UMH PROPERTIES, INC. 2023 OPERATIONS UPDATE
05 9월 2023 - 8:00PM
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 third quarter 2023 operating results.
Demand throughout our portfolio remains strong
as evidenced by our monthly rent roll and occupancy growth. For the
first two months of the third quarter, approximately 234 rental
homes in inventory were occupied, making them income producing, and
25 new homes were sold, creating additional site rent. This
resulted in an increase in overall occupancy of approximately 167
units. Year-to-date, approximately 845 rental homes in inventory
were rented, making them income producing, and 108 new homes were
sold.
This increase in occupancy, together with rent
increases implemented throughout the year, generated an increase in
monthly rental charges of approximately $243,000 as of September 1,
2023, compared to August 1, 2023. For the first two months of the
quarter, monthly rental charges increased by $377,000.
Year-to-date, monthly rental charges have increased by $1.2
million. At the start of this year, our inventory was over 1,000
homes and has been substantially reduced over the last eight
months. Our current inventory is approximately 488 homes, which is
still above our normal levels, but is continuing to rapidly
decrease as we continue to fill over 100 homes a month. This
reduction in inventory has resulted in a decrease in our floor plan
loan balance, resulting in a decrease in our floor plan interest
expense.
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 ending September 30, 2023. UMH’s
full Third Quarter 2023 results will be released on Wednesday,
November 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 Thursday, November 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)
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