UMH - UMH Properties reports Q2 manufactured home sales of $8.2M
2023-07-05 17:29:09 ET
UMH Properties ( NYSE: UMH ) said Wednesday that its sales of manufactured homes rose to about $8.2 million for the second quarter of 2023, up 17% from last year.
During Q2, same property income growth was 8.6% Y/Y, with about 400 rental homes in inventory occupied while 44 new homes were sold.
The company said it recorded a 190-basis-point improvement in occupancy in Q2.
To date this year, 83 new homes have been sold, increasing site rent, and around 600 rental properties in inventory have been rented, making them cash productive. Its inventory is currently at about 700 homes.
Gross sales of manufactured homes jumped 37% to $15.5 million YTD, compared to $11.3 million last year.
The company said it raised about $45.1 million of common equity during the quarter and $15.6 million of preferred equity through its ATM programs.
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UMH Properties reports Q2 manufactured home sales of $8.2M