FREEHOLD, N.J. (AP) — UMH Properties Inc. (UMH) on Thursday reported a key measure of profitability in its third quarter. The results matched Wall Street expectations.
The Freehold, New Jersey-based real estate investment trust said it had funds from operations of $7.1 million, or 19 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 19 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 $11.5 million, or 31 cents per share.
The real estate investment trust posted revenue of $33.4 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $32.2 million.
The company's shares have declined slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $14.24, a decline of roughly 5 percent in the last 12 months.