Apr. 2 at 8:28 PM
$UMH UMH Properties provides update on Q1 operating results
UMH Properties provided investors with an update on first quarter operating results, UMH converted 115 new homes from inventory to revenue generating rental homes. UMH now owns approximately 10,400 rental homes with an occupancy rate of 94.7%. Same Property occupancy increased by 113 units during the first quarter and 227 units over last year to 88%. UMH achieved gross home sales revenue of
$6.7M compared to
$7.4M last year, representing a decrease of approximately 9.5%.
Included in the first quarter sales last year was the liquidation of
$730,000 of inventory at a sales center that was leased to a third-party operator. Excluding these sales, gross sales increased by 0.5% over last year. Occupancy gains and rent increases achieved throughout 2024 and thus far in 2025 have increased April rental and related charges by approximately 9% over April 2024.
Rental and related charges for the first quarter were approximately
$54.9M compared to
$50.7M last year, representing an increase of approximately 8.3%. UMH closed on the acquisition of two age-restricted manufactured home communities, located in Mantua, New Jersey, for a total purchase price of
$24.6M. These communities contain 266 developed homesites, of which 100% are occupied. They are situated on approximately 38 acres.
