On this page of StockholderLetter.com we present the latest annual shareholder letter from UMH PROPERTIES, INC. — ticker symbol UMH. Reading current and past UMH letters to shareholders can bring important insights into the investment thesis.

 •  3/19/2025 Letter Continued (Full PDF)
 •  4/5/2024 UMH Stockholder Letter
 •  More "REITs" Category Stockholder Letters
 •  UMH Benford's Law Stock Score = 84

UMH Shareholder/Stockholder Letter Transcript:

UMH PROPERTIES, INC.
2024 ANNUAL REPORT

Our Vision
UMH Properties, Inc. has a 56-year history of providing quality affordable housing using
manufactured homes in communities. UMH owns, or has an interest in, and operates a portfolio
of manufactured home communities consisting of 139 communities with 26,300 developed
homesites situated in twelve states. Additionally, we have 10,300 rental homes that we own within
these communities. Included in the 139 communities are two communities in Florida, containing
363 sites that UMH owns and operates through its joint venture with Nuveen Real Estate. In
addition, 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. As
home prices continue to rise and available home inventory continues to shrink, the supply of
affordable housing becomes an ever-increasing concern. We are committed to being a part of the
solution to America   s affordable housing crisis.
UMH has long believed that we have an obligation to create sustainable and environmentally
friendly communities that have a positive societal impact. Throughout our history, we have and
continue to develop and invest in environmentally friendly initiatives that will conserve energy
and natural resources. We build, upgrade and manage well-maintained communities that our
residents are proud to call home. We believe in enriching the lives of the people impacted by our
Company which include our employees, our residents and our neighbors.
On Our Cover:
CRANBERRY VILLAGE ESTATES,          


2024
Year in
Review
Total
Shareholder
Return
4.9%
30%
INCREASE IN
COMMON STOCK DIVIDEND
ONE-YEAR
8%
51%
INCREASE IN
SALES VOLUME
FIVE-YEAR
10.3%
234%
INCREASE IN
SAME PROPERTY NOI
TEN-YEAR
565
NEW RENTAL
UNITS ADDED
Manufactured Home Community
Operator of the Year
WELLINGTON ESTATES,           

DEAR FELLOW
SHAREHOLDERS
UMH is proud to report another strong year of operating
and financial results. Our portfolio of manufactured
housing communities is amongst the best in the
nation. We are the 7th largest owner of communities
with 139 communities containing 26,300 developed
homesites. Additionally, we own 10,300 rental homes
that we own within these communities. We built this
portfolio by investing in value-add communities
and making improvements to the infrastructure,
completing deferred maintenance and bringing in new
homes for sale and for rent. Our business plan has
been to identify and acquire value-add manufactured
home communities in good locations where there is a
demand for affordable housing. Once we acquire these
communities, we immediately commence a capital
improvement strategy, which upgrades the quality
of the infrastructure and adds essential amenities.
Then, we utilize our professional management to
infill the community with homes for sale or rent. As
occupancy rises, so does our income and the value
of our community. This business plan has resulted
in the rapid increase in value of our acquisitions. In
some cases, appraised values show that many of these
communities have doubled in value over a 10-year
period.
COMMUNITY NET OPERATING INCOME
($ in millions)
digit increase in both community NOI and same
property NOI and an increase in Normalized FFO per
diluted share. Normalized FFO per diluted share in 2024
was $0.93 per diluted share, representing an increase of
8% over 2023. Additionally, normalized FFO increased
to $69.5 million, representing an increase of 27% over
2023. Our gross sales increased by 8% and our income
from sales increased by 53%. Same property NOI
increased by 10%, or $11.5 million. We have a business
plan that is proven to deliver outstanding results for
our shareholders while providing a much-needed
product for our residents. We believe that we are well
positioned to deliver similar results for years to come
as we continue to fill our 3,300 vacant sites, develop
our vacant land and invest in compelling acquisition
opportunities as they become available.
TOTAL REVENUE
($ in millions)
Interest/Dividend Income
Sales of Manufactured Homes
Rental Revenue
$300
$250
59%
as
Incre
$194.6
$200
$249.1
e
$228.2
$202.7
$172.2
$156.7
$150
$150
$100
$125
$119.7
se
ncrea
79% I
$100
$91.0
$108.4
$50
$94.8
$80.2
$75
0
$66.9
$50
$25
$0
2019
2020
2021
2022
2023
2024
Our high-quality communities have strong demand
for both sales and rentals which has resulted in the
increased profitability of our sales division, a double
Page 2
2024 ANNUAL REPORT
2019
2020
2021
2022
2023
2024
We are proud that 100% of our income is considered
   social    by Sustainalytics, MSCI and HUD. We are
careful to treat our residents and associates fairly,
recognizing that all contractual relations require good
faith and fair dealing. We are responsible operators that
take pride in the community lifestyle we provide for
our residents. We are proud to invest in communities
and improve the quality of life for our residents while
growing the supply of affordable housing in each market
that we serve.

The low-cost producer of a quality product always wins.
UMH is the low-cost producer of 1,000 sq. ft. to 2,400
sq. ft. three-bedroom, two-bath housing on a 5,000
sq. ft. lot with a shed. Most of our lots have their own
driveway and curbside garbage pickup. We provide
a housing product most people must see to believe.
A household with an annual income of $40,000 can
rent a home from UMH for approximately $1,000 per
month and will only need one month   s rent and one
month   s security deposit to move in. Approximately
10,300 households are very pleased to rent homes from
UMH. We maintain waiting lists for our rental homes,
as evidenced by our 94% rental home occupancy, 98%
rent collection, and below 30% annual rental home
turnover with repair and maintenance costs of just
$400 per unit, per year.
In 2025, we will reap the benefits of the prior year   s
5% rent increase (approximately $10 million in new
revenue), the planned addition of 800 rental units
(approximately $10 million in new revenue) and
increased home sales at the community expansions
and new communities we built with our joint venture
partner, Nuveen Real Estate. Our communities increase
in value because of improved operating performance
and improved economics and demographics of the
surrounding areas.
Eugene Landy, our Chairman and Founder, leads us
through economic cycles and black swan events while
keeping us focused on the power of compounding
interest and its ability to create wealth for all of
us. Under his leadership, we continue to grow the
company, grow earnings, and provide the Nation with
much needed quality affordable housing.
The UMH team is proud to go to work each day
knowing that our shareholders and residents depend
on us to make them proud and provide them with
financial security and quality housing. We strive to
increase earnings per share and market value per share
for our shareholders. We are proud to have increased
the dividend for a fourth consecutive year as the best
form of good corporate governance is returning capital
to our shareholders. We believe that our success on the
operational front should translate to growing FFO and
future dividend increases.
Many thanks to our investment banks, regional banks,
analysts, officers, directors, employees, national and
state associations, and to all of our supporters who
we have made and joined and stayed with us over our
56-year history. All we accomplish is because we do it
together and we thank each of you for being a part of
our mission to profitably provide quality housing in
factory-built homes for sale or rent.
Very truly yours,
SAMUEL A.
A LANDY
President and Chief Executive Officer
March 2025
UMH TEAM ACCEPTING THE AWARD
   COMMUNITY OPERATOR OF THE YEAR   
AT THE MHI 2024 CONGRESS & EXPO
Page 3
2024 ANNUAL REPORT



 3/19/2025 Letter Continued (Full PDF)