UMH: 2Q Earnings Snapshot

Associated Press
Updated ·1 min read

FREEHOLD, N.J. (AP) _ UMH Properties Inc. (UMH) on Wednesday reported a key measure of profitability in its second quarter. The results beat Wall Street expectations.

The real estate investment trust, based in Freehold, New Jersey, said it had funds from operations of $7.1 million, or 17 cents per share, in the period.

The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 15 cents per share.

Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.

The company said it had net income of $10.2 million, or 25 cents per share.

The real estate investment trust posted revenue of $40.1 million in the period.

The company's shares have fallen 20% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $12.52, a decline of slightly more than 1% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on UMH at https://www.zacks.com/ap/UMH