Q1 2024 UMH Properties Inc Earnings Call Transcript
Key Points
- Normalized FFO per share increased by 10% year-over-year, from $0.22 in Q1 2023 to $0.24 in Q1 2024.
- Overall occupancy increased by 220 basis points year-over-year, from 84.9% to 87.1%, representing an increase of 598 units sequentially.
- Rental and related income grew by 11% year-over-year, and community net operating income increased by 16%.
- UMH Properties Inc successfully raised its common stock dividend for the fourth consecutive year, increasing it by $0.01 per quarter or $0.04 per year.
- The company's investment in new rental homes yielded approximately 10% on invested funds, which is accretive to earnings and substantially improves community aesthetics and financials.
- Community operating expenses increased by 5% during the quarter, primarily due to increases in payroll costs, rental home expenses, real estate taxes, and snow removal.
- The weighted average interest rate on mortgage debt increased from 3.91% at the end of last year to 4.17% this quarter.
- Some expansions and investments in new sites are not yet fully accretive to earnings, presenting a delayed return on investment.
- Despite overall strong performance, certain geographic areas like Western New York and Michigan are not as strong as others, showing uneven growth across different markets.
- The company faces challenges in managing land home sales, which are not part of their core business, leading to the closure of one sales center.
Good morning, everyone, and welcome to UMH Properties First Quarter 2024 earnings conference call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question. You may press star and one on your touchtone telephone. To withdraw your questions, you may press star and two and also note today's event is being recorded.
Is now my pleasure to introduce your host, Mr. Craig Kastner, Executive Vice President and General Counsel. Thank you, Mr. Koster, you may begin.
Thank you very much, operator. And in addition to the 10 Q that we filed with the SEC yesterday, we have filed an unaudited first quarter supplemental information presentation. This supplemental information presentation, along with our 10 Q, are available on the Company's website at UMH dot.
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