FREEHOLD, N.J. (AP) — UMH Properties Inc. (UMH) on Thursday reported a key measure of profitability in its first quarter. The results did not meet Wall Street expectations.
The Freehold, New Jersey-based real estate investment trust said it had funds from operations of $6.1 million, or 15 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 16 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 a loss of $42.8 million, or $1.04 per share.
The real estate investment trust posted revenue of $37.6 million in the period.
The company's shares have decreased 23% since the beginning of the year. The stock has dropped slightly more than 7% in the last 12 months.