UMH PROPERTIES, INC. (UMH): Results of Operations and Financial Condition
UMH PROPERTIES, INC. (UMH) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 UMH PROPERTIES, INC. Juniper Business Plaza 3499 Route 9 North, Suite 3-C Freehold, NJ 07728 (732) 577-9997 Fax: (732) 577-9980 FOR IMMEDIATE RELEASE August 5, 2026 Contact: Nelli Madden 732-577-9997 UMH PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED J
How this was made
The 30-second read
Why it matters
Traders can use the reported Q2 and six-month figures to reassess earnings power, REIT cash-flow proxies (FFO/normalized FFO), and financial condition (assets, liabilities, debt components).
Market read
This is a primary quarterly disclosure that can influence valuation multiples and near-term sentiment, but the excerpt does not show guidance or a discrete catalyst beyond the reported numbers.
What to watch
Interest expense is higher year over year in the excerpt, and marketable securities fair value swings can affect reported income even if core operating NOI is steadier.
Rental and related income, net income, community NOI, adjusted EBITDA, FFO and normalized FFO were higher than the prior-year quarter, while six-month manufactured-home sales income was lower than the prior-year period.
The company reported higher quarterly rental and related income, net income, community NOI, adjusted EBITDA excluding non-recurring other expense, FFO and normalized FFO versus the prior-year quarter. Operating cash flow also increased for the six months ended June 30, 2026, although interest expense increased and cash declined from December 31, 2025.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Rental and Related IncomeGAAP | $ 61,086 | – | – |
| Sales of Manufactured HomesGAAP | $ 10,554 | – | – |
| Total IncomeGAAP | $ 71,640 | – | – |
| Community Operating ExpensesGAAP | $ 25,258 | – | – |
| Total ExpensesGAAP | $ 58,189 | – | – |
| Net IncomeGAAP | $ 9,532 | – | – |
| Net Income Attributable to Common ShareholdersGAAP | $ 4,419 | – | – |
| Net Income Attributable to Common Shareholders per Share – Basic and DilutedGAAP | $ 0.05 | – | – |
| Community NOInon-GAAP | $ 35,980 | – | – |
| Expense Ratioother | 41.1 % | – | – |
| Adjusted EBITDA excluding Non-Recurring Other Expensenon-GAAP | $ 35,316 | – | – |
| FFO Attributable to Common Shareholdersnon-GAAP | $ 19,659 | – | – |
| Normalized FFO Attributable to Common Shareholdersnon-GAAP | $ 21,517 | – | – |
| FFO per Share – Basic and Dilutednon-GAAP | $ 0.23 | – | – |
| Normalized FFO per Share – Basic and Dilutednon-GAAP | $ 0.25 | – | – |
| Rental and Related Income, Six Months Ended June 30GAAP | $ 120,555 | – | – |
| Sales of Manufactured Homes, Six Months Ended June 30GAAP | $ 16,923 | – | – |
| Total Income, Six Months Ended June 30GAAP | $ 137,478 | – | – |
| Net Income, Six Months Ended June 30GAAP | $ 17,221 | – | – |
| Net Income Attributable to Common Shareholders, Six Months Ended June 30GAAP | $ 6,999 | – | – |
| Net Income Attributable to Common Shareholders per Share – Basic and Diluted, Six Months Ended June 30GAAP | $ 0.08 | – | – |
| Community NOI, Six Months Ended June 30non-GAAP | $ 70,213 | – | – |
| Adjusted EBITDA excluding Non-Recurring Other Expense, Six Months Ended June 30non-GAAP | $ 68,142 | – | – |
| FFO Attributable to Common Shareholders, Six Months Ended June 30non-GAAP | $ 37,799 | – | – |
| Normalized FFO Attributable to Common Shareholders, Six Months Ended June 30non-GAAP | $ 40,873 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Rental and Related IncomeReported rental and related income line. | $ 61,086 | – | – |
| Sales of Manufactured HomesReported sales of manufactured homes line; 101 homes sold compared with 102 homes sold. | $ 10,554 | – | – |
Capital returns
- Dividends per Common Share: $ 0.225 for the three months ended June 30, 2026.
- Common Dividends Paid, net of dividend reinvestments: (36,328 ) for the six months ended June 30, 2026.
- Preferred Dividends Paid: (10,353 ) for the six months ended June 30, 2026.
- Proceeds from At-The-Market Preferred Equity Program, net of offering costs: 8,648 for the six months ended June 30, 2026.
- Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments: 2,611 for the six months ended June 30, 2026.
What drove it
- Number of Communities was 145, compared with 144 in the prior-year period.
- Total Sites were 27,104, compared with 26,821 in the prior-year period.
- Number of Rentals Added, net was 59, compared with 128 in the prior-year quarter.
- Community NOI was $ 35,980, compared with $ 33,161 in the prior-year quarter.
- General and Administrative Expenses were 5,520, compared with 6,256 in the prior-year quarter.
Concerns
- Interest Expense, including Amortization of Financing Costs, was (9,670 ) in the quarter, compared with (7,368 ) in the prior-year quarter.
- Depreciation Expense was 18,267 in the quarter, compared with 15,739 in the prior-year quarter.
- Sales of Manufactured Homes for the six months ended June 30, 2026 were $ 16,923, compared with $ 17,129 in the prior-year period.
- Number of Rentals Added, net for the six months ended June 30, 2026 was 180, compared with 237 in the prior-year period.
- Cash and Cash Equivalents were $ 28,622 as of June 30, 2026, compared with $ 72,100 as of December 31, 2025.
What to watch
- Rental and Related Income and Community NOI progression.
