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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): March 10, 2021

 

 

 

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 7.01 Regulation FD Disclosure.

 

On March 10, 2021, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2020 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2020. 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 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99 Supplemental information package for the fourth quarter and year ended December 31, 2020 and press release dated March 10, 2021.

 

2
 

 

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: March 10, 2021 By: /s/ Anna T. Chew
  Name: Anna T. Chew
  Title: Vice President and
    Chief Financial Officer

 

3

 

 

 

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 March 10, 2021 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 2020 Supplemental Information2
 

 

Financial Highlights
(dollars in thousands except per share amounts) (unaudited)

 

   Three Months Ended   Twelve Months Ended 
   12/31/2020   12/31/2019   12/31/2020   12/31/2019 
Operating Information                    
Number of Communities             124    122 
Number of Sites             23,433    23,088 
Rental and Related Income  $37,577   $33,631   $143,344   $128,611 
Community Operating Expenses  $15,984   $15,822   $63,175   $61,708 
Community NOI  $21,593   $17,809   $80,169   $66,903 
Expense Ratio   42.5%   47.0%   44.1%   48.0%
Sales of Manufactured Homes  $5,252   $4,113   $20,265   $17,980 
Number of Homes Sold   71    69    323    299 
Number of Rentals Added   174    114    858    882 
Net Income (1)  $23,245   $3,531   $5,055   $27,750 
Net Income (Loss) Attributable to Common Shareholders (1)(2)  $15,591   $(3,433)  $(29,759)  $2,566 
Adjusted EBITDA  $21,305   $18,460   $79,450   $67,681 
FFO Attributable to Common Shareholders  $8,544   $7,006   $26,283   $24,573 
Normalized FFO Attributable to Common Shareholders  $8,544   $7,059   $29,154   $25,207 
                     
Shares Outstanding and Per Share Data                    
Weighted Average Shares Outstanding                    
Basic   41,754    40,929    41,395    39,909 
Diluted   42,390    40,929    41,395    40,203 
Net Income (Loss) Attributable to Common                    
Shareholders per Share (1)(2)                    
Basic  $0.38   $(0.08)  $(0.72)  $0.07 
Diluted  $0.38   $(0.08)  $(0.72)  $0.06 
FFO per Share(2) – Basic and Diluted   $0.20   $0.17   $0.63   $0.61 
Normalized FFO per Share – Basic and Diluted  $0.20   $0.17   $0.70   $0.63 
Dividends per Common Share  $0.18   $0.18   $0.72   $0.72 
                     
Balance Sheet                    
Total Assets            $1,087,214   $1,025,453 
Total Liabilities            $585,406   $479,114 
                     
Market Capitalization                    
Total Debt, Net of Unamortized Debt Issuance Costs            $566,288   $457,344 
Equity Market Capitalization            $620,819   $646,976 
Series B Preferred Stock            $-0-   $95,030 
Series C Preferred Stock            $247,100   $243,750 
Series D Preferred Stock            $160,854   $66,268 
Total Market Capitalization            $1,585,061   $1,509,368 

 

  (1) Includes increase (decrease) in fair value of marketable securities.
  (2) Includes charge associated with redemption of preferred stock.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information3
 

 

Consolidated Balance Sheets

(in thousands except per share amounts)

 

   December 31,   December 31, 
   2020   2019 
ASSETS          
Investment Property and Equipment          
Land  $73,704   $72,459 
Site and Land Improvements   656,721    618,041 
Buildings and Improvements   28,153    27,380 
Rental Homes and Accessories   349,905    297,401 
Total Investment Property   1,108,483    1,015,281 
Equipment and Vehicles   22,572    21,145 
Total Investment Property and Equipment   1,131,055    1,036,426 
Accumulated Depreciation   (272,823)   (232,783)
Net Investment Property and Equipment   858,232    803,643 
           
Other Assets          
Cash and Cash Equivalents   15,336    12,902 
Marketable Securities at Fair Value   103,172    116,186 
Inventory of Manufactured Homes   25,450    31,967 
Notes and Other Receivables, net   46,414    37,995 
Prepaid Expenses and Other Assets   17,785    10,762 
Land Development Costs   20,825    11,998 
Total Other Assets   228,982    221,810 
           
