UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2026
Rhea-AI Summary
UMH Properties (NYSE:UMH) reported Total Income of $65.8M for Q1 2026, up 8% year-over-year, and Net Income attributable to common shareholders of $2.6M ($0.03 diluted). FFO was $18.1M ($0.21 diluted); Normalized FFO was $19.4M ($0.23 diluted).
The company cited higher occupancy, same-property NOI growth, 142 rental home conversions, and a $1.5M net proceeds equity sale; it tightened 2026 Normalized FFO guidance to $0.98–$1.04 per diluted share.
Positive
- Total Income rose to $65.8M (+8% YoY)
- Net Income to common shareholders of $2.6M (Q1 2026)
- Normalized FFO of $19.4M, $0.23 per diluted share
- Same-property NOI increased 7%, driving $34.9M NOI
- Same-property occupancy up 110 basis points to 89.0%
- Converted 142 homes to rental portfolio (~11,200 rental homes)
Negative
- Interest expense increased substantially due to refinancing and new bonds
- Total Expenses increased to $54.3M (Q1 2026)
- Operating cash flows $20.8M vs investing outflows $33.2M
- Total Assets declined to $1,687,617 thousand from $1,699,036
- Home sales and operating costs impacted by unusually harsh winter
News Market Reaction – UMH
In the May 1 session, UMH gained 1.22%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Feb 25 | Full-year 2025 earnings | Positive | -2.8% | Reported 2025 income and Normalized FFO growth plus new communities and bonds. |
| Nov 03 | Q3 2025 earnings | Positive | -0.9% | Q3 2025 income and Normalized FFO growth with stronger NOI and acquisitions. |
| Aug 06 | Q2 2025 earnings | Positive | +0.2% | Q2 2025 income, NOI and sales growth plus major refinancing and dividend hike. |
| Jul 02 | Q2 2025 ops update | Positive | +1.1% | Operational update on rental conversions, occupancy gains, sales growth and refinancing. |
| May 01 | Q1 2025 earnings | Positive | +0.1% | Q1 2025 income growth, higher Normalized FFO, acquisitions and dividend increase. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings and related updates are generally positive fundamentally, but the stock has often shown muted or negative next‑day moves around these reports.
Over the past year, UMH has consistently reported rising Total Income and Normalized FFO, alongside community acquisitions and refinancing activity. Prior earnings releases on Feb 25 2026, Nov 3 2025, Aug 6 2025, and May 1 2025 all highlighted income growth and portfolio expansion. Yet, immediate price reactions were modest and sometimes negative, yielding an average move of about -0.45%. Today’s Q1 2026 results and updated guidance follow this pattern of stable operations with only limited price impact.
Key Terms
funds from operations financial
normalized funds from operations financial
net operating income financial
basis points financial
at-the-market sale program financial
reit financial
non-gaap financial
nareit financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FREEHOLD, NJ, April 30, 2026 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended March 31, 2026 of
Funds from Operations Attributable to Common Shareholders (“FFO”), was
A summary of significant financial information for the three months ended March 31, 2026 and 2025 is as follows (in thousands except per share amounts):
| For the Three Months Ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Total Income | $ | 65,838 | $ | 61,225 | ||||
| Total Expenses | $ | 54,323 | $ | 51,651 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 2,580 | $ | (271 | ) | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | 0.03 | $ | (0.00 | ) | |||
| FFO (1) | $ | 18,140 | $ | 18,172 | ||||
| FFO (1) per Diluted Common Share | $ | 0.21 | $ | 0.22 | ||||
| Normalized FFO (1) | $ | 19,356 | $ | 18,820 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.23 | $ | 0.23 | ||||
| Basic Weighted Average Shares Outstanding | 84,998 | 82,391 | ||||||
| Diluted Weighted Average Shares Outstanding | 85,371 | 83,335 | ||||||
A summary of significant balance sheet information as of March 31, 2026 and December 31, 2025 is as follows (in thousands):
| March 31, 2026 | December 31, 2025 | |||||||
| Gross Real Estate Investments | $ | 1,890,820 | $ | 1,869,390 | ||||
| Marketable Securities at Fair Value | $ | 26,430 | $ | 23,758 | ||||
| Total Assets | $ | 1,687,617 | $ | 1,699,036 | ||||
| Mortgages Payable, net | $ | 554,041 | $ | 556,129 | ||||
| Loans Payable, net | $ | 27,961 | $ | 27,696 | ||||
| Series A Bond Payable, net | $ | 101,963 | $ | 101,751 | ||||
| Series B Bond Payable, net | $ | 75,905 | $ | 75,651 | ||||
| Total Shareholders’ Equity | $ | 896,034 | $ | 907,196 | ||||
Samuel A. Landy, President and CEO, commented on the results of the first quarter of 2026.
