FREEHOLD, N.J., Aug. 9, 2011 /PRNewswire/ -- UMH Properties, Inc.
(NYSE Amex: UMH) reported funds from operations (FFO) of
$4,849,000 or $.34 per share for the six months ended
June 30, 2011, as compared to
$5,440,000 or $.44 or the six months ended June 30, 2010. Net income attributable to
common shareholders amounted to $2,085,000 or $.15
per share for the six months ended June 30,
2011, as compared to $3,358,000 or $.27
for the six months ended June 30,
2010.
A summary of significant financial information for the three and
six months ended June 30, 2011 and
2010 is as follows:
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For the
Three Months Ended
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6/30/11
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6/30/10
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Total Revenues
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$
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9,606,000
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$
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7,863,000
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Total Expenses
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$
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8,969,000
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$
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7,137,000
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Gain on Securities
Transactions, net
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$
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-
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$
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702,000
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Net Income (Loss)
Attributable to Common Shareholders
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$
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(40,000)
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$
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1,473,000
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Net Income (Loss)
Attributable to Common Shareholders Per Share
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$
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-
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$
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.12
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FFO (1)
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$
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1,337,000
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$
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2,552,000
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FFO per Common
Share (1)
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$
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.09
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$
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.20
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Weighted Average Shares
Outstanding
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14,362,000
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12,588,000
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For the Six
Months Ended
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6/30/11
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6/30/10
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Total Revenues
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$
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18,622,000
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$
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16,024,000
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Total Expenses
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$
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17,012,000
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$
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14,281,000
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Gain on Securities
Transactions, net
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$
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1,542,000
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$
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1,684,000
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Net Income Attributable to
Common Shareholders
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$
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2,085,000
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$
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3,358,000
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Net Income Attributable to
Common Shareholders Per Share
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$
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.15
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$
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.27
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FFO (1)
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$
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4,849,000
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$
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5,440,000
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FFO per Share
(1)
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$
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.34
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$
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.44
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Weighted Average Shares
Outstanding
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14,140,000
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12,424,000
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(1) Non-GAAP Information: Funds from Operations
(FFO) is defined as net income excluding preferred dividends and
gains (or losses) from sales of depreciable assets, plus
depreciation. FFO per share is defined as FFO divided by the
weighted average shares outstanding. FFO and FFO per share
should be considered as supplemental measures of operating
performance used by real estate investment trust (REITs). FFO
and FFO per share exclude historical cost depreciation as an
expense and may facilitate the comparison of REITs which have
different cost basis. The items excluded from FFO and FFO per
share are significant components in understanding and assessing the
Company's financial performance. FFO and FFO per share (1) do
not represent cash flow from operations as defined by generally
accepted accounting principles; (2) should not be considered as
alternatives to net income or net income per share as measures of
operating performance or to cash flows from operating, investing
and financing activities; and (3) are not alternatives to cash flow
as a measure of liquidity. FFO and FFO per share, as
calculated by the Company, may not be comparable to similarly
entitled measures reported by other REITs.
The Company's FFO for the three and six months ended
June 30, 2011 and 2010 is calculated
as follows:
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Three
Months
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Six
Months
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6/30/11
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6/30/10
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6/30/11
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6/30/10
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Net Income
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$236,000
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$1,473,000
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$2,361,000
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$3,357,000
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Preferred Dividend
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(276,000)
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-
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(276,000)
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-
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(Gain) Loss on Sales of
Depreciable Assets
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(18,000)
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9,000
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(26,000)
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(6,000)
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Depreciation Expense
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1,395,000
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1,070,000
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2,790,000
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2,089,000
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FFO
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$1,337,000
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$2,552,000
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$4,849,000
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$5,440,000
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The following are the cash flows provided (used) by operating,
investing and financing activities for the six months ended
June 30, 2011 and 2010:
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2011
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2010
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Operating
Activities
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$4,368,000
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$2,760,000
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Investing
Activities
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(22,610,000)
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(14,075,000)
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Financing
Activities
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20,504,000
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10,211,000
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Samuel A. Landy, President,
stated, "UMH has continued to perform and deliver stable earnings
despite the challenging economy. Income from community
operations increased 15% from $6,391,000 for the six months ended June 30, 2010 to $7,378,000 for the comparable period this year.
This increase was primarily the result of the acquisitions of
seven communities in 2010. Occupancy remained relatively
unchanged from year-end at 78%. Our securities portfolio
contributed $1.5 million in realized
gains for the six month period. At quarter end we had
$5.7 million in unrealized gains on
our securities investments. UMH has continued to strengthen
our already strong balance sheet and at quarter end had
approximately $7.9 million in cash,
and $36.6 million in REIT securities,
encumbered by $2.7 million in margin
loans. During the quarter, we issued 1,338,800 shares of
8.25% Series A Preferred Stock for net proceeds of approximately
$32 million. We also completed
the acquisition of three all-age communities containing 693 home
sites in Tennessee for an
aggregate purchase price of $13.3
million. This acquisition increased our portfolio to
thirty-eight communities containing 8,744 sites. We are very
pleased with our recent acquisitions. We currently have one
acquisition under letter of intent as well as several additional
deals we are pursuing."
UMH, a publicly-owned REIT, owns and operates thirty-eight
manufactured home communities located in New Jersey, New
York, Pennsylvania,
Ohio and Tennessee. In addition, the Company owns
a portfolio of REIT securities.
Certain statements included in this press release which are not
historical facts may be deemed forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. Although the Company believes the expectations reflected in
any forward-looking statements are based on reasonable assumptions,
the Company can provide no assurance those expectations will be
achieved. Factors and risks that could cause actual results or
events to differ materially from expectations are contained in the
Company's annual report on Form 10-K and described from time to
time in the Company's other filings with the SEC. The Company
undertakes no obligation to publicly update or revise any
forward-looking statements whether as a result of new information,
future events, or otherwise.
SOURCE UMH Properties, Inc.