TOTAL ASSETS  $1,087,214   $1,025,453 
           
LIABILITIES AND SHAREHOLDERS’ EQUITY          
Liabilities          
Mortgages Payable, net of Unamortized Debt Issuance Costs  $469,279   $373,658 
Other Liabilities          
Accounts Payable   4,390    4,572 
Loans Payable, net of Unamortized Debt Issuance Costs   87,009    83,686 
Accrued Liabilities and Deposits   17,295    10,575 
Tenant Security Deposits   7,433    6,623 
Total Other Liabilities   116,127    105,456 
Total Liabilities   585,406    479,114 
           
COMMITMENTS AND CONTINGENCIES          
           
Shareholders’ Equity:          
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 4,000 shares authorized; 3,801 shares issued and outstanding as of December 31, 2019   -0-    95,030 
Series C - 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 13,750 shares authorized; 9,884 and 9,750 issued and outstanding as of December 31, 2020 and 2019, respectively   247,100    243,750 
Series D - 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 9,300 and 6,000 shares authorized; 6,434 and 2,651 shares issued and outstanding as of December 31, 2020 and 2019, respectively   160,854    66,268 
Common Stock – $0.10 par value per share: 140,364 and 123,664 shares authorized; 41,919 and 41,130 shares issued and outstanding as of December 31, 2020 and 2019, respectively   4,192    4,113 

Excess Stock – $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 31, 2020 and 2019

   -0-    -0- 
Additional Paid-In Capital   115,026    162,542 
Undistributed Income (Accumulated Deficit)   (25,364)   (25,364)
Total Shareholders’ Equity   501,808    546,339 
           
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY  $1,087,214   $1,025,453 

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information4
 

 


Consolidated Statements of Income (Loss)
(in thousands)  

 

  

(unaudited)

Three Months Ended

   Twelve Months Ended 
   12/31/2020   12/31/2019   12/31/2020   12/31/2019 
INCOME:                    
Rental and Related Income  $37,577   $33,631   $143,344   $128,611 
Sales of Manufactured Homes   5,252    4,113    20,265    17,980 
TOTAL INCOME   42,829    37,744    163,609    146,591 
                     
EXPENSES:                    
Community Operating Expenses   15,984    15,822    63,175    61,708 
Cost of Sales of Manufactured Homes   3,704    2,821    14,417    12,938 
Selling Expenses   1,184    1,276    4,941    5,079 
General and Administrative Expenses   2,794    2,136    11,056    10,046 
Depreciation Expense   10,716    9,801    41,707    36,811 
TOTAL EXPENSES   34,382    31,856    135,296    126,582 
                     
OTHER INCOME (EXPENSE):                    
Interest Income   773    832    2,917    2,619 
Dividend Income   1,248    1,801    5,729    7,535 
Increase (Decrease) in Fair Value of Marketable Securities   17,802    (563)   (14,119)   14,915 
Other Income   157    164    718    588 
Interest Expense   (5,143)   (4,516)   (18,287)   (17,805)
TOTAL OTHER INCOME (EXPENSE)   14,837    (2,282)   (23,042)   7,852 
                     
Income before Loss on Sales of Investment Property and Equipment   23,284    3,606    5,271    27,861 
Loss on Sales of Investment Property and Equipment   (39)   (75)   (216)   (111)
NET INCOME   23,245    3,531    5,055    27,750 
                     
Less: Preferred Dividends   (7,654)   (6,964)   (31,943)   (25,184)
Less: Redemption of Preferred Stock   -0-    -0-    (2,871)   -0- 
                     
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS  $15,591   $(3,433)  $(29,759)  $2,566 

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information5
 

 


Consolidated Statements of Cash Flows

(in thousands)

 

