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utr:acre
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended September 30, 2023
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from __________ to ___________
Commission
File Number 001-12690
UMH
PROPERTIES, INC.
(Exact
name of registrant as specified in its charter)
Maryland |
|
22-1890929 |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
identification
number) |
Juniper
Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ |
|
07728 |
(Address
of Principal Executive 0ffices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code (732) 577-9997
(Former
name, former address and former fiscal year, if changed since last report.)
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of exchange on which registered |
Common
Stock, $0.10 par value |
|
UMH |
|
New
York Stock Exchange |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value |
|
UMH
PD |
|
New
York Stock Exchange |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:
Large
accelerated filer |
☒ |
Accelerated
filer |
☐ |
Non-accelerated
filer |
☐ |
Smaller
reporting company |
☐ |
|
|
Emerging
growth company |
☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No
☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:
Class |
|
Outstanding
Common Shares as of November 1, 2023 |
Common
Stock, $0.10 par value per share |
|
66,398,142 |
UMH
PROPERTIES, INC. AND SUBSIDIARIES
FORM
10-Q
FOR
THE QUARTER ENDED SEPTEMBER 30, 2023
Table
of Contents
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
AS
OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(in
thousands except per share amounts)
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
(Unaudited) | | |
| |
- ASSETS - | |
| | |
| |
Investment Property and Equipment | |
| | | |
| | |
Land | |
$ | 89,604 | | |
$ | 86,619 | |
Site and Land Improvements | |
| 868,123 | | |
| 846,218 | |
Buildings and Improvements | |
| 36,012 | | |
| 35,933 | |
Rental Homes and Accessories | |
| 504,444 | | |
| 422,818 | |
Total Investment Property | |
| 1,498,183 | | |
| 1,391,588 | |
Equipment and Vehicles | |
| 28,192 | | |
| 26,721 | |
Total Investment Property and Equipment | |
| 1,526,375 | | |
| 1,418,309 | |
Accumulated Depreciation | |
| (402,411 | ) | |
| (363,098 | ) |
Net Investment Property and Equipment | |
| 1,123,964 | | |
| 1,055,211 | |
| |
| | | |
| | |
Other Assets | |
| | | |
| | |
Cash and Cash Equivalents | |
| 38,646 | | |
| 29,785 | |
Marketable Securities at Fair Value | |
| 27,616 | | |
| 42,178 | |
Inventory of Manufactured Homes | |
| 38,950 | | |
| 88,468 | |
Notes and Other Receivables, net | |
| 78,584 | | |
| 67,271 | |
Prepaid Expenses and Other Assets | |
| 14,232 | | |
| 20,011 | |
Land Development Costs | |
| 47,560 | | |
| 23,250 | |
Investment in Joint Venture | |
| 23,332 | | |
| 18,422 | |
Total Other Assets | |
| 268,920 | | |
| 289,385 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 1,392,884 | | |
$ | 1,344,596 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS – CONTINUED
AS
OF SEPTEMBER 30, 2023 AND DECEMBER 31, 2022
(in
thousands except per share amounts)
| |
September 30, 2023 | | |
December 31, 2022 | |
- LIABILITIES AND SHAREHOLDERS’ EQUITY - | |
(Unaudited) | | |
| |
LIABILITIES: | |
| | | |
| | |
Mortgages Payable, net of unamortized debt issuance costs | |
$ | 442,164 | | |
$ | 508,938 | |
| |
| | | |
| | |
Other Liabilities: | |
| | | |
| | |
Accounts Payable | |
| 5,978 | | |
| 6,387 | |
Loans Payable, net of unamortized debt issuance costs | |
| 144,623 | | |
| 153,531 | |
Series A Bonds, net of unamortized debt issuance costs | |
| 99,843 | | |
| 99,207 | |
Accrued Liabilities and Deposits | |
| 13,037 | | |
| 16,852 | |
Tenant Security Deposits | |
| 9,492 | | |
| 8,485 | |
Total Other Liabilities | |
| 272,973 | | |
| 284,462 | |
Total Liabilities | |
| 715,137 | | |
| 793,400 | |
| |
| | | |
| | |
Commitments and Contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Shareholders’ Equity: | |
| | | |
| | |
Series D - 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 13,700 and 9,300 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 11,179 and 9,015 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| 279,482 | | |
| 225,379 | |
Common Stock - $0.10 par value per share, 153,714 and 154,048 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 66,172 and 57,595 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively | |
| 6,617 | | |
| 5,760 | |
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of September 30, 2023 and December 31, 2022 | |
| 0 | | |
| 0 | |
Additional Paid-In Capital | |
| 414,888 | | |
| 343,189 | |
Undistributed Income (Accumulated Deficit) | |
| (25,364 | ) | |
| (25,364 | ) |
Total UMH Properties, Inc. Shareholders’ Equity | |
| 675,623 | | |
| 548,964 | |
Non-Controlling Interest in Consolidated Subsidiaries | |
| 2,124 | | |
| 2,232 | |
Total Shareholders’ Equity | |
| 677,747 | | |
| 551,196 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | |
$ | 1,392,884 | | |
$ | 1,344,596 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF INCOME (LOSS) (UNAUDITED)
FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands except per share amounts)
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
THREE MONTHS ENDED | | |
NINE MONTHS ENDED | |
| |
September 30, 2023 | | |
September 30, 2022 | | |
September 30, 2023 | | |
September 30, 2022 | |
| |
| | |
| | |
| | |
| |
INCOME: | |
| | | |
| | | |
| | | |
| | |
Rental and Related Income | |
$ | 48,135 | | |
$ | 42,893 | | |
$ | 140,503 | | |
$ | 126,699 | |
Sales of Manufactured Homes | |
| 7,909 | | |
| 9,044 | | |
| 23,438 | | |
| 20,329 | |
Total Income | |
| 56,044 | | |
| 51,937 | | |
| 163,941 | | |
| 147,028 | |
| |
| | | |
| | | |
| | | |
| | |
EXPENSES: | |
| | | |
| | | |
| | | |
| | |
Community Operating Expenses | |
| 20,673 | | |
| 19,181 | | |
| 60,795 | | |
| 56,175 | |
Cost of Sales of Manufactured Homes | |
| 5,334 | | |
| 6,330 | | |
| 16,059 | | |
| 14,150 | |
Selling Expenses | |
| 1,792 | | |
| 1,625 | | |
| 5,269 | | |
| 3,994 | |
General and Administrative Expenses | |
| 4,491 | | |
| 5,150 | | |
| 14,654 | | |
| 13,348 | |
Depreciation Expense | |
| 14,147 | | |
| 12,302 | | |
| 41,271 | | |
| 36,003 | |
Total Expenses | |
| 46,437 | | |
| 44,588 | | |
| 138,048 | | |
| 123,670 | |
| |
| | | |
| | | |
| | | |
| | |
OTHER INCOME (EXPENSE): | |
| | | |
| | | |
| | | |
| | |
Interest Income | |
| 1,306 | | |
| 1,080 | | |
| 3,661 | | |
| 3,058 | |
Dividend Income | |
| 508 | | |
| 699 | | |
| 1,745 | | |
| 2,200 | |
Gain (Loss) on Sales of Marketable Securities, net | |
| 226 | | |
| (6,405 | ) | |
| 183 | | |
| 24,316 | |
Decrease in Fair Value of Marketable Securities | |
| (5,496 | ) | |
| (1,230 | ) | |
| (10,439 | ) | |
| (43,024 | ) |
Other Income | |
| 235 | | |
| 366 | | |
| 850 | | |
| 782 | |
Loss on Investment in Joint Venture | |
| (165 | ) | |
| (116 | ) | |
| (645 | ) | |
| (373 | ) |
Interest Expense | |
| (7,694 | ) | |
| (6,951 | ) | |
| (24,662 | ) | |
| (18,852 | ) |
Total Other Income (Expense) | |
| (11,080 | ) | |
| (12,557 | ) | |
| (29,307 | ) | |
| (31,893 | ) |
| |
| | | |
| | | |
| | | |
| | |
Loss before Gain (Loss) on Sales of Investment Property and Equipment | |
| (1,473 | ) | |
| (5,208 | ) | |
| (3,414 | ) | |
| (8,535 | ) |
Gain (Loss) on Sales of Investment Property and Equipment | |
| (26 | ) | |
| (10 | ) | |
| 11 | | |
| (96 | ) |
Net Loss | |
| (1,499 | ) | |
| (5,218 | ) | |
| (3,403 | ) | |
| (8,631 | ) |
Preferred Dividends | |
| (4,364 | ) | |
| (4,588 | ) | |
| (12,251 | ) | |
| (19,788 | ) |
Loss Attributable to Non-Controlling Interest | |
| 32 | | |
| 61 | | |
| 108 | | |
| 61 | |
Redemption of Preferred Stock | |
| 0 | | |
| 0 | | |
| 0 | | |
| (8,190 | ) |
Net Loss Attributable to Common Shareholders | |
$ | (5,831 | ) | |
$ | (9,745 | ) | |
$ | (15,546 | ) | |
$ | (36,548 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted | |
$ | (0.09 | ) | |
$ | (0.18 | ) | |
$ | (0.25 | ) | |
$ | (0.68 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted Average Common Shares Outstanding: | |
| | | |
| | | |
| | | |
| | |
Basic and Diluted | |
| 65,076 | | |
| 54,891 | | |
| 61,853 | | |
| 53,746 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands)
| |
Number | | |
Amount | | |
Series C | | |
Series D | |
| |
Common Stock | | |
Preferred | | |
Preferred | |
| |
Issued and Outstanding | | |
Stock | | |
Stock | |
| |
Number | | |
Amount | | |
Series C | | |
Series D | |
| |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
| 57,595 | | |
$ | 5,760 | | |
$ | 0 | | |
$ | 225,379 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 164 | | |
| 15 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 140 | | |
| 14 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 14 | | |
| 1 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 2,071 | | |
| 208 | | |
| 0 | | |
| 0 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| 0 | | |
| 0 | | |
| 0 | | |
| 21,858 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Loss | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| 59,984 | | |
| 5,998 | | |
| 0 | | |
| 247,237 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 151 | | |
| 15 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 8 | | |
| 1 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 42 | | |
| 4 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 2,887 | | |
| 289 | | |
| 0 | | |
| 0 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| 0 | | |
| 0 | | |
| 0 | | |
| 17,795 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Loss | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| 63,072 | | |
| 6,307 | | |
| 0 | | |
| 265,032 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 137 | | |
| 13 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 155 | | |
| 16 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 15 | | |
| 2 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 2,793 | | |
| 279 | | |
| 0 | | |
| 0 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| 0 | | |
| 0 | | |
| 0 | | |
| 14,450 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Loss | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
| 66,172 | | |
$ | 6,617 | | |
$ | 0 | | |
$ | 279,482 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands)
| |
Capital | | |
Deficit) | | |
Subsidiary | | |
Equity | |
| |
Additional Paid-In | | |
Undistributed Income (Accumulated | | |
Non-Controlling Interest in Consolidated | | |
Total Shareholders’ | |
| |
Capital | | |
Deficit) | | |
Subsidiary | | |
Equity | |
| |
| | |
| | |
| | |
| |
Balance December 31, 2022 | |
$ | 343,189 | | |
$ | (25,364 | ) | |
$ | 2,232 | | |
$ | 551,196 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 2,502 | | |
| 0 | | |
| 0 | | |
| 2,517 | |
Common Stock Issued through Restricted Stock Awards | |
| (14 | ) | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 136 | | |
| 0 | | |
| 0 | | |
| 137 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 34,080 | | |
| 0 | | |
| 0 | | |
| 34,288 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| (2,567 | ) | |
| 0 | | |
| 0 | | |
| 19,291 | |
Distributions | |
| (17,523 | ) | |
| 1,461 | | |
| 0 | | |
| (16,062 | ) |
Stock Compensation Expense | |
| 1,528 | | |
| 0 | | |
| 0 | | |
| 1,528 | |
Net Loss | |
| 0 | | |
| (1,461 | ) | |
| (40 | ) | |
| (1,501 | ) |
| |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2023 | |
| 361,331 | | |
| (25,364 | ) | |
| 2,192 | | |
| 591,394 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 2,020 | | |
| 0 | | |
| 0 | | |
| 2,035 | |
Common Stock Issued through Restricted Stock Awards | |
| (1 | ) | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 409 | | |
| 0 | | |
| 0 | | |
| 413 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 43,870 | | |
| 0 | | |
| 0 | | |
| 44,159 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| (2,486 | ) | |
| 0 | | |
| 0 | | |
| 15,309 | |
Distributions | |
| (16,878 | ) | |
| 367 | | |
| 0 | | |
| (16,511 | ) |
Stock Compensation Expense | |
| 1,471 | | |
| 0 | | |
| 0 | | |
| 1,471 | |
Net Loss | |
| 0 | | |
| (367 | ) | |
| (36 | ) | |
| (403 | ) |
| |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2023 | |
| 389,736 | | |
| (25,364 | ) | |
| 2,156 | | |
| 637,867 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 2,245 | | |
| 0 | | |
| 0 | | |
| 2,258 | |
Common Stock Issued through Restricted Stock Awards | |
| (16 | ) | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 182 | | |
| 0 | | |
| 0 | | |
| 184 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 43,238 | | |
| 0 | | |
| 0 | | |
| 43,517 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| (2,258 | ) | |
| 0 | | |
| 0 | | |
| 12,192 | |
Distributions | |
| (19,250 | ) | |
| 1,467 | | |
| 0 | | |
| (17,783 | ) |
Stock Compensation Expense | |
| 1,011 | | |
| 0 | | |
| 0 | | |
| 1,011 | |
Net Loss | |
| 0 | | |
| (1,467 | ) | |
| (32 | ) | |
| (1,499 | ) |
| |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2023 | |
$ | 414,888 | | |
$ | (25,364 | ) | |
$ | 2,124 | | |
$ | 677,747 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands)
| |
Number | | |
Amount | | |
Series C | | |
Series D | |
| |
Common Stock | | |
Preferred | | |
Preferred | |
| |
Issued and Outstanding | | |
Stock | | |
Stock | |
| |
Number | | |
Amount | | |
Series C | | |
Series D | |
| |
| | |
| | |
| | |
| |
Balance December 31, 2021 | |
| 51,651 | | |
$ | 5,165 | | |
$ | 247,100 | | |
$ | 215,219 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 72 | | |
| 7 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 114 | | |
| 11 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 78 | | |
| 8 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 1,585 | | |
| 159 | | |
| 0 | | |
| 0 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Income | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2022 | |
| 53,500 | | |
| 5,350 | | |
| 247,100 | | |
| 215,219 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 78 | | |
| 8 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 4 | | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 226 | | |
| 23 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 857 | | |
| 86 | | |
| 0 | | |
| 0 | |
Preferred Stock Called for Redemption | |
| 0 | | |
| 0 | | |
| (247,100 | ) | |
| 0 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Loss | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| 54,665 | | |
| 5,467 | | |
| 0 | | |
| 215,219 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 130 | | |
| 12 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Restricted Stock Awards | |
| 6 | | |
| 1 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 100 | | |
| 10 | | |
| 0 | | |
| 0 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 237 | | |
| 24 | | |
| 0 | | |
| 0 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| 0 | | |
| 0 | | |
| 0 | | |
| 188 | |
Distributions | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Stock Compensation Expense | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Investment from Non-Controlling Interest | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Net Loss | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
| |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
| 55,138 | | |
$ | 5,514 | | |
$ | 0 | | |
$ | 215,407 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR
THE THREE AND NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands)
| |
Capital | | |
Deficit) | | |
Subsidiary | | |
Equity | |
| |
Additional Paid-In | | |
Undistributed Income (Accumulated | | |
Non-Controlling Interest in Consolidated | | |
Total Shareholders’ | |
| |
Capital | | |
Deficit) | | |
Subsidiary | | |
Equity | |
| |
| | |
| | |
| | |
| |
Balance December 31, 2021 | |
$ | 300,020 | | |
$ | (25,364 | ) | |
$ | 0 | | |
$ | 742,140 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 1,667 | | |
| 0 | | |
| 0 | | |
| 1,674 | |
Common Stock Issued through Restricted Stock Awards | |
| (11 | ) | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 985 | | |
| 0 | | |
| 0 | | |
| 993 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 38,210 | | |
| 0 | | |
| 0 | | |
| 38,369 | |
Distributions | |
| (14,731 | ) | |
| (3,275 | ) | |
| 0 | | |
| (18,006 | ) |
Stock Compensation Expense | |
| 1,169 | | |
| 0 | | |
| 0 | | |
| 1,169 | |
Net Income | |
| 0 | | |
| 3,275 | | |
| 0 | | |
| 3,275 | |
| |
| | | |
| | | |
| | | |
| | |
Balance March 31, 2022 | |
| 327,309 | | |
| (25,364 | ) | |
| 0 | | |
| 769,614 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 1,332 | | |
| 0 | | |
| 0 | | |
| 1,340 | |
Common Stock Issued through Restricted Stock Awards | |
| 0 | | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 2,197 | | |
| 0 | | |
| 0 | | |
| 2,220 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 19,781 | | |
| 0 | | |
| 0 | | |
| 19,867 | |
Preferred Stock Called for Redemption | |
| 8,185 | | |
| (8,185 | ) | |
| 0 | | |
| (247,100 | ) |
Distributions | |
| (33,363 | ) | |
| 14,873 | | |
| 0 | | |
| (18,490 | ) |
Stock Compensation Expense | |
| 1,132 | | |
| 0 | | |
| 0 | | |
| 1,132 | |
Net Loss | |
| 0 | | |
| (6,688 | ) | |
| 0 | | |
| (6,688 | ) |
| |
| | | |
| | | |
| | | |
| | |
Balance June 30, 2022 | |
| 326,573 | | |
| (25,364 | ) | |
| 0 | | |
| 521,895 | |
| |
| | | |
| | | |
| | | |
| | |
Common Stock Issued with the DRIP | |
| 2,331 | | |
| 0 | | |
| 0 | | |
| 2,343 | |
Common Stock Issued through Restricted Stock Awards | |
| (1 | ) | |
| 0 | | |
| 0 | | |
| 0 | |
Common Stock Issued through Stock Options | |
| 972 | | |
| 0 | | |
| 0 | | |
| 982 | |
Common Stock Issued in connection with At-The-Market Offerings, net | |
| 4,493 | | |
| 0 | | |
| 0 | | |
| 4,517 | |
Preferred Stock Issued in connection with At-The-Market Offerings, net | |
| (78 | ) | |
| 0 | | |
| 0 | | |
| 110 | |
Distributions | |
| (22,095 | ) | |
| 5,157 | | |
| 0 | | |
| (16,938 | ) |
Stock Compensation Expense | |
| 1,611 | | |
| 0 | | |
| 0 | | |
| 1,611 | |
Investment from Non-Controlling Interest | |
| 0 | | |
| 0 | | |
| 2,250 | | |
| 2,250 | |
Net Loss | |
| 0 | | |
| (5,157 | ) | |
| (61 | ) | |
| (5,218 | ) |
Net Income (loss) | |
| 0 | | |
| (5,157 | ) | |
| (61 | ) | |
| (5,218 | ) |
| |
| | | |
| | | |
| | | |
| | |
Balance September 30, 2022 | |
$ | 313,806 | | |
$ | (25,364 | ) | |
$ | 2,189 | | |
$ | 511,552 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR
THE NINE MONTHS ENDED
SEPTEMBER
30, 2023 AND 2022
(in
thousands)
| |
September 30, 2023 | | |
September 30, 2022 | |
| |
NINE MONTHS ENDED | |
| |
September 30, 2023 | | |
September 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |
| | | |
| | |
Net Loss | |
$ | (3,403 | ) | |
$ | (8,631 | ) |
Non-Cash items included in Net Loss: | |
| | | |
| | |
Depreciation | |
| 41,271 | | |
| 36,003 | |
Amortization of Financing Costs | |
| 1,592 | | |
| 1,445 | |
Stock Compensation Expense | |
| 4,010 | | |
| 3,912 | |
Provision for Uncollectible Notes and Other Receivables | |
| 1,332 | | |
| 979 | |
Gain on Sales of Marketable Securities, net | |
| (183 | ) | |
| (24,316 | ) |
Decrease in Fair Value of Marketable Securities | |
| 10,439 | | |
| 43,024 | |
(Gain) Loss on Sales of Investment Property and Equipment | |
| (11 | ) | |
| 96 | |
Changes in Operating Assets and Liabilities: | |
| | | |
| | |
Inventory of Manufactured Homes | |
| 49,518 | | |
| (33,547 | ) |
Notes and Other Receivables, net of notes acquired with acquisitions | |
| (12,645 | ) | |
| (10,054 | ) |
Prepaid Expenses and Other Assets | |
| 1,612 | | |
| (3,759 | ) |
Accounts Payable | |
| (409 | ) | |
| 2,494 | |
Accrued Liabilities and Deposits | |
| (3,815 | ) | |
| (3,017 | ) |
Tenant Security Deposits | |
| 1,007 | | |
| 454 | |
Net Cash Provided by Operating Activities | |
| 90,315 | | |
| 5,083 | |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |
| | | |
| | |
Purchase of Manufactured Home Communities | |
| (3,679 | ) | |
| (44,684 | ) |
Purchase of Investment Property and Equipment | |
| (108,616 | ) | |
| (53,677 | ) |
Proceeds from Sales of Investment Property and Equipment | |
| 2,282 | | |
| 2,522 | |
Additions to Land Development Costs | |
| (24,310 | ) | |
| (16,597 | ) |
Proceeds from Sales of Marketable Securities | |
| 4,323 | | |
| 55,836 | |
Investment in Joint Venture | |
| (4,910 | ) | |
| (1,821 | ) |
Net Cash Used in Investing Activities | |
| (134,927 | ) | |
| (58,435 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |
| | | |
| | |
Proceeds from Mortgages | |
| 0 | | |
| 59,801 | |
Net (Payments) Proceeds from Short-Term Borrowings | |
| (8,338 | ) | |
| 80,437 | |
Principal Payments of Mortgages and Loans | |
| (67,429 | ) | |
| (11,855 | ) |
Proceeds from Bonds Issuance | |
| 0 | | |
| 102,670 | |
Financing Costs on Debt | |
| (871 | ) | |
| (5,761 | ) |
Investments from Non-Controlling Interest | |
| 0 | | |
| 2,250 | |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | |
| 46,792 | | |
| 110 | |
Payments on Redemption of Preferred Stock | |
| 0 | | |
| (247,100 | ) |
Proceeds from At-The-Market Common Equity Program, net of offering costs | |
| 121,964 | | |
| 62,753 | |
Proceeds from Issuance of Common Stock in the DRIP, net of dividend
reinvestments | |
| 4,807 | | |
| 3,210 | |
Proceeds from Exercise of Stock Options | |
| 734 | | |
| 4,195 | |
Preferred Dividends Paid | |
| (12,251 | ) | |
| (21,178 | ) |
Common Dividends Paid, net of dividend reinvestments | |
| (36,102 | ) | |
| (30,109 | ) |
Net Cash Provided by (Used in) Financing Activities | |
| 49,306 | | |
| (577 | ) |
| |
| | | |
| | |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | |
| 4,694 | | |
| (53,929 | ) |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | |
| 40,876 | | |
| 125,026 | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | |
$ | 45,570 | | |
$ | 71,097 | |
See
Accompanying Notes to Consolidated Financial Statements
UMH
PROPERTIES, INC. AND SUBSIDIARIES
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
SEPTEMBER
30, 2023 (UNAUDITED)
NOTE
1 – ORGANIZATION AND ACCOUNTING POLICIES
UMH
Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the
Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate
rental operations. The Company owns and operates 135 manufactured
home communities (including two communities acquired through its qualified opportunity zone fund, as further discussed in Note 6)
containing approximately 25,800 developed
homesites as of September 30, 2023. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana,
Maryland, Michigan, Alabama, South Carolina and Georgia. As further discussed in Note 5, the Company also has an ownership interest
in and operates two communities in Florida through its joint venture with Nuveen Real Estate. The Company, through its wholly-owned
taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells and finances manufactured homes to residents and
prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F
was established to fill these vacancies and enhance the value of the communities. The Company also holds a 77% percentage
controlling interest in an opportunity zone fund which it created to acquire, develop and redevelop manufactured housing communities
located in areas designated as Qualified Opportunity Zones by the U.S. Treasury Department to encourage long-term investment in
economically distressed areas. The consolidated financial statements of the Company include S&F, all of its other wholly-owned
subsidiaries and its qualified opportunity zone fund. All intercompany transactions and balances have been eliminated in
consolidation.
