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Mar 31, 2022
UMH Properties Q1 2022 Earnings Report
Reported solid operating results, marking a strong start to 2022.
Key Takeaways
UMH Properties reported an increase in total income to $45.9 million compared to $43.1 million in the previous year. However, the company experienced a net loss attributable to common shareholders of $4.3 million, or $0.09 per diluted share, compared to a net income of $6.8 million, or $0.16 per diluted share, in the prior year.
Total income increased by 6% year-over-year, reaching $45.9 million.
The company had over $290 million in cash due to the Israeli bond issuance, equity raised through the ATM, and the addition of rental homes to the Fannie Mae credit facility.
Rental homes were added to the Fannie Mae credit facility, allowing over $380 million in rentals to potentially qualify for financing at reasonable rates.
The company had over 1,300 homes on order, including 300 new homes delivered and in various stages of setup.
Forward Guidance
UMH is well positioned for future earnings growth through reduced capital costs and improved operations.
Positive Outlook
- Significant internal upside through infill of vacant sites.
- Development of vacant land.
- Increased sales profitability.
- Strong acquisition pipeline of both existing communities and development opportunities.
- Proven business plan designed to create long-term value for shareholders.
Challenges Ahead
- Carrying costs of capital negatively impacted Normalized FFO this quarter.
- Delay in procurement of homes from manufacturers.
- Expense increases.
- Rising interest rates.
- Volatility in the market.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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