UMH Properties, Inc. Files 10-Q for Q2 2024

TL;DR

UMH Properties filed its Q2 10-Q. Financials look steady.

AI Summary

UMH Properties, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates for the second quarter. Key financial data and disclosures relevant to investors and stakeholders are presented.

Why It Matters

This filing provides crucial financial and operational insights into UMH Properties, Inc.'s performance, helping investors assess the company's health and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not indicate any immediate or significant risks.

Key Players & Entities

• UMH PROPERTIES, INC. (company) — Filer
• 20240630 (date) — Period of Report
• 20240806 (date) — Filing Date
• FREEHOLD, NJ (location) — Business Address

FAQ

Key Financial Figures

• $0.10 — nge on which registered Common Stock, $0.10 par value UMH New York Stock Exchan

Filing Documents

• form10-q.htm (10-Q) — 1135KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32.htm (EX-32) — 10KB
• 0001493152-24-030423.txt ( ) — 5828KB
• umh-20240630.xsd (EX-101.SCH) — 49KB
• umh-20240630_cal.xml (EX-101.CAL) — 62KB
• umh-20240630_def.xml (EX-101.DEF) — 219KB
• umh-20240630_lab.xml (EX-101.LAB) — 383KB
• umh-20240630_pre.xml (EX-101.PRE) — 291KB
• form10-q_htm.xml (XML) — 870KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1. Financial Consolidated Balance Sheets 3 Consolidated 5 Consolidated 6 Consolidated 8 Notes To Consolidated Financial Statements 9 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32

- OTHER INFORMATION

PART II - OTHER INFORMATION Item 1. Legal Proceedings 33 Item 1A. Risk Factors 33 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 35 2 UMH PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (in thousands except per share amounts) June 30, 2024 (Unaudited) December 31, 2023 - ASSETS - Investment Property and Equipment Land $ 87,301 $ 86,497 Site and Land Improvements 907,400 896,568 Buildings and Improvements 39,749 39,506 Rental Homes and Accessories 539,746 516,470 Total Investment Property 1,574,196 1,539,041 Equipment and Vehicles 30,059 29,126 Total Investment Property and Equipment 1,604,255 1,568,167 Accumulated Depreciation ( 443,448 ) ( 416,309 ) Net Investment Property and Equipment 1,160,807 1,151,858 Other Assets Cash and Cash Equivalents 39,457 57,320 Marketable Securities at Fair Value 28,673 34,506 Inventory of Manufactured Homes 31,986 32,940 Notes and Other Receivables, net 85,940 81,071 Prepaid Expenses and Other Assets 15,485 11,729 Land Development Costs 52,736 33,302 Investment in Joint Venture 26,211 24,851 Total Other Assets 280,488 275,719 TOTAL ASSETS $ 1,441,295 $ 1,427,577 See Accompanying Notes to Consolidated Financial Statements 3 UMH PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – CONTINUED AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (in thousands except per share amounts) June 30, 2024 (Unaudited) December 31, 2023 - LIABILITIES AND SHAREHOLDERS' EQUITY - LIABILITIES: Mortgages Payable, net of unamortized debt issuance costs $ 491,030 $ 496,483 Other Liabilities: Accounts Payable 5,386 6,106 Loans Payable, net of unamortized debt issuance costs 77,367 93,479 Series A Bonds, net of unamortized debt issuance costs 100,479 100,055 Accrued Liabilities and Deposits 13,145 15,117 Tenant Security Deposits 9,908 9,543 Total Other Liabilities 206,285 224,300 Total Liabilities 697,315 720,783 Commitments and Contingencies - - Shareholders' Equity:

View Full Filing

View this 10-Q filing on SEC EDGAR