{"id":3760,"date":"2021-08-26T04:46:42","date_gmt":"2021-08-26T09:46:42","guid":{"rendered":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2021\/3760\/"},"modified":"2021-08-26T23:46:42","modified_gmt":"2021-08-27T04:46:42","slug":"umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2021","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2021\/3760\/","title":{"rendered":"UMH PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2021"},"content":{"rendered":"
Net Income Attributable to Common Shareholders amounted to $8.4 million or $0.18 per diluted share for the quarter ended June 30, 2021 as compared to Net Income of $10.2 million or $0.25 per diluted share for the quarter ended June 30, 2020. <\/p>\n

Funds from Operations Attributable to Common Shareholders (\u201cFFO\u201d), was $9.9 million or $0.21 per diluted share for the quarter ended June 30, 2021 as compared to $7.1 million or $0.17 per diluted share for the quarter ended June 30, 2020. Normalized Funds from Operations Attributable to Common Shareholders (\u201cNormalized FFO\u201d), was $10.3 million or $0.22 per diluted share for the quarter ended June 30, 2021, as compared to $7.1 million or $0.17 per diluted share for the quarter ended June 30, 2020.<\/p>\n

A summary of significant financial information for the three and six months ended June 30, 2021 and 2020 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
\n<\/td>\nFor the Three Months Ended<\/b><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\nJune 30,<\/b><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\n2021<\/b><\/td>\n<\/td>\n<\/td>\n2020<\/b><\/td>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Total Income<\/td>\n\n$<\/td>\n48,959<\/td>\n\n\n$<\/td>\n40,084<\/td>\n<\/tr>\n
Total Expenses<\/td>\n\n$<\/td>\n39,947<\/td>\n\n\n$<\/td>\n33,348<\/td>\n<\/tr>\n
Increase in Fair Value of Marketable Securities<\/td>\n\n$<\/td>\n9,291<\/td>\n\n\n$<\/td>\n13,411<\/td>\n<\/tr>\n
Net Income Attributable to Common Shareholders<\/td>\n\n$<\/td>\n8,403<\/td>\n\n\n$<\/td>\n10,235<\/td>\n<\/tr>\n
Net Income Attributable to Common Shareholders per Diluted Common Share<\/td>\n\n$<\/td>\n0.18<\/td>\n\n\n$<\/td>\n0.25<\/td>\n<\/tr>\n
FFO (1)<\/sup><\/td>\n\n$<\/td>\n9,855<\/td>\n\n\n$<\/td>\n7,135<\/td>\n<\/tr>\n
FFO (1)<\/sup> per Diluted Common Share <\/td>\n\n$<\/td>\n0.21<\/td>\n\n\n$<\/td>\n0.17<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup><\/td>\n\n$<\/td>\n10,281<\/td>\n\n\n$<\/td>\n7,135<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n\n$<\/td>\n0.22<\/td>\n\n\n$<\/td>\n0.17<\/td>\n<\/tr>\n
Diluted Weighted Average Shares Outstanding<\/td>\n\n\n46,628<\/td>\n\n\n\n41,526<\/td>\n<\/tr>\n<\/table>\n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\nFor the Six Months Ended<\/b><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\nJune 30,<\/b><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\n2021<\/b><\/td>\n<\/td>\n<\/td>\n2020<\/b><\/td>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Total Income<\/td>\n\n$<\/td>\n92,091<\/td>\n\n\n$<\/td>\n77,657<\/td>\n<\/tr>\n
Total Expenses<\/td>\n\n$<\/td>\n76,135<\/td>\n\n\n$<\/td>\n65,167<\/td>\n<\/tr>\n
Increase (Decrease) in Fair Value of Marketable Securities<\/td>\n\n$<\/td>\n19,510<\/td>\n\n\n$<\/td>\n(25,182<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders<\/td>\n\n$<\/td>\n15,242<\/td>\n\n\n$<\/td>\n(32,603<\/td>\n)<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share<\/td>\n\n$<\/td>\n0.34<\/td>\n\n\n$<\/td>\n(0.79<\/td>\n)<\/td>\n<\/tr>\n
FFO (1)<\/sup><\/td>\n\n$<\/td>\n18,236<\/td>\n\n\n$<\/td>\n13,224<\/td>\n<\/tr>\n
FFO (1)<\/sup> per Diluted Common Share <\/td>\n\n$<\/td>\n0.41<\/td>\n\n\n$<\/td>\n0.32<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup><\/td>\n\n$<\/td>\n18,982<\/td>\n\n\n$<\/td>\n13,224<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n\n$<\/td>\n0.42<\/td>\n\n\n$<\/td>\n0.32<\/td>\n<\/tr>\n
Diluted Weighted Average Shares Outstanding<\/td>\n\n\n45,008<\/td>\n\n\n\n41,195<\/td>\n<\/tr>\n<\/table>\n

A summary of significant balance sheet information as of June 30, 2021 and December 31, 2020 is as follows (in thousands)<\/em>:<\/p>\n\n\n\n\n\n\n\n\n\n
\n<\/td>\nJune 30,<\/strong>
2021<\/strong><\/td>\n		<\/td>\n<\/td>\nDecember 31,<\/strong>
2020<\/strong><\/td>\n		<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Gross Real Estate Investments<\/td>\n\n$<\/td>\n1,154,276<\/td>\n\n\n$<\/td>\n1,108,483<\/td>\n<\/tr>\n
Marketable Securities at Fair Value<\/td>\n\n$<\/td>\n115,429<\/td>\n\n\n$<\/td>\n103,172<\/td>\n<\/tr>\n
Total Assets<\/td>\n\n$<\/td>\n1,211,863<\/td>\n\n\n$<\/td>\n1,089,413<\/td>\n<\/tr>\n
Mortgages Payable, net<\/td>\n\n$<\/td>\n466,214<\/td>\n\n\n$<\/td>\n471,477<\/td>\n<\/tr>\n
Loans Payable, net<\/td>\n\n$<\/td>\n63,510<\/td>\n\n\n$<\/td>\n87,009<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n\n$<\/td>\n652,461<\/td>\n\n\n$<\/td>\n501,808<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n

Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2021.<\/p>\n

\u201cUMH continues to operate on all cylinders. During the quarter, we:<\/p>\n