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Jun 30, 2022
UMH Properties Q2 2022 Earnings Report
Reported results for the second quarter ended June 30, 2022.
Key Takeaways
UMH Properties reported a total income of $49.2 million for the quarter ended June 30, 2022, compared to $49.0 million for the same period in 2021. The net loss attributable to common shareholders was $22.5 million, or $0.41 per diluted share, compared to a net income of $8.4 million, or $0.18 per diluted share, for the quarter ended June 30, 2021. Normalized Funds from Operations Attributable to Common Shareholders was $8.7 million, or $0.16 per diluted share, compared to $10.3 million, or $0.22 per diluted share, for the quarter ended June 30, 2021.
Total income increased by 7% to $49.2 million compared to Q2 2021.
Net loss attributable to common shareholders was $22.5 million, or $0.41 per diluted share.
Normalized FFO was $8.7 million, or $0.16 per diluted share.
The company acquired 4 communities containing 718 sites for a total purchase price of $38 million year-to-date.
Forward Guidance
UMH operations continue to meet expectations. The company completed the recapitalization of its 6.75% Series C Preferred Stock, which should result in an annual increase in FFO of approximately $0.12 per share. Demand for homes for sale and for rent remains strong, and the company expects to drive same property operating performance comparable with results in 2020 and 2021.
Positive Outlook
- Recapitalization of 6.75% Series C Preferred Stock expected to increase annual FFO by approximately $0.12 per share.
- Demand for homes for sale and for rent remains strong.
- Homes are arriving daily in communities, which should drive same property operating performance.
- Acquired 4 communities year-to-date, containing 718 sites, for $38 million.
- Additional growth opportunities through acquisitions, development, infill of vacant sites, and additional sales profits.
Challenges Ahead
- Net loss attributable to common shareholders amounted to $22.5 million or $0.41 per diluted share.
- Normalized FFO of $0.16 per share was impacted by carrying costs of capital required to redeem outstanding preferred stock.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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