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Umh Properties Inc has a market cap of $135.05 million; its shares were traded at around $10.66 with a P/E ratio of 11.46 and P/S ratio of 3.87. The dividend yield of Umh Properties Inc stocks is 6.75%.
Highlight of Business Operations: Gain (loss) on securities transactions, net amounted to a gain of $610,458 and $2,294,542 for the quarter and nine months ended September 30, 2010, respectively, as compared to $297,746 and ($2,152,319) for the quarter and nine months ended September 30, 2009. For the nine months ended September 30, 2009, the Company recognized non-cash impairment charges of $1,893,314 relating to securities which were considered other than temporarily impaired. The market for REIT securities has dramatically improved and the Company has unrealized gains of $5,240,399 in its REIT securities portfolio as of September 30, 2010. It is our intent to hold these securities long-term.
Sales of manufactured homes amounted to $1,382,362 and $1,843,341 for the quarters ended September 30, 2010 and 2009, respectively, a decrease of 25%. Sales of manufactured homes amounted to $3,930,793 and $4,423,259 for the nine months ended September 30, 2010 and 2009, respectively, a decrease of 11%. Cost of sales of manufactured homes amounted to $1,280,009 and $1,729,002 for the quarters ended September 30, 2010 and 2009, respectively. Cost of sales of manufactured homes amounted to $3,711,988 and $4,157,777 for the nine months ended September 30, 2010 and 2009, respectively. Selling expenses amounted to $413,906 and $293,762 for the quarters ended September 30, 2010 and 2009, respectively. Selling expenses amounted to $1,210,136 and $910,021 for the nine months ended September 30, 2010 and 2009, respectively. Loss from the sales operations (defined as sales of manufactured homes less cost of sales of manufactured homes less selling expenses) amounted to $311,553, or 23% of total sales, for the quarter ended September 30, 2010 as compared to $179,423, or 10% of total sales, for the quarter ended September 30, 2009. Loss from sales operations amounted to $991,331, or 25% of total sales, for the nine months ended September 30, 2010 as compared to $644,539, or 15% of total sales, for the nine months ended September 30, 2009. The Company believes that sales of new homes produces new rental revenue and is an investment in the upgrading of the communities.
Community operating expenses increased 15% from $3,450,419 for the quarter ended September 30, 2009 to $3,954,578 for the quarter ended September 30, 2010. Community operating expenses increased 12% from $9,893,731 for the nine months ended September 30, 2009 to $11,039,189 for the nine months ended September 30, 2010. This was primarily due to an increase in repairs and maintenance due to the severe winter and spring, the acquisition of two communities and an increase in personnel. Additionally, we incurred approximately $130,000 of flood-related costs (cleanup costs, legal fees, public relations, etc.) for the nine months ended September 30, 2010. General and administrative expenses decreased 8% from $867,258 for the quarter ended September 30, 2009 to $800,086 for the quarter ended September 30, 2010, primarily due to a decrease in public relations and reporting and publication costs. General and administrative expenses remained relatively stable for the nine months ended September 30, 2010 as compared to the nine months ended September 30, 2009. Acquisition costs relating to the transaction and due diligence costs associated with the acquisition of Sunny Acres and Suburban Estates amounted to $160,058 for the nine months ended September 30, 2010. These
Gain on securities transactions, net amounted to $610,458 for the quarter ended September 30, 2010, as compared to $297,746 for the quarter ended September 30, 2009 and a gain of $2,294,542 for the nine months ended September 30, 2010, as compared to a loss of $2,152,319 for the nine months ended September 30, 2009. During 2009, the Company recognized approximately $1,900,000 in impairment losses due to the writing down of the carrying value of certain securities which were considered other than temporarily impaired. The market for REIT securities has dramatically improved and the Company has unrealized gains of approximately $5,200,000 in its REIT securities portfolio as of September 30, 2010. The dividends received from our securities investments continue to meet our expectations. It is our intent to hold these securities long-term.
Interest expense increased 25% from $1,100,227 for the quarter ended September 30, 2009 to $1,377,702 for the quarter ended September 30, 2010. Interest expense increased 14% from $3,330,521 for the nine months ended September 30, 2009 to $3,809,877 for the nine months ended September 30, 2010. This was primarily due to an increase in mortgages payable due to the new mortgage for the acquisitions of the two communities, and the change in fair value of the Company’s interest rate swaps. The change in fair value of the Company’s interest rate swaps decreased interest expense by $114,523 and $287,267 for the quarter and nine months ended September 30, 2009.
Net cash provided by operating activities decreased 72% from $9,111,980 for the nine months ended September 30, 2009 to $2,584,226 for the nine months ended September 30, 2010. This was primarily due to an increase in inventory of $3,440,690 for the nine months ended September 30, 2010 as compared to a decrease of $1,734,025 for the nine months ended September 30, 2009. Additionally there was an increase in notes and other receivables of $588,916 for the nine months ended September 30, 2010 as compared to a decrease of $735,717 for the nine months ended September 30, 2009.
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