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Sep 30, 2021
UMH Properties Q3 2021 Earnings Report
Reported an increase in total income and normalized FFO, with same property occupancy and NOI growth.
Key Takeaways
UMH Properties reported an 11% increase in total income, reaching $48.0 million for the quarter ended September 30, 2021. Normalized FFO increased to $0.23 per share, a 28% increase compared to the previous year. Same property occupancy increased by 190 basis points, resulting in significant same property income and NOI growth.
Total income for the quarter increased by 11% to $48.0 million.
Net loss attributable to common shareholders was $3.4 million, or $0.07 per diluted share.
Normalized FFO was $11.1 million, or $0.23 per diluted share, a 28% increase year-over-year.
Same property occupancy increased by 190 basis points to 87.3%, driving same property income and NOI growth.
Forward Guidance
UMH Properties is positioned to continue driving operating performance by filling vacant sites, obtaining rent increases, developing vacant acres, and increasing sales profitability. The company's strong balance sheet enables refinancing of preferred stock, potentially leading to earnings growth.
Positive Outlook
- Ability to fill remaining 3,300 vacant sites.
- Opportunity to obtain reasonable rent increases.
- Potential to develop 1,800 vacant acres.
- Continued increase in sales profitability.
- Strong balance sheet allows for refinancing of preferred stock.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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