UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2026
Same-property operating income grew 10%, while common shareholders moved from a quarterly profit to a loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
UMH Properties (UMH) reported third-quarter 2026 total income of $74.1 million, up 11% from the same quarter last year. Common shareholders recorded a $2.1 million net loss, or $0.02 per diluted share, versus $4.2 million of net income, or $0.05 per share. Normalized funds from operations, a supplemental measure excluding certain expenses and investment effects, rose 4% to $22.1 million, or $0.26 per diluted share.
Rental income rose 8%, manufactured-home sales increased 29%, and same-property community net operating income grew 10%. Same-property occupancy reached 88.8%, versus 88.5%. UMH tightened its 2026 normalized FFO guidance to $0.99–$1.03 per diluted share, retaining a $1.01 midpoint. Preferred-stock sales raised $5.2 million net during the quarter. At September 30, loans payable, net, were $128.383 million, versus $27.696 million at December 31, 2025.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointThird-quarter total income rose 11% year over year to $74.1 million.
- Moderate pointThird-quarter normalized FFO increased 4% to $22.1 million; diluted per-share results rose 4% to $0.26.
- Moderate pointThird-quarter FFO rose to $20.394 million from $19.743 million; diluted per-share results increased to $0.24 from $0.23.
- Moderate pointSame-property community net operating income increased 10% during the quarter.
- Moderate pointNine-month operating cash flow increased to $62.080 million from $60.643 million in 2025.
- Moderate pointNine-month marketable-securities fair value increased $38.663 million, versus a $0.161 million decrease in 2025.
10 minor points
- Minor pointRental and related income increased 8% year over year during the quarter.
- Minor pointManufactured-home sales increased 29% during the quarter, including sales at Honey Ridge.
- Minor pointCommunity net operating income increased 10% during the quarter.
- Minor pointSame-property occupancy increased 30 basis points to 88.8% from 88.5%.
- Minor pointSame-property expense ratio improved to 38.9% from 39.8% in the third quarter of 2025.
- Minor pointPreferred-stock sales generated $5.3 million gross and $5.2 million net during the quarter.
- Minor pointNine-month total income increased to $211.613 million from $194.786 million in 2025.
- Minor pointNine-month normalized FFO rose to $62.938 million from $59.585 million; diluted per-share results increased to $0.74 from $0.71.
- Minor pointNine-month FFO rose to $58.193 million from $56.618 million; diluted per-share results increased to $0.68 from $0.67.
- Minor pointMortgages payable, net declined to $543.177 million at September 30 from $556.129 million at year-end 2025.
Negative
- Moderate pointThird-quarter common-shareholder results fell to a $2.1 million loss from $4.2 million income; diluted EPS fell to -$0.02 from $0.05.
- Moderate pointThird-quarter total expenses increased to $60.514 million from $54.103 million in 2025.
- Moderate pointLoans payable, net rose to $128.383 million at September 30 from $27.696 million at year-end 2025.
- Moderate pointMarketable-securities sales losses were $0.130 million for the quarter and $36.548 million for nine months, versus zero in 2025. 2.8% of market cap
- Minor pointNine-month common-shareholder income fell to $4.855 million from $6.472 million; diluted EPS declined to $0.06 from $0.08.
7 minor points
- Minor pointNine-month total expenses increased to $173.026 million from $159.767 million in 2025.
- Minor pointApproximately 245,000 Series D preferred shares issued at a $21.69 weighted average price expanded preferred capital outstanding.
- Minor pointSeries A bonds payable, net rose to $102.387 million at September 30 from $101.751 million at year-end 2025.
- Minor pointSeries B bonds payable, net rose to $76.414 million at September 30 from $75.651 million at year-end 2025.
- Minor pointShareholders’ equity declined to $880.644 million at September 30 from $907.196 million at year-end 2025.
- Minor pointThird-quarter marketable-securities fair value decreased $3.647 million, versus a $1.576 million increase in 2025.
- Minor pointNon-recurring other expenses increased to $0.795 million quarterly and $1.806 million year to date, from $0.693 million and $0.844 million.
Key Figures
- Total income
- $74.1 million vs. $66.9 million; increase of 11%
- Third quarter 2026 vs. third quarter 2025
- Net loss attributable to common shareholders
- $2.1 million, or $0.02 per diluted share, vs. net income of $4.2 million, or $0.05 per diluted share
- Third quarter 2026 vs. third quarter 2025
- Normalized FFO
- $22.1 million vs. $21.3 million; increase of 4%
- Third quarter 2026 vs. third quarter 2025
- Normalized FFO per diluted share
- $0.26 vs. $0.25; increase of 4%
- Third quarter 2026 vs. third quarter 2025
- 2026 per-share guidance
- $0.99–$1.03; midpoint of $1.01
- Full-year 2026 Normalized FFO per diluted share
- Series D preferred stock sale proceeds
- $5.3 million gross; $5.2 million net
- At-the-market sale program during the quarter
- Same-property Community NOI
- Increase of 10%
- Third quarter 2026
- Same-property occupancy
- Increase of 30 basis points, from 88.5% to 88.8%
- Third quarter 2026
Previous Earnings Reports
-
Normalized FFO per diluted share reached $0.25, and full-year guidance was reiterated.