The
Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to
maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under
federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special
tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states
in which the Company owns property.
The
interim consolidated financial statements furnished herein have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q,
and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete
financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31,
2022.
Use
of Estimates
In
preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that
affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated
balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful
accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and
stock compensation expense. Actual results could differ from these estimates and assumptions.
Reclassifications
Certain
amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current
periods.
Investment
in Joint Venture
The
Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance
with Accounting Standards Codification (“ASC”) 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but
not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment
is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions
received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement.
The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes
in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the
factors that are considered in evaluation of the existence of impairment indicators (See Note 5).
Leases
We
account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our
sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement
from us and the resident, or in some cases, as provided by jurisdictional statute.
We
are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2023
and December 31, 2022, the right-of-use assets and corresponding lease liabilities of $3.4 million and $3.6 million, respectively, are
included in prepaid expenses and other assets and accrued liabilities and deposits on the consolidated balance sheets.
Future
minimum lease payments under these leases over the remaining lease terms are as follows (in thousands):
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| | |
2023 | |
$ | 115 | |
2024 | |
| 460 | |
2025 | |
| 460 | |
2026 | |
| 460 | |
2027 | |
| 257 | |
Thereafter | |
| 18,614 | |
| |
| | |
Total Lease Payments | |
$ | 20,366 | |
The
weighted average remaining lease term for these leases is 161 years. The right of use assets and lease liabilities was calculated using
an interest rate of 5%.
Restricted
Cash
The
Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in
accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance
sheets.
The
following table presents beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods
shown (in thousands):
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
| |
| | |
| | |
| | |
| |
| |
9/30/23 | | |
12/31/22 | | |
9/30/22 | | |
12/31/21 | |
| |
| | |
| | |
| | |
| |
Cash and Cash Equivalents | |
$ | 38,646 | | |
$ | 29,785 | | |
$ | 62,512 | | |
$ | 116,175 | |
Restricted Cash | |
| 6,924 | | |
| 11,091 | | |
| 8,585 | | |
| 8,851 | |
Cash, Cash Equivalents | |
| | | |
| | | |
| | | |
| | |
And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Cash,
Cash Equivalents And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Revenue
Recognition
We
account for our Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09
“Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize
revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of
goods or provision of services.
Rental
and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for
under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which
are accounted for with the site lease as a single lease under ASC 842.
Revenue
from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control
of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation.
Interest
income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued
based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans.
Dividend
income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately
but are not in the scope of ASC 606.
Other
income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income.
This income is recognized when the transactions are completed and our performance obligations have been fulfilled.
Notes
Receivables
We account for our receivables in accordance with ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a forward looking “expected loss”
model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses
is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the
reported amount. As of September 30, 2023 and December 31, 2022, the Company had notes receivable of $74.1 million and $63.0 million,
net of the fair value adjustment of $1.5 million and $1.3 million, respectively. Notes receivables are presented as a component of notes
and other receivables, net on our consolidated balance sheets. These receivables represent balances owed to us for previously completed
performance obligations for sales of manufactured homes.
Other
Recent Accounting Pronouncements
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying consolidated financial statements.
NOTE
2 – NET INCOME (LOSS) PER SHARE
Basic
Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted
Net Income (Loss) per Share is calculated by dividing Net Income (Loss) less Income (Loss) Attributable to Non-Controlling Interest by
the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise
of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss
per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive.
For
the three and nine months ended September 30, 2023, common
stock equivalents of 478,000 shares and 655,000 shares, respectively, were excluded from the computation
of Diluted Net Loss per Share as their effect would be anti-dilutive. For the three and nine months ended September 30, 2022, common
stock equivalents of 728,000 shares and 956,000 shares, respectively, were excluded from the computation
of Diluted Net Loss per Share as their effect would be anti-dilutive.
NOTE
3 – INVESTMENT PROPERTY AND EQUIPMENT
Acquisitions
On
January 19, 2023, the Company acquired Mighty Oak, a newly developed manufactured home community located in Albany, Georgia, for approximately
$3.7 million, through its qualified opportunity zone fund (See Note 6). This community contains a total of 118 newly developed homesites
that are situated on approximately 26 total acres.
The
Company has evaluated this acquisition and has determined that it should be accounted for as an acquisition of assets. As such, we have
allocated the total cash consideration, including transaction costs of approximately $29,000 for the nine months ended September 30,
2023, to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation
for the assets acquired for the nine months ended September 30, 2023 (in thousands):
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED
| |
At Acquisition Date | |
Assets Acquired: | |
| |
Land | |
$ | 234 | |
Depreciable Property | |
| 3,445 | |
Total Assets Acquired | |
$ | 3,679 | |
See
Note 14 for the Unaudited Pro Forma Financial Information relating to this acquisition.
NOTE
4 – MARKETABLE SECURITIES
The
Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of
$27.6 million as of September 30, 2023, which represents 1.5% of undepreciated assets. The Company does not intend to increase its investments
in this REIT securities portfolio. The REIT securities portfolio provides the Company with additional liquidity and additional income
and serves as a proxy for real estate when more favorable risk adjusted returns are not available.
As
of September 30, 2023, the Company had total net unrealized losses of $46.6 million in its REIT securities portfolio. For the three and
nine months ended September 30, 2023, the Company recorded a decrease of $5.5 million and $10.4 million, respectively, in the fair value
of these marketable securities. The Company held twelve securities that had unrealized losses as of September 30, 2023.
NOTE
5- INVESTMENT IN JOINT VENTURE
In
December 2021, the Company and Teachers Insurance and Annuity Association of America, through Nuveen Real Estate (its asset management
division) (“Nuveen” or “Nuveen Real Estate”), established a joint venture for the purpose of acquiring manufactured
housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines.
The terms of the joint venture are set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “LLC Agreement”)
entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The LLC Agreement provides for the parties
to initially fund up to $70
million of equity capital for acquisitions during
a 24-month
commitment period, with Nuveen having the option, subject to certain conditions, to elect to increase the parties’ total commitments
by up to an additional $100
million and to extend the commitment period for
up to an additional four
years. The LLC Agreement calls for committed
capital to be funded 60%
by Nuveen and 40%
by the Company on a parity basis. The Company serves as managing member of the joint venture and is responsible for day-to-day operations
of the joint venture and management of its properties, subject to obtaining approval of Nuveen Real Estate for major decisions (including
investments, dispositions, financings, major capital expenditures and annual budgets). The Company receives property management, asset
management and other fees from the joint venture. In addition, once each member of the joint venture has recouped its invested capital
and received a 7.5% net unlevered internal rate of return, 80%
of distributable cash will be allocated pro rata in accordance with the members’ respective percentage interests and the Company
and Nuveen will receive a promote percentage equal to 70% (in the case of the Company) and 30% (in the case of Nuveen) of the remaining
20%
of distributable cash. After 7 years the Company may elect to consummate the crystallization of the promote.
Under
the terms of the LLC Agreement, after December 8, 2024 or, if later, the second anniversary of the joint venture’s acquisition
and placing in service of a manufactured housing or recreational vehicle community, Nuveen will have a right to initiate the sale of
one or more of the communities owned by the joint venture. If Nuveen elects to initiate such a sale process, the Company may exercise
a right of first refusal to acquire Nuveen’s interest in the community or communities to be sold for a purchase price corresponding
to the greater of the appraised value of such communities or the amount required to provide a 7.5% net unlevered internal rate of return
on Nuveen’s investment. In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at
any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount
required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment.
The
LLC Agreement between the Company and Nuveen provides that until the capital contributions to the joint venture are fully funded or the
joint venture is terminated, the joint venture will be the exclusive vehicle for the Company to acquire any manufactured housing communities
and/or recreational vehicle communities that meet the joint venture’s investment guidelines. These guidelines call for the joint
venture to acquire manufactured housing and recreational vehicle communities that have been developed within the previous two years and
are less than 20% occupied, are located in certain geographic markets, are projected to meet certain cash flow and internal rate of return
targets, and satisfy certain other criteria. The Company has agreed to offer Nuveen the opportunity to have the joint venture acquire
any manufactured housing community or recreational vehicle community that meets these investment guidelines. If Nuveen determines not
to pursue or approve any such acquisition, the Company would be permitted to acquire the property outside the joint venture. Since formation
of the joint venture, Nuveen has provided the Company with written waivers of the exclusivity provision of the LLC Agreement with regard
to two property acquisitions that may have fit the investment guidelines of the joint venture, which permitted the Company to acquire
them outside of the Nuveen joint venture. Except for investment opportunities that are offered to and declined by Nuveen, the Company
is prohibited from developing, owning, operating or managing manufactured housing communities or recreational vehicle communities within
a 10-mile radius of any community owned by the joint venture. However, this restriction does not apply with respect to investments by
the Company in existing communities operated by the Company.
The
LLC Agreement provides that Nuveen will have the right to remove and replace the Company as managing member of the joint venture and
manager of the joint venture’s properties if the Company breaches certain obligations or certain events occur. Upon such removal,
Nuveen may elect to buy out the Company’s interest in the joint venture at 98% of the value of the Company’s interest in
the joint venture. If Nuveen does not exercise such buy-out right, the Company may, at specified times, elect to initiate a sale of the
communities owned by the joint venture, subject to a right of first refusal on the part of Nuveen. The LLC Agreement contains restrictions
on a party’s right to transfer its interest in the joint venture without the approval of the other party.
The
LLC Agreement requires the Company to offer Nuveen the opportunity to have the joint venture acquire a manufactured housing community
or recreational vehicle community that meets the investment guidelines. If Nuveen decides not to acquire the community through the joint
venture, however, the Company is free to purchase the community on its own outside of the joint venture.
In
December 2021, the joint venture closed on the acquisition of Sebring Square, a newly developed all-age, manufactured home community
located in Sebring, Florida, for a total purchase price of $22.2 million. This community contains 219 developed homesites situated on
approximately 39 acres. On December 23, 2022, the joint venture closed on the acquisition of Rum Runner, a newly developed all-age, manufactured
home community also located in Sebring, Florida for a total purchase price of $15.1 million. This community contains 144 developed homesites
situated on approximately 20 acres. The Company manages these communities on behalf of the joint venture.
The Company and Nuveen are continuing to seek opportunities to acquire
additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain
other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new
joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate
additional acquisitions but will maintain its existing property portfolio, consisting of the Sebring Square and Rum Runner communities.
While the terms and conditions of such new joint venture entities have not been fully negotiated, it is expected that invested capital
would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and that other terms would be similar to those of the
existing joint venture, except that the amounts of the parties’ respective capital commitments will be determined on a property-by-property
basis.
References
in this report to the Company’s joint venture with Nuveen are intended to refer to our ongoing relationship with Nuveen.
The
Company accounts for this joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, “Investments
– Equity Method and Joint Ventures”.
NOTE
6 - OPPORTUNITY ZONE FUND
In
July 2022, the Company invested $8.0 million, representing a portion of the capital gain the Company recognized from its investment in
Monmouth Real Estate Investment Corporation (“MREIC”), which was acquired by merger in February 2022, in UMH OZ Fund, LLC (“OZ
Fund”), a new entity formed by the Company. The OZ Fund was created to acquire, develop and redevelop manufactured housing communities
requiring substantial capital investment and located in areas designated as Qualified Opportunity Zones by the Treasury Department pursuant
to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas. The
OZ Fund was designed to allow the Company and other investors in the OZ Fund to defer the tax on recently realized capital gains reinvested
in the OZ Fund until December 31, 2026 and to potentially obtain certain other tax benefits. UMH manages the OZ Fund and will receive
certain management fees as well as a 15% carried interest in distributions by the OZ Fund to the other investors (subject to first returning
investor capital with a 5% preferred return). UMH will have a right of first offer to purchase the communities from the OZ Fund at the
time of sale at their then-current appraised value. On August 10, 2022, the Company, through the OZ Fund, acquired Garden View, located
in Orangeburg, South Carolina, for approximately $5.2 million. On January 19, 2023, the Company, through the OZ Fund, acquired Mighty
Oak, located in Albany, Georgia, for approximately $3.7 million (See Note 3). As of September 30, 2023, the Company’s investment
in the OZ Fund represented 77% of the total capital contributed to the OZ Fund and is consolidated in the Company’s Consolidated
Financial Statements. Other investors in the OZ Fund include certain officers, directors and employees of the Company.
NOTE
7 – LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS
Unsecured
Line of Credit
On
November 7, 2022, the Company entered into the Second Amended and Restated Credit Agreement (the “Amendment”) to expand and
extend its existing unsecured revolving credit facility (the “Facility”). The expanded Facility is syndicated with two banks,
BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. The Second Amended Credit
Agreement provides for an increase from $75 million in available borrowings to $100 million in available borrowings with a $400 million
accordion feature, bringing the total potential availability up to $500 million, subject to certain conditions including obtaining commitments
from additional lenders. The Second Amended Credit Agreement also extends the maturity date of the Facility from November 29, 2022 to
November 7, 2026, with a further one-year extension available at the Company’s option, subject to certain conditions including
payment of an extension fee. Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which
the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base
communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities
in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and are equal to the Secured
Overnight Financing Rate (“SOFR”) plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%.
On
February 24, 2023, the Company amended its Facility to expand available borrowings from $100 million to $180 million.
As of September 30, 2023, the amount outstanding under the Facility was $100 million and the interest rate was 7.27%.
Loans
Payable
The
following is a summary of our loans payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF LOANS PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Margin Loan | |
$ | 0 | | |
| N/A | | |
$ | 0 | | |
| N/A | |
Unsecured line of credit | |
| 100,000 | | |
| 7.27 | % | |
| 75,000 | | |
| 5.88 | % |
Floorplan inventory financing | |
| 1,050 | | |
| 9.01 | % | |
| 64,126 | | |
| 7.70 | % |
FirstBank rental home financing | |
| 24,838 | | |
| 6.15 | % | |
| 5,100 | | |
| 6.50 | % |
OceanFirst notes receivable financing | |
| 20,000 | | |
| 8.50 | % | |
| 10,000 | | |
| 7.50 | % |
Total Loans Payable | |
| 145,888 | | |
| 7.26 | % | |
| 154,226 | | |
| 6.76 | % |
Unamortized debt issuance costs | |
| (1,265 | ) | |
| | | |
| (695 | ) | |
| | |
Loans Payable, net of unamortized | |
| | | |
| | | |
| | | |
| | |
debt issuance costs | |
$ | 144,623 | | |
| 7.32 | % | |
$ | 153,531 | | |
| 6.79 | % |
On
March 9, 2023, the Company entered into a $30 million revolving line of credit with Triad Financial Services (“Triad”) secured
by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
On
May 12, 2023, the Company entered into a $25 million term loan with FirstBank. The term loan has a 5-year term with a fixed interest
rate of 6.15%. The term loan is secured by rental homes, and their leases, in various communities throughout our portfolio. Additionally,
the Company entered into a new $25 million line of credit secured by rental homes and their leases. This new line of credit also has
a 5-year term and has a variable rate tied to Prime.
On
July 19, 2023, the Company expanded its revolving line of credit with OceanFirst Bank from $20 million to $35 million. Interest is at
prime with a floor of 4.75%. This line is secured by the Company’s eligible notes receivable. The amendment also extended the maturity
date to June 1, 2025.
Series
A Bonds
On
February 6, 2022, the Company issued $102.7 million of its new 4.72% Series A Bonds due 2027, or the 2027 Bonds, in an offering to investors
in Israel. The Company received $98.7 million, net of offering expenses. The 2027 Bonds are unsecured obligations of the Company denominated
in Israeli shekels (NIS) and were issued pursuant to a Deed of Trust dated January 31, 2022 between the Company and Reznik Paz Nevo Trusts
Ltd., an Israeli trust company, as trustee. The 2027 Bonds pay interest at a rate of 4.72% per year. Interest on the 2027 Bonds is payable
semi-annually on August 31, 2022, and on February 28 and August 31 of the years 2023-2026 (inclusive) and on the final maturity date
of February 28, 2027. The principal and interest will be linked to the U.S. Dollar. In the event of a future downgrade by two or more
notches in the rating of the 2027 Bonds or a failure by the Company to comply with certain covenants in the Deed of Trust, the interest
rate on the 2027 Bonds will be subject to increase. However, any such increases, in the aggregate, would not exceed 1.25% per annum.
As of September 30, 2023, the Company is in compliance with these covenants.
Under
the Deed of Trust, the Company has the right to redeem the 2027 Bonds, in whole or in part, at any time on or after 60 days from February
9, 2022, the date on which the 2027 Bonds were listed for trading on the Tel Aviv Stock Exchange (the “TASE”). Any such voluntary
early redemption by the Company will require payment of the applicable early redemption amount calculated in accordance with the Deed
of Trust. The Company does not currently intend to redeem the 2027 Bonds. Upon the occurrence of an event of default or certain other
events, including a delisting of the 2027 Bonds by the TASE, the Company may be required to effect an early repayment or redemption of
all or a portion of the 2027 Bonds at their par value plus accrued and unpaid interest. The Deed of Trust permits the Company, subject
to certain conditions, to issue additional 2027 Bonds without obtaining approval of the holders of the 2027 Bonds.
The
2027 Bonds are general unsecured obligations of the Company and rank equal in right of payment with all of the Company’s existing
and future unsecured indebtedness. The Deed of Trust includes certain customary covenants, including financial covenants requiring the
Company to maintain certain ratios of debt to net operating income, to shareholders’ equity and to earnings, and customary events
of default. The 2027 Bonds were offered solely to investors outside the United States and were not offered to, or for the account or
benefit of, U.S. Persons (as defined in Regulation S under the Securities Act of 1933).
Mortgages
Payable
The
following is a summary of our mortgages payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF MORTGAGES PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Fixed rate mortgages | |
$ | 446,280 | | |
| 3.88 | % | |
$ | 513,709 | | |
| 3.93 | % |
Unamortized debt issuance costs | |
| (4,116 | ) | |
| | | |
| (4,771 | ) | |
| | |
Mortgages Payable, net of | |
| | | |
| | | |
| | | |
| | |
unamortized debt issuance costs | |
$ | 442,164 | | |
| 3.92 | % | |
$ | 508,938 | | |
| 3.97 | % |
As
of September 30, 2023 and December 31, 2022, the weighted average loan maturity of mortgages payable was 5.0 years and 5.1 years, respectively.
NOTE
8 - SHAREHOLDERS’ EQUITY
Common
Stock
On
January 11, 2023, the Board of Directors approved an increase in the Company’s quarterly common stock dividend, raising it to
$0.205 per
share from $0.20 per
share, representing a 2.5%
increase. Over the past three years the Company has increased the dividend by 14%.
On
September 15, 2023, the Company paid total cash dividends of $13.4 million or $0.205 per share to common shareholders of record as of
the close of business on August 15, 2023, of which $647,000 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (“DRIP”).
On October 2, 2023, the Company declared a dividend of $0.205 per share to be paid December 15, 2023 to common shareholders of record
as of the close of business on November 15, 2023.
During
the nine months ended September 30, 2023, the Company received, including dividends reinvested of $2.0 million, a total of $6.8 million
from its DRIP. There were 452,000 shares issued under the DRIP during this period.
On
January 11, 2023, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorizes
us to repurchase up to $25 million in the aggregate of the Company’s common stock. Purchases under the Repurchase Program may be
made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any
combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope
and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual
requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount
of common stock and may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. For
the three and nine months ended September 30, 2023, the Company did not repurchase any shares of its common stock.
Common
Stock At-The-Market Sales Programs
On
March 7, 2022, the Company entered into an Equity Distribution Agreement (the “2022 Common ATM Program”) with BMO
Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC and Janney
Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company may offer and sell
shares of the Company’s common stock, $0.10
par value per share (the “Common Stock”), having an aggregate sales price of up to $150
million from time to time through the Distribution Agents, as agents or principals. Sales of the shares of Common Stock under the
2022 Common ATM Program are made in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933,
as amended (the “Securities Act”), including, without limitation, sales made directly on or through the New York Stock
Exchange (the “NYSE”) or to or through a market maker or any other method permitted by law, including, without
limitation, negotiated transactions and block trades. The Distribution Agents are not required to sell any specific number or dollar
amount of securities, but will use commercially reasonable efforts consistent with their normal trading and sales practices, on
mutually agreed terms between the Distribution Agents and the Company. For the nine months ended September 30, 2023, 2.1
million shares of Common Stock were issued and sold under the 2022 Common ATM Program at a weighted average price of $16.77
per share, generating gross proceeds of $35.6
million and net proceeds of $35.1
million, after offering expenses.
On
April 4, 2023, the Company entered into a new equity distribution agreement (the “2023 Common ATM Program”) with the Distribution
Agents and terminated the 2022 Common ATM Program. Under the 2023 Common ATM Program, the Company may offer and sell shares of the Company’s
Common Stock, having an aggregate sales price of up to $150 million from time to time through the Distribution Agents, as agents or principals.
Sales of the shares of Common Stock under the Distribution Agreement, if any, will be in “at the market offerings” as defined
in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE or to or through a market
maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The Distribution
Agents are not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent
with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company. The Company
began selling shares under the 2023 Common ATM Program on April 4, 2023 and through September 30, 2023, 5.6 million shares of Common
Stock were issued and sold at a weighted average price of $15.78 per share, generating gross proceeds of $88.8 million and net proceeds
of $86.9 million, after offering expenses.
