_____________________________________________________________________________________________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K
______________________________
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 9, 2012
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UMH Properties, Inc.
(Exact name of registrant as specified in its charter)
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Maryland 001-12690 22-1890929
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ 07728
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (732) 577-9997
Not Applicable
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01
Regulation FD Disclosure.
On May 9, 2012, the Company issued a press release announcing the results of operation and financial condition of the Company for the quarter ended March 31, 2012.
Item 9.01
Financial Statements and Exhibits.
(c) Exhibits.
99
Press Release dated May 9, 2012.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
UMH Properties, Inc.
Date: May 9, 2012 | By: /s/ Anna T. Chew |
| Name: Anna T. Chew |
| Vice President and Chief Financial Officer |
|
|
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FOR IMMEDIATE RELEASE | May 9, 2012 |
| Contact: Susan Jordan |
| 732-577-9997 |
UMH PROPERTIES, INC. REPORTS FIRST QUARTER EARNINGS
FREEHOLD, NJ, May 9, 2012........ UMH Properties, Inc. (NYSE:UMH) reported funds from operations (FFO) of $2,656,000 or $0.17 per share for the quarter ended March 31, 2012, as compared to $3,512,000 or $0.25 per share for the quarter ended March 31, 2011. Net income attributable to common shareholders amounted to $1,059,000 or $0.07 per common share for the quarter ended March 31, 2012, as compared to $2,125,000 or $0.15 per common share for the quarter ended March 31, 2011.
A summary of significant financial information for the three months ended March 31, 2012 and 2011 is as follows:
For the Three Months Ended
March 31,
|
|
| 2012 |
|
| 2011 |
|
|
|
|
|
|
|
| Total Income | $ | 10,891,000 |
| $ | 9,016,000 |
| Total Expenses | $ | 10,210,000 |
| $ | 8,043,000 |
| Gain on Securities Transactions, net | $ | 1,213,000 |
| $ | 1,542,000 |
| Net Income Attributable to Common Shareholders | $ | 1,059,000 |
| $ | 2,125,000 |
| Net Income Attributable to Common Shareholders per Share | $ | 0.07 |
| $ | 0.15 |
| FFO (1) | $ | 2,656,000 |
| $ | 3,512,000 |
| FFO per Common Share (1) | $ | 0.17 |
| $ | .25 |
| Weighted Average Shares Outstanding |
| 15,495,000 |
|
| 13,928,000 |
|
|
|
|
|
|
|
(continued on next page)
(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 basis. 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, 2012 and 2011 is calculated as follows:
|
| 2012 |
| 2011 |
|
|
|
|
|
| Net Income | $1,750,000 |
| $2,125,000 |
| Preferred Dividend | (690,000) |
| -0- |
| Depreciation Expense | 1,609,000 |
| 1,396,000 |
| Gain on Sales of Depreciable Assets | (13,000) |
| (9,000) |
|
|
|
|
|
| FFO | $2,656,000 |
| $3,512,000 |
The following are the cash flows provided (used) by operating, investing and financing activities for the three months ended March 31, 2012 and 2011:
|
| 2012 |
| 2011 |
|
|
|
|
|
| Operating Activities | $2,756,000 |
| $2,376,000 |
| Investing Activities | (3,912,000) |
| (2,763,000) |
| Financing Activities | 1,187,000 |
| 5,273,000 |
A summary of significant balance sheet information as of March 31, 2012 and December 31, 2011 is as follows:
| March 31, 2012 |
| December 31, 2011 |
|
|
|
|
Total Assets | $230,774,000 |
| $223,945,000 |
Securities Available for Sale | 47,661,000 |
| 43,298,000 |
Mortgages Payable | 96,307,000 |
| 90,282,000 |
Loans Payable | 17,611,000 |
| 23,950,000 |
Total Shareholders’ Equity | 113,530,000 |
| 105,877,000 |
(continued on next page)
Samuel A. Landy, President, stated, “FFO amounted to $2,656,000 or $0.17 per share for the quarter ended March 31, 2012 as compared to $3,512,000 or $0.25 per share for the quarter ended March 31, 2011. Occupancy remained unchanged from year-end at 77%. However, activity in our communities has increased. We have seen an increase in sales during the quarter. We have also seen an increase in demand for rental units and are meeting this demand. Our securities portfolio has continued to perform well, with $1.2 million in gains realized thus far in 2012 and an additional $6.5 million in unrealized gains at quarter end.”
“UMH has continued to acquire manufactured home communities. In January, we acquired a 90-site community in Muncie, Indiana for a purchase price of $2.1 million. This community will ultimately contain approximately 200 homesites. In March, we entered into an agreement to acquire eleven communities, ten in Pennsylvania and one in New York, for a purchase price of $28.25 million. These all-age communities total 966 developed homesites on 200 acres, and have an average occupancy of 92%. We are currently pursuing several additional acquisitions. We invest with a long-term perspective and believe that our sector is well poised to benefit from a resurgent housing market.”
UMH, a publicly-owned REIT, owns and operates forty-one manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio, Tennessee and Indiana. 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.
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