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Umh Properties, Inc. (UMH) SEC Filing 8-K Material Event for the period ending Thursday, February 24, 2022

Umh Properties, Inc.

CIK: 752642 Ticker: UMH

 

Exhibit 99

 

 

 

 

 

Table of Contents
   
  Page
   
Financial Highlights 3
   
Consolidated Balance Sheets 4
   
Consolidated Statements of Income (Loss) 5
   
Consolidated Statements of Cash Flows 6
   
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO 7
   
Market Capitalization, Debt and Coverage Ratios 8
   
Debt Analysis 9
   
Debt Maturity 10
   
Securities Portfolio Performance 11
   
Property Summary and Snapshot 12
   
Same Property Statistics 13
   
Acquisition Summary and Property Portfolio 14
   
Definitions 15
   
Press Release Dated February 24, 2022 16

 

Certain information in this Supplemental Information Package contains Non-GAAP financial measures. These Non-GAAP financial measures are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America. Please see page 15 for a definition of these Non-GAAP financial measures and page 7 for the reconciliation of certain captions in the Supplemental Information Package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-K.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information2

 

 

Financial Highlights                
(dollars in thousands except per share amounts) (unaudited)            
         
   Three Months Ended   Twelve Months Ended 
   12/31/2021   12/31/2020   12/31/2021   12/31/2020 
Operating Information                    
Number of Communities             127    124 
Number of Sites             24,025    23,433 
Rental and Related Income  $40,708   $37,577   $159,010   $143,344 
Community Operating Expenses  $17,031   $15,984   $68,046   $63,175 
Community NOI  $23,677   $21,593   $90,964   $80,169 
Expense Ratio   41.8%   42.5%   42.8%   44.1%
Sales of Manufactured Homes  $5,270   $5,252   $27,089   $20,265 
Number of Homes Sold   76    71    370    323 
Number of Rentals Added   6    174    454    858 
Net Income (Loss)  $17,010   $23,245   $51,088   $5,055 
Net Income (Loss) Attributable to                    
Common Shareholders  $9,410   $15,591   $21,249   $(29,759)
Adjusted EBITDA  $22,308   $21,305   $88,318   $79,450 
FFO Attributable to Common Shareholders  $10,091   $8,544   $39,149   $26,283 
Normalized FFO Attributable to                    
Common Shareholders  $11,016   $8,544   $41,144   $29,154 
                     
Shares Outstanding and Per Share Data                    
Weighted Average Shares Outstanding                    
Basic   49,713    41,754    46,332    41,395 
Diluted   51,128    42,390    47,432    41,395 
Net Income (Loss) Attributable to Common                    
Shareholders per Share –                    
Basic  $0.19   $0.38   $0.46   $(0.72)
Diluted  $0.17   $0.38   $0.45   $(0.72)
FFO per Share –                    
Diluted  $0.20   $0.20   $0.83   $0.63 
Normalized FFO per Share –                    
Diluted  $0.22   $0.20   $0.87   $0.70 
Dividends per Common Share  $0.19   $0.18   $0.76   $0.72 
                     
Balance Sheet                    
Total Assets            $1,270,820   $1,089,413 
Total Liabilities            $528,680   $587,605 
                     
Market Capitalization                    
Total Debt, Net of Unamortized Debt                    
Issuance Costs            $499,324   $558,486 
Equity Market Capitalization            $1,411,624   $620,819 
Series C Preferred Stock            $247,100   $247,100 
Series D Preferred Stock            $215,219   $160,854 
Total Market Capitalization            $2,373,267   $1,587,259 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information3

 

 

Consolidated Balance Sheets        
(in thousands except per share amounts)        
         
   December 31,   December 31, 
   2021   2020 
ASSETS          
Investment Property and Equipment          
Land  $74,963   $73,491 
Site and Land Improvements   716,211    657,301 
Buildings and Improvements   30,450    28,106 
Rental Homes and Accessories   383,467    349,585 
Total Investment Property   1,205,091    1,108,483 
Equipment and Vehicles   24,437    22,572 
Total Investment Property and Equipment   1,229,528    1,131,055 
Accumulated Depreciation   (316,073)   (272,823)
Net Investment Property and Equipment   913,455    858,232 
           
Other Assets          
Cash and Cash Equivalents   116,175    15,336 
Marketable Securities at Fair Value   113,748    103,172 
Inventory of Manufactured Homes   23,659    25,450 
Notes and Other Receivables, net   55,359    46,414 
Prepaid Expenses and Other Assets   17,135    19,984 
Land Development Costs   22,352    20,825 
Investment in Joint Venture   8,937    -0- 
Total Other Assets   357,365    231,181 
           