Under
both the 2022 Common ATM Program and the 2023 Common ATM Program, for the nine months ended September 30, 2023, a total of 7.8 million
shares of Common Stock were issued and sold at a weighted average price of $16.05 per share, generating gross proceeds of $124.4 million
and net proceeds of $122.0 million, after offering expenses.
As
of September 30, 2023, $61.2 million of common stock remained eligible for sale under the 2023 Common ATM Program.
6.375%
Series D Cumulative Redeemable Preferred Stock
On
September 15, 2023, the Company paid $4.4 million in dividends or $0.3984375 per share for the period from June 1, 2023 through August
31, 2023 to holders of record as of the close of business on August 15, 2023 of our 6.375% Series D Cumulative Redeemable Preferred Stock,
$0.10 par value per share, Liquidation Preference $25.00 per share (“Series D Preferred Stock”). Dividends on our Series
D Preferred Stock are cumulative and payable quarterly at an annual rate of $1.59375 per share.
On
October 2, 2023, the Company declared a dividend of $0.3984375 per share for the period from September 1, 2023 through November 30, 2023
to be paid on December 15, 2023 to Series D Preferred shareholders of record as of the close of business on November 15, 2023.
Preferred
Stock At-The-Market Sales Programs
On
July 22, 2020, the Company entered into a Preferred Stock At-The-Market Sales Program (the “2020 Preferred ATM Program”)
with B. Riley Securities, Inc., as distribution agent (“B. Riley”), under which the Company may offer and sell shares of
the Company’s Series C Preferred Stock and/or Series D Preferred Stock, having an aggregate sales price of up to $100
million. Sales of shares under the 2020 Preferred ATM Program are made in “at the market offerings” as defined in Rule
415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing
trading market for the Series C Preferred Stock or Series D Preferred Stock, as applicable, or to or through a market maker or any
other method permitted by law, including, without limitation, negotiated transactions and block trades. Shares of Series C Preferred
Stock and/or Series D Preferred Stock sold under the 2020 Preferred ATM Program are offered and sold pursuant to the Company’s
2020 Registration Statement and pursuant to the Company’s prospectus dated June 1, 2020 included in the 2020 Registration
Statement and the related prospectus supplement dated July 22, 2020. The 2020 Preferred ATM Program replaced the Company’s
previous at-the-market sales program for its Series C Preferred Stock and/or Series D Preferred Stock. On July 26, 2022, the Company
redeemed all of its issued and outstanding shares of its Series C Preferred Stock and therefore, in light of the redemption,
disclosed that the Company does not intend to issue any new shares of Series C Preferred Stock. During the nine months ended
September 30, 2023, the Company issued and sold 126,000
shares of Series D Preferred Stock under the 2020 Preferred ATM Program at a weighted average price of $22.25
per share, generating total gross and net proceeds, of $2.8
million.
On
January 10, 2023, the Company entered into a new At Market Issuance Sales Agreement (the “2023 Preferred ATM Program”) with
B. Riley and terminated the use of the 2020 Preferred ATM Program. Under the 2023 Preferred ATM Program, the Company may offer and sell
shares of the Company’s Series D Preferred Stock, having an aggregate sales price of up to $100 million from time to time through
B. Riley, as agent or principal. Sales of the shares of Series D Preferred Stock in the 2023 Preferred ATM Program will be in “at
the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or
through the NYSE or on any other existing trading market for the Series D Preferred Stock, as applicable, or to or through a market maker
or any other method permitted by law, including, without limitation, negotiated transactions and block trades. B. Riley is not required
to sell any specific number or dollar amount of securities, but will use its commercially reasonable efforts consistent with its normal
trading and sales practices, on mutually agreed terms between B. Riley and the Company. Since January 10, 2023, the Company issued and
sold 2.0 million shares of its Series D Preferred Stock under the 2023 Preferred ATM Program at a weighted average price of $21.99 per
share, generating gross proceeds of $44.8 million and net proceeds of $44.0 million, after offering expenses.
Under
both the 2020 Preferred ATM Program and the 2023 Preferred ATM Program, for the nine months ended September 30, 2023, a total of 2.2
million shares of Series D Preferred Stock were issued and sold at a weighted average price of $22.01 per share, generating gross proceeds
of $47.6 million and net proceeds of $46.8 million, after offering expenses.
As
of September 30, 2023, $55.2 million in shares of Series D Preferred Stock remained eligible for sale under the 2023 Preferred ATM Program.
NOTE
9 – STOCK BASED COMPENSATION
The
Company accounts for awards of stock, stock options and restricted stock in accordance with ASC 718-10, “Compensation-Stock Compensation.”
ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal
to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate
the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized
based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal
to the fair value of the Company’s stock on the grant date. Compensation costs of $1.0 and $4.0 million have been recognized for
the three and nine months ended September 30, 2023, respectively, and $1.6 and $3.9 million have been recognized for the three and nine
months ended September 30, 2022, respectively.
On
May 31, 2023, the shareholders approved the UMH Properties, Inc. 2023 Equity Incentive Award Plan (the “2023 Plan”),
authorizing the grant of options, restricted stock or other stock-based awards to participants. The maximum number of shares
available for grant under the 2023 Plan is 2.2
million shares. The maximum number of shares underlying awards that may be granted in any one year to a participant is 300,000
shares. Option awards are exercisable after one year of continued employment or service to the Company from the date of grant. The
option price shall not be below the fair market value at date of grant.
The
2023 Plan replaced the Company’s previous Amended and Restated 2013 Incentive Award Plan (the “A&R 2013
Plan”), which by its terms terminated with respect to new awards on June 13, 2023. Outstanding grants under the A&R 2013
Plan will continue to be subject to the terms of the A&R 2013 Plan. No future awards will be granted under the A&R 2013
Plan, except for those shares previously reserved for outstanding performance-based grants under the A&R 2013 Plan.
On
January 11, 2023, the Company awarded a total of 25,000 shares of restricted stock to five employees under the Company’s A&R
2013 Plan. The grant date fair value of these restricted stock grants was $413,000. These grants vest ratably over 5 years.
On
January 11, 2023, the Company awarded a total of 7,488 shares of common stock to nine members of our Board of Directors. The grant date
fair value of these awards was $124,000.
On
March 21, 2023, the Company awarded a total of 8,622 shares of common stock to nine members of our Board of Directors. The grant date
fair value of these awards was $124,000.
On
March 21, 2023, the Company awarded a total of 98,500
shares of restricted stock to two employees under
the A&R 2013 Plan, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $1.4
million. These grants vest ratably over 5
years.
On
March 21, 2023, the Company granted options to purchase 1.4
million shares of common stock to sixty-nine
participants under the A&R 2013 Plan. The grant date fair value of these options amounted to $4.2
million. These grants vest ratably over five
years. Compensation costs for grants issued to
a participant who is of retirement age are recognized at the time of the grant.
On
June 14, 2023, the Company awarded a total of 7,641
shares of common stock to nine members of our
Board of Directors under the 2023 Plan. The grant date fair value of these awards was $124,000.
On
August 10, 2023, the Company issued a total of 146,572
shares of common stock to five employees upon vesting of previously disclosed awards granted in 2021 under the A&R 2013 Plan as
a special bonus in connection with the Company’s August 2020 groundbreaking Fannie Mae financing. These grants were expensed
over the vesting period.
On
September 20, 2023, the Company awarded a total of 8,595 shares of common stock to nine members of our Board of Directors under the 2023
Plan. The grant date fair value of these awards was $124,000.
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average
assumptions used for grants during the nine months ended September 30, 2023:
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS
| |
2023 | |
| |
| |
Dividend yield | |
| 3.94 | % |
Expected volatility | |
| 27.14 | % |
Risk-free interest rate | |
| 3.59 | % |
Expected lives | |
| 10 | |
Estimated forfeitures | |
| 0 | |
During
the nine months ended September 30, 2023, thirteen participants exercised options to purchase a total of 71,000 shares of common stock
at a weighted-average exercise price of $10.34 per share for total proceeds of $734,000. The aggregate intrinsic value of options exercised
was $418,000. During the nine months ended September 30, 2023, options to purchase 20,000 shares expired.
As
of September 30, 2023, there were options outstanding to purchase 4.8 million shares, with an aggregate intrinsic value of $2.7 million.
There were 2.2 million shares available for grant under the 2023 Plan.
NOTE
10 - FAIR VALUE MEASUREMENTS
In
accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and
liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities
was determined using the following inputs at September 30, 2023 and December 31, 2022 (in thousands):
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS
| |
Fair Value Measurements at Reporting Date Using | |
| |
| | |
Quoted Prices | | |
Significant | | |
| |
| |
| | |
In Active | | |
Other | | |
Significant | |
| |
| | |
Markets for | | |
Observable | | |
Unobservable | |
| |
| | |
Identical Assets | | |
Inputs | | |
Inputs | |
| |
Total | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
As of September 30, 2023: | |
| | |
| | |
| | |
| |
Marketable Securities - Preferred stock | |
$ | 484 | | |
$ | 484 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 27,132 | | |
| 27,132 | | |
| 0 | | |
| 0 | |
Total | |
$ | 27,616 | | |
$ | 27,616 | | |
$ | 0 | | |
$ | 0 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022: | |
| | | |
| | | |
| | | |
| | |
Marketable Securities - Preferred stock | |
$ | 1,043 | | |
$ | 1,043 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 41,135 | | |
| 41,135 | | |
| 0 | | |
| 0 | |
Total | |
$ | 42,178 | | |
$ | 42,178 | | |
$ | 0 | | |
$ | 0 | |
In
addition to the Company’s investment in marketable securities at fair value, the Company is required to disclose certain information
about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made
at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such
estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings
of a particular financial instrument. All of the Company’s marketable securities have quoted market prices. However, for a portion
of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily
based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include
assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future
expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent
estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is
likely to result in significantly different fair value estimates.
The
fair value of cash and cash equivalents and notes receivable approximates their current carrying amounts since all such items are short-term
in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are at
approximately a weighted-average current market rate of interest. As of September 30, 2023, the estimated fair value of fixed rate mortgages
payable amounted to $422.5 million and the carrying value of fixed rate mortgages payable amounted to $446.3 million.
NOTE
11 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS
From
time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that
any such claims or litigation will have a material adverse effect on the financial position or results of operations.
The
Company had an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage provided financing for
home purchasers in the Company’s communities. The Company did not receive referral fees or other cash compensation under the agreement.
If 21st Mortgage made loans to purchasers and those purchasers defaulted on their loans and 21st Mortgage repossessed the homes securing
such loans, the Company agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount
under each such loan, subject to certain adjustments. As of September 30, 2023, the total loan balance under this agreement was approximately
$2.4 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with
these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their
loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of September
30, 2023, the total loan balance owed to 21st Mortgage with respect to homes in these acquired communities was approximately $740,000.
This program was terminated on June 22, 2023. The Company’s repurchase obligations for the outstanding loans that were originated
by 21st Mortgage remain in effect.
The
Company entered into a Manufactured Home Retailer Agreement (the “MHRA”) with 21st Mortgage on January 24, 2023,
under which 21st Mortgage provides financing for home purchasers in the Company’s communities. 21st Mortgage
has no recourse against the Company under the MHRA except in instances where the Customer defaults before two scheduled monthly payments
are paid by the purchaser and the default is based on any dispute between S&F surrounding the terms or execution of the purchase
and sale of the home. Upon such a default, S&F is to take assignment of the loan from 21st Mortgage for the unpaid principal
balance plus accrued interest. As of September 30, 2023, no loans have been originated under the MHRA.
S&F
entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective
January 1, 2016. Neither the Company, nor S&F, receive referral fees or other cash compensation under the agreement. Customer loan
applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If a loan application
does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan
is approved under the COP Program, then it is originated by Triad, assigned to S&F and then assigned by S&F to the Company. Included
in Notes and Other Receivables is approximately $70.3 million of loans that the Company acquired under the COP Program as of September
30, 2023.
The
Company and one of its subsidiaries are parties to a Limited Liability Company Agreement dated as of December 8, 2021 with an affiliate
of Nuveen, which governs the joint venture between the Company and Nuveen. The LLC Agreement provides for the parties to initially fund
up to $70 million of equity capital for acquisitions during a 24-month commitment period, with Nuveen having the option, subject to certain
conditions, to elect to increase the parties’ total commitments by up to an additional $100 million and to extend the commitment
period for up to an additional four years. The Company is required to fund 40% of the committed capital and Nuveen is required to fund
60%. All such funding will be on a parity basis. The Company and Nuveen are continuing to seek opportunities to acquire additional manufactured
housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines.
The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to
be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate additional acquisitions
but will maintain its existing property portfolio. While the terms and conditions of such new joint venture entities have not been fully
negotiated, it is expected that invested capital would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and
that other terms would be similar to those of the existing joint venture, except that the amounts of the parties’ respective capital
commitments will be determined on a property-by-property basis (See Note 5).
On
July 26, 2023, the Company entered into an agreement to purchase two manufactured home communities, located in Maryland, for
approximately $12.5
million. As of November 8, 2023, this transaction remains pending.
NOTE
12 - SUPPLEMENTAL CASH FLOW INFORMATION
Cash
paid for interest during the nine months ended September 30, 2023 and 2022 was $27.2 million and $18.7 million, respectively. Interest
cost capitalized to land development was $4.1 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively.
During
the nine months ended September 30, 2023 and 2022, the Company had Dividend Reinvestments of $2.0 million and $2.1 million, respectively,
which required no cash transfers.
NOTE
13– SUBSEQUENT EVENTS
Management
has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements
were issued.
Since
October 1, 2023, the Company issued and sold an additional 190,000 shares of its Common Stock under the 2023 Common ATM Program at a
weighted average price of $13.98 per share, generating gross proceeds of $2.7 million and net proceeds of $2.6 million, after offering
expenses. As of November 1, 2023, $58.6 million of Common Stock remained eligible for sale under the 2023 Common ATM Program.
Since
October 1, 2023, the Company issued and sold an additional 44,000 shares of its Series D Preferred Stock under the 2023 Preferred ATM
Program at a weighted average price of $21.08 per share, generating gross proceeds of $931,000 and net proceeds of $916,000,
after offering expenses. As of November 1, 2023, $54.2 million of Series D Preferred Stock remained eligible for sale under the 2023
Preferred ATM Program.
On
October 13, 2023, the Company paid down $10
million on its revolving line of credit secured by its eligible notes receivables.
NOTE
14 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)
The
following unaudited pro forma condensed financial information reflects the acquisitions during 2022 and 2023. This information has been
prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties
acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect
to certain adjustments including: (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from
the assumed increase in mortgages and loans payable related to the new acquisitions; and (d) depreciation expense related to the new
acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have
been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in
thousands).
SUMMARY OF PRO FORMA FINANCIAL INFORMATION
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
| | |
| | |
| | |
| |
Rental and Related Income | |
$ | 48,135 | | |
$ | 43,642 | | |
$ | 140,503 | | |
$ | 129,708 | |
Net Loss Attributable
to
Common Shareholders | |
| (5,831 | ) | |
| (10,062 | ) | |
| (15,561 | ) | |
| (39,986 | ) |
Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted | |
$ | (0.09 | ) | |
$ | (0.18 | ) | |
$ | (0.25 | ) | |
$ | (0.74 | ) |
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
The
following discussion and analysis of the consolidated financial condition and results of operations should be read in conjunction with
the consolidated financial statements and footnotes thereto included elsewhere herein and in the Company’s annual report on Form
10-K for the year ended December 31, 2022.
The
Company is a Maryland corporation that operates as a self-administered, self-managed Real Estate Investment Trust (“REIT”)
with headquarters in Freehold, New Jersey. The Company’s primary business is the ownership and operation of manufactured home communities,
which includes leasing manufactured home spaces on an annual or month-to-month basis to residents. The Company also leases manufactured
homes to residents and, through its wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells
and finances the sale of manufactured homes to residents and prospective residents of our communities and for placement on customers’
privately-owned land. During 2022, the Company also formed an opportunity zone fund to acquire, develop and redevelop manufactured housing
communities requiring substantial capital investment and located in areas designated as Qualified Opportunity Zones by the Treasury Department
pursuant to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas.
The Company currently holds a 77% percentage interest in the opportunity zone fund.
As
of September 30, 2023, the Company owned and operated 135 manufactured home communities (including two communities acquired through the
Company’s opportunity zone fund) containing approximately 25,800 developed homesites. These communities are located in New Jersey,
New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. The Company also has an ownership
interest in and operates two communities in Florida through its joint venture with Nuveen Real Estate.
The
Company earns income from the operation of its manufactured home communities, leasing of manufactured homesites, the rental of
manufactured homes, the sale and finance of manufactured homes and the brokering of home sales, self-storage leases, oil and gas
leases, cable service agreements and from appreciation in the values of the manufactured home communities and vacant land owned by
the Company. In addition, the Company receives property management and other fees from its joint venture with Nuveen Real Estate and
from its non-controlling interest in its opportunity zone fund. Management views the Company as a single segment based on its method
of internal reporting in addition to its allocation of capital and resources. The Company also invests in equity securities of other
REITs. As of September 30, 2023, the securities portfolio represented 1.5% of undepreciated assets. The Company does not intend to
increase its investment in this REIT securities portfolio.
The
Company believes that its capital structure, which allows for the ownership of assets using a balanced combination of equity obtained
through the issuance of common stock, preferred stock and debt, will enhance shareholder returns as the properties appreciate over time.
The
Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time
are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto
otherwise vacant sites. This has resulted in increased occupancy rates and improved operating results. For the three and nine months
ended September 30, 2023, rental and related income increased 12% and 11%, respectively, from the prior year period and Community
Net Operating Income (“NOI”), as defined below, increased 16% and 13%, respectively. Same property NOI, which includes
communities owned and operated as of January 1, 2022, increased 13% and 10% for the three and nine months ended September 30, 2023,
respectively, over the prior year period driven by a 210 basis point increase in occupancy, to 88.4%, and a rental rate increase of
5.3%. We have been positioning ourselves for future growth and will continue to seek opportunistic investments. In addition, on
behalf of our joint venture with Nuveen Real Estate, we will seek opportunities to acquire manufactured home communities that are
under development and/or newly developed and meet certain other investment guidelines. We will also seek additional opportunities,
through our opportunity zone fund, to acquire communities that require substantial capital investment and are located in Qualified
Opportunity Zones.
Sales
of manufactured homes increased 15% during the nine months ended September 30, 2023 from the prior year. Demand for quality affordable
housing remains healthy while inventory is scarce. Our property type offers substantial comparative value that should result in increased
demand.
The
macro-economic environment and current housing fundamentals continue to favor home rentals. Due to the climbing mortgage rates, the
higher cost of buying a home versus renting one is at its most extreme since 1996. Rental homes in a manufactured home community
allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost
of other forms of affordable housing. We continue to see strong demand for rental homes. We have added an additional 779 rental
homes, net during the first nine months of 2023. This brought the total number of rental homes to approximately 9,900 rental homes,
or 38.3% of total sites. Occupied rental homes represented approximately 41.8% of total occupied sites at quarter end. Occupancy in
rental homes continues to be strong and was at 94.2% as of September 30, 2023. We compare favorably with other types of rental
housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates. We anticipate
adding a total of approximately 800 - 900 rental homes by the end of 2023.
The
following is a summary of the community acquired through our opportunity zone fund during the nine months ended September 30, 2023 (dollars
in thousands):
Community | |
Date of Acquisition | |
State | |
Number of Sites | | |
Purchase Price | | |
Number of Acres | | |
Occupancy
at
Acquisition | |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Mighty Oak | |
January 19, 2023 | |
GA | |
| 118 | | |
$ | 3,650 | | |
| 26 | | |
| -0- | % |
See
PART I, Item 1 – Business in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 for a more complete
discussion of the economic and industry-wide factors relevant to the Company and the opportunities and challenges, and risks on which
the Company is focused.
Significant
Accounting Policies and Estimates
The
discussion and analysis of the Company’s financial condition and results of operations are based upon the Company’s consolidated
financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America
(“U.S. GAAP”). The preparation of these consolidated financial statements requires management to make estimates and judgments
that affect the reported amounts of assets and liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities
at the date of the Company’s consolidated financial statements. Actual results may differ from these estimates under different
assumptions or conditions.
On
a regular basis, management evaluates our assumptions, judgments and estimates. Management believes there have been no material changes
to the items that we disclosed as our significant accounting policies and estimates under Item 7, “Management’s Discussion
and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31,
2022.
Supplemental
Measures
In
addition to the results reported in accordance with GAAP, management’s discussion and analysis of financial condition and results
of operations include certain non-GAAP financial measures that in management’s view of the business we believe are meaningful as
they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting
conventions or items that may not always be indicative of recurring annual cash flow of the portfolio. These non-GAAP financial measures
as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies and include
Community Net Operating Income (“Community NOI”), Funds from Operations Attributable to Common Shareholders (“FFO”)
and Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”).
We
define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance,
community salaries, utilities, insurance and other expenses. We believe that Community NOI is helpful to investors and analysts as a
direct measure of the actual operating results of our manufactured home communities, rather than our Company overall. Community NOI should
not be considered a substitute for the reported results prepared in accordance with GAAP. Community NOI should not be considered as an
alternative to net income (loss) as an indicator of our financial performance, or to cash flows as a measure of liquidity; nor is it
indicative of funds available for our cash needs, including our ability to make cash distributions.
The
Company’s Community NOI for the three and nine months ended September 30, 2023 and 2022 is calculated as follows (in thousands):
| |
Three
Months Ended | | |
Nine
Months Ended | |
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
| | | |
| | | |
| | | |
| | |
Rental
and Related Income | |
$ | 48,135 | | |
$ | 42,893 | | |
$ | 140,503 | | |
$ | 126,699 | |
Less:
Community Operating Expenses | |
| 20,673 | | |
| 19,181 | | |
| 60,795 | | |
| 56,175 | |
Community
NOI | |
$ | 27,462 | | |
$ | 23,712 | | |
$ | 79,708 | | |
$ | 70,524 | |
We
assess and measure our overall operating results based upon FFO, an industry performance measure which management believes is a useful
indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure
of a REIT. FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), represents net income
(loss) attributable to common shareholders, as defined by accounting principles generally accepted in the U.S. (“U.S. GAAP”),
excluding gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate
assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain
non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is
an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude
gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in
the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement,
for all periods presented, we have elected to exclude the change in the fair value of marketable securities from our FFO calculation.
NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations
Attributable to Common Shareholders (“Normalized FFO”), as FFO, excluding amortization and certain one-time charges. FFO
and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude
historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other
REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable
to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial
performance.
FFO
and Normalized FFO (i) do not represent cash flow from operations as defined by U.S. GAAP; (ii) should not be considered as an alternative
to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii)
are not alternatives to cash flow as a measure of liquidity.
