UMH Properties Q2 total income rises 10%, meets expectations
Overview
UMH Properties Q2 total income grows 10%, beating analyst expectations
Company raises quarterly dividend by 4.7% to $0.225 per share
Outlook
Company anticipates further occupancy and revenue growth with new rental units
UMH Properties plans to grow acquisition pipeline in near future
Company expects strong sales from increased traffic at new expansions
Result Drivers
INCOME GROWTH - Total income increased by 10% to $66.6 mln, driven by higher rental and related income, and increased sales of manufactured homes
LOAN ACQUISITION - Company closed on a $101.4 mln interest-only loan at a fixed rate of 5.85% to support future growth
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q2 Total Income | In-line | $66.64 mln | $66 mln (4 Analysts) |
Q2 Net Income |
| $2.53 mln |
|
Q2 Adjusted FFO |
| $19.45 mln |
|
Q2 FFO |
| $18.70 mln |
|
Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the residential reits peer group is "buy"
Wall Street's median 12-month price target for UMH Properties Inc is $20.75, about 19.8% above its August 5 closing price of $16.64
The stock recently traded at 97 times the next 12-month earnings vs. a P/E of 83 three months ago
Press Release: ID:nGNX93wj5k