TOTAL ASSETS  $1,270,820   $1,089,413 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Liabilities          
Mortgages Payable, net of unamortized debt issuance costs  $452,567   $471,477 
Other Liabilities          
Accounts Payable   4,274    4,390 
Loans Payable, net of unamortized debt issuance costs   46,757    87,009 
Accrued Liabilities and Deposits   17,162    17,296 
Tenant Security Deposits   7,920    7,433 
Total Other Liabilities   76,113    116,128 
Total Liabilities   528,680    587,605 
           
COMMITMENTS AND CONTINGENCIES          
           
Shareholders’ Equity:          
Series C- 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 13,750 shares authorized; 9,884 issued and outstanding as of December 21, 2021 and 2020   247,100    247,100 
Series D - 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 9,300 shares authorized; 8,609 and 6,434 shares issued and outstanding as of December 21, 2021 and 2020, respectively   215,219    160,854 
Common Stock – $0.10 par value per share: 144,164 shares authorized; 51,651 and 41,920 shares issued and outstanding as of December 21, 2021 and 2020, respectively   5,165    4,192 
Excess Stock – $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 21, 2021 and 2020   -0-    -0- 
Additional Paid-In Capital   300,020    115,026 
Undistributed Income (Accumulated Deficit)   (25,364)   (25,364)
Total Shareholders’ Equity   742,140    501,808 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $1,270,820   $1,089,413 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information4

 

 

Consolidated Statements of Income (Loss)        
(in thousands except per share amounts)        
         
   (unaudited)     
   Three Months Ended   Twelve Months Ended 
   12/31/2021   12/31/2020   12/31/2021   12/31/2020 
INCOME:                    
Rental and Related Income  $40,708   $37,577   $159,010   $143,344 
Sales of Manufactured Homes   5,270    5,252    27,089    20,265 
TOTAL INCOME   45,978    42,829    186,099    163,609 
                     
EXPENSES:                    
Community Operating Expenses   17,031    15,984    68,046    63,175 
Cost of Sales of Manufactured Homes   3,777    3,704    20,091    14,417 
Selling Expenses   990    1,184    4,807    4,941 
General and Administrative Expenses   4,150    2,794    14,095    11,056 
Depreciation Expense   11,552    10,716    45,124    41,707 
TOTAL EXPENSES   37,500    34,382    152,163    135,296 
                     
OTHER INCOME (EXPENSE):                    
Interest Income   896    773    3,362    2,917 
Dividend Income   1,242    1,248    5,098    5,729 
Gain on Sales of Marketable Securities, net   -0-    -0-    2,342    -0- 
Increase (Decrease) in Fair Value of Marketable Securities   10,932    17,802    25,052    (14,119)
Other Income   138    157    626    718 
Interest Expense   (4,615)   (5,143)   (19,158)   (18,287)
TOTAL OTHER INCOME (EXPENSE)   8,593    14,837    17,322    (23,042)
                     
Income before Loss on Sales of Investment Property and Equipment   17,071    23,284    51,258    5,271 
Loss on Sales of Investment Property and Equipment   (61)   (39)   (170)   (216)
NET INCOME   17,010    23,245    51,088    5,055 
                     
Less: Preferred Dividends   (7,600)   (7,654)   (29,839)   (31,943)
Less: Redemption of Preferred Stock   -0-    -0-    -0-    (2,871)
                     
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS  $9,410   $15,591   $21,249   $(29,759)
                     
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDER PER SHARE –                    
Basic  $0.19   $0.38   $0.46   $(0.72)
Diluted  $0.17   $0.38   $0.45   $(0.72)
                     
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:                    
Basic   49,713    41,754    46,332    41,395 
Diluted   51,128    42,390    47,432    41,395 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information5

 

 

Consolidated Statements of Cash Flows        
(in thousands)    
     
