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Jun 30, 2021
UMH Properties Q2 2021 Earnings Report
Reported an increase in total income and normalized FFO, driven by solid housing market fundamentals and increased occupancy.
Key Takeaways
UMH Properties reported a strong second quarter with a 22% increase in total income to $49.0 million and a 29% year-over-year increase in Normalized FFO to $0.22 per diluted share. The company benefited from solid housing market fundamentals, driving exceptional demand for sales and rentals, and achieved an all-time high common stock price and surpassed a $1 billion equity market capitalization.
Total income increased by 22% to $49.0 million compared to the same quarter last year.
Net Income Attributable to Common Shareholders was $8.4 million, or $0.18 per diluted share.
Normalized FFO was $10.3 million, or $0.22 per diluted share, a 29% increase year-over-year.
Same property occupancy increased 280 basis points to 87.1%.
Forward Guidance
UMH Properties has significant opportunities for organic earnings growth by filling vacant sites, developing expansions, and financing home sales. The company also plans to refinance preferred stock, which is expected to result in additional earnings growth.
Positive Outlook
- Ability to organically grow earnings by filling 3,400 vacant sites.
- Developing expansions on 1,800 vacant acres.
- Earning sales profits from increased sales activity.
- Financing home sales to generate additional revenue.
- Potential to refinance preferred stock at a lower cost of capital, resulting in earnings growth.
Challenges Ahead
- No specific negatives were mentioned in the provided text.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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