UMH Properties, Inc. Reports Year-End Earnings
2009年3月11日 - 12:21AM
PRニュース・ワイアー (英語)
FREEHOLD, N.J., March 10 /PRNewswire-FirstCall/ -- UMH Properties,
Inc. (NYSE Alternext US: UMH) reported net income of $1,527,000 or
$0.14 a share for the year ended December 31, 2008, as compared to
$2,633,000 or $0.25 a share for the year ended December 31, 2007. A
summary of significant financial information for the years ended
December 31, 2008 and 2007, and for the quarters ended December 31,
2008 and 2007, is as follows: For the Years Ended December 31, 2008
2007 Total Revenues $36,656,000 $38,841,000 Total Expenses
$35,144,000 $36,307,000 Net Income $1,527,000 $2,633,000 Net Income
per Share $.14 $.25 FFO(1) $5,585,000 $6,192,000 FFO per Share(1)
$.51 $.59 Weighted Average Shares Outstanding 10,877,000 10,535,000
For the Quarters Ended December 31, 2008 2007 Total Revenues
$7,642,000 $8,718,000 Total Expenses $8,506,000 $8,971,000 Net
Income $(880,000) $(243,000) Net Income per Share $(.08) $(.02)
FFO(1) $158,000 $710,000 FFO per Share(1) $.01 $.07 Weighted
Average Shares Outstanding 10,975,000 10,689,000 (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 trusts (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 is calculated as follows: For the
Years Ended For the Quarters Ended 12/31/08 12/31/07 12/31/08
12/31/07 Net Income (Loss) $1,527,000 $2,633,000 ($880,000)
($243,000) (Gain) Loss on Sales of Depreciable Assets (15,000)
(99,000) 15,000 (10,000) Depreciation Expense 4,073,000 3,658,000
1,023,000 963,000 FFO $5,585,000 $6,192,000 $158,000 $710,000 The
following are the cash flows provided by (used in) operating,
Investing and financing activities for the years ended December 31,
2008 and 2007: 2008 2007 Operating Activities $8,268,000 $2,767,000
Investing Activities (11,942,000) (21,090,000) Financing Activities
4,235,000 18,540,000 Samuel A. Landy, President, stated, "The core
business of UMH is the ownership and operation of our 28
manufactured home communities. This provides very stable and
predictable income streams. Income from community operations
increased from $11,364,000 for the year ended December 31, 2007 to
$12,459,000, an increase of approximately $1,095,000 or 10%.
Occupancy remained stable at approximately 80%. Due to continued
weakness in the equity markets, we recorded a non-cash impairment
charge of $2.5 million or $0.23 per share, for investments in
securities that have declined in value and were considered
other-than-temporarily impaired. During 2007, we recorded a
non-cash impairment charge of $1.0 million or $0.09 per share. As
the credit markets begin to function again, more efficient pricing
should return to the securities markets. FFO per share excluding
the non-cash impairment charges was $0.74 per share for 2008 versus
$0.68 per share for 2007, an increase of 8.8%. This 'recurring FFO
per share' demonstrates that the income from the Company's property
operations continues to grow. At December 31, 2008 the Company had
$3 million in cash, $22 million in securities encumbered by $9
million in margin and term loans, and $3 million available on its
line of credit." UMH Properties, Inc., a publicly-owned real estate
investment trust, 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. Certain statements included in this press release which
are not historical facts may be deemed forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995. Although the Company believes the expectations reflected
in any forward-looking statements are based on reasonable
assumptions, the Company can provide no assurance those
expectations will be achieved. Factors and risks that could cause
actual results or events to differ materially from expectations are
contained in the Company's annual report on Form 10-K and described
from time to time in the Company's other filings with the SEC. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements whether as a result of new information,
future events, or otherwise. DATASOURCE: UMH Properties, Inc.
CONTACT: Susan Jordan of UMH Properties, Inc., +1-732-577-9997
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