FREEHOLD, N.J. (AP) _ UMH Properties Inc. (UMH) on Thursday reported a key measure of profitability in its second quarter. The results fell short of Wall Street expectations.
The real estate investment trust, based in Freehold, New Jersey, said it had funds from operations of $5.7 million, or 14 cents per share, in the period.
The average estimate of three analysts surveyed by Zacks Investment Research was for funds from operations of 17 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had a loss of $5.5 million, or 15 cents per share.
The real estate investment trust posted revenue of $37.2 million in the period, which beat Street forecasts. Three analysts surveyed by Zacks expected $36.3 million.
The company's shares have increased roughly 10% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $12.98, a fall of 17% in the last 12 months.