Second Quarter FY 2026
Filed Aug 5, 2026Rental 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.