UMH Properties, Inc. is a real estate investment trust that owns and operates manufactured home communities. The document includes two charts showing the company's total revenues and annual dividend per share increasing from 2006 to 2010. It also shows a chart on the company's sales and finance increasing over the same period.
The document summarizes the development of Community Gaming Centres (CGCs) in British Columbia as a new entertainment brand. It describes how CGCs were created in 2004 to meet growing demand for slots while maintaining responsible gambling in a differentiated facility model compared to casinos. Four cornerstones guided the vision: exciting facilities, product variety, remarkable guest experiences, and effective marketing. While alignment issues arose between BCLC and private sector operators, the CGC model achieved revenue growth, increased participation, and public support for gambling in BC.
The 2002 Symantec annual report summarizes the company's financial and operational performance for the fiscal year. Key highlights include revenue growing 13% to over $1 billion and net income growing 9% to $200.7 million. The enterprise security segment grew 29% and now makes up 42% of total revenue. Symantec also expanded its security product portfolio, strengthened partnerships, and invested in research and development. Going forward, Symantec aims to continue leading the industry through more integrated security solutions and rapid response to emerging threats.
Circulation Revenue - The other Revenue StreamEdward Baral
Traditionally newspapers have had a focus on advertising revenues. This presentation examines how ignoring circulation revenue can have a very detrimental impact on the bottom line. It also demonstrates that it is possible to charge more and still hold circulation. This paper was presented at Publish Asia 2009.
The document reports annual performance data for a diversified asset management portfolio and the S&P 500 from 1999-2008. It shows the portfolio outperformed the S&P 500 in most years, with gains in 1999, 2000, 2003-2007 and losses in 2001-2002 and 2008. Asset allocations within the portfolio are also provided for several years.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
Barry-Wehmiller Companies CEO Robert Chapman discusses leadership and achieving principled results with a purpose. He shares that after 30 years as CEO, he has come to understand the importance of leadership. Chapman then provides three examples of how leadership can positively impact people's lives: 1) Inspiring a safety covenant that reduced injuries, 2) A customer service "game" that increased sales and motivation, and 3) Transforming an acquired company from major losses to profits through vision and inspiration. Chapman encourages discovering one's purpose and using leadership to inspire others.
The document is Timken Company's 2004 annual report. It discusses:
1) Timken achieved record sales of $4.5 billion in 2004, a 19% increase over 2003, and net income nearly quadrupled to $135.7 million.
2) The company strengthened its financial position in 2004, lowering its debt-to-capital ratio despite higher working capital needs.
3) Timken made progress integrating its largest acquisition, The Torrington Company, and realized $80 million in integration savings, ahead of target.
The document summarizes the development of Community Gaming Centres (CGCs) in British Columbia as a new entertainment brand. It describes how CGCs were created in 2004 to meet growing demand for slots while maintaining responsible gambling in a differentiated facility model compared to casinos. Four cornerstones guided the vision: exciting facilities, product variety, remarkable guest experiences, and effective marketing. While alignment issues arose between BCLC and private sector operators, the CGC model achieved revenue growth, increased participation, and public support for gambling in BC.
The 2002 Symantec annual report summarizes the company's financial and operational performance for the fiscal year. Key highlights include revenue growing 13% to over $1 billion and net income growing 9% to $200.7 million. The enterprise security segment grew 29% and now makes up 42% of total revenue. Symantec also expanded its security product portfolio, strengthened partnerships, and invested in research and development. Going forward, Symantec aims to continue leading the industry through more integrated security solutions and rapid response to emerging threats.
Circulation Revenue - The other Revenue StreamEdward Baral
Traditionally newspapers have had a focus on advertising revenues. This presentation examines how ignoring circulation revenue can have a very detrimental impact on the bottom line. It also demonstrates that it is possible to charge more and still hold circulation. This paper was presented at Publish Asia 2009.
The document reports annual performance data for a diversified asset management portfolio and the S&P 500 from 1999-2008. It shows the portfolio outperformed the S&P 500 in most years, with gains in 1999, 2000, 2003-2007 and losses in 2001-2002 and 2008. Asset allocations within the portfolio are also provided for several years.
The document provides an overview of Barrick Gold Corporation's presentation at the Scotia Capital's Precious Metals Conference on November 27, 2007. It includes summaries of Barrick's financial performance in Q3 2007, outlook for 2007, focus on project execution including the Nevada power plant and Yanacocha gold mill, exploration and development pipeline including Conga and Akyem, and the proposed acquisition of Miramar Mining and its Hope Bay project. Charts are included showing historical gold prices, gold ETF holdings, Barrick's costs applicable to sales and equity gold sales in Q3 2007.
Barry-Wehmiller Companies CEO Robert Chapman discusses leadership and achieving principled results with a purpose. He shares that after 30 years as CEO, he has come to understand the importance of leadership. Chapman then provides three examples of how leadership can positively impact people's lives: 1) Inspiring a safety covenant that reduced injuries, 2) A customer service "game" that increased sales and motivation, and 3) Transforming an acquired company from major losses to profits through vision and inspiration. Chapman encourages discovering one's purpose and using leadership to inspire others.
The document is Timken Company's 2004 annual report. It discusses:
1) Timken achieved record sales of $4.5 billion in 2004, a 19% increase over 2003, and net income nearly quadrupled to $135.7 million.
2) The company strengthened its financial position in 2004, lowering its debt-to-capital ratio despite higher working capital needs.
3) Timken made progress integrating its largest acquisition, The Torrington Company, and realized $80 million in integration savings, ahead of target.
Kerry Preete, Vice President of U.S. Crop Production at Monsanto, presented at the Banc of America Field of Dreams Tour on July 12-13, 2005. The presentation discussed Monsanto's market leadership in biotech traits, with global biotech acreage growing 11% and U.S. acreage growing 4% in 2005. It also overviewed Monsanto's pipeline of new biotech traits for corn, cotton, and soybeans that will drive continued growth and deliver value to farmers through improved yields and weed control.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
Integrated Marketing Communications (IMC) involves coordinating all aspects of a company's marketing efforts, including advertising, promotions, public relations, and other tools, with the goal of creating a seamless message that maximizes impact on customers while minimizing costs. IMC aims to integrate all communications channels used by a company internally and externally into a strategic, targeted program.
