UMH Properties (UMH) Q4 2025 earnings summary

Executive summary

• Achieved strong operational and financial performance in 2025, with record home sales, portfolio growth, and increased occupancy, operating 145 manufactured home communities with 27,100 homesites across 12 states.

• Rental portfolio expanded to 11,000 units, up 700 homes year-over-year, with high occupancy and plans for 700–800 more in the coming year.

• Maintained a balanced rental and sales strategy, with rentals driving occupancy and sales providing upside.

• Joint ventures with Nuveen Real Estate support accretive development while reducing capital needs.

• Significant exposure to Marcellus and Utica Shale regions, driving increased demand for rental homes.

Financial highlights

• Total income for 2025 rose 9% year-over-year to $261.8 million; rental and related income grew 10% to $226.7 million.

• Normalized FFO for 2025 reached $80.1 million ($0.95 per diluted share), up 15% year-over-year; Q4 Normalized FFO was $20.5 million ($0.24 per share).

• Community NOI increased 9% for the year; same-property NOI up 9%; same-property revenue grew 8.2%.

• Gross home sales were $36.4 million for the year, up 9% from 2024; sales profitability was $4.4 million.

• Annual dividend per share increased 25% over five years, reaching $0.90 in 2025; quarterly dividend raised by 4.7% to $0.225 per share.

Outlook and guidance

• 2026 Normalized FFO per share guidance: $0.97–$1.05, representing 2%–10% growth, assuming 5% rent increases and occupancy of 800 new rental units.

• Plans to add 700–800 new rental homes, develop 300+ sites, and target high single-digit or low double-digit same property growth in 2026.

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

• Majority of new rental home occupancy gains expected in Q2 and Q3 due to seasonality.