   Twelve Months Ended 
   12/31/2021   12/31/2020 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Income  $51,088   $5,055 
Non-Cash Items Included in Net Income:          
Depreciation   45,124    41,707 
Amortization of Financing Costs   1,001    1,027 
Stock Compensation Expense   3,447    1,327 
Provision for Uncollectible Notes and Other Receivables   1,213    1,546 
Gain on Sales of Marketable Securities, net   (2,342)   -0- 
(Increase) Decrease in Fair Value of Marketable Securities   (25,052)   14,119 
Loss on Sales of Investment Property and Equipment   170    216 
Changes in Operating Assets and Liabilities:          
Inventory of Manufactured Homes   1,791    6,517 
Notes and Other Receivables, net of notes acquired with acquisitions   (9,957)   (9,965)
Prepaid Expenses and Other Assets   (1,557)   (2,058)
Accounts Payable   (116)   (182)
Accrued Liabilities and Deposits   (134)   6,720 
Tenant Security Deposits   487    810 
Net Cash Provided by Operating Activities   65,163    66,839 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of Manufactured Home Communities, net of mortgages assumed   (18,405)   (5,320)
Purchase of Investment Property and Equipment   (59,270)   (76,761)
Proceeds from Sales of Investment Property and Equipment   2,859    2,657 
Additions to Land Development Costs   (27,428)   (23,241)
Purchase of Marketable Securities   (18)   (1,105)
Proceeds from Sales of Marketable Securities   16,835    -0- 
Investment in Joint Venture   (8,937)   -0- 
Net Cash Used in Investing Activities   (94,364)   (103,770)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from Mortgages, net of mortgages assumed   6,070    105,984 
Net Proceeds (Payments) from Short-Term Borrowings   (40,448)   3,309 
Principal Payments of Mortgages and Loans   (25,618)   (7,115)
Financing Costs on Debt   (167)   (4,737)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs   53,213    96,141 
Redemption of 8.0% Series B Preferred Stock   -0-    (95,017)
Proceeds from At-The-Market Common Equity Program, net of offering costs   179,069    1,743 
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments   6,267    6,003 
Repurchase of Preferred Stock, net   -0-    (12)
Repurchase of Common Stock, net   -0-    (1,830)
Proceeds from Exercise of Stock Options   8,601    659 
Preferred Dividends Paid   (29,839)   (31,943)
Common Dividends Paid, net of dividend reinvestments   (31,514)   (26,657)
Net Cash Provided by Financing Activities   125,634    46,528 
           
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   96,433    9,597 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR   28,593    18,996 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR  $125,026   $28,593 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information6

 

 

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO     
(in thousands except footnotes) (unaudited)        
         
   Three Months Ended   Twelve Months Ended 
   12/31/2021   12/31/2020   12/31/2021   12/31/2020 
Reconciliation of Net Income (Loss) to Adjusted EBITDA       
                     
Net Income  $17,010   $23,245   $51,088   $5,055 
Interest Expense   4,615    5,143    19,158    18,287 
Franchise Taxes   63    3    342    282 
Depreciation Expense   11,552    10,716    45,124    41,707 
(Increase) Decrease in Fair Value of Marketable Securities   (10,932)   (17,802)   (25,052)   14,119 
Gain on Sales of Marketable Securities, net   -0-    -0-    (2,342)   -0- 
                     
Adjusted EBITDA  $22,308   $21,305   $88,318   $79,450 
                     
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations  
                     
Net Income (Loss) Attributable to Common Shareholders  $9,410   $15,591   $21,249   $(29,759)
Depreciation Expense   11,552    10,716    45,124    41,707 
Loss on Sales of Investment Property and Equipment   61    39    170    216 
(Increase) Decrease in Fair Value of Marketable Securities   (10,932)   (17,802)   (25,052)   14,119 
Gain on Sales of Marketable Securities, net   -0-    -0-    (2,342)   -0- 
                     
Funds from Operations (“FFO”)   10,091    8,544    39,149    26,283 
                     
Adjustments:                    
Redemption of Preferred Stock   -0-    -0-    -0-    2,871 
Non-Recurring Other Expense (1)   925    -0-    1,995    -0- 
                     
Normalized Funds from Operations (“Normalized FFO”)  $11,016   $8,544   $41,144   $29,154 

 

(1) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($1.8 million) and non-recurring expenses for the joint venture ($171,000) in 2021.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information7

 

 

Market Capitalization, Debt and Coverage Ratios    
(in thousands except per share amounts) (unaudited)    
     
   Twelve Months Ended 
   12/31/2021   12/31/2020 
Shares Outstanding   51,651    41,919 
Market Price Per Share  $27.33   $14.81 
Equity Market Capitalization  $1,411,624   $620,819 
Total Debt   499,324    558,486 
Preferred   462,319    407,954 
Total Market Capitalization  $2,373,267   $1,587,259 
           
Total Debt  $499,324   $558,486 
Less: Cash and Cash Equivalents   (116,175)   (15,336)
Net Debt   383,149    543,150 
Less: Marketable Securities at Fair Value (“Securities”)   (113,748)   (103,172)
Net Debt Less Securities  $269,401   $439,978 
           
Interest Expense  $19,158   $18,287 
Capitalized Interest   1,476    1,253 
Preferred Dividends   29,839    31,943 
Total Fixed Charges  $50,473   $51,483 
           
Adjusted EBITDA  $88,318   $79,450 
           
Debt and Coverage Ratios          
           
Net Debt / Total Market Capitalization   16.1

%

   34.2

%

           
Net Debt Plus Preferred / Total Market Capitalization   35.6

%

   59.9

%

           
Net Debt Less Securities / Total Market Capitalization   11.4

%

   27.7

%

           
Net Debt Less Securities Plus Preferred / Total Market Capitalization   30.8

%

   53.4

%

           
Interest Coverage   4.3x    4.1x 
           
Fixed Charge Coverage   1.7x    1.5x 
           
Net Debt / Adjusted EBITDA   4.3x    6.8x 
           
Net Debt Less Securities / Adjusted EBITDA   3.1x    5.5x 
           
Net Debt Plus Preferred / Adjusted EBITDA   9.6x    12.0x 
           
Net Debt Less Securities Plus Preferred / Adjusted EBITDA   8.3x    10.7x 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information8

