{"id":2409,"date":"2021-04-06T15:39:41","date_gmt":"2021-04-06T20:39:41","guid":{"rendered":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-year-ended-and-the-fourth-quarter-ended-december-31-2020\/2409\/"},"modified":"2021-04-07T10:39:42","modified_gmt":"2021-04-07T15:39:42","slug":"umh-properties-inc-reports-results-for-the-year-ended-and-the-fourth-quarter-ended-december-31-2020","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-year-ended-and-the-fourth-quarter-ended-december-31-2020\/2409\/","title":{"rendered":"UMH PROPERTIES, INC. REPORTS RESULTS FOR THE YEAR ENDED AND THE FOURTH QUARTER ENDED DECEMBER 31, 2020"},"content":{"rendered":"
Total Income for the quarter ended December 31, 2020 was $42.8 million as compared to $37.7 million for the quarter ended December 31, 2019, representing an increase of 13%. Net Income (Loss) Attributable to Common Shareholders amounted to a loss $29.8 million or $0.72 per diluted share for the year ended December 31, 2020 as compared to income of $2.6 million or $0.06 per diluted share for the year ended December 31, 2019. Net Income (Loss) Attributable to Common Shareholders amounted to income of $15.6 million or $0.38 per diluted share for the quarter ended December 31, 2020 as compared to a loss of $3.4 million or $0.08 per diluted share for the quarter ended December 31, 2019. <\/p>\n

Funds from Operations Attributable to Common Shareholders (\u201cFFO\u201d) was $26.3 million or $0.63 per diluted share for the year ended December 31, 2020 as compared to $24.6 million or $0.61 per diluted share for the year ended December 31, 2019. FFO was $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020 as compared to $7.0 million or $0.17 per diluted share for the quarter ended December 31, 2019. Normalized Funds from Operations Attributable to Common Shareholders (\u201cNormalized FFO\u201d), was $29.2 million or $0.70 per diluted share for the year ended December 31, 2020, as compared to $25.2 million or $0.63 per diluted share for the year ended December 31, 2019. Normalized FFO was $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020, as compared to $7.1 million or $0.17 per diluted share for the quarter ended December 31, 2019.<\/p>\n

A summary of significant financial information for the three and twelve months ended December 31, 2020 and 2019 is as follows (in thousands except per share amounts)<\/em>:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\n<\/td>\nFor the Three Months Ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\nDecember 31,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\n2020<\/strong><\/td>\n<\/td>\n<\/td>\n2019<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nTotal Income<\/td>\n$<\/td>\n42,829<\/td>\n\n$<\/td>\n37,744<\/td>\n<\/tr>\n
<\/td>\nTotal Expenses<\/td>\n$<\/td>\n34,382<\/td>\n\n$<\/td>\n31,856<\/td>\n<\/tr>\n
<\/td>\nIncrease (Decrease) in Fair Value of Marketable Securities<\/td>\n$<\/td>\n17,802<\/td>\n\n$<\/td>\n(563<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\nNet Income (Loss) Attributable to Common Shareholders<\/td>\n$<\/td>\n15,591<\/td>\n\n$<\/td>\n(3,433<\/td>\n)<\/td>\n<\/tr>\n
<\/td>\nNet Income (Loss) Attributable to Common
Shareholders per Diluted Common Share<\/td>\n		\n

