Financial Highlights
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property 900,248 781,313 655,203 591,407 460,407
Net Property Investment 703,039 614,869 514,947 473,645 360,884
Senior Secured Debt 347,021 307,134 299,340 295,162 190,994
Senior Unsecured Debt 92,057 82,465 51,971 45,750 69,116
Total Debt 439,078 389,600 351,311 340,912 260,110
Total Liabilities 454,288 402,666 363,413 354,079 269,442
Equity Attributable to Parent Company 424,698 421,215 317,032 246,238 208,827
Total Equity 424,698 421,215 317,032 246,238 208,827
Market Capitalization($M) 453.70 528.80 442.30 274.10 232.80
Implied Market Cap($M) 453.70 528.80 442.30 274.10 232.80
Total Capitalization($M) 1,181.60 1,157.20 980.20 751.70 584.50
Total Enterprise Value($M) 1,174.10 1,133.90 976 745.10 576.40
Total Enterprise Value Plus JV Debt($M) 1,174.10 1,133.90 976 745.10 576.40
Income Statement ($000)
Rental Revenue 113,833 101,801 90,680 74,763 63,886
Rental Net Operating Income 60,884 53,954 48,042 37,839 30,294
NOI 61,148 53,234 47,257 36,746 29,024
Gain on Sale of Real Estate (131) (81) (2) (80) 7
Interest Expense 16,039 15,877 15,427 13,599 10,717
Revenue 142,640 125,242 110,225 88,376 79,468
Expense 178,723 112,494 98,687 86,151 75,238
Net Income (36,216) 12,668 11,535 2,144 4,238
Net Income Attributable to Parent (36,216) 12,668 11,535 2,144 4,238
Net Income Avail to Common (56,532) (7,679) (2,569) (6,123) (3,319)
FFO (24,709) 19,959 20,647 12,835 11,837
Operating Funds from Operations, as Reported 27,471 21,714 18,446 14,188 10,778
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (4.27) 1.68 1.78 0.41 0.94
ROAE(%) (8.11) 3.45 4 1.01 2.12
Implied Capitalization Rate(%) 6.13 5.87 6.99 6.98 6.71
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 6.08 4.83 4.78 7.11 7.54
FFO Payout(%) NM 120 98.63 146.94 135.85
FFO/ Total Revenue(%) (17.32) 15.94 18.73 14.52 14.90
Price/ LTM FFO(x) NM 24.80 20.60 20.70 18
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 0.73 3.54 3.25 2.60 2.81
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 0.32 1.72 1.70 1.61 1.65
Debt and Preferred/ TEV(%) 61.99 55.42 55.12 64.09 61.02
Total Debt/ Gross Properties(%) 48.77 49.86 53.62 57.64 56.50
Credit Lines Drawn/ Available(%) 61.61 46.60 41.24 54.98 83.97
Changes and Trends (%)
FFO Growth NM (3.33) 60.86 8.43 19.05
FFO/Share Growth NM (17.80) 49 (7.50) NA
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth 14.69 19.81 8.41 28.90 20.80
Per Share Information ($)
Common Shares Outstanding 38,320,414 35,488,068 29,388,811 27,086,838 24,372,083
Closing Price 11.84 14.90 15.05 10.12 9.55
Basic EPS before Extra (1.53) (0.24) (0.10) (0.24) (0.15)
Diluted EPS before Extra (1.53) (0.24) (0.10) (0.24) (0.15)
FFO/ Share (0.66) 0.60 0.73 0.49 0.53
Operating FFO per Share, as Reported 0.74 0.66 0.66 0.55 0.48
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.72 0.72 0.72 0.72 0.72
NAV per Share, as Reported NA NA NA NA NA
Debt Maturity Schedule ($000)
Debt Maturing: Current FY 22,132 39,413 72,702 35,731 15,127
Debt Maturing: Next FY 15,955 6,603 9,173 40,564 43,796
Debt Maturing: FY2 2,536 51,144 6,890 9,633 52,211
Debt Maturing: FY3 71,551 2,194 12,526 7,134 16,490
Debt Maturing: FY4 61,796 20,904 2,229 12,883 7,369
Debt Maturing: Thereafter 268,860 272,967 251,437 238,678 125,116
Principal Payments Schedule ($000)
Debt Due this Fiscal Year 40,908 9,521 56,472 42,137 19,852
Debt Due during Next Fiscal Year 11,523 24,926 14,956 44,744 48,350
Debt Due during Second Fiscal Year 22,384 46,080 19,931 13,905 52,670
Debt Due during Third Fiscal Year 65,026 21,630 10,025 22,770 16,589
Debt Due during Fourth Fiscal Year 61,743 13,295 20,533 4,840 20,130
Debt Due Thereafter 241,245 277,776 233,040 216,227 102,521
Data shown on this page is extracted directly from the company’s documents. S&P makes every effort to line up fields, captions and headers that represent the same data over time, despite variations in how the company may report these items in different documents. In certain instances the variation in the company’s presentation over time may be too significant, potentially resulting in repeating and/or disordered items. Despite possible issues with the presentation, S&P, as always, stands by its commitment to the quality of the data.

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Market Summary

Trading Symbol:

UMH

Exchange:

NYSE

Market Cap $ M: 530.10
Price $ 13.67
Change: $ (0.15) (1.09)%
Volume: 151,471
As of April 22, 2019 Close
Minimum 20 minute delay.