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Sun Communities (SUI) As Viewed by Hedge Funds Data, Per Media Reports

June 25th, 2019 Comments off

 

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Nina Todic, writing for investor-focused Insider Monkey and Yahoo Finance news, reported as follows about manufactured home commercial real estate giant, Sun Communities (SUI).

 

 

Sun is one of the publicly traded firms tracked in our evening manufactured housing connected stock report.  Last night’s closing ticker and related numbers are available at this link here.

We’ll note that this isn’t a fact-check. Nor is this an endorsement of Insider Monkey, rather, this is a report on June 18, 2019 that summarizes their findings on Sun Communities as it relates to hedge fund interest.

Let’s further note as a disclosure the mantra of Sam Zell, of Sun’s rival Equity LifeStyle Communities, famously quipped that “When others are going left, look right.” Zell told MHProNews that they have never lost confidence in the manufactured home community sector.

Those notes made, let’s dive into their data and views.

 

InsiderMonkeyTopHedgeFundsInvestorGraphicDollarAmountsCorporateNamesDailyBusinessNewsMHProNews 

Here’s What Hedge Funds Think About Sun Communities Inc (SUI)

Hedge fund managers like David Einhorn, Bill Ackman, or Carl Icahn became billionaires through reaping large profits for their investors, which is why piggybacking their stock picks may provide us with significant returns as well. Many hedge funds, like Paul Singer’s Elliott Management, are pretty secretive, but we can still get some insights by analyzing their quarterly 13F filings. One of the most fertile grounds for large abnormal returns is hedge funds’ most popular small-cap picks, which are not so widely followed and often trade at a discount to their intrinsic value. In this article we will check out hedge fund activity in another small-cap stock: Sun Communities Inc (NYSE:SUI).

Sun Communities Inc (NYSE:SUI) was in 18 hedge funds’ portfolios at the end of March. SUI has seen a decrease in support from the world’s most elite money managers of late. There were 22 hedge funds in our database with SUI holdings at the end of the previous quarter. Our calculations also showed that sui isn’t among the 30 most popular stocks among hedge funds.

Hedge funds’ reputation as shrewd investors has been tarnished in the last decade as their hedged returns couldn’t keep up with the unhedged returns of the market indices. Our research has shown that hedge funds’ small-cap stock picks managed to beat the market by double digits annually between 1999 and 2016, but the margin of outperformance has been declining in recent years. Nevertheless, we were still able to identify in advance a select group of hedge fund holdings that outperformed the market by 40 percentage points since May 2014 through May 30, 2019 (see the details here). We were also able to identify in advance a select group of hedge fund holdings that underperformed the market by 10 percentage points annually between 2006 and 2017. Interestingly the margin of underperformance of these stocks has been increasing in recent years. Investors who are long the market and short these stocks would have returned more than 27% annually between 2015 and 2017. We have been tracking and sharing the list of these stocks since February 2017 in our quarterly newsletter.

We’re going to review the new hedge fund action surrounding Sun Communities Inc (NYSE:SUI).

What have hedge funds been doing with Sun Communities Inc (NYSE:SUI)?

At Q1’s end, a total of 18 of the hedge funds tracked by Insider Monkey were bullish on this stock, a change of -18% from the previous quarter. The graph below displays the number of hedge funds with bullish position in SUI over the last 15 quarters. With the smart money’s sentiment swirling, there exists an “upper tier” of noteworthy hedge fund managers who were boosting their holdings considerably (or already accumulated large positions).

 

SUNCommunities-SUI-TopHedgeFundPositionsTrackInsiderMonkeyDailyBusinessNewsMHProNews

 

More specifically, Renaissance Technologies was the largest shareholder of Sun Communities Inc (NYSE:SUI), with a stake worth $152.7 million reported as of the end of March. Trailing Renaissance Technologies was Citadel Investment Group, which amassed a stake valued at $79.6 million. Waratah Capital Advisors, Millennium Management, and Echo Street Capital Management were also very fond of the stock, giving the stock large weights in their portfolios.

