FREEHOLD, N.J., March 8 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (NYSE Amex: UMH) reported that funds from operations (FFO)
amounted to $7,834,000 or $.69 per share for the year ended
December 31, 2009, as compared to $5,585,000 or $.51 per share for
the year ended December 31, 2008. Excluding non-cash impairment
charges and other gains or losses on securities transactions, FFO
amounted to $9,638,000 or $.84 per share for the year ended
December 31, 2009, as compared to $8,446,000 or $.78 per share for
the year ended December 31, 2008. Net income amounted to $3,689,000
or $.32 per share for the year ended December 31, 2009, as compared
to $1,527,000 or $.14 per share for year ended December 31, 2008.
Net cash provided by operating activities for the year ended
December 31, 2009 was $11,355,000 as compared to $8,268,000 for the
year ended December 31, 2008. A summary of significant financial
information for the years ended December 31, 2009 and 2008, and for
the quarters ended December 31, 2009 and 2008, is as follows: For
the Years Ended December 31, 2009 2008 ---- ---- Total Revenues
$34,876,000 $36,656,000 Total Expenses $31,366,000 $35,144,000 Net
Income $3,689,000 $1,527,000 Net Income per Share $.32 $.14 FFO (1)
$7,834,000 $5,585,000 FFO per Share (1) $.69 $.51 Weighted Average
Shares Outstanding 11,413,000 10,877,000 For the Quarters Ended
December 31, 2009 2008 ---- ---- Total Revenues $9,444,000
$7,642,000 Total Expenses $7,376,000 $8,506,000 Net Income (Loss)
$2,270,000 $(880,000) Net Income (Loss) per Share $.19 $(.08) FFO
(1) $3,324,000 $158,000 FFO per Share (1) $.28 $.01 Weighted
Average Shares Outstanding 11,860,000 10,975,000 (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 For the Quarters Ended Ended 12/31/09 12/31/08 12/31/09
12/31/08 -------- -------- -------- -------- Net Income (Loss)
$3,689,000 $1,527,000 $2,270,000 ($880,000) Loss (Gain) on Sales of
Depreciable Assets 63,000 (15,000) 41,000 15,000 Depreciation
Expense 4,082,000 4,073,000 1,013,000 1,023,000 --------- ---------
--------- --------- FFO $7,834,000 $5,585,000 $3,324,000 $158,000
========== ========== ========== ======== The following are the
cash flows provided by (used in) operating, investing and financing
activities for the years ended December 31, 2009 and 2008: 2009
2008 ---- ---- Operating Activities $11,355,000 $8,268,000
Investing Activities (8,289,000) (11,942,000) Financing Activities
(1,330,000) 4,235,000 A summary of significant balance sheet
information as of December 31, 2009 and 2008 is as follows: 2009
2008 ---- ---- Total Assets $147,972,000 $137,939,000 Securities
Available for Sale 31,824,000 21,575,000 Mortgages Payable
70,319,000 65,953,000 Loans Payable 18,665,000 23,612,000 Total
Shareholders' Equity 55,972,000 44,722,000 Samuel A. Landy,
President, stated, "We are pleased with our results for 2009. The
stability of the manufactured home community property type has been
evident during the recent economic downturn. Our FFO, excluding
non-cash impairment charges and other gains or losses on securities
transactions, increased from $8,446,000 for 2008 to $9,638,000 for
2009. On a per share basis this represents FFO growth of
approximately 8%. Despite a decrease in occupancy from 80% to 78%,
income from community operations increased from $12,459,000 for
2008 to $13,291,000 for 2009. The Company has been increasing
rental rates and focusing on controlling costs. In 2009, we
incurred $1.9 million of impairment charges on our securities
investments. This has already been recovered as our securities
portfolio held an unrealized gain of approximately $2.2 million at
year-end." "UMH's home sales division remained a source of
weakness, down 42% from last year. While the pace of job losses in
the US has recently slowed, our home sales have clearly been
affected by the rise in unemployment. However, over the long term,
we remain optimistic. We expect job growth to return. As our
nation's economic outlook improves, demand for affordable housing
will increase. The recent period of very limited new conventional
housing supply is helpful and necessary for US housing market to
stabilize, which they appear to be doing. Because our operating
expenses are largely fixed costs, our 1,500 vacant sites provide us
with considerable operational leverage. Increased occupancy will
improve our results substantially." "UMH continues to maintain its
strong balance sheet. Cash flow from operating activities increased
from $8,268,000 in 2008 to $11,355,000 in 2009. At December 31,
2009, the Company had $5 million in cash, $32 million in securities
encumbered by $5 million in margin and term loans, and $2 million
available on its line of credit. We have been positioning ourselves
for future growth and will continue to seek opportunistic
investments." 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. Certain statements included in this press release which
are not historical facts may be deemed forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes the expectations reflected
in any forward-looking statements are based on reasonable
assumptions, the Company can provide no assurance those
expectations will be achieved. Factors and risks that could cause
actual results or events to differ materially from expectations are
contained in the Company's annual report on Form 10-K and described
from time to time in the Company's other filings with the SEC. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements whether as a result of new information,
future events, or otherwise. DATASOURCE: UMH Properties, Inc.
CONTACT: Susan Jordan, +1-732-577-9997
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