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Posts Tagged ‘REIT’

UMH Tops the 15,000 Homesite Level

July 30th, 2014 Comments off

umh_mfg_home__cedit_umhMHProNews has been informed that Freehold, NJ-based UMH Properties, Inc. (UMH) has completed the acquisition of two Ohio manufactured housing communities (MHCs) for $5,400,000, according to marketwatch.com. With an average occupancy of 91 percent, the all-age communities contain a total of 258 developed homesites set on 40 acres. The public equity real estate investment trust (REIT) now owns and operates over 15,000 homesites comprising 88 MHCs in seven states east of the Mississippi. The company also owns a portfolio of REITs. ##

(Image credit: UMH Properties, Inc.)

Equity LifeStyle Properties Posts Gains for Q2

July 23rd, 2014 Comments off

Margeurite Nader, CEO and President of Equity LifeStyle Properties (NYSE:ELS), in discussing second quarter 2014 results, reports the company experienced its 19th consecutive quarter of occupancy growth, with homeowner occupied sites increasing by 113, and home renter sites rose by only two. Last year, by comparison, ELS had lost 189 homeowner-occupied sites and gained 360 renters. During Q2 the company sold 66 new homes at a price point of $68,000, substantially more than the 18 sold in Q2 2013, and more than double the 30 sold in Q1 2014. Roughly half the new homes sold this past quarter were through an arrangement with Cavco Industries, Inc., according to seekingalpha.com.

According to watchlistnews.com the company reported $0.63 earnings per share (EPS), $0.02 above the consensus estimate, with revenue of $188.90 million for Q2, 2014, besting the consensus estimate of $179.61 million. For the comparable quarter in 2013 EPS was $0.57. Revenue for the quarter was up 6.8 percent on a year-over-year basis. As MHProNews knows, the real estate investment trust (REIT) has an interest in over 380 manufactured home and recreational vehicle communities comprising more than 143,000 homesites. ##

UMH Properties Declares Common and Preferred Stock Dividends

July 2nd, 2014 Comments off

The board of directors of UMH Properties, Inc. (NYSE:UMH) of Freehold, New Jersey, has declared a quarterly cash dividend on the company’s common stock of $0.18 per share payable Sept. 15, 2014 to shareholders of record as of Aug. 15, 2014. In addition, the board declared a quarterly dividend of $0.515625 per share of the company’s 8.25% Series A Preferred Stock also payable Sept. 15, 2014 for shareholders of record on Aug. 15, 2014. UMH is a publicly-traded real estate investment trust (REIT) that owns and operates 82 manufactured home communities (MHCs) comprised of 14,500 developed home sites. According to what wsj.com informs MHProNews, the company also owns a portfolio of REIT securities. ##

(Image credit: UMH Properties, Inc.)

Eugene Landy Honored by Yale Law School

June 25th, 2014 Comments off

Yale Law School’s 2014 recipient of the Simeon Baldwin award has been conferred upon Eugene Landy, founder and chairman of UMH Properties, Inc. (NYSE:UMH) and Monmouth Real Estate Investment Corp. (NYSE:MNR). The award recognizes achievement in law and business. Describing Landy as “one of the pioneers and founders of the real estate investment trust (REIT) industry,” Roberta Romano, director of the Yale Law School Center for the Study of Corporate Law, says the 1958 graduate of of Yale Law School “early on recognized how the REIT creates value by turning illiquid assets into liquid ones, facilitating homeowners’ and entrepreneurs’ property acquisitions.” According to reit.com, Landy, describing the economic concept as simple, said, “Creating new pools of real estate capital would reduce the cost of offices, apartments, factories, stores and industrial buildings. A new investment vehicle would create wealth and it has. Today, REITs are worldwide in acceptance.” MHProNews knows UMH owns and operates 82 manufactured housing communities (MHCs) comprised of 14,500 developed sites, as well as a portfolio of REIT securities.

