MNR. I soured on them due to their related transactions / investments in other reits. From my notes they used to own both UMH (manufactured homes) and CBL (malls), but the latest 10Q only shows UMH. I prefer industrial reits that are pure industrial and not tied up with other non industrial investments. No reason to get involved here since other ind reits are less worrisome. FYI UMH common down around 40% since jan 1.
Our Securities Available for Sale at Fair Value consists primarily of marketable common and preferred stock of other REITs with a fair value of $181.8 million as of December 31, 2019, representing 8.2% of our undepreciated assets.... The implementation of this accounting rule has resulted in increased volatility in our reported earnings and some of our key performance metrics. The only securities purchased during the three months ended December 31, 2019 were 15,000 shares for a total cost of $226,000, of UMH Properties, Inc. (UMH), a related REIT.. As of December 31, 2019, we had total net unrealized holding losses on our securities portfolio of $53.1 million.... Five of our 13 directors are also directors and shareholders of UMH.
We have determined that none of our security holdings are other than temporarily impaired and therefore all unrealized gains and losses from these securities have been recognized as Unrealized Holding Gains (Losses) Arising During the Periods in our Consolidated Statements of Income. If we were to determine any of our securities to be other than temporarily impaired, we would present these unrealized holding losses as an impairment charge in our Consolidated Statements of Income (Loss). |
