The following is a summary of the UMH Properties, Inc. (UMH) Q2 2024 Earnings Call Transcript:

Financial Performance:

• UMH reported Q2 2024 normalized FFO per share of $0.23, up from $0.21 in Q2 2023, marking a 10% increase.

• Rental and related income for the quarter was $51.5 million, up from $47.1 million a year ago, representing a 9% increase.

• Community operating expenses increased 8% during the quarter.

• Year-to-date, normalized FFO increased from $0.22 in Q1 to $0.23 in Q2, showing a sequential 5% per share increase.

Business Progress:

• UMH continues to expand with 300 new expansion sites planned this year, investing in rental homes and high-end expansions in strategic locations.

• Successfully increased occupancy with 430 units year-over-year, and 196 units in the current quarter.

• Announced a joint venture with a New Jersey homebuilder to develop luxury homes, depicting an innovative step for additional revenue.

Opportunities:

• Ongoing expansions and developments in prime locations, coupled with increased occupancy and innovative housing solutions, offer growth potential.

• The planned joint venture for luxury home development is likely to generate significant capital and high returns.

Risks:

• Need for refinancing in N.A, with $117 million expected in 2025, highlighting dependency on external financing conditions.

• Market conditions and increasing interest rates might affect acquisition plans and cost of capital.

More details: UMH Properties Inc IR

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