UMH Properties Inc 2024年度报告

2024 ANNUAL REPORT2024 ANNUAL REPORT Our Vision UMH Properties, Inc. has a 56-year history of providing quality affordable housing usingmanufactured homes in communities. UMH owns, or has an interest in, and operates a portfolioof manufactured home communities consisting of 139 communities with 26,300 developedhomesites situated in twelve states. Additionally, we have 10,300 rental homes that we own withinthese communities. Included in the 139 communities are two communities in Florida, containing363 sites that UMH owns and operates through its joint venture with Nuveen Real Estate. Inaddition, UMH owns approximately 2,400 acres of land for the development of new sites. Manufactured home communities satisfy a fundamental need of quality affordable housing. Ashome prices continue to rise and available home inventory continues to shrink, the supply ofaffordable housing becomes an ever-increasing concern. We are committed to being a part of thesolution to America’s affordable housing crisis. UMH has long believed that we have an obligation to create sustainable and environmentallyfriendly communities that have a positive societal impact. Throughout our history, we have andcontinue to develop and invest in environmentally friendly initiatives that will conserve energyand natural resources. We build, upgrade and manage well-maintained communities that ourresidents are proud to call home. We believe in enriching the lives of the people impacted by ourCompany which include our employees, our residents and our neighbors. TotalShareholderReturn 2024Year inReview 30%ONE-YEAR 4.9%INCREASE INCOMMON STOCK DIVIDEND 51%FIVE-YEAR 8%INCREASE INSALES VOLUME 10.3%INCREASE INSAME PROPERTY NOI 234%TEN-YEAR 565NEW RENTALUNITS ADDED Manufactured Home CommunityOperator of the Year DEAR FELLOWSHAREHOLDERS digit increase in both community NOI and sameproperty NOI and an increase in Normalized FFO perdiluted share. Normalized FFO per diluted share in 2024was $0.93 per diluted share, representing an increase of8% over 2023. Additionally, normalized FFO increasedto $69.5 million, representing an increase of 27% over2023. Our gross sales increased by 8% and our incomefrom sales increased by 53%. Same property NOIincreased by 10%, or $11.5 million. We have a businessplan that is proven to deliver outstanding results forourshareholders while providing a much-neededproduct for our residents. We believe that we are wellpositioned to deliver similar results for years to comeas we continue to fill our 3,300 vacant sites, developour vacant land and invest in compelling acquisitionopportunities as they become available. UMH is proud to report another strong year of operatingand financial results. Our portfolio of manufacturedhousingcommunities is amongst the best in thenation. We are the 7th largest owner of communitieswith 139 communities containing 26,300 developedhomesites. Additionally, we own 10,300 rental homesthat we own within these communities. We built thisportfolioby investing in value-add communitiesandmaking improvements to the infrastructure,completing deferred maintenance and bringing in newhomes for sale and for rent. Our business plan hasbeen to identify and acquire value-add manufacturedhome communities in good locations where there is ademand for affordable housing. Once we acquire thesecommunities, we immediately commence a capitalimprovement strategy, which upgrades the qualityof the infrastructure and adds essential amenities.Then,we utilize our professional management toinfill the community with homes for sale or rent. Asoccupancy rises, so does our income and the valueof our community. This business plan has resultedin the rapid increase in value of our acquisitions. Insome cases, appraised values show that many of thesecommunities have doubled in value over a 10-yearperiod. We are proud that 100% of our income is considered“social” by Sustainalytics, MSCI and HUD. We arecareful to treat our residents and associates fairly,recognizing that all contractual relations require goodfaith and fair dealing. We are responsible operators thattake pride in the community lifestyle we provide forour residents. We are proud to invest in communitiesand improve the quality of life for our residents whilegrowing thesupply of affordable housing in each marketthat weserve. Our high-quality communities have strong demandfor both sales and rentals which has resulted in theincreased profitability of our sales division, a double The low-cost producer of a quality product always wins.UMH is the low-cost producer of 1,000 sq. ft. to 2,400sq. ft. three-bedroom, two-bath housing on a 5,000sq. ft. lot with a shed. Most of our lots have their owndriveway and curbside garbage pickup. We providea housing product most people must see to believe.A household with an annual income of $40,000 canrent a home from UMH for approximately $1,000 permonth and will only need one month’s rent and onemonth’s security deposit to move in. Approxi