The document provides market data for industrial, office, multifamily, and retail properties in Reno, Nevada for the fourth quarter of 2008. Some key points:
- For industrial properties, the average asking sale price per square foot was $122.63. Manufacturing buildings had the highest average size at 59,352 square feet.
- For office properties, the average asking sale price per square foot was $215.52. Office buildings had the highest average size at 10,848 square feet.
- For multifamily properties, garden/low-rise buildings had the highest median asking sale price at $887,000. Mid/high-rise buildings had the highest average number of units at 147.
This document provides a budget forecast and financial analysis for expanding McDowell's restaurant. It includes projections for revenue and expenses from 2009-2013, showing steady growth and net earnings each year. It also evaluates 5 potential sites for expansion, scoring them based on distance from city center, building cost, and space. The best option is site A5. Finally, it models two financing options for expanding, comparing loan amounts, interest rates, monthly payments, and total costs to determine the most favorable terms.
M&A Trends, Valuation and Financial Preparation for an M&A DealWhitmeyerTuffin
This document provides a summary of M&A market activity and valuations for 2011. Key points include:
- Private equity groups have $490 billion of dry powder to invest in deals. However, relatively few high-performing target companies exist compared to available capital.
- Valuations have rebounded from lows in 2008-2009, with total enterprise value to EBITDA multiples between 5-7x for lower middle market deals of $10-250 million.
- Strategic buyers and private equity groups remain active in emerging growth and middle market M&A, seeking growth opportunities without taking on significant risk. Modest economic growth also supports the buy versus build strategy.
marriott international 2000 Annual Reportfinance20
Marriott International is a leading global hospitality company with over 2,200 operating units across 60 countries. With 21 distinct brands, Marriott offers the broadest portfolio of hotel brands in the world. Each brand is a leader in its category with high customer preference and growth potential. Collectively, the unique strengths of these brands form a powerful network that allows Marriott to leverage economies of scale and capitalize on profitable opportunities, strengthening the entire company. Marriott's wide distribution ensures a strong presence in markets where customers want them, and their brands are becoming more recognizable and preferred globally.
The document demonstrates the benefits of an indexed annuity product called Index-5 from American Equity over a 12-year period from 1998 to 2010. The Index-5 was able to accumulate value based on the appreciation of the S&P 500 index without losses in down years of the index due to its annual reset design. It provided upside potential while guaranteeing the principal. Indexed annuities offer benefits like minimum guarantees, tax deferral, guaranteed lifetime income and preservation of premium.
The document is Lowe's annual report for 2003. It discusses Lowe's strong financial performance in 2003, with sales increasing 18.1% to $30.8 billion and net earnings growing 27.6% compared to 2002. Lowe's served over 520 million customers in 2003 and opened 130 new stores. The report expresses confidence that demographic and housing market trends will continue to drive growth in home improvement spending.
This document is an expense report template for an employee to report costs incurred during a pay period. It includes sections to report meals and entertainment expenses by date, auto expenses like rental cars and mileage by date, other expenses like hotels and airfare by date, and phone and internet expenses by month. The employee must sign and provide receipts, and the report needs manager and accounting approval. Expenses must be supported by receipts and detailed descriptions.
This document is an expense report template for an employee to report costs incurred during a pay period. It includes sections to report meals and entertainment expenses by date, auto expenses like rental cars and mileage by date, other expenses like hotels and airfare by date, and phone and internet expenses by month. The employee must sign and provide original receipts, and the report needs manager and accounting approval. Details for auto mileage, entertainment, and other expenses are listed on additional pages.
The State of California Wireless Savings Report for December 2010 found that:
1) The total savings for the wireless program was $2,624,143.57 with $551,466.47 saved in December alone, representing a 28% savings from the baseline and 4.75% more than November savings.
2) The top 10 departments in December were led by CDCR with nearly $138k saved and DOT with more than $47k saved.
3) 54,384 wireless lines were managed in December.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
The document discusses six principles of photography: simplicity, rule of thirds, lines, balance, framing, and avoiding mergers. It also lists six sources from Flickr.com to illustrate these principles, with each source providing an example photo related to one of the principles.
- Tesco reported a 2.7% increase in group sales excluding petrol for the first quarter, with online grocery sales continuing to outperform.
- In the UK, total sales grew 1.0% excluding petrol despite a subdued market, while like-for-like sales declined 1.0% due to accelerating work to refocus general merchandise.
- International performance was mixed, with Asia sales up 2.8% excluding exchange rates but Europe down 3.0% excluding exchange rates due to challenging economic conditions.
The document analyzes a dataset of 32 million real-world passwords that were leaked online. It finds that most passwords are very weak, being short, predictable, and often common words or names. Specifically, about 30% were 6 characters or less, 60% used a limited set of characters, and nearly 50% used dictionary words, names or trivial patterns. The analysis shows passwords have not significantly improved over decades and most users still choose very weak credentials, posing major risks as hacking techniques advance.
This document contains a list of names and images including Kelsey Nobes, Holly Roland, Peter Nobes, Alanna, Greg, Ronald and pictures of stick people. Other items mentioned are Scott Pilgrim, the Internet, Kraft Macaroni, Cuties and a smiley face. The document also includes citations for the images from Flickr that were accessed on December 15, 2011.
The document outlines the experiences of a student who went to Ireland to study at Rockwell College. It describes staying with a host family, participating in various activities with them such as picking blackberries. It then lists the activities the student engaged in at Rockwell College, including classes, rugby training, choir competitions, and trips to landmarks across Ireland like the Giant's Causeway and Trinity College. It concludes by thanking the reader for their attention.
This PowerPoint presentation discusses God's purposes for families and how Christians can reflect God's love in their families. It encourages fulfilling God's vision of families providing companionship and community and expressing love through respect, care, and quality time. The presentation offers application questions to help attendees implement these principles, suggesting spending more meaningful time with family and treating each other with love.
This document provides the 4th quarter and full year 2007 results for Comcast Corporation. It discusses Comcast's focus on profitable growth and shareholder value. For 2008, Comcast expects consolidated revenue and operating cash flow growth of 8-10% and consolidated free cash flow growth of at least 20%. It also commits to returning capital to shareholders through stock repurchases and initiating a quarterly dividend. Charts show trends in Comcast's consolidated and cable segment results from 2005 to 2007.