 

 

Debt Analysis        
(in thousands) (unaudited)        
   Twelve Months Ended 
   12/31/2021   12/31/2020 
Debt Outstanding          
Mortgages Payable:          
Fixed Rate Mortgages  $456,702   $476,390 
Unamortized Debt Issuance Costs   (4,135)   (4,913)
Mortgages, Net of Unamortized          
Debt Issuance Costs  $452,567   $471,477 
Loans Payable:          
Unsecured Line of Credit  $25,000   $45,000 
Other Loans Payable   21,945    42,353 
Total Loans Before          
Unamortized Debt Issuance Costs   46,945    87,353 
Unamortized Debt Issuance Costs   (188)   (344)
Loans, Net of Unamortized Debt Issuance Costs  $46,757   $87,009 
           
Total Debt, Net of Unamortized Debt Issuance Costs  $499,324   $558,486 
           
% Fixed/Floating          
Fixed   90.7%   84.6%
Floating   9.3%   15.4%
Total   100.0%   100.0%
           
Weighted Average Interest Rates (1)          
Mortgages Payable   3.75%   3.81%
Loans Payable   2.66%   2.12%
Total Average   3.65%   3.55%
           
Weighted Average Maturity (Years) Mortgages Payable   5.2    6.0 

 

(1) Weighted average interest rates do not include the effect of unamortized debt issuance costs.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information9

 

 

Debt Maturity

(in thousands) (unaudited)

 

 

As of 12/31/21:                
                 
Fiscal Year Ended  Mortgages   Loans   Total   % of Total 
2022  $6,523   $46,945(1)  $53,468    10.6%
2023   63,437    -0-    63,437    12.6%
2024   -0-    -0-    -0-    0.0%
2025   128,501    -0-    128,501    25.5%
2026   39,388    -0-    39,388    7.8%
Thereafter   218,853    -0-    218,853    43.5%
                     
Total Debt Before Unamortized Debt Issuance Cost   456,702    46,945    503,647    100.0%
                     
Unamortized Debt Issuance Cost   (4,135)   (188)   (4,323)     
                     
Total Debt, Net of Unamortized Debt Issuance Costs  $452,567   $46,757   $499,324      

 

(1) Includes $25 million balance outstanding on the Company’s Line of Credit due November 2022, with an additional one-year option.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information10

 

 

Securities Portfolio Performance

(in thousands)

 

 

 

 

Year Ended

  Securities Available for Sale   Dividend Income   Net Realized Gain on Sale of Securities   Net Realized Gain on Sale of Securities & Dividend Income 
2010  $28,757   $1,763   $2,028   $3,791 
2011   43,298    2,512    2,693    5,205 
2012   57,325    3,244    4,093    7,337 
2013   59,255    3,481    4,056    7,537 
2014   63,556    4,066    1,543    5,609 
2015   75,011    4,399    204    4,603 
2016   108,755    6,636    2,285    8,921 
2017   132,964    8,135    1,747    9,882 
2018   99,596    10,367    20    10,387 
2019   116,186    7,535    -0-    7,535 
2020   103,172    5,729    -0-    5,729 
2021   113,748    5,098    2,342    7,440 
                     
        $62,965   $21,011   $83,976 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information11

 

 

Property Summary and Snapshot

(unaudited)

 

   12/31/2021   12/31/2020   % Change 
             
Communities   127    124    2.4%
Developed Sites   24,025    23,433    2.5%
Occupied   20,662    19,920    3.7%
Occupancy %   86.0%   85.0%   100 bps 
Total Rentals   8,706    8,252    5.5%
Occupied Rentals   8,312    7,810    6.4%
Rental Occupancy %   95.5%   94.6%   90 bps 
Monthly Rent Per Site  $480   $461    4.1%
Monthly Rent Per Home Rental Including Site  $824   $790    4.3%

 

