UMH Properties (UMH) Q2 2026 earnings summary

Executive summary

• Operates 145 manufactured home communities with 27,100 homesites across 12 states, focusing on affordable housing and workforce residents, with 11,200 rental homes as of June 30, 2026.

• Normalized FFO per share rose 9% year-over-year to $0.25, with guidance maintained at $0.98–$1.04 per share for 2026.

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

• Rental and related income increased 9% to $61.1 million, and manufactured home sales revenue set a new quarterly record, up 10% to $11.5 million.

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

Financial highlights

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

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

• Rental and related income grew 9% to $61.1 million, driven by acquisitions, occupancy gains, and rent increases.

• Net income attributable to common shareholders was $4.4 million ($0.05 per diluted share), up from $2.5 million in Q2 2025.

• 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 remains at $0.98–$1.04 per share, with a midpoint of $1.01.

• High single-digit same-property NOI growth expected to continue, with strong sales pipeline for Q3.

• 800 new rental homes targeted for 2026, with robust demand supporting occupancy and sales growth.

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

• Full-year 2026 net income per diluted share guidance: $0.07–$0.13.