UMH-D UMH Properties Inc

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): January 6, 2025

 

 

UMH Properties, Inc.

(Exact name of registrant as specified in its charter)

 

 

Maryland		001-12690		22-1890929
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)

 

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ		07728
(Address of principal executive offices)		(Zip Code)

 

Registrant’s telephone number, including area code: (732) 577-9997

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class		Trading Symbol(s)		Name of exchange on which registered
Common Stock, $0.10 par value		UMH		New York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value		UMH PRD		New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 7.01 Regulation FD Disclosure.

 

On January 6, 2025, the Company provided investors with an update on its fourth quarter and full year 2024 operating results.

 

The information being furnished pursuant to this Item 7.01, including Exhibits 99 to this report, shall not be deemed “filed” for any purpose, including for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of such section. The information in this report, including Exhibits 99, shall not be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, unless specifically incorporated by reference into any such filing. This report will not be deemed an admission as to the materiality of any information in this report that is required to be disclosed solely by Regulation FD.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99	Press Release dated January 6, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

	UMH Properties, Inc.
Date: January 6, 2025	By:	/s/ Anna T. Chew
	Name:	Anna T. Chew
		Executive Vice President and Chief Financial Officer

 

 

 

 

 

Exhibit 99

 

 

UMH PROPERTIES, INC. FOURTH QUARTER AND FULL YEAR 2024 OPERATIONS UPDATE

 

FREEHOLD, NJ, January 6, 2025…… 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 the fourth quarter and full year 2024 operating results:

 

1. As of yearend, UMH achieved an equity market capitalization of over $1.5 billion. During the year, UMH’s share price increased from $15.25 on January 2^nd, 2024, to $18.88 on December 31^st, 2024, representing an increase of approximately 24%. Including $0.85 in dividends paid during the year, UMH delivered a total shareholder return of approximately 30%.

 

2. During the fourth quarter, UMH converted 122 new homes from inventory to revenue generating rental homes. For the year, UMH converted 565 new homes from inventory to revenue generating rental homes. UMH now owns approximately 10,300 rental homes with an occupancy rate of 94%.

 

3. For the fourth quarter, UMH achieved gross home sales revenue of $8.4 million as compared to $7.7 million last year, representing an increase of approximately 9%. For the year, UMH achieved gross home sales revenue of $32.6 million as compared to $31.2 million last year, representing an increase of approximately 4%.

 

4. Year-to-date, overall occupancy increased by 280 units to 88%. During the fourth quarter, overall occupancy increased by 46 units.

 

5. Our occupancy gains and rent increases achieved throughout 2023 and 2024 have increased our January 2025 rental and related charges by approximately 9%, resulting in our annualized monthly rent roll generating approximately $210 million in annual rental revenue.

 

6. In the fourth quarter, we issued and sold approximately 3.1 million shares of common stock through our at-the-market sale program at a weighted average price of $19.04 per share, generating gross proceeds of $58.5 million. In 2024, we issued and sold approximately 12.5 million shares of common stock through our ATM at a weighted average price of $17.92 per share, generating gross proceeds of $224.5 million.

 

Samuel A. Landy, President and CEO of UMH Properties, Inc., stated “We are pleased with the progress that we have made executing on our long-term business plan and generating strong returns for our shareholders, which has allowed us to increase the dividend for four consecutive years. During that period, the dividend has increased by approximately 19%.”

 

 

“In 2025, UMH plans on generating increased revenue through our 5% annual rent increase and the investment in 800 new rental homes. Additionally, we have the potential to further increase our gross sales and sales profits. Our long-term business plan has given us the ability to grow organically through infill of our vacant sites and the development of our vacant land.”

 

It should be noted that 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 and year ending December 31, 2024. UMH’s final fourth quarter and full year 2024 results will be released on Wednesday, February 26, 2025, 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 Thursday, February 27, 2025, at 10:00 a.m. Eastern Time.

 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 139 manufactured home communities containing approximately 26,200 developed homesites, of which 10,300 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 139 communities are two communities in Florida, containing 363 sites that UMH owns and operates 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 Madden

732-577-4062

 

 

 

 

v3.24.4

Cover	Jan. 06, 2025
Document Type	8-K
Amendment Flag	false
Document Period End Date	Jan. 06, 2025
Entity File Number	001-12690
Entity Registrant Name	UMH Properties, Inc.
Entity Central Index Key	0000752642
Entity Tax Identification Number	22-1890929
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	Juniper Business Plaza
Entity Address, Address Line Two	3499 Route 9 North
Entity Address, Address Line Three	Suite 3-C
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	(732)
Local Phone Number	577-9997
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Common Stock, $0.10 par value
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	UMH
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Title of 12(b) Security	6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Trading Symbol	UMH PRD
Security Exchange Name	NYSE

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