UMH Properties, Inc. Files Q3 2024 10-Q

TL;DR

**UMH Properties Q3 10-Q filed. Financials and operations updated.**

AI Summary

UMH Properties, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter and the first nine months of the year. Key financial metrics and disclosures relevant to investors are presented.

Why It Matters

This filing provides investors with the latest financial health and operational performance of UMH Properties, Inc., crucial for making informed investment decisions.

Risk Assessment

Risk Level: medium — As a real estate investment trust, UMH Properties is subject to market fluctuations, interest rate changes, and operational risks inherent in property management.

Key Numbers

• 0.10 — Par Value (Common Stock and Series D Preferred Stock)

Key Players & Entities

• UMH PROPERTIES, INC. (company) — Filer
• 2024-09-30 (date) — Reporting Period End Date
• 2024-11-06 (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) — 1125KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32.htm (EX-32) — 8KB
• 0001493152-24-043831.txt ( ) — 5778KB
• umh-20240930.xsd (EX-101.SCH) — 49KB
• umh-20240930_cal.xml (EX-101.CAL) — 62KB
• umh-20240930_def.xml (EX-101.DEF) — 221KB
• umh-20240930_lab.xml (EX-101.LAB) — 386KB
• umh-20240930_pre.xml (EX-101.PRE) — 293KB
• form10-q_htm.xml (XML) — 832KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements Consolidated Balance Sheets 3 Consolidated Statements of Income (Loss) 5 Consolidated Statements of Shareholders' Equity 6 Consolidated Statements of Cash Flows 10

Notes To Consolidated Financial Statements

Notes To Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 4.

Controls and Procedures

Controls and Procedures 41 PART II - OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 42 Item 1A.

Risk Factors

Risk Factors 42 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 42

SIGNATURES

SIGNATURES 43 2 UMH PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (in thousands except per share amounts) September 30, 2024 (Unaudited) December 31, 2023 - ASSETS - Investment Property and Equipment Land $ 87,478 $ 86,497 Site and Land Improvements 915,748 896,568 Buildings and Improvements 39,795 39,506 Rental Homes and Accessories 554,034 516,470 Total Investment Property 1,597,055 1,539,041 Equipment and Vehicles 30,759 29,126 Total Investment Property and Equipment 1,627,814 1,568,167 Accumulated Depreciation ( 456,795 ) ( 416,309 ) Net Investment Property and Equipment 1,171,019 1,151,858 Other Assets Cash and Cash Equivalents 66,704 57,320 Marketable Securities at Fair Value 34,178 34,506 Inventory of Manufactured Homes 31,440 32,940 Notes and Other Receivables, net 88,367 81,071 Prepaid Expenses and Other Assets 17,138 11,729 Land Development Costs 65,965 33,302 Investment in Joint Venture 26,722 24,851 Total Other Assets 330,514 275,719 TOTAL ASSETS $ 1,501,533 $ 1,427,577 See Accompanying Notes to Consolidated Financial Statements 3 UMH PROPERTIES, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS – CONTINUED AS OF SEPTEMBER 30, 2024 AND DECEMBER 31, 2023 (in thousands except per share amounts) September 30, 2024 (Unaudited) December 31, 2023 - LIABILITIES AND SHAREHOLDERS' EQUITY - LIABILITIES: Mortgages Payable, net of unamortized debt issuance costs $ 488,285 $ 496,483 Other Liabilities: Accounts Payable 5,732 6,106 Loans Payable, net of unamortized debt issuance costs 25,968 93,479 Series A Bonds, net of unamortized debt issuance costs 100,691 100,055 Accrued Liabilities and Deposits 12,546 15,117 Tenant Security Deposits 9,926 9,543 Total Other Liabilities 154,863 224,300 Total Liabilities 643,148 720,783 Commitments and Contingencies - - Sh

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View this 10-Q filing on SEC EDGAR