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Dec 31, 2023
UMH Properties Q4 2023 Earnings Report
UMH Properties reported an increase in total income and normalized FFO, driven by strategic investments and strong operating performance.
Key Takeaways
UMH Properties, Inc. reported an increase in total income for the quarter ended December 31, 2023, reaching $57.0 million compared to $48.7 million in the previous year. Net Income Attributable to Common Shareholders was $6.8 million, or $0.10 per diluted share, compared to $283,000, or $0.005 per diluted share, for the same quarter in the prior year. Normalized FFO was $15.4 million, or $0.23 per diluted share, compared to $11.3 million, or $0.20 per diluted share, for the quarter ended December 31, 2022.
Total income for the quarter increased by 17% to $57.0 million.
Net Income Attributable to Common Shareholders was $6.8 million, or $0.10 per diluted share.
Normalized FFO increased to $15.4 million, or $0.23 per diluted share.
The company achieved a 23% increase in gross sales during 2023.
Forward Guidance
UMH anticipates delivering similar operating results in 2024, which should result in per share earnings growth.
Positive Outlook
- Continued execution of long-term business plan.
- Organic growth in earnings and operating results through infill of vacant lots.
- Development of vacant land.
- Exceptional property operating performance.
- Reliable earnings per share growth.
Challenges Ahead
- Higher interest rates.
- Inventory carrying costs.
- COVID supply chain-related issues.
- Abnormally high inventory levels.
- Rising interest rates.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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