UMH Properties, Inc. (UMH) has reported a 19.88 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $2.29 million in the quarter, compared with $1.91 million for the same period last year. Revenue during the quarter grew 12.53 percent to $26.45 million from $23.50 million in the previous year period.
Cost of revenue rose 14.41 percent or $0.19 million during the quarter to $1.50 million. Gross margin for the quarter contracted 9 basis points over the previous year period to 94.32 percent.
Revenue from real estate activities during the quarter increased 12.53 percent or $2.94 million to $26.45 million.
Income from operating leases during the quarter rose 12.60 percent or $2.74 million to $24.53 million.
Revenue from other real estate activities during the quarter was $1.92 million, up 11.64 percent or $0.20 million from year-ago period.
Samuel A. Landy, president and chief executive officer, commented on the results of the first quarter of 2017 "We are pleased to announce another strong quarter of operating results. While Net Loss Attributable to Common Shareholders (which includes depreciation expense), increased from $0.03 per diluted share to $0.05 per diluted share, our Normalized FFO (which excludes depreciation expenses) increased from $0.16 per diluted share to $0.17 per diluted share, representing a 6.3% year over year increase. We have been growing the Company both internally and externally. Our same-store portfolio continues to perform to our expectations which is driving increased earnings growth. We are also proud of our ability to acquire communities that fit our acquisition criteria and are accretive to earnings."
Operating cash flow improves significantly
UMH Properties, Inc. has generated cash of $10.34 million from operating activities during the quarter, up 34.99 percent or $2.68 million, when compared with the last year period. The company has spent $49.62 million cash to meet investing activities during the quarter as against cash outgo of $18.54 million in the last year period.
Cash flow from financing activities was $43.37 million for the quarter, up 253.80 percent or $31.11 million, when compared with the last year period.
Cash and cash equivalents stood at $8.31 million as on Mar. 31, 2017, up 4.95 percent or $0.39 million from $7.91 million on Mar. 31, 2016.
Real estate inventory stood at $17.98 million as on Mar. 31, 2017. Net receivables were at $23.43 million as on Mar. 31, 2017, up 22.12 percent or $4.24 million from year-ago. Accounts payable increased 6.42 percent or $0.23 million to $3.76 million on Mar. 31, 2017.
Investments stood at $107.52 million as on Mar. 31, 2017, up 17.64 percent or $16.12 million from year-ago.
Total assets grew 16.30 percent or $101.74 million to $725.78 million on Mar. 31, 2017. On the other hand, total liabilities were at $400.85 million as on Mar. 31, 2017, up 7.04 percent or $26.37 million from year-ago.
Return on assets moved down 6 basis points to 0.67 percent in the quarter. Return on equity for the quarter stood at negative 0.46 percent as compared to a negative 0.35 percent for the previous year period.
Debt moves up
Total debt was at $387.38 million as on Mar. 31, 2017, up 7.43 percent or $26.78 million from year-ago. Shareholders equity stood at $324.93 million as on Mar. 31, 2017, up 30.20 percent or $75.38 million from year-ago. As a result, debt to equity ratio went down 25 basis points to 1.19 percent in the quarter.
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