Key Highlights

  • UMH reported a net loss attributable to common shareholders of $2.1 million, or $0.02 per share, for the third quarter ended Sep 30, 2026, versus income of $4.2 million a year earlier.
  • Community NOI rose 10% to $36.2 million from $32.8 million.
  • Normalized FFO attributable to common shareholders was $22.1 million, up from $21.3 million.
  • Same property occupancy reached 88.8%, up 30 basis points, and rental home occupancy was 94.8%.
  • Manufactured home sales rose 29% to $11.8 million on 109 homes sold.

Rental Income and NOI Climb as Net Income to Common Turns Negative

UMH Properties (NYSE:UMH) filed its results for the third quarter ended Sep 30, 2026 on Nov 2, 2026. Rental and related income rose 8% to $62.4 million from $57.8 million, and community net Operating Income (NOI) grew 10% to $36.2 million from $32.8 million. Total income was $74.1 million versus $66.9 million, up about 10.8% (calculated).

Net income was $3.1 million versus $9.3 million a year earlier. After preferred dividends of $5.3 million, the company reported a net loss attributable to common shareholders of $2.1 million, or $0.02 per share, versus income of $4.2 million, or $0.05 per share.

UMH owns and operates manufactured home communities, leasing homesites and rental homes to residents. The company tied the decline mainly to higher interest and Depreciation expense and a securities Fair Value change.

Interest Expense, Depreciation and Securities Swings Explain the Gap

Interest expense, including amortization of financing costs, rose to $9.3 million from $7.9 million, about 17.3% higher (calculated). Depreciation expense increased to $18.5 million from $16.8 million.

Marketable securities fell $3.6 million in fair value, versus a $1.6 million gain a year ago. Community operating expenses rose 5% to $26.2 million, while the Operating Expense ratio excluding one-time costs improved 30 basis points to 41.9%.

Funds from operations (FFO) attributable to common shareholders were $20.4 million versus $19.7 million. Normalized FFO, which also adds back financing cost amortization and one-time legal, professional and employee transition costs, rose to $22.1 million from $21.3 million.

Higher Rental Rates and Home Sales Lift Occupancy and Sales Revenue

Same property NOI increased 10%, supported by 5.1% rental rate increases and a 30 basis point gain in occupancy to 88.8%. Occupied rental homes rose 6% to about 10,800 from about 10,100, and rental home occupancy was 94.8% versus 93.8% at Dec 31, 2025. The portfolio added 324 rental homes, net of sales, in the first nine months.

Sales of manufactured homes rose 29% to $11.8 million as 109 homes sold at an average price of $108,000, versus 100 homes at $91,000. Gross Profit on sales fell to 31% from 37%.

Nine-month net income attributable to common shareholders was $4.9 million, or $0.06 per share, versus $6.5 million, or $0.08.

Credit Facility, Expansion Pipeline and December Dividend Set the Next Milestones

UMH held $38.2 million of cash, $25.6 million of marketable securities and $160 million of availability on its Credit Facility at quarter end, with up to $600 million possible through an accordion feature. In May 2026 it extended the facility Maturity to May 7, 2030. It has drawn $100 million this year and is pursuing about 1,184 expansion sites in the approval process.

UMH paid a common dividend of $0.225 per share on Sep 15, 2026 and declared the same amount payable Dec 15, 2026 to holders of record on Nov 16, 2026. That payment is the next dated event in the filing.