{"id":4557,"date":"2021-11-28T06:15:53","date_gmt":"2021-11-28T12:15:53","guid":{"rendered":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-third-quarter-ended-september-30-2021\/4557\/"},"modified":"2021-11-29T00:15:53","modified_gmt":"2021-11-29T06:15:53","slug":"umh-properties-inc-reports-results-for-the-third-quarter-ended-september-30-2021","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-third-quarter-ended-september-30-2021\/4557\/","title":{"rendered":"UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2021"},"content":{"rendered":"
Net Loss Attributable to Common Shareholders amounted to $3.4 million or $0.07 per diluted share for the quarter ended September 30, 2021 as compared to $12.7 million or $0.31 per diluted share for the quarter ended September 30, 2020. <\/p>\n

Funds from Operations Attributable to Common Shareholders (\u201cFFO\u201d), was $10.8 million or $0.22 per diluted share for the quarter ended September 30, 2021 as compared to $4.5 million or $0.11 per diluted share for the quarter ended September 30, 2020. Normalized Funds from Operations Attributable to Common Shareholders (\u201cNormalized FFO\u201d), was $11.1 million or $0.23 per diluted share for the quarter ended September 30, 2021, as compared to $7.4 million or $0.18 per diluted share for the quarter ended September 30, 2020.<\/p>\n

A summary of significant financial information for the three and nine months ended September 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\n\nFor the Three Months Ended<\/strong><\/td>\n<\/tr>\n
\n\n\nSeptember 30,<\/strong><\/td>\n<\/tr>\n
\n\n\n2021<\/strong><\/td>\n\n\n\n2020<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nTotal Income<\/td>\n$<\/td>\n48,030<\/td>\n\n\n$<\/td>\n43,123<\/td>\n<\/tr>\n
\nTotal Expenses<\/td>\n$<\/td>\n38,528<\/td>\n\n\n$<\/td>\n35,747<\/td>\n<\/tr>\n
\nDecrease in Fair Value of Marketable Securities<\/td>\n$<\/td>\n(5,390<\/td>\n)<\/td>\n\n$<\/td>\n(6,739<\/td>\n)<\/td>\n<\/tr>\n
\nNet Loss Attributable to Common Shareholders<\/td>\n$<\/td>\n(3,403<\/td>\n)<\/td>\n\n$<\/td>\n(12,747<\/td>\n)<\/td>\n<\/tr>\n
\nNet Loss Attributable to Common <\/p>\n

Shareholders per Diluted Common Share<\/td>\n

\n

$<\/td>\n

\n

(0.07<\/td>\n

\n

)<\/td>\n

\n\n

$<\/td>\n

\n

(0.31<\/td>\n

\n

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

\nFFO (1)<\/td>\n$<\/td>\n10,822<\/td>\n\n\n$<\/td>\n4,515<\/td>\n<\/tr>\n
\nFFO (1) per Diluted Common Share<\/td>\n$<\/td>\n0.22<\/td>\n\n\n$<\/td>\n0.11<\/td>\n<\/tr>\n
\nNormalized FFO (1)<\/td>\n$<\/td>\n11,146<\/td>\n\n\n$<\/td>\n7,386<\/td>\n<\/tr>\n
\nNormalized FFO (1) per Diluted Common Share<\/td>\n$<\/td>\n0.23<\/td>\n\n\n$<\/td>\n0.18<\/td>\n<\/tr>\n
\nDiluted Weighted Average Shares Outstanding<\/td>\n\n47,778<\/td>\n\n\n\n41,421<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n\n\nFor the Nine Months Ended<\/strong><\/td>\n<\/tr>\n
\n\n\nSeptember 30,<\/strong><\/td>\n<\/tr>\n
\n\n\n2021<\/strong><\/td>\n\n\n2020<\/strong><\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
\nTotal Income<\/td>\n$<\/td>\n140,121<\/td>\n\n$<\/td>\n120,780<\/td>\n<\/tr>\n
\nTotal Expenses<\/td>\n$<\/td>\n114,663<\/td>\n\n$<\/td>\n100,914<\/td>\n<\/tr>\n
\nIncrease (Decrease) in Fair Value of Marketable Securities<\/td>\n$<\/td>\n14,120<\/td>\n\n$<\/td>\n(31,921<\/td>\n)<\/td>\n<\/tr>\n
\nNet Income (Loss) Attributable to Common Shareholders<\/td>\n$<\/td>\n11,839<\/td>\n\n$<\/td>\n(45,350<\/td>\n)<\/td>\n<\/tr>\n
\nNet Income (Loss) Attributable to Common <\/p>\n

Shareholders per Diluted Common Share<\/td>\n

\n

$<\/td>\n

\n

0.28<\/td>\n

\n\n

$<\/td>\n

\n

(1.10<\/td>\n

\n

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

\nFFO (1)<\/td>\n$<\/td>\n29,058<\/td>\n\n$<\/td>\n17,739<\/td>\n<\/tr>\n
\nFFO (1) per Diluted Common Share<\/td>\n$<\/td>\n0.63<\/td>\n\n$<\/td>\n0.43<\/td>\n<\/tr>\n
\nNormalized FFO (1)<\/td>\n$<\/td>\n30,128<\/td>\n\n$<\/td>\n20,610<\/td>\n<\/tr>\n
\nNormalized FFO (1) per Diluted Common Share<\/td>\n$<\/td>\n0.65<\/td>\n\n$<\/td>\n0.50<\/td>\n<\/tr>\n
\nDiluted Weighted Average Shares Outstanding<\/td>\n\n46,247<\/td>\n\n\n41,275<\/td>\n<\/tr>\n<\/table>\n

A summary of significant balance sheet information as of September 30, 2021 and December 31, 2020 is as follows (in thousands)<\/em>:<\/p>\n\n\n\n\n\n\n\n\n\n\n
\nSeptember 30, <\/strong>
2021<\/strong><\/td>\n		\nDecember 31,<\/strong>2020<\/strong><\/td>\n<\/tr>\n
\n\n\n<\/tr>\n
Gross Real Estate Investments<\/td>\n$<\/td>\n1,169,468<\/td>\n\n$<\/td>\n1,108,483<\/td>\n<\/tr>\n
Marketable Securities at Fair Value<\/td>\n$<\/td>\n102,811<\/td>\n\n$<\/td>\n103,172<\/td>\n<\/tr>\n
Total Assets<\/td>\n$<\/td>\n1,205,734<\/td>\n\n$<\/td>\n1,089,413<\/td>\n<\/tr>\n
Mortgages Payable, net<\/td>\n$<\/td>\n467,527<\/td>\n\n$<\/td>\n471,477<\/td>\n<\/tr>\n
Loans Payable, net<\/td>\n$<\/td>\n39,809<\/td>\n\n$<\/td>\n87,009<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n$<\/td>\n669,635<\/td>\n\n$<\/td>\n501,808<\/td>\n<\/tr>\n
\n\n\n<\/tr>\n<\/table>\n

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

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