A press release and financial update from UMH Properties for the first quarter of 2016. UMH buys and manages trailer parks throughout the Marcellus/Utica region.
This document contains the Ekiti State of Nigeria Statement of Financial Position as at 31st of December, 2017. Report of the Accountant-General of Ekiti State for the year ended 31st of December, 2017
This document contains the Ekiti State of Nigeria Statement of Financial Position as at 31st of December, 2017. Report of the Accountant-General of Ekiti State for the year ended 31st of December, 2017
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?Marcellus Drilling News
A "report" issued by the global warming true believers at the Carbon Tracker Institute. The report makes the false claim that fossil fuel companies are vastly overvalued because the assets they own, carbon in the ground, will never get used because so-called renewable sources are coming on strong and will replace those sources. The point they try to make is that oil and gas companies are essentially worthless and investors should stay away from them. What they call a "carbon bubble." Horse manure.
A notice from the NY Dept. of Environmental Conservation to a group of Tioga County, NY farmers who had filed a request to frack a Utica Shale well using LPG fracking, or propane fracking, instead of water. The DEC wants more information before making a determination--a response that took them 9 months to make.
Unburnable Carbon - Are the world's financial markets carrying a carbon bubble?Marcellus Drilling News
A "report" issued by the global warming true believers at the Carbon Tracker Institute. The report makes the false claim that fossil fuel companies are vastly overvalued because the assets they own, carbon in the ground, will never get used because so-called renewable sources are coming on strong and will replace those sources. The point they try to make is that oil and gas companies are essentially worthless and investors should stay away from them. What they call a "carbon bubble." Horse manure.
A notice from the NY Dept. of Environmental Conservation to a group of Tioga County, NY farmers who had filed a request to frack a Utica Shale well using LPG fracking, or propane fracking, instead of water. The DEC wants more information before making a determination--a response that took them 9 months to make.
A breakdown of the questions and responses to those questions about the price of oil. CNBC asked 22 strategists, traders and analysts for their opinion. Most believe the price stays in the $40-$50 range through the end of 2016.
Dept. of Energy Response Denying Sierra Club's Request for Rehearing of Domin...Marcellus Drilling News
The Dept. of Energy responded to the nutty Sierra Club's request to re-hear a decision made by the department to grant the Dominion Cove Point (Maryland) LNG export facility the right to export LNG to non-Free Trade Agreement countries--specifically India and Japan. The Sierra Club request was a feeble attempt to throw whatever they can against the wall and see if some of it will stick. The strategy (once again) failed.
PA Supreme Court Decision in Robinson v Commonwealth of Pennsylvania (Act 13 ...Marcellus Drilling News
A decision from the Pennsylvania Supreme Court that makes a final determination on several remaining issues part of the 2012 Act 13 Marcellus Shale drilling law. Earlier decisions struck down parts of Act 13. This final decision strikes down much more of the original law, leaving it in tatters. Four left-wing Democrats on the bench made the ruling.
Sierra Club Petition to Federal Trade Commission re Atlantic Coast Pipeline P...Marcellus Drilling News
A petition filed with the FTC by the Virginia chapter of the odious Sierra Club. The petition asks the FTC to review the proposed Atlantic Coast Pipeline project (from Dominion), with wild claims that it violates antitrust laws. It's frivolous and meaningless and meant to slow and delay the project. Totally without merit.
The monthly tabulation and prediction from the U.S. Energy Information Administration on production and activity in the largest 7 U.S. shale plays. All 7 shale plays will experience a decrease in natural gas production from the previous month due to low commodity prices.
A transcript from the second quarter 2016 earnings call with top management of UMH Properties--a trailer park company with major operations in the Marcellus/Utica Shale region.
Letter from Radical Enviro Groups Requesting BLM Halt Permits for Fracking in...Marcellus Drilling News
A factually inaccurate letter sent by radical environmental groups Sierra Club, the Center for Biological Diversity, the Ohio Environmental Council and Friends of the Earth, requesting the BLM not allow fracking in Wayne National Forest in Ohio. More of the same ho hum bullcrap.
Ohio Manufacturers' Association "Friend of the Court" Brief Supporting Eminen...Marcellus Drilling News
The Ohio Manufacturers' Association (OMA), along with several other trade associations, filed a "friend of the court" brief (called an amicus brief) in a case pending before the Ohio Seventh District Court of Appeals (in Youngstown). The OMA wants the Court of Appeals to uphold the ruling of a Harrison County trial court in the eminent domain case of Sunoco Pipeline v. Carol A. Teter, Trustee. OMA says eminent domain should be used in rare circumstances, but when no other choices remain, its use is legitimate and necessary.
In 2014 the U.S. Senate Committee on Environment & Public Works published the results of an investigation into how the EPA and other agencies are being influenced by big money in the Big Green movement. The report is titled "The Chain of Environmental Command: How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama's EPA". This is the full report that names names and connects the dots between billionaires and undue influence over environmental policy.
Report: The Crude Downturn for E&Ps: One Situation, Diverse ResponsesMarcellus Drilling News
A report issued by consulting firm Deloitte with bad news for the oil and gas industry. The study reveals that 35% of "pure play" drillers (those who invest in and concentrate all of their efforts in a single shale play) are at "high-risk of slipping into bankruptcy in 2016." That's a total of some 175 companies nationwide.
FERC DEIS for Mountain Valley Project and Equitrans Expansion ProjectMarcellus Drilling News
A Draft Environmental Impact Statement from the Federal Energy Regulatory Commission for two pipeline projects located mainly in Virginia. The projects will flow an additional 2 billion cubic feet per day of Marcellus/Utica shale gas from West Virginia into Virginia and from there to other points in the southeast U.S. The DEIS gives a preliminary thumbs up to the projects.
Bankruptcy filing in Delaware federal bankruptcy court by oil and natural gas drilling company Halcon Resources. This "pre-packaged" bankruptcy filing lists $3.12 billion in debt and $2.85 billion in assets. The plan will convert debt into equity, shafting existing shareholders.
A report issued by the Natural Gas Supply Association that projects a marked increase in demand for natural gas during summer 2016, but "downward pressure" on natgas prices nonetheless--because of incredible production from shale.
WV Supreme Court Decision Disallowing Survey Access for Mountain Valley PipelineMarcellus Drilling News
A West Virginia Supreme Court decision in Mountain Valley Pipeline v. Brian and Doris McCurdy. Mountain Valley needs survey access in order to scope out a route for the pipeline. Some landowners are resisting survey access and don't want the pipeline built across their land. Mountain Valley claimed eminent domain powers in order to conduct surveys. The high court has disagreed, leaving the project in a lurch. They must complete the route survey in order to get the project approved by the Federal Energy Regulatory Commission.
Did you know that AD can support dynamic linking of Excel tables between projects and Board Reports? If you have clients interested in this functionality, ActiveDisclosure's Document Solutions is available to demonstrate and assist.
Income statements and balance sheets follow for The New York Times C.pdfjillisacebi75827
Income statements and balance sheets follow for The New York Times Company. Refer to these
financial statements to answer the requirements.
