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UMH Properties, Inc. Reports Second Quarter Earnings

August 06, 2009 | About:

Press Release: UMH Properties, Inc. Reports Second Quarter Earnings

FREEHOLD, N.J., Aug. 6 /PRNewswire-FirstCall/ -- UMH Properties, Inc. (NYSE Amex: UMH) reported that funds from operations (FFO), excluding non-cash impairment charges and other losses on securities transactions, amounted to $4,604,000 or $.41 per share for the six months ended June 30, 2009, as compared to $3,814,000 or $.35 per share for the six months ended June 30, 2008. Net income amounted to $1,179,000 or $.11 per share for the three months ended June 30, 2009, as compared to $1,511,000 or $.14 per share for the three months ended June 30, 2008. Net income amounted to $80,000 or $.01 per share for the six months ended June 30, 2009, as compared to $1,206,000 or $.11 per share for the six months ended June 30, 2008. Net cash provided by operating activities for the six months ended June 30, 2009 was $6,844,000 as compared to $5,044,000 for the six months ended June 30, 2008. A summary of significant financial information for the three and six months ended June 30, 2009 and 2008 is as follows:

For the Three Months Ended                                                   6/30/09      6/30/08                                              ------------  -----------         Total Revenues                         $9,169,000  $10,459,000         Total Expenses                         $7,980,000   $8,973,000         Net Income                             $1,179,000   $1,511,000         Net Income per Share                         $.11         $.14         FFO  (1)                               $2,210,000   $2,504,000         FFO per Share  (1)                           $.20         $.23         Weighted Average Shares Outstanding    11,220,000   10,856,000                                               For the Six Months Ended                                                   6/30/09      6/30/08                                               -----------   ----------         Total Revenues                        $15,575,000  $18,775,000         Total Expenses                        $15,474,000  $17,589,000         Net Income                                $80,000   $1,206,000         Net Income per Share                         $.01         $.11         FFO  (1)                               $2,154,000   $3,218,000         FFO per Share  (1)                           $.19         $.30         Weighted Average Shares Outstanding    11,138,000   10,812,000    (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 bases.  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 three and six months ended June 30, 2009 and    2008 is calculated as follows:                                    Three Months               Six Months                                    ------------               ----------                              6/30/09       6/30/08      6/30/09     6/30/08                             ----------   -----------  ----------- -----------    Net Income              $1,179,000    $1,511,000      $80,000  $1,206,000    Loss (Gain) on Sales of       Depreciable Assets       10,000       (25,000)      22,000     (20,000)    Depreciation Expense     1,021,000     1,018,000    2,052,000   2,032,000                             ---------     ---------    ---------   ---------    FFO                     $2,210,000    $2,504,000   $2,154,000  $3,218,000                            ==========    ==========   ==========  ==========    The following are the cash flows provided (used) by operating, investing    and financing activities for the six months ended June 30, 2009 and 2008:                                                       2009           2008                                                       ----           ----            Operating Activities                 $6,844,000     $5,044,000            Investing Activities                 (4,467,000)    (7,977,000)            Financing Activities                   (350,000)     3,175,000
Source: PRNewsWire

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