Seeing as Sun Communities Inc (NYSE:SUI) has experienced falling interest from the entirety of the hedge funds we track, it’s easy to see that there exists a select few funds that slashed their full holdings heading into Q3. Intriguingly, Stuart J. Zimmer’s Zimmer Partners said goodbye to the largest stake of all the hedgies tracked by Insider Monkey, comprising an estimated $54.1 million in stock. Richard Driehaus’s fund, Driehaus Capital, also dumped its stock, about $2.3 million worth. These transactions are intriguing to say the least, as total hedge fund interest was cut by 4 funds heading into Q3.

Let’s now review hedge fund activity in other stocks – not necessarily in the same industry as Sun Communities Inc (NYSE:SUI) but similarly valued. We will take a look at Agnico Eagle Mines Limited (NYSE:AEM), National Oilwell Varco, Inc. (NYSE:NOV), Ralph Lauren Corporation (NYSE:RL), and Trimble Inc. (NASDAQ:TRMB). This group of stocks’ market caps are closest to SUI’s market cap.

 

InsiderMonkeyTopHedgeFundsPositionsRelativetoSUIsunCommunitiesDailyBusinessNewsMHProNews

 

As you can see these stocks had an average of 22.5 hedge funds with bullish positions and the average amount invested in these stocks was $751 million. That figure was $413 million in SUI’s case. Ralph Lauren Corporation (NYSE:RL) is the most popular stock in this table. On the other hand Trimble Inc. (NASDAQ:TRMB) is the least popular one with only 14 bullish hedge fund positions. Sun Communities Inc (NYSE:SUI) is not the least popular stock in this group but hedge fund interest is still below average. Our calculations showed that top 20 most popular stocks among hedge funds returned 1.9% in Q2 through May 30th and outperformed the S&P 500 ETF (SPY) by more than 3 percentage points. A small number of hedge funds were also right about betting on SUI as the stock returned 4.2% during the same time frame and outperformed the market by an even larger margin.

Disclosure: None. This article was originally published on Insider Monkey at this link here.

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For balance, and to exemplify why Zell and other savvy investors have not lost confidence in manufactured housing (MH) and MH Communities, consider the graphics above and below from Sun Communities. 

SunCommunitiesIncSUIManufacturedHomeSalesPriceComparisionConventionalHousingCostFeb2019IRDec312018DataManufacturedHomeCommunityDailyBusinessNewsMHProNews

 

Our more robust MHProNews April 2019 data-and graphically rich dive into Sun is found at this linked text-image box below, which is the source for the sample Sun Community graphics on this page.

 

Sun Communities Under the Hood – Data Reveals – Manufactured Homes, Communities, Comparisons with Conventional, Multifamily Housing

 

During an affordable housing crisis, there are reasons to pay attention to the most proven of all kinds of affordable homes. 

 

CostToMoveManufacturedHomeRararityMovingManufacturedHomeSunCommunities2-2019ManufacturedHomeDailyBusinessNewsMHProNews

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That most proven permeant affordable housing resource would be HUD Code manufactured homes.

 

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Manufactured housing is the most proven form of affordable housing. It offers consumer safeguards that far more expensive conventional housing does not offer.

 

That’s this morning’s second installment of manufactured home “Industry News, Tips, and Views Pros Can Use,” © where “We Provide, You Decide.” ©. ## (News, fact-checks, analysis, and commentary.)

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Views From Trenches of Manufactured Housing – Factories, Retailers, MHCs, Others Sound Off

 

Nicole Friedman, Ben Eisen, Wall Street Journal – Fannie, Freddie, Manufactured Homes, and MH Financing – Part 1

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https://manufacturedhousingassociationregulatoryreform.org/time-to-investigate-fannie-and-freddies-mishandling-of-dts/

HUD Secretary Ben Carson, Affordable Housing, Obscuring the Truth, Innovations in Housing, and Manufactured Homes

 

 

 

 

 

Gary Shiffman, Chairman and Chief Executive Officer Sun Communities (SUI), Statement$, Video

April 25th, 2018 Comments off

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Sun Communities (SUI) First Quarter of 2018 performance results are out.

