Jeffrey A. Carus, a director at UMH Properties, Inc. (NYSE:UMH), recently acquired additional shares of the company, according to a filing with the Securities and Exchange Commission. On December 16, Carus purchased 54.05 shares at a price of $18.50 each, totaling approximately $999. This transaction was made through a custodial account for his son, Daniel, increasing the total shares owned in that account to 582.44. The purchase comes as UMH trades near its 52-week high of $20.64, with the stock showing strong momentum, up nearly 28% over the past six months.
In addition to his recent purchase, Carus holds a variety of positions in UMH Properties. He directly owns 24,238.45 shares and has indirect holdings in custodial accounts for his son Ethan, totaling 424.47 shares. Furthermore, he holds 500 shares of UMH Properties' preferred stock. The company, currently valued at $1.52 billion, has maintained dividend payments for 35 consecutive years, demonstrating consistent shareholder returns. InvestingPro analysis reveals 10+ additional insights about UMH's financial health and growth prospects.
Carus also maintains derivative holdings in UMH Properties, with options to acquire 11,000 shares at an exercise price of $15.80, set to expire in 2034, and 10,000 shares at an exercise price of $14.36, expiring in 2033. These positions reflect Carus's ongoing investment in the real estate investment trust, which specializes in manufactured home communities. According to InvestingPro's Fair Value analysis, the stock appears to be trading above its intrinsic value, though the company maintains a GOOD overall financial health score.
In other recent news, UMH Properties has reported a strong third quarter in 2024, with significant increases in funds from operations and occupancy rates. The company's normalized funds from operations (FFO) per diluted share rose by 9% year-over-year, while total year-to-date normalized FFO experienced a 28% increase. Rental and related income saw an 8% rise, reaching $51.9 million, and occupancy rates grew to 87.4%.
UMH Properties also expanded its portfolio by acquiring a 246-unit self-storage facility, taking their total self-storage units to over 1,000. Furthermore, the company raised $107 million through an at-the-market (ATM) equity program, issuing 5.7 million shares. In terms of future plans, UMH intends to fill 3,300 vacant sites and develop 800 new rental homes in 2025.
Despite some storm-related costs impacting the recent quarter's performance, the management is optimistic about a return to double-digit net operating income growth. These developments come as part of the company's ongoing efforts to address the affordable housing crisis and enhance its portfolio.
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