This document contains templates for an expense report form and concept models or personas that could be used in developing an application for reporting expenses. The expense report form template includes fields for date, items, kilometers, costs for meals, lodging, and other expenses. The concept models provide examples of potential personas for a finance manager and employee who would use the expense reporting application.
Kerry Preete, Vice President of U.S. Crop Production at Monsanto, presented at the Banc of America Field of Dreams Tour on July 12-13, 2005. The presentation discussed Monsanto's market leadership in biotech traits, with global biotech acreage growing 11% and U.S. acreage growing 4% in 2005. It also overviewed Monsanto's pipeline of new biotech traits for corn, cotton, and soybeans that will drive continued growth and deliver value to farmers through improved yields and weed control.
- Yahoo reported Q2 2009 financial results on July 21, 2009.
- Total revenue was $1.57 billion, down 13% year-over-year. However, revenue excluding traffic acquisition costs (Revenue ex-TAC) was $1.14 billion, down 16% year-over-year.
- Operating cash flow was $385 million, a 10% decrease from the previous year, representing 34% of Revenue ex-TAC.
Integrated Marketing Communications (IMC) involves coordinating all aspects of a company's marketing efforts, including advertising, promotions, public relations, and other tools, with the goal of creating a seamless message that maximizes impact on customers while minimizing costs. IMC aims to integrate all communications channels used by a company internally and externally into a strategic, targeted program.
The document provides market data for industrial, office, multifamily, and retail properties in Reno, Nevada for the fourth quarter of 2008. Some key points:
- For industrial properties, the average asking sale price per square foot was $122.63. Manufacturing buildings had the highest average size at 59,352 square feet.
- For office properties, the average asking sale price per square foot was $215.52. Office buildings had the highest average size at 10,848 square feet.
- For multifamily properties, garden/low-rise buildings had the highest median asking sale price at $887,000. Mid/high-rise buildings had the highest average number of units at 147.
This document provides a budget forecast and financial analysis for expanding McDowell's restaurant. It includes projections for revenue and expenses from 2009-2013, showing steady growth and net earnings each year. It also evaluates 5 potential sites for expansion, scoring them based on distance from city center, building cost, and space. The best option is site A5. Finally, it models two financing options for expanding, comparing loan amounts, interest rates, monthly payments, and total costs to determine the most favorable terms.
M&A Trends, Valuation and Financial Preparation for an M&A DealWhitmeyerTuffin
This document provides a summary of M&A market activity and valuations for 2011. Key points include:
- Private equity groups have $490 billion of dry powder to invest in deals. However, relatively few high-performing target companies exist compared to available capital.
- Valuations have rebounded from lows in 2008-2009, with total enterprise value to EBITDA multiples between 5-7x for lower middle market deals of $10-250 million.
- Strategic buyers and private equity groups remain active in emerging growth and middle market M&A, seeking growth opportunities without taking on significant risk. Modest economic growth also supports the buy versus build strategy.
marriott international 2000 Annual Reportfinance20
Marriott International is a leading global hospitality company with over 2,200 operating units across 60 countries. With 21 distinct brands, Marriott offers the broadest portfolio of hotel brands in the world. Each brand is a leader in its category with high customer preference and growth potential. Collectively, the unique strengths of these brands form a powerful network that allows Marriott to leverage economies of scale and capitalize on profitable opportunities, strengthening the entire company. Marriott's wide distribution ensures a strong presence in markets where customers want them, and their brands are becoming more recognizable and preferred globally.
The document demonstrates the benefits of an indexed annuity product called Index-5 from American Equity over a 12-year period from 1998 to 2010. The Index-5 was able to accumulate value based on the appreciation of the S&P 500 index without losses in down years of the index due to its annual reset design. It provided upside potential while guaranteeing the principal. Indexed annuities offer benefits like minimum guarantees, tax deferral, guaranteed lifetime income and preservation of premium.
The document is Lowe's annual report for 2003. It discusses Lowe's strong financial performance in 2003, with sales increasing 18.1% to $30.8 billion and net earnings growing 27.6% compared to 2002. Lowe's served over 520 million customers in 2003 and opened 130 new stores. The report expresses confidence that demographic and housing market trends will continue to drive growth in home improvement spending.
This document is an expense report template for an employee to report costs incurred during a pay period. It includes sections to report meals and entertainment expenses by date, auto expenses like rental cars and mileage by date, other expenses like hotels and airfare by date, and phone and internet expenses by month. The employee must sign and provide receipts, and the report needs manager and accounting approval. Expenses must be supported by receipts and detailed descriptions.
This document is an expense report template for an employee to report costs incurred during a pay period. It includes sections to report meals and entertainment expenses by date, auto expenses like rental cars and mileage by date, other expenses like hotels and airfare by date, and phone and internet expenses by month. The employee must sign and provide original receipts, and the report needs manager and accounting approval. Details for auto mileage, entertainment, and other expenses are listed on additional pages.
The State of California Wireless Savings Report for December 2010 found that:
1) The total savings for the wireless program was $2,624,143.57 with $551,466.47 saved in December alone, representing a 28% savings from the baseline and 4.75% more than November savings.
2) The top 10 departments in December were led by CDCR with nearly $138k saved and DOT with more than $47k saved.
3) 54,384 wireless lines were managed in December.
The document analyzes freight costs and identifies store direct shipments as a major factor. Specifically, store direct shipments of non-toy items like optical drives significantly increase freight costs due to their high average sales price compared to toy items. Actions are recommended to stop shipping non-toy items store direct, ship toy items in 10-packs to lower costs, and change the metric for toy item freight out from a percentage of revenue to a cost per unit.
The document discusses six principles of photography: simplicity, rule of thirds, lines, balance, framing, and avoiding mergers. It also lists six sources from Flickr.com to illustrate these principles, with each source providing an example photo related to one of the principles.
- Tesco reported a 2.7% increase in group sales excluding petrol for the first quarter, with online grocery sales continuing to outperform.
- In the UK, total sales grew 1.0% excluding petrol despite a subdued market, while like-for-like sales declined 1.0% due to accelerating work to refocus general merchandise.
- International performance was mixed, with Asia sales up 2.8% excluding exchange rates but Europe down 3.0% excluding exchange rates due to challenging economic conditions.