   Twelve Months Ended 
   12/31/2020   12/31/2019 
         
CASH FLOWS FROM OPERATING ACTIVITIES:          
Net Income  $5,055   $27,750 
Non-Cash Items Included in Net Income:          
Depreciation   41,707    36,811 
Amortization of Financing Costs   1,027    758 
Stock Compensation Expense   1,327    1,939 
Provision for Uncollectible Notes and Other Receivables   1,546    1,408 
(Increase) Decrease in Fair Value of Marketable Securities   14,119    (14,915)
Loss on Sales of Investment Property and Equipment   216    111 
Changes in Operating Assets and Liabilities:          
Inventory of Manufactured Homes   6,517    (8,264)
Notes and Other Receivables, net of Notes Acquired with Acquisitions   (9,965)   (7,909)
Prepaid Expenses and Other Assets   140    (3,817)
Accounts Payable   (182)   699 
Accrued Liabilities and Deposits   6,720    3,164 
Tenant Security Deposits   810    781 
Net Cash Provided by Operating Activities   69,037    38,516 
           
CASH FLOWS FROM INVESTING ACTIVITIES:          
Purchase of Manufactured Home Communities, net of Mortgages Assumed   (7,790)   (38,799)
Purchase of Investment Property and Equipment   (76,761)   (64,535)
Proceeds from Sales of Investment Property and Equipment   2,657    2,745 
Additions to Land Development Costs   (20,771)   (20,086)
Purchase of Marketable Securities   (1,105)   (1,800)
Proceeds from Sales/Redemption of Marketable Securities   -0-    125 
Net Cash Used in Investing Activities   (103,770)   (122,350)
           
CASH FLOWS FROM FINANCING ACTIVITIES:          
Proceeds from Mortgages, net of Mortgages Assumed   105,984    44,850 
Net Proceeds (Payments) from Short Term Borrowings   3,309    (24,373)
Principal Payments of Mortgages and Loans   (9,313)   (21,624)
Financing Costs on Debt   (4,737)   (752)
Proceeds from Issuance of Preferred Stock, net of Offering Costs   -0-    96,688 
Proceeds from At-The-Market Preferred Equity Program, net of Offering Costs   96,141    15,931 
Redemption of 8.0% Series B Preferred Stock   (95,017)   -0- 
Proceeds from At-The-Market Common Equity Program, net of Offering Costs   1,743    -0- 
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments   6,003    23,796 
Repurchase of Preferred Stock   (12)   -0- 
Repurchase of Common Stock   (1,830)   (237)
Proceeds from Exercise of Stock Options   659    2,603 
Preferred Dividends Paid   (31,943)   (25,709)
Common Dividends Paid, net of Dividend Reinvestments   (26,657)   (21,120)
Net Cash Provided by Financing Activities   44,330    90,053 
           
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH   9,597    6,219 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD   18,996    12,777 
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD  $28,593    18,996 

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information6
 

 

Reconciliation of Net Income 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 
   12/31/2020   12/31/2019   12/31/2020   12/31/2019 
Reconciliation of Net Income to Adjusted EBITDA 
                     
Net Income  $23,245   $3,531   $5,055   $27,750 
Interest Expense   5,143    4,516    18,287    17,805 
Franchise Taxes   3    49    282    230 
Depreciation Expense   10,716    9,801    41,707    36,811 
(Increase) Decrease in Fair Value of Marketable Securities   (17,802)   563    14,119    (14,915)
                     
Adjusted EBITDA  $21,305   $18,460   $79,450   $67,681 
                     
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations 
                     
Net Income (Loss) Attributable to Common Shareholders  $15,591   $(3,433)  $(29,759)  $2,566 
Depreciation Expense   10,716    9,801    41,707    36,811 
Loss on Sales of Property and Equipment   39    75    216    111 
(Increase) Decrease in Fair Value of Marketable Securities   (17,802)   563    14,119    (14,915)
                     
Funds from Operations (“FFO”)   8,544    7,006    26,283    24,573 
                     
Adjustments:                    
Redemption of Preferred Stock   -0-    -0-    2,871    -0- 
Non-Recurring Expenses (1)   -0-    53    -0-    634 
                     
Normalized Funds from Operations (“Normalized FFO”)  $8,544   $7,059   $29,154   $25,207 

 

 