A link to a our exclusive video interview with Eugene Landy is here. ##

(Photo credit: google.com)

UMH Sets Conference Call for Q2 2014 Financials

June 18th, 2014 Comments off

Real estate investment trust (REIT) UMH Properties, Inc. will host a webcast to report on its second quarter 2014 financial results Friday, Aug. 8, 2014 at 10:00 AM, after releasing the numbers, Thursday, Aug. 7, according to marketwatch.com. To participate click on the company website www.umh.com. As MHProNews understands UMH owns and operates 82 manufactured home communities comprised of 14,500 developed homesites and owns a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

Community Development Trust Elects Retsinas Chairman

May 21st, 2014 Comments off

Nicholas Retsinas, director emeritus of Harvard University’s Joint Center for Housing Studies and senior lecturer in real estate at Harvard Business School, has been elected chairman of the board of the Community Development Trust (CDT), the country’s first and largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing. A CDT board member since the company was founded in 1998, he previously served as assistant secretary for Housing and Federal Housing Commissioner at the United States Department of Housing and Urban Development (HUD). In 2012, Retsinas was named to the Bipartisan Policy Center’s Housing Commission where he co-chairs the Mortgage Finance Reform Working Group. In addition, as MHProNews.com has learned from multihousingnews.com, Retsinas is on the board of directors of Freddie Mac and the Center for Responsible Lending, chairs the Providence Housing Authority and is past chair of Habitat for Humanity International.

Distinctions include the Housing Leadership Award from the National Low Income Housing Coalition, Bloomberg Businessweek’s 50 Most Powerful People in Real Estate list, the Excellence in Public Service Award from the Rental Housing Association, and Induction into the Affordable Housing Hall of Fame.

(Photo credit: multihousingnews.com–Nicholas Retsinas)

Newcastle Divests itself of Manufactured Housing Portfolio

May 13th, 2014 Comments off

MHProNews.com has learned Newcastle Investment Corp. (NYSE:NCT) completed the sale of its manufactured housing portfolio that had a face amount of $222 million and was sold at 104 percent of par, $231 million. Part of the proceeds will go towards $152 million in debt expense, says businesswire.com. Newcastle received total proceeds of $85 million from the sale, generating a gain of $20 million in Q2 2014. The company is a real estate investment trust (REIT) that specializes in senior housing, real estate debt and golf and other investments. It could not be immediately determined what asset was sold nor to whom. ##

(Photo credit: MHProNews.com)

UMH Properties Reports Income Increase for First Quarter 2014

May 9th, 2014 Comments off

UMH Properties, Inc. reports total income for the first quarter of 2014 rose to $15,849,000 from $13,426,000 for the same period of 2013, resulting in income of $6,559,000 in 2014 over $5,695,000 in 2013, according to marketwatch.com. Based in Freehold, New Jersey, the company reports core funds from operations attributable to common shareholders (Core FFO) of $2,425,000 or $0.11 per diluted share for the quarter ending March 31, 2014, as compared to $5,254,000 or $0.30 per diluted share for the quarter that ended March 31, 2013. Samuel A. Landy, president and CEO says overall occupancy in the communities was stable at 81.0 percent while occupancy in the rental units is at 91.1 percent. Additionally, sales of manufactured homes was hampered by the severe winter weather. UMH acquired eight manufactured housing communities (MHCs) in the first quarter 2014 comprised of 1,018 homesites. MHProNews.com understands the publicly-owned real estate investment trust (REIT) owns and operates 82 MHCs containing 14,500 homesites as well as a portfolio of REIT securities. ##

(Photo credit: UMH Properties, Inc.)

Sun to Release Q1 Financials

April 15th, 2014 Comments off

Southfield, Michigan-based Sun Communities, Inc. reports it will release its Q1 2014 financials April 30, prior to the opening of the market, followed by a conference call later that same morning at 11:00 AM eastern standard time to discuss the results, according to marketwatch.com. To participate call toll free 800 762 8779. MHProNews.com understands Sun, a real estate investment trust (REIT), owns and operates a portfolio of 192 manufactured housing and recreational vehicle communities comprised of 71,800 developed sites. Sun’s stock closed at $43.47, up +0.37 percent in trading Mon., April 14.##

(Photo credit: Sun Communities, Inc.)

 

UMH Earns a “Hold” Rating

April 14th, 2014 Comments off

According to mideasttime.com, analysts at Wunderlich assumed coverage on real estate investment trust (REIT) UMH Properties, Inc., issuing a “hold rating” and a $10.00 price target on the stock. That target would indicate an increase of 1.21 percent over the previous close. The stock opened at $9.87 on Thurs., April 10 and closed at $9.78 on Fri., April 11. The company has announced a quarterly dividend of $0.18 per share to be paid June 16. Analysts anticipate earnings per share this fiscal year of $0.66. As MHProNews knows, UMH owns and operates 82 manufactured housing communities (MHCs) consisting of 14,500 developed homesites. ##

(Photo credit: UMH Properties, Inc.)