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Jun 30, 2024
UMH Properties Q2 2024 Earnings Report
Reported solid operating results with increased total income and Normalized FFO.
Key Takeaways
UMH Properties reported an increase in Total Income and Normalized FFO for the quarter ended June 30, 2024. Total income increased by 9% compared to the same quarter last year, and Normalized FFO per diluted share increased by 10%. The company also initiated guidance for the remainder of 2024, projecting Normalized FFO in a range of $0.91-0.95 per diluted share.
Total Income increased by 9% to $60.3 million compared to Q2 2023.
Net Income Attributable to Common Shareholders was $527,000, or $0.01 per diluted share.
Normalized FFO was $16.8 million, or $0.23 per diluted share, a 10% increase year-over-year.
Same property NOI increased by 11.0% for the quarter.
Forward Guidance
UMH is 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.
Positive Outlook
- High-quality communities continue to experience strong demand.
- Growing occupancy.
- Net operating income is growing.
- Property value is increasing.
- 3,300 vacant sites and 2,200 acres of vacant land provide a runway for earnings growth.
Challenges Ahead
- No specific negatives were mentioned, 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.
- FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP.
Historical Earnings Impact
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