The
Company’s FFO and Normalized FFO attributable to common shareholders for the three and nine months ended September 30, 2023 and
2022 are calculated as follows (in thousands):
| |
Three Months Ended | | |
Nine Months Ended | |
| |
| 9/30/23 | | |
| 9/30/22 | | |
| 9/30/23 | | |
| 9/30/22 | |
Net Loss Attributable to Common Shareholders | |
$ | (5,831 | ) | |
$ | (9,745 | ) | |
$ | (15,546 | ) | |
$ | (36,548 | ) |
Depreciation Expense | |
| 14,147 | | |
| 12,302 | | |
| 41,271 | | |
| 36,003 | |
Depreciation Expense from Unconsolidated Joint Venture | |
| 179 | | |
| 90 | | |
| 504 | | |
| 257 | |
(Gain) Loss on Sales of Investment Property and Equipment | |
| 26 | | |
| 10 | | |
| (11 | ) | |
| 96 | |
Decrease in Fair Value of Marketable Securities | |
| 5,496 | | |
| 1,230 | | |
| 10,439 | | |
| 43,024 | |
(Gain) Loss on Sales of Marketable Securities, net | |
| (226 | ) | |
| 6,405 | | |
| (183 | ) | |
| (24,316 | ) |
FFO Attributable to Common Shareholders | |
| 13,791 | | |
| 10,292 | | |
| 36,474 | | |
| 18,516 | |
| |
| | | |
| | | |
| | | |
| | |
Adjustments: | |
| | | |
| | | |
| | | |
| | |
Redemption of Preferred Stock (1) | |
| -0- | | |
| 896 | | |
| -0- | | |
| 12,916 | |
Amortization of Financing Costs (1) | |
| 536 | | |
| 505 | | |
| 1,592 | | |
| 1,445 | |
Non- Recurring Other Expense (2) | |
| 73 | | |
| 1,386 | | |
| 1,103 | | |
| 2,642 | |
Normalized FFO
Attributable to Common Shareholders (1) | |
$ | 14,400 | | |
$ | 13,079 | | |
$ | 39,169 | | |
$ | 35,519 | |
| (1) | Normalized
FFO as previously reported for the three and nine months ended September 30, 2022, were $11,678
and $29,348, respectively. During 2022, the Company incurred the carrying cost of excess
cash for the redemption of preferred stock. Additionally, due to the change in sources of
capital, amortization expense is expected to become more significant and is therefore included
as an adjustment to Normalized FFO for the three and nine months ended September 30, 2023
and 2022. After making these adjustments for the three and nine months ended September 30,
2022, Normalized FFO were $13,079 and $35,519, respectively. |
| | |
| (2) | Consists
of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae
financing, which are being expensed over the vesting period ($0 and $862, respectively) and
non-recurring expenses for the joint venture with Nuveen ($43 and $93, respectively), one-time
legal fees ($25 and $75, respectively), fees related to the establishment of the OZ Fund
($0 and $37, respectively), and costs associated with acquisitions that were not completed
($5 and $36, respectively) for the three and nine months ended September 30, 2023. Consists
of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae
financing, which are being expensed over the vesting period ($431 and $1.3 million, respectively)
and non-recurring expenses for the joint venture with Nuveen ($2 and $54, respectively),
early extinguishment of debt ($2 and $195, respectively), one-time legal fees ($38 and $187,
respectively), fees related to the establishment of the OZ Fund ($893) and costs associated
with an acquisition that was not completed ($20) for the three and nine months ended September
30, 2022. |
The
following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September
30, 2023 and 2022 (in thousands):
| |
Nine Months Ended | |
| |
| 9/30/23 | | |
| 9/30/22 | |
| |
| | | |
| | |
Operating Activities | |
$ | 90,315 | | |
$ | 5,083 | |
Investing Activities | |
| (134,927 | ) | |
| (58,435 | ) |
Financing Activities | |
| 49,306 | | |
| (577 | ) |
Changes
In Results Of Operations
Rental
and related income increased 12% from $42.9 million for the three months ended September 30, 2022 to $48.1 million for the three months
ended September 30, 2023. Rental and related income increased 11% from $126.7 million for the nine months ended September 30, 2022 to
$140.5 million for the nine months ended September 30, 2023. This increase was primarily due to the acquisitions made during 2022, as
well as increases in rental rates and same property occupancy and additional rental homes. The Company has been raising rental rates
by approximately 5% to 6% annually at most communities. Same property occupancy has increased 210 basis points from 86.3% as of September
30, 2022 to 88.4% at September 30, 2023. Occupied rental homes increased 10% from approximately 8,500 homes at September 30, 2022 to
9,300 homes at September 30, 2023.
Community
operating expenses increased 8% from $19.2 million for the three months ended September 30, 2022 to $20.7 million for the three months
ended September 30, 2023. Community operating expenses increased 8% from $56.2 million for the nine months ended September 30, 2022 to
$60.8 million for the nine months ended September 30, 2023. These increases were primarily due to acquisitions made during 2022, as well
as an increase in payroll, rental home expenses, real estate taxes, insurance, waste removal, water expenses and sewer expenses.
Community
NOI increased 16% from $23.7 million for the three months ended September 30, 2022 to $27.5 million for the three months ended
September 30, 2023. Community NOI increased 13% from $70.5 million for the nine months ended September 30, 2022 to $79.7 million for
the nine months ended September 30, 2023. These increases were primarily due to the acquisitions during 2022 and increases in rental
rates, occupancy and rental homes. The Company’s operating expense ratio (defined as community operating expenses divided by
rental and related income) decreased 180 basis points and was 42.9% and 44.7% for the three months ended September 30, 2023 and
2022, respectively. The Company’s operating expense ratio decreased 100 basis points and was 43.3% and 44.3% for the nine months ended September 30, 2023 and
2022, respectively. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the
first few years of ownership. Because most of the community expenses consist of fixed costs, as occupancy rates increase, these
expense ratios are expected to continue to improve. Since the Company has the ability to increase its rental rates annually,
increasing costs due to inflation and changing prices have generally not had a material effect on revenue and income from continuing
operations.
Sales
of manufactured homes decreased 13% from $9.0 million, or 89 homes, for the three months ended September 30, 2022 to $7.9 million,
or 90 homes, for the three months ended September 30, 2023. There
were 40 new homes sold for an average sales price of $128,000 and
50 used homes sold for an average sales price of $56,000 during the three months ended
September 30, 2023. There were 56 new homes sold for an average sales price of
$125,000 and 33 used homes sold for an average sales price
of $62,000 during the three months ended September 30, 2022. Sales of
manufactured homes increased 15% from $20.3 million, or 236 homes, for the nine months ended September 30, 2022 to $23.4 million, or
264 homes, for the nine months ended September 30, 2023. Cost of sales of manufactured homes amounted to $5.3 million and $6.3
million for the three months ended September 30, 2023 and 2022, respectively. Cost of sales of manufactured homes amounted to $16.1
million and $14.2 million for the nine months ended September 30, 2023 and 2022, respectively. The gross profit percentage increased
300 basis points and was 33% and 30% for the three months ended September 30, 2023 and 2022, respectively, increased 100 basis
points and was 31% and 30% for the nine months ended September 30, 2023 and 2022, respectively. Selling expenses, which includes
salaries, commissions, advertising and other miscellaneous expenses, amounted to $1.8 million and $1.6 million for the three months
ended September 30, 2023 and 2022, respectively, and $5.3 million and $4.0 million for the nine months ended September 30, 2023 and
2022, respectively. Gain from the sales operations, excluding interest on the financing of inventory, amounted to $783,000 or 10% of
total sales and $1.1 million or 12% of total sales for the three months ended September 30, 2023 and 2022, respectively. Gain from
the sales operations, excluding interest on the financing of inventory, amounted to $2.1 million or 9% of total sales and $2.2
million or 11% of total sales for the nine months ended September 30, 2023 and 2022, respectively. Many of the costs associated with
sales, such as salaries, and to an extent, advertising and promotion, are fixed.
Despite
an increase in mortgage interest rates, home prices have continued to rise as fewer sellers are listing homes and inventories decline.
With the passage of time, the inherent relative affordability of our property type becomes more and more apparent, which should result
in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable
housing. The Company believes that sales of new homes produce new rental revenue and represent an investment in the upgrading of our
communities.
General
and administrative expenses decreased 13% from $5.2 million for the three months ended September 30, 2022 to $4.5 million for the three
months ended September 30, 2023, primarily due to non-recurring expenses incurred during the three months ended September 30, 2022. General
and administrative expenses increased 10% from $13.3 million for the nine months ended September 30, 2022 to $14.7 million for the nine
months ended September 30, 2023. These increases were due to an increase in payroll, personnel costs and non-cash stock-based compensation.
General and administrative expenses as a percentage of gross revenue (total income plus interest, dividends and other income) decreased
180 basis points from 9.5% for the three months ended September 30, 2022 to 7.7% for the three months ended September 30, 2023 and decreased
10 basis points from 8.7% for the nine months ended September 30, 2022 to 8.6% for the nine months ended September 30, 2023.
Depreciation
expense increased 15% from $12.3 million for the three months ended September 30, 2022 to $14.1 million for the three months ended September
30, 2023. Depreciation expense increased 15% from $36.0 million for the nine months ended September 30, 2022 to $41.3 million for the
nine months ended September 30, 2023. These increases were primarily due to the acquisitions and increase in rental homes during 2022 and
2023.
Interest
income increased 21% from $1.1 million for the three months ended September 30, 2022 to $1.3 million for the three months ended September
30, 2023. Interest income increased 20% from $3.1 million for the nine months ended September 30, 2022 to $3.7 million for the nine months
ended September 30, 2023. This increase was primarily due to an increase in the average balance of notes receivable from $57.6 million
at September 30, 2022 to $68.9 million at September 30, 2023.
Dividend
income decreased 27% from $699,000 for the three months ended September 30, 2022 to $508,000 for the three months ended September 30,
2023. Dividend income decreased 21% from $2.2 million for the nine months ended September 30, 2022 to $1.7 million for the nine months
ended September 30, 2023. This decrease was due to reduced dividends as a result of our smaller securities portfolio. The weighted average
yield on our dividends received from our marketable securities investments increased 140 basis points and were approximately 7.6% and
6.2% at September 30, 2023 and 2022, respectively.
The
Company recognized a realized gain on sales of marketable securities of $226,000 for the three months ended September 30, 2023 and a
realized loss on sales of marketable securities of $6.4 million for the three months ended September 30, 2022. The Company
recognized a realized gain on sales of marketable securities of $183,000 for the nine months ended September 30, 2023. The Company
recognized a realized gain on sales of marketable securities of $24.3 million for the nine months ended September 30, 2022 as a
result of the cash consideration received in the MREIC merger. The decrease in fair value of marketable securities amounted to $5.5
million and $1.2 million for the three months ended September 30, 2023 and 2022, respectively, and $10.4 million and $43.0 million
for the nine months ended September 30, 2023 and 2022, respectively. As of September 30, 2023, the Company had total net unrealized
losses of $46.6 million in its REIT securities portfolio.
Interest
expense, including amortization of financing costs, increased 11% from
$7.0 million for the three months ended September 30, 2022 to $7.7 million for the three months ended September 30, 2023. Interest expense,
including amortization of financing costs, increased 31% from $18.9 million for the nine months ended September 30, 2022 to $24.7 million
for the nine months ended September 30, 2023. This increase was mainly due from the interest incurred from the Series A Bonds issued in
2022, an increase in the average balance of loans payable and an increase in interest rates. Loans Payable increased year over year, due
to additional takedown on the line of credit for payoff of mortgages of approximately $58.5 million during the nine months ended September
30, 2023. Our floorplan inventory financing revolving lines of credit increased from approximately $37.3 million as of September 30, 2022
to a high of approximately $65.5 million during the nine months ended September 30, 2023 as a result of increased inventory purchases
due to supply chain issues. We have been paying down these lines of credit and at quarter end, the balance was $1.1 million. Inventory
has returned to more normalized levels and was approximately $39.0 million and $57.2 million as of September 30, 2023 and 2022, respectively.
Changes
in Financial Condition
Total
investment property increased 8% or $106.6 million during the nine months ended September 30, 2023. The Company, through its
opportunity zone fund, acquired one community with 118 developed homesites for approximately $3.7 million. The Company also added
779 rental homes to its communities during the first nine months of 2023. The Company’s occupancy rate on its rental homes
portfolio increased 90 basis points and was 94.2% at September 30, 2023 as compared to 93.3% at December 31, 2022.
Marketable
securities decreased 35% or $14.6 million during the nine months ended September 30, 2023. This decrease was due to a net decrease in
the fair value of $10.4 million and sales of securities with a cost basis of $4.2 million.
Mortgages
payable, net of unamortized debt issuance costs, decreased 13% or $66.8 million during the nine months ended September 30, 2023 due to
principal payments.
Loans
payable, net of unamortized debt issuance costs, decreased 6% or $8.9 million during the nine months ended September 30, 2023. This
decrease was due to a decrease of $63.1 million on our floorplan inventory financing revolving lines of credit offset by an increase
of $19.7 million on our revolving line of credit secured by the Company’s rental homes, an increase of $10.0 million on our
revolving lines of credit for the financing of home sales and an increase of $25.0 million on our unsecured line of
credit.
Liquidity
and Capital Resources
The
Company’s focus is on real estate investments, including investment in rental homes. The Company’s principal liquidity demands
have historically been, and are expected to continue to be, distributions to the Company’s shareholders, acquisitions, capital
improvements, development and expansions of properties, debt service, purchases of manufactured home inventory and rental homes, financing
of manufactured home sales and payments of expenses relating to real estate operations. We anticipate that the liquidity demands of the
recent properties acquired will be met by the operations of these acquisitions. The Company’s ability to generate cash adequate
to meet these demands is dependent primarily on income from its real estate investments and marketable securities portfolio, the sale
of real estate investments and marketable securities, refinancing of mortgage debt, leveraging of real estate investments, availability
of bank borrowings, lines of credit, and other incurrence of indebtedness, proceeds from the DRIP, and access to the capital markets,
including through its Common and Preferred ATM Programs.
In
addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions.
The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit,
incur other indebtedness, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including
through the Company’s ATM Programs. In order to provide financial flexibility to opportunistically access the capital markets,
the Company implemented a new 2023 Preferred ATM Program on January 10, 2023 which allows the Company to offer and sell shares of the
Company’s 6.375% Series D Cumulative Redeemable Preferred Stock, having an aggregate sales price of up to $100 million from time
to time through B. Riley. On April 4, 2023, the Company also implemented a new 2023 Common ATM Program which allows the Company to offer
and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $150 million from time to time through
the Distribution Agents. Additionally, the Company amended its unsecured line of credit to expand available borrowings from $100 million
to $180 million and expanded its revolving line of credit on notes receivable from $20 million to $35 million.
The
Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time
are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto
otherwise vacant sites. As part of this plan, we intend to seek opportunities, through our opportunity zone fund, to acquire communities
that require substantial capital investment and are located in Qualified Opportunity Zones. In addition, on behalf of our joint venture
with Nuveen Real Estate, we will seek opportunities to acquire manufactured home communities that are under development and/or newly
developed and meet certain other investment guidelines. There is no guarantee that any of these additional opportunities will materialize
or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio and success of our
joint venture depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing.
Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are
not available, fewer acquisitions will be made.
The
Company continues to strengthen its capital and liquidity positions. During the nine months ended September 30, 2023, the Company issued
and sold 7.8 million shares of Common Stock through our Common ATM Programs, at a weighted average price of $16.05 per share, generating
gross proceeds of $124.4 million and net proceeds of $122.0 million, after offering expenses. Subsequent to quarter end, the Company
issued and sold an additional 190,000 shares of its Common Stock under the 2023 Common ATM Program at a weighted average price of $13.98
per share, generating gross proceeds of $2.7 million and net proceeds of $2.6 million, after offering expenses.
In
addition, during the nine months ended September 30, 2023, the Company issued and sold 2.2 million shares of Series D Preferred Stock
through our Preferred ATM Programs, at a weighted average price of $22.01 per share, generating gross proceeds of $47.6 million and net
proceeds of $46.8 million, after offering expenses. Subsequent to quarter end, the Company issued and sold an additional 44,000 shares
of its Series D Preferred Stock under the 2023 Preferred ATM Program at a weighted average price of $21.08 per share, generating gross
proceeds of $931,000 and net proceeds of $916,000, after offering expenses.
The
Company also raised $6.8 million from the issuance of common stock in the DRIP during the nine months ended September 30, 2023, which
included Dividend Reinvestments of $2.0 million. Dividends paid on the common stock for the nine months ended September 30, 2023 were
$38.1 million, of which $2.0 million were reinvested. Dividends paid on the Series D Preferred Stock for the nine months ended September
30, 2023 totaled $12.3 million.
Net
cash provided by operating activities amounted to $90.3 million and $5.1 million for the nine months ended September 30, 2023 and 2022,
respectively. The increase in net cash provided by operating activities was primarily due to the reduction in the inventory of manufactured
homes in the amount of $49.5 million for the nine months ended September 30, 2023 as compared to the increase in the inventory of manufactured
homes in the amount of $33.5 million for the nine months ended September 30, 2022. As of September 30, 2023, the Company had cash and
cash equivalents of $38.6 million, marketable securities of $27.6 million and $80 million available on our unsecured revolving credit
facility, with an additional $400 million potentially available pursuant to an accordion feature. We also had approximately $177.4 million
available on our revolving lines of credit for the financing of home sales, purchase of rental homes and purchases of inventory.
The
Company owns 135 communities, of which 56 are unencumbered. Except for communities in the borrowing base for our unsecured credit facility,
these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of
credit provide the Company with additional liquidity. The Company also holds a 40% equity interest in its joint venture with Nuveen,
which owns two newly developed communities that are unencumbered.
As
of September 30, 2023, the Company had total assets of $1.4 billion and total liabilities of $715.1 million. The Company’s net
debt (net of unamortized debt issuance costs and cash and cash equivalents) to total market capitalization as of September 30, 2023 was
approximately 34% and the Company’s net debt, less securities to total market capitalization as of September 30, 2023 was approximately
33%. As of September 30, 2023, the Company does not have any mortgages due within the next 12 months. The Company believes that it has
the ability to meet its obligations and to generate funds for new investments.
Off-Balance
Sheet Arrangements
The
Company does not have any off-balance sheet arrangements.
Cautionary
Statement Regarding Forward-Looking Statements
Statements
contained in this Form 10-Q, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”). Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include
statements about the Company’s expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance
and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their
use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,”
“intend,” “plan,” “should,” “seek” or comparable terms, or the negative use of those
words, but the absence of these words does not necessarily mean that a statement is not forward-looking.
The
forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all
information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and
expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described
below and under the headings “Business”, “Risk Factors” and “Management’s Discussion and Analysis
of Financial Condition and Results of Operations.” These and other risks, uncertainties and factors could cause our actual results
to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the
date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they
may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially
from our expectations include, among others:
| ● | changes
in the real estate market conditions and general economic conditions; |
| ● | risks
and uncertainties related to the COVID-19 pandemic or other highly infectious or contagious
diseases; |
| ● | the
inherent risks associated with owning real estate, including local real estate market conditions,
governing laws and regulations affecting manufactured housing communities and illiquidity
of real estate investments; |
| ● | increased
competition in the geographic areas in which we own and operate manufactured housing communities; |
| ● | our
ability to continue to identify, negotiate and acquire manufactured housing communities and/or
vacant land which may be developed into manufactured housing communities on terms favorable
to us; |
| ● | our
ability to maintain or increase rental rates and occupancy levels; |
| ● | changes
in market rates of interest; |
| ● | inflation
and increases in costs, including personnel, insurance and the cost of purchasing manufactured
homes; |
| ● | our
ability to purchase manufactured homes for rental or sale; |
| ● | our
ability to repay debt financing obligations; |
| ● | our
ability to refinance amounts outstanding under our credit facilities at maturity on terms
favorable to us; |
| ● | our
ability to comply with certain debt covenants; |
| ● | our
ability to integrate acquired properties and operations into existing operations; |
| ● | the
availability of other debt and equity financing alternatives; |
| ● | continued
ability to access the debt or equity markets; |
| ● | the
loss of any member of our management team; |
| ● | our
ability to maintain internal controls and processes to ensure all transactions are accounted
for properly, all relevant disclosures and filings are made in a timely manner in accordance
with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected; |
| ● | the
ability of manufactured home buyers to obtain financing; |
| ● | the
level of repossessions by manufactured home lenders; |
| ● | market
conditions affecting our investment securities; |
| ● | changes
in federal or state tax rules or regulations that could have adverse tax consequences; |
| ● | our
ability to qualify as a real estate investment trust for federal income tax purposes; and, |
| ● | those
risks and uncertainties referenced under the heading “Risk Factors” contained
in this Form 10-Q and the Company’s other filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022. |
You
should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur.
The forward-looking statements contained in this Form 10-Q speak only as of the date hereof and the Company expressly disclaims any obligation
to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There
have been no material changes to information required regarding quantitative and qualitative disclosures about market risk from the end
of the preceding year to the date of this Quarterly Report on Form 10-Q.
Item 4. Controls and Procedures
The
Company’s President and Chief Executive Officer (principal executive officer) and the Company’s Executive Vice President
and Chief Financial Officer (principal financial and accounting officer), with the assistance of other members of the Company’s
management, have evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered
by this Quarterly Report on Form 10-Q. Based on such evaluation, the Company’s President and Chief Executive Officer and Executive
Vice President and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures are effective as
of the end of such period.
Changes
In Internal Control Over Financial Reporting
There
were no changes in the Company’s internal control over financial reporting during the quarterly period ended September 30, 2023
that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART
II – OTHER INFORMATION
|
There
have been no material changes to information required regarding risk factors from the end of the preceding year to the date of this
Quarterly Report on Form 10-Q. In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully
consider the factors discussed in Part I, Item 1A – “Risk Factors” in the Company’s Annual Report on Form
10-K for the year ended December 31, 2022, which could materially affect the Company’s business, financial condition or future
results. The risks described in the Company’s Annual Report on Form 10-K are not the only risks facing the Company. Additional
risks and uncertainties not currently known to the Company or that the Company currently deems to be immaterial also may materially
adversely affect the Company’s business, financial condition and/or operating results. |
Item
2. | Unregistered
Sales of Equity Securities and Use of Proceeds |
Item
3. | Defaults
Upon Senior Securities |
Item
4. | Mine
Safety Disclosures |
|
(a) |
Information
Required to be Disclosed in a Report on Form 8-K, but not Reported – None. |
|
|
|
|
(b) |
Material
Changes to the Procedures by which Security Holders may Recommend Nominees to the Board of Directors – None. |
31.1
|
Certification of Samuel A. Landy, President and Chief Executive Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (Filed herewith). |
|
|
31.2
|
Certification of Anna T. Chew, Chief Financial Officer of the Company, pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934, as amended (Filed herewith). |
|
|
32
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, signed by Samuel A. Landy, President and Chief Executive Officer, and Anna T. Chew, Chief Financial Officer (Furnished herewith). |
|
|
101 |
The
following materials from the Company’s Quarterly Report on Form 10-Q for the quarter
ended September 30, 2023 formatted in iXBRL (Inline eXtensible Business Reporting Language):
(i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Income (Loss), (iii)
the Consolidated Statements of Shareholders’ Equity, (iv) the Consolidated Statements
of Cash Flows and (v) the Notes to Consolidated Financial Statements.
|
|
|
|
As
provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities
Act of 1933 and Section 18 of the Securities Exchange Act of 1934. |
|
|
101.INS |
Inline
XBRL Instance Document |
101.SCH |
Inline
XBRL Taxonomy Extension Schema Document |
101.CAL |
Inline
XBRL Taxonomy Extension Calculation Linkbase Document |
101.DEF |
Inline
XBRL Taxonomy Extension Definition Linkbase Document |
101.LAB |
Inline
XBRL Taxonomy Extension Label Linkbase Document |
101.PRE |
Inline
XBRL Taxonomy Extension Presentation Linkbase Document |
104 |
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant
to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
|
|
UMH PROPERTIES, INC. |
|
|
|
|
DATE: |
November 8, 2023 |
By
|
/s/
Samuel A. Landy |
|
|
|
Samuel
A. Landy |
|
|
|
President
and Chief Executive Officer |
|
|
|
(Principal
Executive Officer) |
|
|
|
|
DATE: |
November 8, 2023 |
By |
/s/
Anna T. Chew |
|
|
|
Anna
T. Chew |
|
|
|
Executive
Vice President and Chief Financial Officer |
|
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
31.1
CERTIFICATION
I,
Samuel A. Landy, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of UMH Properties, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/
Samuel A. Landy |
|
Samuel
A. Landy |
|
President
and Chief Executive Officer |
Exhibit
31.2
CERTIFICATION
I,
Anna T. Chew, certify that:
1.