 

Sun’s Gary Shiffman is talking about it.

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We started 2018 on a positive pace posting $1.14 in core FFO per share which is at the top end of our guidance range. All cylinders are firing on our operations front and both, our manufactured housing and high RV components driven by outperformance in our rental program and home sales net profit, as well as lower than expected interest expenses,” said Gary Shiffman, Chairman and Chief Executive Officer (CEO) of Sun Communities (SUI), per Seeking Alpha’s investor call transcript.

Same community revenue growth for the quarter was 5.7%. We did experience 6.6% same community expense growth in the quarter, the majority of which related to a one-time reserve increase for certain general liability claims and increased utility usage in the Midwest, Texas and Florida which we attribute to significantly lower temperatures for the period. Demand for the high quality lifestyles Sun delivers remains robust. For the quarter, Sun gained 616 revenue producing sites which included outperformance in RV conversions from transient to annual sites. Home sales volume rose 1.3% to 837 homes in the quarter, driven by an almost 40% increase in new home sales. The bulk of our over 100 new home sales in the quarter were in Florida, Arizona, South Carolina and Texas highlighting the diversification and increased demand throughout the portfolio,” said Shiffman.

SunQ12018BalanceSheetsManufacturedHomeCommunitiesREIT-SUI-DailyBusinessNewsMHProNewsSun – along with other REITs and portfolio operators in the manufactured home community market – have often turned to rentals in recent years.  The return of higher home sales levels is thus a positive signal for detail-minded industry observers, professionals and investors.

In the quarter, we also completed the construction of 246 expansion sites and two manufactured housing communities that will contribute to revenue growth as these sites lease up over the coming quarters. The Company remains on pace to complete construction of approximately 1,350 expansion sites in 16 communities of which 1,000 are in 12 manufactured home communities and 350 are in 4 RV Resorts by the end of 2018. On a final growth front, our ground up developments continue to progress, the construction work at our 332 site Cava Robles RV Resort is nearly complete. The resort is now accepting reservations and is scheduled to open by the end of second quarter. Construction at Carolina Pines are 840 site development at South Carolina began in the first quarter and we expect to complete approximately 470 sites by the second quarter of 2019,” Shiffman said.

The SUI supplemental package is linked here as a download.

A recent look by MHProNews at Sun Communities IR snapshots, is linked below.

Sun Communities Annual Data and Manufactured Housing Industry Investor Presentation Highlights

Shiffman’s 20th Anniversary as Public Company Video

As background color, this video of Shiffman provides some interesting context.  Listen to his facts then, and compare it to the growth in roughly the last 5 years.

Sun is shown as #1 in the latest list of manufactured home communities, for that list, click here or below.

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UMH CEO Sam Landy Touts and Tempers Manufactured Home Operation’s Expectations

April 10th, 2018 Comments off

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UMH Properties (UMH:NYSE) has both touted and tempered the results and expectations that investors may have with respect to one of the largest players in the manufactured home community (MHC) sector.

 

To provide a balanced view of the latest reports on the manufactured home (MH) community REIT (Real Estate Investment Trust) – UMH Properties – to MH Industry Professionals and investors, one must take a step back and establish some context.

The Daily Business News is the only MH Industry trade media that tracks their and other stocks connected to manufactured homes.  We’ve done so for years. The closing numbers on the UMH stock last night are linked here.


 

 So MHProNews and MHLivingNews.com has directly engaged with UMH Properties for years, as well as tracked reports about them by others.  MHProNews has interviewed UMH President Sam Landy a number of times.