The New York Times Company
Consolidated Statements of Income
Fiscal year ended
(in thousands)
Dec. 29, 2016
Dec. 30, 2015
Revenues
Circulation
$ 880,543
$ 851,790
Advertising
580,732
638,709
Other
94,067
88,716
Total revenues
1,555,342
1,579,215
Production costs
Wages and benefits
363,051
354,516
Raw materials
72,325
77,176
Other
192,728
186,120
Total production costs
628,104
617,812
Selling, general and administrative costs
721,083
713,837
Depreciation and amortization
61,723
61,597
Total operating costs
1,410,910
1,393,246
Restructuring charge
14,804
0
Multiemployer pension plan withdrawal expense
6,730
9,055
Pension settlement charges
21,294
40,329
Early termination charge
0
0
Operating profit
101,604
136,585
Loss from joint ventures
(36,273)
(783)
Interest expense, net
34,805
39,050
Income from continuing operations before income taxes
30,526
96,752
Income tax expense/(benefit)
4,421
33,910
Income from continuing operations
26,105
62,842
Loss from discontinued operations, net of income taxes
(2,273)
0
Net income
23,832
62,842
Net loss attributable to the noncontrolling interest
5,236
404
Net income attributable to The New York Times Company common stockholders
$29,068
$63,246
Continued next page
The New York Times Company
Consolidated Balance Sheets
As of
(in thousands)
Dec. 29, 2016
Dec. 30, 2015
Cash and cash equivalents
$ 100,692
$ 105,776
Short-term investments
449,535
507,639
Accounts receivable, net
197,355
207,180
Prepaid assets
15,948
19,430
Other current assets
32,648
22,507
Total current assets
796,178
862,532
Long-term marketable securities
187,299
291,136
Investments in joint ventures
15,614
22,815
Property plant and equipment, net
596,743
632,439
Goodwill
134,517
109,085
Deferred income taxes
301,342
309,142
Miscellaneous assets
153,702
190,541
Total assets
$2,185,395
$2,417,690
Accounts payable
$ 104,463
$ 96,082
Accrued payroll and other related liabilities
96,463
98,256
Unexpired subscriptions
66,686
60,184
Current portion of long-term debt
0
188,377
Accrued expenses and other
131,125
120,686
Total current liabilities
398,737
563,585
Long-term debt and capital lease obligations
246,978
242,851
Pension benefits obligation
558,790
627,697
Postretirement benefits obligation
57,999
62,879
Other
78,647
92,223
Total other liabilities
942,414
1,025,650
Stockholders’ equity
Common stock of $0.10 par value
Class A common stock
16,921
16,826
Class B convertible stock
82
82
Additional paid-in capital
149,928
146,348
Retained earnings
1,331,911
1,328,744
Common stock held in treasury, at cost
(171,211)
(156,155)
Accumulated other comprehensive loss, net of tax
(479,816)
(509,094)
Total New York Times Company stockholders’ equity
847,815
826,751
Noncontrolling interest
(3,571)
1,704
Total stockholders’ equity
844,244
828,455
Total liabilities and stockholders’ equity
$2,185,395.
$2,185,395
d. Compu.
Document and Entity InformationDocument and Entity Information - U.docxelinoraudley582231
Document and Entity InformationDocument and Entity Information - USD ($) $ in Billions12 Months EndedJan. 28, 2017Mar. 08, 2017Jul. 31, 2015Document and Entity Information [Abstract]Document Type10-KAmendment FlagfalseDocument Period End DateJan. 28,
2017Document Fiscal Year Focus2,016Document Fiscal Period FocusFYTrading SymbolkssEntity Registrant NameKOHLS CORPEntity Central Index Key885,639Current Fiscal Year End Date--01-28Entity Filer CategoryLarge Accelerated FilerEntity Common Stock, Shares Outstanding172,356,294Entity Well-known Seasoned IssuerYesEntity Voluntary FilersNoEntity Current Reporting StatusYesEntity Public Float$ 7.5
CONSOLIDATED BALANCE SHEETSCONSOLIDATED BALANCE SHEETS - USD ($) $ in MillionsJan. 28, 2017Jan. 30, 2016Current assets:Cash and cash equivalents$ 1,074$ 707Merchandise inventories3,7954,038Other378331Total current assets5,2475,076Property and equipment, net8,1038,308Other assets224222Total assets13,57413,606Current liabilities:Accounts payable1,5071,251Accrued liabilities1,2241,206Income taxes payable112130Current portion of capital lease and financing obligations131127Total current liabilities2,9742,714Long-term debt2,7952,792Capital lease and financing obligations1,6851,789Deferred income taxes272257Other long-term liabilities671563Shareholders’ equity:Common stock - 371 and 370 million shares issued44Paid-in capital3,0032,944Treasury stock, at cost, 197 and 184 million shares(10,338)(9,769)Accumulated other comprehensive loss(14)(17)Retained earnings12,52212,329Total shareholders’ equity5,1775,491Total liabilities and shareholders’ equity$ 13,574$ 13,606
CONSOLIDATED BALANCE SHEETS (PaCONSOLIDATED BALANCE SHEETS (Parenthetical) - shares shares in MillionsJan. 28, 2017Jan. 30, 2016Common stock, shares issued370367Treasury stock, shares184166
CONSOLIDATED STATEMENTS OF INCOCONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Millions12 Months EndedJan. 28, 2017Jan. 30, 2016Jan. 31, 2015Net sales$ 18,686$ 19,204$ 19,023Cost of merchandise sold11,94412,26512,098Gross margin6,7426,9396,925Operating expenses:Selling, general and administrative4,4354,4524,350Depreciation and amortization938934886Impairments, store closing and other costs186Operating income1,1831,5531,689Interest expense, net308327340Gains (Losses) on Extinguishment of Debt01690Income before income taxes8751,0571,349Provision for income taxes319384482Net income$ 556$ 673$ 867Net income per share:Basic (in dollars per share)$ 3.12$ 3.48$ 4.28Diluted (in dollars per share)$ 3.11$ 3.46$ 4.24
CONSOLIDATED STATEMENTS OF COMPCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions12 Months EndedJan. 28, 2017Jan. 30, 2016Jan. 31, 2015Statement of Comprehensive Income [Abstract]Comprehensive income (loss)$ 556$ 673$ 867Interest rate derivatives:Reclassification adjustment for interest expense on interest rate derivatives included in net income333Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Peri.
THE AMERICAN NATIONAL RED CROSS Consolidated Financial S.docxmehek4
THE AMERICAN NATIONAL RED CROSS
Consolidated Financial Statements
June 30, 2016
(with summarized information for the year ended June 30, 2015)
(With Independent Auditors’ Report Thereon)
KPMG LLP is a Delaware limited liability partnership and the U.S. member
firm of the KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss entity.
KPMG LLP
1676 International Drive
McLean, VA 22102
Independent Auditors’ Report
The Board of Governors
The American National Red Cross:
We have audited the accompanying consolidated financial statements of The American National Red Cross
(the Organization), which comprise the consolidated statement of financial position as of June 30, 2016, and
the related consolidated statements of activities, functional expenses and cash flows for the year then ended,
and the related notes to the consolidated financial statements.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these consolidated financial statements
in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of consolidated financial
statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United States of America.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the
consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
consolidated financial statements. The procedures selected depend on the auditors’ judgment, including the
assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud
or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness
of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates made
by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
audit opinion.
Opinion
In our op ...
Question 4The stockholders’ equity section of Tootsie Roll Industr.docxteofilapeerless
Question 4
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position.
(Note that Tootsie Roll has two classes of common stock. To answer the following questions, add the two classes of stock together.)