State  Number  Total Acreage  Developed Acreage  Vacant Acreage  Total Sites  Occupied Sites  Occupancy Percentage   Monthly Rent Per Site   Total Rentals  Occupied Rentals  Rental Occupancy Percentage   Monthly Rent Per Home Rental 
      (1)     (1)                          (2) 
Alabama  1  33  33  -0-  195  60   30.8%  $175    36  21   58.3%  $681 
Indiana  14  1,105  893  212  3,985  3,476   87.2%  $431    1,715  1,649   96.2%  $817 
Maryland  1  77  10  67  62  62   100.0%  $569   -0-  -0-   N/A    N/A 
Michigan  3  153  153  -0-  734  625   85.1%  $470   264  246   93.2%  $810 
New Jersey  4  349  187  162  1,006  973   96.7%  $686   44  44   100.0%  $1,029 
New York  8  674  323  351  1,353  1,154   85.3%  $571   444  427   96.2%  $962 
Ohio  37  1,837  1,390  447  6,937  5,887   84.9%  $438   2,576  2,460   95.5%  $788 
Pennsylvania  51  2,184  1,821  363  7,780  6,678   85.8%  $502   2,756  2,623   95.2%  $838 
South Carolina  1  24  24  -0-  142  62   43.7%  $195   29  22   75.9%  $565 
Tennessee  7  544  316  228  1,831  1,685   92.0%  $486   842  820   97.4%  $834 
Total as of December 31, 2021  127  6,980  5,150  1,830  24,025  20,662   86.0%  $480   8,706  8,312   95.5%  $824 

 

(1) Total and Vacant Acreage of 220 for the Mountain View Estates property is included in the above summary.

(2) Includes home and site rent charges.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information12

 

 

Same Property Statistics

(in thousands) (unaudited)

 

                                 
   For Three Months Ended  For Twelve Months Ended
   12/31/2021   12/31/2020   Change   %
Change
   12/31/2021   12/31/2020   Change   %
Change
 
Community Net Operating Income                                        
                                         
Rental and Related                                        
Income  $39,741   $37,074   $2,667    7.2%  $155,914   $142,398   $13,516    9.5%
Community Operating                                        
Expenses   15,517    14,878    639    4.3%   62,494    59,856    2,638    4.4%
                                         
Community NOI  $24,224   $22,196   $2,028    9.1%  $93,420   $82,542   $10,878    13.2%

 

   12/31/2021   12/31/2020   Change 
             
Total Sites   23,054    23,024    0.1%
Occupied Sites   20,077    19,664    413 sites, 2.1% 
Occupancy %   87.1%   85.4%   170 bps 
Number of Properties   122    122    N/A 
Total Rentals   8,487    8,131    4.4%
Occupied Rentals   8,132    7,700    5.6%
Rental Occupancy   95.8%   94.7%   110 bps 
Monthly Rent Per Site  $484   $462    4.8%
Monthly Rent Per Home Including Site  $825   $791    4.3%

 

Same Property includes all properties owned as of January 1, 2020, with the exception of Memphis Blues.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information13

 

 

Acquisitions Summary                     
(dollars in thousands)                     
                      
At Acquisition:                     
Year of Acquisition  Number of Communities  Sites  Occupied Sites  Occupancy %  

Purchase

Price

   Price Per Site   Total Acres
2018  6  1,615  1,271   79%  $59,093   $37   494
2019  4  1,495  935   62%  $56,237   $38   247
2020  2  310  197   64%  $7,840   $25   48
2021  3  543  319   59%  $18,300   $34   113

 

 

2021 Acquisitions                   
                    
Community 

Date of

Acquisition

  State  Number
of Sites
 

Purchase

Price

  

Number

of Acres

  Occupancy
Deer Run  January 8, 2021  AL  195  $4,555   33  37%
Iris Winds  January 21, 2021  SC  142   3,445   24  49%
Bayshore Estates  June 1, 2021  OH  206   10,300   56  86%
Total as of December 31, 2021        543  $18,300   113  59%

 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information14

 

 

Definitions

 

Investors and analysts following the real estate industry utilize funds from operations available to common shareholders (“FFO”), normalized funds from operations available to common shareholders (“Normalized FFO”), community NOI, same property NOI, and earnings before interest, taxes, depreciation, amortization and acquisition costs (“Adjusted EBITDA”), variously defined, as supplemental performance measures. While the Company believes net income (loss) available to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, it considers Community NOI, Same Property NOI, Adjusted EBITDA, FFO and Normalized FFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. FFO also adjusts for the effects of the change in the fair value of marketable securities and gains and losses realized on marketable securities. Normalized FFO reflects the same assumptions as FFO except that it also adjusts for and certain one-time charges. Community NOI and Same Property NOI provides a measure of rental operations and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. In addition, Community NOI, Same Property NOI, Adjusted EBITDA, FFO and Normalized FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.

 

As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities and change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance.

 

Normalized FFO is calculated as FFO excluding certain one-time charges.

 

Normalized FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 51.1 million and 47.4 million shares for the three and twelve months ended December 31, 2021, respectively, and 42.4 million and 41.7 million shares for the three and twelve months ended December 31, 2020, respectively. Common stock equivalents resulting from stock options in the amount of 1.4 and 1.1 million shares for the three and twelve months ended December 31, 2021, respectively, and 636,000 and 350,000 shares for the three and twelve months ended December 31, 2020, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the twelve months ended December 31, 2020, were excluded from the computation of the Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

 

Community NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. Community NOI excludes realized gains (losses) on securities transactions.

