UMH Properties, Inc. Reports Six-Month Earnings
10 8월 2006 - 1:12AM
PR Newswire (US)
FREEHOLD, N.J., Aug. 9 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net income of $3,358,000 or $0.34 a share
for the six months ended June 30, 2006, as compared to $3,285,000
or $0.35 a share for the six months ended June 30, 2005. A summary
of significant financial information for the three months and six
months ended June 30, 2006 and 2005 is as follows: For the Three
Months Ended 6/30/06 6/30/05 Total Revenues $10,344,000 $9,317,000
Total Expenses $9,169,000 $8,480,000 Net Income $1,218,000 $828,000
Net Income per Share $.12 $.09 FFO (1) $2,033,000 $1,711,000 FFO
per Share (1) $.20 $.18 Weighted Average Shares Outstanding
10,063,000 9,406,000 For the Six Months Ended 6/30/06 6/30/05 Total
Revenues $19,856,000 $17,860,000 Total Expenses $16,557,000
$14,560,000 Net Income $3,358,000 $3,285,000 Net Income per Share
$.34 $.35 FFO (1) $4,982,000 $5,002,000 FFO per Share (1) $.50 $.54
Weighted Average Shares Outstanding 9,979,000 9,306,000 (1)
Non-GAAP Information: Funds from Operations (FFO) is defined as net
income excluding gains (or losses) from sales of depreciable
assets, plus depreciation. FFO per share is defined as FFO divided
by the weighted average shares outstanding. FFO and FFO per share
should be considered as supplemental measures of operating
performance used by real estate investment trusts (REITs). FFO and
FFO per share exclude historical cost depreciation as an expense
and may facilitate the comparison of REITs which have different
cost bases. The items excluded from FFO and FFO per share are
significant components in understanding and assessing the Company's
financial performance. FFO and FFO per share (1) do not represent
cash flow from operations as defined by generally accepted
accounting principles; (2) should not be considered as alternatives
to net income or net income per share as measures of operating
performance or to cash flows from operating, investing and
financing activities; and (3) are not alternatives to cash flow as
a measure of liquidity. FFO and FFO per share, as calculated by the
Company, may not be comparable to similarly entitled measures
reported by other REITs. The Company's FFO for the three and six
months ended June 30, 2006 and 2005 is calculated as follows: Three
Months Six Months 6/30/06 6/30/05 6/30/06 6/30/05 Net Income
$1,218,000 $828,000 $3,358,000 $3,285,000 (Gain) Loss on Sales of
Depreciable Assets (43,000) 8,000 (59,000) 15,000 Depreciation
Expense 858,000 875,000 1,683,000 1,702,000 FFO $2,033,000
$1,711,000 $4,982,000 $5,002,000 The following are the cash flows
provided (used) by operating, investing and financing activities
for the six months ended June 30, 2006 and 2005: 6/30/06 6/30/05
Operating Activities $3,351,824 $2,712,523 Investing Activities
(2,763,962) (7,125,403) Financing Activities (3,368,603) 1,600,183
Samuel A. Landy, President, stated, "In 2006, we recorded a loss on
sales of securities available for sale of $105,000, as compared to
a gain of $955,000 for 2005, a decrease of over $1,000,000. This
was primarily due to the write-down to the carrying value of
securities which were considered other than temporarily impaired.
Manufactured home community occupancy for UMH is stable. Our sales
of manufactured homes into our communities have continued to
generate large increases, growing at a rate of 56% over the prior
year. This has generated increased rental revenue and upgraded our
communities." Mr. Landy further stated, "UMH is currently looking
for investment opportunities. In the first quarter, we purchased a
270-space community in Lebanon, Tennessee. We are in the process of
expansions at several of our communities. UMH has substantial cash
and borrowing power available should further opportunities arise."
UMH Properties, Inc., a publicly owned real estate investment
trust, owns and operates twenty-eight manufactured home communities
located in New Jersey, New York, Pennsylvania, Ohio and Tennessee.
In addition, the Company owns a portfolio of REIT securities.
DATASOURCE: UMH Properties, Inc. CONTACT: Rosemarie Faccone or
Susan Jordan, UMH Properties, Inc., +1-732-577-9997
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