Umh Properties, Inc. · NYSE:UMH
Umh Properties — IPO Roadshow (October 2012)
25 slides from Umh Properties's IPO roadshow presentation, Oct 22, 2012
Slide 1: UMH Properties, Inc. October 2012 Add-on Series A Preferred Offering
Issuer Free Writing Prospectus Dated October 22, 2012 Filed Pursuant to Rule 433 Registration Statement No. 333-171338 Relating to Preliminary Prospectus Supplement Dated October 19, 2012 to Prospectus Dated January 20, 2011 UMH PROPERTIES, INC. October 2012 Add-on Series A Preferred Offering
Slide 2: Forward Looking Statements
Forward Looking Statements Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of t
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Slide 4: Add-on Offering Summary
Add-on Offering Summary Add-on Offering: 1,000,000 shares Securities: Series A Preferred Stock Market Price 1 / Yield: $26.79 / 7.7% Liquidation Preference: $25.00 Dividend / Rate: $2.0625 per share p.a. / 8.25% Listing / Symbol: NYSE / “UMH PRA” Pro Forma Shares Outstanding: 3,413,800 shares Pro Fo
Slide 5: Company Overview
Company Overview u UMH Properties, Inc. (“UMH” or “the Company”) is a publicly owned Real Estate Investment Trust (“REIT”). The Company commenced operations in 1968 and has been operating as a public company since 1985. u Owner and operator of manufactured home communities - leasing manufactured hom
Slide 6: Extensive Operating History
Extensive Operating History 1970 1980 2012 2012 2012 January 1, 2001: June 29, 2009: March 2, 2012: REIT Modernization Act becomes Addition of UMH UMH Properties, Inc. moves 1968: 1985: effective. Legislation enables Properties, Inc. to common and preferred stock REITs to engage in sales Russell 200
Slide 7: Portfolio Snapshot
Portfolio Snapshot Portfolio Statistics North Dakota Total Communities 55 Developed Home Sites 10,400 Minnesota Maine Wisconsin Vermont States 6 South Dakota Portfolio Occupancy 80% New Hampshire Average Monthly Site Rent $427 Michigan Massachusetts Home Rentals as % of Occupied Sites 13% Iowa Rhode
Slide 8: Portfolio Capacity by State
Portfolio Capacity by State -8-
Slide 9: Marcellus & Utica Shale Region Exposure
Marcellus & Utica Shale Region Exposure u The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York u Fields have the potential to be among the largest sources of natural gas in the world u Activity surrounding the devel
Slide 10: UMH Historical Portfolio Growth
UMH Historical Portfolio Growth u Since 2009, UMH’s portfolio of developed sites has grown by 52.9% - 10 -
Slide 11: Recent Acquisition Track Record
Recent Acquisition Track Record - 11 -
Slide 12: UMH Sales & Finance, Inc. ("S&F")
UMH Sales & Finance, Inc. (“S&F”) u Formed in 2001 as a taxable REIT subsidiary u Conducts sales and financing of manufactured homes in its communities u Focus on increasing occupancy and enhancing the value of communities u Sales price per unit was approximately $43k over the past twelve months u S
Slide 13: Loan Portfolio Overview
Loan Portfolio Overview u UMH provides financing to buyers of its manufactured homes u $20.5mm loan portfolio with a weighted average interest rate of approximately 10.0% u Portfolio comprised of approximately 660 homes located throughout 36 communities u Most loans require a 10% down payment and 15
Slide 14: Favorable US Housing Trends
Favorable US Housing Trends u UMH is well positioned to participate in the ongoing recovery of the US housing market % of Households Owning a Single-Family Home Single Family Home Price Change Year-Over-Year The Cyclicality of Housing - 14 -
Slide 15: REIT Securities Portfolio Overview
REIT Securities Portfolio Overview u Total value of $55.3mm as of 06/30/12 (inclusive of approximately $10.0 million of unrealized gains) u UMH’s REIT securities portfolio provides attractive yields, diversification and additional liquidity u Securities portfolio represents approximately 17% of tota
Slide 16: Summary Historical Performance
Summary Historical Performance Revenue and Other Income ($mm) Funds from Operations12 ($mm) Rental revenue Sales Interest/Dividend Income $39.4 $36.6 $38.6 Total Assets 2 ($mm) Portfolio Occupancy (%) Source: Company filings; balance sheet as of 06/30/12. 1. Excludes 2011 loss relating to flood at M
Slide 17: Summary Capitalization
Summary Capitalization Pro Forma Total Market Capitalization Pro Forma Undepreciated Book Capitalization Total: $339.7MM 1 1 Reflects pro forma adjustments for acquisition of 11 communities as completed on August 1, 2012. Excludes impact of $9.3mm of Other acquisitions completed in Q3 2012. - 17 -
Slide 18: Conservative Balance Sheet
Conservative Balance Sheet Net Debt / Total Market Capitalization Total Debt / EBITDA 2 2 2 2 Source: Company filings; balance sheet as of 06/30/12. 1 Fixed charges include interest expense, capitalized interest and preferred distributions 2 Reflects pro forma adjustments for acquisition of 11 commu
Slide 19: Limited Mortgage Debt Maturities
Limited Mortgage Debt Maturities u Weighted average mortgage debt maturity is 6.3 years u Weighted average interest rate is 5.4% u 96.2% of total debt is fixed-rate u Mortgage debt as a percentage of total debt is 91.4% Mortgage Debt Maturity Schedule ($US in millions) Financial Information as of 06
Slide 20: Investment Highlights
Investment Highlights u Long-term track record of profitability u Strong balance sheet and stable credit metrics u Well positioned for housing market rebound u Significant upside in real estate portfolio - 80% unit occupancy u Proven access to institutional capital u Well positioned to benefit from
Slide 21: Summary Pro Forma Financial Information
Summary Pro Forma Financial Information 1 - 21 -
Slide 22: Funds From Operations
Funds From Operations Funds from operations (“FFO”) is defined as net income (computed in accordance with generally accepted accounting principles), excluding preferred dividends and gains or losses from sales of depreciable assets, plus real estate-related depreciation and amortization. FFO should
Slide 23: EBITDA
EBITDA EBITDA is defined as net income (computed in accordance with generally accepted accounting principles), excluding preferred dividends, gains or losses from sales of real estate assets, interest expense, income taxes depreciation and amortization expenses, extraordinary or non-recurring charge
Slide 24: For additional information visit WWW.UMH.COM
For additional information including all SEC filings please visit: WWW.UMH.COM
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