The document analyzes a dataset of 32 million real-world passwords that were leaked online. It finds that most passwords are very weak, being short, predictable, and often common words or names. Specifically, about 30% were 6 characters or less, 60% used a limited set of characters, and nearly 50% used dictionary words, names or trivial patterns. The analysis shows passwords have not significantly improved over decades and most users still choose very weak credentials, posing major risks as hacking techniques advance.
This document contains a list of names and images including Kelsey Nobes, Holly Roland, Peter Nobes, Alanna, Greg, Ronald and pictures of stick people. Other items mentioned are Scott Pilgrim, the Internet, Kraft Macaroni, Cuties and a smiley face. The document also includes citations for the images from Flickr that were accessed on December 15, 2011.
The document outlines the experiences of a student who went to Ireland to study at Rockwell College. It describes staying with a host family, participating in various activities with them such as picking blackberries. It then lists the activities the student engaged in at Rockwell College, including classes, rugby training, choir competitions, and trips to landmarks across Ireland like the Giant's Causeway and Trinity College. It concludes by thanking the reader for their attention.
This PowerPoint presentation discusses God's purposes for families and how Christians can reflect God's love in their families. It encourages fulfilling God's vision of families providing companionship and community and expressing love through respect, care, and quality time. The presentation offers application questions to help attendees implement these principles, suggesting spending more meaningful time with family and treating each other with love.
This document provides the 4th quarter and full year 2007 results for Comcast Corporation. It discusses Comcast's focus on profitable growth and shareholder value. For 2008, Comcast expects consolidated revenue and operating cash flow growth of 8-10% and consolidated free cash flow growth of at least 20%. It also commits to returning capital to shareholders through stock repurchases and initiating a quarterly dividend. Charts show trends in Comcast's consolidated and cable segment results from 2005 to 2007.
This document contains templates for an expense report form and concept models or personas that could be used in developing an application for reporting expenses. The expense report form template includes fields for date, items, kilometers, costs for meals, lodging, and other expenses. The concept models provide examples of potential personas for a finance manager and employee who would use the expense reporting application.
This document outlines the work schedule and hours for three employees of [Company Name] from January 4-10, 2010. Employee 1 worked full days Monday through Friday. Employee 2 also worked full days Monday through Friday. Employee 3 took medical leave on Wednesday and vacation days on Thursday and Friday. In total, 104 hours were worked with a daily labor cost of $1,660.
Marketing Automation vendors have received funding of over $170MM combined. This infographic/timeline shows when each round of financing was done for each vendor.
Writing changedmylife.com automated ms excel invoicedfreelancer
The document provides instructions for using an automated invoice template for a writing business. It explains that the template calculates totals automatically each month based on the number of articles and rate per article entered for each client. The overall monthly income is also calculated automatically. The template is meant to simplify the monthly invoicing process.
This document summarizes the financial situation of the CUSD school district. It shows that for 2010-2011, revenue was $82.6 million while expenses were $84.22 million, resulting in a $1.62 million deficit. For 2011-2012, projected revenue is $71.25 million while expenses are projected to be $82.2 million, resulting in a projected $10.95 million deficit. To close this deficit, the document outlines over $11 million in potential expense reductions, including increasing class sizes, reducing staff through layoffs and furloughs, cutting programs and transportation, and closing an elementary school. It recommends approving the prior year's financial report and a resolution adopting financial limits.
Materials developed and/or produced by the Health Policy Partners of Maine are meant for informational and educational purposes only. Do not use or replicate this information in any form without express permission of the coalition. For more information, contact aolfene@lungne.org.
Monsanto Vice President Kerry Preete presented at the Merrill Lynch Chemicals Conference on March 15, 2005. The presentation discussed Monsanto's crop production platforms in large-acre and small-acre crops, highlighting biotechnology adoption rates. It also summarized Monsanto's market leadership in key crops such as corn, soybeans, and cotton, and new product innovations in plant breeding and biotechnology to enhance crop traits and create value.
Real-time bidding (RTB) is a programmatic advertising method where online display ad space is bought and sold on an impression-by-impression basis through real-time auctions that occur within milliseconds of a user visiting a webpage. Advertisers bid on ad impressions for specific audiences in real-time based on user data and can target more valuable users, potentially achieving better results like lower cost-per-acquisition than bulk buying impressions for large audiences.
Real-time bidding (RTB) is a programmatic advertising method where online display ad space is bought and sold on an impression-by-impression basis through real-time auctions that occur within milliseconds of a user visiting a webpage. Advertisers bid on ad impressions for potential customers in real-time auctions, and if their bid wins, their ad will be displayed to that user. This allows advertisers to only pay for valuable users who are likely to be interested in their product, as opposed to bulk buying impressions targeting large audiences.
The document is a mileage log and reimbursement form for an employee. It contains fields for the employee name and ID, vehicle description, mileage rates, and dates, locations, and mileage for trips taken. However, all mileage and reimbursement amounts are listed as 0, indicating no trips were logged or reimbursement provided.
1) Shuffle Master reported record net income of $9.1 million and record adjusted EBITDA of $19.5 million for Q3 2011.
2) Total revenue increased 13% year-over-year to $58.3 million in Q3 2011, driven by new products in existing markets.
3) Recurring revenue, which includes leases, participation games, and utility, grew 11% year-over-year and represented 46% of total revenue for Q3 2011.
1) Shuffle Master reported record net income of $9.1 million and record adjusted EBITDA of $19.5 million for Q3 2011.
2) Total revenue increased 13% year-over-year to $58.3 million in Q3 2011, driven by new products in existing markets.
3) Recurring revenue, which includes leases, participation games, and utility, grew 11% year-over-year and represented 46% of total revenue for Q3 2011.
1) Shuffle Master reported record net income of $9.1 million and record adjusted EBITDA of $19.5 million for Q3 2011.
2) Total revenue increased 13% year-over-year to $58.3 million in Q3 2011, driven by new products in existing markets.
3) Recurring revenue, which includes leases, participation games, and utility, grew 11% year-over-year and represented 46% of total revenue for Q3 2011.
1) Shuffle Master reported record net income of $9.1 million and record adjusted EBITDA of $19.5 million for Q3 2011.
2) Total revenue increased 13% year-over-year to $58.3 million in Q3 2011, driven by new products in existing markets.
