UMH Properties, Inc. reported a net income of $4.8 million for the first quarter of 2025, a significant turnaround from a net loss of $1.6 million in the same period last year. The company's total revenue increased by 6.7% to $61.2 million, driven primarily by an 8% rise in rental and related income, which reached $54.6 million. This growth was attributed to higher rental rates and improved occupancy levels, with same property occupancy increasing to 87.9% from 87.2% year-over-year. However, sales of manufactured homes decreased by 10% to $6.7 million, reflecting a decline in the number of homes sold.
In terms of operational metrics, UMH Properties expanded its rental home portfolio, adding 109 rental homes during the quarter, which brought the total to approximately 10,400. The occupancy rate for rental homes was reported at 94.6%, indicating strong demand for rental units within the company's manufactured home communities. The company operates 141 communities across several states, including New Jersey, New York, and Florida, with a total of approximately 26,500 developed homesites.
The company also made strategic acquisitions, purchasing two age-restricted communities in New Jersey for approximately $24.6 million. This acquisition is expected to enhance the company's portfolio and contribute to future revenue growth. Additionally, UMH Properties is actively pursuing opportunities through its joint venture with Nuveen Real Estate, which focuses on acquiring and developing manufactured housing communities. A new community in Honey Brook, Pennsylvania, is anticipated to open by the end of the second quarter of 2025, adding 113 manufactured home sites.
Financially, UMH Properties reported total assets of $1.5 billion as of March 31, 2025, a slight decrease from $1.56 billion at the end of 2024. Total liabilities also decreased to $635.1 million, down from $647.8 million, primarily due to principal payments on mortgages. The company’s cash and cash equivalents stood at $35.2 million, with additional liquidity available through credit facilities. Looking ahead, UMH Properties plans to continue its focus on expanding its real estate investments and enhancing its rental home offerings, while navigating the current economic landscape characterized by high mortgage rates and a tight housing market.
About UMH PROPERTIES, INC.
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