Financial Highlights
2019 FQ1 YTD
3/31/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 914,219 900,248 781,313 655,203 591,407
Net Property Investment 708,545 703,039 614,869 514,947 473,645
Senior Secured Debt 346,023 347,021 307,134 299,340 295,162
Senior Unsecured Debt 98,355 92,057 82,465 51,971 45,750
Total Debt 447,241 439,078 389,600 351,311 340,912
Total Liabilities 465,014 456,204 402,666 363,413 354,079
Equity Attributable to Parent Company 434,695 424,698 421,215 317,032 246,238
Total Equity 434,695 424,698 421,215 317,032 246,238
Market Capitalization($M) 551.30 453.70 528.80 442.30 274.10
Implied Market Cap($M) 551.30 453.70 528.80 442.30 274.10
Total Capitalization($M) 1,287.40 1,181.60 1,157.20 980.20 751.70
Total Enterprise Value($M) 1,280 1,174.10 1,133.90 976 745.10
Total Enterprise Value Plus JV Debt($M) 1,280 1,174.10 1,133.90 976 745.10
Income Statement ($000)
Rental Revenue 30,644 113,833 101,801 90,680 74,763
Rental Net Operating Income 15,875 60,884 53,954 48,042 37,839
NOI 15,839 61,148 53,234 47,257 36,746
Gain on Sale of Real Estate (21) (131) (81) (2) (80)
Interest Expense 4,647 16,039 15,877 15,427 13,599
Revenue 36,861 142,640 125,242 110,225 88,376
Expense 25,801 178,723 112,494 98,687 86,151
Net Income 11,037 (36,216) 12,668 11,535 2,144
Net Income Attributable to Parent 11,037 (36,216) 12,668 11,535 2,144
Net Income Avail to Common 5,914 (56,532) (7,679) (2,569) (6,123)
FFO 14,686 (24,709) 19,959 20,647 12,835
Operating Funds from Operations, as Reported 6,466 27,471 21,714 18,446 14,188
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 4.96 (4.26) 1.68 1.78 0.41
ROAE(%) 10.27 (8.11) 3.45 4 1.01
Implied Capitalization Rate(%) 6.12 6.13 5.87 6.99 6.98
Dividend Payout Ratio(%) 120 NM NM NM NM
Dividend Yield(%) 5.11 6.08 4.83 4.78 7.11
FFO Payout(%) 47.37 NM 120 98.63 146.94
FFO/ Total Revenue(%) 39.84 (17.32) 15.94 18.73 14.52
Price/ LTM FFO(x) 52.10 NM 24.80 20.60 20.70
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 5.34 0.73 3.54 3.25 2.60
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 2.54 0.32 1.72 1.70 1.61
Debt and Preferred/ TEV(%) 57.50 61.99 55.42 55.12 64.09
Total Debt/ Gross Properties(%) 48.92 48.77 49.86 53.62 57.64
Credit Lines Drawn/ Available(%) 62.29 61.61 46.60 41.24 54.98
Changes and Trends (%)
FFO Growth NM NM (3.33) 60.86 8.43
FFO/Share Growth NM NM (17.80) 49 (7.50)
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth 3.83 14.69 19.81 8.41 28.90
Per Share Information ($)
Common Shares Outstanding 39,158,261 38,320,414 35,488,068 29,388,811 27,086,838
Closing Price 14.08 11.84 14.90 15.05 10.12
Basic EPS before Extra 0.16 (1.53) (0.24) (0.10) (0.24)
Diluted EPS before Extra 0.15 (1.53) (0.24) (0.10) (0.24)
FFO/ Share 0.38 (0.66) 0.60 0.73 0.49
Operating FFO per Share, as Reported 0.17 0.74 0.66 0.66 0.55
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.18 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 22,747 22,132 39,413 72,702 35,731
Debt Maturing: Next FY 21,827 15,955 6,603 9,173 40,564
Debt Maturing: FY2 2,498 2,536 51,144 6,890 9,633
Debt Maturing: FY3 71,357 71,551 2,194 12,526 7,134
Debt Maturing: FY4 61,411 61,796 20,904 2,229 12,883
Debt Maturing: Thereafter 268,107 268,860 272,967 251,437 238,678
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA 40,908 9,521 56,472 42,137
Debt Due during Next Fiscal Year NA 11,523 24,926 14,956 44,744
Debt Due during Second Fiscal Year NA 22,384 46,080 19,931 13,905
Debt Due during Third Fiscal Year NA 65,026 21,630 10,025 22,770
Debt Due during Fourth Fiscal Year NA 61,743 13,295 20,533 4,840
Debt Due Thereafter NA 241,245 277,776 233,040 216,227
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: 497.84
Price $ 12.60
Change: $ (0.12) (0.94)%
Volume: 160,024
As of June 25, 2019 Close
Minimum 20 minute delay.