(1) Consists of utility billing dispute over a prior 10-year period ($0 and $375,000), emergency windstorm tree removal expenses ($53,000 and $179,000) and costs associated with acquisitions not completed ($0 and $80,000) for the three and twelve months ended December 31, 2019, respectively.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information7
 

 

Market Capitalization, Debt and Coverage Ratios
(in thousands except per share amounts) (unaudited)

 

   Twelve Months Ended 
    12/31/2020    12/31/2019 
Shares Outstanding   41,919    41,130 
Market Price Per Share  $14.81   $15.73 
Equity Market Capitalization  $620,819   $646,976 
Total Debt   556,288    457,344 
Preferred   407,954    405,048 
Total Market Capitalization  $1,585,061   $1,509,368 
           
Total Debt  $556,288   $457,344 
Less: Cash and Cash Equivalents   (15,336)   (12,902)
Net Debt   540,952    444,442 
Less: Marketable Securities at Fair Value (“Securities”)   (103,172)   (116,186)
Net Debt Less Securities  $437,780   $328,256 
           
Interest Expense  $18,287   $17,805 
Capitalized Interest   1,253    1,498 
Preferred Dividends   31,943    25,184 
Total Fixed Charges  $51,483   $44,487 
           
Adjusted EBITDA  $79,450   $67,681 
           
Debt and Coverage Ratios          
           
Net Debt / Total Market Capitalization   34.1%   29.4%
           
Net Debt Plus Preferred / Total Market Capitalization   59.9%   56.3%
           
Net Debt Less Securities / Total Market Capitalization   27.6%   21.7%
           
Net Debt Less Securities Plus Preferred / Total Market Capitalization   53.4%   48.6%
           
Interest Coverage   4.1x   3.5x
           
Fixed Charge Coverage   1.5x   1.5x
           
Net Debt / Adjusted EBITDA   6.8x   6.6x
           
Net Debt Less Securities / Adjusted EBITDA   5.5x   4.9x
           
Net Debt Plus Preferred / Adjusted EBITDA   11.9x   12.6x
           
Net Debt Less Securities Plus Preferred / Adjusted EBITDA   10.6x   10.8x

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information8
 

 


Debt Analysis

(in thousands) (unaudited)

 

   Twelve Months Ended 
   12/31/2020   12/31/2019 
Debt Outstanding          
Mortgages Payable:          
Fixed Rate Mortgages  $476,390   $377,045 
Unamortized Debt Issuance Costs   (7,111)   (3,387)
Mortgages, Net of Unamortized Debt Issuance Costs  $469,279   $373,658 
Loans Payable:          
Unsecured Line of Credit  $45,000   $15,000 
Other Loans Payable   42,353    69,044 
Total Loans Before Unamortized Debt Issuance Costs   87,353    84,044 
Unamortized Debt Issuance Costs   (344)   (358)
Loans, Net of Unamortized Debt Issuance Costs  $87,009   $83,686 
           
Total Debt, Net of Unamortized Debt Issuance Costs  $556,288   $457,344 
           
% Fixed/Floating          
Fixed   84.6%   82.2%
Floating   15.4%   17.8%
Total   100.0%   100.0%
           
Weighted Average Interest Rates (1)          
Mortgages Payable   3.81%   4.14%
Loans Payable   2.12%   3.69%
Total Average   3.55%   4.06%
           
Weighted Average Maturity (Years)          
Mortgages Payable   6.0    6.0 

 

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

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information9
 

 

Debt Maturity

(in thousands) (unaudited)

 

 

As of 12/31/20:                 
Fiscal Year Ended  Mortgages   Loans    Total  

% of

Total

 
2021  $2,077   $30,782    $32,859    5.8%
2022   19,386    56,491  (1)  75,877    13.5%
2023   65,240    80     65,320    11.6%
2024   -0-    -0-     -0-    0.0%
2025   131,760    -0-     131,760    23.4%
Thereafter   257,927    -0-     257,927    45.8%
                      
Total Debt Before Unamortized                     
Debt Issuance Cost   476,390    87,353     563,743    100.0%
                      
Unamortized Debt Issuance Cost   (7,111)   (344)    (7,455)     
                      
