UMH Properties, Inc. announced strong financial results for the full year ended December 31, 2024, with Total Income rising 9% to $240.6 million compared to $220.9 million in 2023. The company reported Net Income Attributable to Common Shareholders of $2.5 million, or $0.03 per diluted share, a notable improvement from a loss of $8.7 million, or $0.15 per diluted share, in the prior year.
Normalized Funds from Operations (Normalized FFO) for 2024 increased by 8% to $0.93 per diluted share, totaling $69.5 million, up from $0.86 per diluted share and $54.5 million in 2023. The company's sales revenue grew by 8% to $33.5 million, with gross sales margin improving from 32% in 2023 to 35% in 2024.
UMH added 565 new homes to its rental portfolio in 2024, maintaining a 94% rental home occupancy rate. For 2025, the company initiated Normalized FFO guidance in the range of $0.96-$1.04 per diluted share, with a midpoint of $1.00, representing a 7.5% annual growth over 2024. This outlook, combined with opportunistic capital raising through ATM programs, positions UMH for continued growth.
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