-
Normalized FFO reached $0.23 per diluted share, and full-year guidance narrowed to $0.98–$1.04.
-
Q3 income and Normalized FFO grew, while net income attributable to common shareholders was $4.2 million.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
at-the-market sale program financial
non-gaap financial
anti-dilutive financial
ffo financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
FREEHOLD, NJ, Nov. 02, 2026 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended September 30, 2026 of
A summary of significant financial information for the three and nine months ended September 30, 2026 and 2025 is as follows (in thousands except per share amounts):
| For the Three Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Total Income | $ | 74,135 | $ | 66,918 | ||||
| Total Expenses | $ | 60,514 | $ | 54,103 | ||||
| Net Income (Loss) Attributable to Common Shareholders | $ | (2,144 | ) | $ | 4,211 | |||
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | (0.02 | ) | $ | 0.05 | |||
| FFO (1) | $ | 20,394 | $ | 19,743 | ||||
| FFO (1) per Diluted Common Share | $ | 0.24 | $ | 0.23 | ||||
| Normalized FFO (1) | $ | 22,065 | $ | 21,313 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.26 | $ | 0.25 | ||||
| Basic Weighted Average Shares Outstanding | 85,437 | 84,985 | ||||||
| Diluted Weighted Average Shares Outstanding | 85,935 | 85,478 | ||||||
| For the Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2026 | 2025 | |||||||
| Total Income | $ | 211,613 | $ | 194,786 | ||||
| Total Expenses | $ | 173,026 | $ | 159,767 | ||||
| Net Income Attributable to Common Shareholders | $ | 4,855 | $ | 6,472 | ||||
| Net Income Attributable to Common Shareholders per Diluted Common Share | $ | 0.06 | $ | 0.08 | ||||
| FFO (1) | $ | 58,193 | $ | 56,618 | ||||
| FFO (1) per Diluted Common Share | $ | 0.68 | $ | 0.67 | ||||
| Normalized FFO (1) | $ | 62,938 | $ | 59,585 | ||||
| Normalized FFO (1) per Diluted Common Share | $ | 0.74 | $ | 0.71 | ||||
| Basic Weighted Average Shares Outstanding | 85,210 | 83,783 | ||||||
| Diluted Weighted Average Shares Outstanding | 85,579 | 84,452 | ||||||
A summary of significant balance sheet information as of September 30, 2026 and December 31, 2025 is as follows (in thousands):
| September 30, 2026 | December 31, 2025 | |||||||
| Gross Real Estate Investments | $ | 1,951,261 | $ | 1,869,390 | ||||
| Marketable Securities at Fair Value | $ | 25,606 | $ | 23,758 | ||||
| Total Assets | $ | 1,765,177 | $ | 1,699,036 | ||||
| Mortgages Payable, net | $ | 543,177 | $ | 556,129 | ||||
| Loans Payable, net | $ | 128,383 | $ | 27,696 | ||||
| Series A Bond Payable, net | $ | 102,387 | $ | 101,751 | ||||
| Series B Bond Payable, net | $ | 76,414 | $ | 75,651 | ||||
| Total Shareholders’ Equity | $ | 880,644 | $ | 907,196 | ||||
Samuel A. Landy, President and CEO, commented on the results of the third quarter of 2026.
“We are pleased to announce another solid quarter of operating results. During the quarter, we:
- Increased Rental and Related Income by
8% ; - Increased Sales of Manufactured Homes by
29% , including sales at Honey Ridge; - Increased both Community Net Operating Income (“NOI”) and Same Property Community NOI by
10% ; - Increased Normalized Funds from Operations (“Normalized FFO”) on both a dollar basis and on a per diluted share basis by
4% ; - Increased Same Property Occupancy by 30 basis points from
88.5% to88.8% ; - Improved our Same Property expense ratio from
39.8% in the third quarter of 2025 to38.9% at quarter end; and - Issued and sold approximately 245,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of
$21.69 per share, generating gross proceeds of$5.3 million and net proceeds of$5.2 million , after offering expenses.”
Samuel A. Landy, President and CEO, commented, “UMH continues to successfully execute on our long-term business plan. Normalized FFO per diluted share increased by
“We have positioned the company to perform well now and into the future. Our past long-term investments have positioned the company to continue to grow occupancy, revenue and earnings. During the quarter, rental and related income increased by
“We have 3,100 vacant lots to fill and 2,400 acres of land for future development. This organic pipeline will allow the company to grow earnings further through the continued implementation of our business plan that has produced strong operating results over the past few years.
