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Sep 30, 2020
UMH Properties Q3 2020 Earnings Report
Reported solid operating results, driven by fundamental performance and growth in same property NOI.
Key Takeaways
UMH Properties reported an increase in total income and normalized FFO for the quarter ended September 30, 2020. The company experienced a net loss due to a change in the fair value of marketable securities and a preferred share redemption charge. The FFO growth was driven by solid fundamental performance in the core business and same property NOI growth.
Total income increased by 16% to $43.1 million compared to the same quarter last year.
Net loss attributable to common shareholders was $12.8 million, or $0.31 per diluted share, due to changes in the fair value of marketable securities and a preferred share redemption charge.
Normalized FFO increased to $7.4 million, or $0.18 per diluted share, representing a 20% increase over the prior year period.
Same property occupancy increased by 320 basis points to 86.9%, with same property NOI growth of 13%.
Forward Guidance
UMH continues to make strides in all aspects of our business plan. We are pleased that we covered our $0.18 dividend purely on our current operations. The successes that we have had on the financing front will further improve our FFO metrics in 2021.
Positive Outlook
- Coverage of $0.18 dividend purely on current operations.
- Successes on the financing front will further improve FFO metrics in 2021.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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