Financial Highlights
2018 FQ3 YTD
9/30/2018
2017 FY
12/31/2017
2016 FY
12/31/2016
2015 FY
12/31/2015
2014 FY
12/31/2014
Balance Sheet ($000)
Gross Depreciable Property 841,761 781,313 655,203 591,407 460,407
Net Property Investment 652,505 614,869 514,947 473,645 360,884
Senior Secured Debt 329,219 307,134 299,340 295,162 190,994
Senior Unsecured Debt 71,231 82,465 51,971 45,750 69,116
Total Debt 400,451 389,600 351,311 340,912 260,110
Total Liabilities 415,391 402,666 363,413 354,079 269,442
Equity Attributable to Parent Company 453,114 421,215 317,032 246,238 208,827
Total Equity 453,114 421,215 317,032 246,238 208,827
Market Capitalization($M) 586 528.80 442.30 274.10 232.80
Implied Market Cap($M) 586 528.80 442.30 274.10 232.80
Total Capitalization($M) 1,275.20 1,157.20 980.20 751.70 584.50
Total Enterprise Value($M) 1,266.30 1,133.90 976 745.10 576.40
Total Enterprise Value Plus JV Debt($M) 1,266.30 1,133.90 976 745.10 576.40
Income Statement ($000)
Rental Revenue 84,236 101,801 90,680 74,763 63,886
Rental Net Operating Income 45,477 53,954 48,042 37,839 30,294
NOI 45,262 53,234 47,257 36,746 29,024
Gain on Sale of Real Estate (108) (81) (2) (80) 7
Interest Expense 11,795 15,877 15,427 13,599 10,717
Revenue 104,870 125,242 110,225 88,376 79,468
Expense 113,248 112,494 98,687 86,151 75,238
Net Income (8,486) 12,668 11,535 2,144 4,238
Net Income Attributable to Parent (8,486) 12,668 11,535 2,144 4,238
Net Income Avail to Common (23,678) (7,679) (2,569) (6,123) (3,319)
FFO (160) 19,959 20,647 12,835 11,837
Operating Funds from Operations, as Reported 20,108 21,714 18,446 14,188 10,778
Modified FFO NA NA NA NA NA
Financial Analysis
ROAA(%) (1.35) 1.68 1.78 0.41 0.94
ROAE(%) (2.52) 3.45 4 1.01 2.12
Implied Capitalization Rate(%) 6.07 5.87 6.99 6.98 6.71
Dividend Payout Ratio(%) NM NM NM NM NM
Dividend Yield(%) 4.60 4.83 4.78 7.11 7.54
FFO Payout(%) NM 120 98.63 146.94 135.85
FFO/ Total Revenue(%) (0.15) 15.94 18.73 14.52 14.90
Price/ LTM FFO(x) NM 24.80 20.60 20.70 18
Price/ Last-twelve-months EPS(x) NM NM NM NM NM
Recurring EBITDA/ Interest Expense(x) 2.27 3.54 3.25 2.60 2.81
Recurring EBITDA/ Interest Expense + Pref. Div.(x) 0.99 1.72 1.70 1.61 1.65
Debt and Preferred/ TEV(%) 54.43 55.42 55.12 64.09 61.02
Total Debt/ Gross Properties(%) 47.57 49.86 53.62 57.64 56.50
Credit Lines Drawn/ Available(%) 61.92 46.60 41.24 54.98 83.97
Changes and Trends (%)
FFO Growth NM (3.33) 60.86 8.43 19.05
FFO/Share Growth (100) (17.80) 49 (7.50) NA
EPS Growth, before Extraordinary NM NM NM NM NM
Real Estate Investment Growth 8.69 19.81 8.41 28.90 20.80
Per Share Information ($)
Common Shares Outstanding 37,466,040 35,488,068 29,388,811 27,086,838 24,372,083
Closing Price 15.64 14.90 15.05 10.12 9.55
Basic EPS before Extra (0.65) (0.24) (0.10) (0.24) (0.15)
Diluted EPS before Extra (0.65) (0.24) (0.10) (0.24) (0.15)
FFO/ Share 0 0.60 0.73 0.49 0.53
Operating FFO per Share, as Reported 0.55 0.66 0.66 0.55 0.48
Modified FFO per Share NA NA NA NA NA
Common Dividends Declared per Share 0.54 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 15,800 39,413 72,702 35,731 15,127
Debt Maturing: Next FY 6,271 6,603 9,173 40,564 43,796
Debt Maturing: FY2 51,023 51,144 6,890 9,633 52,211
Debt Maturing: FY3 2,513 2,194 12,526 7,134 16,490
Debt Maturing: FY4 21,680 20,904 2,229 12,883 7,369
Debt Maturing: Thereafter 306,619 272,967 251,437 238,678 125,116
Principal Payments Schedule ($000)
Debt Due this Fiscal Year NA 9,521 56,472 42,137 19,852
Debt Due during Next Fiscal Year NA 24,926 14,956 44,744 48,350
Debt Due during Second Fiscal Year NA 46,080 19,931 13,905 52,670
Debt Due during Third Fiscal Year NA 21,630 10,025 22,770 16,589
Debt Due during Fourth Fiscal Year NA 13,295 20,533 4,840 20,130
Debt Due Thereafter NA 277,776 233,040 216,227 102,521
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: 479.86
Price $ 12.74
Change: $ (0.09) (0.70)%
Volume: 97,168
As of January 18, 2019 Close
Minimum 20 minute delay.