“We are pleased to announce another solid quarter of operating results and an excellent start to 2026. During the quarter, we:
| ● | Increased Rental and Related Income by |
| ● | Increased Community Net Operating Income (“NOI”) by |
| ● | Increased Same Property Community NOI by |
| ● | Increased Same Property Occupancy by 110 basis points from |
| ● | Issued and sold approximately 66,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of |
Samuel A. Landy, President and CEO, commented, “UMH Properties delivered a stable first quarter in 2026, reflecting the strength and resilience of our long-term business plan. Normalized FFO was
“Our communities continue to perform in line with our expectations. We are experiencing strong demand which is resulting in solid sales and growing occupancy and revenue. Our same-property occupancy increased by 171 sites from year end 2025 and an increase of 412 occupied sites year-over-year, driving a
“We are tightening our guidance range and expect normalized FFO in the range of
UMH Properties, Inc. will host its First Quarter 2026 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Friday, May 1, 2026, at 10:00 a.m. Eastern Time.
The Company’s 2026 first quarter financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.
To participate in the webcast, select the webcast icon on the homepage of the Company’s website at www.umh.reit, in the Upcoming Events section. 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 Friday, May 1, 2026, and can be accessed by dialing toll free 855-669-9658 (domestically) and 412-317-0088 (internationally) and entering the passcode 2161306. 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 currently owns and operates 145 manufactured home communities containing approximately 27,100 developed homesites, of which contain 11,200 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate.
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 Attributable to Common Shareholders (“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 certain gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities investments and the change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance. |
FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives 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 and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.
The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 85.4 million shares for the three months ended March 31, 2026 and 83.3 million shares for the three months ended March 31, 2025. Common stock equivalents resulting from stock options in the amount of 373,000 for the year ended March 31, 2026 were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from stock options in the amount of 944,000 shares for the three months ended March 31, 2025 were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.
The reconciliation of the Company’s U.S. GAAP net loss to the Company’s FFO and Normalized FFO for the three months ended March 31, 2026 and 2025 are calculated as follows (in thousands):
| Three Months Ended | ||||||||
| March 31, 2026 | March 31, 2025 | |||||||
| Net Income (Loss) Attributable to Common Shareholders | $ | 2,580 | $ | (271 | ) | |||
| Depreciation Expense | 17,976 | 16,663 | ||||||
| Depreciation Expense from Unconsolidated Joint Ventures | 246 | 217 | ||||||
| Loss on Sales of Investment Property and Equipment | 3 | 1 | ||||||
| (Increase) Decrease in Fair Value of Marketable Securities | (39,083 | ) | 1,562 | |||||
| Loss on Marketable Securities, net | 36,418 | -0- | ||||||
| FFO Attributable to Common Shareholders | 18,140 | 18,172 | ||||||
| Amortization of Financing Costs | 881 | 599 | ||||||
| Non-Recurring Other Expense (2) | 335 | 49 | ||||||
| Normalized FFO Attributable to Common Shareholders | $ | 19,356 | $ | 18,820 | ||||
| (2 | ) | Consists of one-time legal and professional fees for the three months ended March 31, 2026 and 2025. |
The following are the cash flows provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025 (in thousands):
| 2026 | 2025 | |||||||
| Operating Activities | $ | 20,844 | $ | 12,779 | ||||
| Investing Activities | (33,187 | ) | (56,411 | ) | ||||
| Financing Activities | (22,612 | ) | (18,693 | ) | ||||
| (3 | ) | The following table reconciles Net Income Attributable to Common Shareholders per share – fully diluted guidance to FFO Attributable to Common Shareholders per share - fully diluted guidance and Normalized FFO Attributable to Common Shareholders per share - fully diluted guidance: |
| Full Year Guidance 2026 | |||||
| Net Income Attributable to Common Shareholders per share – fully diluted | |||||
| Depreciation | $ | 0.85 | |||
| FFO Attributable to Common Shareholders per share - fully diluted | |||||
| Amortization of Financing Costs and Non- Recurring Other Expenses | $.06 | ||||
| Normalized FFO Attributable to Common Shareholders per share - fully diluted | |||||
Contact: Nelli Madden
732-577-9997
