UMH Properties, Inc. reported a solid financial performance for the fiscal year ending December 31, 2025, with total rental and related income increasing by 10% to $226.7 million, up from $207.0 million in 2024. The company's community net operating income (NOI) also saw a 9% rise, reaching $130.7 million, while normalized funds from operations (FFO) increased by 15% to $80.1 million. The company’s net income attributable to common shareholders was $5.97 million, compared to $2.47 million in the previous year, reflecting a significant recovery from a net loss of $8.71 million in 2023.
In terms of operational metrics, UMH Properties achieved an overall occupancy rate of 88.1%, an increase from 87.3% in 2024. The same property occupancy rate improved by 80 basis points to 88.3%. The company also expanded its portfolio, acquiring five communities with a total of 587 homesites for approximately $41.8 million. Additionally, the company increased its rental home portfolio by 571 homes, bringing the total to approximately 10,900 rental homes, with an occupancy rate of 93.8%.
Strategically, UMH Properties has made significant moves to enhance its financial position. In 2025, the company completed the addition of ten communities to its Fannie Mae credit facility, securing approximately $101.4 million in proceeds at a fixed interest rate of 5.855%. Furthermore, the company raised its quarterly common stock dividend by 4.7% to $0.225 per share, marking its fifth consecutive annual increase. The company also repurchased 320,000 shares of its common stock at an average price of $15.06 per share, reflecting a commitment to returning value to shareholders.
Looking ahead, UMH Properties aims to continue its growth trajectory by acquiring additional manufactured home communities, particularly those requiring substantial capital investment. The company is focused on leveraging its existing portfolio and expanding into new markets, including those designated as Qualified Opportunity Zones. The management remains optimistic about the demand for affordable housing, which is expected to drive future revenue growth. However, the company acknowledges potential risks, including economic conditions and competition in the real estate market, which could impact its operational performance and financial results.
About UMH PROPERTIES, INC.
UMH Properties, Inc. is a real estate investment trust specializing in owning and operating manufactured home communities across the U.S. It leases land and homes, sells and finances manufactured homes, and develops communities in targeted markets. The company emphasizes affordable housing, sustainable practices, and predictable income streams, competing in a highly regulated, cyclical industry with a focus on long-term capital appreciation.
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