UMH Properties (UMH) Q3 2026 earnings summary

Executive summary

• Q3 rental and related income rose 8% YoY to $62.4M; Community NOI increased 10% to $36.2M. Normalized FFO rose 4% to $22.1M, or $0.26 per diluted share.

• Net loss attributable to common shareholders was $2.1M, or $0.02 per diluted share, versus net income of $4.2M, or $0.05, a year earlier; higher interest and depreciation costs and securities marks weighed on results.

Financial highlights

• Q3 total income was $74.1M versus $66.9M YoY; total expenses were $60.5M versus $54.1M.

• Reported manufactured-home sales were $11.8M across 109 homes; separately, quarterly sales were cited at a record $12.8M including Honey Ridge.

• 9M total income was $211.6M versus $194.8M; net income attributable to common shareholders was $4.9M versus $6.5M.

• 9M operating cash flow was $62.1M versus $60.6M; cash, cash equivalents and restricted cash ended at $47.0M.

Outlook and guidance

• FY26 Normalized FFO guidance was narrowed to $0.99–$1.03 per share, with the midpoint unchanged at $1.01.

• High-single-digit same-property NOI growth is expected for FY26; Q4 same-property expense growth is expected to remain within the 5%–7% range.

• Q4 home sales are expected to be strong, with $3.5M closed in October and more than $7M pending; no new quarterly record is expected.

• Plans include acquisitions, property improvements and rental-home additions; execution depends on suitable assets, financing and competitive conditions.