UMH Properties, Inc. reported robust financial results for the third quarter ended September 30, 2024. Total Income increased by 8% year-over-year to $60.7 million, compared to $56.0 million in the prior year's quarter.
The company achieved Net Income Attributable to Common Shareholders of $8.2 million, or $0.11 per diluted share, a significant improvement from a Net Loss of $5.8 million, or $0.09 per diluted share, in Q3 2023. Normalized Funds from Operations (Normalized FFO) increased by 9% per diluted share to $0.24, totaling $18.5 million, up from $14.4 million in the same period last year.
Operational highlights included a 70 basis point increase in same property occupancy to 87.7%, driving an 8% growth in same property rental and related income and a 7% increase in same property Net Operating Income (NOI). Manufactured home sales also grew by 10% to $8.7 million for the quarter. UMH issued 5.7 million common shares through its at-the-market program, generating $108.4 million in gross proceeds, and tightened its full-year 2024 Normalized FFO guidance to a range of $0.92-$0.94 per diluted share.
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