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
Earnings, Comprehensive Earnings and Retained Earnings (in thousands except per share data)
For the year ended December 31,
2011
2010
2009
Net product sales
$528,369
$517,149
$495,592
Rental and royalty revenue
4,136
4,299
3,739
Total revenue
532,505
521,448
499,331
Product cost of goods sold
365,225
349,334
319,775
Rental and royalty cost
1,038
1,088
852
Total costs
366,263
350,422
320,627
Product gross margin
163,144
167,815
175,817
Rental and royalty gross margin
3,098
3,211
2,887
Total gross margin
166,242
171,026
178,704
Selling, marketing and administrative expenses
108,276
106,316
103,755
Impairment charges
—
—
14,000
Earnings from operations
57,966
64,710
60,949
Other income (expense), net
2,946
8,358
2,100
Earnings before income taxes
60,912
73,068
63,049
Provision for income taxes
16,974
20,005
9,892
Net earnings
$43,938
$53,063
$53,157
Net earnings
$43,938
$53,063
$53,157
Other comprehensive earnings (loss)
(8,740
)
1,183
2,845
Comprehensive earnings
$35,198
$54,246
$56,002
Retained earnings at beginning of year.
$135,866
$147,687
$144,949
Net earnings
43,938
53,063
53,157
Cash dividends
(18,360
)
(18,078
)
(17,790
)
Stock dividends
(47,175
)
(46,806
)
(32,629
)
Retained earnings at end of year
$114,269
$135,866
$147,687
Earnings per share
$0.76
$0.90
$0.89
Average Common and Class B Common shares outstanding
57,892
58,685
59,425
(The accompanying notes are an integral part of these statements.)
CONSOLIDATED STATEMENTS OF
Financial Position
TOOTSIE ROLL INDUSTRIES, INC. AND SUBSIDIARIES (in thousands except per share data)
Assets
December 31,
2011
2010
CURRENT ASSETS:
Cash and cash equivalents
$78,612
$115,976
Investments
10,895
7,996
Accounts receivable trade, less allowances of $1,731 and $1,531
41,895
37,394
Other receivables
3,391
9,961
Inventories:
Finished goods and work-in-process
42,676
35,416
Raw materials and supplies
29,084
21,236
Prepaid expenses
5,070
6,499
Deferred income taxes
578
689
Total current assets
212,201
235,167
PROPERTY, PLANT AND EQUIPMENT, at cost:
Land
21,939
21,696
Buildings
107,567
102,934
Machinery and equipment
322,993
307,178
Construction in progress
2,598
9,243
455,097
440,974
Less—Accumulated depreciation
242,935
225,482
Net property, plant and equipment
.
Ernst & Young LLP U T A H S Y M P H O N Y & .docxMARRY7
Ernst & Young LLP
U T A H S Y M P H O N Y & O P E R A
Financial Statements
For the Years Ended August 31, 2008 and 2007
With Report of Independent Auditors
Utah Symphony & Opera
Financial Statements
For the Years Ended August 31, 2008 and 2007
Contents
Report of Independent Auditors .....................................................................................................1
Audited Financial Statements
Statements of Financial Position .....................................................................................................2
Statements of Activity and Changes in Net Assets .........................................................................3
Statements of Cash Flows ...............................................................................................................5
Notes to Financial Statements .........................................................................................................6
Ernst & Young LLP
178 South Rio Grande Street
Suite 400
Salt Lake City, Utah 84101
Tel: 801 350 3300
Fax: 801 350 3456
A member firm of Ernst & Young Global Limited
1
Report of Independent Auditors
The Board of Directors
Utah Symphony & Opera
We have audited the accompanying statements of financial position of Utah Symphony & Opera
as of August 31, 2008 and 2007, and the related statements of activity and changes in net assets
and cash flows for the years then ended. These financial statements are the responsibility of Utah
Symphony & Opera’s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United
States. Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. We were not engaged
to perform an audit of the Organization’s internal control over financial reporting. Our audits
included consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Organization’s internal control over financial reporting.
Accordingly, we express no such opinion. An audit also includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the
overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects,
the financial position of Utah Symphony & Opera at August 31, 2008 and 2007, and the results
of its activity and its cash flows ...
Quarterly legislative action update: Marcellus and Utica shale region (4Q16)Marcellus Drilling News
A quarterly update from the legal beagles at global law firm Norton Rose Fulbright. A quarterly legislative action update for the second quarter of 2016 looking at previously laws acted upon, and new laws introduced, affecting the oil and gas industry in Pennsylvania, Ohio and West Virginia.
An update from Spectra Energy on their proposed $3 billion project to connect four existing pipeline systems to flow more Marcellus/Utica gas to New England. In short, Spectra has put the project on pause until mid-2017 while it attempts to get new customers signed.
A letter from Rover Pipeline to the Federal Energy Regulatory Commission requesting the agency issue the final certificate that will allow Rover to begin tree-clearing and construction of the 511-mile pipeline through Pennsylvania, West Virginia, Ohio and Michigan. If the certificate is delayed beyond the end of 2016, it will delay the project an extra year due to tree-clearing restrictions (to accommodate federally-protected bats).
DOE Order Granting Elba Island LNG Right to Export to Non-FTA CountriesMarcellus Drilling News
An order issued by the U.S. Dept. of Energy that allows the Elba Island LNG export facility to export LNG to countries with no free trade agreement with the U.S. Countries like Japan and India have no FTA with our country (i.e. friendly countries)--so this is good news indeed. Although the facility would have operated by sending LNG to FTA countries, this order opens the market much wider.
A study released in December 2016 by the London School of Economics, titled "On the Comparative Advantage of U.S. Manufacturing: Evidence from the Shale Gas Revolution." While America has enough shale gas to export plenty of it, exporting it is not as economic as exporting oil due to the elaborate processes to liquefy and regassify natural gas--therefore a lot of the gas stays right here at home, making the U.S. one of (if not the) cheapest places on the planet to establish manufacturing plants, especially for manufacturers that use natural gas and NGLs (natural gas liquids). Therefore, manufacturing, especially in the petrochemical sector, is ramping back up in the U.S. For every two jobs created by fracking, another one job is created in the manufacturing sector.
Letter From 24 States Asking Trump & Congress to Withdraw the Unlawful Clean ...Marcellus Drilling News
A letter from the attorneys general from 24 of the states opposed to the Obama Clean Power Plan to President-Elect Trump, RINO Senate Majority Leader Mitch McConnel and RINO House Speaker Paul Ryan. The letter asks Trump to dump the CPP on Day One when he takes office, and asks Congress to adopt legislation to prevent the EPA from such an egregious overreach ever again.
Report: New U.S. Power Costs: by County, with Environmental ExternalitiesMarcellus Drilling News
Natural gas and wind are the lowest-cost technology options for new electricity generation across much of the U.S. when cost, public health impacts and environmental effects are considered. So says this new research paper released by The University of Texas at Austin. Researchers assessed multiple generation technologies including coal, natural gas, solar, wind and nuclear. Their findings are depicted in a series of maps illustrating the cost of each generation technology on a county-by-county basis throughout the U.S.
Annual report issued by the U.S. Energy Information Administration showing oil and natural gas proved reserves, in this case for 2015. These reports are issued almost a year after the period for which they report. This report shows proved reserves for natural gas dropped by 64.5 trillion cubic feet (Tcf), or 16.6%. U.S. crude oil and lease condensate proved reserves also decreased--from 39.9 billion barrels to 35.2 billion barrels (down 11.8%) in 2015. Proved reserves are calculated on a number of factors, including price.
