UMH PROPERTIES, INC. FIRST QUARTER 2023 OPERATIONS UPDATE
April 05 2023 - 7:00AM
UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), a real estate
investment trust (REIT) specializing in the ownership and operation
of manufactured home communities, is providing investors with an
update on our first quarter 2023 operating results.
During the first quarter of 2023, demand for
sales and rentals remained strong throughout the portfolio. Sales
for the first quarter of 2023 were approximately $7.3 million as
compared to $4.3 million during the first quarter of 2022,
representing a 70% increase and a new quarterly sales record.
Overall occupancy increased by 238 units during
the quarter, driven by an increase of 230 new rental units.
Additionally, rental home occupancy increased from 93.3% at
December 31, 2022 to 93.7% at March 31, 2023. This increase in
occupancy, together with rent increases implemented in the first
quarter, generated an increase in monthly rental charges of
approximately $550,000 as of April 1, 2023, compared to January 1,
2023.
It should be noted that our financial statement
closing and review procedures for the quarter ended March 31, 2023
are not yet complete and, as a result, the financial information
set forth above reflects our preliminary estimates with respect to
such information, based on information currently available to
management, and may vary from our actual financial results as of
and for the quarter ended March 31, 2023. UMH’s full First Quarter
2023 results will be released on Tuesday, May 9, 2023, after the
close of trading on the New York Stock Exchange and will be
available on the Company’s website at www.umh.reit, in the
Financials section. Senior management will discuss the results,
current market conditions and future outlook on Wednesday, May 10,
2023, at 10:00 a.m. Eastern Time.
UMH Properties, Inc., which was organized in
1968, is a public equity REIT that owns and operates 135
manufactured home communities containing approximately 25,700
developed homesites. These communities are located in New Jersey,
New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland,
Michigan, Alabama, South Carolina and Georgia. UMH also has an
ownership interest in and operates two communities in Florida,
containing 363 sites, through its joint venture with Nuveen Real
Estate.
Certain statements included in this press
release which are not historical facts may be deemed
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any such forward-looking
statements are based on the Company’s current expectations and
involve various risks and uncertainties. Although the Company
believes the expectations reflected in any forward-looking
statements are based on reasonable assumptions, the Company can
provide no assurance those expectations will be achieved. The risks
and uncertainties that could cause actual results or events to
differ materially from expectations are contained in the Company’s
annual report on Form 10-K and described from time to time in the
Company’s other filings with the SEC. The Company undertakes no
obligation to publicly update or revise any forward-looking
statements whether as a result of new information, future events,
or otherwise.
Contact: Nelli
Madden732-577-4062
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