UMH Properties, Inc., a Real Estate Investment Trust (REIT), reported significant financial developments in its 10-Q filing for the third quarter of 2024. As of September 30, 2024, total investment property increased to $1,597.1 million, up from $1,539.0 million at the end of 2023. Total assets rose to $1,501.5 million, compared to $1,427.6 million previously. The company also saw an increase in cash and cash equivalents, which reached $66.7 million, up from $57.3 million.
For the third quarter of 2024, UMH Properties reported rental and related income of $51.9 million, an 8% increase from $48.1 million in Q3 2023. Total income for the quarter was $60.7 million, compared to $56.0 million in the same period last year. The company’s net income attributable to common shareholders was $8.2 million, a significant turnaround from a loss of $5.8 million in Q3 2023. For the nine months ended September 30, 2024, net income attributable to common shareholders was $2.4 million, compared to a loss of $15.5 million in the same period of 2023.
The company’s financial performance was bolstered by a 10% increase in sales of manufactured homes during Q3 2024, generating $8.7 million compared to $7.9 million in Q3 2023. The gross profit percentage from these sales improved to 38%, up from 33% in the prior year. Community Net Operating Income (NOI) for Q3 2024 was $29.4 million, reflecting a 7% increase year-over-year.
Strategically, UMH Properties has expanded its joint venture with Nuveen Real Estate, focusing on the development of a new manufactured housing community in Honey Brook, Pennsylvania, which will feature 113 sites. The company also reported a 70 basis point increase in occupancy rates to 87.7% as of September 30, 2024.
On the balance sheet, total liabilities decreased to $643.1 million from $720.8 million at the end of 2023. The company’s shareholders’ equity increased to $858.4 million, up from $706.8 million. Notably, the company reduced its loans payable significantly, from $94.7 million to $27.3 million, reflecting a strategic focus on improving its capital structure.
UMH Properties continues to prioritize growth through acquisitions and development while maintaining a strong liquidity position, with $260 million available under its unsecured revolving credit facility. The company’s focus remains on enhancing its portfolio of manufactured home communities and increasing rental income.
About UMH PROPERTIES, INC.
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