Normalized FFO Growth
Normalized FFO per diluted share increased by 4% year-over-year to $0.25, and sequentially by 9% from the second quarter.
Revenue Increase
Total revenue increased from $60.7 million to $66.9 million, representing a 10% increase compared to the same quarter last year.
Expansion and Acquisition Strategy
UMH acquired 2 Maryland communities and 1 Georgia community, and plans to add 700 to 800 new rental homes by the end of 2025.
Strong Balance Sheet
Net debt to total market capitalization at 28.3% with 99% of total debt at a fixed rate and a weighted average interest rate of 4.83%.
Increase in Same-Property NOI
Same-property NOI increased by 12% or $3.7 million for the quarter.
Sales Growth
Sales of manufactured homes increased by 5% for the quarter, with total sales up 14% including joint venture sales.