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Posts Tagged ‘estate investment trust’

Sam Zell says, Open the Kimono

November 20th, 2013 Comments off

sam-zell-nareit-reitworld-2013-lunch-speaker-credit-globest-posted-daily-business-news- (1)Sam Zell told the REIT (Real Estate Investment Trust) Industry in San Francisco, “Open Kimono, total transparency.” That was the key to success for REITs, said the chairman of Equity Lifestyle Properties (ELS), Equity Group Investments (EGI) and Equity Residential (EQR). Zell said that when the government passed the original REIT Act, the purpose was to create an opportunity for the “little old lady of Pasadena” to be able to invest and own a piece of America’s commercial real estate. “The whole concept that we were wrestling with in 1993 was how we could fulfill that objective.” globest tells MHProNews. “If you believe that the US position as a reserve currency is very important, than you have a leadership responsibility to take steps to protect it and I don’t think it is happening, and the risk is huge.” words that echoed our earlier report, “Our Way of Life is Very Much Threatened.” Zell add that “Every time the Government interferes and try to deter the rules of economics, it doesn’t work.”

A related Sam Zell story can be found in the Industry In Focus reports, linked here. ##

(Photo credit: globest)

UMH Properties Receives a Strong ‘Buy’ on its Stock

September 24th, 2013 Comments off

Brad Thomas documents the annals of UMH Properties, Inc., (UMH:NYSE) since its beginning in 1968 to its election to REIT (real estate investment trust) status in 1982, and being publicly traded in 1985 after issuing an IPO, as reported in seekingalpha.com. Although it is considered a small REIT because its market cap is $184 million and has assets of $384 million, Thomas notes since 2009 the number of land lease communities it owns has risen from 28 to 68, and the homesites nearly doubling to 12,800. The company owns 37 manufactured housing communities (MHCs) in the Marcellus Shale region where energy companies are expected to be drilling, attracting possibly thousands of job-seekers who will need housing. UMH also has a financing arm that sell homes to consumers. Revenue is expected to surpass last year’s, he says, and UMH pays a higher dividend yield at 7.38% than either Sun Communities, Inc., or Equity LifeStyle Properties, its two closest peers, as MHProNews knows. After driving near every angle of financing through a fine tooth comb resulting in many charts, graphs and formulas, Thomas initiates a buy on the stock at $9.75 a share.

(Photo credit: UMH Properties, Inc.)

Sun Declares Two Stock Dividend

September 20th, 2013 Comments off

Southfield, Michigan-based Sun Communities, Inc. (SUI) has declared a $0.63 dividend per share of common stock for the third quarter of 2013, payable Oct. 18, 2013 to shareholders of record Sept. 30, 2013. The board of directors of this real estate investment trust (REIT) also declared a dividend per share of $0.4453125 for the company’s 7.125% Series A Cumulative Redeemable Preferred Stock payable Oct. 15, 2013 to shareholders of record Oct. 2, 2013. According to marketwatch.com, the preferred stock was issued Nov. 12, 2012. MHProNews knows Sun owns and operates a portfolio of 185 manufactured housing and recreational vehicle communities comprised of 68,200 developed sites.

(Photo credit: Sun Communities, Inc.)

RV Community and Marina purchased by Equity LifeStyle Properties

September 19th, 2013 Comments off

Equity LifeStyle Properties, Inc. (NYSE:ELS) has acquired Fiesta Key RV Resort, a 324-site resort and marina in the Florida Keys. Located in the Florida Keys on the Gulf of Mexico, ELS paid $24.6 million, according to 4-traders.com, funded with cash. As MHProNews knows, ELS is the largest owner of manufactured home and recreational vehicle communities with 377 properties in 32 states and British Columbia, Canada, comprised of 139,288 sites. ELS, a publicly-traded real estate investment trust (REIT) stock, closed up +0.46 percent at 35.52 in today’s trading.

(Photo credit: Equity LifeStyle Properties, Inc.–Lake Haven, Clearwater, Fla.)

