Q1 2025 UMH Properties Inc Earnings Call Transcript
Key Points
- UMH Properties Inc (UMH) reported a 5% increase in Normalized FFO per diluted share, rising from $0.22 to $0.23 compared to the previous year.
- The company increased its common stock dividend by $0.04 per share annually to $0.90 per share, marking a 4.7% increase over last year.
- Rental and related revenue increased by 8%, driven by higher occupancy and rental rates.
- UMH Properties Inc (UMH) has a strong acquisition pipeline, including two communities in Maryland, and continues to explore further acquisitions.
- The company has a robust balance sheet with 99% of its debt at fixed rates and a weighted average interest rate of 4.39%.
- Gross home sales for the quarter decreased by approximately 9.5% compared to the previous year.
- Community operating expenses increased by 9%, primarily due to higher payroll costs, real estate taxes, and snow removal expenses.
- The company is facing potential impacts from tariffs, which could affect home prices and supply chain stability.
- Interest rates on refinancing mortgages are expected to be higher, around 5.5% to 5.75%, compared to the previous rates of around 4%.
- UMH Properties Inc (UMH) has not yet been able to include rental homes in GSE financing, limiting the loan-to-value ratio on properties with rental units.
Good morning and welcome to UMH Properties first quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. It is now my pleasure to introduce your host, Mr. Craig Koster, Executive Vice President and General Counsel. Mr. Koster, you may begin.
Thank you very much, operator. 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.reit.
We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our current expectations, and involve various risks and uncertainties. Although the
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