UMH Properties (UMH) Q2 2026 earnings summary

Executive summary

• Operates 145 manufactured home communities with 27,100 homesites and 11,200 rental homes across 12 states, focusing on affordable housing for America's workforce.

• Delivered strong operational performance with Normalized FFO per share up 9% year-over-year to $0.25, driven by value-add acquisitions, expansions, and robust demand for manufactured housing.

• Net income attributable to common shareholders rose 75% year-over-year to $4.4 million ($0.05 per diluted share) in Q2 2026.

• Rental portfolio expanded to 11,200 units, with 800 new homes anticipated in 2026 and occupancy improving to 89.4%.

• Recognized with multiple 2026 MHI Excellence Awards for community operations and sustainability.

Financial highlights

• Rental and related income rose 9% year-over-year to $61.1 million for Q2 2026, with manufactured home sales up 10% to $11.5 million.

• Normalized FFO reached $21.5 million ($0.25 per share), up 11% in dollars and 9% per share year-over-year.

• Community NOI grew 8% to $35.8 million for Q2 2026, with same-property NOI up 9%.

• Over the past five years, total revenue increased 58%, community NOI 64%, and Normalized FFO 174%.

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

Outlook and guidance

• 2026 Normalized FFO per share guidance: $0.98–$1.04, with confidence in achieving the midpoint, assuming 5% rent increases and occupancy of 800 new rental units.

• High single-digit same-property NOI growth expected for the year, with Q2 at 8.8% and a strong outlook for Q3.

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

• Plans to continue acquiring and expanding communities, focusing on properties expected to yield above cost of funds.

• Management anticipates continued sales growth and organic revenue expansion, supported by strong demand and a robust sales pipeline.