$<\/td>\n

\n

0.38<\/td>\n

\n\n

$<\/td>\n

\n

(0.08<\/td>\n

\n

)<\/td>\n<\/tr>\n

<\/td>\nFFO (1)<\/sup><\/td>\n$<\/td>\n8,544<\/td>\n\n$<\/td>\n7,006<\/td>\n<\/tr>\n
<\/td>\nFFO (1)<\/sup> per Diluted Common Share<\/td>\n$<\/td>\n0.20<\/td>\n\n$<\/td>\n0.17<\/td>\n<\/tr>\n
<\/td>\nNormalized FFO (1)<\/sup><\/td>\n$<\/td>\n8,544<\/td>\n\n$<\/td>\n7,059<\/td>\n<\/tr>\n
<\/td>\nNormalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n$<\/td>\n0.20<\/td>\n\n$<\/td>\n0.17<\/td>\n<\/tr>\n
<\/td>\nWeighted Average Shares Outstanding<\/td>\n\n42,390<\/td>\n\n\n40,929<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
<\/td>\n\n<\/td>\nFor the Twelve Months Ended<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\nDecember 31,<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\n2020<\/strong><\/td>\n\n<\/td>\n<\/td>\n2019<\/strong><\/td>\n<\/tr>\n
<\/td>\n\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/td>\n<\/tr>\n
<\/td>\nTotal Income<\/td>\n$<\/td>\n163,609<\/td>\n\n\n$<\/td>\n146,591<\/td>\n<\/tr>\n
<\/td>\nTotal Expenses<\/td>\n$<\/td>\n135,296<\/td>\n\n\n$<\/td>\n126,582<\/td>\n<\/tr>\n
<\/td>\nIncrease (Decrease) in Fair Value of Marketable Securities<\/td>\n\n

$<\/td>\n

(14,119<\/td>\n)<\/td>\n\n$<\/td>\n14,915<\/td>\n<\/tr>\n
<\/td>\nNet Income (Loss) Attributable to Common Shareholders<\/td>\n$<\/td>\n(29,759<\/td>\n)<\/td>\n\n$<\/td>\n2,566<\/td>\n<\/tr>\n
<\/td>\nNet Income (Loss) Attributable to Common
Shareholders per Diluted Common Share<\/td>\n		\n

$<\/td>\n

(0.72<\/td>\n)<\/td>\n\n\n

$<\/td>\n

\n

0.06<\/td>\n<\/tr>\n

<\/td>\nFFO (1)<\/sup><\/td>\n$<\/td>\n26,283<\/td>\n\n\n$<\/td>\n24,573<\/td>\n<\/tr>\n
<\/td>\nFFO (1)<\/sup> per Diluted Common Share<\/td>\n$<\/td>\n0.63<\/td>\n\n\n$<\/td>\n0.61<\/td>\n<\/tr>\n
<\/td>\nNormalized FFO (1)<\/sup><\/td>\n$<\/td>\n29,154<\/td>\n\n\n$<\/td>\n25,207<\/td>\n<\/tr>\n
<\/td>\nNormalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n$<\/td>\n0.70<\/td>\n\n\n$<\/td>\n0.63<\/td>\n<\/tr>\n
<\/td>\nWeighted Average Shares Outstanding<\/td>\n\n41,395<\/td>\n\n\n\n40,203<\/td>\n<\/tr>\n<\/table>\n

A summary of significant balance sheet information as of December 31, 2020 and 2019 is as follows (in thousands)<\/em>:<\/p>\n\n\n\n\n\n\n\n\n\n\n
\nDecember 31, <\/strong>
2020<\/strong><\/td>\n		<\/td>\nDecember 31, <\/strong>
2019<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
\n\n\n<\/tr>\n
Gross Real Estate Investments<\/td>\n$<\/td>\n1,108,483<\/td>\n\n$<\/td>\n1,015,281<\/td>\n<\/tr>\n
Marketable Securities at Fair Value<\/td>\n$<\/td>\n103,172<\/td>\n\n$<\/td>\n116,186<\/td>\n<\/tr>\n
Total Assets<\/td>\n$<\/td>\n1,087,214<\/td>\n\n$<\/td>\n1,025,453<\/td>\n<\/tr>\n
Mortgages Payable, net<\/td>\n$<\/td>\n469,279<\/td>\n\n$<\/td>\n373,658<\/td>\n<\/tr>\n
Loans Payable, net<\/td>\n$<\/td>\n87,009<\/td>\n\n$<\/td>\n83,686<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n$<\/td>\n501,808<\/td>\n\n$<\/td>\n546,339<\/td>\n<\/tr>\n<\/table>\n

Samuel A. Landy, President and CEO, commented on the 2020 results.<\/p>\n

\u201c2020 will be viewed as a transformational year for UMH Properties. Despite the uncertainties caused by COVID-19, we were able to generate exceptional results on all fronts. Our accomplishments during the year include:<\/p>\n