UMH PROPERTIES, INC. SECOND QUARTER 2023 OPERATIONS UPDATE
2023年7月6日 - 5:15AM
UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate
investment trust (REIT) specializing in the ownership and operation
of manufactured home communities, is providing investors with an
update on our second quarter 2023 operating results.
Our communities are rapidly selling and renting
new homes, which has resulted in increased occupancy and income.
Additionally, as homes in inventory are occupied our high-cost
floorplan lines are paid down and replaced with permanent capital
at more attractive rates.
During the quarter, approximately 400 rental
homes in inventory were occupied making them income producing and
44 new homes were sold, creating additional site rent. This
resulted in same property income growth year-over-year of
approximately 8.6% and a 190-basis point improvement in
occupancy.
Year-to-date, approximately 600 rental homes in
inventory were rented making them income producing and 83 new homes
were sold, creating additional site rent. Our increase in occupancy
and our annual rent increases drove an increase in same property
income of approximately 7.4%. This increase in occupancy, together
with rent increases implemented in the first and second quarter,
generated an increase in monthly rental charges of approximately
$900,000 as of July 1, 2023, compared to January 1, 2023. Our
current inventory sits at approximately 700 homes, which is still
above our normal levels, but is rapidly decreasing as we continue
to fill over 100 homes a month.
Sales of manufactured homes for the quarter
increased to approximately $8.2 million in the second quarter of
2023, as compared to $7.0 million last year, resulting in an
increase of 17%. Year-to-date, gross sales of manufactured homes
increased to $15.5 million, as compared to $11.3 million last year,
resulting in an increase of 37%. Our sales demand remains strong,
and we have over $3 million in deals in our pipeline.
During the quarter, we raised approximately
$45.1 million of common equity and $15.6 million of preferred
equity through our ATM programs. This capital was utilized to pay
down higher cost floorplan lines. Additionally, we have repaid all
$58.5 million of our maturing mortgages, and have no mortgage loans
maturing next year.
It should be noted that our financial statement
closing and review procedures for the quarter ended June 30, 2023
are not yet complete and, as a result, the financial information
set forth above reflects our preliminary estimates with respect to
such information, based on information currently available to
management, and may vary from our actual financial results as of
and for the quarter ended June 30, 2023. UMH’s full Second Quarter
2023 results will be released on Tuesday, August 8, 2023, after the
close of trading on the New York Stock Exchange and will be
available on the Company’s website at www.umh.reit, in the
Financials section. Senior management will discuss the results,
current market conditions and future outlook on Wednesday, August
9, 2023, at 10:00 a.m. Eastern Time.
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities containing approximately 25,700
developed homesites. These communities are located in New Jersey,
New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland,
Michigan, Alabama, South Carolina and Georgia. UMH also has an
ownership interest in and operates two communities in Florida,
containing 363 sites, through its joint venture with Nuveen Real
Estate.
Certain statements included in this press
release which are not historical facts may be deemed
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any such forward-looking
statements are based on the Company’s current expectations and
involve various risks and uncertainties. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
provide no assurance those expectations will be achieved. The risks
and uncertainties that could cause actual results or events to
differ materially from expectations are contained in the Company’s
annual report on Form 10-K and described from time to time in the
Company’s other filings with the SEC. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements whether as a result of new information, future events,
or otherwise.
Contact: Nelli
Madden732-577-4062
UMH Properties (NYSE:UMH)
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UMH Properties (NYSE:UMH)
過去 株価チャート
から 6 2023 まで 6 2024