Total Debt, Net of Unamortized                     
Debt Issuance Costs  $469,279   $87,009    $556,288      

 

(1) Includes $45 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 2020 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 
                     
        $57,867   $18,669   $76,536 

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information11
 

 

Property Summary and Snapshot

(unaudited)

 

   12/31/2020   12/31/2019   % Change 
             
Communities   124    122    1.6%
Developed Sites   23,433    23,088    1.5%
Occupied   19,920    18,936    5.2%
Occupancy %   85.0%   82.0%   300 bps 
Total Rentals   8,252    7,394    11.6%
Occupied Rentals   7,810    6,821    14.5%
Rental Occupancy %   94.6%   92.3%   230 bps 
Monthly Rent Per Site  $461   $447    3.1%
Monthly Rent Per Home Rental Including Site  $790   $765    3.3%

 

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) 
                                                 
Indiana   14    1,105    880    225    3,998    3,393    84.9%  $415    1,666    1,543    92.6%  $787 
Maryland   1    77    10    67    62    61    98.4%  $531    -0-    -0-    N/A    N/A 
Michigan   3    153    153    -0-    740    623    84.2%  $450    262    243    92.7%  $782 
New Jersey   4    349    187    162    1,006    961    95.5%  $652    46    43    93.5%  $966 
New York   8    674    348    326    1,339    1,143    85.4%  $551    433    418    96.5%  $915 
Ohio   36    1,781    1,328    453    6,727    5,559    82.6%  $417    2,420    2,304    95.2%  $742 
Pennsylvania   51    2,180    1,822    358    7,785    6,551    84.1%  $478    2,584    2,468    95.5%  $808 
Tennessee   7    539    293    246    1,776    1,629    91.7%  $464    841    791    94.1%  $813 
Total as of December 31, 2020   124    6,858    5,021    1,837    23,433    19,920    85.0%  $461    8,252    7,810    94.6%  $790 
                                                             
Acquisitions (3)   2    57    57    -0-    337    142    42.1%  $185    68    49    72.1%  $532 
Grand Total   126    6,915    5,078    1,837    23,770    20,062    84.4%  $459    8,320    7,859    94.5%  $789 

 

  (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.
  (3) Acquisition of two communities completed January 2021.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information12
 

 

Same Property Statistics

(dollars in thousands except footnotes) (unaudited)

 

   For Three Months Ended   For Twelve Months Ended 
   12/31/2020   12/31/2019   Change   %
Change		   12/31/2020   12/31/2019   Change   %
Change		 
Community Net Operating Income 
                                         
Rental and Related                                        
Income  $35,512   $32,187   $3,325    10.3%  $136,552   $125,935   $10,617    8.4%
Community Operating                                        
Expenses (1)   14,111    14,380    (269)   (1.9%)   57,137    57,114    23    0.0%
                                         
Community NOI  $21,401   $17,807   $3,594    20.2%  $79,415   $68,821   $10,594    15.4%

 

   As of     
   12/31/2020   12/31/2019   Change 
             
Total Sites   21,530    21,503    0.1%
Occupied Sites   18,698    17,980    718 sites, 4.0%
Occupancy %   86.8%   83.6%   320 bps 
Number of Properties   118    118    N/A 
Total Rentals   7,927    7,189    10.3%
Occupied Rentals   7,511    6,671    12.6%
Rental Occupancy   94.8%   92.8%   200 bps 
Monthly Rent Per Site  $464   $449    3.3%
Monthly Rent Per Home Including Site  $790   $765    3.3%

 

Same Property includes all properties owned as of January 1, 2019, with the exception of Memphis Blues.

