UMH Revenues Nearly Double

From sys-con MHProNews has learned manufactured housing community owner UMH Properties, Inc. reports funds from operations (FFO) came within $222,000 of doubling from the first quarter 2012 to Q1 2013, from $2,738,000 to $5,254,000, from $0.18 a diluted share in Q1 of last year to $0.30 per diluted share Q1 2013. Total income grew from $10.9 million to $13.4 million for the same period. Net income attributable to common shareholders rose from $1,059,000 million in the first quarter of 2012 to $2,260,000 this most recent quarter ending. Total assets increased to $362 million from $300 million for the period 12-31-12 to 3-31-13. President Samuel A. Landy, noting UMH spent just under $75 million on acquisitions yielding over 2100 homesites in the quarter ending March 31, 2013, says, “Over the past few years, we have been very successful in harnessing gains on our securities investment and redeploying that capital into our community acquisitions. Our REIT securities portfolio continued to perform well generating $3.3 million in realized gains in the first quarter of 2013 and an additional $8.2 million in unrealized gains at quarter end.” UMH has established a $35 million unsecured line of credit with the Bank of Montreal which could be extended another $15 million. Landy says portfolio occupancy rose from 77 percent as of March 31, 2012 to 81 percent March 31, 2013. UMH owns and operates 68 manufactured home communities comprised of 12,800 developed homesites, and owns a portfolio of other real estate investment trust (REIT) securities.

(Image credit: UMH Properties, Inc.)

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