UMH Properties reports stronger Q2 trends, raises liquidity with $7.6M preferred sale and $260M revolver

UMH Properties reported July rental and sales growth, record quarterly home sales of $11.4 million and expanded credit capacity.

Key Highlights:

• Total rental and related income rose 10.3% and same-store rental income rose 9.2% in July year-over-year.
• Home sales income increased 9.2%, with sales up from $10.5M last year to a record $11.4M this quarter.
• Rented 193 new homes; net rental home occupancy +139 units; owns ~11,200 rental homes at 95.3% occupancy.
• Same-property occupancy up 430 units year-to-date; community occupancy 89.0%, same-property 89.4%.
• Issued ~353,000 Series D preferred shares at $21.61 avg for $7.6M gross; amended revolver provides $260M available, $340M accordion.

Original SEC Filing:

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