes home and site rent charges.

 

 

Same Property Statistics

(in thousands) (unaudited)

 

		For Three Months Ended																For Nine Months Ended
		September 30, 2024				September 30, 2023				Change				% Change				September 30, 2024				September 30, 2023				Change				% Change
Same Property Community Net Operating Income (“NOI”)
Rental and Related Income		$	51,336			$	47,673			$	3,663				7.7	%		$	151,976			$	139,384			$	12,592				9.0	%
Community Operating Expenses			21,078				19,492				1,586				8.1	%			60,768				57,365				3,403				5.9	%
Same Property Community NOI		$	30,258			$	28,181			$	2,077				7.4	%		$	91,208			$	82,019			$	9,189				11.2	%

 

 

		September 30, 2024				September 30, 2023				Change
Total Sites			25,483				25,454				0.1	%
Occupied Sites			22,355				22,135				220 sites, 1.0	%
Occupancy %			87.7	%			87.0	%			70 bps
Number of Properties			133				133				N/A
Total Rentals			10,089				9,752				3.5	%
Occupied Rentals			9,525				9,185				3.7	%
Rental Occupancy			94.4	%			94.2	%			20 bps
Monthly Rent Per Site		$	537			$	514				4.5	%
Monthly Rent Per Home Rental Including Site		$	970			$	919				5.5	%

 

Same Property includes all UMH communities owned as of January 1, 2023, with the exception of Memphis Blues, Duck River Estates and River Bluff 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 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively, and 65.6 million and 62.5 million shares for the three and nine months ended September 30, 2023, respectively. Common stock equivalents resulting from stock options to purchase 5.4 million shares of common stock amounted to 953,000 and 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 478,000 and 655,000 for the three and nine months ended September 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, Duck River Estates and River Bluff 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 November 6, 2024

 

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

 

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED

SEPTEMBER 30, 2024

 

FREEHOLD, NJ, November 6, 2024........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended September 30, 2024 of $60.7 million, as compared to $56.0 million for the quarter ended September 30, 2023, representing an increase of 8%. Net Income Attributable to Common Shareholders amounted to $8.2 million or $0.11 per diluted share for the quarter ended September 30, 2024, as compared to a Net Loss of $5.8 million or $0.09 per diluted share for the quarter ended September 30, 2023. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $18.5 million or $0.24 per diluted share for the quarter ended September 30, 2024, as compared to $14.4 million or $0.22 per diluted share for the quarter ended September 30, 2023, representing a 9% per diluted share increase.

 

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

 

		Three Months Ended
		September 30,
		2024				2023
Total Income		$	60,671			$	56,044
Total Expenses		$	48,911			$	46,437
Net Income (Loss) Attributable to Common Shareholders		$	8,181			$	(5,831	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share		$	0.11			$	(0.09	)
FFO (1)		$	17,662			$	13,791
FFO (1) per Diluted Common Share		$	0.23			$	0.21
Normalized FFO (1)		$	18,462			$	14,400
Normalized FFO (1) per Diluted Common Share		$	0.24			$	0.22
Basic Weighted Average Shares Outstanding			75,610				65,076
Diluted Weighted Average Shares Outstanding			76,563				65,554

 

 

		Nine Months Ended
		September 30,
		2024				2023
Total Income		$	178,679			$	163,941
Total Expenses		$	146,626			$	138,048
Net Income (Loss) Attributable to Common Shareholders		$	2,444			$	(15,546	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share		$	0.03			$	(0.25	)
FFO (1)		$	47,890			$	36,474
FFO (1) per Diluted Common Share		$	0.66			$	0.58
Normalized FFO (1)		$	50,286			$	39,169
Normalized FFO (1) per Diluted Common Share		$	0.69			$	0.63
Basic Weighted Average Shares Outstanding			72,173				61,853
Diluted Weighted Average Shares Outstanding			72,971				62,508

 

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

 

		September 30, 2024				December 31, 2023
Gross Real Estate Investments		$	1,597,055			$	1,539,041
Marketable Securities at Fair Value		$	34,178			$	34,506
Total Assets		$	1,501,533			$	1,427,577
Mortgages Payable, net		$	488,285			$	496,483
Loans Payable, net		$	25,968			$	93,479
Bonds Payable, net		$	100,691			$	100,055
Total Shareholders’ Equity		$	858,385			$	706,794

 

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

 

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

 

	●	Increased Rental and Related Income by 8%;
	●	Increased Sales of Manufactured Homes by 10%;
	●	Increased Community Net Operating Income (“NOI”) by 7%;
	●	Increased Same Property NOI by 7%;
	●	Increased Same Property Occupancy by 70 basis points from 87.0% to 87.7%;
	●	Increased our rental home portfolio by 117 homes from June 30, 2024 and 284 homes from yearend 2023 to approximately 10,300 total rental homes, representing an increase of 3%;
	●	Issued and sold approximately 5.7 million shares of Common Stock through our At-the-Market Sale Programs at a weighted average price of $18.93 per share, generating gross proceeds of $108.4 million and net proceeds of $106.7 million, after offering expenses;
	●	Issued and sold approximately 441,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.51 per share, generating gross proceeds of $10.4 million and net proceeds of $10.2 million, after offering expenses;
	●	Subsequent to quarter end, issued and sold approximately 170,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $18.92 per share, generating net proceeds of $3.2 million, after offering expenses; and
	●	Subsequent to quarter end, issued and sold approximately 247,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.90 per share, generating net proceeds of $5.8 million, after offering expenses.”

