FREEHOLD, NJ - UMH Properties, Inc. (NYSE: NYSE:UMH) has announced the promotion of T.C. Sheppard to the position of Senior Vice President of Sales and Consumer Finance. The announcement was made by Samuel A. Landy, President and Chief Executive Officer of UMH Properties. Landy highlighted Sheppard's significant contributions to the company, particularly noting the growth in sales and the expansion of the notes receivable portfolio during his tenure.
Sheppard's promotion follows a period of substantial growth for UMH Properties. Since his previous promotion in 2020, the company has seen an increase in sales from $20.3 million to $31.2 million in 2023, marking a 54% rise. Furthermore, the notes receivable portfolio has grown from $44.3 million at the end of 2020 to $83.3 million as of the second quarter of 2024, an 88% increase. According to Landy, Sheppard has been instrumental in working with community managers and customers to secure financing and complete home sales.
UMH Properties, founded in 1968, is a public equity real estate investment trust (REIT) specializing in manufactured home communities. The company owns and operates 136 communities with approximately 25,800 developed homesites across New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, and Georgia. UMH also co-owns and manages two communities in Florida through a joint venture with Nuveen Real Estate.
The promotion of Sheppard is part of UMH Properties' ongoing efforts to strengthen its sales and finance operations amid increasing demand for sales in its communities. This strategic move is expected to support the company's growth trajectory as it continues to serve the housing needs in its market areas.
The information regarding the promotion and the company's performance is based on a press release statement from UMH Properties, Inc.
In other recent news, UMH Properties, Inc. reported a year-over-year increase in earnings per share for the second quarter of 2024, signaling robust financial performance. The company's normalized Funds from Operations (FFO) per share rose by 10%, and they announced a 4.9% increase in their quarterly common stock dividend. Emphasizing their commitment to addressing the affordable housing crisis, UMH Properties is expanding their rental home program and is considering a potential joint venture in Vineland, New Jersey.
The company's occupancy rates rose to 87%, marking a 430-unit increase year-over-year. Rental and related income for the quarter reached $51.5 million, up 9% from the previous year. Despite a rise in community operating expenses, UMH Properties maintains a strong balance sheet for future investments. As part of its recent developments, the company is planning to develop 150 lots in Vineland, NJ, with potential sales of $1 million per home. UMH Properties remains focused on delivering per-share earnings growth, with a guidance for 2024 normalized FFO set at $0.91 to $0.95 per diluted share.
InvestingPro Insights
UMH Properties, Inc. (NYSE: UMH) has been making strategic moves to bolster its market position, as evidenced by the recent promotion within its sales and consumer finance division. In line with its growth narrative, UMH has displayed a commendable commitment to shareholder returns, having raised its dividend for a notable 3 consecutive years, which aligns with its history of maintaining dividend payments for an impressive 35 consecutive years. This demonstrates the company's focus on providing consistent value to its investors.
On the financial front, UMH Properties' market capitalization stands at approximately $1.39 billion, showcasing its substantial presence within the real estate investment trust sector. Despite challenges, the company's revenue has grown by 11.08% over the last twelve months as of Q2 2024, indicating a robust capacity for generating income. Moreover, the company's gross profit margin during the same period was a healthy 54.36%, underscoring efficient operations and solid profitability at the gross level.
Investors looking for further insights should note that UMH's stock has been performing strongly, with a 32.85% price total return over the last six months, reflecting investor confidence and market momentum. However, it's important to consider that analysts do not anticipate the company will be profitable this year, and the stock is currently trading at a high EBIT valuation multiple, which suggests a premium market valuation relative to earnings before interest and taxes.
For those seeking additional analysis and metrics to inform their investment decisions, there are more InvestingPro Tips available, providing a comprehensive look at UMH's performance and potential. For instance, UMH's liquid assets exceed its short-term obligations, which points to a solid liquidity position. To explore these insights further, readers may visit InvestingPro for a total of 12 additional tips that offer a deeper dive into UMH Properties' financial health and market standing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.