UMH Properties, Inc. Reports Year-End Earnings
14 3월 2007 - 6:14AM
PR Newswire (US)
FREEHOLD, N.J., March 13 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net income of $5,840,000 or $0.58 a share
for the year ended December 31, 2006, as compared to $6,990,000 or
$0.74 a share for the year ended December 31, 2005. A summary of
significant financial information for the years ended December 31,
2006 and 2005, and for the quarters ended December 31, 2006 and
2005, is as follows: For the Years Ended December 31, 2006 2005
Total Revenues $ 42,645,000 $ 39,340,000 Total Expenses $
36,963,000 $ 32,393,000 Net Income $ 5,840,000 $ 6,990,000 Net
Income per Share $ .58 $ .74 FFO (1) $ 9,097,000 $ 10,301,000 FFO
per Share (1) $ .90 $ 1.09 Weighted Average Shares Outstanding
10,094,000 9,473,000 For the Quarters Ended December 31, 2006 2005
Total Revenues $ 12,895,000 $ 10,232,000 Total Expenses $
10,747,000 $ 8,808,000 Net Income $ 2,206,000 $ 1,446,000 Net
Income per Share $ .22 $ .15 FFO (1) $ 3,019,000 $ 2,237,000 FFO
per Share (1) $ .29 $ .23 Weighted Average Shares Outstanding
10,260,000 9,722,000 (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 is
calculated as follows: For the Years Ended For the Quarters Ended
12/31/06 12/31/05 12/31/06 12/31/05 Net Income $5,840,000
$6,990,000 $2,206,000 $1,446,000 Gain on Sales of Depreciable
Assets (158,000) (43,000) (58,000) (23,000) Depreciation Expense
3,415,000 3,354,000 871,000 814,000 FFO $9,097,000 $10,301,000
$3,019,000 $2,237,000 The following are the cash flows provided by
(used in) operating, investing and financing activities for the
years ended December 31, 2006 and 2005: 2006 2005 Operating
Activities $ 4,162,000 $ 3,035,000 Investing Activities (2,592,000)
(13,415,000) Financing Activities (4,121,000) 6,161,000 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 gain on securities transactions of
$267,000, as compared to $1,233,000 for 2005, a decrease of
$966,000. 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 $774,000 in 2005, while increasing it by
$68,000 in 2006, a swing of $842,000." 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 reached a new high of $15.8
million, an increase of 27% over the 2005 amount of $12.4 million.
UMH continues to look for investment opportunities to enhance our
operations. During 2006, 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, both
of UMH Properties, Inc., +1-732-577-9997
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