UMH Properties, Inc. (UMH) Bundle
An Overview of UMH Properties, Inc. (UMH)
An Overview of UMH Properties, Inc. (UMH)
UMH Properties, Inc. (UMH) is a real estate investment trust (REIT) that specializes in owning and operating manufactured home communities. Founded in 1968, the company has expanded its portfolio significantly over the years, focusing on acquiring and enhancing manufactured housing communities across the United States. As of 2024, UMH operates 139 communities, including two communities owned through a joint venture with Nuveen, and has made significant investments in developing new sites for additional rental homes.
UMH's primary offerings include:
- Rental homes within its manufactured home communities.
- Sales of manufactured homes.
- Property management services for its communities.
As of 2024, UMH reported approximately $153.8 million in rental and related income for the nine months ended September 30, 2024, reflecting an increase from $140.5 million in the same period of 2023. The company has consistently raised rental rates by about 5% to 6% annually, contributing to its growing revenue base.
Company's Financial Performance in the Latest Financial Reports
UMH Properties has showcased strong financial results in its latest reporting period. For the three months ended September 30, 2024, rental and related income reached $51.9 million, up from $48.1 million in the previous year, marking an 8% increase. For the nine months ended September 30, 2024, the company reported a 9% increase in rental and related income totaling $153.8 million.
Community operating expenses increased by 9% to $22.5 million for the three months ended September 30, 2024, compared to $20.7 million the previous year. This increase was attributed to rising payroll costs and real estate taxes.
Net income attributable to common shareholders for the nine months ended September 30, 2024, was reported at $2.4 million, a significant improvement from a net loss of $15.6 million for the same period in the prior year. Additionally, the company achieved a Community Net Operating Income (NOI) of $29.4 million for the three months ended September 30, 2024, up from $27.5 million in 2023, reflecting a 7% increase.
The following table summarizes key financial metrics for UMH Properties:
| Period | Rental and Related Income | Community Operating Expenses | Net Income (Loss) | Community NOI |
|---|---|---|---|---|
| Q3 2024 | $51.9 million | $22.5 million | $8.2 million | $29.4 million |
| Q3 2023 | $48.1 million | $20.7 million | ($5.8 million) | $27.5 million |
| 9M 2024 | $153.8 million | $65.2 million | $2.4 million | N/A |
| 9M 2023 | $140.5 million | $60.8 million | ($15.6 million) | N/A |
Introduction to Company as One of the Leaders in the Industry
UMH Properties, Inc. stands out as a leader in the manufactured housing industry, driven by its strategic acquisitions and operational efficiencies. The company has established a strong market presence with a diversified portfolio that supports sustainable revenue growth. As of September 30, 2024, UMH reported total assets of $1.5 billion and total liabilities of $643.1 million, showcasing a robust financial foundation.
Additionally, the company is committed to expanding its footprint in the manufactured housing market, with ongoing initiatives to improve its communities and enhance resident experiences. This focus on growth and operational excellence positions UMH Properties as a prominent player in the sector, encouraging further exploration of its business model and success strategies.
Mission Statement of UMH Properties, Inc. (UMH)
Mission Statement Overview
UMH Properties, Inc. (UMH) is committed to providing high-quality manufactured housing communities and services. Its mission statement is a guiding framework for the company's operations and strategic objectives, focusing on enhancing the quality of life for its residents while delivering value to its shareholders.
Core Component 1: Quality Housing
UMH emphasizes the provision of quality housing as a primary focus. This commitment is reflected in its operational strategies aimed at maintaining high occupancy rates and customer satisfaction. As of September 30, 2024, the company's occupancy rate for its rental homes portfolio stood at 94.4%, an increase of 40 basis points from the previous year. Furthermore, rental and related income increased by 9%, from $140.5 million for the nine months ended September 30, 2023, to $153.8 million for the same period in 2024.
Core Component 2: Community Engagement
UMH prioritizes community engagement, which enhances the living experience for residents. This commitment is evident in the company's initiatives to improve community facilities and services. Community operating expenses increased by 7% from $60.8 million in the nine months ended September 30, 2023, to $65.2 million in 2024, indicating ongoing investments in community enhancements. Additionally, the company owns and operates 139 communities, which facilitates strong relationships with residents and local stakeholders.
Core Component 3: Financial Performance
Financial performance is a critical aspect of UMH's mission statement, aimed at delivering sustainable returns to shareholders. The company reported a net income of $16.5 million for the nine months ended September 30, 2024, compared to a loss of $3.4 million for the same period in 2023. The company's ability to increase rental rates by approximately 5% to 6% annually further underscores its commitment to financial stability. As of September 30, 2024, UMH had total assets of $1.5 billion and total liabilities of $643.1 million, demonstrating a solid financial foundation.
| Metric | 2023 (9 Months Ended) | 2024 (9 Months Ended) | Change (%) |
|---|---|---|---|
| Rental and Related Income | $140.5 million | $153.8 million | 9% |
| Community Operating Expenses | $60.8 million | $65.2 million | 7% |
| Net Income | $(3.4 million) | $16.5 million | — |
| Total Assets | $1.5 billion | $1.5 billion | — |
| Total Liabilities | $643.1 million | $643.1 million | — |
Vision Statement of UMH Properties, Inc. (UMH)
Vision Statement Overview
The vision statement of UMH Properties, Inc. (UMH) as of 2024 reflects its commitment to becoming a leading provider of affordable housing through the enhancement of manufactured home communities. The company aims to focus on sustainable growth, community development, and improved living standards for its residents.