 

Same Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2020, with the exception of Memphis Blues.

 

Adjusted EBITDA is calculated as net income (loss) plus interest expense, franchise taxes, depreciation, and the change in the fair value of marketable securities.

 

Community NOI, Same Property NOI, Adjusted EBITDA, FFO and Normalized FFO do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. Community NOI, Same Property NOI, Adjusted EBITDA, FFO and Normalized FFO should not be considered as substitutes for net income (loss) applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. Community NOI, Same Property NOI, Adjusted EBITDA, FFO and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information15

 

 

Press Release Dated February 24, 2022

 

FOR IMMEDIATE RELEASE February 24, 2022
  Contact: Nelli Madden
  732-577-9997

 

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE YEAR ENDED AND THE FOURTH QUARTER ENDED DECEMBER 31, 2021

 

FREEHOLD, NJ, February 24, 2022........ UMH Properties, Inc. (NYSE:UMH) reported Total Income of $186.1 million for the year ended December 31, 2021 as compared to $163.6 million for the year ended December 31, 2020, representing an increase of 14%. Total Income for the quarter ended December 31, 2021 was $46.0 million as compared to $42.8 million for the quarter ended December 31, 2020, representing an increase of 7%. Net Income Attributable to Common Shareholders amounted to $21.2 million or $0.45 per diluted share for the year ended December 31, 2021 as compared to a loss $29.8 million or $0.72 per diluted share for the year ended December 31, 2020. Net Income Attributable to Common Shareholders amounted to $9.4 million or $0.17 per diluted share for the quarter ended December 31, 2021 as compared to income of $15.6 million or $0.38 per diluted share for the quarter ended December 31, 2020.

 

Funds from Operations Attributable to Common Shareholders (“FFO”) was $39.1 million or $0.83 per diluted share for the year ended December 31, 2021 as compared to $26.3 million or $0.63 per diluted share for the year ended December 31, 2020. FFO was $10.1 million or $0.20 per diluted share for the quarter ended December 31, 2021 as compared to $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $41.1 million or $0.87 per diluted share for the year ended December 31, 2021, as compared to $29.2 million or $0.70 per diluted share for the year ended December 31, 2020. Normalized FFO was $11.0 million or $0.22 per diluted share for the quarter ended December 31, 2021, as compared to $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020.

 

A summary of significant financial information for the three and twelve months ended December 31, 2021 and 2020 is as follows (in thousands except per share amounts):

 

   For the Three Months Ended 
   December 31, 
   2021   2020 
         
Total Income  $45,978   $42,829 
Total Expenses  $37,500   $34,382 
Increase in Fair Value of Marketable Securities  $10,932   $17,802 
Net Income Attributable to Common Shareholders  $9,410   $15,591 

Net Income Attributable to Common

Shareholders per Diluted Common Share

  $0.17   $0.38 
FFO (1)  $10,091   $8,544 
FFO (1) per Diluted Common Share   $0.20   $0.20 
Normalized FFO (1)  $11,016   $8,544 
Normalized FFO (1) per Diluted Common Share  $0.22   $0.20 
Weighted Average Shares Outstanding   51,128    42,390 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information16

 

 

   For the Twelve Months Ended 
   December 31, 
   2021   2020 
         
Total Income  $186,099   $163,609 
Total Expenses  $152,163   $135,296 
Increase (Decrease) in Fair Value of Marketable Securities  $25,052   $(14,119)
Net Income (Loss) Attributable to Common Shareholders  $21,249   $(29,759)
Net Income (Loss) Attributable to Common
Shareholders per Diluted Common Share
  $0.45   $(0.72)
FFO (1)  $39,149   $26,283 
FFO (1) per Diluted Common Share   $0.83   $0.63 
Normalized FFO (1)  $41,144   $29,154 
Normalized FFO (1) per Diluted Common Share  $0.87   $0.70 
Weighted Average Shares Outstanding   47,432    41,395 

 

A summary of significant balance sheet information as of December 31, 2021 and 2020 is as follows (in thousands):

 

  

December 31, 2021

   December 31, 2020 
         
Gross Real Estate Investments  $1,205,091   $1,108,483 
Marketable Securities at Fair Value  $113,748   $103,172 
Total Assets  $1,270,820   $1,089,413 
Mortgages Payable, net  $452,567   $471,477 
Loans Payable, net  $46,757   $17,296 
Total Shareholders’ Equity  $742,140   $501,808 

 

Samuel A. Landy, President and CEO, commented on the 2021 results.

