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Dec 31, 2022
UMH Properties Q4 2022 Earnings Report
Reported an increase in total income and a slight net income for the quarter, while making progress on acquisitions and expansions.
Key Takeaways
UMH Properties, Inc. reported an increase in total income for Q4 2022, with a slight net income attributable to common shareholders. The company focused on acquisitions and expansions during the year, positioning itself for future earnings growth. Despite a net loss for the full year, normalized FFO increased, and the company raised its dividend for three consecutive years.
Total income for Q4 2022 increased by 6% to $48.7 million compared to $46.0 million in Q4 2021.
Net income attributable to common shareholders was $283,000 or $0.005 per diluted share for Q4 2022, compared to $9.4 million or $0.17 per diluted share in Q4 2021.
Normalized FFO was $11.3 million or $0.20 per diluted share for Q4 2022, compared to $11.0 million or $0.22 per diluted share in Q4 2021.
The company completed the acquisition of seven communities and the development of 225 expansion sites during the year.
Forward Guidance
UMH is well positioned for future earnings growth.
Positive Outlook
- Invested capital in existing acquisitions and expansions.
- Communities and expansions are experiencing strong demand for sales and rentals.
- Anticipate revenue growth in the 8-9% range.
- Expect high single or low double digit NOI growth.
- Backlogs from manufacturers are back to pre-pandemic levels.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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