FREEHOLD, N.J. (AP) — FREEHOLD, N.J. (AP) — UMH Properties Inc. (UMH) on Tuesday reported a key measure of profitability in its second quarter. The results exceeded Wall Street expectations.
The real estate investment trust, based in Freehold, New Jersey, said it had funds from operations of $16.8 million, or 23 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 22 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $527,000, or 1 cent per share.
The real estate investment trust, based in Freehold, New Jersey, posted revenue of $60.3 million in the period.
UMH expects full-year funds from operations in the range of 91 cents to 95 cents per share.
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