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UMH Properties (UMH) investor relations material
UMH Properties Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Operates 145 manufactured home communities with 27,000 developed homesites and 10,800 rental homes as of September 30, 2025, with occupancy at 94.1% and a focus on organic growth, acquisitions, and infill opportunities.
Achieved strong growth in rental and related income, community NOI, and normalized FFO in Q3 2025, with normalized FFO per diluted share up 15% to $0.25 and total income up 10% to $66.9 million.
Maintains a long-term track record of profitability, dividend growth, and value creation through acquisitions, expansions, and greenfield development.
Southern market strategy and exposure to Marcellus and Utica Shale regions are driving substantial revenue growth and land value appreciation.
Net income attributable to common shareholders was $4.2 million for Q3 2025 ($0.05 per share), down from $8.2 million in Q3 2024.
Financial highlights
Rental and related income for Q3 2025 was $57.8 million, up 11% year-over-year; community NOI increased 11% to $32.8 million; same property NOI rose 12%.
Total revenue for Q3 2025 was $66.9 million, up 10% year-over-year; nine-month revenue reached $194.8 million, up 9%.
Sales of manufactured homes for Q3 2025 were $9.1 million, up 5% year-over-year; home sales subsidiary sold 366 homes in the past year.
Normalized FFO for Q3 2025 was $21.3 million ($0.25 per diluted share), up 15% year-over-year; FFO attributable to common shareholders was $19.7 million.
Operating cash flow for the nine months ended September 30, 2025, was $60.6 million, up from $54.3 million in the prior year.
Outlook and guidance
2025 normalized FFO per share guidance: $0.96–$1.04, assuming 5% rent increases and occupancy of 800 new rental units.
On track to surpass $250 million in total income for 2025, with plans to add 700–800 new rental homes by year-end and a 5% annual rent increase expected to generate $11 million in new revenue.
Strong sales pipeline and optimism for a record-breaking Q4 in home sales, despite typical seasonality.
Continued focus on infilling vacant sites, expanding rental programs, leveraging joint ventures, and seeking acquisitions expected to yield above cost of funds.
Capital needs for 2025 estimated at $120–$150 million for rental home purchases, expansions, and improvements.
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