UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025
Rhea-AI Summary
UMH Properties (NYSE:UMH) reported 2025 Total Income of $261.8M, up 9% year-over-year, and Normalized FFO of $80.1M or $0.95 per diluted share. The company acquired five communities (587 homesites) for $41.8M, issued $80.2M Series B bonds, and provided 2026 Normalized FFO guidance of $0.97–$1.05 per share.
Positive
- Total Income +9% to $261.8M in 2025
- Normalized FFO +15% to $80.1M, $0.95 per diluted share
- Acquired 5 communities (587 homesites) for $41.8M
- Issued $80.2M aggregate principal of 5.85% Series B bonds due 2030
Negative
- Net income attributable to common shareholders was only $6.0M ($0.07 per diluted share) for 2025
- Fourth-quarter 2025 reported a net loss of $0.5M (≈$0.01 per diluted share)
- Mortgages payable increased to $556.1M from $485.5M at year-end 2024
Key Figures
Market Reality Check
Peers on Argus
UMH slipped 0.06% while key residential REIT peers like AIV, ELME, CSR and NXRT showed gains between 0.74% and 3.05%, indicating stock-specific action rather than a sector-wide move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 03 | Q3 2025 earnings | Positive | -0.9% | Q3 2025 income and Normalized FFO growth with higher NOI and occupancy. |
| Aug 06 | Q2 2025 earnings | Positive | +0.2% | Q2 2025 Total Income and Normalized FFO increases with stronger rental metrics. |
| Jul 02 | Q2 2025 ops update | Positive | +1.1% | Operational update showing higher rental homes, occupancy and sales plus refinancing. |
| May 01 | Q1 2025 earnings (upd) | Positive | +0.1% | Q1 2025 Total Income and Normalized FFO per share growth with acquisitions. |
| May 01 | Q1 2025 earnings | Positive | +0.1% | Q1 2025 Total Income growth, reduced net loss and higher Normalized FFO. |
Earnings releases have generally been received positively, with 4 of the last 5 tagged earnings events seeing aligned or modestly positive price reactions despite consistently strong operational growth.
Across recent quarters, UMH reported steady growth in Total Income and Normalized FFO per share, with Q1–Q3 2025 updates highlighting higher rental income, rising community NOI and improving same-property occupancy. Prior earnings also emphasized acquisitions, Fannie Mae financings and incremental dividend increases. Today’s full-year 2025 report continues this pattern, showing higher Total Income, FFO and Normalized FFO alongside portfolio expansion and refinancing activity, effectively tying together the quarterly momentum into a consolidated annual picture.
Historical Comparison
In the last five earnings-related releases, UMH’s average 24-hour move was about 0.12%, indicating historically muted price reactions even when Total Income and Normalized FFO showed clear year-over-year growth.
Earnings updates through 2025 showed consistent increases in Total Income, NOI and Normalized FFO per share each quarter, culminating in today’s full-year 2025 results that extend the same growth themes and reinforce the multi-quarter trajectory.
Market Pulse Summary
This announcement delivers a comprehensive look at 2025 performance, highlighting higher Total Income, FFO and Normalized FFO alongside portfolio growth and refinancing activity. It also introduces 2026 Normalized FFO guidance of $0.97–$1.05 per share, framing expectations for the coming year. In context with prior quarterly updates, the release reinforces a steady growth trajectory while underscoring capital allocation through acquisitions, credit facilities and bond issuance, all of which investors may monitor for execution and balance-sheet impact.
Key Terms
funds from operations financial
normalized funds from operations financial
reit financial
non-gaap financial
nareit financial
basis points financial
interest only loan financial
AI-generated analysis. Not financial advice.
FREEHOLD, NJ, Feb. 25, 2026 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of
Funds from Operations Attributable to Common Shareholders (“FFO”) was
A summary of significant financial information for the three months and year ended December 31, 2025 and 2024 is as follows (in thousands except per share amounts):
| For the Three Months Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Total Income | $ | 66,968 | $ | 61,873 | ||||
| Total Expenses | $ | 54,175 | $ | 51,466 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | (506 | ) | $ | 28 | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | (0.01 | ) | $ | 0.00 | |||
| FFO (1) | $ | 19,349 | $ | 18,369 | ||||
| FFO (1) per Diluted Common Share | $ | 0.23 | $ | 0.23 | ||||
| Normalized FFO (1) | $ | 20,513 | $ | 19,203 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.24 | $ | 0.24 | ||||
| Basic Weighted Average Shares Outstanding | 85,060 | 80,112 | ||||||
| Diluted Weighted Average Shares Outstanding | 85,416 | 81,235 | ||||||
| For the Year Ended | ||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Total Income | $ | 261,714 | $ | 240,552 | ||||
| Total Expenses | $ | 213,942 | $ | 198,092 | ||||
| Net Income Attributable to Common Shareholders | $ | 5,966 | $ | 2,472 | ||||
| Net Income Attributable to Common Shareholders per Diluted Common Share | $ | 0.07 | $ | 0.03 | ||||
| FFO (1) | $ | 75,967 | $ | 66,259 | ||||
| FFO (1) per Diluted Common Share | $ | 0.90 | $ | 0.88 | ||||
| Normalized FFO (1) | $ | 80,098 | $ | 69,489 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.95 | $ | 0.93 | ||||
| Basic Weighted Average Shares Outstanding | 84,067 | 74,114 | ||||||
| Diluted Weighted Average Shares Outstanding | 84,694 | 74,912 | ||||||
A summary of significant balance sheet information as of December 31, 2025 and 2024 is as follows (in thousands):
| December 31, 2025 | December 31, 2024 | |||||||
| Gross Real Estate Investments | $ | 1,869,390 | $ | 1,669,114 | ||||
| Marketable Securities at Fair Value | $ | 23,758 | $ | 31,883 | ||||
| Total Assets | $ | 1,699,036 | $ | 1,563,728 | ||||
| Mortgages Payable, net | $ | 556,129 | $ | 485,540 | ||||
| Loans Payable, net | $ | 27,696 | $ | 28,279 | ||||
| Series A Bond Payable, net | $ | 101,751 | $ | 100,903 | ||||
| Series B Bond Payable, net | $ | 75,651 | $ | -0- | ||||
| Total Shareholders’ Equity | $ | 907,196 | $ | 915,909 | ||||
Samuel A. Landy, President and CEO, commented on the 2025 results.