The monthly tabulation and prediction from the U.S. Energy Information Administration on production and activity in the largest 7 U.S. shale plays. All 7 shale plays will experience a decrease in natural gas production from the previous month due to low commodity prices.
Velocys is the manufacturer of gas-to-liquids (GTL) plants that convert natural gas (a hyrdocarbon) into other hydrocarbons, like diesel fuel, gasoline, and even waxes. This PowerPoint presentation lays out the Velocys plan to get the company growing. GTL plants have not (so far) taken off in the U.S. Velocys hopes to change that. They specialize in small GTL plants.
PA DEP Revised Permit for Natural Gas Compression Stations, Processing Plants...Marcellus Drilling News
In January 2016, Gov. Wolf announced the DEP would revise its current general permit (GP-5) to update the permitting requirements for sources at natural gas compression, processing, and transmission facilities. This is the revised GP-5.
PA DEP Permit for Unconventional NatGas Well Site Operations and Remote Piggi...Marcellus Drilling News
In January 2016, PA Gov. Wolf announced the Dept. of Environmental Protection would develop a general permit for sources at new or modified unconventional well sites and remote pigging stations (GP-5A). This is the proposed permit.
Onerous new regulations for the Pennsylvania Marcellus Shale industry proposed by the state Dept. of Environmental Protection. The new regs will, according to the DEP, help PA reduce so-called fugitive methane emissions and some types of air pollution (VOCs). This is liberal Gov. Tom Wolf's way of addressing mythical man-made global warming.
The monthly Short-Term Energy Outlook (STEO) from the U.S. Energy Information Administration for December 2016. This issue makes a couple of key points re natural gas: (1) EIA predicts that natural gas production in the U.S. for 2016 will see a healthy decline over 2015 levels--1.3 billion cubic feet per day (Bcf/d) less in 2016. That's the first annual production decline since 2005! (2) The EIA predicts the average price for natural gas at the benchmark Henry Hub will climb from $2.49/Mcf (thousand cubic feet) in 2016 to a whopping $3.27/Mcf in 2017. Why the jump? Growing domestic natural gas consumption, along with higher pipeline exports to Mexico and liquefied natural gas exports.
A sort of "year in review" for the gas industry in the northeast. If you could boil it all down, the word that appears prominently throughout is "delay" with respect to important natgas pipeline projects. From the Constitution, which should have already been built by now, to smaller projects, delays were the prominent trend for 2016.
The Pennsylvania Public Utility Commission responded to each point raised in a draft copy of the PA Auditor General's audit of how Act 13 impact fee money, raised from Marcellus Shale drillers, gets spent by local municipalities. The PUC says it's not their job to monitor how the money gets spent, only in how much is raised and distributed.
Pennsylvania Public Utility Commission Act 13/Impact Fees Audit by PA Auditor...Marcellus Drilling News
A biased look at how 60% of impact fees raised from PA's shale drilling are spent, by the anti-drilling PA Auditor General. He chose to ignore an audit of 40% of the impact fees, which go to Harrisburg and disappear into the black hole of Harrisburg spending. The Auditor General claims, without basis in fact, that up to 24% of the funds are spent on items not allowed under the Act 13 law.
The final report from the Pennsylvania Dept. of Environmental Protection that finds, after several years of testing, no elevated levels of radiation from acid mine drainage coming from the Clyde Mine, flowing into Ten Mile Creek. Radical anti-drillers tried to smear the Marcellus industry with false claims of illegal wastewater dumping into the mine, with further claims of elevated radiation levels in the creek. After years of testing, the DEP found those allegations to be false.
FERC Order Denying Stay of Kinder Morgan's Broad Run Expansion ProjectMarcellus Drilling News
Several anti-drillers filed an appeal of the Federal Energy Regulatory Commission's Certificate for the Kinder Morgan Broad Run Expansion Project, asking for a stay claiming a removal of 40 acres of forest for a compressor station would irreparably harm Mom Earth. FERC has ruled against the stay and told the antis Mom Earth will be just fine.
In a May 9, 2024 paper, Juri Opitz from the University of Zurich, along with Shira Wein and Nathan Schneider form Georgetown University, discussed the importance of linguistic expertise in natural language processing (NLP) in an era dominated by large language models (LLMs).
The authors explained that while machine translation (MT) previously relied heavily on linguists, the landscape has shifted. “Linguistics is no longer front and center in the way we build NLP systems,” they said. With the emergence of LLMs, which can generate fluent text without the need for specialized modules to handle grammar or semantic coherence, the need for linguistic expertise in NLP is being questioned.
01062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
‘वोटर्स विल मस्ट प्रीवेल’ (मतदाताओं को जीतना होगा) अभियान द्वारा जारी हेल्पलाइन नंबर, 4 जून को सुबह 7 बजे से दोपहर 12 बजे तक मतगणना प्रक्रिया में कहीं भी किसी भी तरह के उल्लंघन की रिपोर्ट करने के लिए खुला रहेगा।
31052024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
हम आग्रह करते हैं कि जो भी सत्ता में आए, वह संविधान का पालन करे, उसकी रक्षा करे और उसे बनाए रखे।" प्रस्ताव में कुल तीन प्रमुख हस्तक्षेप और उनके तंत्र भी प्रस्तुत किए गए। पहला हस्तक्षेप स्वतंत्र मीडिया को प्रोत्साहित करके, वास्तविकता पर आधारित काउंटर नैरेटिव का निर्माण करके और सत्तारूढ़ सरकार द्वारा नियोजित मनोवैज्ञानिक हेरफेर की रणनीति का मुकाबला करके लोगों द्वारा निर्धारित कथा को बनाए रखना और उस पर कार्यकरना था।
03062024_First India Newspaper Jaipur.pdfFIRST INDIA
Find Latest India News and Breaking News these days from India on Politics, Business, Entertainment, Technology, Sports, Lifestyle and Coronavirus News in India and the world over that you can't miss. For real time update Visit our social media handle. Read First India NewsPaper in your morning replace. Visit First India.
CLICK:- https://firstindia.co.in/
#First_India_NewsPaper
role of women and girls in various terror groupssadiakorobi2
Women have three distinct types of involvement: direct involvement in terrorist acts; enabling of others to commit such acts; and facilitating the disengagement of others from violent or extremist groups.
2. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 2
Table of Contents
Page
Financial Highlights 3
Consolidated Balance Sheets 4
Consolidated Statements of Income (Loss) 5
Consolidated Statement of Cash Flows 6
Reconciliation of Net Income to EBITDA and Net Loss Attributable
to Common Shareholders to FFO, Core FFO and Normalized FFO 7
Market Capitalization, Debt and Coverage Ratios 8
Debt Analysis 9
Debt Maturity 10
Property Summary and Snapshot 11
Same Property Statistics 12
Acquisition Summary and Property Portfolio 13
Definitions 14
Press Release Dated May 9, 2016 15
3. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 3
Financial Highlights
(unaudited)
Three Months Ended
3/31/2016 3/31/2015
Operating Information
Number of Communities 98 89
Rental and Related Income $ 21,786,180 $ 17,215,686
Community Operating Expenses $ 10,555,938 $ 8,812,489
Community NOI $ 11,230,242 $ 8,403,197
Expense Ratio 48.5% 51.2%
Sales of Manufactured Homes 1,718,194 1,128,400
Number of Homes Sold 41 24
Number of Rentals Added 182 122
Net Income $ 1,906,469 $ 718,517
Net Loss Attributable to
Common Shareholders $ (883,278) $ (1,170,630)
EBITDA $ 11,458,713 $ 8,083,076
FFO $ 4,620,476 $ 3,052,931
Core FFO $ 4,620,476 $ 3,159,062
Normalized FFO $ 4,388,471 $ 3,225,862
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic 27,117,889 24,796,898
Diluted 27,161,110 24,840,565
Net Loss Attributable to Common
Shareholders per Share -
Basic and Diluted $ (0.03) $ (0.05)
FFO per Share-
Basic and Diluted $ 0.17 $ 0.12
Core FFO per Share-
Basic and Diluted $ 0.17 $ 0.13
Normalized FFO per Share-
Basic and Diluted $ 0.16 $ 0.13
Dividends per Common Share $ 0.18 $ 0.18
Balance Sheet
Total Assets $ 624,039,950 $ 488,079,074
Total Liabilities $ 374,487,550 $ 276,166,713
Market Capitalization
Total Debt $ 360,595,790 $ 266,351,678
Equity Market Capitalization $ 269,584,412 $ 254,730,750
Total Preferred Stock $ 136,625,000 $ 91,595,000
Total Market Capitalization $ 766,805,202 $ 612,677,428
4. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 4
Consolidated Balance Sheets
March 31, December 31,
2016 2015
ASSETS (unaudited)
Investment Property and Equipment
Land $ 45,476,314 $ 45,477,814
Site and Land Improvements 379,118,124 377,215,400
Buildings and Improvements 20,337,939 20,307,097
Rental Homes and Accessories 142,423,405 134,708,763
Total Investment Property 587,355,782 577,709,074
Equipment and Vehicles 14,072,224 13,697,460
Total Investment Property and Equipment 601,428,006 591,406,534
Accumulated Depreciation (123,124,324) (117,761,146)
Net Investment Property and Equipment 478,303,682 473,645,388
Other Assets
Cash and Cash Equivalents 7,914,718 6,535,897
Securities Available for Sale at Fair Value 91,396,472 75,011,260
Inventory of Manufactured Homes 15,393,496 14,311,410
Notes and Other Receivables, net 19,183,127 20,028,574
Prepaid Expenses and Other Assets 4,378,732 4,062,813
Land Development Costs 7,469,723 6,722,048
Total Other Assets 145,736,268 126,672,002
TOTAL ASSETS $ 624,039,950 $ 600,317,390
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages Payable, net of Unamortized Debt Issuance Costs $ 288,642,636 $ 283,049,802
Other Liabilities
Accounts Payable 3,537,169 2,816,290
Loans Payable, net of Unamortized Debt Issuance Costs 71,953,154 57,862,206
Accrued Liabilities and Deposits 6,471,281 6,696,577
Tenant Security Deposits 3,883,310 3,654,090
Total Other Liabilities 85,844,914 71,029,163
Total Liabilities 374,487,550 354,078,965
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity:
Series A - 8.25% Cumulative Redeemable Preferred Stock, Par Value $0.10
Per Share: 3,663,800 Shares Authorized, Issued and Outstanding as of
March 31, 2016 and December 31, 2015, respectively 91,595,000 91,595,000
Series B - 8.0% Cumulative Redeemable Preferred Stock, Par Value $0.10
Per Share: 2,000,000 Shares Authorized; 1,801,200 Shares Issued
and Outstanding as of March 31, 2016 and December 31, 2015 45,030,000 45,030,000
Common Stock – $0.10 Par Value Per Share: 62,000,000 Shares
Authorized; 27,175,848 and 27,086,838 Shares Issued and Outstanding as of
March 31, 2016 and December 31, 2015, respectively 2,717,585 2,708,684
Excess Stock – $0.10 Par Value Per Share: 3,000,000 Shares Authorized; No Shares
Issued or Outstanding as of March 31, 2016 and December 31, 2015, respectively -0- -0-
Additional Paid-In Capital 104,444,675 109,629,260
Accumulated Other Comprehensive Income (Loss) 6,432,933 (2,056,726)
Accumulated Deficit (667,793) (667,793)
Total Shareholders' Equity 249,552,400 246,238,425
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 624,039,950 $ 600,317,390
5. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 5
Consolidated Statements of Income (Loss)
(unaudited)
Three Months Ended
3/31/2016 3/31/2015
INCOME:
Rental and Related Income $ 21,786,180 $ 17,215,686
Sales of Manufactured Homes 1,718,194 1,128,400
TOTAL INCOME 23,504,374 18,344,086
EXPENSES:
Community Operating Expenses 10,555,938 8,812,489
Cost of Sales of Manufactured Homes 1,313,928 880,670
Selling Expenses 783,752 685,539
General and Administrative Expenses 1,696,922 1,656,700
Acquisition Costs -0- 106,131
Depreciation Expense 5,525,842 4,228,274
TOTAL EXPENSES 19,876,382 16,369,803
OTHER INCOME (EXPENSE):
Interest Income 408,876 478,333
Dividend Income 1,455,535 1,094,778
Gain on Sale of Securities Transactions, net 232,005 58,200
Other Income 93,450 49,864
Interest Expense (3,933,477) (2,941,654)
TOTAL OTHER INCOME (EXPENSE) (1,743,611) (1,260,479)
Income before Gain on Sales of
Investment Property and Equipment 1,884,381 713,804
Gain on Sales of Investment Property
and Equipment 22,088 4,713
NET INCOME 1,906,469 718,517
Less: Preferred Dividends 2,789,747 1,889,147
NET LOSS ATTRIBUTABLE TO
COMMON SHAREHOLDERS $ (883,278) $ (1,170,630)
6. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 6
Consolidated Statements of Cash Flows
(unaudited) Three Months Ended
3/31/2016 3/31/2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income $ 1,906,469 $ 718,517
Non-Cash Items Included in Net Income:
Depreciation 5,525,842 4,228,274
Amortization of Financing Costs 186,087 130,043
Stock Compensation Expense 157,745 177,801
Provision for Uncollectible Notes and Other Receivables 222,737 265,409
Gain on Sales of Securities Transactions, net (232,005) (58,200)
Gain on Sales of Investment Property and Equipment (22,088) (4,713)
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes (1,082,086) 1,742,190
Notes and Other Receivables 622,710 347,490
Prepaid Expenses (315,919) (696,099)
Accounts Payable 720,879 249,084
Accrued Liabilities and Deposits (260,441) 33,559
Tenant Security Deposits 229,220 111,523
Net Cash Provided by Operating Activities 7,659,150 7,244,878
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of Mortgages Assumed -0- (1,509,524)
Purchase of Investment Property and Equipment (10,478,716) (6,844,617)
Proceeds from Sales of Investment Property and Equipment 316,668 140,659
Additions to Land Development Costs (747,675) (62,075)
Purchase of Securities Available for Sale (8,116,664) (4,566,259)
Proceeds from Sales of Securities Available for Sale 488,261 688,200