(1) Excludes a one-time settlement of a utility billing dispute of $0 and $375,000 over a prior ten-year period and emergency windstorm tree removal costs of $53,000 and $179,000 for the three and twelve months ended December 31, 2019, respectively.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information13
 

 

Acquisition 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   2    337    142    42%  $8,000   $24    57 

 

 

2020 Acquisitions                        
Community 

Date of

Acquisition

   State   Number
of Sites		  

Purchase

Price

  

Number

of Acres

   Occupancy 
Camelot Woods   July 24, 2020    PA    147   $3,340    27    56%
Lake Erie Estates   September 21, 2020    NY    163    4,500    21    71%
Total 2020             310   $7,840    48    64%

 

2021 Acquisitions                        
Community 

Date of

Acquisition

   State   Number
of Sites		  

Purchase

Price

  

Number

of Acres

   Occupancy 
Deer Run   January 8, 2021    AL    195   $4,600    33    37%
Iris Winds   January 21, 2021    SC    142    3,400    24    49%
Total 2021 to Date             337   $8,000    57    42%

 

UMH Properties, Inc. | Fourth Quarter FY 2020 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 costs associated with the redemption of preferred stock. Normalized FFO reflects the same assumptions as FFO except that it also adjusts for gains and losses realized on marketable securities investments and certain one-time charges. Community NOI and Same Property NOI provide a measure of rental operations and do 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, 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-GAAP supplemental measure of REIT operating performance.

 

Normalized FFO is calculated as FFO excluding gains and losses realized on marketable securities investments and certain one-time charges.

 

Normalized FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 42.4 million and 41.7 million shares for the three and twelve months ended December 31, 2020, respectively, and 41.4 million and 40.2 million for the three and twelve months ended December 31, 2019, respectively. Common stock equivalents resulting from stock options in the amount of 636,000 and 350,000 shares for the three and twelve months ended December 31, 2020, respectively, and 456,000 and 294,000 shares for the three and twelve months ended December 31, 2019, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the twelve months ended December 31, 2020, and for the three months ended December 31,2019 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, 2019, 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 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 2020 Supplemental Information15
 

 

Press Release Dated March 10, 2021

 

FOR IMMEDIATE RELEASE March 10, 2021
  Contact: Nelli Madden
  732-577-9997

 

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE YEAR ENDED AND THE FOURTH

QUARTER ENDED DECEMBER 31, 2020

 

FREEHOLD, NJ, March 10, 2021........ UMH Properties, Inc. (NYSE:UMH) reported Total Income of $163.6 million for the year ended December 31, 2020 as compared to $146.6 million for the year ended December 31, 2019, representing an increase of 12%. Total Income for the quarter ended December 31, 2020 was $42.8 million as compared to $37.7 million for the quarter ended December 31, 2019, representing an increase of 13%. Net Income (Loss) Attributable to Common Shareholders amounted to a loss $29.8 million or $0.72 per diluted share for the year ended December 31, 2020 as compared to income of $2.6 million or $0.06 per diluted share for the year ended December 31, 2019. Net Income (Loss) Attributable to Common Shareholders amounted to income of $15.6 million or $0.38 per diluted share for the quarter ended December 31, 2020 as compared to a loss of $3.4 million or $0.08 per diluted share for the quarter ended December 31, 2019.

 

Funds from Operations Attributable to Common Shareholders (“FFO”) was $26.3 million or $0.63 per diluted share for the year ended December 31, 2020 as compared to $24.6 million or $0.61 per diluted share for the year ended December 31, 2019. FFO was $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020 as compared to $7.0 million or $0.17 per diluted share for the quarter ended December 31, 2019. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $29.2 million or $0.70 per diluted share for the year ended December 31, 2020, as compared to $25.2 million or $0.63 per diluted share for the year ended December 31, 2019. Normalized FFO was $8.5 million or $0.20 per diluted share for the quarter ended December 31, 2020, as compared to $7.1 million or $0.17 per diluted share for the quarter ended December 31, 2019.

 

A summary of significant financial information for the three and twelve months ended December 31, 2020 and 2019 is as follows (in thousands except per share amounts):

 

   For the Three Months Ended 
   December 31, 
   2020   2019 
         
Total Income  $42,829   $37,744 
Total Expenses  $34,382   $31,856 
Increase (Decrease) in Fair Value of Marketable Securities  $17,802   $(563)
Net Income (Loss) Attributable to Common Shareholders  $15,591   $(3,433)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share  $0.38   $(0.08)
FFO (1)  $8,544   $7,006 
FFO (1) per Diluted Common Share   $0.20   $0.17 
Normalized FFO (1)  $8,544   $7,059 
Normalized FFO (1) per Diluted Common Share  $0.20   $0.17 
Weighted Average Shares Outstanding   42,390    40,929 

