Increased Dividend and Financial Growth
UMH increased its quarterly common stock dividend by 4.7% to $0.225 per share, marking a cumulative annual increase of $0.18 or 25% over five years. Normalized FFO grew by 16% or $2.6 million for the quarter and 20% or $6.4 million for the year.
Strong Revenue and Income Growth
Total revenue increased by approximately 10% year-over-year from $60.3 million to $66.6 million. Rental and related income grew by 9%, and same-property NOI increased by 10% over the prior year.
Successful Community Refinancing
Refinanced 10 communities for gross proceeds of $101.4 million, with appraised value increasing to $164 million from a total investment of $67 million, creating $97 million in value.
Record Sales of Manufactured Homes
Gross sales reached a record $10.5 million for the quarter, with sales of manufactured homes increasing by 19% from the prior year.
Expansion and Acquisition Success
Acquired two New Jersey communities and two Maryland communities, adding a total of 457 sites for $39 million. Opened the Honey Ridge community in Pennsylvania, with strong sales traffic reported.
Innovative Housing Initiatives
Introduced factory-installed GAF solar shingles and car chargers in homes, and highlighted HUD's plans to solve the affordable housing crisis by improving zoning and financing.