Net Cash Used in Investing Activities (18,538,126) (12,153,616)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of Mortgages Assumed 7,200,000 44,985,000
Net Proceeds (Payments) on Short Term Borrowings 14,118,911 (29,809,084)
Principal Payments of Mortgages and Loans (1,696,752) (7,982,550)
Financing Costs on Debt (124,464) (1,143,512)
Proceeds from Issuance of Common Stock, net of Reinvestments 225,458 7,680,628
Proceeds from Exercise of Stock Options 71,725 52,910
Preferred Dividends Paid (3,194,404) (1,889,147)
Common Dividends Paid, net of Reinvestments (4,342,677) (3,992,134)
Net Cash Provided by Financing Activities 12,257,797 7,902,111
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,378,821 2,993,373
CASH AND CASH EQUIVALENTS – BEGINNING OF PERIOD 6,535,897 8,082,792
CASH AND CASH EQUIVALENTS – ENDING OF PERIOD $ 7,914,718 $ 11,076,165
7. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 7
Reconciliation of Net Income to EBITDA and Net Loss Attributable
to Common Shareholders to FFO, Core FFO and Normalized FFO
(unaudited)
Three Months Ended
3/31/2016 3/31/2015
Reconciliation of Net Income to EBITDA
Net Income $ 1,906,469 $ 718,517
Interest Expense 3,933,477 2,941,654
Franchise Taxes 92,925 88,500
Depreciation Expense 5,525,842 4,228,274
Acquisition Costs -0- 106,131
EBITDA $ 11,458,713 $ 8,083,076
Reconciliation of Net Loss Attributable to Common Shareholders to Funds from Operations
Net Loss Attributable to
Common Shareholders $ (883,278) $ (1,170,630)
Depreciation Expense 5,525,842 4,228,274
Gain on Sales of
Depreciable Assets (22,088) (4,713)
Funds from Operations ("FFO") 4,620,476 3,052,931
Adjustments:
Acquisition Costs -0- 106,131
Core Funds from Operations ("Core FFO") 4,620,476 3,159,062
Adjustments:
Gain on Sale of Securities
Transactions, net (232,005) (58,200)
Settlement of Memphis Mobile City Litigation -0- 125,000
Normalized Funds From Operations
("Normalized FFO") $ 4,388,471 $ 3,225,862
8. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 8
Market Capitalization, Debt and Coverage Ratios
(unaudited)
Year to Date Year Ended
3/31/2016 3/31/2015 12/31/2015
Shares Outstanding 27,175,848 25,296,003 27,086,838
Market Price Per Share $ 9.92 $ 10.07 $ 10.12
Equity Market Capitalization $ 269,584,412 $ 254,730,750 $ 274,118,801
Total Debt 360,595,790 266,351,678 340,912,008
Preferred 136,625,000 91,595,000 136,625,000
Total Market Capitalization $ 766,805,202 $ 612,677,428 $ 751,655,809
Total Debt $ 360,595,790 $ 266,351,678 $ 340,912,008
Less: Cash and Cash Equivalents (7,914,718) (11,076,165) (6,535,897)
Net Debt 352,681,072 255,275,513 334,376,111
Less: Securities Available for Sale at Fair
Value (“Securities”) (91,396,472) (67,917,983) (75,011,260)
Net Debt Less Securities $ 261,284,600 $ 187,357,530 $ 259,364,851
Interest Expense $ 3,933,477 $ 2,941,654 $ 14,074,446
Capitalized Interest 81,759 70,679 277,944
Preferred Dividends Paid 2,789,747 1,889,147 8,267,198
Total Fixed Charges $ 6,804,983 $ 4,901,480 $ 22,619,588
EBITDA $ 11,458,713 $ 8,083,076 $ 36,368,381
DEBT AND COVERAGE RATIOS
Net Debt / Total Market Capitalization 46.0% 41.7% 44.5%
Net Debt Plus Preferred / Total Market Capitalization 63.8% 56.6% 62.7%
Net Debt Less Securities / Total Market Capitalization 34.1% 30.6% 34.5%
Net Debt Less Securities Plus Preferred / Total
Market Capitalization 51.9% 45.5% 52.7%
Interest Coverage 2.9x 2.7x 2.6x
Fixed Charge Coverage 1.7x 1.6x 1.6x
Net Debt / EBITDA 7.7x 7.9x 9.2x
Net Debt Less Securities / EBITDA 5.7x 5.8x 7.1x
Net Debt Plus Preferred / EBITDA 10.7x 10.7x 13.0x
Net Debt Less Securities Plus Preferred / EBITDA 8.7x 8.6x 10.9x
9. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 9
Debt Analysis
(unaudited) Year to Date
3/31/2016 3/31/2015
DEBT OUTSTANDING
Mortgages Payable:
Fixed Rate Mortgages (1) $ 291,541,604 $ 221,050,762
Variable Rate Mortgages 598,740 913,018
Total Mortgages Before
Unamortized Debt Issuance Costs 292,140,344 221,963,780
Unamortized Debt Issuance Costs (3,497,708) (2,949,374)
Mortgages, Net of Unamortized
Debt Issuance Costs 288,642,636 219,014,406
Loans Payable:
Unsecured Line of Credit 15,000,000 30,000,000
Other Loans Payable 57,105,415 17,630,146
Total Loans Before
Unamortized Debt Issuance Costs 72,105,415 47,630,146
Unamortized Debt Issuance Costs (152,261) (292,874)
Loans, Net of Unamortized
Debt Issuance Costs 71,953,154 47,337,272
Total Debt, Net of Unamortized Debt Issuance Costs $ 360,595,790 $ 266,351,678
% FIXED/FLOATING
Fixed 81.5% 83.7%
Floating 18.5% 16.3%
Total 100.0% 100.0%
WEIGHTED AVERAGE INTEREST RATES
Mortgages Payable 4.54% 4.75%
Loans Payable 3.45% 3.71%
Total Average 4.32% 4.57%
Notes:
(1) Includes a variable rate mortgage with a balance of $11,218,570 and $11,987,371 as of March 31, 2016 and 2015, respectively,
which has been effectively fixed at an interest rate of 3.89% with an interest rate swap agreement
10. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 10
Debt Maturity
Total Debt (000’s)
Notes:
(1) Includes $15 million Line of Credit due March 2016, which has been extended through March 2017.
$-
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 Thereafter
Mortgages Loans
As of 3/31/2016:
Fiscal Year Ended Mortgages Loans Total
% of
Total
2016 $ 8,572,548 $ 12,322,797 $ 20,895,345 5.7%
2017 30,262,060 24,168,636 (1) 54,430,696 14.9%
2018 9,519,528 172,937 9,692,465 2.7%
2019 3,073,542 4,174,769 7,248,311 2.0%
2020 12,794,705 171,589 12,966,294 3.6%
Thereafter 227,917,961 31,094,687 259,012,648 71.1%
Total Debt Before Unamortized
Debt Issuance Costs $ 292,140,344 $ 72,105,415 $ 364,245,759 100.0%
Unamortized Debt Issuance Costs (3,497,708) (152,261) (3,649,969)
Total Debt, Net of Unamortized
Debt Issuance Costs $ 288,642,636 $ 71,953,154 $ 360,595,790
11. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 11
Property Summary and Snapshot
(unaudited)
3/31/2016 3/31/2015 % Change
Communities 98 89 10.1%
Total Sites 17,793 15,176 17.2%
Occupied 14,129 12,356 14.3%
Occupancy % (1) 80.1% 82.3% -2.2%
Monthly Rent Per Site $417 $400 4.3%
Total Rentals 3,914 2,741 42.8%
Occupied Rentals 3,709 2,521 47.1%
Rental Occupancy % 94.8% 92.0% 2.8%
Monthly Rent per Home Rental $687 $671 2.4%
Region Number
Total
Acreage
Developed
Acreage
Vacant
Acreage
Total
Sites
Occupied
Sites
Occupancy
Percentage
Monthly
Rent
Per Site
Total
Rentals
Occupied
Rentals
Rental
Occupancy
Percentage
Monthly
Rent Per
Home
Rental
(2) (2) (1) (3)
Indiana 9 661 561 100 2,653 1,863 70.2% $ 393 715 678 94.8% $ 699
Michigan 2 68 68 -0- 354 240 67.8% $ 419 97 93 95.9% $ 689
New Jersey 4 349 187 162 1,006 964 95.8% $ 585 35 35 100.0% $ 914
New York 7 397 301 96 1,133 905 79.9% $ 477 218 207 95.0% $ 837
Ohio 27 1,132 881 251 4,311 3,328 77.2% $ 348 828 777 93.8% $ 642
E. Pennsylvania 26 964 805 159 3,606 3,049 84.6% $ 457 688 648 94.2% $ 715
W. Pennsylvania 16 904 723 181 2,914 2,219 76.1% $ 386 659 614 93.2% $ 700
Tennessee 7 413 321 92 1,816 1,561 86.0% $ 418 674 657 97.5% $ 688
Total as of
March 31, 2016 98 4,888 3,847 1,041 17,793 14,129 80.1% $ 417 3,914 3,709 94.8% $ 687
Notes:
(1) The 156 Vacant Sites at Memphis Blues are not included in the calculation of occupancy.