3) Recurring revenue, which includes leases, participation games, and utility, grew 11% year-over-year and represented 46% of total revenue for Q3 2011.
1) Shuffle Master reported record net income of $9.1 million and record adjusted EBITDA of $19.5 million for Q3 2011.
2) Total revenue increased 13% year-over-year to $58.3 million in Q3 2011, driven by new products in existing markets.
3) Recurring revenue, which includes leases, participation games, and utility, grew 11% year-over-year and represented 46% of total revenue for Q3 2011.
Shuffle Master reported record financial results for Q3 2011, including net income of $9.1 million and adjusted EBITDA of $19.5 million. Revenue increased 13% year-over-year to $58.3 million, driven by new EGM and utility products in existing markets. Management discussed initiatives to improve the ETS business and expand into new markets in Latin America and Asia, as well as progress on i-Gaming licensing deals and upgrade programs to drive recurring revenue and protect the existing lease base.
What Buyers Are Thinking & Doing in Today's M&A MarketLinda Gridley
Gridley presented at the DFJ Gotham Annual Meeting on May 17, 2012. The presentation discussed how traditional industry leaders are highly vulnerable due to unprecedented innovation in areas like cloud computing, new business models, and open source/architecture. Gridley noted that over $130 billion of value has been created in just 3 years through this rapid innovation. The presentation analyzed M&A activity among both traditional and emerging technology companies. Gridley advised sellers to be realistic about pricing and pursue strategic integrations with potential acquirers.
Dean Foods is one of the largest dairy companies in the US with over $10 billion in net sales. It has two main business segments - the Dairy Group and WhiteWave Foods. The Dairy Group is the largest dairy processor in the US and focuses on regional brands and efficient distribution. WhiteWave Foods owns leading brands such as Silk, Horizon Organic, and International Delight. It focuses on premium and high-growth brands and improving its supply chain. Dean Foods aims to achieve 8-10% long-term earnings growth per share through volume growth, efficiency gains, and portfolio optimization.
The document provides instructions for setting up and using the Kodak PlayTouch video camera. It describes how to charge the battery, insert an SD card, turn the camera on, take and review videos and photos, delete files, and connect the camera to a TV or computer. The document also explains how to use features like the zoom, effects, and editing tools to enhance videos.
- Tesco is undergoing a period of transition as Philip Clarke takes over as CEO and reshapes the organisation and management team.
- Changes have been made to address performance issues in the UK, refocus the US business, exit Japan, and slow the development of Tesco Bank.
- Governance processes have been updated with a new Board Corporate Responsibility Committee to ensure strategic focus on corporate responsibility.
- There have been board changes including new non-executive director Deanna Oppenheimer who brings international retail, banking, and digital experience.
- Financial results showed 7.4% sales growth but modest profit growth of 1.3% as strong international performance was offset by a reduction in UK profits
A media arts major involves the study of film and video as art forms. The degree provides a liberal arts background and focuses on understanding the role of film in modern society. Graduates may pursue careers in film, advertising, education, public relations, or freelance work. With more education, some become film directors, producers, editors or professors. Employers include film companies, studios, museums, and universities. To be competitive, students gain experience through internships and build a specialty reflecting their interests.
A media arts major involves the study of film and video as art forms. The degree provides a liberal arts background and focuses on understanding the role of film in modern society. Graduates may pursue careers in film, advertising, education, public relations, or freelance work. With more education, some become film directors, producers, editors or professors. Employers include film companies, studios, museums, and universities. To be competitive, students gain experience through internships and build a specialty reflecting their interests.
This recipe provides instructions for making a Moroccan Chicken and Couscous Salad. It includes a list of ingredients such as chicken breast, carrots, celery, onions, tomatoes, chickpeas, coriander and couscous. The chicken is cooked with Ras El Hanout spice mix and vegetables before adding tomatoes, stock and chickpeas to simmer. Couscous is prepared separately and the finished chicken and vegetables are served over the couscous with optional bread.
Dixons Retail reported a 3% decline in total underlying sales and a 5% drop in like-for-like sales for the 12 weeks ending January 7, 2012. However, its UK operations outperformed competitors with strong pre-Christmas sales and a 2% increase in like-for-like sales for the first two weeks of January. Multichannel sales grew 19% as online sales increased. The Nordic operations continued gaining market share through less aggressive pricing. However, operations in Italy and Greece struggled due to weak local economies. Gross margins remained flat year-over-year and inventory levels decreased 7%.
Ivona Poyntz Yorkshire building Society 2010 report accountsIvonaPoyntz
The document is the Chairman's report from the Yorkshire Building Society's 2010 annual report. It discusses the Society's strong financial performance in 2010 despite tough market conditions. The Chairman notes the Society achieved profitability, increased lending in a prudent manner, and made substantial progress integrating Chelsea Building Society following their 2010 merger. The report also provides details on the Board's focus on governance, risk management, and overseeing the financial performance and Chelsea integration. It discusses leadership changes at the Society in 2010.
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1. UMH PROPERTI ES, INC.
UMH PROPERTI ES
UMH PROPERTI ES
UMH PROPERTI ES
2 0 1 0
A NNUA L R EPORT
2. Total Revenues Per Share Annual Dividend
$45.0 Total Revenues $1.00 Per Share Annual Dividend
$40.0 $.90
$45.0 $1.00
$35.0 $.80
$40.0 $.90
$.70
$30.0 $.80
Millions of DollarsDollars
$35.0
$.60
$25.0 $.70
$30.0 $.50
Millions of
$20.0 $.60
$25.0 $.40
$.50
$15.0 $.30
$20.0
$.40
$10.0 $.20
$15.0 $.30
$5.0 $.10
$10.0 $.20
$0.0 $0
$5.0 2006 2007 2008 2009 2010 $.10
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$0.0 $0
2006 2007 2008 2009 2010
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
UMH Sales and Finance Total Shareholder Return
$18.0 UMH Sales and Finance 300 60% Total Shareholder Return
50%
$16.0 60%
$18.0 300
250 40%
$14.0 50%
$16.0 30%
$12.0 250
200 40%
$14.0 20%
Sales (Millions)
30%
HomesHomes Sold
$10.0 10%
$12.0 200
150 20%
Sales (Millions)
0%
Sold
$8.0
$10.0 10%
150 -10%
$6.0 100 0%
$8.0 -20%
$4.0 -10%
$6.0 100
50 -30%
$2.0 -20%
$4.0 -40%
50 -30%
$0.0 0 -50%
$2.0 2006 2007 2008 2009 2010 -40% 2006 2007 2008 2009 2010
$0.0 I Sales Homes 0 -50% I UMH I MSCI US REIT Index I S&P 500 I Nasdaq
2006 2007 2008 2009 2010 2006 2007 2008 2009 2010
I Sales Homes Safe Harbor Statement I UMH I MSCI US REIT Index I S&P 500 I Nasdaq
This annual report and Form 10-K contains various “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities
Exchange Act of 1934, and the Company intends that such forward-looking statements be subject to the safe harbors created thereby. The words
“may”, “will”, “expect”, “believe”, “anticipate”, “should”, “estimate”, and similar expressions identify forward-looking statements. These forward-looking
statements reflect the Company’s current views with respect to future events and finance performance, but are based upon current assumptions regarding
the Company’s operations, future results and prospects, and are subject to many uncertainties and factors relating to the Company’s operations and
business environment which may cause the actual results of the Company to be materially different from any future results expressed or implied by such
forward-looking statements.