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information16
 

 

   For the Twelve Months Ended 
   December 31, 
   2020   2019 
         
Total Income  $163,609   $146,591 
Total Expenses  $135,296   $126,582 
Increase (Decrease) in Fair Value of Marketable Securities  $(14,119)  $14,915 
Net Income (Loss) Attributable to Common Shareholders  $(29,759)  $2,566 
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share  $(0.72)  $0.06 
FFO (1)  $26,283   $24,573 
FFO (1) per Diluted Common Share   $0.63   $0.61 
Normalized FFO (1)  $29,154   $25,207 
Normalized FFO (1) per Diluted Common Share  $0.70   $0.63 
Weighted Average Shares Outstanding   41,395    40,203 

 

A summary of significant balance sheet information as of December 31, 2020 and 2019 is as follows (in thousands):

 

  

December 31, 2020

   December 31, 2019 
         
         
Gross Real Estate Investments  $1,108,483   $1,015,281 
Marketable Securities at Fair Value  $103,172   $116,186 
Total Assets  $1,087,214   $1,025,453 
Mortgages Payable, net  $469,279   $373,658 
Loans Payable, net  $87,009   $83,686 
Total Shareholders’ Equity  $501,808   $546,339 

 

Samuel A. Landy, President and CEO, commented on the 2020 results.

 

“2020 will be viewed as a transformational year for UMH Properties. Despite the uncertainties caused by COVID-19, we were able to generate exceptional results on all fronts. Our accomplishments during the year include:

 

  ● Increased Rental and Related Income by 11%;
  ● Increased Community Net Operating Income (“NOI”) by 20%;
  ● Increased Normalized Funds from Operations (“Normalized FFO”) by 16% and   Normalized FFO per share by 11%;
  ● Improved our Operating Expense ratio by 390 basis points to 44.1%;
  ● Increased Same Property NOI by 15%;
  ● Increased Same Property Occupancy by 718 sites from 83.6% to 86.8% or 320 basis points;
  ● Increased our rental home portfolio by 858 homes to approximately 8,300 total rental homes, representing an increase of 12%;
  ● Increased rental home occupancy by 230 basis points from 92.3% to 94.6%;
  ● Increased Sales of Manufactured Homes by 13%;
  ● Acquired two communities containing approximately 310 homesites for a total cost of approximately $7.8 million;
  ● Completed the financing of 28 unencumbered communities with Fannie Mae for proceeds of approximately $106 million, with a maturity of 10 years and a 30-year amortization at a fixed rate of 2.62%;

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information17
 

 

  ● Issued and sold approximately 135,000 shares of Common Stock through an At-the-Market Sale Program for our Common Stock at a weighted average price of $14.60 per share, generating gross proceeds of $2.0 million and net proceeds of $1.7 million, after offering expenses;
  ● Issued and sold, through At-the-Market Sale Programs for our Preferred Stock, 134,000 shares of Series C Preferred Stock at a weighted average price of $24.96 per share and 3.8 million shares of Series D Preferred Stock at a weighted average price of $24.98 per share, generating total gross proceeds of $97.8 million and total net proceeds of $96.1 million, after offering expenses;
  ● Redeemed all 3.8 million issued and outstanding shares of our 8.0% Series B Cumulative Redeemable Preferred Stock for $96.1 million with proceeds from our 2.62% Fannie Mae financing, resulting in a savings of over $5 million annually;
  ● Reduced the weighted average interest rate on our mortgages payable from 4.1% to 3.8% year over year;
  ● Subsequent to year end, issued and sold 768,000 additional shares of Series D Preferred Stock at a weighted average price of $24.80 per share through our At-the-Market Sale Program for our Preferred Stock, generating gross proceeds of $19.1 million and net proceeds of $18.8 million, after offering expenses;
  ● Subsequent to year end, acquired two communities containing approximately 340 homesites for a total cost of approximately $8.0 million; and
  ● Subsequent to year end, raised our dividend by 5.5% to an annualized rate of $0.76 per share.”