 

The videos posted are both from 2017, but are revealing and relevant precisely as background.  They reflect their leadership’s thinking and company facts in brief.

MHProNews will follow up in the near term with a deeper data dive into UMH, and what that tells us about the trends in manufactured housing in general, as well as in the community sector.

Related reports to the state of the manufactured home industry after the end of the first quarter of 2018 are linked below. ## (News, analysis, and commentary.)  (Third party images are provided under fair use guidelines.)

Related Reports:

“Trailer House Trauma,” Fresh Look at Manufactured Housing’s Opportunities

Intelligence Report – MHI Producer Spotlights “the Plan” for MHCs, Community REITs

Sun Communities Annual Data and Manufactured Housing Industry Investor Presentation Highlights

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Killam Receives Recommendations From Ratings Firms

January 16th, 2017 Comments off
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Killam President Philip Fraser. Credit: Rental Housing Business.

Canada based real estate investment trust Killam Properties Inc. (TSE:KMP.UN) received a number of recommendations from ratings firms recently, with an average recommendation of “buy.

According to Community Financial News, Canaccord Genuity decreased their price target on Killam Properties from C$14.00 to C$13.50 on January 5th.

Scotiabank reaffirmed its “sector perform” rating and set a C$13.75 target price on Killam shares in a report on November 2nd.

TD Securities reaffirmed its “buy” rating on Killam and issued a C$15.00 price target on shares of Killam Properties on October 11th.

KillamReceivesRecommendationsFromRatingsFirmscreditBloomberg-postedtothedailybusinessnewsmhpronewmhlivingnews

Killam 1 year look. Credit: Bloomberg.

As Daily Business News readers are aware, in addition to multifamily apartments, Killam owns 35 manufactured home communities in Atlantic Canada and Ontario.

Killam is also one of the manufactured home industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews. For the recent closing numbers yesterday on all MH industry-connected tracked stocks, please click here. ##

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Equity Lifestyle Properties Sees Volume Spike in Stock, Updates Earnings Guidance

December 2nd, 2016 Comments off
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Collage of ELS, photos, symbols and logo from an annual report.

Equity LifeStyle Properties Inc. (NYSE: ELS) saw a volume spike on its stock on November 29th.

On the day, ELS saw 699,263 shares trade hands on 6,059 trades. The stock averages a daily volume of 444,616 shares a day over the last month, and the difference represents a significant bump in volume.

According to Equities, when a stock experiences a sudden spike in trading volume, it may be seen as a “bullish” signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.

ELS also updated its FY17 earnings guidance on November 29th, providing new guidance of $3.45-3.55 for the period, compared to the Thomson Reuters consensus earnings per share (EPS) estimate of $3.53. The company also updated its Q4 guidance to $0.75-0.81 EPS.

As Daily Business News readers are aware, ELS reported its Q3 2016 earning and 2017 guidance on October 17th. That report is linked here.

equitylifestylepropertiesseesvolumespikeinstockcreditbloomberg-postedtothedailybusinessnewsmhpronewsmhlivingnews

ELS one year view, focus on 11/29/2016. Credit: Bloomberg.

ELS has also been the topic of a number of recent research reports from analysts:

  • Evercore ISI began their coverage in a research report on November 28th, and set a “hold” rating with a $74.00 target price on the stock.
  • TheStreet changed its rating from “buy” to “hold” on October 7th.
  • BMO Capital Markets reissued a “hold” rating and set a $77.00 target price on July 28th.
  • Citigroup boosted their target price on the stock from $70.00 to $80.00 and gave the stock a “neutral” rating July 7th.

Commenting on the budget process during the ELS earnings call in October, CEO Marguerite Nader provided additional insight.

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Marguerite Nader. Credit: Bloomberg.

Each year, we finish our budget process in October and provide detailed projections for the following year.

