UMH Properties, Inc. Reports Nine-Month Earnings
10 11월 2006 - 6:41AM
PR Newswire (US)
FREEHOLD, N.J., Nov. 9 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net income of $3,635,000 or $0.36 a share
for the nine months ended September 30, 2006, as compared to
$5,544,000 or $0.59 a share for the nine months ended September 30,
2005. A summary of significant financial information for the three
months and nine months ended September 30, 2006 and 2005 is as
follows: For the Three Months Ended 9/30/06 9/30/05 Total Revenues
$9,894,000 $11,248,000 Total Expenses $9,659,000 $9,024,000 Net
Income $276,000 $2,260,000 Net Income per Share $.03 $.24 FFO (1)
$1,096,000 $3,062,000 FFO per Share (1) $.11 $.32 Weighted Average
Shares Outstanding 10,167,000 9,567,000 For the Nine Months Ended
9/30/06 9/30/05 Total Revenues $29,750,000 $29,108,000 Total
Expenses $26,216,000 $23,584,000 Net Income $3,635,000 $5,544,000
Net Income per Share $.36 $.59 FFO (1) $6,079,000 $8,063,000 FFO
per Share (1) $.61 $.86 Weighted Average Shares Outstanding
10,039,000 9,392,000 (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 nine months ended September 30, 2006 and 2005 is
calculated as follows: Three Months Nine Months 9/30/06 9/30/05
9/30/06 9/30/05 Net Income $276,000 $2,260,000 $3,635,000
$5,544,000 Gain on Sales of Depreciable Assets (41,000) (36,000)
(100,000) (21,000) Depreciation Expense 861,000 838,000 2,544,000
2,540,000 FFO $1,096,000 $3,062,000 $6,079,000 $8,063,000 The
following are the cash flows provided by (used in) by operating,
investing and financing activities for the nine months ended
September 30, 2006 and 2005: 9/30/06 9/30/05 Operating Activities
$3,239,000 $2,427,000 Investing Activities (4,051,000) (9,365,000)
Financing Activities (3,168,000) 2,590,000 Samuel A. Landy,
President, stated, "Income and expense from our securities
portfolio, our derivative position and our interest rate swaps are
volatile. In 2006, we recorded a loss on sales of securities
available for sale of $430,000, as compared to a gain of $1,210,000
for 2005, a decrease of over $1,640,000. This was primarily due to
the $823,000 write-down to the carrying value of securities which
were considered other than temporarily impaired. The Company also
realized a substantial portion of the unrealized gain in the
securities portfolio in 2005. The fair value of the Company's
interest rate swaps decreased interest expense by $625,000 in 2005,
while only decreasing it by $29,000 in 2006, a swing of almost
$600,000." Mr. Landy further stated, "Our sales of manufactured
homes into our communities have continued to grow, generating
increased rental revenue and upgrading our communities. Sales
increased almost 20% in 2006 as compared to 2005. UMH is also
looking for investment opportunities to enhance our operations. 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, +1-732-577-9997
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