For the first quarter of 2015, UMH Properties, Inc. (NYSE:UMH) reports Core Funds from Operations (CFFO) rose from $2,425,000 or $0.11 per diluted share for the 1st quarter of 2014 to $3,159,000 or $0.13 per diluted share for the comparable quarter 2015. Normalized Funds from Operations (Normalized FFO) hit $3,226,000, $0.13 per diluted share for Q1 2015. as compared to $1,916,000 or $0.09 per diluted share for the comparable period of 2014.
Total income for the first quarter of 2015 increased to $18,344,000 compared to $15,849,000 for the same period of 2014. Community net operating income (NOI) rose 28 percent to $8.4 million 2015 over 2014’s $6.6 million.
Overall occupancy rose from 80.8 percent in Q1 2014 to 82.3 percent at the current time. Same story occupancy rose from 81.7 percent to current 83 percent, as prnewswire informs MHProNews.
Samuel A. Landy, President and CEO, further states that during the first quarter of 2015 the company acquired three Pennsylvania manufactured home communities (MHCs) comprised of 465 developed homesites for $9.1 million, and has its sights set on another PA MHC with 158 developed homesites for $3.5 million. He adds, “We are currently in various stages of negotiations for additional community acquisitions.”
Noting the company has obtained ten Freddie Mac mortgage loans for $57.7 million, Landy says, “The entrance of Freddie Mac into our sector and the favorable financing terms obtained will allow us to continue to refinance our communities and execute our growth strategy for the long-term benefit of our shareholders.”
Drilling in the Marcellus and Utica Shale region has workers streaming to the western Pennsylvania area, an area where UMH is expanding its holdings. ##
(Photo credit: UMH Properties, Inc.)
Article submitted by Matthew J. Silver to Daily Business News-MHProNews.