Financial Highlights
2019 FQ2 YTD
6/30/2019
2018 FY
12/31/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
Balance Sheet ($000)
Gross Depreciable Property 928,323 900,248 781,313 655,203 591,407
Net Property Investment 714,144 703,039 614,869 514,947 473,645
Senior Secured Debt 340,409 347,021 307,134 299,340 295,162
Senior Unsecured Debt 25,923 92,057 82,465 51,971 45,750
Total Debt 369,139 439,078 389,600 351,311 340,912
Total Liabilities 385,299 456,204 402,666 363,413 354,079
Equity Attributable to Parent Company 529,988 424,698 421,215 317,032 246,238
Total Equity 529,988 424,698 421,215 317,032 246,238
Market Capitalization($M) 498.30 453.70 528.80 442.30 274.10
Implied Market Cap($M) 498.30 453.70 528.80 442.30 274.10
Total Capitalization($M) 1,256.20 1,181.60 1,157.20 980.20 751.70
Total Enterprise Value($M) 1,252.50 1,174.10 1,133.90 976 745.10
Total Enterprise Value Plus JV Debt($M) 1,252.50 1,174.10 1,133.90 976 745.10
Income Statement ($000)
Rental Revenue 62,032 113,833 101,801 90,680 74,763
Rental Net Operating Income 32,293 60,884 53,954 48,042 37,839
NOI 32,504 61,148 53,234 47,257 36,746
Gain on Sale of Real Estate (9) (131) (81) (2) (80)
Interest Expense 8,893 16,039 15,877 15,427 13,599
Revenue 76,782 142,640 125,242 110,225 88,376
Expense 64,988 178,723 112,494 98,687 86,151
Net Income 11,786 (36,216) 12,668 11,535 2,144
Net Income Attributable to Parent 11,786 (36,216) 12,668 11,535 2,144
Net Income Avail to Common 377 (56,532) (7,679) (2,569) (6,123)
FFO 11,762 (24,709) 19,959 20,647 12,835
Operating Funds from Operations, as Reported 12,137 27,471 21,714 18,446 14,188
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) 2.62 (4.26) 1.68 1.78 0.41
ROAE(%) 5.17 (8.11) 3.45 4 1.01
Implied Capitalization Rate(%) 6.10 6.13 5.87 6.99 6.98
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 5.80 6.08 4.83 4.78 7.11
FFO Payout(%) 120 NM 120 98.63 146.94
FFO/ Total Revenue(%) 15.32 (17.32) 15.94 18.73 14.52
Price/ LTM FFO(x) NM NM 24.80 20.60 20.70
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 4.35 0.73 3.54 3.25 2.60
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 1.91 0.32 1.72 1.70 1.61
Debt and Preferred/ TEV(%) 60.51 61.99 55.42 55.12 64.09
Total Debt/ Gross Properties(%) 39.76 48.77 49.86 53.62 57.64
Credit Lines Drawn/ Available(%) 19.24 61.61 46.60 41.24 54.98
Changes and Trends (%)
FFO Growth (5.97) NM (3.33) 60.86 8.43
FFO/Share Growth (11.80) NM (17.80) 49 (7.50)
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth 4.13 14.69 19.81 8.41 28.90
Per Share Information ($)
Common Shares Outstanding 40,154,119 38,320,414 35,488,068 29,388,811 27,086,838
Closing Price 12.41 11.84 14.90 15.05 10.12
Basic EPS before Extra 0.02 (1.53) (0.24) (0.10) (0.24)
Diluted EPS before Extra 0.01 (1.53) (0.24) (0.10) (0.24)
FFO/ Share 0.30 (0.66) 0.60 0.73 0.49
Operating FFO per Share, as Reported 0.31 0.74 0.66 0.66 0.55
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.36 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 18,792 22,132 39,413 72,702 35,731
Debt Maturing: Next FY 21,699 15,955 6,603 9,173 40,564
Debt Maturing: FY2 2,460 2,536 51,144 6,890 9,633
Debt Maturing: FY3 21,161 71,551 2,194 12,526 7,134
Debt Maturing: FY4 61,030 61,796 20,904 2,229 12,883
Debt Maturing: Thereafter 244,592 268,860 272,967 251,437 238,678
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: 496.09
Price $ 12.27
Change: $ (0.14) (1.13)%
Volume: 201,550
As of August 23, 2019 Close
Minimum 20 minute delay.