 

“2020 was a challenging year in all respects, but our team produced results that we are very proud of. Most importantly, our rent collections remained stable and at pre-pandemic levels and we were able to maintain rental home occupancy rates of 94.5% or greater. We increased rental and related income by 11% and community NOI by 20%.”

 

“The pandemic increased demand for housing in our communities. We increased our rental home portfolio by 858 homes. Home sales also improved by 13% year over year and generated a sales profit of approximately $770,000. These results were achieved while reducing our operating expense ratio from 48.0% to 44.1%. All of these operating metrics drove a same-property occupancy increase of 320 basis points to 86.8% and same property NOI growth of 15%.”

 

“We also made progress on the financing front. We completed the financing of 28 unencumbered communities generating proceeds of $106 million at an interest rate of 2.62%. This capital was used to redeem $96 million of 8% Series B Preferred Stock. This recapitalization resulted in savings of $5 million or $0.11 per share annually. We anticipate being able to accomplish similar feats in 2022 and 2023 when over $400 million of preferred stock is callable. Our ability to recapitalize the company with low cost debt, equity or preferred will be a significant catalyst for the company moving forward.”

 

“During the year, we acquired two communities containing approximately 310 developed homesites for an aggregate cost of $7.8 million. These communities are located in our existing markets which exhibit favorable demographics. Subsequent to year end, we acquired one community in Alabama and one community in South Carolina for a purchase price of approximately $8 million. They contain 337 developed homesites.”

 

“UMH continues to build upon the foundation that we have laid over the past few years. These results allowed us to confidently raise our dividend by 5.5%. to $0.76 per share. 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, 2020 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, March 11, 2021 at 10:00 a.m. Eastern Time.

 

The Company’s fourth quarter and year ended December 31, 2020 financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information18
 

 

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 877-513-1898 (domestically) or 412-902-4147 (internationally).

 

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, March 11, 2021. It will be available until May 1, 2021, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10151272. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.reit.

 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 126 manufactured home communities containing approximately 23,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina. In addition, the Company owns a portfolio of REIT securities.

 

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.

 

UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information19
 

 

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, 2020 and 2019 are calculated as follows (in thousands except footnotes):

 

   Three Months Ended   Twelve Months Ended 
    12/31/20    12/31/19    12/31/20    12/31/19 
Net Income (Loss) Attributable to Common Shareholders  $15,591   $(3,433)  $(29,759)  $2,566 
Depreciation Expense   10,716    9,801    41,707    36,811 
Loss on Sales of Property and Equipment   39    75    216    111 
(Increase) Decrease in Fair Value of Marketable Securities   (17,802)   563    14,119    (14,915)
FFO Attributable to Common Shareholders   8,544    7,006    26,283    24,573 
Redemption of Preferred Stock   -0-    -0-    2,871    -0- 
Non-Recurring Other Expense (2)   -0-    53    -0-    634 
Normalized FFO Attributable to Common Shareholders  $8,544   $7,059   $29,154   $25,207 

 

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 42.4 million and 41.7 million shares for the three and twelve months ended December 31, 2020, respectively, and 41.4 million and 40.2 million shares for the three and twelve months ended December 31, 2019, respectively. Common stock equivalents resulting from stock options in the amount of 636,000 and 350,000 shares for the three and twelve months ended December 31, 2020, respectively, and 456,000 and 294,000 shares for the three and twelve months ended December 31, 2019, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the twelve months ended December 31, 2020 and three months ended December 31, 2019 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, 2020 and 2019 (in thousands):

 

   2020   2019 
Operating Activities  $69,037   $38,516 
Investing Activities   (103,770)   (122,350)
Financing Activities   44,330    90,053 

 

(2)Consists of utility billing dispute over a prior 10-year period ($0 and $375,000), emergency windstorm tree removal expenses in three communities ($53,000 and $179,000) and costs associated with acquisitions not completed ($0 and $80,000) for the three and twelve months ended December 31, 2019, respectively.

 

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UMH Properties, Inc. | Fourth Quarter FY 2020 Supplemental Information20