Commitment to Affordable Housing
UMH Properties emphasizes its dedication to providing quality, affordable housing solutions. This commitment is supported by the company's strategy to acquire and develop manufactured home communities that cater to the growing demand for affordable living options.
As of September 30, 2024, UMH's rental and related income increased by 8%, totaling $51.9 million for the three months ended September 30, 2024, compared to $48.1 million for the same period in 2023. This growth is indicative of the company's successful strategy to enhance its portfolio of affordable housing options.
| Metric | Q3 2023 | Q3 2024 | Percentage Increase |
|---|---|---|---|
| Rental and Related Income | $48.1 million | $51.9 million | 8% |
| Occupied Rental Homes | 9,300 | 9,700 | 4% |
| Same Property Occupancy | 87.0% | 87.7% | 0.7% |
Focus on Community Development
UMH aims to enhance the communities it operates by investing in infrastructure and services that improve residents' quality of life. The company's focus on community development is reflected in its operational strategies and investment decisions.
During the nine months ended September 30, 2024, the company has added 284 rental homes to its portfolio, net of 202 rental homes sold. This expansion highlights UMH's proactive approach to meeting the housing needs of its communities.
Sustainable Growth Strategy
UMH's vision includes a sustainable growth strategy that leverages its existing assets while exploring new opportunities in the manufactured housing sector. The company has increased its total investment property by 4% or $58 million during the nine months ended September 30, 2024.
The company plans to continue acquiring communities that can yield returns exceeding its cost of capital, thereby enhancing shareholder value while fulfilling its mission of providing affordable housing.
Emphasis on Financial Stability
Financial stability is a core component of UMH's vision. As of September 30, 2024, the company reported total assets of $1.5 billion and total liabilities of $643.1 million, resulting in a net debt to total market capitalization ratio of approximately 22%. This financial health allows UMH to invest in growth opportunities while maintaining operational efficiency.
The company’s net income attributable to common shareholders for the three months ended September 30, 2024, was $8.2 million, demonstrating its ability to generate profit while adhering to its vision of sustainable growth.
| Financial Metric | Amount (in millions) |
|---|---|
| Total Assets | $1,500 |
| Total Liabilities | $643.1 |
| Net Income (Q3 2024) | $8.2 |
| Net Debt to Total Market Capitalization | 22% |
Core Values of UMH Properties, Inc. (UMH)
Core Values of UMH Properties, Inc. (UMH)
Integrity
UMH Properties, Inc. emphasizes integrity as a foundational value. This commitment manifests through transparent reporting and ethical business practices.
In 2024, UMH reported total assets of $1.5 billion and total liabilities of $643.1 million, showcasing a strong balance sheet that reflects its responsible financial management.
Customer Focus
Customer focus is vital for UMH, driving the company to prioritize resident satisfaction and community engagement.
As of September 30, 2024, occupancy rates for UMH's rental homes increased to 94.4%, up from 94.0% at the end of 2023, indicating successful customer retention strategies.
The company also raised rental rates by approximately 5% to 6% annually, enhancing revenue while maintaining customer satisfaction.
Innovation
Innovation at UMH is reflected in its approach to property development and community enhancements.
In 2024, UMH expanded its relationship with Nuveen Real Estate, forming a new joint venture aimed at acquiring and developing manufactured housing communities, which aligns with its innovative growth strategy.
The total investment property increased by 4% or $58 million during the nine months ending September 30, 2024, showcasing the company's commitment to innovation in property management.
Community Engagement
UMH is dedicated to community engagement, fostering a sense of belonging among residents.
In the nine months ended September 30, 2024, the company reported a 7% increase in community net operating income (NOI) from $79.7 million to $88.6 million, a testament to its successful community initiatives.
Accountability
UMH holds itself accountable to its stakeholders, ensuring transparency in its operations.
The company reported net income attributable to common shareholders of $8.2 million for the three months ended September 30, 2024, compared to a loss of $5.8 million in the same period the previous year, demonstrating effective accountability measures.
Additionally, the dividend paid on common stock for the nine months ended September 30, 2024, totaled $45.3 million, reflecting the company's commitment to return value to shareholders.
| Core Value | Key Metrics | Examples of Implementation |
|---|---|---|
| Integrity | Total Assets: $1.5 billion Total Liabilities: $643.1 million |
Transparent financial reporting and ethical practices |
| Customer Focus | Occupancy Rate: 94.4% Rental Rate Increase: 5%-6% |
Enhanced resident satisfaction and retention strategies |
| Innovation | Investment Property Increase: 4% ($58 million) | Joint ventures for community development |
| Community Engagement | Community NOI Increase: 7% ($79.7 million to $88.6 million) | Successful community initiatives and enhancements |
| Accountability | Net Income: $8.2 million (Q3 2024) | Dividend payments of $45.3 million |
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Resources:
- UMH Properties, Inc. (UMH) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of UMH Properties, Inc. (UMH)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View UMH Properties, Inc. (UMH)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.