 

“UMH continues to execute on our long-term business plan which has resulted in an all-time high stock price with ample growth opportunities. Our accomplishments during the year include:

 

  Increased Rental and Related Income by 11%;
  Increased Community Net Operating Income (“NOI”) by 13%;
  Increased Normalized Funds from Operations (“Normalized FFO”) by 41% and Normalized FFO per share by 24%;
  Improved our Operating Expense ratio by 130 basis points to 42.8%;
  Increased Same Property NOI by 13%;
  Increased Same Property Occupancy by 413 sites from 85.4% to 87.1% or 170 basis points;
  Increased our rental home portfolio by 454 homes to approximately 8,700 total rental homes, representing an increase of 6%;
  Increased rental home occupancy by 90 basis points from 94.6% to 95.5%;
  Increased Sales of Manufactured Homes by 34%;
  Acquired three communities containing approximately 543 homesites for a total cost of approximately $18.3 million (in addition to one community acquired in December 2021 by our joint venture with Nuveen Real Estate);
  Increased our Total Market Capitalization by 50% to $2.4 billion at yearend;
  Increased our Equity Market Capitalization by 127% to $1.4 billion at yearend;
  Reduced our Net Debt to Total Market Capitalization from 34% at 2020 to 16% at 2021;
  Issued and sold approximately 8.2 million shares of Common Stock through At-the-Market Sale Programs for our Common Stock at a weighted average price of $22.14 per share, generating gross proceeds of $182.0 million and net proceeds of $179.1 million, after offering expenses;

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information17

 

 

  Issued and sold, through an At-the-Market Sale Program for our Preferred Stock, 2.2 million shares of Series D Preferred Stock at a weighted average price of $24.89 per share, generating total gross proceeds of $54.1 million and total net proceeds of $53.2 million, after offering expenses; and
  Entered into a joint venture with Nuveen Real Estate, a TIAA company, for the purpose of development or acquisition of new manufactured housing communities, with an initial capital commitment by the joint venture partners of at least $70 million and potentially up to $170 million, 60% of which would be provided by Nuveen Real Estate and 40% of which would be provided by the Company. The joint venture acquired one community, containing approximately 219 developed home sites, for a total purchase price of $22.2 million.”

 

“2021 was an exceptional year for UMH. Our community level operations are stronger than ever before. Our community drone videos are available on our website. They are a great resource for shareholders that effectively exhibit the high quality portfolio that we own. They also demonstrate our residents and employees pride in their homes and their communities. It’s part of the reason we maintain 96% rental home occupancy and continue to grow our business. We have a proven business plan that continues to generate industry leading same property operating results, growing sales and robust FFO growth.”

 

“Demand for affordable housing at our communities remains strong as demonstrated by our strong same property and sales results. Same property income increased by 9.5% and same property NOI increased by 13.2%. This was driven by rental rate increases of 4.8% and an occupancy increase of 170 basis points or 413 sites. Home sales improved by 34% year over year and generated a sales profit of approximately $2 million as compared to $770,000 last year. We can continue to generate similar results organically by filling our 3,400 vacant sites and developing our 1,830 acres of vacant land.”

 

“During the year, we acquired three communities containing approximately 543 developed homesites for an aggregate cost of $18.3 million. We also entered into a joint venture with Nuveen Real Estate for the acquisition and development of new manufactured housing communities. This joint venture acquired one newly developed community in Florida containing 219 sites.”

 

“Subsequent to year end, we sold $102.7 million of 4.72% unsecured bonds in Israel. This capital, as well as capital raised through our ATM and other sources, will be used to redeem our $247 million 6.75% Series C preferred stock in July of 2022. In January of 2023, we can redeem our $215 million 6.375% Series D preferred stock. These transactions will drive incremental FFO growth. We are well positioned to execute on both of these redemptions.”

 

“Our results and future growth prospects allowed us to raise our dividend for two consecutive years. We believe we are on track for continued dividend growth in the future. We look forward to continuing to execute on our business plan and building long-term value for our dedicated shareholders.”

 

UMH Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2021 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Friday, February 25, 2022 at 10:00 a.m. Eastern Time.

 

The Company’s fourth quarter and year ended December 31, 2021 financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.

 

To participate in the webcast, select the microphone icon found on the homepage www.umh.reit to access the call. Interested parties can also participate via conference call by calling toll free 844-200-6205 (domestically) or 929-526-1599 (internationally).

 

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Friday, February 25, 2022 and can be accessed by dialing toll free 866-813-9403 (domestically) and +44 204-525-0658 (internationally) and entering the passcode 412561. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.reit.

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information18

 

 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 127 manufactured home communities containing approximately 24,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina. UMH also has an ownership interest in and operates one community in Florida, containing 219 sites, through its joint venture with Nuveen Real Estate.

 

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

 

Note:

 

  (1) Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, and the change in the fair value of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the change in the fair value of marketable securities from our FFO calculation. Prior to the adoption of the FFO White Paper – 2018 Restatement, we utilized Core Funds from Operations (Core FFO), which we defined as FFO, excluding the change in the fair value of marketable securities. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO, excluding gains and losses realized on marketable securities investments and certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

 

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.