UMH Properties Receives Reinitiation from Sidoti

September 13th, 2013 Comments off

Provider of equity research Sidoti & Company LLC has issued a BUY rating for the stock of manufactured housing community owner UMH Properties, Inc. based on its presence in the Utica and Marcellus Shale energy exploration region. Sidoti says an influx of workers and families to the area, which includes eastern Ohio, western New York and Pennsylvania, and northern West Virginia will increase UMH occupancy from 80 percent in 2012 to 82 percent in 2013 and 84 percent in 2014. Additionally, revenues will rise 33 percent to $62.2 million in 2013 and 16 percent higher in 2014 to $72 million. The company estimates funds from operations (FFO) for UMH will increase from $0.62 per share in 2012 to $0.84 per share this year and $0.89 in 2014. As MHProNews knows, UMH owns and operates 68 manufactured housing communities comprised of 12,800 sites in seven states, as well as a portfolio of real estate investment trust securities.

(Photo credit: UMH Properties, Inc.)

UMH Properties’ Samuel Landy to Present at Conference

August 21st, 2013 Comments off

Manufactured home community owner UMH Properties, Inc. will be presenting at the BMO Capital Markets 8th Annual North American Real Estate Conference Sept. 16-17, 2013. To be held at the Trump International Hotel in Chicago, Illinois, Samuel A. Landy, UMH president and CEO, and Anna T Chew, CFO of UMH, will be presenters during the conference, according to sacbee.com. In addition to owning a portfolio of real estate investment trust (REIT) securities, MHProNews knows UMH owns and operates 68 manufactured home communities comprised of 12,800 developed home sites in seven states east of the Mississippi.

(Photo credit: UMH Properties, Inc.)

Sun Communities to Offer Q2 2013 Results

July 25th, 2013 Comments off

Manufactured Housing Community owner Sun Communities, Inc. (NYSE:SUI) will release its Q2 2013 financials before the market opens Thurs., July 25, to be followed by a conference call at 11 a.m. that same morning. For the first quarter of this year revenue increased 24.4 percent over the same period last year. The company has a one-year low of $36.15, a one-year high of $57.78, and a 50-day moving average of $50.34. Sun fell -3.06 percent Wed., July 24 to close at 51.02. The dailypolitical reports Sun’s market cap is $1.887 billion and the P/E ratio is 281.44. As MHProNews knows, Sun Communities is a real estate investment trust (REIT) that owns and operates 380 manufactured housing and recreational vehicle communities comprised of 67,380 developed sites.

(Photo credit: Sun Communities, Inc.)

New Company Operates Senior Manufactured Home Communities

July 12th, 2013 Comments off

Carefree Communities, Inc., a new company created by Centerbridge Capital Partners II, LP, has acquired National RV Communities, which owns and operates 61 senior manufactured home (MH) and recreational vehicle (RV) communities, mostly in Fla. but also in six other states and Canada. Carefree is a private REIT (real estate investment trust) with 16,000 homesites in 65 communities, as MHProNews has learned from PRNewswire. Centerbridge is a private investment firm headquartered in New York City with $20 billion under management.

(Photo credit: mhvillage–Lake Village, Nokomis, Fla.)

Ryan Bowie, Fresh Face at Green Courte

July 11th, 2013 Comments off

Private equity firm Green Courte Partners, LLC, of Lake Forest, Ill. has chosen Ryan Bowie as Managing Director in charge of investor relations, portfolio management and fundraising. Having spent 13 years in public and private real estate companies, including stints with Hyatt Hotels Corp. and Strategic Hotels and Resorts, Bowie has completed over $7 billion in debt and equity transactions over his career, as MHProNews has learned from Green Courte. At Hyatt he served as Head of Structured Finance, focusing on corporate development, capital markets and capital deployment. Green Courte Partners is a Chicago-based real estate investment trust (REIT) with holdings in manufactured housing communities.

(Image credit: Green Courte Partners, LLC)

UMH Declares Quarterly Dividends

July 3rd, 2013 Comments off

Manufactured home community owner UMH Properties, Inc. has declared a quarterly cash dividend of $0.18 a share on the company’s common stock payable Sept. 16, 2013 to shareholders of record Aug. 15, 2013. In addition, the board of directors announced a quarterly dividend of $0.51562 per share for the company’s 8.25% Series A preferred stock also payable Sept. 16, 2013 to shareholders as of Aug. 15, 2013, according to noodls.com. As MHProNews knows, real estate investment trust (REIT) UMH owns and operates 68 manufactured housing communities with 12,800 developed home sites, and also maintains a portfolio of REIT securities.

(Photo credit: UMH Properties, Inc.)