UMH Properties (UMH) Q1 2026 earnings summary

Executive summary

• Operates 145 manufactured home communities with 27,100 homesites across 12 states, focusing on affordable housing and integrating leasing, home sales, and financing.

• Rental portfolio expanded to 11,200 units, up 800 homes year-over-year, with 94.6% occupancy and plans for 700-800 more in 2026.

• Total income for Q1 2026 rose 8% year-over-year to $65.8 million, with net income attributable to common shareholders at $2.6 million, reversing a net loss in Q1 2025.

• Recognized with multiple 2026 MHI Excellence Awards, including Community Operator of the Year and Leadership in Sustainability.

• Joint ventures with Nuveen Real Estate and a qualified opportunity zone fund support accretive development and expansion.

Financial highlights

• Rental and related income rose 9% year-over-year to $59.5 million for Q1 2026; community NOI increased 8% to $34.2 million, and same property NOI up 7%.

• Normalized FFO was $19.4 million ($0.23 per share), up from $18.8 million ($0.23 per share) year-over-year.

• Net income attributable to common shareholders was $2.6 million ($0.03 per diluted share), reversing a net loss in Q1 2025.

• Gross real estate investments increased to $1.69 billion, and total assets reached $1.89 billion as of March 31, 2026.

• Annual dividend per share increased 25% over five years, with a current annual dividend of $0.90.

Outlook and guidance

• Normalized FFO guidance for 2026 tightened to $0.98–$1.04 per diluted share, midpoint $1.01, reflecting confidence in earnings growth.

• Expects continued growth in occupancy, NOI, and sales through spring and summer, with improved earnings as new investments become income producing.

• Capital needs for 2026 estimated at $120–$150 million for rental home purchases, expansions, and improvements.

• Full-year net income per diluted share guidance is $0.07–$0.13.

• Will seek further investments through joint ventures and the opportunity zone fund.