(2) Total and Vacant Acreage of 220 for the Mountain View Estates property is not included in the summary since there are no current sites and approval for sites is still in process.
(3) Includes home and site rent charges.
12. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 12
Same Property Statistics
(unaudited)
For Three Months Ended
3/31/2016 3/31/2015 Change
%
Change
Community Net Operating Income
Rental and Related
Income $ 19,245,169 $ 17,111,991 $ 2,133,178 12.5%
Community Operating
Expenses 8,906,188 8,251,841 654,347 7.9%
Community NOI $ 10,338,981 $ 8,860,150 $ 1,478,831 16.7%
Year to Date
3/31/2016 3/31/2015 % Change
OTHER INFORMATION
Total Sites 14,856 14,879 -0.2%
Occupied Sites 12,409 12,216 1.6%
Occupancy % 83.5% 82.1% 1.4%
Number of Properties 88 88 N/A
Developed Acreage 3,228 3,228 N/A
Vacant Acreage 922 922 N/A
Monthly Rent Per Site $ 420 $ 401 4.7%
Total Rentals 3,468 2,741 26.5%
Occupied Rentals 3,297 2,521 30.8%
Rental Occupancy 95.1% 92.0% 3.1%
Monthly Rent Per Home Rental $ 691 $ 671 3.0%
Notes:
Same Property includes all properties owned as of January 1, 2015, with the exception of Memphis Blues.
13. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 13
Acquisition Summary
At Acquisition:
Year
Number of
Communities Sites
Occupied
Sites Occupancy % Price
Total
Acres
2013 17 2,738 2,279 83% $ 88,270,000 232
2014 14 1,612 1,230 76% $ 42,550,000 547
2015 10 2,774 1,764 64% $ 81,217,000 717
Property Portfolio
14. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 14
Definitions
Investors and analysts following the real estate industry utilize funds from operations ("FFO"), core funds
from operations ("Core FFO"), normalized funds from operations (“Normalized FFO”), community NOI,
same property NOI, and earnings before interest, taxes, depreciation and amortization ("EBITDA"),
variously defined, as supplemental performance measures. While the Company believes net income
available to common stockholders, as defined by accounting principles generally accepted in the United
States of America (U.S. GAAP), is the most appropriate measure, it considers Community NOI, Same
Property NOI, EBITDA, FFO, and Core FFO, given their wide use by and relevance to investors and
analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real
estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP
depreciation and amortization of real estate assets. Core FFO reflects the same assumptions as FFO
except that is also adjusts for the effects of acquisitions costs and costs of early extinguishment of debt.
Community NOI and Same Property NOI provides a measure of rental operations, and does not factor in
depreciation and amortization and non-property specific expenses such as general and administrative
expenses. EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund
dividends and other cash needs. In addition, Community NOI, Same Property NOI, EBITDA, FFO, and
Core FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of
calculations used to measure financial position, performance and value.
As used herein, the Company calculates FFO, as defined by The National Association of Real Estate
Investment Trusts (“NAREIT”), to be equal to net income (loss) applicable to common shareholders, as
defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from
sales of previously depreciated real estate assets, impairment charges related to depreciable real estate
assets, plus certain non-cash items such as real estate asset depreciation and amortization. FFO
includes gains and losses realized on securities investments.
Core FFO is calculated as FFO plus acquisition costs and costs of extinguishment of debt.
Normalized FFO is calculated as Core FFO excluding gains and losses realized on securities
investments and certain one-time charges.
Community NOI is calculated as rental and related income less community operating expenses such as
real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses.
Community NOI excludes realized gains (losses) on securities transactions.
Same Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2015,
with the exception of Memphis Blues.
EBITDA is calculated as net income plus interest expense, franchise taxes and depreciation expense.
Community NOI, Same Property NOI, EBITDA, FFO, Core FFO and Normalized FFO do not represent
cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative
of cash available to fund cash needs, including the repayment of principal on debt and payment of
dividends and distributions. Community NOI, Same Property NOI, EBITDA, FFO, Core FFO and
Normalized FFO should not be considered as substitutes for net income applicable to common
shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash
flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. Community NOI, Same
Property NOI, EBITDA, FFO, Core FFO and Normalized FFO as currently calculated by the Company
may not be comparable to similarly titled, but variously calculated, measures of other REITs.
15. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 15
Press Release Dated May 9, 2016
FOR IMMEDIATE RELEASE May 9, 2016
Contact: Nelli Madden
732-577-9997
UMH PROPERTIES, INC. REPORTS 1st QUARTER 2016 EARNINGS
FREEHOLD, NJ, May 9, 2016........ UMH Properties, Inc. (NYSE:UMH) reported Core
Funds from Operations (“Core FFO”) of $4,620,000 or $0.17 per diluted share for the quarter
ended March 31, 2016, as compared to $3,159,000 or $0.13 per diluted share for the quarter
ended March 31, 2015, representing an increase in Core FFO per diluted share of 30.8%.
Normalized Funds from Operations (“Normalized FFO”), was $4,388,000 or $0.16 per diluted
share for the quarter ended March 31, 2016, as compared to $3,226,000 or $0.13 per diluted
share for the quarter ended March 31, 2015, representing an increase in Normalized FFO per
diluted share of 23.1%.
A summary of significant financial information for the three months ended March 31,
2016 and 2015 is as follows:
For the Three Months Ended
March 31,
2016 2015
Total Income $ 23,504,000 $ 18,344,000
Total Expenses $ 19,876,000 $ 16,370,000
Gain on Securities Transactions, net $ 232,000 $ 58,000
Net Loss Attributable to Common Shareholders $ (883,000) $ (1,171,000)
Net Loss Attributable to Common
Shareholders per Diluted Common Share $ (0.03) $ (0.05)
Core FFO (1) $ 4,620,000 $ 3,159,000
Core FFO (1) per Diluted Common Share $ 0.17 $ 0.13
Normalized FFO (1) $ 4,388,000 $ 3,226,000
Normalized FFO (1) per Diluted Common Share $ 0.16 $ 0.13
Weighted Average Diluted Shares Outstanding 27,161,000 24,841,000
A summary of significant balance sheet information as of March 31, 2016 and December
31, 2015 is as follows:
March 31,
2016
December 31,
2015
Gross Real Estate Investments $ 587,356,000 $ 577,709,000
Total Assets $ 624,040,000 $ 600,317,000
Securities Available for Sale at Fair Value $ 91,396,000 $ 75,011,000
Mortgages Payable, net $ 288,643,000 $ 283,050,000
Loans Payable, net $ 71,953,000 $ 57,862,000
Total Shareholders’ Equity $ 249,552,000 $ 246,238,000
16. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 16
Samuel A. Landy, President and CEO, commented on the results of the first quarter of
2016.
