UMH Properties, Inc. Reports First Quarter Earnings
2006年5月10日 - 4:39AM
PRニュース・ワイアー (英語)
FREEHOLD, N.J., May 9 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (AMEX:UMH) reported net income of $2,141,000 or $0.22 a share
for the quarter ended March 31, 2006, as compared to $2,456,000 or
$0.27 a share for the quarter ended March 31, 2005. A summary of
significant financial information for the three months ended March
31, 2006 and 2005 is as follows: For the Three Months Ended 3/31/06
3/31/05 Total Revenues $9,512,000 $8,543,000 Total Expenses
$7,389,000 $6,080,000 Net Income $2,141,000 $2,456,000 Net Income
per Share $.22 $.27 FFO (1) $2,949,000 $3,291,000 FFO per Share (1)
$.30 $.36 Weighted Average Shares Outstanding 9,898,000 9,213,000
(1) Non-GAAP Information: Funds from Operations (FFO) is defined as
net income excluding gains (or losses) from sales of depreciable
assets, plus depreciation. FFO per share is defined as FFO divided
by the weighted average shares outstanding. FFO and FFO per share
should be considered as supplemental measures of operating
performance used by real estate investment trust (REITs). FFO and
FFO per share exclude historical cost depreciation as an expense
and may facilitate the comparison of REITs which have different
cost bases. The items excluded from FFO and FFO per share are
significant components in understanding and assessing the Company's
financial performance. FFO and FFO per share (1) do not represent
cash flow from operations as defined by generally accepted
accounting principles; (2) should not be considered as alternatives
to net income or net income per share as measures of operating
performance or to cash flows from operating, investing and
financing activities; and (3) are not alternatives to cash flow as
a measure of liquidity. FFO and FFO per share, as calculated by the
Company, may not be comparable to similarly entitled measures
reported by other REITs. The Company's FFO for the quarter ended
March 31, 2006 and 2005 is calculated as follows: 2006 2005 Net
Income $2,141,000 $2,456,000 (Gain) Loss on Sales of Depreciable
Assets (17,000) 8,000 Depreciation Expense 825,000 827,000 FFO
$2,949,000 $3,291,000 The following are the cash flows provided
(used) by operating, investing and financing activities for the
three months ended March 31, 2006 and 2005: 2006 2005 Operating
Activities $1,927,000 $1,575,000 Investing Activities (1,869,000)
(5,040,000) Financing Activities (711,000) 1,156,000 Samuel A.
Landy, President, stated, "The business of UMH Properties, Inc. is
the ownership and operation of land leased manufactured housing
communities and the sale of manufactured homes into these
communities. Manufactured home community occupancy for UMH is
stable. Our sales of manufactured homes into our communities are
increasing. UMH also maintains a portfolio of REIT securities,
engages in hedging transactions involving the sale of ten-year
treasury notes, and maintains interest rate swaps." Mr. Landy
further stated, "In the first quarter of 2006, we recorded gains on
sales of securities available for sale of $314,000, as compared to
$633,000 for the first quarter of 2005. Accounting for our interest
rate swaps required us to reduce interest expense for the quarter
by $219,000 as compared to $546,000 for the first quarter of 2005.
Income and expense from our securities portfolio, our derivative
position and our interest rate swaps are volatile. UMH has
substantial cash and borrowing power available should investment
opportunities arise." UMH, a publicly owned REIT, owns and operates
twenty-eight manufactured home communities located in New Jersey,
New York, Pennsylvania, Ohio and Tennessee. In addition, the
Company owns a portfolio of REIT securities. DATASOURCE: UMH
Properties, Inc. CONTACT: Rosemarie Faccone or Susan Jordan, UMH
Properties, Inc., +1-732-577-9997
Copyright
United Mobile (AMEX:UMH)
過去 株価チャート
から 6 2024 まで 7 2024
United Mobile (AMEX:UMH)
過去 株価チャート
から 7 2023 まで 7 2024