UMH Properties (UMH) Reports Q1 Loss of $0.76

UMH Properties (NYSE: UMH) reported Q1 EPS of ($0.76), versus ($0.05) reported last year.

• Increased Rental and Related Income by 11.2%;
• Increased Community Net Operating Income (\"NOI\") by 11.2%;
• Increased Same Property NOI by 5.4%
• Increased Same Property Occupancy by 140 basis points from 81.8% to 83.2%;
• Increased home sales by 31.7%;
• Increased our rental home portfolio by 165 homes to approximately 5,800 total rental homes, representing an increase of 17.7%;
• Increased rental home occupancy by 100 basis points from 93.7% to 94.7%;
• Reduced the weighted average interest rate on our mortgage debt from 4.4% to 4.2%;
• Maintained the weighted average interest rate on our total debt at 4.1%;
• Issued 2,000,000 shares of a new 6.375% Series D Cumulative Redeemable Preferred Stock, for net proceeds after deducting the underwriting discount and other estimated offering expenses, of approximately $48 million;
• Raised $10.1 million through our Dividend Reinvestment and Stock Purchase Plan;
• Reduced our Net Debt to Total Market Capitalization from 36.4% to 29.0% and our Net Debt Less Securities to Total Market Capitalization from 26.1% to 19.0%; and,
• Increased our total market capitalization to $1.1 billion, representing an increase of 8.5%.

For earnings history and earnings-related data on UMH Properties (UMH) click here.

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