I have reviewed this quarterly report on Form 10-Q of UMH Properties, Inc.;
2.
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the
period covered by this report;
3.
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this
report;
4.
The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act
Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a)
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;
b)
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;
c)
Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and
d)
Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.
The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial
reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing
the equivalent functions):
a)
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and
b)
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting.
|
/s/
Anna T. Chew |
|
Anna
T. Chew |
|
Executive
Vice President and Chief Financial Officer |
Exhibit
32
CERTIFICATION
OF CEO PURSUANT TO
18
U.S.C. SECTION 1350,
AS
ADOPTED PURSUANT TO
SECTION
906 OF THE SARBANES-OXLEY ACT OF 2002
In
connection with the Quarterly Report on Form 10-Q of UMH Properties, Inc. (the “Company”) for the quarterly period ended
September 30, 2023 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), Samuel A. Landy, as
President and Chief Executive Officer of the Company, and Anna T. Chew, as Vice President and Chief Financial Officer, each hereby certifies,
pursuant to 18 U.S.C. (section) 1350, as adopted pursuant to (section) 906 of the Sarbanes-Oxley Act of 2002, that, to the best of their
knowledge:
(1)
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company.
By:
|
/s/Samuel
A. Landy |
|
Name: |
Samuel
A. Landy |
|
Title: |
President
and Chief Executive Officer |
|
Date:
|
November
8, 2023 |
|
By:
|
/s/Anna
T. Chew |
|
Name: |
Anna
T. Chew |
|
Title:
|
Executive
Vice President and Chief Financial Officer |
|
Date:
|
November
8, 2023 |
|
v3.23.3
Cover - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Nov. 01, 2023 |
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-12690
|
|
Entity Registrant Name |
UMH
PROPERTIES, INC.
|
|
Entity Central Index Key |
0000752642
|
|
Entity Tax Identification Number |
22-1890929
|
|
Entity Incorporation, State or Country Code |
MD
|
|
Entity Address, Address Line One |
Juniper
Business Plaza
|
|
Entity Address, Address Line Two |
3499 Route 9 North
|
|
Entity Address, Address Line Three |
Suite 3-C
|
|
Entity Address, City or Town |
Freehold
|
|
Entity Address, State or Province |
NJ
|
|
Entity Address, Postal Zip Code |
07728
|
|
City Area Code |
(732)
|
|
Local Phone Number |
577-9997
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
66,398,142
|
Common Stock, $0.10 par value [Member] |
|
|
Title of 12(b) Security |
Common
Stock, $0.10 par value
|
|
Trading Symbol |
UMH
|
|
Security Exchange Name |
NYSE
|
|
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value [Member] |
|
|
Title of 12(b) Security |
6.375%
Series D Cumulative Redeemable Preferred Stock, $0.10 par value
|
|
Trading Symbol |
UMH
PD
|
|
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NYSE
|
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v3.23.3
Consolidated Balance Sheets - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Investment Property and Equipment |
|
|
Land |
$ 89,604
|
$ 86,619
|
Site and Land Improvements |
868,123
|
846,218
|
Buildings and Improvements |
36,012
|
35,933
|
Rental Homes and Accessories |
504,444
|
422,818
|
Total Investment Property |
1,498,183
|
1,391,588
|
Equipment and Vehicles |
28,192
|
26,721
|
Total Investment Property and Equipment |
1,526,375
|
1,418,309
|
Accumulated Depreciation |
(402,411)
|
(363,098)
|
Net Investment Property and Equipment |
1,123,964
|
1,055,211
|
Other Assets |
|
|
Cash and Cash Equivalents |
38,646
|
29,785
|
Marketable Securities at Fair Value |
27,616
|
42,178
|
Inventory of Manufactured Homes |
38,950
|
88,468
|
Notes and Other Receivables, net |
78,584
|
67,271
|
Prepaid Expenses and Other Assets |
14,232
|
20,011
|
Land Development Costs |
47,560
|
23,250
|
Investment in Joint Venture |
23,332
|
18,422
|
Total Other Assets |
268,920
|
289,385
|
TOTAL ASSETS |
1,392,884
|
1,344,596
|
LIABILITIES: |
|
|
Mortgages Payable, net of unamortized debt issuance costs |
442,164
|
508,938
|
Other Liabilities: |
|
|
Accounts Payable |
5,978
|
6,387
|
Loans Payable, net of unamortized debt issuance costs |
144,623
|
153,531
|
Series A Bonds, net of unamortized debt issuance costs |
99,843
|
99,207
|
Accrued Liabilities and Deposits |
13,037
|
16,852
|
Tenant Security Deposits |
9,492
|
8,485
|
Total Other Liabilities |
272,973
|
284,462
|
Total Liabilities |
715,137
|
793,400
|
Commitments and Contingencies |
|
|
Shareholders’ Equity: |
|
|
Series D - 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 13,700 and 9,300 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 11,179 and 9,015 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
279,482
|
225,379
|
Common Stock - $0.10 par value per share, 153,714 and 154,048 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 66,172 and 57,595 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively |
6,617
|
5,760
|
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of September 30, 2023 and December 31, 2022 |
0
|
0
|
Additional Paid-In Capital |
414,888
|
343,189
|
Undistributed Income (Accumulated Deficit) |
(25,364)
|
(25,364)
|
Total UMH Properties, Inc. Shareholders’ Equity |
675,623
|
548,964
|
Non-Controlling Interest in Consolidated Subsidiaries |
2,124
|
2,232
|
Total Shareholders’ Equity |
677,747
|
551,196
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ 1,392,884
|
$ 1,344,596
|
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v3.23.3
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Common stock, par value |
$ 0.10
|
$ 0.10
|
Common stock, shares authorized |
153,714
|
154,048
|
Common stock, shares issued |
66,172
|
57,595
|
Common stock, shares outstanding |
66,172
|
57,595
|
Excess stock, par value |
$ 0.10
|
$ 0.10
|
Excess stock, shares authorized |
3,000
|
3,000
|
Excess stock, shares outstanding |
0
|
0
|
Excess stock, shares issued |
0
|
0
|
Series D Preferred Stock [Member] |
|
|
Cumulative redeemable preferred stock, percentage |
6.375%
|
6.375%
|
Cumulative redeemable preferred stock, par value |
$ 0.10
|
$ 0.10
|
Cumulative redeemable preferred stock, shares authorized |
13,700
|
9,300
|
Cumulative redeemable preferred stock, shares issued |
11,179
|
9,015
|
Cumulative redeemable preferred stock, shares outstanding |
11,179
|
9,015
|
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v3.23.3
Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
INCOME: |
|
|
|
|
Rental and Related Income |
$ 48,135
|
$ 42,893
|
$ 140,503
|
$ 126,699
|
Sales of Manufactured Homes |
7,909
|
9,044
|
23,438
|
20,329
|
Total Income |
56,044
|
51,937
|
163,941
|
147,028
|
EXPENSES: |
|
|
|
|
Community Operating Expenses |
20,673
|
19,181
|
60,795
|
56,175
|
Cost of Sales of Manufactured Homes |
5,334
|
6,330
|
16,059
|
14,150
|
Selling Expenses |
1,792
|
1,625
|
5,269
|
3,994
|
General and Administrative Expenses |
4,491
|
5,150
|
14,654
|
13,348
|
Depreciation Expense |
14,147
|
12,302
|
41,271
|
36,003
|
Total Expenses |
46,437
|
44,588
|
138,048
|
123,670
|
OTHER INCOME (EXPENSE): |
|
|
|
|
Interest Income |
1,306
|
1,080
|
3,661
|
3,058
|
Dividend Income |
508
|
699
|
1,745
|
2,200
|
Gain (Loss) on Sales of Marketable Securities, net |
226
|
(6,405)
|
183
|
24,316
|
Decrease in Fair Value of Marketable Securities |
(5,496)
|
(1,230)
|
(10,439)
|
(43,024)
|
Other Income |
235
|
366
|
850
|
782
|
Loss on Investment in Joint Venture |
(165)
|
(116)
|
(645)
|
(373)
|
Interest Expense |
(7,694)
|
(6,951)
|
(24,662)
|
(18,852)
|
Total Other Income (Expense) |
(11,080)
|
(12,557)
|
(29,307)
|
(31,893)
|
Loss before Gain (Loss) on Sales of Investment Property and Equipment |
(1,473)
|
(5,208)
|
(3,414)
|
(8,535)
|
Gain (Loss) on Sales of Investment Property and Equipment |
(26)
|
(10)
|
11
|
(96)
|
Net Loss |
(1,499)
|
(5,218)
|
(3,403)
|
(8,631)
|
Preferred Dividends |
(4,364)
|
(4,588)
|
(12,251)
|
(19,788)
|
Loss Attributable to Non-Controlling Interest |
32
|
61
|
108
|
61
|
Redemption of Preferred Stock |
0
|
0
|
0
|
(8,190)
|
Net Loss Attributable to Common Shareholders |
$ (5,831)
|
$ (9,745)
|
$ (15,546)
|
$ (36,548)
|
Net Loss Attributable to Common Shareholders Per Share Basic |
$ (0.09)
|
$ (0.18)
|
$ (0.25)
|
$ (0.68)
|
Net Loss Attributable to Common Shareholders Per Share Diluted |
$ (0.09)
|
$ (0.18)
|
$ (0.25)
|
$ (0.68)
|
Weighted Average Common Shares Outstanding: |
|
|
|
|
Basic |
65,076
|
54,891
|
61,853
|
53,746
|
Diluted |
65,076
|
54,891
|
61,853
|
53,746
|
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v3.23.3
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock [Member] |
Preferred Stock [Member]
Series C Preferred Stock [Member]
|
Preferred Stock [Member]
Series D Preferred Stock [Member]
|
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
Non-Controlling Interest in Consolidated Subsidiary [Member] |
Total |
Beginning balance, value at Dec. 31, 2021 |
$ 5,165
|
$ 247,100
|
$ 215,219
|
$ 300,020
|
$ (25,364)
|
$ 0
|
$ 742,140
|
Beginning balance, shares at Dec. 31, 2021 |
51,651
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 7
|
0
|
0
|
1,667
|
0
|
0
|
1,674
|
Common Stock Issued with the DRIP, shares |
72
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 11
|
0
|
0
|
(11)
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
114
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 8
|
0
|
0
|
985
|
0
|
0
|
993
|
Common Stock Issued through Stock Options, shares |
78
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 159
|
0
|
0
|
38,210
|
0
|
0
|
38,369
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
1,585
|
|
|
|
|
|
|
Distributions |
$ 0
|
0
|
0
|
(14,731)
|
(3,275)
|
0
|
(18,006)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,169
|
0
|
0
|
1,169
|
Net Income (loss) |
0
|
0
|
0
|
0
|
3,275
|
0
|
3,275
|
Ending balance, value at Mar. 31, 2022 |
$ 5,350
|
247,100
|
215,219
|
327,309
|
(25,364)
|
0
|
769,614
|
Ending balance, shares at Mar. 31, 2022 |
53,500
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2021 |
$ 5,165
|
247,100
|
215,219
|
300,020
|
(25,364)
|
0
|
742,140
|
Beginning balance, shares at Dec. 31, 2021 |
51,651
|
|
|
|
|
|
|
Net Income (loss) |
|
|
|
|
|
|
(8,631)
|
Ending balance, value at Sep. 30, 2022 |
$ 5,514
|
0
|
215,407
|
313,806
|
(25,364)
|
2,189
|
511,552
|
Ending balance, shares at Sep. 30, 2022 |
55,138
|
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2022 |
$ 5,350
|
247,100
|
215,219
|
327,309
|
(25,364)
|
0
|
769,614
|
Beginning balance, shares at Mar. 31, 2022 |
53,500
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 8
|
0
|
0
|
1,332
|
0
|
0
|
1,340
|
Common Stock Issued with the DRIP, shares |
78
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 0
|
0
|
0
|
0
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
4
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 23
|
0
|
0
|
2,197
|
0
|
0
|
2,220
|
Common Stock Issued through Stock Options, shares |
226
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 86
|
0
|
0
|
19,781
|
0
|
0
|
19,867
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
857
|
|
|
|
|
|
|
Distributions |
$ 0
|
0
|
0
|
(33,363)
|
14,873
|
0
|
(18,490)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,132
|
0
|
0
|
1,132
|
Net Income (loss) |
0
|
0
|
0
|
0
|
(6,688)
|
0
|
(6,688)
|
Preferred Stock Called for Redemption |
0
|
(247,100)
|
0
|
8,185
|
(8,185)
|
0
|
(247,100)
|
Ending balance, value at Jun. 30, 2022 |
$ 5,467
|
0
|
215,219
|
326,573
|
(25,364)
|
0
|
521,895
|
Ending balance, shares at Jun. 30, 2022 |
54,665
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 12
|
0
|
0
|
2,331
|
0
|
0
|
2,343
|
Common Stock Issued with the DRIP, shares |
130
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 1
|
0
|
0
|
(1)
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
6
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 10
|
0
|
0
|
972
|
0
|
0
|
982
|
Common Stock Issued through Stock Options, shares |
100
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 24
|
0
|
0
|
4,493
|
0
|
0
|
4,517
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
237
|
|
|
|
|
|
|
Preferred Stock Issued in connection with At-The-Market Offerings, net |
$ 0
|
0
|
188
|
(78)
|
0
|
0
|
110
|
Distributions |
0
|
0
|
0
|
(22,095)
|
5,157
|
0
|
(16,938)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,611
|
0
|
0
|
1,611
|
Net Income (loss) |
0
|
0
|
0
|
0
|
(5,157)
|
(61)
|
(5,218)
|
Investment from Non-Controlling Interest |
0
|
0
|
0
|
0
|
0
|
2,250
|
2,250
|
Ending balance, value at Sep. 30, 2022 |
$ 5,514
|
0
|
215,407
|
313,806
|
(25,364)
|
2,189
|
511,552
|
Ending balance, shares at Sep. 30, 2022 |
55,138
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 5,760
|
0
|
225,379
|
343,189
|
(25,364)
|
2,232
|
551,196
|
Beginning balance, shares at Dec. 31, 2022 |
57,595
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 15
|
0
|
0
|
2,502
|
0
|
0
|
2,517
|
Common Stock Issued with the DRIP, shares |
164
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 14
|
0
|
0
|
(14)
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
140
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 1
|
0
|
0
|
136
|
0
|
0
|
137
|
Common Stock Issued through Stock Options, shares |
14
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 208
|
0
|
0
|
34,080
|
0
|
0
|
34,288
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
2,071
|
|
|
|
|
|
|
Preferred Stock Issued in connection with At-The-Market Offerings, net |
$ 0
|
0
|
21,858
|
(2,567)
|
0
|
0
|
19,291
|
Distributions |
0
|
0
|
0
|
(17,523)
|
1,461
|
0
|
(16,062)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,528
|
0
|
0
|
1,528
|
Net Income (loss) |
0
|
0
|
0
|
0
|
(1,461)
|
(40)
|
(1,501)
|
Ending balance, value at Mar. 31, 2023 |
$ 5,998
|
0
|
247,237
|
361,331
|
(25,364)
|
2,192
|
591,394
|
Ending balance, shares at Mar. 31, 2023 |
59,984
|
|
|
|
|
|
|
Beginning balance, value at Dec. 31, 2022 |
$ 5,760
|
0
|
225,379
|
343,189
|
(25,364)
|
2,232
|
551,196
|
Beginning balance, shares at Dec. 31, 2022 |
57,595
|
|
|
|
|
|
|
Net Income (loss) |
|
|
|
|
|
|
(3,403)
|
Ending balance, value at Sep. 30, 2023 |
$ 6,617
|
0
|
279,482
|
414,888
|
(25,364)
|
2,124
|
677,747
|
Ending balance, shares at Sep. 30, 2023 |
66,172
|
|
|
|
|
|
|
Beginning balance, value at Mar. 31, 2023 |
$ 5,998
|
0
|
247,237
|
361,331
|
(25,364)
|
2,192
|
591,394
|
Beginning balance, shares at Mar. 31, 2023 |
59,984
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 15
|
0
|
0
|
2,020
|
0
|
0
|
2,035
|
Common Stock Issued with the DRIP, shares |
151
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 1
|
0
|
0
|
(1)
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
8
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 4
|
0
|
0
|
409
|
0
|
0
|
413
|
Common Stock Issued through Stock Options, shares |
42
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 289
|
0
|
0
|
43,870
|
0
|
0
|
44,159
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
2,887
|
|
|
|
|
|
|
Preferred Stock Issued in connection with At-The-Market Offerings, net |
$ 0
|
0
|
17,795
|
(2,486)
|
0
|
0
|
15,309
|
Distributions |
0
|
0
|
0
|
(16,878)
|
367
|
0
|
(16,511)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,471
|
0
|
0
|
1,471
|
Net Income (loss) |
0
|
0
|
0
|
0
|
(367)
|
(36)
|
(403)
|
Ending balance, value at Jun. 30, 2023 |
$ 6,307
|
0
|
265,032
|
389,736
|
(25,364)
|
2,156
|
637,867
|
Ending balance, shares at Jun. 30, 2023 |
63,072
|
|
|
|
|
|
|
Common Stock Issued with the DRIP |
$ 13
|
0
|
0
|
2,245
|
0
|
0
|
2,258
|
Common Stock Issued with the DRIP, shares |
137
|
|
|
|
|
|
|
Common Stock Issued through Restricted Stock Awards |
$ 16
|
0
|
0
|
(16)
|
0
|
0
|
0
|
Common Stock Issued through Restricted Stock Awards, shares |
155
|
|
|
|
|
|
|
Common Stock Issued through Stock Options |
$ 2
|
0
|
0
|
182
|
0
|
0
|
184
|
Common Stock Issued through Stock Options, shares |
15
|
|
|
|
|
|
|
Common Stock Issued in connection with At-The-Market Offerings, net |
$ 279
|
0
|
0
|
43,238
|
0
|
0
|
43,517
|
Common Stock Issued in connection with At-The-Market Offerings, net, shares |
2,793
|
|
|
|
|
|
|
Preferred Stock Issued in connection with At-The-Market Offerings, net |
$ 0
|
0
|
14,450
|
(2,258)
|
0
|
0
|
12,192
|
Distributions |
0
|
0
|
0
|
(19,250)
|
1,467
|
0
|
(17,783)
|
Stock Compensation Expense |
0
|
0
|
0
|
1,011
|
0
|
0
|
1,011
|
Net Income (loss) |
0
|
0
|
0
|
0
|
(1,467)
|
(32)
|
(1,499)
|
Ending balance, value at Sep. 30, 2023 |
$ 6,617
|
$ 0
|
$ 279,482
|
$ 414,888
|
$ (25,364)
|
$ 2,124
|
$ 677,747
|
Ending balance, shares at Sep. 30, 2023 |
66,172
|
|
|
|
|
|
|
X |
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v3.23.3
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
Net Loss |
$ (3,403)
|
$ (8,631)
|
Non-Cash items included in Net Loss: |
|
|
Depreciation |
41,271
|
36,003
|
Amortization of Financing Costs |
1,592
|
1,445
|
Stock Compensation Expense |
4,010
|
3,912
|
Provision for Uncollectible Notes and Other Receivables |
1,332
|
979
|
Gain on Sales of Marketable Securities, net |
(183)
|
(24,316)
|
Decrease in Fair Value of Marketable Securities |
10,439
|
43,024
|
(Gain) Loss on Sales of Investment Property and Equipment |
(11)
|
96
|
Changes in Operating Assets and Liabilities: |
|
|
Inventory of Manufactured Homes |
49,518
|
(33,547)
|
Notes and Other Receivables, net of notes acquired with acquisitions |
(12,645)
|
(10,054)
|
Prepaid Expenses and Other Assets |
1,612
|
(3,759)
|
Accounts Payable |
(409)
|
2,494
|
Accrued Liabilities and Deposits |
(3,815)
|
(3,017)
|
Tenant Security Deposits |
1,007
|
454
|
Net Cash Provided by Operating Activities |
90,315
|
5,083
|
CASH FLOWS FROM INVESTING ACTIVITIES: |
|
|
Purchase of Manufactured Home Communities |
(3,679)
|
(44,684)
|
Purchase of Investment Property and Equipment |
(108,616)
|
(53,677)
|
Proceeds from Sales of Investment Property and Equipment |
2,282
|
2,522
|
Additions to Land Development Costs |
(24,310)
|
(16,597)
|
Purchase of Marketable Securities |
(17)
|
(14)
|
Proceeds from Sales of Marketable Securities |
4,323
|
55,836
|
Investment in Joint Venture |
(4,910)
|
(1,821)
|
Net Cash Used in Investing Activities |
(134,927)
|
(58,435)
|
CASH FLOWS FROM FINANCING ACTIVITIES: |
|
|
Proceeds from Mortgages |
0
|
59,801
|
Net (Payments) Proceeds from Short-Term Borrowings |
(8,338)
|
80,437
|
Principal Payments of Mortgages and Loans |
(67,429)
|
(11,855)
|
Proceeds from Bonds Issuance |
0
|
102,670
|
Financing Costs on Debt |
(871)
|
(5,761)
|
Investments from Non-Controlling Interest |
0
|
2,250
|
Proceeds from At-The-Market Preferred Equity Program, net of offering costs |
46,792
|
110
|
Payments on Redemption of Preferred Stock |
0
|
(247,100)
|
Proceeds from At-The-Market Common Equity Program, net of offering costs |
121,964
|
62,753
|
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments |
4,807
|
3,210
|
Proceeds from Exercise of Stock Options |
734
|
4,195
|
Preferred Dividends Paid |
(12,251)
|
(21,178)
|
Common Dividends Paid, net of dividend reinvestments |
(36,102)
|
(30,109)
|
Net Cash Provided by (Used in) Financing Activities |
49,306
|
(577)
|
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash |
4,694
|
(53,929)
|
Cash, Cash Equivalents and Restricted Cash at Beginning of Period |
40,876
|
125,026
|
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD |
$ 45,570
|
$ 71,097
|
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v3.23.3
ORGANIZATION AND ACCOUNTING POLICIES
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
ORGANIZATION AND ACCOUNTING POLICIES |
NOTE
1 – ORGANIZATION AND ACCOUNTING POLICIES
UMH
Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the
Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate
rental operations. The Company owns and operates 135 manufactured
home communities (including two communities acquired through its qualified opportunity zone fund, as further discussed in Note 6)
containing approximately 25,800 developed
homesites as of September 30, 2023. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana,
Maryland, Michigan, Alabama, South Carolina and Georgia. As further discussed in Note 5, the Company also has an ownership interest
in and operates two communities in Florida through its joint venture with Nuveen Real Estate. The Company, through its wholly-owned
taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells and finances manufactured homes to residents and
prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F
was established to fill these vacancies and enhance the value of the communities. The Company also holds a 77% percentage
controlling interest in an opportunity zone fund which it created to acquire, develop and redevelop manufactured housing communities
located in areas designated as Qualified Opportunity Zones by the U.S. Treasury Department to encourage long-term investment in
economically distressed areas. The consolidated financial statements of the Company include S&F, all of its other wholly-owned
subsidiaries and its qualified opportunity zone fund. All intercompany transactions and balances have been eliminated in
consolidation.
