UMH · UMH Properties, Inc.

UMH Properties delivered a materially improved first quarter in 2026, marked by a reversal from net loss to net income attributable to common shareholders — $2.6 million ($0.03 per diluted share) versus a $271,000 loss in Q1 2025 — driven primarily by higher rental income and community NOI growth. Total Income rose 8% year-over-year to $65.8 million, underpinned by a 9% increase in Rental and Related Income and an 8% rise in Community NOI, with Same-Property Community NOI up 7% and Same-Property Occupancy improving 110 basis points to 89.0%. Management attributed the earnings rebound to strong demand and occupancy gains, though noted that an unusually harsh winter dampened home sales volume and elevated operating expenses. Interest expense increased substantially year-over-year due to recent refinancings and the issuance of new bonds — including Series A and Series B bonds — which raised debt levels but are expected to fund future growth as investments become income-producing. While GAAP net income improved sharply, Non-GAAP metrics showed modest pressure: FFO declined slightly to $0.21 per share (from $0.22), and Normalized FFO held steady at $0.23 per share. The company tightened its full-year Normalized FFO guidance to $0.98–$1.04 per diluted share (midpoint $1.01), reflecting confidence in seasonal spring/summer momentum, continued occupancy gains, and incremental contributions from newly opened expansions and rental home conversions. The issuance of 66,000 Series D Preferred Shares via ATM for $1.5 million in net proceeds signals ongoing capital access to support strategic growth, consistent with management’s emphasis on long-term value creation through acquisitions, lot development, and rental portfolio expansion.