Q3 2024 UMH Properties Inc Earnings Call Transcript
Key Points
- UMH Properties Inc (UMH) reported a third consecutive quarter of year-over-year normalized FFO growth, with a 9% increase in normalized FFO per diluted share compared to last year.
- The company experienced strong demand for home sales and rentals, resulting in increased occupancy and revenue.
- UMH Properties Inc (UMH) successfully raised $107 million through the sale of 5.7 million shares, which was used to pay down debt and invest in growth opportunities.
- The company anticipates further occupancy growth with over 200 homes on order and 300 homes ready for occupancy.
- UMH Properties Inc (UMH) has a strong balance sheet with $66.7 million in cash and full availability of its credit line, positioning it well for future growth and acquisitions.
- The company experienced storm-related expenses, which increased the overall expense ratio to 43.3% for the quarter.
- Community operating expenses increased by 9% due to higher payroll costs, real estate taxes, and storm cleanup expenses.
- UMH Properties Inc (UMH) faced flat occupancy sequentially at 87.7%, which may indicate challenges in achieving optimal occupancy levels.
- The acquisition pipeline remains uncertain, with no new deals currently in the pipeline, although management is optimistic about future opportunities.
- The company is facing upward cost pressures on new rental units, with prices for single-wide units ranging from $70,000 to $75,000.
Thank you for standing by.
Good morning and welcome to U Mh Propers third quarter, 2024 earnings conference call. All participants will be in 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, then one on a touchtone phone to withdraw your question. Please press star. Then two. Please note this event is being recorded. It is now my pleasure to introduce your host, Mr Craig Coster, Executive Vice President and General counsel. Thank you, Mr Coster. You may begin.
Thank you very much operator. In addition to the 10-Q that we filed with the SCC yesterday, we have filed an unaudited third quarter supplemental information presentation. This supplemental information presentation along with our 10-Q are available on the company's website at U mh dot re.
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