The
Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to
maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under
federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special
tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states
in which the Company owns property.
The
interim consolidated financial statements furnished herein have been prepared in accordance with accounting principles generally accepted
in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q,
and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete
financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for
a fair presentation have been included. Operating results for the three and nine months ended September 30, 2023 are not necessarily
indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the consolidated
financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31,
2022.
Use
of Estimates
In
preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that
affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated
balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful
accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and
stock compensation expense. Actual results could differ from these estimates and assumptions.
Reclassifications
Certain
amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current
periods.
Investment
in Joint Venture
The
Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance
with Accounting Standards Codification (“ASC”) 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but
not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment
is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions
received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement.
The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes
in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the
factors that are considered in evaluation of the existence of impairment indicators (See Note 5).
Leases
We
account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our
sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement
from us and the resident, or in some cases, as provided by jurisdictional statute.
We
are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2023
and December 31, 2022, the right-of-use assets and corresponding lease liabilities of $3.4 million and $3.6 million, respectively, are
included in prepaid expenses and other assets and accrued liabilities and deposits on the consolidated balance sheets.
Future
minimum lease payments under these leases over the remaining lease terms are as follows (in thousands):
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| | |
2023 | |
$ | 115 | |
2024 | |
| 460 | |
2025 | |
| 460 | |
2026 | |
| 460 | |
2027 | |
| 257 | |
Thereafter | |
| 18,614 | |
| |
| | |
Total Lease Payments | |
$ | 20,366 | |
The
weighted average remaining lease term for these leases is 161 years. The right of use assets and lease liabilities was calculated using
an interest rate of 5%.
Restricted
Cash
The
Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in
accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance
sheets.
The
following table presents beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods
shown (in thousands):
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
| |
| | |
| | |
| | |
| |
| |
9/30/23 | | |
12/31/22 | | |
9/30/22 | | |
12/31/21 | |
| |
| | |
| | |
| | |
| |
Cash and Cash Equivalents | |
$ | 38,646 | | |
$ | 29,785 | | |
$ | 62,512 | | |
$ | 116,175 | |
Restricted Cash | |
| 6,924 | | |
| 11,091 | | |
| 8,585 | | |
| 8,851 | |
Cash, Cash Equivalents | |
| | | |
| | | |
| | | |
| | |
And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Cash,
Cash Equivalents And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Revenue
Recognition
We
account for our Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09
“Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize
revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of
goods or provision of services.
Rental
and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for
under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which
are accounted for with the site lease as a single lease under ASC 842.
Revenue
from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control
of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation.
Interest
income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued
based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans.
Dividend
income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately
but are not in the scope of ASC 606.
Other
income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income.
This income is recognized when the transactions are completed and our performance obligations have been fulfilled.
Notes
Receivables
We account for our receivables in accordance with ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a forward looking “expected loss”
model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses
is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the
reported amount. As of September 30, 2023 and December 31, 2022, the Company had notes receivable of $74.1 million and $63.0 million,
net of the fair value adjustment of $1.5 million and $1.3 million, respectively. Notes receivables are presented as a component of notes
and other receivables, net on our consolidated balance sheets. These receivables represent balances owed to us for previously completed
performance obligations for sales of manufactured homes.
Other
Recent Accounting Pronouncements
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying consolidated financial statements.
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v3.23.3
NET INCOME (LOSS) PER SHARE
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
NET INCOME (LOSS) PER SHARE |
NOTE
2 – NET INCOME (LOSS) PER SHARE
Basic
Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted
Net Income (Loss) per Share is calculated by dividing Net Income (Loss) less Income (Loss) Attributable to Non-Controlling Interest by
the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise
of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss
per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive.
For
the three and nine months ended September 30, 2023, common
stock equivalents of 478,000 shares and 655,000 shares, respectively, were excluded from the computation
of Diluted Net Loss per Share as their effect would be anti-dilutive. For the three and nine months ended September 30, 2022, common
stock equivalents of 728,000 shares and 956,000 shares, respectively, were excluded from the computation
of Diluted Net Loss per Share as their effect would be anti-dilutive.
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v3.23.3
INVESTMENT PROPERTY AND EQUIPMENT
|
9 Months Ended |
Sep. 30, 2023 |
Real Estate [Abstract] |
|
INVESTMENT PROPERTY AND EQUIPMENT |
NOTE
3 – INVESTMENT PROPERTY AND EQUIPMENT
Acquisitions
On
January 19, 2023, the Company acquired Mighty Oak, a newly developed manufactured home community located in Albany, Georgia, for approximately
$3.7 million, through its qualified opportunity zone fund (See Note 6). This community contains a total of 118 newly developed homesites
that are situated on approximately 26 total acres.
The
Company has evaluated this acquisition and has determined that it should be accounted for as an acquisition of assets. As such, we have
allocated the total cash consideration, including transaction costs of approximately $29,000 for the nine months ended September 30,
2023, to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation
for the assets acquired for the nine months ended September 30, 2023 (in thousands):
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED
| |
At Acquisition Date | |
Assets Acquired: | |
| |
Land | |
$ | 234 | |
Depreciable Property | |
| 3,445 | |
Total Assets Acquired | |
$ | 3,679 | |
See
Note 14 for the Unaudited Pro Forma Financial Information relating to this acquisition.
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v3.23.3
MARKETABLE SECURITIES
|
9 Months Ended |
Sep. 30, 2023 |
Investments, Debt and Equity Securities [Abstract] |
|
MARKETABLE SECURITIES |
NOTE
4 – MARKETABLE SECURITIES
The
Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of
$27.6 million as of September 30, 2023, which represents 1.5% of undepreciated assets. The Company does not intend to increase its investments
in this REIT securities portfolio. The REIT securities portfolio provides the Company with additional liquidity and additional income
and serves as a proxy for real estate when more favorable risk adjusted returns are not available.
As
of September 30, 2023, the Company had total net unrealized losses of $46.6 million in its REIT securities portfolio. For the three and
nine months ended September 30, 2023, the Company recorded a decrease of $5.5 million and $10.4 million, respectively, in the fair value
of these marketable securities. The Company held twelve securities that had unrealized losses as of September 30, 2023.
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v3.23.3
INVESTMENT IN JOINT VENTURE
|
9 Months Ended |
Sep. 30, 2023 |
Investment In Joint Venture |
|
INVESTMENT IN JOINT VENTURE |
NOTE
5- INVESTMENT IN JOINT VENTURE
In
December 2021, the Company and Teachers Insurance and Annuity Association of America, through Nuveen Real Estate (its asset management
division) (“Nuveen” or “Nuveen Real Estate”), established a joint venture for the purpose of acquiring manufactured
housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines.
The terms of the joint venture are set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “LLC Agreement”)
entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The LLC Agreement provides for the parties
to initially fund up to $70
million of equity capital for acquisitions during
a 24-month
commitment period, with Nuveen having the option, subject to certain conditions, to elect to increase the parties’ total commitments
by up to an additional $100
million and to extend the commitment period for
up to an additional four
years. The LLC Agreement calls for committed
capital to be funded 60%
by Nuveen and 40%
by the Company on a parity basis. The Company serves as managing member of the joint venture and is responsible for day-to-day operations
of the joint venture and management of its properties, subject to obtaining approval of Nuveen Real Estate for major decisions (including
investments, dispositions, financings, major capital expenditures and annual budgets). The Company receives property management, asset
management and other fees from the joint venture. In addition, once each member of the joint venture has recouped its invested capital
and received a 7.5% net unlevered internal rate of return, 80%
of distributable cash will be allocated pro rata in accordance with the members’ respective percentage interests and the Company
and Nuveen will receive a promote percentage equal to 70% (in the case of the Company) and 30% (in the case of Nuveen) of the remaining
20%
of distributable cash. After 7 years the Company may elect to consummate the crystallization of the promote.
Under
the terms of the LLC Agreement, after December 8, 2024 or, if later, the second anniversary of the joint venture’s acquisition
and placing in service of a manufactured housing or recreational vehicle community, Nuveen will have a right to initiate the sale of
one or more of the communities owned by the joint venture. If Nuveen elects to initiate such a sale process, the Company may exercise
a right of first refusal to acquire Nuveen’s interest in the community or communities to be sold for a purchase price corresponding
to the greater of the appraised value of such communities or the amount required to provide a 7.5% net unlevered internal rate of return
on Nuveen’s investment. In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at
any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount
required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment.
The
LLC Agreement between the Company and Nuveen provides that until the capital contributions to the joint venture are fully funded or the
joint venture is terminated, the joint venture will be the exclusive vehicle for the Company to acquire any manufactured housing communities
and/or recreational vehicle communities that meet the joint venture’s investment guidelines. These guidelines call for the joint
venture to acquire manufactured housing and recreational vehicle communities that have been developed within the previous two years and
are less than 20% occupied, are located in certain geographic markets, are projected to meet certain cash flow and internal rate of return
targets, and satisfy certain other criteria. The Company has agreed to offer Nuveen the opportunity to have the joint venture acquire
any manufactured housing community or recreational vehicle community that meets these investment guidelines. If Nuveen determines not
to pursue or approve any such acquisition, the Company would be permitted to acquire the property outside the joint venture. Since formation
of the joint venture, Nuveen has provided the Company with written waivers of the exclusivity provision of the LLC Agreement with regard
to two property acquisitions that may have fit the investment guidelines of the joint venture, which permitted the Company to acquire
them outside of the Nuveen joint venture. Except for investment opportunities that are offered to and declined by Nuveen, the Company
is prohibited from developing, owning, operating or managing manufactured housing communities or recreational vehicle communities within
a 10-mile radius of any community owned by the joint venture. However, this restriction does not apply with respect to investments by
the Company in existing communities operated by the Company.
The
LLC Agreement provides that Nuveen will have the right to remove and replace the Company as managing member of the joint venture and
manager of the joint venture’s properties if the Company breaches certain obligations or certain events occur. Upon such removal,
Nuveen may elect to buy out the Company’s interest in the joint venture at 98% of the value of the Company’s interest in
the joint venture. If Nuveen does not exercise such buy-out right, the Company may, at specified times, elect to initiate a sale of the
communities owned by the joint venture, subject to a right of first refusal on the part of Nuveen. The LLC Agreement contains restrictions
on a party’s right to transfer its interest in the joint venture without the approval of the other party.
The
LLC Agreement requires the Company to offer Nuveen the opportunity to have the joint venture acquire a manufactured housing community
or recreational vehicle community that meets the investment guidelines. If Nuveen decides not to acquire the community through the joint
venture, however, the Company is free to purchase the community on its own outside of the joint venture.
In
December 2021, the joint venture closed on the acquisition of Sebring Square, a newly developed all-age, manufactured home community
located in Sebring, Florida, for a total purchase price of $22.2 million. This community contains 219 developed homesites situated on
approximately 39 acres. On December 23, 2022, the joint venture closed on the acquisition of Rum Runner, a newly developed all-age, manufactured
home community also located in Sebring, Florida for a total purchase price of $15.1 million. This community contains 144 developed homesites
situated on approximately 20 acres. The Company manages these communities on behalf of the joint venture.
The Company and Nuveen are continuing to seek opportunities to acquire
additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain
other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new
joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate
additional acquisitions but will maintain its existing property portfolio, consisting of the Sebring Square and Rum Runner communities.
While the terms and conditions of such new joint venture entities have not been fully negotiated, it is expected that invested capital
would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and that other terms would be similar to those of the
existing joint venture, except that the amounts of the parties’ respective capital commitments will be determined on a property-by-property
basis.
References
in this report to the Company’s joint venture with Nuveen are intended to refer to our ongoing relationship with Nuveen.
The
Company accounts for this joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, “Investments
– Equity Method and Joint Ventures”.
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v3.23.3
OPPORTUNITY ZONE FUND
|
9 Months Ended |
Sep. 30, 2023 |
Opportunity Zone Fund |
|
OPPORTUNITY ZONE FUND |
NOTE
6 - OPPORTUNITY ZONE FUND
In
July 2022, the Company invested $8.0 million, representing a portion of the capital gain the Company recognized from its investment in
Monmouth Real Estate Investment Corporation (“MREIC”), which was acquired by merger in February 2022, in UMH OZ Fund, LLC (“OZ
Fund”), a new entity formed by the Company. The OZ Fund was created to acquire, develop and redevelop manufactured housing communities
requiring substantial capital investment and located in areas designated as Qualified Opportunity Zones by the Treasury Department pursuant
to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas. The
OZ Fund was designed to allow the Company and other investors in the OZ Fund to defer the tax on recently realized capital gains reinvested
in the OZ Fund until December 31, 2026 and to potentially obtain certain other tax benefits. UMH manages the OZ Fund and will receive
certain management fees as well as a 15% carried interest in distributions by the OZ Fund to the other investors (subject to first returning
investor capital with a 5% preferred return). UMH will have a right of first offer to purchase the communities from the OZ Fund at the
time of sale at their then-current appraised value. On August 10, 2022, the Company, through the OZ Fund, acquired Garden View, located
in Orangeburg, South Carolina, for approximately $5.2 million. On January 19, 2023, the Company, through the OZ Fund, acquired Mighty
Oak, located in Albany, Georgia, for approximately $3.7 million (See Note 3). As of September 30, 2023, the Company’s investment
in the OZ Fund represented 77% of the total capital contributed to the OZ Fund and is consolidated in the Company’s Consolidated
Financial Statements. Other investors in the OZ Fund include certain officers, directors and employees of the Company.
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v3.23.3
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS |
NOTE
7 – LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS
Unsecured
Line of Credit
On
November 7, 2022, the Company entered into the Second Amended and Restated Credit Agreement (the “Amendment”) to expand and
extend its existing unsecured revolving credit facility (the “Facility”). The expanded Facility is syndicated with two banks,
BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. The Second Amended Credit
Agreement provides for an increase from $75 million in available borrowings to $100 million in available borrowings with a $400 million
accordion feature, bringing the total potential availability up to $500 million, subject to certain conditions including obtaining commitments
from additional lenders. The Second Amended Credit Agreement also extends the maturity date of the Facility from November 29, 2022 to
November 7, 2026, with a further one-year extension available at the Company’s option, subject to certain conditions including
payment of an extension fee. Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which
the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base
communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities
in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and are equal to the Secured
Overnight Financing Rate (“SOFR”) plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%.
On
February 24, 2023, the Company amended its Facility to expand available borrowings from $100 million to $180 million.
As of September 30, 2023, the amount outstanding under the Facility was $100 million and the interest rate was 7.27%.
Loans
Payable
The
following is a summary of our loans payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF LOANS PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Margin Loan | |
$ | 0 | | |
| N/A | | |
$ | 0 | | |
| N/A | |
Unsecured line of credit | |
| 100,000 | | |
| 7.27 | % | |
| 75,000 | | |
| 5.88 | % |
Floorplan inventory financing | |
| 1,050 | | |
| 9.01 | % | |
| 64,126 | | |
| 7.70 | % |
FirstBank rental home financing | |
| 24,838 | | |
| 6.15 | % | |
| 5,100 | | |
| 6.50 | % |
OceanFirst notes receivable financing | |
| 20,000 | | |
| 8.50 | % | |
| 10,000 | | |
| 7.50 | % |
Total Loans Payable | |
| 145,888 | | |
| 7.26 | % | |
| 154,226 | | |
| 6.76 | % |
Unamortized debt issuance costs | |
| (1,265 | ) | |
| | | |
| (695 | ) | |
| | |
Loans Payable, net of unamortized | |
| | | |
| | | |
| | | |
| | |
debt issuance costs | |
$ | 144,623 | | |
| 7.32 | % | |
$ | 153,531 | | |
| 6.79 | % |
On
March 9, 2023, the Company entered into a $30 million revolving line of credit with Triad Financial Services (“Triad”) secured
by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
On
May 12, 2023, the Company entered into a $25 million term loan with FirstBank. The term loan has a 5-year term with a fixed interest
rate of 6.15%. The term loan is secured by rental homes, and their leases, in various communities throughout our portfolio. Additionally,
the Company entered into a new $25 million line of credit secured by rental homes and their leases. This new line of credit also has
a 5-year term and has a variable rate tied to Prime.
On
July 19, 2023, the Company expanded its revolving line of credit with OceanFirst Bank from $20 million to $35 million. Interest is at
prime with a floor of 4.75%. This line is secured by the Company’s eligible notes receivable. The amendment also extended the maturity
date to June 1, 2025.
Series
A Bonds
On
February 6, 2022, the Company issued $102.7 million of its new 4.72% Series A Bonds due 2027, or the 2027 Bonds, in an offering to investors
in Israel. The Company received $98.7 million, net of offering expenses. The 2027 Bonds are unsecured obligations of the Company denominated
in Israeli shekels (NIS) and were issued pursuant to a Deed of Trust dated January 31, 2022 between the Company and Reznik Paz Nevo Trusts
Ltd., an Israeli trust company, as trustee. The 2027 Bonds pay interest at a rate of 4.72% per year. Interest on the 2027 Bonds is payable
semi-annually on August 31, 2022, and on February 28 and August 31 of the years 2023-2026 (inclusive) and on the final maturity date
of February 28, 2027. The principal and interest will be linked to the U.S. Dollar. In the event of a future downgrade by two or more
notches in the rating of the 2027 Bonds or a failure by the Company to comply with certain covenants in the Deed of Trust, the interest
rate on the 2027 Bonds will be subject to increase. However, any such increases, in the aggregate, would not exceed 1.25% per annum.
As of September 30, 2023, the Company is in compliance with these covenants.
Under
the Deed of Trust, the Company has the right to redeem the 2027 Bonds, in whole or in part, at any time on or after 60 days from February
9, 2022, the date on which the 2027 Bonds were listed for trading on the Tel Aviv Stock Exchange (the “TASE”). Any such voluntary
early redemption by the Company will require payment of the applicable early redemption amount calculated in accordance with the Deed
of Trust. The Company does not currently intend to redeem the 2027 Bonds. Upon the occurrence of an event of default or certain other
events, including a delisting of the 2027 Bonds by the TASE, the Company may be required to effect an early repayment or redemption of
all or a portion of the 2027 Bonds at their par value plus accrued and unpaid interest. The Deed of Trust permits the Company, subject
to certain conditions, to issue additional 2027 Bonds without obtaining approval of the holders of the 2027 Bonds.
The
2027 Bonds are general unsecured obligations of the Company and rank equal in right of payment with all of the Company’s existing
and future unsecured indebtedness. The Deed of Trust includes certain customary covenants, including financial covenants requiring the
Company to maintain certain ratios of debt to net operating income, to shareholders’ equity and to earnings, and customary events
of default. The 2027 Bonds were offered solely to investors outside the United States and were not offered to, or for the account or
benefit of, U.S. Persons (as defined in Regulation S under the Securities Act of 1933).
Mortgages
Payable
The
following is a summary of our mortgages payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF MORTGAGES PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Fixed rate mortgages | |
$ | 446,280 | | |
| 3.88 | % | |
$ | 513,709 | | |
| 3.93 | % |
Unamortized debt issuance costs | |
| (4,116 | ) | |
| | | |
| (4,771 | ) | |
| | |
Mortgages Payable, net of | |
| | | |
| | | |
| | | |
| | |
unamortized debt issuance costs | |
$ | 442,164 | | |
| 3.92 | % | |
$ | 508,938 | | |
| 3.97 | % |
As
of September 30, 2023 and December 31, 2022, the weighted average loan maturity of mortgages payable was 5.0 years and 5.1 years, respectively.
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v3.23.3
SHAREHOLDERS’ EQUITY
|
9 Months Ended |
Sep. 30, 2023 |
Equity [Abstract] |
|
SHAREHOLDERS’ EQUITY |
NOTE
8 - SHAREHOLDERS’ EQUITY
Common
Stock
On
January 11, 2023, the Board of Directors approved an increase in the Company’s quarterly common stock dividend, raising it to
$0.205 per
share from $0.20 per
share, representing a 2.5%
increase. Over the past three years the Company has increased the dividend by 14%.
On
September 15, 2023, the Company paid total cash dividends of $13.4 million or $0.205 per share to common shareholders of record as of
the close of business on August 15, 2023, of which $647,000 was reinvested in the Dividend Reinvestment and Stock Purchase Plan (“DRIP”).
On October 2, 2023, the Company declared a dividend of $0.205 per share to be paid December 15, 2023 to common shareholders of record
as of the close of business on November 15, 2023.
During
the nine months ended September 30, 2023, the Company received, including dividends reinvested of $2.0 million, a total of $6.8 million
from its DRIP. There were 452,000 shares issued under the DRIP during this period.
On
January 11, 2023, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorizes
us to repurchase up to $25 million in the aggregate of the Company’s common stock. Purchases under the Repurchase Program may be
made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any
combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope
and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual
requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount
of common stock and may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. For
the three and nine months ended September 30, 2023, the Company did not repurchase any shares of its common stock.
