UMH Properties, Inc. Reports Six-Month Earnings
10 8월 2007 - 6:23AM
PR Newswire (US)
FREEHOLD, N.J., Aug. 9 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net income of $1,928,000 or $0.18 for the
three months ended June 30, 2007, as compared to $1,218,000 or
$0.12 for the three months ended June 30, 2006, and $2,766,000 or
$0.27 a share for the six months ended June 30, 2007, as compared
to $3,358,000 or $0.34 a share for the six months ended June 30,
2006. A summary of significant financial information for the three
months and six months ended June 30, 2007 and 2006 is as follows:
For the Three Months Ended 6/30/07 6/30/06 Total Revenues
$11,351,000 $10,344,000 Total Expenses $ 9,457,000 $ 9,169,000 Net
Income $ 1,928,000 $ 1,218,000 Net Income per Share $ .18 $ .12 FFO
(1) $ 2,782,000 $ 2,033,000 FFO per Share (1) $ .27 $ .20 Weighted
Average Shares Outstanding 10,491,000 10,063,000 For the Six Months
Ended 6/30/07 6/30/06 Total Revenues $20,151,000 $19,856,000 Total
Expenses $17,452,000 $16,557,000 Net Income $ 2,766,000 $ 3,358,000
Net Income per Share $ .27 $ .34 FFO (1) $ 4,475,000 $ 4,982,000
FFO per Share (1) $ .43 $ .50 Weighted Average Shares Outstanding
10,428,000 9,979,000 (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 trust (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, 2007 and 2006 is calculated
as follows: Three Months Six Months 6/30/07 6/30/06 6/30/07 6/30/06
Net Income $1,928,000 $1,218,000 $2,766,000 $3,358,000 (Gain) Loss
on Sales of Depreciable Assets (35,000) (43,000) (67,000) (59,000)
Depreciation Expense 889,000 858,000 1,776,000 1,683,000 FFO
$2,782,000 $2,033,000 $4,475,000 $4,982,000 The following are the
cash flows provided (used) by operating, investing and financing
activities for the six months ended June 30, 2007 and 2006: 6/30/07
6/30/06 Operating Activities ($1,060,000) $3,352,000 Investing
Activities (1,811,000) (2,764,000) Financing Activities 2,331,000
(3,369,000) Samuel A. Landy, President, stated, "Income and expense
from our securities portfolio, our derivative position, our
interest rate swaps and our home sales are volatile. Over the past
few years, we have been hurt by the surge in the conventional
housing market. Occupancy decreased from 84% at June 30, 2006 to
82% at June 30, 2007. We view the recent downturn in conventional
housing and sub-prime lending as leading indicators that demand for
affordable housing will return to historic levels. Although we have
seen signs that occupancy is increasing, we are disappointed that
we have not seen a quicker return to affordability. We are
experiencing increased demand in the rental market and are in the
process of meeting that demand. Several of our communities are
currently under expansion, which should be completed in 2007. 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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