FREEHOLD, NJ, Aug. 05, 2020 (GLOBE NEWSWIRE) — UMH Properties, Inc. (NYSE:UMH) reported Total Income for the quarter ended June 30, 2020 of $40.1 million as compared to $37.2 million for the quarter ended June 30, 2019, representing an increase of 8%. Net Income Attributable to Common Shareholders amounted to $10.2 million or $0.25 per diluted share for the quarter ended June 30, 2020 as compared to a Net Loss of $5.5 million or $0.15 per diluted share for the quarter ended June 30, 2019. This increase was due to the change in fair value of our marketable securities. During the quarter, the securities portfolio experienced an unrealized gain of $13.4 million as compared to an unrealized loss of $2.4 million in the prior year period.Funds from Operations Attributable to Common Shareholders (“FFO”), was $7.1 million or $0.17 per diluted share for the quarter ended June 30, 2020 as compared to $5.7 million or $0.14 per diluted share for the quarter ended June 30, 2019. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $7.1 million or $0.17 per diluted share for the quarter ended June 30, 2020, as compared to $5.7 million or $0.14 per diluted share for the quarter ended June 30, 2019.A summary of significant financial information for the three and six months ended June 30, 2020 and 2019 is as follows (in thousands except per share amounts):
A summary of significant balance sheet information as of June 30, 2020 and December 31, 2019 is as follows (in thousands):Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2020.“We are pleased to announce another solid quarter of operating results. During the quarter, we:Mr. Landy further stated, “The COVID-19 crisis has had a negative impact on many businesses and industries throughout the nation. However, we are pleased to report it has not materially impacted the operations at UMH. Our team has done an exceptional job furthering the goals of UMH given the challenging circumstances. Our rent collection rates are in line with pre-pandemic levels and we continue to experience strong demand throughout our portfolio.”“Our business plan of acquiring value-add communities, making the necessary improvements, and implementing a rental and sales program has proven to yield excellent results. Year over year, our same property occupancy improved by 550 sites or 3.1% resulting in revenue growth of over 7% and NOI growth of 14%. This is the third quarter in a row that we have produced double-digit same property NOI growth.”“We continue to make progress on the financing front. As we have previously announced we are working to obtain approximately $100 million of GSE mortgage debt at rates below 3%. Assuming no unforeseen issues arising, we plan to call our $95 million of Series B Perpetual Preferred stock. This will add approximately $0.11 per share in FFO annually.”“Our strong operating results have given us the confidence to seek acquisition opportunities in additional states. We will implement our proven business plan to further increase community value while providing affordable housing for the nation.”UMH Properties, Inc. will host its Second Quarter 2020 Financial Results Webcast and Conference Call on Thursday, August 6, 2020 at 10:00 a.m. Eastern Time. Senior management will discuss the results, current market conditions and future outlook on the call.The Company’s 2020 second quarter financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financial Information and Filings” section.To participate in the webcast, select the microphone icon found on the homepage www.umh.reit to access the call. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, August 6, 2020. It will be available until November 1, 2020 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10145442. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.reit.UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 123 manufactured home communities containing approximately 23,200 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. 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. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. 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. The risks and uncertainties 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.Note:
The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 41.5 million and 41.6 million shares for the three and six months ended June 30, 2020, respectively, and 39.9 million and 39.4 million shares for the three and six months ended June 30, 2019, respectively. Common stock equivalents resulting from stock options in the amount of 356,000 shares for the six months ended June 30, 2020, and 282,000 shares for the three months ended June 30, 2019, were excluded from the computation of the Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. Common stock equivalents resulting from stock options in the amount of 316,000 shares for the three months ended June 30, 2020, and 245,000 shares for the six months ended June 30,2019, are included in the diluted weighted shares outstanding.The following are the cash flows provided (used) by operating, investing and financing activities for the six months ended June 30, 2020 and 2019 (in thousands):
# # # #Contact: Nelli Madden
732-577-4062UMH PROPERTIES, INC.
Juniper Business Plaza
3499 Route 9 North, Suite 3-C
Freehold, NJ 07728
(732) 577-9997
Fax: (732) 577-9980
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