“We are pleased to announce a strong quarter of operating results. During the quarter,
we:
Increased Core FFO per diluted share to $0.17, representing a 30.8% increase over the
prior year period and a 21.4% increase sequentially;
Increased Normalized FFO per diluted share to $0.16, representing a 23.1% increase
over the prior year period and a 14.3% increase sequentially;
Increased Rental and Related Income by 26.5% over the prior year period;
Increased Community Net Operating Income (“NOI”) by 33.6% over the prior year
period;
Increased Same Property Occupancy 140 basis points over the prior year period from
82.1% to 83.5%;
Increased Same Property NOI by 16.7% over the prior year period;
Decreased our Operating Expense Ratio 270 basis points over the prior year period from
51.2% to 48.5%;
Increased homes sales by 52.3% over the prior year period from $1.1 million (24 homes
sold) to $1.7 million (41 homes sold);
Increased our rental home portfolio by 182 homes, representing an increase of 4.9%
from yearend 2015 to approximately 3,900 total rental homes;
Increased rental home occupancy from 92.9% at yearend 2015 to 94.8% at quarterend;
and
Increased unrealized gain (loss) on REIT securities from an unrealized loss of $2.1
million at December 31, 2015 to an unrealized gain of $6.5 million at quarter end, in
addition to recognizing realized gains of $232,000 and $1.5 million in dividend income
for the quarter.”
“We are making substantial progress on many fronts. We are successfully integrating
and upgrading our acquisitions, which is resulting in increased occupancy and NOI. Same
Property NOI continues to grow at a high rate and increased by 16.7% this recent quarter over
the prior year. Home sales showed meaningful growth as well, increasing by 52.3%. Our
expense ratio continues to come down decreasing by 270 basis points over the prior year
period. These healthier margins should continue to improve and generate increased earnings in
the ensuing quarters.”
“Subsequent to quarterend, we closed on the sale of 2,000,000 shares of our 8.0%
Series B Cumulative Redeemable Preferred Stock in a registered direct placement at a
purchase price of $25.50 per share. We raised approximately $49.1 million in net proceeds and
intend to use these proceeds for general corporate purposes, which may include purchase of
manufactured homes for sale or lease to customers, expansion of our existing communities,
potential acquisitions of additional properties, and possible repayment of indebtedness on a
short-term basis. We anticipate adding 700 to 800 rental homes this year, which will further
improve our operating results. Our strong first quarter results represent an excellent start to
2016 that we intend to build upon going forward.”
17. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 17
UMH Properties, Inc. will host its First Quarter 2016 Financial Results Webcast and
Conference Call. Senior management will discuss the results, current market conditions and
future outlook on Tuesday, May 10, 2016 at 10:00 a.m. Eastern Time.
The Company’s 2016 first quarter financial results being released herein will be available
on the Company’s website at www.umh.reit in the “Financial Information and Filings” section.
To participate in the webcast select the microphone icon found on the
homepage www.umh.reit to access the call. Interested parties can also participate
via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147
(internationally).
The replay of the conference call will be available at 12:00 p.m. Eastern Time on
Tuesday, May 10, 2016. It will be available until August 1, 2016, and can be accessed by
dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the
passcode 10083025. A transcript of the call and the webcast replay will be available at the
company's website, www.umh.reit.
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns
and operates ninety-eight manufactured home communities containing approximately 17,800
developed homesites. These communities are located in New Jersey, New York, Ohio,
Pennsylvania, Tennessee, Indiana and Michigan. In addition, the Company owns a portfolio of
REIT securities.
Certain statements included in this press release which are not historical facts may be
deemed forward-looking statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Any such forward-looking statements are based on the Company’s current
expectations and involve various risks and uncertainties. Although the Company believes the
expectations reflected in any forward-looking statements are based on reasonable assumptions,
the Company can provide no assurance those expectations will be achieved. The risks and
uncertainties that could cause actual results or events to differ materially from expectations are
contained in the Company’s annual report on Form 10-K and described from time to time in the
Company’s other filings with the SEC. The Company undertakes no obligation to publicly update
or revise any forward-looking statements whether as a result of new information, future events,
or otherwise.
Note:
(1) Non-GAAP Information: We assess and measure our overall operating results based upon an industry
performance measure referred to as Funds From Operations (“FFO”), which management believes is a
useful indicator of our operating performance. FFO is used by industry analysts and investors as a
supplemental operating performance measure of a REIT. FFO, as defined by The National Association
of Real Estate Investment Trusts (“NAREIT”), represents Net Income (Loss) Attributable to Common
Shareholders, as defined by accounting principles generally accepted in the United States of America
(“U.S. GAAP”), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales
of previously depreciated real estate assets, impairment charges related to depreciable real estate
assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT
created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define
Core Funds From Operations (“Core FFO”) as FFO plus acquisition costs and costs of early
extinguishment of debt. We define Normalized Funds From Operations (“Normalized FFO”) as Core
FFO excluding gains and losses realized on securities investments and certain non-recurring charges.
We define Community NOI as rental and related income less community operating expenses such as
real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses.
18. UMH Properties, Inc. | First Quarter FY 2016 Supplemental Information 18
Community NOI excludes realized gains (losses) on securities transactions. FFO, Core FFO and
Normalized FFO, as well as Community NOI should be considered as supplemental measures of
operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost
depreciation as an expense and may facilitate the comparison of REITs which have a different cost
basis. The items excluded from FFO, Core FFO and Normalized FFO are significant components in
understanding the Company’s financial performance.
FFO, Core FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by
U.S. GAAP; (ii) should not be considered as an alternative to net income (loss) as a measure of
operating performance or to cash flows from operating, investing and financing activities; and (iii) are
not alternatives to cash flow as a measure of liquidity. FFO, Core FFO and Normalized FFO, as well
as Community NOI, as calculated by the Company, may not be comparable to similarly titled measures
reported by other REITs.
The reconciliation of the Company’s U.S. GAAP net loss to the Company’s FFO, Core FFO and
Normalized FFO for the three months ended March 31, 2016 and 2015 are calculated as follows:
Three Months Ended
3/31/16 3/31/15
Net Loss Attributable to Common Shareholders $(883,000) $(1,171,000)
Depreciation Expense 5,525,000 4,229,000
Gain on Sales of Depreciable Assets (22,000) (5,000)
FFO Attributable to Common Shareholders 4,620,000 3,053,000
Acquisition Costs -0- 106,000
Core FFO Attributable to Common Shareholders 4,620,000 3,159,000
Gain on Sale of Securities Transactions, net (232,000) (58,000)
Settlement of Memphis Mobile City Litigation -0- 125,000
Normalized FFO Attributable to Common Shareholders $4,388,000 $3,226,000
The following are the cash flows provided (used) by operating, investing and financing activities for the three
months ended March 31, 2016 and 2015:
Three Months Ended
3/31/16 3/31/15
Operating Activities $7,659,000 $7,245,000
Investing Activities (18,538,000) (12,154,000)
Financing Activities 12,258,000 7,902,000
# # # #