We have issued guidance of $3.50 for next year, which is a 6.6% growth in FFO per share. Certain line items like seasonal and transient activity require more visibility to be able to forecast with more accuracy. As is our practice, we will update guidance each quarter as we have more knowledge about reservations at the property level,” said Nader.

Demand for our product is strong. The demographic trend is in our favor. We anticipate that we will continue to see the same positive trends from 2016 coming into 2015, including strengthen our RV footprint and increase MH ownership transactions.

As manufactured housing professionals, investors and enthusiasts know, ELS is a REIT – a Real Estate Investment Trust – and is one of the largest owner/operators of manufactured home communities and RV parks in the nation.

ELS is also one of the manufactured home industry connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here. ##

(Editor’s Note: for A Cup of Coffee interview with ELS CEO Nader, click here.  Sam Zell’s post-election reflections are linked here.)

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

Equity LifeStyle, Sun Communities, Lead REIT Recovery in Real Estate Review

October 18th, 2016 Comments off
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Collage of ELS, photos, symbols and logo from an annual report.

Hoya Capital Real Estate published its real estate weekly review via Seeking Alpha on October 15th, which showed a recovery for Real Estate Investment Trusts (REITs), led by Equity LifeStyle Properties (ELS) and Sun Communities, Inc. (SUI).

After what Hoya called the “worst week in several years,” the REIT sector saw a modest increase of 1.5% overall, but the manufactured housing segment led by Equity Lifestyle and Sun Communities was up over 4%.

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Credit: Seeking Alpha.

According to the report, real estate economic data was mixed on the week. Key themes include continued strength in the jobs market, mixed results in retail sales, consumer confidence remaining relatively strong and producer prices ticking slightly higher.

Mortgage rates remain near all-time lows, and the overall mortgage market appears healthy.

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Sun logo and photo credits, Sun Communities, used here – as are all images – under Fair Use guidelines.

Hoya anticipated that the REIT sector will average 7.5% growth in free cash flows (FCF), and they are looking for signs of oversupply in the nonresidential space, which is generally more opaque and difficult to track than the residential sector.

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Credit: Bloomberg.

ELS is due to report earnings today (October 17th.). The Daily Business News has covered ELS extensively here and here. Additionally, our exclusive report on Sam Zell’s views of the MHC industry are linked here.

Sun Communities was recently covered here.

Sun Communities and Equity LifeStyle Properties are two of the industry stocks monitored each business day on the MH Industry’s leading professional news resource, the Daily Business News, on MHProNews.  For the most recent closing numbers on all MH industry-connected tracked stocks, please click here. ##

Editor’s Note – Other Sun Communities – recent reports – as downloadable resources:

(Image credits are as shown above.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

UMH Properties, Inc. Declares Common and Preferred Dividends

October 4th, 2016 Comments off
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Collage credit: MHProNews.

On October 3, 2016, the Board of Directors of UMH Properties, Inc. (NYSE: UMH) declared its quarterly cash dividend on the company’s common stock of $0.18 per share payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.  The company’s annual dividend rate on its common stock is $0.72 per share, according to Yahoo Finance.

Additionally, the board of directors declared a quarterly dividend of $0.515625 per share for the period from September 1, 2016 through November 30, 2016, on the company’s 8.25% Series A Cumulative Redeemable Preferred Stock payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.

Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share.

Also announced was a quarterly dividend of $0.50 for the period from September 1, 2016 through November 30, 2016, on the company’s 8.0% Series B Cumulative Redeemable Preferred Stock payable December 15, 2016, to shareholders of record at the close of business on November 15, 2016.

umhpropertiesincdeclarescommonandpreferreddividendscreditbloomberg-postedtodailybusinessnews

Credit: Bloomberg.

UMH shares were down 0.59% at yesterday’s close, finishing at $11.85. UMH is one of the manufactured home industry-connected stocks tracked every business day by the Daily Business News, with the most recent report, linked here.

umh-properties-credit-screenshot-posted-manufactured-home-livingnews-dailybusinessnewsmhpronews

Image credits, MHLivingNews.com and UMH Properties.

