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Last $9.42 USD
Change Today -0.02 / -0.21%
Volume 58.9K
UMH On Other Exchanges
Symbol
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As of 8:04 PM 08/28/15 All times are local (Market data is delayed by at least 15 minutes).

umh properties inc (UMH) Key Developments

UMH Properties Inc. Announces Closing of Three New Acquisitions

UMH Properties Inc. announced that it closed on the first tranche of its previously disclosed agreement to purchase six manufactured home communities. This tranche consists of three communities, two located in Ohio and one located in Michigan, for a total purchase price of $32,500,000. These three, all-age communities contain 897 developed homesites situated on 177 acres. The weighted average occupancy rate for these communities is approximately 69%. With this closing, UMH now owns ninety-five communities containing approximately 16,600 developed homesites. In conjunction with this acquisition, UMH has successfully completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43.1 million. These mortgages, five of which are with the Federal Home Loan Mortgage Corporation (Freddie Mac), have 10-year maturities with a weighted average interest rate of 4.1%.

UMH Properties Inc. Announces Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015

UMH Properties Inc. announced unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported normalized funds from operations attributable to common shareholders (normalized FFO) of $3,096,055 or $0.12 per diluted share for the quarter ended June 30, 2015, as compared to $2,506,783 or $0.11 per diluted share for the quarter ended June 30, 2014. Core funds from operations (Core FFO), which includes realized gains on the sale of securities was $3,117,603 or $0.12 per diluted share for the quarter ended June 30, 2015, as compared to $3,213,837 or $0.15 per diluted share for the quarter ended June 30, 2014. Total income was $19,553,443 against $18,148,732 a year ago. Net loss attributable to common shareholders was $1,685,165 or $0.06 per diluted share against $412,422 or $0.02 per diluted share a year ago. Funds from operations attributable to common shareholders were $2,839,959 for the quarter ended June 30, 2015, as compared to $3,213,837 for the quarter ended June 30, 2014. Community net operating income (NOI) increased 18% to $8.8 million for the second quarter of 2015, as compared to $7.4 million for the same period in 2014.  This growth in earnings has been driven by its recent acquisitions, increased occupancy rates, and the addition of rental homes. EBITDA was $8,117,632 against $7,902,568 a year ago. For the six months, the company reported normalized funds from operations attributable to common shareholders for the six months ended June 30, 2015 of $6,321,917 or $0.25 per diluted share as compared to $4,422,917 or $0.20 per diluted share a year ago. Core funds from operations (Core FFO), which includes realized gains on the sale of securities was $6,276,665 or $0.25 per diluted share as compared to $5,638,374 or $0.26 per diluted share for the six months ended June 30, 2014. Total income was $37,897,529 against $33,997,913 a year ago. Net loss attributable to common shareholders was $2,855,795 or $0.11 per diluted share against $1,733,380 or $0.08 per diluted share a year ago. Funds from operations attributable to common shareholders for the six months ended June 30, 2015 was $5,892,890 as compared to $5,353,195 a year ago. Net cash flows provided operating activities was $10,246,793 against $7,946,692 a year ago. Purchase of manufactured home communities, net of mortgages assumed was $10,326,524 against $6,837,261 a year ago. Purchase of investment property and equipment was $20,349,094 against $15,126,286 a year ago. Additions to land development were $263,228 against $162,832 a year ago. EBITDA was $16,094,577 against $14,317,134 a year ago. Net debt as on June 30, 2015 was $280,217,113 against $228,470,136 as on June 30, 2014.

UMH Properties Mulls Investments

UMH Properties Inc. (NYSE:UMH) is seeking investments. Samuel A. Landy, President and Chief Executive Officer of UMH Properties said, “UMH continues to seek acquisitions in our target markets.”

UMH Properties Inc. to Report Q2, 2015 Results on Aug 06, 2015

UMH Properties Inc. announced that they will report Q2, 2015 results at 5:00 PM, Eastern Standard Time on Aug 06, 2015

UMH Properties Inc., Q2 2015 Earnings Call, Aug 07, 2015

UMH Properties Inc., Q2 2015 Earnings Call, Aug 07, 2015

 

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UMH Competitors

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Industry Analysis

UMH

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Valuation UMH Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 3.2x
Price/Book 2.2x
Price/Cash Flow 12.5x
TEV/Sales NM Not Meaningful
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