UMH Properties, Inc UMH Q1 2023 Earnings Call Transcript

UMH has continued to grow its portfolio via the acquisition of 5 communities and 1600 homesites in 2019 alone. At quarter end, UMH had a total of $247 million in perpetual preferred equity. Subsequent to quarter end, we issued and sold approximately 688,000 shares of common stock through our common ATM program, generating gross proceeds of $10.3 million. Subsequent to quarter end, we issued and sold an additional 278,000 shares of our Series D preferred stock throughout preferred ATM program, generating gross proceeds of $6 million. Though we kept coming back to check out the homes in this community because it was always very clean and well maintained compared to others.

  • My husband was over the road truck driver & he was only home 2 weekends out of the month, I felt very safe in here & got to know many friends.
  • The quality of living in the community is wonderful and the move in process went great.
  • I would recommend UMH to friends and family.

Number one, the manufacturers are dropping their price increases. Some people don’t understand why we don’t increase 10% of our expenses, go up 10%. And we believe we’re creating a market for our products. We want to have a product that is the best buy in the industry. We want to have tenants to realize they’re getting a good deal. And the tenants, they shop, they know what the apartment rent costs.

Whence the Capital?

Mari is super nice and very helpful with anything you need. Nice area, quiet, and everyone is friendly. From the pristine mountain view, to the friendly surrounding, the time spent here has been relaxing.

The community is so nice and well maintained, and very peaceful and quiet. My community is maintained beautifully and I love my home. I would absolutely recommend UMH to a friend. This is a nice, quiet community and a great first home.

I would recommend UMH because it is safe and secure at all times. Lincoln is doing a great job and frequently checks in to make sure everything is okay. I have already recommended UMH to a friend. This is one of the best housing communities I’ve rented from.

  • Everyone is nice, the workers are great.
  • All of these make your numbers look like you’re growing slowly when actually you’re really having a superlative result.
  • It was a pleasant experience so far.
  • She is very friendly, polite and courteous which you do not see of very often.

Redbud keeps up on the cleanliness and maintenance of the community. It was a very easy experience moving into our first home. Everyone is very kind and welcoming. The community is great and the staff are very friendly, supportive, and caring. I lived here over 20 years and still love it here! We have the best ladies in the office.

And one of the great things we’re doing is diversifying our geographic footprint. And as we go through the future, demand is incredibly strong everywhere. I just heard about in Marion, Ohio, we’re renting homes today for $999 per month at a location where we never imagined rents would be high. We started out at about $800 per month.

Company Profile

Overall, UMH has no risk of losing its status as a going concern despite the headwinds created by a market poised for continued volatility. The value appreciation provides diversification to a portfolio, as most REITs’ returns have little to no correlation with the returns of equities or fixed income. The liquidity of REITs is like equities as they are listed on the stock exchange and have meaningful daily trading volume.

Time to Upgrade!

We are proud of all our efforts that are detailed in the ESG Report. The Company is listed on the New York Stock Exchange under the symbol UMH and included in the MSCI REIT Index (RMZ). Manufactured home communities provide recession how to pick stocks for swing trading in 2020 resistant qualities, reliable income streams and the potential for long-term value appreciation. For example, above 35x corresponds to an indefinite growth rate above 7% at a discount rate of 10% and a total return of 10%.

UMH Properties Inc. Is The Manufactured Housing Income Play

Prior to 2020, the debt was bank debt, mostly mortgages. The total debt grew slowly and was about a quarter of enterprise value at the end of 2019. As seen above, this in turn will significantly increase the FFO per common share. UMH has projected the impact as $0.26, representing an increase of about 25%. UMH did the smart thing and issued shares when they were expensive. This contributed to the funds with which the Series C preferred will be redeemed in a few weeks.

Also in 2001, UMH Sales and Finance, Inc. commenced so that we could sell these quality homes and provide financing to our prospective residents. Today, UMH Properties, Inc. owns and operates 135 manufactured home quebex communities with 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.

My whole experience was excellent! I would recommend to anyone looking for a great place to live in Ohio. Community staff is very helpful and on top of everything. OVerall, a nice, modern place to live.

Of course, such developments might also increase demand in their segment of the housing market. It is true that UMH made some poor choices in which securities they accumulated, as discussed recently by my colleague Austin Rogers from High Yield Landlord. My view is that the mall an in-depth view on forex leverage REIT investments were not as unreasonable as he perceives with hindsight. This produced the spurt of debt financing you can see above in 2020 and the first half of 2021. You can also see that the ratio of interest expenses to NOI dropped from about 30% in 2017 to 20% today.

A very nice, quiet, clean place to live. Would recommend to freinds and family. Quiet neighborhood and really easy online application process.

Leave a Reply