Key Highlights

  • Common holders absorbed a $2.1 million loss, which equals $0.02 a share, in the quarter ended Sep 30, 2026, after earning $4.2 million twelve months before.
  • Community NOI totaled $36.2 million, up 10% compared with $32.8 million.
  • Normalized FFO for common holders reached $22.1 million, compared with $21.3 million in the prior-year quarter.
  • Same property occupancy hit 88.8%, a 30 basis point improvement, and rental home occupancy stood at 94.8%.
  • Manufactured home sales grew 29% to $11.8 million, with 109 homes sold.

Rental Revenue and Community NOI Advance While Common Holders Face a Loss

The third-quarter filing from UMH Properties (NYSE:UMH), dated Nov 2, 2026, shows rental and related income of $62.4 million, up 8% from $57.8 million, while community NOI expanded to $36.2 million, which is 10% above the $32.8 million of a year earlier. Total income of $74.1 million compares with $66.9 million, a 10.8% increase (calculated).

Net income landed at $3.1 million compared with $9.3 million a year before. After $5.3 million of preferred dividends, the company was left with a $2.1 million shortfall for common stockholders, which equals $0.02 a share, against $4.2 million, equal to $0.05 a share, the year before.

UMH owns and runs manufactured home communities, offering homesites plus rental homes to occupants. The company attributed the shortfall mainly to heavier interest and Depreciation charges and a securities Fair Value shift.

Interest, Depreciation and Securities Swings Account for the Shortfall

Interest expense, which includes financing cost amortization, moved up to $9.3 million, versus $7.9 million, a 17.3% increase (calculated). Depreciation climbed to $18.5 million, compared with $16.8 million.

Marketable securities were marked down by $3.6 million, compared with a $1.6 million gain last year. Community operating expenses went up 5% to $26.2 million, and the expense ratio excluding one-time items came in at 41.9%, 30 basis points better.

FFO attributable to common shareholders came to $20.4 million, up from $19.7 million. Normalized FFO adds back financing cost amortization plus charges for legal and professional fees and employee transition expenses, reaching $22.1 million compared with $21.3 million.

Rent Increases and Stronger Home Sales Support Portfolio Results

Results at the same-property level showed NOI up 10%, helped by rental rate increases of 5.1% and occupancy rising 30 basis points to 88.8%. Rental homes that were occupied grew by 6%, reaching roughly 10,800 versus 10,100 earlier, while rental home occupancy registered 94.8%, up from a 93.8% level on Dec 31, 2025.

Manufactured home sales increased 29% to $11.8 million. 109 homes were sold at an average $108,000, compared with 100 homes at $91,000 previously.

Nine-month income attributable to common holders totaled $4.9 million, equal to $0.06 a share, relative to $6.5 million, equal to $0.08 a share. Gross Profit Margin on those sales slid to 31% from 37%.

Credit Line Capacity, Expansion Sites and the December Payout Ahead

UMH finished the quarter holding cash of $38.2 million and marketable securities of $25.6 million, plus $160 million of available Credit under its facility, with an accordion feature that could lift the total to $600 million. Facility Maturity was pushed out to May 7, 2030 in May 2026. Drawings this year total $100 million, and about 1,184 expansion sites are moving through approvals.

A $0.225 per share common Dividend was paid Sep 15, 2026, and an identical amount was declared, payable Dec 15, 2026 to shareholders of record as of Nov 16, 2026.