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Dec 31, 2020
UMH Properties Q4 2020 Earnings Report
Reported an increase in total income and net income, expanded rental home portfolio, and improved same-property occupancy and NOI.
Key Takeaways
UMH Properties reported a strong Q4 2020, marked by increased total income and net income. The company expanded its rental home portfolio, improved same-property occupancy, and achieved significant same-property NOI growth. Strategic financing moves, including refinancing preferred stock, contributed to enhanced financial flexibility.
Total income increased by 13% to $42.8 million compared to Q4 2019.
Net income attributable to common shareholders was $15.6 million or $0.38 per diluted share, compared to a loss of $3.4 million or $0.08 per diluted share in Q4 2019.
Rental home occupancy rates were maintained at 94.5% or greater, with an 11% increase in rental and related income.
Same-property occupancy increased by 320 basis points to 86.8%, and same-property NOI grew by 15%.
Forward Guidance
UMH Properties anticipates continued execution of its business plan and building long-term value for shareholders.
Positive Outlook
- Stable rent collections at pre-pandemic levels.
- Increased demand for housing in UMH communities.
- Expansion of the rental home portfolio.
- Improved home sales and profitability.
- Reduction in the operating expense ratio.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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