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UMH Properties (UMH) investor relations material
UMH Properties Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Portfolio expanded to 144 communities with 26,800 homesites and 10,600 rental units as of June 30, 2025, including recent acquisitions in Maryland and New Jersey.
Normalized FFO rose 16% year-over-year to $19.5M, with per share FFO steady at $0.23; quarterly dividend increased 4.7%, marking five consecutive years of growth.
Rental and related income grew 9% year-over-year, driven by acquisitions, higher rental rates, and increased occupancy; manufactured home sales up 19%.
Community NOI increased 11% for the quarter and 9% for the six months, with same property NOI up 10% and occupancy at 88.2%.
Long-term track record of profitability, dividend growth, and value creation through acquisitions and expansions.
Financial highlights
Total revenue grew 10% year-over-year to $66.6M in Q2 2025; six-month total income reached $127.9M, up from $105.7M in 2024.
Rental and related income reached $56.2M for the quarter; community NOI was $33.1M for the quarter and $64.7M for the six months.
Net income attributable to common shareholders was $2.5M for the quarter and $2.3M for the six months, reversing a prior year loss.
Gross margin on home sales was 14% for the quarter; gross profit margin on home sales was 32% for the quarter.
Net cash provided by operating activities was $37.2M for the six months ended June 30, 2025.
Outlook and guidance
2025 Normalized FFO per share guidance: $0.96–$1.04, assuming 5% rent increases and occupancy of 800 new rental units.
Management reaffirmed 2025 guidance, confident in achieving the low end, with potential upside from home sales and HUD policy changes.
Capital needs for 2025 estimated at $120M–$150M for rental home purchases, expansions, and improvements.
Plans to continue expanding real estate investments, focusing on acquisitions, physical improvements, and joint ventures.
Guidance excludes potential acquisitions, dispositions, and development projects.
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