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Jun 30, 2020
UMH Properties Q2 2020 Earnings Report
Reported solid operating results driven by an increase in the fair value of marketable securities and improved same property occupancy.
Key Takeaways
UMH Properties reported an increase in total income and net income attributable to common shareholders for the quarter ended June 30, 2020. The increase in net income was primarily due to the change in fair value of marketable securities. The company's rent collection rates are in line with pre-pandemic levels, and they continue to experience strong demand throughout their portfolio.
Total Income increased to $40.1 million compared to $37.2 million for the quarter ended June 30, 2019, representing an increase of 8%.
Net Income Attributable to Common Shareholders amounted to $10.2 million or $0.25 per diluted share, compared to a Net Loss of $5.5 million or $0.15 per diluted share for the quarter ended June 30, 2019.
Funds from Operations Attributable to Common Shareholders (FFO) was $7.1 million or $0.17 per diluted share, compared to $5.7 million or $0.14 per diluted share for the quarter ended June 30, 2019.
Normalized Funds from Operations Attributable to Common Shareholders (Normalized FFO) was $7.1 million or $0.17 per diluted share, compared to $5.7 million or $0.14 per diluted share for the quarter ended June 30, 2019.
Forward Guidance
UMH Properties is working to obtain approximately $100 million of GSE mortgage debt at rates below 3%. Assuming no unforeseen issues arising, they plan to call their $95 million of Series B Perpetual Preferred stock. This will add approximately $0.11 per share in FFO annually.
Positive Outlook
- Working to obtain approximately $100 million of GSE mortgage debt at rates below 3%.
- Plan to call $95 million of Series B Perpetual Preferred stock.
- This will add approximately $0.11 per share in FFO annually.
- Strong operating results have given the company the confidence to seek acquisition opportunities in additional states.
- Will implement proven business plan to further increase community value while providing affordable housing for the nation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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