In its third quarter financials, UMH Properties announces it has increased its portfolio of homesites by 26 percent since the beginning of the year. For the quarter ending Sept. 30, 2013 funds from operations (FFO) attributable to common shareholders of $1,993,000 or $.10 per diluted share as compared to Q3 2012 of $2,585,000 or $.16 per diluted share. The third quarter 2013 saw income increase to $16,245,000 from $12,187,000 for the same period last year. As einnews.com tells MHProNews, FFO less gains on securities transactions equaled $1,880,000 or $.10 per diluted share quarter ending Sept. 30, 2013 versus $1,370,000 or $.08 per diluted share for same period 2012. Samuel A. Landy, UMH President and CEO says, “Our portfolio occupancy increased 200 basis points over the prior year quarter from 80% to 82% at quarter end. Our income from community operations (defined as rental and related income less community operating expenses) increased 40% from $4,543,000 for the prior year quarter to $6,369,000 for the quarter ended September 30, 2013. Our community operating costs for the quarter include repairs and maintenance and other costs associated with bringing our newly acquired communities up to the high UMH standards. These expenses should fall as we complete the process of upgrading these communities, adding rental homes, and creating new sales centers. While demand for rentals remains very strong, growth in home sales is trending higher but at a much slower pace.” UMH is a public equity real estate investment trust (REIT) that owns and operates 74 manufactured housing communities comprised of 13,400 homesites. UMH will host a webcast and conference call Thursday, Nov. 21, 2013 at 10:AM.
(Photo credit: UMH Properties)