Key Highlights

  • Total income rose 10.8% to USD 74.1 million, and rental and related income rose 8% to USD 62.4 million.
  • Community net Operating Income rose 10% to USD 36.2 million, and occupied rental homes rose 6% to about 10,800.
  • A USD 3.6 million decline in marketable securities value and higher interest expense cut Net Income to USD 3.1 million.
  • After preferred dividends of USD 5.3 million, the loss attributable to common shareholders was USD 2.1 million.

Quarter in Numbers

UMH Properties, Inc. (NYSE:UMH), a real estate Investment trust that owns and operates manufactured home communities, reported third-quarter 2026 total income of USD 74.1 million versus USD 66.9 million. Rental and related income rose 8% to USD 62.4 million, and sales of manufactured homes rose to USD 11.8 million from USD 9.1 million. Including sales from joint ventures with Nuveen Real Estate, home sales rose 29% to USD 12.8 million from USD 10.0 million.

Community operating expenses rose 5% to USD 26.2 million, and community net operating income rose 10% to USD 36.2 million from USD 32.8 million. Excluding one-time legal and professional fees, the Operating Expense ratio was 41.9% versus 42.2%, an improvement of 30 basis points. Occupied rental homes rose 6% from about 10,100 to about 10,800.

Costs and Other Items

Cost of sales of manufactured homes rose to USD 8.1 million from USD 5.8 million, selling expenses were USD 2.4 million, general and administrative expense rose to USD 5.4 million from USD 4.3 million, and Depreciation rose to USD 18.5 million from USD 16.8 million. Total expenses were USD 60.5 million versus USD 54.1 million.

In other income and expense, the decrease in Fair Value of marketable securities was USD 3.6 million versus an increase of USD 1.6 million, interest expense including financing cost amortization rose to USD 9.3 million from USD 7.9 million, and interest income was USD 2.0 million versus USD 2.4 million. Total other expense was USD 10.5 million versus USD 3.5 million.

Earnings to Common Shareholders

Net income was USD 3.1 million versus USD 9.3 million. After preferred dividends of USD 5.3 million and a small non-controlling interest loss, the result attributable to common shareholders was a net loss of USD 2.1 million, a decrease of USD 6.4 million from net income of USD 4.2 million a year earlier.

For the nine months, total income was USD 211.6 million versus USD 194.8 million and net income was USD 20.3 million versus USD 21.7 million. The nine-month results included a loss on sales of marketable securities of USD 36.5 million and an increase in fair value of marketable securities of USD 38.7 million, which largely offset each other. Interest expense rose to USD 28.1 million from USD 21.2 million, and depreciation to USD 54.8 million from USD 49.2 million. Operating Activities provided USD 62.1 million of cash, investing used USD 131.3 million and financing provided USD 35.3 million. Cash and cash equivalents were USD 38.2 million.

Operating Strength and Valuation Indicators

By our calculation, income from operations, meaning total income less total expenses, was USD 13.6 million versus USD 12.8 million, so the operating Business improved modestly while marketable securities valuation and financing costs reduced reported earnings. Items to track include community NOI growth, home sales volumes, interest expense, preferred Dividend burden and fair value changes in the securities portfolio.