“We anticipate that the Road to Housing Act will be a major tailwind for UMH and the industry. The major benefits of the Road to Housing act are the development of two-story homes and improvements to the lending laws, including Title One
“Looking ahead, we are more optimistic than ever before about the operating environment and our ability to deliver superior returns. With a strong balance sheet, 3,100 vacant sites, 2,400 acres to develop and a clear focus on operational excellence, UMH is well-positioned to deliver increased earnings per share and create value for our shareholders.”
UMH Properties, Inc. will host its Third Quarter 2026 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Tuesday, November 3, 2026, at 10:00 a.m. Eastern Time.
The Company’s 2026 third 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 Tuesday, November 3, 2026, and can be accessed by dialing toll free 855-669-9658 (domestically) and 412-317-0088 (internationally) and entering the passcode 9497036. 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 27,300 developed homesites, of which 11,400 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 85.9 million and 85.6 million shares for the three and nine months ended September 30, 2026, respectively, and 85.5 million and 84.5 million shares for the three and nine months ended September 30, 2025. Common stock equivalents resulting from stock options in the amount of 498,000 shares were excluded from the computation of Diluted Net Loss per Share for the three months ended September 30, 2026 as their effect would be anti-dilutive. Common stock equivalents resulting from stock options in the amount of 369,000 shares for the nine months ended September 30, 2026 were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from employee stock options in the amount of 493,000 shares and 669,000 shares, respectively, for the three and nine months ended September 30, 2025 were included in the computation of Diluted Net Income per Share.
The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three and nine months ended September 30, 2026 and 2025 are calculated as follows (in thousands):
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, 2026 | September 30, 2025 | September 30, 2026 | September 30, 2025 | |||||||||||||
| Net Income (Loss) Attributable to Common Shareholders | $ | (2,144 | ) | $ | 4,211 | $ | 4,855 | $ | 6,472 | |||||||
| Depreciation Expense | 18,530 | 16,808 | 54,773 | 49,210 | ||||||||||||
| Depreciation Expense from Unconsolidated Joint Ventures | 258 | 228 | 752 | 666 | ||||||||||||
| (Gain) Loss on Sales of Investment Property and Equipment | (27 | ) | 72 | (72 | ) | 109 | ||||||||||
| (Increase) Decrease in Fair Value of Marketable Securities | 3,647 | (1,576 | ) | (38,663 | ) | 161 | ||||||||||
| Loss on Sales of Marketable Securities, net | 130 | -0- | 36,548 | -0- | ||||||||||||
| FFO Attributable to Common Shareholders | 20,394 | 19,743 | 58,193 | 56,618 | ||||||||||||
| Amortization of Financing Costs | 876 | 877 | 2,939 | 2,123 | ||||||||||||
| Non-Recurring Other Expense (2) | 795 | 693 | 1,806 | 844 | ||||||||||||
| Normalized FFO Attributable to Common Shareholders | $ | 22,065 | $ | 21,313 | $ | 62,938 | $ | 59,585 | ||||||||
(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 nine months ended September 30, 2026 and 2025 (in thousands):
| 2026 | 2025 | |||||||
| Operating Activities | $ | 62,080 | $ | 60,643 | ||||
| Investing Activities | (131,300 | ) | (164,736 | ) | ||||
| Financing Activities | 35,339 | 37,385 | ||||||
(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 | ||||
| FFO Attributable to Common Shareholders per share - fully diluted | ||||
| Amortization of Financing Costs and Non- Recurring Other Expenses | ||||
| Normalized FFO Attributable to Common Shareholders per share - fully diluted | ||||
Contact: Nelli Madden
732-577-9997
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were UMH's third-quarter 2026 earnings and normalized FFO?
UMH recorded a $2.1 million common-shareholder net loss, or $0.02 per diluted share, while normalized FFO was $22.1 million, or $0.26 per diluted share. The comparable 2025 quarter produced $4.2 million of common-shareholder net income and normalized FFO of $21.3 million.
What is UMH's full-year 2026 normalized FFO guidance?
UMH tightened its 2026 normalized FFO guidance to $0.99–$1.03 per fully diluted share, leaving the midpoint unchanged at $1.01. Its guidance also includes net income attributable to common shareholders of $0.05–$0.09 per fully diluted share and FFO of $0.92–$0.96 per fully diluted share.
What development opportunities did UMH identify in its third-quarter 2026 update?
UMH identified 3,100 vacant lots and 2,400 acres of land for future development. The company expects continued implementation of its business plan across this pipeline to support further earnings growth.