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Sep 30, 2023
UMH Properties Q3 2023 Earnings Report
Reported a solid quarter with increased total income and Normalized FFO.
Key Takeaways
UMH Properties reported a 7.9% increase in total income, reaching $56.0 million, compared to $51.9 million in the same quarter of the previous year. The company's Normalized FFO was $14.4 million, or $0.22 per diluted share, up from $13.1 million, or $0.24 per diluted share, in the third quarter of 2022. Same property occupancy increased by 546 sites, or 210 basis points, to 88.4%.
Total income increased by 7.9% to $56.0 million compared to Q3 2022.
Net Loss Attributable to Common Shareholders was $5.8 million, or $0.09 per diluted share.
Normalized FFO was $14.4 million, or $0.22 per diluted share, compared to $13.1 million, or $0.24 per diluted share, in Q3 2022.
Same property occupancy increased by 546 sites, or 210 basis points, to 88.4%.
Forward Guidance
UMH has accomplished a great deal this year which has laid the foundation for additional earnings growth in the coming quarters.
Positive Outlook
- Solid operating results are resulting in per share earnings growth despite the impact that higher interest rates have had on the real estate industry.
- Our team has stood up to this challenge and we have rented 900 new homes, an average of 100 homes per month, through the first nine months of the year.
- Manufacturer backlogs have been reduced and we can now order just in time inventory allowing us to no longer carry large amounts of inventory.
- Same property occupancy has increased by 546 sites, or 210 basis points, to 88.4%.
- Increases in same property occupancy, rental and related income and in NOI substantially increases the value of our communities.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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