UMH Properties, Inc. Q3 2024 Operations Update; Achieved An Equity Market Capitalization Of Over $1.5B

UMH Properties, Inc. (NYSE:UMH) (TASE: UMH), a real estate investment trust (REIT) specializing in the ownership and operation of manufactured home communities, is providing investors with an update on our third quarter 2024 operating results:

 

1. As of quarter end, UMH achieved an equity market capitalization of over $1.5 billion.
2. During the third quarter, UMH converted 179 new homes from inventory to revenue generating homes. UMH now owns approximately 10,300 rental homes with an occupancy rate of 94.4%.
3. During the third quarter, UMH sold 100 homes of which 32 were new home sales. Gross home sales revenue for the third quarter was $8.7 million as compared to $7.9 million last year, representing an increase of approximately 10%.
4. Year to date, overall occupancy increased by 235 units to 87%. During the third quarter, overall occupancy increased by 39 units. Year over year, overall occupancy increased by 271 units.
5. Our occupancy gains and rent increases achieved throughout 2023 and 2024 have increased our September 2024 rental and related charges by approximately 8%, resulting in our annualized monthly rent roll generating $206 million.
   1. We issued and sold approximately 5.7 million shares of Common Stock through our At-the-Market Sale program at a weighted average price of $18.93 per share, generating gross proceeds of $108.4 million.