 

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three and twelve months ended December 31, 2021 and 2020 are calculated as follows (in thousands except footnotes):

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information19

 

 

   Three Months Ended   Twelve Months Ended 
   12/31/21   12/31/20   12/31/21   12/31/20 
Net Income (Loss) Attributable to Common Shareholders  $9,410   $15,591   $21,249   $(29,759)
Depreciation Expense   11,552    10,716    45,124    41,707 
Loss on Sales of Property and Equipment   61    39    170    216 
(Increase) Decrease in Fair Value of Marketable Securities   (10,932)   (17,802)   (25,052)   14,119 
Gain on Sales of Marketable Securities, net   -0-    -0-    (2,342)     
FFO Attributable to Common Shareholders   10,091    8,544    39,149    26,283 
Redemption of Preferred Stock   -0-    -0-    -0-    2,871 
Non-Recurring Other Expense (1)   925    -0-    1,995    -0- 
Normalized FFO Attributable to Common Shareholders  $11,016   $8,544   $41,144   $29,154 

 

 

(1)Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which is being expensed over the vesting period ($1.8 million) and non-recurring expenses for the joint venture ($171,000) in 2021.

 

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 51.1 million and 47.4 million shares for the three and twelve months ended December 31, 2021, respectively, and 42.4 million and 41.7 million shares for the three and twelve months ended December 31, 2020, respectively. Common stock equivalents resulting from stock options in the amount of 1.4 million and 1.1 million shares for the three and twelve months ended December 31, 2021, respectively, and 636,000 and 350,000 shares for the three and twelve months ended December 31, 2020, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the twelve months ended December 31, 2020 were excluded from the computation of the Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

 

The following are the cash flows provided (used) by operating, investing and financing activities for the twelve months ended December 31, 2021 and 2020 (in thousands):

 

   2021   2020 
Operating Activities  $65,163   $66,839 
Investing Activities   (94,364)   (103,770)
Financing Activities   125,634    46,528 

 

# # # #

 

 

UMH Properties, Inc. | Fourth Quarter FY 2021 Supplemental Information20

0000752642 false 0000752642 2022-02-24 2022-02-24 0000752642 UMH:CommonStock.10ParValueMember 2022-02-24 2022-02-24 0000752642 UMH:Sec6.75SeriesCCumulativeRedeemablePreferredStock.10ParValueMember 2022-02-24 2022-02-24 0000752642 UMH:Sec6.375SeriesDCumulativeRedeemablePreferredStock.10ParValueMember 2022-02-24 2022-02-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 24, 2022

 

 

 

UMH Properties, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-12690   22-1890929
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ   07728
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (732) 577-9997

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of exchange on which registered
Common Stock, $.10 par value   UMH   New York Stock Exchange
6.75% Series C Cumulative Redeemable Preferred Stock, $.10 par value   UMH PRC   New York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value   UMH PRD   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

 

Item 2.02

Results of Operations and Financial Condition.

 

Item 7.01Regulation FD Disclosure.

 

On February 24, 2022, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2021 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2021. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99 and is incorporated herein by reference.

 

The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Forward-Looking Statements

 

Statements contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

 

  changes in the real estate market conditions and general economic conditions;
  the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;
  increased competition in the geographic areas in which we own and operate manufactured housing communities;
  our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us;
  our ability to maintain rental rates and occupancy levels;
  changes in market rates of interest;
  our ability to repay debt financing obligations;
  our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;
  our ability to comply with certain debt covenants;
  our ability to integrate acquired properties and operations into existing operations;
  the availability of other debt and equity financing alternatives;
  continued ability to access the debt or equity markets;
  the loss of any member of our management team;
  our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
  the ability of manufactured home buyers to obtain financing;
  the level of repossessions by manufactured home lenders;
  market conditions affecting our investment securities;
  changes in federal or state tax rules or regulations that could have adverse tax consequences; and
  our ability to qualify as a real estate investment trust for federal income tax purposes.

 

Item 9.01Financial Statements and Exhibits.

 

(d) Exhibits.

 

  99 Supplemental information package for the fourth quarter and year ended December 31, 2021 and press release dated February 24, 2022.
     
  104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  UMH Properties, Inc.
     
Date: February 24, 2022 By: /s/ Anna T. Chew
  Name: Anna T. Chew
  Title: Vice President and
    Chief Financial Officer

 

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Umh Properties, Inc. provided additional information to their SEC Filing as exhibits

Ticker: UMH
CIK: 752642
Form Type: 8-K Corporate News
Accession Number: 0001493152-22-005420
Submitted to the SEC: Thu Feb 24 2022 4:45:19 PM EST
Accepted by the SEC: Thu Feb 24 2022
Period: Thursday, February 24, 2022
Industry: Real Estate Investment Trusts
Events:
  1. Earnings Release
  2. Financial Exhibit
  3. Regulated Disclosure

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