UMH Sets 2026 Normalized FFO Guidance After Third Gain

The Tip Desk · November 10, 2026 · 3 min read

Normalized FFO was $0.26 a share in the third quarter, up 4% from $0.25 a year earlier, as the company set 2026 guidance of $0.99–$1.03 a share.

UMH Properties, Inc. (UMH) reported total income of $74.1 million for the quarter ended September 30, 2026, up 11% from $66.9 million a year earlier.

The manufactured-housing REIT swung to a net loss attributable to common shareholders of $2.1 million, or $0.02 a diluted share, from net income of $4.2 million, or $0.05 a share, a year earlier. Normalized funds from operations attributable to common shareholders were $22.1 million, or $0.26 a diluted share, up 4% from $21.3 million, or $0.25 a share, a year earlier. President and Chief Executive Samuel A. Landy said that was the third consecutive quarter of growing Normalized FFO per share.

Rental and related income rose 8% to $62.4 million from $57.8 million a year earlier. Sales of manufactured homes increased 29% to $11.8 million from $9.1 million, including sales at Honey Ridge; the company sold 109 homes versus 100 a year earlier. Community net operating income rose 10% to $36.2 million from $32.8 million, and same-property community NOI also increased 10%.

Same-property occupancy rose 30 basis points to 88.8% from 88.5% a year earlier. The same-property expense ratio improved to 38.9% from 39.8%. The overall community expense ratio was 41.9%, compared with 43.2% a year earlier. Net rentals added were 128, versus 196 a year earlier. Adjusted EBITDA excluding non-recurring other expense was $35.9 million, versus $33.5 million.

Interest expense including amortization of financing costs was $9.3 million, versus $7.9 million a year earlier. Interest income was $2.0 million, versus $2.4 million. The company issued about 245,000 shares of Series D preferred stock through its at-the-market program at a weighted average price of $21.69 a share, generating $5.3 million of gross proceeds and $5.2 million net of offering expenses.

Landy said UMH continues to execute on its long-term business plan and that past investments have positioned the company to grow occupancy, revenue and earnings. He said the company has 3,100 vacant lots to fill and 2,400 acres of land for future development. He said the company anticipates the Road to Housing Act will be a major tailwind, citing two-story home development and lending improvements including Title One 3% down-payment loans.

The company set 2026 Normalized FFO guidance of $0.99–$1.03 a share, leaving the midpoint at $1.01 a share. Fully diluted net income guidance for 2026 is $0.05–$0.09 a share; adding $0.87 of depreciation and $0.07 of amortization of financing costs and non-recurring other expenses reconciles that range to the Normalized FFO range.

The company said it owns and operates 145 manufactured home communities containing approximately 27,300 developed homesites, of which 11,400 contain rental homes, and more than 1,000 self-storage units, in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia.