Jul. 2 at 11:41 AM
$UMH
UMH Properties converts 188 homes to revenue generating rental homes in Q2
UMH converted 188 new homes from inventory to revenue generating rental homes. UMH now owns approximately 10,600 rental homes with an occupancy rate of 94.4%. Same Property occupancy increased by 76 units during the second quarter and 251 units over last year to 88.2%. UMH achieved gross home sales revenue of
$10.3M compared to
$8.8M last year, representing an increase of approximately 17%.
Occupancy gains and rent increases achieved throughout 2024 and thus far in 2025 have increased same property July 2025 rental and related charges by approximately 9.2% over July 2024 and total charges by 10.4%. Rental and related charges for the second quarter were
$55.9M compared to
$51.5M last year, representing an increase of approximately 8.5%.
The company completed the addition of ten communities containing approximately 2,000 sites to its Fannie Mae credit facility. This refinancing generated total proceeds of approximately
$101.4M with a fixed interest rate of 5.855%. As part of the refinancing process, a certified appraisal was conducted and concluded that these ten communities appraised for
$163.5M, or
$82,000 per site.
Total investment in these communities is
$66.6M. The communities have increased in value a total of
$96.9M, or 146% from our cost basis. The company issued and sold approximately 1.8M shares of Common Stock through our At-the-Market sale program at a weighted average price of
$17.60 per share, generating gross proceeds of
$31M.
