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Mar 31, 2023
UMH Properties Q1 2023 Earnings Report
Reported solid operating results with a strong start to 2023.
Key Takeaways
UMH Properties reported a 15% increase in total income, driven by increased sales of manufactured homes and occupancy gains. Same property operating results are in line with expectations, with revenue increasing by 6.1% and NOI growing by 5.6%.
Total Income increased by 15% to $52.6 million compared to the same quarter last year.
Net Loss Attributable to Common Shareholders was $5.3 million, or $0.09 per diluted share.
Funds from Operations (FFO) was $10.6 million, or $0.18 per diluted share, a 13% increase per diluted share.
Normalized Funds from Operations (Normalized FFO) was $11.7 million, or $0.20 per diluted share, a 5% increase per diluted share.
Forward Guidance
UMH Properties anticipates high single digit NOI growth this year, driven by occupancy gains and available inventory. The company expects significant earnings growth due to new home inventory.
Positive Outlook
- Demand for affordable housing in UMH's markets remains robust.
- Converting homes in inventory to rental units and increasing sales of manufactured homes.
- Availability of inventory in good locations gives the ability to achieve high single digit NOI growth.
- New home inventory in place will allow to drive significant earnings growth this year.
- Backlogs have subsided, allowing for faster order fulfillment and reduced inventory carrying costs.
Challenges Ahead
- Interest costs are currently impacting results.
- Elevated interest expense.
- Net Loss Attributable to Common Shareholders amounted to $5.3 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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