much, by business Thank and executing Nelli. our expanding, make progress acquiring, to communities. UMH plan on very continues developing you long-term renovating
we purchase total price in X,XXX with communities million. completed joint a homesites $XX.X million Sebring, and through XXX acquired $XX community acquisition our purchase developed of developed a for price containing we the Real of total of seven a XXXX, venture Estate, containing for approximately In Florida Nuveen homesites
we addition, of completed XXX In the expansion sites. development
the per as in was per the share, Normalized prior share $X.XX FFO $X.XX to year. compared quarter fourth for
Our our the operating impacted results inflation largely rates. to rising by grow were interest company, investments and
they working for We the we at have are greater have but expansions improvements turnaround the capital will be in stage, growth, result we increased expenses. projects number on additional increased properties and communities. built income of require number to These of ultimately current their and
demand inventory. as Our to increased demand have management XX.X%. communities expected strong to improvement continue experience occupancy of and The and three fill to the the Board our raise able and are operating confidence property level years our dividend and gains given our the should total in consecutive our at a see results we revenue by
dividend increases for We XXXX, quarterly dividend continue and track we our long-term for $X.XX of on business as believe $X.XX Effective an execute per we dividend that are $X.XXX future increase an of to representing from share, per share we X.X%. annualized on our plan. to increased
and rental sales Moving of was a was the to increase a homes. year the This related result $XXX the total $XXX approximately and for year increase million. X% decrease in on increased million. X% income X% income to operations, in of related for manufactured and Rental income
over increase ratio of community which million X% increased XX.X% to expense last or an of in in NOI operating Our year. approximately from $XX.X XXXX, XX.X% resulted
by $X.X Same and property income by increased same property million. NOI or X% increased X%
as of backlog limited as supply due we in homes. new increased as well expenses operating inflation, result Our chain obtaining results experienced to rental same by property growth, were revenue impacted a the
both for our strong is demand importantly, and More portfolio. throughout sales rentals
our to bringing portfolio, our approximately to rental homes homes. X,XXX XXX added total we portfolio year, the During
home month. rent monthly $XXX per rental increased home rates strong X.X% per Our to our remained and XX.X% at occupancy
improve invest in communities that upgrade to the investors the and our New officials, to rental appearance and homes of demonstrate residents, assets. continues government UMH appraisers, and
portfolio less than are of home consists old. new primarily homes rental Our that XX-years
rental Our on over average annual is approximately expense limited $XXX We with basis per unit our of year. rental XX% per costs. approximately units turn an turnover
to we first the the our year, of manufacturers. from For half unable were get homes
delivered we are However, are various communities and eased has have and setup. that that have we to X,XXX now the of in backlog stages been pleased homes to over report our
of and We certificate or demand strong upon a obtaining occupancy. have anticipate selling homes renting the
and will these financing we plan will As increase revenue decrease. occupy interest floor from expense homes,
making acceptance shareholder We progress units. rental and are also of obtaining tenant, lender
homes rental all thereby homes which and value increases community, quality of the itself. community Our the improve the of the
has GSE lend for These communities, us not communities worked by did of on the by a we also rate. previously the million X.XX% of but amount revenue rental to closed on qualify and Mae not financing, Fannie homes them. XXXX, a homes. on credit revenue facility with just at interest generated because generated In the rental $XXX
$XX of units. $XX our to XXXX, with Fannie $X as loan financing homes March we included million completed the second collateral. In we with this secured the of credit approximately the completed homes of rental XXXX, rental facility. rental million This by was addition million a In Mae September a that
business capital plan Our this obtain quality, affordable invest our providing justifies communities us additional and homes, homes into to housing. allows to social on our furthering ability of mission and financing rental more
credit our partners obtain other lending attractive We that at on working financing allow are of on will rental homes to us lines similar with terms.
well. very continues Our sales operation to perform
XXXX sales are declined our given was company XXXX sales results, year $XX.X our gross and that we second by our with year sales in with these X%, of sales million. $XX.X was history, highest gross history, million our Although, our in the with sales of company's very highest pleased for year
income generated the this for income million, XXXX, these XXXX XX% approximately gross results shortages from in the for of sales year. inventory which most from to profit $X.X even of experienced sales million, Despite we more our gross make because increased $X is The year sales that percentage year line with last by decreasing impressive. XX%
were XXX homes. which of homes, total new XXX sold We
price average was home our was average $XX,XXX. sales price used Our home sales and new $XXX,XXX
financing our We XX% are of home approximately sale.
We in million of rate an average our X.X%. $XX sheet us home a earn interest on loans of total balance that have
We the fill These of we continued for that or growth per sites the execute profit. million on were to our with should plan acquired X,XXX seven The acquiring and approximately become value-add vacant blended sites by rate accretive home communities $XX,XXX communities, are to renovate sales acquisitions $XX developed approximately site. are generate able containing occupancy as communities, a XX%.
source land development Opportunity our to Fund, while impact complete value-add limiting first communities, during provides negative a of launched FFO capital years which Zone ownership. to we of the and Additionally, the
may growth communities' interest higher prices. completed fixed. because of and result at the in the acquisition that community us We most optimistic to opportunities of improve expenses XXX development generate allow reasonable will are We operating which sales are expansion rates the sites, a margins, at
for In that XXX sites. will of the receive development complete and entitlements XXXX, estimate sites over we we XXX
dog center, brand-new Our located clubhouse, fitness greenfield and acquired with to continues highly Sebring sites development end board XXXX, Florida. joint venture and the Sebring, the with Square At shuffle is amenitized bocce TTI. pickleball, contains park, This XXX community of progress swimming pool, ball, in Nuveen we nicely.
making of mixture rent. and are homes for community sale installing We progress a and the with infilling
on end at the XXXX. and The acquisition also Runner, closed on contains brand-new communities, XXX Sebring This allows earnings. of highly joint limiting Rum is to impact build community on the also negative amenitized. first-class venture the We sites in us while
venture and joint the in stake fees, XX% management -- fees earn promo a percentage. have a We under management assets and
and to decides right when on to the joint the plan have communities these also We purchasing sell. venture
have in future. other to forward look opportunities this and joint We pipeline in venture our the growing
of communities country. in largest portfolio a XXX developed housing manufactured operators homesites. We XX,XXX of the home We manufactured the are own communities containing of one
Real communities homesites. We venture our also two Nuveen own that XXX Estate joint developed through contain with
Over have years, are made investments value-add we in expansions communities beginning positive results. and that the see few financial to past
by leaving Florida homesites, our We vacant South and markets. Georgia approximately are X,XXX sites. Alabama, entering Carolina, our portfolio have us occupied, Of the XX,XXX XX.X% diversified
land, of developed our X,XXX predominantly communities X,XXX can acres have that we sites. Additionally, adjoining into vacant be
and XXXX affected obtain inventory the sale. to was rental homes for by backlogs
should Once million. homes by stages revenue $XX.X We setup. annual in revenue by have $XXX,XXX these of and various over X,XXX homes monthly increase occupied,
will same property ratio, we our increase by by XXXX, increase will expense At will by NOI XXXX rents which revenue an grow for additional X%, During community XX% $X a million. $XX million.
to home increase or profits. estimated XX% Additionally, $X are sales more with million, increased $XX in million by sales to
us a income provides strong growth to for with runway Our business future. foreseeable generate plan the and long-term occupancy
result increased land our that the Our vacant sales. expansion increased locations in for vacant sites in company desirable with sites should occupancy and rental provide and
implementation earnings growth future We our have positioned through UMH business of plan. successful the for
greater with detail for you now, for will quarter year. our And and the the provide Anna on results
