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- **Normalized FFO Growth**: $0.25 per share (Q3 2025) vs. $0.24 (Q3 2024), +4% YoY; annualized FFO of $1 per share achieved.
- **Revenue Expansion**: Total revenue $66.9M (Q3 2025), +10% YoY; on track for >$250M in 2025.
- **Occupancy & NOI**: Same-property NOI up 12% Q3 2025 vs. Q3 2024 ($3.7M), and 10% YoY ($9.2M). Rental home occupancy 94.1%.
- **Strategic Acquisitions**: Q3 2025 acquired 3 communities ($17.2M total); YTD 2025 purchased 5 communities ($41.8M).
- **Debt & Liquidity**: Total debt $673M (99% fixed-rate); $34M cash, $260M revolving credit facility.
- **Share Buyback**: $100M authorized; strategy includes asset sales and preferred stock issuance.
- **Oil & Gas Potential**: 4,000 acres in shale regions with increasing demand for energy infrastructure.
- **Home Sales Momentum**: Q3 2025 gross sales $9.1M (+5% YoY); pipeline strong for Q4.
- **Rental Home Pipeline**: 700-800 new rental homes expected by year-end, driving $10M+ in incremental revenue.


**【Management Opening Remarks】**
- UMH filed its Q3 2025 10-Q and supplemental information presentation, available on its website. Forward-looking statements are based on current expectations and involve risks. Non-GAAP metrics are reconciled in filings.

**【CEO Summary Section】**
- **Normalized FFO**: $0.25 per diluted share (Q3 2025) vs. $0.24 (Q3 2024), +4% YoY; sequential increase of 9% from Q2 2025. Annualized FFO of $1 per share is a significant milestone.
- **Revenue Growth**: Total revenue $66.9M (Q3 2025) vs. $60.7M (Q3 2024), +10% YoY; 9M 2025 total revenue $194.8M, +9% YoY. On track for >$250M in 2025.
- **Occupancy**: 87.2% overall; 94.1% rental home occupancy. Same-property NOI increased 12% Q3 2025 vs. Q3 2024 ($3.7M), and 10% YoY ($9.2M).
- **Rental Home Expansion**: Converted 227 new homes to revenue-generating units in Q3, 523 YTD. Pipeline includes 400 homes on-site, 100 ready for occupancy, and 300 being set up. Anticipate adding 700-800 new rental homes by year-end.
- **Sales Performance**: Q3 gross sales $9.1M (+5% YoY); including joint venture sales, total sales up 14% YoY. Gains from sales $1.3M (14% of total sales) in Q3, $3.2M YTD (12% of total sales).
- **Acquisitions**: Q3 2025 purchased 2 Maryland communities ($14.6M, 79% occupied) and 1 Georgia community ($2.6M, 32% occupied). YTD 2025 acquired 5 communities ($41.8M total).
- **Strategic Initiatives**: Investing $120M-$150M annually in capital improvements, rental homes, and home sales. Issued $80M Series B Israeli bonds for accretive deployment.

**【CFO Financial Commentary】**
- **Normalized FFO**: $0.25 per share (Q3 2025) vs. $0.24 (Q3 2024), +4% YoY; sequential increase of 9% from Q2 2025.
- **Revenue**: Rental and related income $57.8M (Q3 2025) vs. $51.9M (Q3 2024), +11% YoY. Community operating expenses increased 11% YoY, driven by acquisitions and one-time legal fees ($660K).
- **Debt Structure**: Total debt $673M (99% fixed-rate, 4.83% WACC). Refinanced $61M in mortgages and issued $80M Series B bonds. Liquidity: $34M cash, $260M revolving credit facility, and $183M in other lines of credit.
- **Capital Allocation**: Issued 290K shares under ATM at $16.44 avg price, generating $4.8M. Preferred stock ATM program has $99.9M remaining.
- **Financial Ratios**: Net debt to market cap 28.3%, interest coverage 3.7x, fixed charge coverage 2.3x.

**【Q&A Highlights】**
- **Georgia Acquisition**: 130-site community (32% occupied) with potential to add 30-80 units annually. Rental rates expected to reach $1,000-$1,200/month. Fully entitled for development.
- **Share Repurchases**: Board authorized $100M buyback. Strategy includes selling assets, issuing preferred stock, and repurchasing common shares to grow FFO per share.
- **Oil & Gas Rights**: 4,000 acres in Marcellus/Utica shale with increasing demand for energy infrastructure. Potential for lease signings and value appreciation.
- **Home Sales**: Q3 2025 pipeline strong, with $3M in October sales. Seasonal weakness in Q4 offset by portfolio growth. Long-term outlook driven by demographic trends (65+ population downsizing).
- **Rental Home Inventory**: 400 homes on-site, 100 ready for occupancy, 300 being set up. Deployment timeline 6-12 months. Anticipate 700-800 new rental homes by year-end.
- **G&A Decline**: Seasonal timing of expenses; Q3 2025 G&A in line with expectations.
- **Preferred Stock Use**: Preferred equity ($322M) and debt (5.85% Series B bonds) used to fund growth while maintaining balance sheet flexibility.


UMH Properties, Inc.(UMH)-20251104-2025 Q3 Earnings call transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

UMH

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