Such factors include, but are not limited to, the following: changes in the general economic climate; increased competition in the geographic areas in
which the Company owns and operates manufactured housing communities; changes in government laws and regulations affecting manufactured housing
communities; the ability of the Company to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which
may be developed into manufactured housing communities on terms favorable to the Company; the ability to maintain rental rates and occupancy levels;
competitive market forces; changes in market rates of interest; the ability of manufactured home buyers to obtain financing; the level of repossessions by
manufactured home lenders; and those risks and uncertainties referenced under the heading “Risk Factors” contained in this annual report and Form 10-K
and the Company’s filings with the Securities and Exchange Commission. The forward-looking statements contained in this annual report and Form 10-K
speak only as of the date hereof and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements whether
as a result of new information, future events, or otherwise.
Cover Photo: Brookside Village is located in scenic Berwick, PA, the heart of the Susquehanna River Valley, and features approximately 171
countryside home sites.
3. FROM TH E CH A I R M A N OF TH E BOA R D
Dear Shareholders, downsizing. Demographic and economic factors warrant
that, in the near future, our markets will expand. We
UMH Properties, Inc., will market to all home buyers whose income level
(UMH) has now completed necessitates affordable housing. We will market to those
forty-three years of successful barred from conventional home ownership by lack of
operation. Much effort was spent income documentation, or by low loan credit scores.
in 2010 on acquisitions. UMH now Another barrier to conventional home ownership is the
owns thirty-five manufactured lack of large cash balances to meet new minimum down
home communities containing payment requirements. Approximately thirty-five percent
approximately 8,000 home sites. At of the population in many areas of the country earns less
year end, the Company had approximately 13,700,000 than $50,000 per year. There is a substantial and growing
shares outstanding at a market price of $10.20. This gave market for our product.
UMH a market capitalization of approximately $140 --------------------------------------------------
million.
“As households make more
The manufactured home industry has experienced a sustainable housing choices,
seven-year downturn. In the last three years the whole
U.S. economy has struggled. Despite this adversity, it should result in increased
UMH has positioned itself to benefit from the coming occupancy, increased home
resurgence of the housing market.
sales, increased rental rates,
UMH has approximately 1,750 vacant sites. This
represents 22% of our total sites. Because our operating
and improved operating
expenses are largely fixed costs, our vacant sites provide margins for UMH.”
us with strong growth potential. Increased occupancy
will improve our results substantially. Should demand
--------------------------------------------------
exceed supply, home sales into our vacant sites should also Our management team has performed well. We have
become more profitable. put our strong balance sheet to work in order to grow
our assets and our earnings. This will continue to be our
The fundamentals of our business, which is providing focus in 2011. Our goal is to provide our shareholders
affordable housing, are believed to be excellent. Demand with a total return investment secured by a safe dividend,
for housing will grow with an expanding population. coupled with appreciation in the value of our underlying
Competition and new supply in the housing market assets. We have achieved this goal over the past forty-
have diminished sharply. The artificially high levels of three years, and I remain confident of our prospects to
conventional homeownership are coming back down and continue to do so in the years ahead.
are expected to continue to fall. UMH is well positioned
to benefit from increased demand for affordable housing.
As households make more sustainable housing choices, Very truly yours,
it should result in increased occupancy, increased home
sales, increased rental rates, and improved operating
margins for UMH.
Eugene W. Landy
Our market traditionally is the young first-time Chairman of the Board
home buyer and the elderly retired homeowner who is
U M H A N N U A L R E P O RT 2 0 1 0 n 1
4. FROM THE PR ESIDENT
Dear Fellow UMH did make substantial progress in 2010,
primarily on the acquisition front, as well as on our
Shareholders, investments in REIT securities. We went into 2010 with
28 manufactured home communities containing 6,800
Our business is to provide the total sites. Over the course of the year we acquired seven
basic and essential need of affordable communities, all located in Pennsylvania. The total
housing. Over our 43 year history we purchase price was approximately $37 million. We have
have seen the inherent stability that been positioning ourselves for growth and are continuing
comes with serving this niche. Our to seek opportunistic investments in order to grow our
population has a certain percentage asset base to a more efficient level. We now own 35
of households that can afford to own conventional communities containing approximately 8,000 total sites.
homes. Historically this has been around 63%. The other Two of these communities closed in June and the other five
37% of households found multi-family apartments and did not close until December. Therefore their contribution
manufactured home communities to be more suitable to to our 2010 results was minimal.
their budgets. Since 2007, we have been witnessing the
inevitable consequences of government policies that were Our REIT securities portfolio continued its impressive
intended to artificially stimulate wealth by subsidizing turnaround that began in 2009. In 2010 we realized $3.9
conventional homeownership. It may have seemed like million in gains on our securities investments. At year-
a good idea to some when homeownership rates and end we had approximately $29 million in securities with
housing prices were soaring, but as is the case with all an unrealized gain of $6.5 million. UMH maintains a
misallocations of capital, the end result is destructive. conservative balance sheet and our securities portfolio
Today there is talk of the government winding down
the Government Sponsored Entities and getting out of --------------------------------------------------
subsidized housing. Once again affordable housing has
become synonymous with renting. Homeownership rates
“We have been positioning
are coming down and apartment occupancy rates are ourselves for growth and
rising. Time will tell if this is a precursor for increased
manufactured home sales. I can tell you that our 78%
are continuing to seek
occupancy rate, although stable year over year, would opportunistic investments in
be much higher if we were to more fully embrace the
apartment model and rent out not only the land but the order to grow our asset base to
homes themselves. While we have increased our rental a more efficient level.”
