UMH Properties (UMH) Tops Q2 EPS by 43c

UMH Properties (NYSE: UMH) reported Q2 EPS of $0.40, $0.43 better than the analyst estimate of ($0.03).

Mr. Landy further stated, "Our business plan of acquiring value-add communities and turning them around has resulted in exceptional same property performance. Same property revenue increased by 6.8% driven by a 100-basis point increase in the occupancy rate and a 3.5% increase in our weighted average monthly site rent over the prior year period. Same property expenses only increased 3.8%, resulting in an increase in same property NOI of 9.2%."

"During the quarter, we closed on the acquisition of two all-age communities located in Indiana for a total purchase price of $20.5 million. These communities contain 669 developed home sites of which 91% are currently occupied. We continue to execute our growth strategy and currently have an acquisition pipeline totaling $81.5 million, consisting of 6 properties containing 2,100 sites."

"Sales have steadily improved, increasing 9.6% for the quarter and 17.3% for the year. The U.S. economy is in excellent shape. The unemployment rate is at a near record low. Wages are rising. Demand for housing, especially affordable housing, continues to increase. Given these factors, we are confident that we will have another year of double-digit sales growth."

"During the quarter, our REIT securities portfolio performed very well. Our $14.4 million unrealized loss at the end of the first quarter is now a $2.2 million unrealized gain at quarter end, representing an improvement of $16.6 million for the quarter. Our securities portfolio generated $2.5 million in dividend income during the quarter representing a 37.8% increase over the prior year period. At quarter end, our REIT securities portfolio represented 13% of our total undepreciated assets."

"We look forward to reporting continued progress throughout the year."

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

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