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FREEHOLD, NJ - UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate investment trust (REIT) specializing in manufactured housing communities, announced today that Hurricane Milton caused only minor damage to its properties. Samuel A. Landy, President and CEO, stated that the company's communities in Florida withstood high winds and heavy rain with relatively minor impacts. Landy emphasized the safety of all residents and employees and the durability of UMH's homes.
The company is currently undertaking clean-up and repair efforts in the affected communities. UMH Properties does not anticipate the hurricane's aftermath to significantly affect its operational or financial performance.
UMH Properties, established in 1968, owns and operates 136 manufactured home communities with roughly 25,800 developed homesites across multiple states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, and Georgia. Additionally, it holds a joint venture with Nuveen Real Estate, managing two communities in Florida that encompass 363 sites.
The announcement follows Hurricane Milton's recent passage through Florida, which caused varying degrees of damage across the region. While UMH Properties has reported minimal damage, the company acknowledges that others have suffered more extensively and expresses readiness to offer support as part of relief efforts coordinated by local, state, and federal governments.
This report is based on a press release statement and contains only factual information relevant to investors and stakeholders of UMH Properties, Inc.
In other recent news, UMH Properties has announced significant growth in home sales and occupancy rates for the third quarter of 2024. The company converted 179 homes from inventory to revenue-generating status, resulting in a 94.4% occupancy rate. UMH's rental and related charges for September 2024 have seen an approximate 8% increase, contributing to an annualized monthly rent roll of $206 million.
The company also reported a year-over-year increase in earnings per share for the second quarter of 2024, with normalized Funds from Operations (FFO) per share rising by 10%. UMH Properties also announced the promotion of T.C. Sheppard to the role of Senior Vice President of Sales and Consumer Finance, aligning with the company's efforts to strengthen its sales and finance operations.
UMH Properties' stock price target was raised to $22.50 from $18.50, following the company's reported operational success and significant bottom-line growth. In light of the recent developments, UMH Properties is exploring growth opportunities through undeveloped land in its portfolio, potentially transforming a parcel of land into high-end single-family homes. These are among the recent developments indicating a robust operational execution and potential for growth.
InvestingPro Insights
In light of UMH Properties' resilience during Hurricane Milton, it's worth examining some key financial metrics and insights from InvestingPro. Despite the recent weather challenges, UMH has demonstrated strong revenue growth, with a 10.98% increase over the last twelve months as of Q2 2024, reaching $230.48 million. This growth trajectory aligns with an InvestingPro Tip suggesting that net income is expected to grow this year.
The company's dividend performance is particularly noteworthy in the context of its stable operations. UMH boasts a dividend yield of 4.61% and has maintained dividend payments for an impressive 35 consecutive years. This consistency in shareholder returns, especially in the face of potential natural disasters, underscores the company's financial stability and commitment to investor value.
However, investors should note that while UMH has shown operational resilience, its profitability metrics present a mixed picture. The company was not profitable over the last twelve months, with a negative P/E ratio of -219.48. This aligns with another InvestingPro Tip indicating that analysts do not anticipate the company will be profitable this year.
For those interested in a more comprehensive analysis, InvestingPro offers additional tips and insights that could provide valuable context for UMH's performance and prospects in the manufactured housing REIT sector.
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