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Sep 30, 2024
UMH Properties Q3 2024 Earnings Report
Reported solid operating results with increased sales profits and growing earnings per share.
Key Takeaways
UMH Properties, Inc. reported an increase in total income and net income attributable to common shareholders for the quarter ended September 30, 2024. Normalized Funds from Operations Attributable to Common Shareholders also increased compared to the same period in the previous year. The company also updated its 2024 guidance for normalized FFO.
Total Income for Q3 2024 increased by 8% to $60.7 million compared to $56.0 million for Q3 2023.
Net Income Attributable to Common Shareholders was $8.2 million, or $0.11 per diluted share, compared to a Net Loss of $5.8 million, or $0.09 per diluted share, for Q3 2023.
Normalized Funds from Operations (FFO) was $18.5 million, or $0.24 per diluted share, compared to $14.4 million, or $0.22 per diluted share, for Q3 2023, representing a 9% per diluted share increase.
Same property occupancy increased by 220 sites, or 70 basis points, to 87.7% with same property rental and related income growth of 8%.
Forward Guidance
The company is tightening its 2024 guidance for normalized FFO per diluted share to a range of $0.92-$0.94.
Positive Outlook
- Tightening 2024 normalized FFO guidance to $0.92-$0.94 per diluted share.
- Represents approximately 8% annual NFFO growth at the midpoint over full year 2023 NFFO of $0.86 per diluted share.
- Same property occupancy increased by 70 basis points to 87.7%.
- Same property rental and related income growth of 8% for the quarter.
- Sales of manufactured homes were $8.7 million for the quarter.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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