UMH Properties reports Q2 normalized FFO 21c, consensus 20c

The company said: “UMH occupancy and revenue growth are meeting our expectations. Our communities are experiencing strong demand which is translating to increased occupancy, revenue, and NOI growth. The strength of our operating results has increased our bottom line results as evidenced by our sequential Normalized FFO growth. Normalized FFO for the second quarter of 2023 was $0.21 per share as compared to $0.20 per share in the first quarter. During 2023, same property NOI increased by 12.6% for the quarter and 9.1% for the first six months, compared to the corresponding prior year periods. This increase was driven by an increase in rental and related income of 9.0% and 7.6% for the three and six months, respectively, partially offset by an increase in same property expenses of 4.2% and 5.5%, respectively. The growth in rental and related income is primarily attributed to a strong increase in occupancy of 452 units and rental rate increases of 4.7%. Same property occupancy is now 87.9% as compared to 86.0% last year, representing an increase of 190 basis points.”