UMH Properties (UMH) Misses Q1 EPS by 3c, Revenues Miss

UMH Properties (NYSE: UMH) reported Q1 EPS of $0.15, $0.03 worse than the analyst estimate of $0.18. Revenue for the quarter came in at $34.29 million versus the consensus estimate of $35.05 million.

Samuel A. Landy, President and CEO, commented on the results of the first quarter of 2019.

"We are pleased to announce another solid quarter of operating results and an excellent start to 2019. During the quarter, we:

• Increased Rental and Related Income by 12%;
• Increased Community Net Operating Income (2) ("NOI") by 9%;
• Increased Same Property NOI (2) by 5%;
• Increased Same Property Occupancy by 120 basis points from 81.9% to 83.1%;
• Increased home sales by 44%;
• Increased our rental home portfolio by 153 homes to approximately 6,700 total rental homes, representing an increase of 14%;
• Raised $10.7 million through our Dividend Reinvestment and Stock Purchase Plan; and,
• Increased our total market capitalization to $1.3 billion, representing an increase of 14%."

Mr. Landy stated, "We have developed a business plan that has positioned the company for long-term growth. As evidenced by our income and sales growth, demand for affordable housing in our markets remains robust. The investments that we have made in our properties should continue to deliver improved operating results as we are able to further grow our occupancy and revenue."

"Our same property performance continues to validate our business plan. Same property occupancy improved to 83.1% at quarter end 2019 as compared to 81.9% in 2018. This occupancy growth is attributable to our exceptional rental and sales demand."

"We are particularly pleased to announce that after delivering sales growth of 45% in 2018, we began 2019 with an increase in sales of 44% for the quarter. We are optimistic about the potential earnings power of our sales operation."

"Subsequent to quarter end, we further increased our liquidity and strengthened our financial flexibility and balance sheet by issuing 4 million shares of our 6.75% Series C Perpetual Preferred stock resulting in net proceeds of approximately $96.6 million. This capital will be invested in our core business which should lead to future earnings growth."

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

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