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Mar 31, 2024
UMH Properties Q1 2024 Earnings Report
Reported solid operating results with increased occupancy, revenue, and improved community operating results.
Key Takeaways
UMH Properties, Inc. reported a solid first quarter in 2024, marked by a 10% increase in total income to $57.7 million. The company experienced growth in normalized FFO per diluted share, rising by 10% year-over-year, and an increase in overall and same-property occupancy, driving same-property income and NOI growth.
Total income for the quarter ended March 31, 2024, increased by 10% to $57.7 million compared to $52.6 million for the same period in 2023.
Net Loss Attributable to Common Shareholders was $6.3 million, or $0.09 per diluted share.
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $15.0 million or $0.22 per diluted share.
Overall occupancy increased by 598 units or 220 basis points as compared to the first quarter of last year.
Forward Guidance
UMH is well positioned in an asset class with strong fundamentals and expects to continue to grow earnings per diluted share in the coming quarters.
Positive Outlook
- Strong balance sheet enables execution on external acquisition opportunities.
- Substantial internal growth opportunities provide a runway for earnings per diluted share growth.
- Plan to fill 3,300 vacant sites.
- Develop 300 or more expansion sites per year.
- Grow the profitability of our sales and finance division.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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