{"id":6856,"date":"2022-09-05T13:14:55","date_gmt":"2022-09-05T18:14:55","guid":{"rendered":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2022\/6856\/"},"modified":"2022-09-06T08:14:55","modified_gmt":"2022-09-06T13:14:55","slug":"umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2022","status":"publish","type":"post","link":"https:\/\/1reason.com\/re\/umh-properties-inc-reports-results-for-the-second-quarter-ended-june-30-2022\/6856\/","title":{"rendered":"UMH PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2022"},"content":{"rendered":"
Net Loss Attributable to Common Shareholders amounted to $22.5 million or $0.41 per diluted share for the quarter ended June 30, 2022 as compared to Net Income of $8.4 million or $0.18 per diluted share for the quarter ended June 30, 2021. Normalized Funds from Operations Attributable to Common Shareholders (\u201cNormalized FFO\u201d), was $8.7 million or $0.16 per diluted share for the quarter ended June 30, 2022, as compared to $10.3 million or $0.22 per diluted share for the quarter ended June 30, 2021. These decreases were primarily due to carrying costs of the capital required to redeem all 9.9 million issued and outstanding shares of its 6.75% Series C Preferred Stock. The company also recognized a preferred share redemption charge of $8.2 million related to the original issuance costs. <\/p>\n

A summary of significant financial information for the three and six months ended June 30, 2022 and 2021 is as follows (in thousands except per share amounts)<\/em>:<\/p>\n<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\nFor the Three Months Ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\nJune 30,<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\n2022<\/strong><\/td>\n<\/td>\n<\/td>\n2021<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Total Income<\/td>\n\n$<\/td>\n49,223<\/td>\n\n\n$<\/td>\n48,959<\/td>\n<\/tr>\n
Total Expenses<\/td>\n\n$<\/td>\n41,258<\/td>\n\n\n$<\/td>\n39,947<\/td>\n<\/tr>\n
Increase (Decrease) in Fair Value of Marketable Securities<\/td>\n\n$<\/td>\n(10,044<\/td>\n)<\/td>\n\n$<\/td>\n9,291<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders<\/td>\n\n$<\/td>\n(22,478<\/td>\n)<\/td>\n\n$<\/td>\n8,403<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share<\/td>\n\n$<\/td>\n(0.41<\/td>\n)<\/td>\n\n$<\/td>\n0.18<\/td>\n<\/tr>\n
FFO (1)<\/sup><\/td>\n\n$<\/td>\n(320<\/td>\n)<\/td>\n\n$<\/td>\n9,855<\/td>\n<\/tr>\n
FFO (1)<\/sup> per Diluted Common Share <\/td>\n\n$<\/td>\n(0.01<\/td>\n)<\/td>\n\n$<\/td>\n0.21<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup><\/td>\n\n$<\/td>\n8,695<\/td>\n\n\n$<\/td>\n10,281<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n\n$<\/td>\n0.16<\/td>\n\n\n$<\/td>\n0.22<\/td>\n<\/tr>\n
Diluted Weighted Average Shares Outstanding<\/td>\n\n\n54,215<\/td>\n\n\n\n46,628<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n<\/td>\nFor the Six Months Ended<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\nJune 30,<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n<\/td>\n2022<\/strong><\/td>\n<\/td>\n<\/td>\n2021<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Total Income<\/td>\n\n$<\/td>\n95,091<\/td>\n\n\n$<\/td>\n92,091<\/td>\n<\/tr>\n
Total Expenses<\/td>\n\n$<\/td>\n79,082<\/td>\n\n\n$<\/td>\n76,135<\/td>\n<\/tr>\n
Increase (Decrease) in Fair Value of Marketable Securities<\/td>\n\n$<\/td>\n(41,794<\/td>\n)<\/td>\n\n$<\/td>\n19,510<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders<\/td>\n\n$<\/td>\n(26,803<\/td>\n)<\/td>\n\n$<\/td>\n15,242<\/td>\n<\/tr>\n
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share<\/td>\n\n$<\/td>\n(0.50<\/td>\n)<\/td>\n\n$<\/td>\n0.34<\/td>\n<\/tr>\n
FFO (1)<\/sup><\/td>\n\n$<\/td>\n8,224<\/td>\n\n\n$<\/td>\n18,236<\/td>\n<\/tr>\n
FFO (1)<\/sup> per Diluted Common Share<\/td>\n\n$<\/td>\n0.15<\/td>\n\n\n$<\/td>\n0.41<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup><\/td>\n\n$<\/td>\n17,670<\/td>\n\n\n$<\/td>\n18,982<\/td>\n<\/tr>\n
Normalized FFO (1)<\/sup> per Diluted Common Share<\/td>\n\n$<\/td>\n0.33<\/td>\n\n\n$<\/td>\n0.42<\/td>\n<\/tr>\n
Diluted Weighted Average Shares Outstanding<\/td>\n\n\n53,224<\/td>\n\n\n\n45,008<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n

A summary of significant balance sheet information as of June 30, 2022 and December 31, 2021 is as follows (in thousands)<\/em>:<\/p>\n\n\n\n\n\n\n\n\n\n\n
\n\nJune 30, 2022<\/strong><\/td>\n\n<\/td>\nDecember 31, 2021<\/strong><\/td>\n<\/td>\n<\/tr>\n
\n\n\n\n\n\n<\/tr>\n
Gross Real Estate Investments<\/td>\n\n$<\/td>\n1,247,182<\/td>\n\n\n$<\/td>\n1,205,091<\/td>\n<\/tr>\n
Marketable Securities at Fair Value<\/td>\n\n$<\/td>\n46,932<\/td>\n\n\n$<\/td>\n113,748<\/td>\n<\/tr>\n
Total Assets<\/td>\n\n$<\/td>\n1,423,265<\/td>\n\n\n$<\/td>\n1,270,820<\/td>\n<\/tr>\n
Mortgages Payable, net<\/td>\n\n$<\/td>\n468,811<\/td>\n\n\n$<\/td>\n452,567<\/td>\n<\/tr>\n
Loans Payable, net<\/td>\n\n$<\/td>\n58,375<\/td>\n\n\n$<\/td>\n46,757<\/td>\n<\/tr>\n
Bonds Payable, net<\/td>\n\n$<\/td>\n98,811<\/td>\n\n\n$<\/td>\n-0-<\/td>\n<\/tr>\n
Total Shareholders\u2019 Equity<\/td>\n\n$<\/td>\n521,895<\/td>\n\n\n$<\/td>\n742,140<\/td>\n<\/tr>\n<\/table>\n

<\/p>\n

Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2022.<\/p>\n

\u201cUMH operations continue to meet expectations. During the quarter, we:<\/p>\n