UMH Properties, Inc. reported a solid financial performance for the fiscal year ending December 31, 2024, with total rental and related income increasing by 9% to $207 million, up from $189.7 million in 2023. The company's community net operating income (NOI) also saw a 10% rise, reaching $119.7 million, driven by higher rental rates and improved occupancy levels. Normalized funds from operations (FFO) surged by 27%, with normalized FFO per diluted share increasing from $0.86 in 2023 to $0.93 in 2024. The overall occupancy rate across its manufactured home communities improved to 87.3%, compared to 86.7% the previous year.
In terms of strategic developments, UMH Properties expanded its joint venture with Nuveen Real Estate, forming a new entity focused on developing a manufactured housing community in Honey Brook, Pennsylvania, expected to contain 113 sites. The company also established an Opportunity Zone Fund in 2022, which has since acquired two communities, further diversifying its portfolio. As of December 31, 2024, UMH operated 139 manufactured home communities, with a total of approximately 26,300 developed homesites, including 10,300 rental homes.
Operationally, UMH Properties increased its rental home portfolio by 364 homes in 2024, with an occupancy rate of 94% for these rental units. The company also reported an 8% increase in sales of manufactured homes, totaling $33.5 million, with the number of homes sold rising from 341 in 2023 to 394 in 2024. The company’s focus on affordable housing continues to yield positive results, as demand remains strong amid a challenging housing market characterized by high mortgage rates and limited inventory.
The company’s financial position has strengthened, with total market capitalization increasing by 23% to over $2.5 billion. UMH Properties successfully raised $224.5 million through its at-the-market sale programs, issuing approximately 12.5 million shares of common stock. The company also amended its unsecured credit facility, expanding available borrowings by $80 million to a total of $260 million. Looking ahead, UMH Properties plans to continue its growth strategy by acquiring additional manufactured home communities and investing in capital improvements, with an estimated budget of $20 to $30 million for renovations in 2025.
Overall, UMH Properties, Inc. demonstrated resilience and growth in a competitive market, positioning itself for continued success in the manufactured housing sector while maintaining a focus on providing affordable housing solutions.
About UMH PROPERTIES, INC.
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