UMH Properties Q3 2024 update: rental conversions up 179 homes, home sales revenue +10%, $108M ATM capital raise

UMH PROPERTIES, INC.

Equity market cap exceeds $1.5B; converted 179 new rental homes, total rental homes ~10,300 at 94.4% occupancy.
Q3 home sales revenue $8.7M (+10% YoY); sold 100 homes (32 new).
YTD overall occupancy increased 235 units to 87%; annualized monthly rent roll of $206M (+8%).
Issued 5.7M shares at $18.93 via ATM, raising $108.4M; proceeds used to pay down credit line.
CEO expects increased demand from Hurricane Helene; 284 homes on site ready for occupancy.

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