 

 

Mr. Landy stated, “UMH has executed on its long-term business plan which is resulting in improved community operating results, increased sales profits and ultimately growing earnings per share. Normalized FFO per share for the third quarter of 2024 was $0.24 per share as compared to $0.22 per share for the third quarter of 2023, representing an increase of approximately 9%. Year to date, Normalized FFO per share was $0.69 as compared to $0.63 per share last year, representing an increase of approximately 10%.”

 

“Our same property operating results continue to meet our expectations. Year-over-year, same property occupancy has increased by 220 sites, or 70 basis points, to 87.7%. This occupancy growth and our annual rent increases generated same property rental and related income growth of 8% for the quarter and 9% for the first nine months of the year. Same property NOI increased 7% for the quarter and 11% for the first nine months of the year. These increases in same property occupancy, rental and related income and in NOI substantially increases the value of our communities.”

 

“Sales of manufactured homes were $8.7 million for the quarter and $24.9 million for the year, representing increases of 10% and 6%, respectively. We have sold 300 homes this year of which 98 were new home sales, averaging $151,000 per sale, and 202 were used home sales, averaging $50,000 per sale. Our sales pipeline remains strong, and we are on track to break our sales record of $31.2 million, which was set last year.”

 

“During the quarter, UMH issued and sold 5.7 million shares of common stock through our at-the-market sales program at a weighted average price of $18.93 per share, generating gross proceeds of approximately $108.4 million. This capital was raised close to our 52-week high and was utilized to pay down our line of credit. Our $260 million line of credit is fully available to us. Our balance sheet is well-positioned to continue to invest internally in our rental home program, financed home sales, capital improvements and expansions. Additionally, we are well positioned to execute on acquisitions should when they become available at attractive prices.”

 

“We are also updating our 2024 guidance, which previously was normalized FFO in a range of $0.91-$0.95 per diluted share for the full year, or $0.93 at the midpoint. We are tightening this range, to $0.92-$0.94. This represents approximately 8% annual NFFO growth at the midpoint over full year 2023 NFFO of $0.86 per diluted share.”

 

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

 

The Company’s 2024 third 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 Thursday, November 7, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 2262955. 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 139 manufactured home communities containing approximately 26,200 developed homesites, including two communities owned through its joint venture in which the Company has a 40% interest. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia.

 

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 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively, and 65.6 million and 62.5 million shares for the three and nine months ended September 30, 2023, respectively. Common stock equivalents resulting from employee stock options to purchase 5.4 million shares of common stock amounted to 953,000 shares 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 478,000 and 655,000 shares for the three and nine months ended September 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 nine months ended September 30, 2024 and 2023 are calculated as follows (in thousands):

 

		Three Months Ended								Nine Months Ended
		September 30, 2024				September 30, 2023				September 30, 2024				September 30, 2023
Net Income (Loss) Attributable to Common Shareholders		$	8,181			$	(5,831	)		$	2,444			$	(15,546	)
Depreciation Expense			14,693				14,147				44,435				41,271
Depreciation Expense from Unconsolidated Joint Venture			209				179				610				504
(Gain) Loss on Sales of Investment Property and Equipment			78				26				91				(11	)
(Increase) Decrease in Fair Value of Marketable Securities			(5,499	)			5,496				(3,468	)			10,439
(Gain) Loss on Sales of Marketable Securities, net			-0-				(226	)			3,778				(183	)
FFO Attributable to Common Shareholders			17,662				13,791				47,890				36,474
Amortization of Financing Costs			608				536				1,771				1,592
Non-Recurring Other Expense (2)			192				73				625				1,103
Normalized FFO Attributable to Common Shareholders		$	18,462			$	14,400			$	50,286			$	39,169

 

(2)

Consists of one-time legal fees ($192 and $243, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and nine months ended September 30, 2024, respectively. Consists of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($0 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($43 and $93, respectively), one-time legal fees ($25 and $75, respectively), fees related to the establishment of the OZ Fund ($0 and $37, respectively), and costs associated with acquisitions that were not completed ($5 and $36, respectively) for the three and nine months ended September 30, 2023.

 

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

 

		2024				2023
Operating Activities		$	54,331			$	91,114
Investing Activities			(97,014	)			(135,726	)
Financing Activities			52,676				49,306

 

# # # #

 

 

 

v3.24.3

Cover	Nov. 06, 2024
Document Type	8-K
Amendment Flag	false
Document Period End Date	Nov. 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

---