units slightly, we have tried to keep the amount of home
rentals in our communities to a minimum in the belief --------------------------------------------------
that our patience will be rewarded. I’ve been predicting a enhances that strength. Additionally, our securities
turnaround for several years now, so what do I know? I do provide us with substantial dividend income. We have
know the playing field is less stacked against our industry always searched for real estate value on Wall Street as
without the availability of subprime lending and other well as on Main Street. In 2010 we were able to harvest
poorly conceived underwriting products that lured away gains made on our liquid REIT securities investments
our traditional customers. I also know not to question and redeploy the proceeds by investing in high quality
Warren Buffett’s wisdom when he says, “A housing manufactured home communities in Pennsylvania.
recovery will probably begin within a year or so. In any
event, it is certain to occur at some point.”
2 n U M H A N N U A L R E P O RT 2 0 1 0
5. FROM THE PR ESIDENT
Our Funds from Operations (FFO) increased from Unfortunately, the cost advantage that our product offers
$7.8 million in 2009, to $11.2 million in 2010. On a per over conventional housing is offset to a certain degree due
share basis this represents a 28% increase from $0.69 to more expensive financing costs relative to that which
to $0.88. This is largely the result of realizing gains on can be found for conventional mortgages. If we can find
our securities investments. Our community occupancy a way to reduce the costs of manufactured home loans it
remained stable at 78%. However, our income from would greatly improve our competitive position. In any
community operations decreased 2% from $13.3 million event, it appears that conventional home loans will now
in 2009, to $13.0 million in 2010 as a result of increased be more difficult and expensive to obtain.
operating expenses.
The performance of our shares was excellent in
The core business of UMH is the operation of our 2010. UMH delivered a 29% total return following our
35 manufactured home communities. Our 8,000 home 55% total return in 2009. Even so our current share price
sites provide stable and predictable income streams represents what we believe to be a substantial discount to
throughout the business cycle. Rental income increased our intrinsic value. One of our main goals is to grow our
5% in 2010, from $26.5 million to $27.9 million. UMH assets and earnings in order to eliminate this discount.
has approximately 1,750 vacant sites. Our 22% vacancy We are currently one of the smallest public REITs in
factor can provide us with substantial operating leverage operation. We will not sacrifice our high standards in
to grow our earnings as demand increases. Filling order to generate growth for growth’s sake. However,
these vacant sites would increase our gross income by we are actively seeking opportunities to build upon the
approximately $7.5 million a year and increase our net successful acquisitions that were made in 2010 in order to
income by $5.0 million a year. right size our public platform.
Although we did see some improvement, our home sales I believe that one of the key ingredients to our long-
division was disappointing. Last year we had total sales of term success has been our dedicated staff. My father,
$6.1 million versus $5.5 million in 2009. These numbers Eugene Landy, has set a tone at the top that fosters
are a far cry from the $16.0 million in sales generated integrity, fair-dealing, and a concern for all. I am proud to
in 2006. New home sales are an integral part of gaining work with a team that shares his work ethic and I would
occupancy and enhancing community values. We are very like to take this opportunity to thank all of the members
proactive in upgrading our communities by replacing of the UMH team. I would also like to thank our directors
older homes with newer ones. Because housing demand for their hard work and commitment to creating long-
has been so dormant, our sales division continued to be term value for UMH, and as always thank you to all of
a drag on our overall results. An improving economy our loyal shareholders. We look forward to reporting back
should produce positive results in our sales and occupancy to you in the year ahead.
numbers.
UMH currently has approximately $21 million in Very truly yours,
manufactured home loans secured by homes within our
communities. Our loan portfolio continues to perform
well and delivers a weighted average yield of 10%. We
provide financing when third party financing cannot Samuel A. Landy
be obtained. One of the biggest challenges facing President
the manufactured housing industry is the lack of low March 2011
cost financing relative to our site built competition.
U M H A N N U A L R E P O RT 2 0 1 0 n 3
6. PROPERTY PORTFOLIO MAP
“In 2010 we were able
to harvest gains made Detroit
New York
on our liquid REIT Chicago
Cleveland
Pittsburgh
Philadelphia
securities investments and Baltimore
Indianapolis
redeploy the proceeds Cincinnati Washington D.C.
by investing in high
Saint Louis
quality manufactured Nashville
Raleigh
home communities in Memphis Charlotte
Pennsylvania.” Atlanta Tennessee
-Samuel A. Landy, President 11%
Ohio
14%
Pennsylvania
51%
New Jersey
12%
• PROPERTY LOCATIONS • NEW ACQUISITIONS New York
12%
COMMUNITY DEV ELOPMENT
UMH Properties, Inc. (UMH), currently owns additional unimproved land, which lends itself to future development.
