MarketWatch says publicly-owned REIT UMH Propeties, Inc. reports in its first quarter 2012 financials, funds from operations (FFO) fell from $0.25 per share in Q1 2011 to $0.17 at the end of March 2012—$3,512,000 down to 2,656,000, respectively. Net income for common shareholders dropped from $2,125,000, $0.15 per share, in the first quarter of 2011 to $1,059,000, or $0.07 per common share for Q1 2012. This year UMH has already added 1056 homesites to its portfolio. Based in Freehold, New Jersey, UMH owns and operates forty-one manufactured home communities in New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana.
(Image credit: UMH Properties, Inc.)