Loading...
•
Sep 30, 2022
UMH Properties Q3 2022 Earnings Report
Reported an increase in total income and a net loss attributable to common shareholders due to strategic recapitalization and investments in community expansion.
Key Takeaways
UMH Properties reported an 8% increase in total income, reaching $51.9 million compared to $48.0 million in the same quarter last year. However, the company experienced a net loss attributable to common shareholders of $9.7 million, or $0.18 per diluted share, compared to a net loss of $3.4 million, or $0.07 per diluted share, in the prior year. The company continues to execute its long-term business plan with focus on affordable housing and community expansion.
Total income increased by 8% year-over-year, reaching $51.9 million.
Net loss attributable to common shareholders was $9.7 million, or $0.18 per diluted share.
Funds from Operations (FFO) was $10.3 million, or $0.19 per diluted share.
Normalized Funds from Operations (Normalized FFO) was $11.7 million, or $0.21 per diluted share.
Forward Guidance
UMH Properties anticipates rising interest rates will drive more people towards affordable housing, expects an acceleration in the addition of rental homes, and plans to continue seeking acquisitions that meet their growth criteria.
Positive Outlook
- Strong demand for homes for sale and for rent at all locations.
- Rising interest rates are expected to drive more people towards the company's affordable housing options.
- Receiving inventory from manufacturers and setting up homes to increase occupancy.
- Anticipates an acceleration in the addition of rental homes in the fourth quarter and into 2023.
- Actively seeking acquisitions that meet growth criteria.
Challenges Ahead
- Short-term earnings were negatively impacted.
- Recapitalization of preferred stock impacted short-term earnings.
- Net Loss Attributable to Common Shareholders amounted to $9.7 million
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...