When UMH first purchased the communities, the undeveloped acreage was given little or no value. The Company’s
land holdings have seen considerable appreciation in value over the last several years. These additional land holdings are
reviewed frequently by management to monitor the economic changes in the particular area to determine if expansion
of certain properties is
PROJECTED EXPANSIONS 2011 2012 2013 2014 2015
warranted. Approximately
Brookview Village 17 47
500 acres of developable land
Cedarcrest 35
is held by the Company and
Cross Keys Village 8
is continually monitored for Fairview Manor 50 50 50
demand at these locations. Highland Estates 50 50 44
The following table shows Lake Sherman Village 25 25
our projected expansions Mountain View Estates 50 50 100 80
over the next five years. Pine Ridge/Pine Manor 20 30
Somerset Estates 30 48
Spreading Oaks Village 30 30
Sandy Valley Estates 24
Woodland Manor 10
Wood Valley 30
Totals 0 177 337 265 204
4 n U M H A N N U A L R E P O RT 2 0 1 0
7. FINA NCI A L DATA
Operating Data 12/31/2010 12/31/2009 12/31/2008 12/31/2007 12/31/2006
Rental and Related Income $27,877,470 $26,491,999 $25,542,745 $23,997,178 23,186,485
Sales of Manufactured Homes 6,133,494 5,527,253 9,560,912 12,672,844 15,799,748
Total Income 34,010,964 32,019,252 35,103,657 36,670,022 38,986,233
Interest and Dividend Income 4,579,668 4,584,917 4,318,512 3,357,524 3,156,255
Gain (Loss) on Securities Transactions, net 3,931,880 (1,804,146) (2,860,804) (1,398,377) 266,847
Community Operating Expenses 14,870,694 13,200,885 13,083,959 12,633,042 12,274,363
Total Expenses 30,730,900 26,911,082 30,186,474 32,136,169 33,689,016
Interest Expense 5,183,296 4,455,332 4,957,437 4,171,109 3,273,720
Gain (Loss) on Sales of Investment Property and Equipment (8,244) 179,607 14,661 99,318 158,403
Net Income 6,668,915 3,689,388 1,527,150 2,632,741 5,840,277
Net Income Per Share - Basic .52 .32 .14 .25 .58
- Diluted .52 .32 .14 .25 .58
Cash Flow Data
Net Cash Provided (Used) by:
Operating Activities $6,481,751 $11,355,096 $8,267,886 $2,766,606 $4,161,938
Investing Activities (33,894,219) (8,288,707) (11,941,757) (21,089,748) (2,591,532)
Financing Activities 28,553,703 (1,329,854) 4,235,145 18,540,091 (4,120,735)
Balance Sheet Data
Total Assets $188,780,515 $147,971,540 $137,939,325 $136,503,463 $115,740,444
Mortgages Payable 90,815,777 70,318,950 65,952,895 61,749,700 46,817,633
Shareholders’ Equity 71,927,753 55,971,862 44,721,700 53,995,133 57,640,419
Other Information
Average # of Shares Outstanding 12,767,904 11,412,536 10,876,840 10,535,162 10,093,546
Funds from Operations (1) $11,193,185 $7,834,295 $5,585,059 $6,191,659 $9,097,444
Cash Dividends Per Share .72 .72 .79 1.00 .985
(1) Funds from Operations (FFO) is defined as net income excluding gains (or losses) from sales of depreciable assets, plus depreciation. FFO should be considered
as a supplemental measure of operating performance used by real estate investment trust (REITs). FFO excludes historical cost depreciation as an expense and
may facilitate the comparison of REITs which have different cost basis. The items excluded from FFO are significant components in understanding and assessing the
Company’s financial performance. FFO (1) does not represent cash flow from operations as defined by generally accepted accounting principles; (2) should not be
considered as an alternative to net income as a measure of operating performance or to cash flows from operating, investing and financing activities; and (3) is not an
alternative to cash flow as a measure of liquidity. FFO, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs.
The Company’s FFO is calculated as follows
2010 2009 2008 2007 2006
Net Income $6,668,915 $3,689,388 $1,527,150 $2,632,741 $5,840,277
Loss (Gain) on Sales of Depreciable Assets 8,244 62,783 (14,661) (99,318) (158,403)
Depreciation Expense 4,516,026 4,082,124 4,072,570 3,658,236 3,415,570
FFO* $11,193,185 $7,834,295 $5,585,059 $6,191,659 $9,097,444
*Includes gain on sale of easement of $242,390 in 2009.
U M H A N N U A L R E P O RT 2 0 1 0 n 5
8. THE YEAR IN REVIEW
Recent Share Activity
2010 2009
High Low Distribution High Low Distribution
First Quarter $8.62 $7.77 $.18 $7.50 $4.87 $.18
Second Quarter 10.90 8.12 0.18 9.09 5.44 0.18
Third Quarter 11.93 9.19 0.18 9.01 7.40 0.18
Fourth Quarter 11.01 9.50 0.18 8.65 7.35 0.18
$.72 $.72
Share Volume Opening Price Closing Price Dividend Paid Appreciation/Depreciation Total Yield
2010 8,346,700 $8.48 $10.20 $0.72 20.3% 28.8%
2009 5,503,300 5.95 8.48 0.72 42.5% 54.6%
2008 3,523,900 11.77 5.95 0.79 (49.4%) (42.7%)
2007 3,008,700 15.44 11.77 1.00 (23.8%) (17.3%)
2006 2,059,700 15.90 15.44 0.985 (2.9%) 3.3%
2005 2,651,200 15.74 15.90 0.9775 1.0% 7.2%
The shares of common stock of UMH Properties, Inc. are traded on the NYSE Amex (UMH).
9. Directors Officers Corporate Information
Anna T. Chew Richard H. Molke Eugene W. Landy Corporate Office
Certified Public Accountant General Partner, Chairman of the Board 3499 Route 9 North
Treasurer, Molke Family Freehold, NJ 07728
Samuel A. Landy
Monmouth Real Estate Limited Partnership
President and Independent Registered Public
Investment Corporation
Chief Executive Officer Accounting Firm
Eugene Rothenberg PKF LLP
Eugene W. Landy Investor Anna T. Chew 29 Broadway
Attorney-at-Law Director, Monmouth Real Estate Vice President and New York, NY 10006
President, Investment Corporation Chief Financial Officer
Monmouth Real Estate Transfer Agent & Registrar
Michael P. Landy American Stock Transfer
Investment Corporation Stephen B. Wolgin
Executive Vice President & Trust Company
Managing Director
Samuel A. Landy U.S. Real Estate Advisors, Inc. Allison Nagelberg 59 Maiden Lane
Attorney-at-Law Director, Monmouth Real Estate General Counsel New York, NY 10038
Investment Corporation
Elizabeth Chiarella Stock Listing
James E. Mitchell
Secretary NYSE Amex
Attorney-at-Law
General Partner, Symbol:UMH
Mitchell Partners LP
President, Director of Investor Relations
Mitchell Capital Management Susan M. Jordan
Internet Address
www.umh.com
Email Address
umh@umh.com
Staff of UMH Properties, Inc.
10. UMH PROPERTIES, INC.
Since 1968 | NYSE Amex:UMH
3499 Route 9 North • Freehold NJ 07728 • 732.577.9997
www.umh.com