- Rental additions and manufactured-home sales volumes.
- Interest expense and the composition of mortgages payable, loans payable and bonds.
- Cash resources, investment property and equipment purchases, and land development costs.
- The company did not provide forward guidance in the supplied filing text.
Balance sheet and cash flow
- Cash and Cash Equivalents: $ 28,622 as of June 30, 2026, compared with $ 72,100 as of December 31, 2025.
- Total Assets: $ 1,712,923 as of June 30, 2026, compared with $ 1,699,036 as of December 31, 2025.
- Total Liabilities: $ 821,035 as of June 30, 2026, compared with $ 791,840 as of December 31, 2025.
- Total Debt, Net of Unamortized Debt Issuance Costs: $ 789,486.
- Mortgages Payable, net of unamortized debt issuance costs: $ 545,374 as of June 30, 2026, compared with $ 556,129 as of December 31, 2025.
- Net Cash Provided by Operating Activities: 45,632 for the six months ended June 30, 2026, compared with 37,195 for the six months ended June 30, 2025.
- Purchase of Investment Property and Equipment: (57,908 ) for the six months ended June 30, 2026, compared with (50,494 ) for the six months ended June 30, 2025.
- Additions to Land Development Costs: (22,877 ) for the six months ended June 30, 2026, compared with (25,308 ) for the six months ended June 30, 2025.
- Net Cash Used in Investing Activities: (78,886 ) for the six months ended June 30, 2026, compared with (100,648 ) for the six months ended June 30, 2025.
- Net Cash (Used In) Provided by Financing Activities: (9,128 ) for the six months ended June 30, 2026, compared with 42,125 for the six months ended June 30, 2025.
- Cash, Cash Equivalents and Restricted Cash at End of Period: $ 38,544 for the six months ended June 30, 2026, compared with $ 87,483 for the six months ended June 30, 2025.
Analysis
UMH reported a stronger second quarter on its core rental operations. Rental and related income was $ 61,086 versus $ 56,165 in the prior-year quarter, while community NOI was $ 35,980 versus $ 33,161. The portfolio comprised 145 communities and 27,104 total sites, compared with 144 communities and 26,821 total sites in the prior-year period. The expense ratio was 41.1 % versus 41.0 %.
Reported profitability improved. Net income was $ 9,532 versus $ 7,605, and net income attributable to common shareholders was $ 4,419 versus $ 2,532. Net income attributable to common shareholders per share was $ 0.05 versus $ 0.03. Adjusted EBITDA excluding non-recurring other expense was $ 35,316 versus $ 31,360, FFO attributable to common shareholders was $ 19,659 versus $ 18,703, and normalized FFO attributable to common shareholders was $ 21,517 versus $ 19,452.
Manufactured-home activity was comparatively stable in the quarter, with sales of manufactured homes of $ 10,554 versus $ 10,478 and 101 homes sold versus 102 homes sold. For the six months ended June 30, 2026, sales of manufactured homes were $ 16,923 versus $ 17,129, while net rentals added were 180 versus 237. Quarterly community operating expenses were $ 25,258 versus $ 23,047, and interest expense was (9,670 ) versus (7,368 ), both important offsets to income growth.
Operating cash flow for the six months ended June 30, 2026 was 45,632 versus 37,195. The company used (57,908 ) for purchases of investment property and equipment and (22,877 ) for additions to land development costs. Cash and cash equivalents were $ 28,622 at June 30, 2026, compared with $ 72,100 at December 31, 2025, while total debt, net of unamortized debt issuance costs, was $ 789,486. Common dividends paid, net of dividend reinvestments, were (36,328 ), and the quarterly dividend per common share was $ 0.225.
The supplied filing text contains no forward guidance, so the report provides no stated revenue, margin, expense, or tax-rate outlook. The central reported items to monitor are continued rental income and NOI growth, the pace of rental additions, the six-month decline in manufactured-home sales income, interest expense, cash resources, and investment spending.
Not in the filing
stated, not guessed- Forward guidance for revenue, gross margin, operating expenses, tax rate, FFO, normalized FFO, capital spending, acquisitions, or other metrics.
- Previous-release outlook and prior-guidance comparison.
- Prior-quarter comparisons for reported metrics.
- GAAP operating income.
- Gross margin.
- Free cash flow.
- Tax rate.
- Executive commentary and named executive quotes.
- The supplied filing text is truncated during the FFO reconciliation and does not include the remaining supplemental-information pages.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
UMH’s 8-K includes Item 2.02 results of operations and financial condition, with a supplemental package of REIT-style metrics (NOI, FFO, normalized FFO) and balance-sheet detail.
Ticker impact
UMH filed an 8-K with Q2 FY2026 operating results, including rental income, NOI, net income, and FFO/normalized FFO figures.
Likely modest, unless investors focus on a specific line item like interest expense, FFO trajectory, or balance-sheet leverage changes.
This is a primary SEC filing with detailed quarter-to-date and balance-sheet numbers, but the excerpt does not include guidance, a dividend change, or a discrete surprise item beyond the reported results.
Market effects
Adds another data point on manufactured-home REIT operating metrics (NOI, expense ratio, home sales) and financing cost pressure via interest expense.
None explicitly stated in the excerpt.
None explicitly stated in the excerpt.
Counterpoint
Quarterly results may be less informative than leverage and debt maturity structure; without coverage ratios or guidance details in the excerpt, the market may discount the headline earnings/FFO.
Key entities
- public_companyUMH Properties, Inc.
Manufactured-home REIT reporting Q2 FY2026 results via SEC 8-K, including NOI, net income, and FFO/normalized FFO.