Common
Stock At-The-Market Sales Programs
On
March 7, 2022, the Company entered into an Equity Distribution Agreement (the “2022 Common ATM Program”) with BMO
Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC and Janney
Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company may offer and sell
shares of the Company’s common stock, $0.10
par value per share (the “Common Stock”), having an aggregate sales price of up to $150
million from time to time through the Distribution Agents, as agents or principals. Sales of the shares of Common Stock under the
2022 Common ATM Program are made in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933,
as amended (the “Securities Act”), including, without limitation, sales made directly on or through the New York Stock
Exchange (the “NYSE”) or to or through a market maker or any other method permitted by law, including, without
limitation, negotiated transactions and block trades. The Distribution Agents are not required to sell any specific number or dollar
amount of securities, but will use commercially reasonable efforts consistent with their normal trading and sales practices, on
mutually agreed terms between the Distribution Agents and the Company. For the nine months ended September 30, 2023, 2.1
million shares of Common Stock were issued and sold under the 2022 Common ATM Program at a weighted average price of $16.77
per share, generating gross proceeds of $35.6
million and net proceeds of $35.1
million, after offering expenses.
On
April 4, 2023, the Company entered into a new equity distribution agreement (the “2023 Common ATM Program”) with the Distribution
Agents and terminated the 2022 Common ATM Program. Under the 2023 Common ATM Program, the Company may offer and sell shares of the Company’s
Common Stock, having an aggregate sales price of up to $150 million from time to time through the Distribution Agents, as agents or principals.
Sales of the shares of Common Stock under the Distribution Agreement, if any, will be in “at the market offerings” as defined
in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE or to or through a market
maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The Distribution
Agents are not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent
with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company. The Company
began selling shares under the 2023 Common ATM Program on April 4, 2023 and through September 30, 2023, 5.6 million shares of Common
Stock were issued and sold at a weighted average price of $15.78 per share, generating gross proceeds of $88.8 million and net proceeds
of $86.9 million, after offering expenses.
Under
both the 2022 Common ATM Program and the 2023 Common ATM Program, for the nine months ended September 30, 2023, a total of 7.8 million
shares of Common Stock were issued and sold at a weighted average price of $16.05 per share, generating gross proceeds of $124.4 million
and net proceeds of $122.0 million, after offering expenses.
As
of September 30, 2023, $61.2 million of common stock remained eligible for sale under the 2023 Common ATM Program.
6.375%
Series D Cumulative Redeemable Preferred Stock
On
September 15, 2023, the Company paid $4.4 million in dividends or $0.3984375 per share for the period from June 1, 2023 through August
31, 2023 to holders of record as of the close of business on August 15, 2023 of our 6.375% Series D Cumulative Redeemable Preferred Stock,
$0.10 par value per share, Liquidation Preference $25.00 per share (“Series D Preferred Stock”). Dividends on our Series
D Preferred Stock are cumulative and payable quarterly at an annual rate of $1.59375 per share.
On
October 2, 2023, the Company declared a dividend of $0.3984375 per share for the period from September 1, 2023 through November 30, 2023
to be paid on December 15, 2023 to Series D Preferred shareholders of record as of the close of business on November 15, 2023.
Preferred
Stock At-The-Market Sales Programs
On
July 22, 2020, the Company entered into a Preferred Stock At-The-Market Sales Program (the “2020 Preferred ATM Program”)
with B. Riley Securities, Inc., as distribution agent (“B. Riley”), under which the Company may offer and sell shares of
the Company’s Series C Preferred Stock and/or Series D Preferred Stock, having an aggregate sales price of up to $100
million. Sales of shares under the 2020 Preferred ATM Program are made in “at the market offerings” as defined in Rule
415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing
trading market for the Series C Preferred Stock or Series D Preferred Stock, as applicable, or to or through a market maker or any
other method permitted by law, including, without limitation, negotiated transactions and block trades. Shares of Series C Preferred
Stock and/or Series D Preferred Stock sold under the 2020 Preferred ATM Program are offered and sold pursuant to the Company’s
2020 Registration Statement and pursuant to the Company’s prospectus dated June 1, 2020 included in the 2020 Registration
Statement and the related prospectus supplement dated July 22, 2020. The 2020 Preferred ATM Program replaced the Company’s
previous at-the-market sales program for its Series C Preferred Stock and/or Series D Preferred Stock. On July 26, 2022, the Company
redeemed all of its issued and outstanding shares of its Series C Preferred Stock and therefore, in light of the redemption,
disclosed that the Company does not intend to issue any new shares of Series C Preferred Stock. During the nine months ended
September 30, 2023, the Company issued and sold 126,000
shares of Series D Preferred Stock under the 2020 Preferred ATM Program at a weighted average price of $22.25
per share, generating total gross and net proceeds, of $2.8
million.
On
January 10, 2023, the Company entered into a new At Market Issuance Sales Agreement (the “2023 Preferred ATM Program”) with
B. Riley and terminated the use of the 2020 Preferred ATM Program. Under the 2023 Preferred ATM Program, the Company may offer and sell
shares of the Company’s Series D Preferred Stock, having an aggregate sales price of up to $100 million from time to time through
B. Riley, as agent or principal. Sales of the shares of Series D Preferred Stock in the 2023 Preferred ATM Program will be in “at
the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or
through the NYSE or on any other existing trading market for the Series D Preferred Stock, as applicable, or to or through a market maker
or any other method permitted by law, including, without limitation, negotiated transactions and block trades. B. Riley is not required
to sell any specific number or dollar amount of securities, but will use its commercially reasonable efforts consistent with its normal
trading and sales practices, on mutually agreed terms between B. Riley and the Company. Since January 10, 2023, the Company issued and
sold 2.0 million shares of its Series D Preferred Stock under the 2023 Preferred ATM Program at a weighted average price of $21.99 per
share, generating gross proceeds of $44.8 million and net proceeds of $44.0 million, after offering expenses.
Under
both the 2020 Preferred ATM Program and the 2023 Preferred ATM Program, for the nine months ended September 30, 2023, a total of 2.2
million shares of Series D Preferred Stock were issued and sold at a weighted average price of $22.01 per share, generating gross proceeds
of $47.6 million and net proceeds of $46.8 million, after offering expenses.
As
of September 30, 2023, $55.2 million in shares of Series D Preferred Stock remained eligible for sale under the 2023 Preferred ATM Program.
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v3.23.3
STOCK BASED COMPENSATION
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
STOCK BASED COMPENSATION |
NOTE
9 – STOCK BASED COMPENSATION
The
Company accounts for awards of stock, stock options and restricted stock in accordance with ASC 718-10, “Compensation-Stock Compensation.”
ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal
to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate
the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized
based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal
to the fair value of the Company’s stock on the grant date. Compensation costs of $1.0 and $4.0 million have been recognized for
the three and nine months ended September 30, 2023, respectively, and $1.6 and $3.9 million have been recognized for the three and nine
months ended September 30, 2022, respectively.
On
May 31, 2023, the shareholders approved the UMH Properties, Inc. 2023 Equity Incentive Award Plan (the “2023 Plan”),
authorizing the grant of options, restricted stock or other stock-based awards to participants. The maximum number of shares
available for grant under the 2023 Plan is 2.2
million shares. The maximum number of shares underlying awards that may be granted in any one year to a participant is 300,000
shares. Option awards are exercisable after one year of continued employment or service to the Company from the date of grant. The
option price shall not be below the fair market value at date of grant.
The
2023 Plan replaced the Company’s previous Amended and Restated 2013 Incentive Award Plan (the “A&R 2013
Plan”), which by its terms terminated with respect to new awards on June 13, 2023. Outstanding grants under the A&R 2013
Plan will continue to be subject to the terms of the A&R 2013 Plan. No future awards will be granted under the A&R 2013
Plan, except for those shares previously reserved for outstanding performance-based grants under the A&R 2013 Plan.
On
January 11, 2023, the Company awarded a total of 25,000 shares of restricted stock to five employees under the Company’s A&R
2013 Plan. The grant date fair value of these restricted stock grants was $413,000. These grants vest ratably over 5 years.
On
January 11, 2023, the Company awarded a total of 7,488 shares of common stock to nine members of our Board of Directors. The grant date
fair value of these awards was $124,000.
On
March 21, 2023, the Company awarded a total of 8,622 shares of common stock to nine members of our Board of Directors. The grant date
fair value of these awards was $124,000.
On
March 21, 2023, the Company awarded a total of 98,500
shares of restricted stock to two employees under
the A&R 2013 Plan, pursuant to their employment agreements. The grant date fair value of these restricted stock grants was $1.4
million. These grants vest ratably over 5
years.
On
March 21, 2023, the Company granted options to purchase 1.4
million shares of common stock to sixty-nine
participants under the A&R 2013 Plan. The grant date fair value of these options amounted to $4.2
million. These grants vest ratably over five
years. Compensation costs for grants issued to
a participant who is of retirement age are recognized at the time of the grant.
On
June 14, 2023, the Company awarded a total of 7,641
shares of common stock to nine members of our
Board of Directors under the 2023 Plan. The grant date fair value of these awards was $124,000.
On
August 10, 2023, the Company issued a total of 146,572
shares of common stock to five employees upon vesting of previously disclosed awards granted in 2021 under the A&R 2013 Plan as
a special bonus in connection with the Company’s August 2020 groundbreaking Fannie Mae financing. These grants were expensed
over the vesting period.
On
September 20, 2023, the Company awarded a total of 8,595 shares of common stock to nine members of our Board of Directors under the 2023
Plan. The grant date fair value of these awards was $124,000.
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average
assumptions used for grants during the nine months ended September 30, 2023:
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS
| |
2023 | |
| |
| |
Dividend yield | |
| 3.94 | % |
Expected volatility | |
| 27.14 | % |
Risk-free interest rate | |
| 3.59 | % |
Expected lives | |
| 10 | |
Estimated forfeitures | |
| 0 | |
During
the nine months ended September 30, 2023, thirteen participants exercised options to purchase a total of 71,000 shares of common stock
at a weighted-average exercise price of $10.34 per share for total proceeds of $734,000. The aggregate intrinsic value of options exercised
was $418,000. During the nine months ended September 30, 2023, options to purchase 20,000 shares expired.
As
of September 30, 2023, there were options outstanding to purchase 4.8 million shares, with an aggregate intrinsic value of $2.7 million.
There were 2.2 million shares available for grant under the 2023 Plan.
|
X |
- DefinitionThe entire disclosure for share-based payment arrangement.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FAIR VALUE MEASUREMENTS |
NOTE
10 - FAIR VALUE MEASUREMENTS
In
accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and
liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities
was determined using the following inputs at September 30, 2023 and December 31, 2022 (in thousands):
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS
| |
Fair Value Measurements at Reporting Date Using | |
| |
| | |
Quoted Prices | | |
Significant | | |
| |
| |
| | |
In Active | | |
Other | | |
Significant | |
| |
| | |
Markets for | | |
Observable | | |
Unobservable | |
| |
| | |
Identical Assets | | |
Inputs | | |
Inputs | |
| |
Total | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
As of September 30, 2023: | |
| | |
| | |
| | |
| |
Marketable Securities - Preferred stock | |
$ | 484 | | |
$ | 484 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 27,132 | | |
| 27,132 | | |
| 0 | | |
| 0 | |
Total | |
$ | 27,616 | | |
$ | 27,616 | | |
$ | 0 | | |
$ | 0 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022: | |
| | | |
| | | |
| | | |
| | |
Marketable Securities - Preferred stock | |
$ | 1,043 | | |
$ | 1,043 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 41,135 | | |
| 41,135 | | |
| 0 | | |
| 0 | |
Total | |
$ | 42,178 | | |
$ | 42,178 | | |
$ | 0 | | |
$ | 0 | |
In
addition to the Company’s investment in marketable securities at fair value, the Company is required to disclose certain information
about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made
at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such
estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings
of a particular financial instrument. All of the Company’s marketable securities have quoted market prices. However, for a portion
of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily
based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include
assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future
expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent
estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is
likely to result in significantly different fair value estimates.
The
fair value of cash and cash equivalents and notes receivable approximates their current carrying amounts since all such items are short-term
in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are at
approximately a weighted-average current market rate of interest. As of September 30, 2023, the estimated fair value of fixed rate mortgages
payable amounted to $422.5 million and the carrying value of fixed rate mortgages payable amounted to $446.3 million.
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v3.23.3
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS |
NOTE
11 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS
From
time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that
any such claims or litigation will have a material adverse effect on the financial position or results of operations.
The
Company had an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage provided financing for
home purchasers in the Company’s communities. The Company did not receive referral fees or other cash compensation under the agreement.
If 21st Mortgage made loans to purchasers and those purchasers defaulted on their loans and 21st Mortgage repossessed the homes securing
such loans, the Company agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount
under each such loan, subject to certain adjustments. As of September 30, 2023, the total loan balance under this agreement was approximately
$2.4 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with
these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their
loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of September
30, 2023, the total loan balance owed to 21st Mortgage with respect to homes in these acquired communities was approximately $740,000.
This program was terminated on June 22, 2023. The Company’s repurchase obligations for the outstanding loans that were originated
by 21st Mortgage remain in effect.
The
Company entered into a Manufactured Home Retailer Agreement (the “MHRA”) with 21st Mortgage on January 24, 2023,
under which 21st Mortgage provides financing for home purchasers in the Company’s communities. 21st Mortgage
has no recourse against the Company under the MHRA except in instances where the Customer defaults before two scheduled monthly payments
are paid by the purchaser and the default is based on any dispute between S&F surrounding the terms or execution of the purchase
and sale of the home. Upon such a default, S&F is to take assignment of the loan from 21st Mortgage for the unpaid principal
balance plus accrued interest. As of September 30, 2023, no loans have been originated under the MHRA.
S&F
entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective
January 1, 2016. Neither the Company, nor S&F, receive referral fees or other cash compensation under the agreement. Customer loan
applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If a loan application
does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan
is approved under the COP Program, then it is originated by Triad, assigned to S&F and then assigned by S&F to the Company. Included
in Notes and Other Receivables is approximately $70.3 million of loans that the Company acquired under the COP Program as of September
30, 2023.
The
Company and one of its subsidiaries are parties to a Limited Liability Company Agreement dated as of December 8, 2021 with an affiliate
of Nuveen, which governs the joint venture between the Company and Nuveen. The LLC Agreement provides for the parties to initially fund
up to $70 million of equity capital for acquisitions during a 24-month commitment period, with Nuveen having the option, subject to certain
conditions, to elect to increase the parties’ total commitments by up to an additional $100 million and to extend the commitment
period for up to an additional four years. The Company is required to fund 40% of the committed capital and Nuveen is required to fund
60%. All such funding will be on a parity basis. The Company and Nuveen are continuing to seek opportunities to acquire additional manufactured
housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines.
The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to
be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate additional acquisitions
but will maintain its existing property portfolio. While the terms and conditions of such new joint venture entities have not been fully
negotiated, it is expected that invested capital would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and
that other terms would be similar to those of the existing joint venture, except that the amounts of the parties’ respective capital
commitments will be determined on a property-by-property basis (See Note 5).
On
July 26, 2023, the Company entered into an agreement to purchase two manufactured home communities, located in Maryland, for
approximately $12.5
million. As of November 8, 2023, this transaction remains pending.
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v3.23.3
SUPPLEMENTAL CASH FLOW INFORMATION
|
9 Months Ended |
Sep. 30, 2023 |
Supplemental Cash Flow Elements [Abstract] |
|
SUPPLEMENTAL CASH FLOW INFORMATION |
NOTE
12 - SUPPLEMENTAL CASH FLOW INFORMATION
Cash
paid for interest during the nine months ended September 30, 2023 and 2022 was $27.2 million and $18.7 million, respectively. Interest
cost capitalized to land development was $4.1 million and $1.3 million for the nine months ended September 30, 2023 and 2022, respectively.
During
the nine months ended September 30, 2023 and 2022, the Company had Dividend Reinvestments of $2.0 million and $2.1 million, respectively,
which required no cash transfers.
|
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- DefinitionThe entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
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v3.23.3
SUBSEQUENT EVENTS
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
NOTE
13– SUBSEQUENT EVENTS
Management
has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements
were issued.
Since
October 1, 2023, the Company issued and sold an additional 190,000 shares of its Common Stock under the 2023 Common ATM Program at a
weighted average price of $13.98 per share, generating gross proceeds of $2.7 million and net proceeds of $2.6 million, after offering
expenses. As of November 1, 2023, $58.6 million of Common Stock remained eligible for sale under the 2023 Common ATM Program.
Since
October 1, 2023, the Company issued and sold an additional 44,000 shares of its Series D Preferred Stock under the 2023 Preferred ATM
Program at a weighted average price of $21.08 per share, generating gross proceeds of $931,000 and net proceeds of $916,000,
after offering expenses. As of November 1, 2023, $54.2 million of Series D Preferred Stock remained eligible for sale under the 2023
Preferred ATM Program.
On
October 13, 2023, the Company paid down $10
million on its revolving line of credit secured by its eligible notes receivables.
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v3.23.3
PROFORMA FINANCIAL INFORMATION (UNAUDITED)
|
9 Months Ended |
Sep. 30, 2023 |
Proforma Financial Information |
|
PROFORMA FINANCIAL INFORMATION (UNAUDITED) |
NOTE
14 – PROFORMA FINANCIAL INFORMATION (UNAUDITED)
The
following unaudited pro forma condensed financial information reflects the acquisitions during 2022 and 2023. This information has been
prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties
acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect
to certain adjustments including: (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from
the assumed increase in mortgages and loans payable related to the new acquisitions; and (d) depreciation expense related to the new
acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have
been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in
thousands).
SUMMARY OF PRO FORMA FINANCIAL INFORMATION
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
| | |
| | |
| | |
| |
Rental and Related Income | |
$ | 48,135 | | |
$ | 43,642 | | |
$ | 140,503 | | |
$ | 129,708 | |
Net Loss Attributable
to
Common Shareholders | |
| (5,831 | ) | |
| (10,062 | ) | |
| (15,561 | ) | |
| (39,986 | ) |
Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted | |
$ | (0.09 | ) | |
$ | (0.18 | ) | |
$ | (0.25 | ) | |
$ | (0.74 | ) |
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v3.23.3
ORGANIZATION AND ACCOUNTING POLICIES (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Use of Estimates |
Use
of Estimates
In
preparing the consolidated financial statements in accordance with GAAP, management is required to make estimates and assumptions that
affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated
balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful
accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and
stock compensation expense. Actual results could differ from these estimates and assumptions.
|
Reclassifications |
Reclassifications
Certain
amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current
periods.
|
Investment in Joint Venture |
Investment
in Joint Venture
The
Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance
with Accounting Standards Codification (“ASC”) 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but
not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment
is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions
received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement.
The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes
in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the
factors that are considered in evaluation of the existence of impairment indicators (See Note 5).
|
Leases |
Leases
We
account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our
sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement
from us and the resident, or in some cases, as provided by jurisdictional statute.
We
are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2023
and December 31, 2022, the right-of-use assets and corresponding lease liabilities of $3.4 million and $3.6 million, respectively, are
included in prepaid expenses and other assets and accrued liabilities and deposits on the consolidated balance sheets.
Future
minimum lease payments under these leases over the remaining lease terms are as follows (in thousands):
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| | |
2023 | |
$ | 115 | |
2024 | |
| 460 | |
2025 | |
| 460 | |
2026 | |
| 460 | |
2027 | |
| 257 | |
Thereafter | |
| 18,614 | |
| |
| | |
Total Lease Payments | |
$ | 20,366 | |
The
weighted average remaining lease term for these leases is 161 years. The right of use assets and lease liabilities was calculated using
an interest rate of 5%.
|
Restricted Cash |
Restricted
Cash
The
Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in
accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance
sheets.
The
following table presents beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods
shown (in thousands):
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
| |
| | |
| | |
| | |
| |
| |
9/30/23 | | |
12/31/22 | | |
9/30/22 | | |
12/31/21 | |
| |
| | |
| | |
| | |
| |
Cash and Cash Equivalents | |
$ | 38,646 | | |
$ | 29,785 | | |
$ | 62,512 | | |
$ | 116,175 | |
Restricted Cash | |
| 6,924 | | |
| 11,091 | | |
| 8,585 | | |
| 8,851 | |
Cash, Cash Equivalents | |
| | | |
| | | |
| | | |
| | |
And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Cash,
Cash Equivalents And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
|
Revenue Recognition |
Revenue
Recognition
We
account for our Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09
“Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize
revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of
goods or provision of services.
Rental
and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for
under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which
are accounted for with the site lease as a single lease under ASC 842.
Revenue
from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control
of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation.
Interest
income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued
based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans.
Dividend
income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately
but are not in the scope of ASC 606.
Other
income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income.