“During 2025, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving our financial position. We have:
| ● | Increased Rental and Related Income by | |
| ● | Increased Community Net Operating Income (“NOI”) by | |
| ● | Increased Normalized Funds from Operations (“Normalized FFO”) by | |
| ● | Increased Normalized FFO per diluted share by | |
| ● | Increased Same Property NOI by | |
| ● | Increased Same Property Occupancy by 80 basis points from | |
| ● | Improved our Same Property expense ratio from | |
| ● | Acquired five communities containing 587 homesites for a total cost of approximately | |
| ● | Increased Sales of Manufactured Homes by | |
| ● | In May 2025, completed the addition of ten communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately | |
| ● | In November 2025, completed the addition of another seven communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately | |
| ● | Issued approximately | |
| ● | Amended our | |
| ● | Raised our quarterly common stock dividend by | |
| ● | Issued and sold approximately 2.6 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of | |
| ● | Issued and sold approximately 93,000 shares of Series D Preferred Stock through our At-the-Market Sale Programs at a weighted average price of | |
| ● | Subsequent to year end, 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 |
“UMH delivered another solid year of operating results, earnings growth, increased property values and laid the foundation for future growth. Normalized FFO for the year was
“Our long-term business plan results in the increased value of our communities as documented by appraisals conducted through our 2025 refinancings. During the year, we refinanced 17 communities for total proceeds of
“During the year, we were active on the acquisition front, completing the acquisition of 5 communities containing 587 sites for a total purchase price of
“Our past investments in value-added communities, expansions and developments provide us with 3,300 sites to generate increased income from sales and our rental home program. In 2026, we anticipate adding 700-800 new rental homes to our portfolio, growing our sales revenue and profitability and developing 300 or more sites. We anticipate high single digit or low double digit same property growth. At this time, we are announcing full year 2026 guidance of
“We look forward to delivering strong operating results and earnings per share growth in 2026.”
UMH Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2025 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, February 26, 2026 at 10:00 a.m. Eastern Time.
The Company’s fourth quarter and year ended December 31, 2025 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 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 Thursday, February 26, 2026 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 1544518. 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 11,000 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 and 84.7 million shares for the three months and year ended December 31, 2025, respectively, and 81.2 million and 74.9 million shares for the three months and year ended December 31, 2024, respectively. Common stock equivalents resulting from stock options in the amount of 627,000 for the year ended December 31, 2025, and 1.1 million and 798,000 for the three months and year ended December 31, 2024, respectively, were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from stock options in the amount 356,000 shares for the three months ended December 31, 2025 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive.
The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three months and year ended December 31, 2025 and 2024 are calculated as follows (in thousands):
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, 2025 | December 31, 2024 | December 31, 2025 | December 31, 2024 | |||||||||||||
| Net Income (Loss) Attributable to Common Shareholders | $ | (506 | ) | $ | 28 | $ | 5,966 | $ | 2,472 | |||||||
| Depreciation Expense | 17,345 | 15,804 | 66,555 | 60,239 | ||||||||||||
| Depreciation Expense from Unconsolidated Joint Ventures | 236 | 214 | 902 | 824 | ||||||||||||
| (Gain) Loss on Sales of Investment Property and Equipment | (45 | ) | 22 | 64 | 113 | |||||||||||
| (Increase) Decrease in Fair Value of Marketable Securities | 2,098 | 2,301 | 2,259 | (1,167 | ) | |||||||||||
| Loss on Sales of Marketable Securities, net | 221 | -0- | 221 | 3,778 | ||||||||||||
| FFO Attributable to Common Shareholders | 19,349 | 18,369 | 75,967 | 66,259 | ||||||||||||
| Amortization of Financing Costs | 869 | 613 | 2,992 | 2,384 | ||||||||||||
| Non-Recurring Other Expense (2) | 295 | 221 | 1,139 | 846 | ||||||||||||
| Normalized FFO Attributable to Common Shareholders | $ | 20,513 | $ | 19,203 | $ | 80,098 | $ | 69,489 | ||||||||
| (2 | ) | Consists of one-time legal and professional fees ( |
The following are the cash flows provided by (used in) operating, investing and financing activities for the year ended December 31, 2025 and 2024 (in thousands):
| 2025 | 2024 | |||||||
| Operating Activities | $ | 81,973 | $ | 81,601 | ||||
| Investing Activities | (209,200 | ) | (139,865 | ) | ||||
| Financing Activities | 99,342 | 102,638 | ||||||
Contact: Nelli Madden
732-577-9997
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FAQ
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