A report on UMH’s most recently acquired properties, is linked here.

UMH is a real estate investment trust (REIT) that owns and operates 98 manufactured home communities (MHCs) in seven states east of the Mississippi, composed of 17,800 developed home sites. A detailed report on their 2nd quarter is linked here. ##

(Image credits are as shown.)

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RC Williams, for Daily Business News, MHProNews.

Submitted by RC Williams to the Daily Business News for MHProNews.

 

 

 

 

 


Sun Communities Aims to Streamline Compensation and Enhance Workflows

July 13th, 2016 Comments off

sun communnities community postedDailyBusinessNewsMHProNewsThe Xactly Corporation, a cloud-based company that specializes in increasing employee performance by incentivizing them and keeping their behavior in line with company goals, has been chosen by Sun Communities, Inc. (NYSE:SUI) to speed the sales compensation process and enhance workflows.

Xactly will standardize our workflows and greatly improve internal communication around commissions so everyone involved can have access to pertinent data which will speed up our entire process,” said Marc Farrugia, VP of HR of Sun Communities, as businesswire informs MHProNews.

By having a single, easy-to-read dashboard to view plans, payments and documents, staff will have more time to concentrate on plan effectiveness. Farrugia added, “Xactly will give us a single source of truth to easily report on and analyze our compensation data so that we can ensure our compensation spend is strategically allocated.”

Since acquiring 103 MHCs from Carefree Communities, Sun, a real estate investment trust (REIT), owns and operates 337 manufactured home and recreational vehicle communities comprised of 117,000 developed sites. It’s stock is reported on the MHProNews daily stock report, as seen here. ##

(Photo credit: Sun Communities, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver to Daily Business News-MHProNews.

UMH Properties Announces Quarterly Stock Dividends

July 4th, 2016 Comments off

umh communities creditThe Board of Directors of UMH Properties, Inc. (NYSE: UMH) declared its quarterly cash dividend on the company’s common stock of $0.18 per share payable September 15, 2016, to shareholders of record as of Aug. 15, 2016. This equates to an annual dividend rate of $0.72 per share, as satprnews tells MHProNews.

Additionally, the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock will yield a quarterly dividend of $0.515625 per share, payable Sept. 15, 2016 to shareholders of record as of Aug. 15, 2016. Series A preferred share dividends are payable quarterly at a rate of $2.0625 per share.

On the Company’s 8.0% Series B Cumulative Redeemable Preferred Stock, a quarterly dividend of $0.50 per share has been declared by the board of directors for the period June 1, 2016 through Aug. 31, 2016, payable Sept. 15, 2016 to shareholders of record as of Aug. 15, 2016.

In trading at the end of the day Fri., July 1, UMH finished the week up +4.44 percent at $11.75, as MHProNews recorded in its daily MH-related stock report.

A public REIT (real estate investment trust), UMH owns and operates 98 manufactured home communities comprised of 17,800 developed sites in seven eastern states. It also owns a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J Silver and posted to Daily Business News-MHProNews.

UMH Properties to Release Q1 Financials

March 30th, 2016 Comments off

umh_mfg_home__cedit_umhMHProNews has learned from prnewswire that manufactured home community (MHC) owner UMH Properties, Inc. will release first quarter 2016 financial results after the market closes on Mon., May 9, 2016, followed by a conference call to discuss the results the next day, Tue., May 10 at 10:00 AM eastern standard time.

UMH is a publicly-traded real estate investment trust (REIT) that owns and operates 98 MHCs comprised of 17,800 developed home sites in seven states east of the Mississippi, as well as a portfolio of REITs. ##

(Photo credit: UMH Properties, Inc.)

matthew-silver-daily-business-news-mhpronews-comArticle submitted by Matthew J. Silver to Daily Business News-MHProNews.