This income is recognized when the transactions are completed and our performance obligations have been fulfilled.
|
Notes Receivables |
Notes
Receivables
We account for our receivables in accordance with ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of
Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a forward looking “expected loss”
model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses
is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the
reported amount. As of September 30, 2023 and December 31, 2022, the Company had notes receivable of $74.1 million and $63.0 million,
net of the fair value adjustment of $1.5 million and $1.3 million, respectively. Notes receivables are presented as a component of notes
and other receivables, net on our consolidated balance sheets. These receivables represent balances owed to us for previously completed
performance obligations for sales of manufactured homes.
|
Other Recent Accounting Pronouncements |
Other
Recent Accounting Pronouncements
Management
does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect
on the accompanying consolidated financial statements.
|
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v3.23.3
ORGANIZATION AND ACCOUNTING POLICIES (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT |
Future
minimum lease payments under these leases over the remaining lease terms are as follows (in thousands):
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENT
| |
| | |
2023 | |
$ | 115 | |
2024 | |
| 460 | |
2025 | |
| 460 | |
2026 | |
| 460 | |
2027 | |
| 257 | |
Thereafter | |
| 18,614 | |
| |
| | |
Total Lease Payments | |
$ | 20,366 | |
|
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH |
The
following table presents beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods
shown (in thousands):
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
| |
| | |
| | |
| | |
| |
| |
9/30/23 | | |
12/31/22 | | |
9/30/22 | | |
12/31/21 | |
| |
| | |
| | |
| | |
| |
Cash and Cash Equivalents | |
$ | 38,646 | | |
$ | 29,785 | | |
$ | 62,512 | | |
$ | 116,175 | |
Restricted Cash | |
| 6,924 | | |
| 11,091 | | |
| 8,585 | | |
| 8,851 | |
Cash, Cash Equivalents | |
| | | |
| | | |
| | | |
| | |
And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
Cash,
Cash Equivalents And Restricted Cash | |
$ | 45,570 | | |
$ | 40,876 | | |
$ | 71,097 | | |
$ | 125,026 | |
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v3.23.3
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LOANS PAYABLE |
The
following is a summary of our loans payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF LOANS PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Margin Loan | |
$ | 0 | | |
| N/A | | |
$ | 0 | | |
| N/A | |
Unsecured line of credit | |
| 100,000 | | |
| 7.27 | % | |
| 75,000 | | |
| 5.88 | % |
Floorplan inventory financing | |
| 1,050 | | |
| 9.01 | % | |
| 64,126 | | |
| 7.70 | % |
FirstBank rental home financing | |
| 24,838 | | |
| 6.15 | % | |
| 5,100 | | |
| 6.50 | % |
OceanFirst notes receivable financing | |
| 20,000 | | |
| 8.50 | % | |
| 10,000 | | |
| 7.50 | % |
Total Loans Payable | |
| 145,888 | | |
| 7.26 | % | |
| 154,226 | | |
| 6.76 | % |
Unamortized debt issuance costs | |
| (1,265 | ) | |
| | | |
| (695 | ) | |
| | |
Loans Payable, net of unamortized | |
| | | |
| | | |
| | | |
| | |
debt issuance costs | |
$ | 144,623 | | |
| 7.32 | % | |
$ | 153,531 | | |
| 6.79 | % |
|
SCHEDULE OF MORTGAGES PAYABLE |
The
following is a summary of our mortgages payable as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE OF MORTGAGES PAYABLE
| |
9/30/2023 | | |
12/31/2022 | |
| |
Amount | | |
Rate | | |
Amount | | |
Rate | |
| |
| | |
| | |
| | |
| |
Fixed rate mortgages | |
$ | 446,280 | | |
| 3.88 | % | |
$ | 513,709 | | |
| 3.93 | % |
Unamortized debt issuance costs | |
| (4,116 | ) | |
| | | |
| (4,771 | ) | |
| | |
Mortgages Payable, net of | |
| | | |
| | | |
| | | |
| | |
unamortized debt issuance costs | |
$ | 442,164 | | |
| 3.92 | % | |
$ | 508,938 | | |
| 3.97 | % |
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v3.23.3
STOCK BASED COMPENSATION (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Share-Based Payment Arrangement [Abstract] |
|
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS |
The
fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average
assumptions used for grants during the nine months ended September 30, 2023:
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS
| |
2023 | |
| |
| |
Dividend yield | |
| 3.94 | % |
Expected volatility | |
| 27.14 | % |
Risk-free interest rate | |
| 3.59 | % |
Expected lives | |
| 10 | |
Estimated forfeitures | |
| 0 | |
|
X |
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS |
In
accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and
liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities
was determined using the following inputs at September 30, 2023 and December 31, 2022 (in thousands):
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS
| |
Fair Value Measurements at Reporting Date Using | |
| |
| | |
Quoted Prices | | |
Significant | | |
| |
| |
| | |
In Active | | |
Other | | |
Significant | |
| |
| | |
Markets for | | |
Observable | | |
Unobservable | |
| |
| | |
Identical Assets | | |
Inputs | | |
Inputs | |
| |
Total | | |
(Level 1) | | |
(Level 2) | | |
(Level 3) | |
As of September 30, 2023: | |
| | |
| | |
| | |
| |
Marketable Securities - Preferred stock | |
$ | 484 | | |
$ | 484 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 27,132 | | |
| 27,132 | | |
| 0 | | |
| 0 | |
Total | |
$ | 27,616 | | |
$ | 27,616 | | |
$ | 0 | | |
$ | 0 | |
| |
| | | |
| | | |
| | | |
| | |
As of December 31, 2022: | |
| | | |
| | | |
| | | |
| | |
Marketable Securities - Preferred stock | |
$ | 1,043 | | |
$ | 1,043 | | |
$ | 0 | | |
$ | 0 | |
Marketable Securities - Common stock | |
| 41,135 | | |
| 41,135 | | |
| 0 | | |
| 0 | |
Total | |
$ | 42,178 | | |
$ | 42,178 | | |
$ | 0 | | |
$ | 0 | |
|
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v3.23.3
PROFORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Proforma Financial Information |
|
SUMMARY OF PRO FORMA FINANCIAL INFORMATION |
The
following unaudited pro forma condensed financial information reflects the acquisitions during 2022 and 2023. This information has been
prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties
acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect
to certain adjustments including: (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from
the assumed increase in mortgages and loans payable related to the new acquisitions; and (d) depreciation expense related to the new
acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have
been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in
thousands).
SUMMARY OF PRO FORMA FINANCIAL INFORMATION
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
Three Months Ended | | |
Nine Months Ended | |
| |
9/30/23 | | |
9/30/22 | | |
9/30/23 | | |
9/30/22 | |
| |
| | |
| | |
| | |
| |
Rental and Related Income | |
$ | 48,135 | | |
$ | 43,642 | | |
$ | 140,503 | | |
$ | 129,708 | |
Net Loss Attributable
to
Common Shareholders | |
| (5,831 | ) | |
| (10,062 | ) | |
| (15,561 | ) | |
| (39,986 | ) |
Net Loss Attributable to Common Shareholders Per Share – Basic and Diluted | |
$ | (0.09 | ) | |
$ | (0.18 | ) | |
$ | (0.25 | ) | |
$ | (0.74 | ) |
|
X |
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v3.23.3
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Dec. 31, 2021 |
Accounting Policies [Abstract] |
|
|
|
|
Cash and Cash Equivalents |
$ 38,646
|
$ 29,785
|
$ 62,512
|
$ 116,175
|
Restricted Cash |
6,924
|
11,091
|
8,585
|
8,851
|
Cash, Cash Equivalents And Restricted Cash |
$ 45,570
|
$ 40,876
|
$ 71,097
|
$ 125,026
|
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v3.23.3
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative)
|
|
9 Months Ended |
Jan. 19, 2023
USD ($)
a
Integer
|
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Payments to acquire real estate |
|
$ 3,679,000
|
$ 44,684,000
|
Transaction costs |
|
$ 29,000
|
|
Mighty Oak [Member] | Albany, Georgia [Member] |
|
|
|
Payments to acquire real estate |
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|
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v3.23.3
OPPORTUNITY ZONE FUND (Details Narrative) - USD ($) $ in Thousands |
|
|
1 Months Ended |
9 Months Ended |
Jan. 19, 2023 |
Aug. 10, 2022 |
Jul. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Payments to acquire real estate |
|
|
|
$ 3,679
|
$ 44,684
|
OZ Fund [Member] |
|
|
|
|
|
Investment |
|
|
|
77.00%
|
|
Garden View [Member] | Orangeburg, South Carolina [Member] |
|
|
|
|
|
Payments to acquire real estate |
|
$ 5,200
|
|
|
|
Mighty Oak [Member] | Albany, Georgia [Member] |
|
|
|
|
|
Payments to acquire real estate |
$ 3,700
|
|
|
|
|
UMH OZ Fund, LLC [Member] |
|
|
|
|
|
Payment for investments |
|
|
$ 8,000
|
|
|
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v3.23.3
SCHEDULE OF LOANS PAYABLE (Details) - USD ($) $ in Thousands |
9 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Dec. 31, 2022 |
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 145,888
|
$ 154,226
|
Debt instrument, interest rate |
7.26%
|
6.76%
|
Unamortized debt issuance costs |
$ (1,265)
|
$ (695)
|
Loans Payable, net of unamortized debt issuance costs |
$ 144,623
|
$ 153,531
|
Loans payable, net of unamortized debt issuance costs percentage |
7.32%
|
6.79%
|
Margin Line [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 0
|
$ 0
|
Unsecured Line of Credit [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 100,000
|
$ 75,000
|
Debt instrument, interest rate |
7.27%
|
5.88%
|
Floorplan Inventory Financing [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 1,050
|
$ 64,126
|
Debt instrument, interest rate |
9.01%
|
7.70%
|
FirstBank Rental Home Financing [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 24,838
|
$ 5,100
|
Debt instrument, interest rate |
6.15%
|
6.50%
|
OceanFirst Notes Receivable Financing [Member] |
|
|
Short-Term Debt [Line Items] |
|
|
Total Loans Payable |
$ 20,000
|
$ 10,000
|
Debt instrument, interest rate |
8.50%
|
7.50%
|
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v3.23.3
SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Fixed rate mortgages |
$ 446,280
|
$ 513,709
|
Mortgages percentage |
3.88%
|
3.93%
|
Unamortized debt issuance costs |
$ (4,116)
|
$ (4,771)
|
Mortgages, net of unamortized debt issuance costs |
$ 442,164
|
$ 508,938
|
Mortgages, net of unamortized debt issuance costs percentage |
3.92%
|
3.97%
|
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v3.23.3
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Details Narrative) - USD ($) $ in Millions |
|
|
|
|
|
9 Months Ended |
12 Months Ended |
|
|
|
|
Jul. 19, 2023 |
May 12, 2023 |
Mar. 09, 2023 |
Nov. 07, 2022 |
Feb. 06, 2022 |
Sep. 30, 2023 |
Dec. 31, 2022 |
Jul. 18, 2023 |
Feb. 24, 2023 |
Feb. 23, 2023 |
Nov. 06, 2022 |
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
7.26%
|
6.76%
|
|
|
|
|
Weighted average loan maturity |
|
|
|
|
|
5 years
|
5 years 1 month 6 days
|
|
|
|
|
Series A Bonds [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt instrument maturity date |
|
|
|
|
Feb. 28, 2027
|
|
|
|
|
|
|
Sale of stock number of value issued in transaction |
|
|
|
|
$ 102.7
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
4.72%
|
|
|
|
|
|
|
Sale of stock consideration received on transaction |
|
|
|
|
$ 98.7
|
|
|
|
|
|
|
First Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
6.15%
|
|
|
|
|
|
|
|
|
|
Term loan |
|
$ 25.0
|
|
|
|
|
|
|
|
|
|
Loan Maturity |
|
5 years
|
|
|
|
|
|
|
|
|
|
Maximum [Member] | Series A Bonds [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Debt instrument interest rate stated percentage |
|
|
|
|
1.25%
|
|
|
|
|
|
|
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
$ 30.0
|
|
|
|
|
|
|
|
|
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] | Minimum [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
5.00%
|
|
|
|
|
|
|
|
|
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
|
|
0.25%
|
|
|
|
|
|
|
|
|
Ocean First Bank [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Revolving line of credit |
$ 35.0
|
|
|
|
|
|
|
$ 20.0
|
|
|
|
Debt instrument maturity date |
Jun. 01, 2025
|
|
|
|
|
|
|
|
|
|
|
Ocean First Bank [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Interest rate |
4.75%
|
|
|
|
|
|
|
|
|
|
|
Unsecured Line of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility, available borrowings |
|
|
|
|
|
|
|
|
$ 180.0
|
$ 100.0
|
|
Line of credit |
|
|
|
|
|
$ 100.0
|
|
|
|
|
|
Interest rate |
|
|
|
|
|
7.27%
|
5.88%
|
|
|
|
|
Unsecured Revolving Credit Facility [Member] | Amended and Restated Credit Agreement [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit facility, borrowing capacity, description |
|
|
|
The expanded Facility is syndicated with two banks,
BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent.
|
|
|
|
|
|
|
|
Line of credit facility, available borrowings |
|
|
|
$ 100.0
|
|
|
|
|
|
|
$ 75.0
|
Line of credit accordion feature |
|
|
|
400.0
|
|
|
|
|
|
|
|
Revolving line of credit |
|
|
|
$ 500.0
|
|
|
|
|
|
|
|
Line of credit facility, description |
|
|
|
|
|
Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which
the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base
communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities
in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and are equal to the Secured
Overnight Financing Rate (“SOFR”) plus 1.50% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%.
|
|
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|
New Line of Credit [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Line of credit |
|
$ 25.0
|
|
|
|
|
|
|
|
|
|
New Line of Credit [Member] | Prime Rate [Member] |
|
|
|
|
|
|
|
|
|
|
|
Line of Credit Facility [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
Loan Maturity |
|
5 years
|
|
|
|
|
|
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v3.23.3
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)
|
|
|
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
|
Oct. 02, 2023 |
Sep. 15, 2023 |
Sep. 15, 2023 |
Aug. 15, 2023 |
Apr. 04, 2023 |
Jan. 11, 2023 |
Jan. 10, 2023 |
Mar. 07, 2022 |
Jul. 22, 2020 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of incease in common stock dividend |
|
|
|
|
|
14.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
$ 13,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid price per share |
|
$ 0.205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceed from dividend reinvestment and stock purchase plan (DRIP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000.0
|
$ 2,100,000
|
|
Common stock par value |
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
Common stock availible for sale value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 4,807,000
|
$ 3,210,000
|
|
Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
|
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
$ 0.10
|
|
$ 0.10
|
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock available for sale value |
|
|
|
|
|
|
|
|
|
$ 55,200,000
|
|
|
|
|
|
$ 55,200,000
|
|
|
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | BRiley Securities Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,000,000.0
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
$ 21.99
|
|
|
|
|
|
$ 21.99
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 44,000,000.0
|
|
|
Gross proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 44,800,000
|
|
|
Maximum [Member] | 2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] | BRiley Securities Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock available for sale value |
|
|
|
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
|
|
DRIP [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares issued during the period for DRIP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
452,000
|
|
|
Common Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceed from dividend reinvestment and stock purchase plan (DRIP) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 6,800,000
|
|
|
Shares issued during the period for DRIP |
|
|
|
|
|
|
|
|
|
137,000
|
151,000
|
164,000
|
130,000
|
78,000
|
72,000
|
|
|
|
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock par value |
|
|
|
|
|
|
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock availible for sale value |
|
|
|
|
$ 150,000,000
|
|
|
$ 150,000,000
|
|
|
|
|
|
|
|
|
|
|
Common Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid price per share |
$ 0.205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payable date of record |
Dec. 15, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided date of record |
Nov. 15, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.375% Series D Cumulative Redeemable Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends paid |
|
|
$ 4,400,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid price per share |
|
|
$ 0.3984375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend rate declared |
|
6.375%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidation preference, per share |
|
$ 25.00
|
25.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annual rate of dividend |
|
1.59375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Series D Cumulative Redeemable Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock par value |
|
$ 0.10
|
$ 0.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Divided date of record |
Nov. 15, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend paid price per share |
$ 0.3984375
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payable date |
Dec. 15, 2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock Purchase Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvestment of dividend |
|
|
|
$ 647,000
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,000,000.0
|
|
|
Common Stock Repurchase Program [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Authorized stock repurchase, value |
|
|
|
|
|
$ 25,000,000
|
|
|
|
|
|
|
|
|
|
|
|
|
2022 Common ATM Program [Member] | 2022 Distribution Agents [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,100,000
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
$ 16.77
|
|
|
|
|
|
$ 16.77
|
|
|
Gross proceeds from sale of equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 35,600,000
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 35,100,000
|
|
|
2023 Common ATM Program [Member] | 2023 Distribution Agents [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,600,000
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
$ 15.78
|
|
|
|
|
|
$ 15.78
|
|
|
Gross proceeds from sale of equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 88,800,000
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
86,900,000
|
|
|
Common stock available for sale value |
|
|
|
|
|
|
|
|
|
$ 61,200,000
|
|
|
|
|
|
$ 61,200,000
|
|
|
2023 and 2023 Common ATM Program [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,800,000
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
$ 16.05
|
|
|
|
|
|
$ 16.05
|
|
|
Gross proceeds from sale of equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 124,400,000
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 122,000,000.0
|
|
|
2020 Preferred ATM Program [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
126,000
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
22.25
|
|
|
|
|
|
$ 22.25
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,800,000
|
|
|
Gross proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 2,800,000
|
|
|
2020 Preferred ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock available for sale value |
|
|
|
|
|
|
|
|
$ 100,000,000
|
|
|
|
|
|
|
|
|
|
2020 and 2023 Common ATM Program [Member] | Series D Preferred Stock [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of shares issued in transaction |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,200,000
|
|
|
Sale of stock, price per share |
|
|
|
|
|
|
|
|
|
$ 22.01
|
|
|
|
|
|
$ 22.01
|
|
|
Gross proceeds from sale of equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 47,600,000
|
|
|
Net proceeds from sale of equity after offering expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ 46,800,000
|
|
|
Board of Directors Chairman [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Payable, Amount Per Share |
|
|
|
|
|
$ 0.205
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Price |
|
|
|
|
|
|
$ 0.20
|
|
|
|
|
|
|
|
|
|
|
|
Percentage of incease in common stock dividend |
|
|
|
|
|
2.50%
|
|
|
|
|
|
|
|
|
|
|
|
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v3.23.3
STOCK BASED COMPENSATION (Details Narrative) - USD ($)
|
|
|
|
|
|
3 Months Ended |
9 Months Ended |
Sep. 20, 2023 |
Aug. 10, 2023 |
Jun. 14, 2023 |
Mar. 21, 2023 |
Jan. 11, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Compensation costs |
|
|
|
|
|
$ 1,000,000.0
|
|
|
$ 1,600,000
|
|
|
$ 4,000,000.0
|
$ 3,900,000
|
Shares available for grant |
|
|
|
|
|
2,200,000
|
|
|
|
|
|
2,200,000
|
|
Number of restricted stock award, value |
|
|
|
|
|
$ 0
|
$ 0
|
$ 0
|
0
|
$ 0
|
$ 0
|
|
|
Common stock issued through stock options |
|
|
|
|
|
$ 184,000
|
$ 413,000
|
$ 137,000
|
$ 982,000
|
$ 2,220,000
|
$ 993,000
|
|
|
Options expired |
|
|
|
|
|
|
|
|
|
|
|
20,000
|
|
Options outstanding |
|
|
|
|
|
4,800,000
|
|
|
|
|
|
4,800,000
|
|
Aggregate intrinsic value |
|
|
|
|
|
$ 2,700,000
|
|
|
|
|
|
$ 2,700,000
|
|
Five Employees [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted stock award |
|
|
|
|
25,000
|
|
|
|
|
|
|
|
|
Number of restricted stock award, value |
|
|
|
|
$ 413,000
|
|
|
|
|
|
|
|
|
Grants vest term |
|
|
|
|
5 years
|
|
|
|
|
|
|
|
|
Number of common stock award |
|
146,572
|
|
|
|
|
|
|
|
|
|
|
|
Nine Members of Board of Directors [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of common stock award |
8,595
|
|
7,641
|
8,622
|
7,488
|
|
|
|
|
|
|
|
|
Fair value of common stock awards |
$ 124,000
|
|
$ 124,000
|
$ 124,000
|
$ 124,000
|
|
|
|
|
|
|
|
|
Two Employees [Member] | Employment Agreements [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of restricted stock award |
|
|
|
98,500
|
|
|
|
|
|
|
|
|
|
Number of restricted stock award, value |
|
|
|
$ 1,400,000
|
|
|
|
|
|
|
|
|
|
Grants vest term |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
Thirteen Participants [Member] | Stock Options [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock issued through stock options, shares |
|
|
|
|
|
|
|
|
|
|
|
71,000
|
|
Weighted-average exercise price |
|
|
|
|
|
|
|
|
|
|
|
$ 10.34
|
|
Common stock issued through stock options |
|
|
|
|
|
|
|
|
|
|
|
$ 734,000
|
|
Aggregate intrinsic value of options exercised |
|
|
|
|
|
|
|
|
|
|
|
$ 418,000
|
|
2023 Equity Incentive Award Plan [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares granted |
|
|
|
|
|
|
|
|
|
|
|
300,000
|
|
Amended and Restated 2023 Incentive Award Plan [Member] | Sixty Nine Participants [Member] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
|
|
|
|
|
|
|
|
|
|
|
Grants vest term |
|
|
|
5 years
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Net of Forfeitures |
|
|
|
1,400,000
|
|
|
|
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value |
|
|
|
$ 4,200,000
|
|
|
|
|
|
|
|
|
|
X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized.
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v3.23.3
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
$ 27,616
|
$ 42,178
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
27,616
|
42,178
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
0
|
0
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
0
|
0
|
Fair Value, Recurring [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
27,616
|
42,178
|
Preferred Stock [Member] | Fair Value, Recurring [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
484
|
1,043
|
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
484
|
1,043
|
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
0
|
0
|
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
0
|
0
|
Common Stock [Member] | Fair Value, Recurring [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
27,132
|
41,135
|
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
27,132
|
41,135
|
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
0
|
0
|
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Marketable Securities |
$ 0
|
$ 0
|
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v3.23.3
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS (Details Narrative) - USD ($)
|
|
|
9 Months Ended |
|
Jul. 26, 2023 |
Dec. 08, 2021 |
Sep. 30, 2023 |
Dec. 31, 2021 |
Loss Contingencies [Line Items] |
|
|
|
|
Committed capital percent by related party |
|
40.00%
|
|
40.00%
|
Aggregate value of two home communities |
$ 12,500,000
|
|
|
|
21st Mortgage Corporation [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Investment owned balance, principal amount |
|
|
$ 2,400,000
|
|
Investment owned, balance |
|
|
740,000
|
|
Notes and other receivables |
|
|
$ 70,300,000
|
|
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Initial total commitments |
|
$ 70,000,000
|
|
|
Initial commitment period for acquisitions |
|
24 months
|
|
|
Additional increase in total commitments |
|
$ 100,000,000
|
|
|
Extention for commitment period |
|
4 years
|
|
|
Committed capital percent by related party |
|
60.00%
|
|
60.00%
|
Minimum [Member] | 21st Mortgage Corporation [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Range of purchase price repossessed |
|
|
80.00%
|
|
Minimum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Range of purchase price repossessed |
|
|
55.00%
|
|
Maximum [Member] | 21st Mortgage Corporation [Member] |
|
|
|
|
Loss Contingencies [Line Items] |
|
|
|
|
Range of purchase price repossessed |
|
|
95.00%
|
|
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)
|
Oct. 13, 2023 |
Oct. 01, 2023 |
Nov. 01, 2023 |
Subsequent Event [Line Items] |
|
|
|
Line of credit, paid down |
$ 10,000,000
|
|
|
2023 Preferred ATM Program [Member] | Series D Preferred Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued in transaction |
|
44,000
|
|
Sale of stock, price per share |
|
$ 21.08
|
|
Gross proceeds from sale of equity |
|
$ 931,000
|
|
Common stock available for sale value |
|
|
$ 54,200,000
|
Net proceeds from sale of equity |
|
$ 916,000
|
|
2023 Preferred ATM Program [Member] | Common Stock [Member] |
|
|
|
Subsequent Event [Line Items] |
|
|
|
Number of shares issued in transaction |
|
190,000
|
|
Sale of stock, price per share |
|
$ 13.98
|
|
Gross proceeds from sale of equity |
|
$ 2,700,000
|
|
Net proceeds from sale of equity after offering expenses |
|
$ 2,600,000
|
|
Common stock available for sale value |
|
|
$ 58,600,000
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v3.23.3
SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Proforma Financial Information |
|
|
|
|
Rental and Related Income |
$ 48,135
|
$ 43,642
|
$ 140,503
|
$ 129,708
|
Community Operating Expenses |
20,673
|
19,472
|
60,796
|
57,575
|
Net Loss Attributable to Common Shareholders |
$ (5,831)
|
$ (10,062)
|
$ (15,561)
|
$ (39,986)
|
Net Loss Attributable to Common Shareholders per Share - Basic |
$ (0.09)
|
$ (0.18)
|
$ (0.25)
|
$ (0.74)
|
Net Loss Attributable to Common Shareholders per Share - Diluted |
$ (0.09)
|
$ (0.18)
|
$ (0.25)
|
$ (0.74)
|
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