UMH Properties Reports $7.7 Million Net Income in Q1 2026, Up from $4.8 Million Last Year

UMH Properties, Inc. reported a net income of $7.7 million for the first quarter of 2026, a significant increase from the $4.8 million recorded in the same period last year. This translates to a net income attributable to common shareholders of $2.6 million, or $0.03 per share, compared to a loss of $271,000 in the prior year. The company’s total revenue rose to $65.8 million, up from $61.2 million, driven primarily by a 9% increase in rental and related income, which reached $59.5 million, and a slight decrease in sales of manufactured homes.

In terms of operational performance, UMH Properties saw a 110 basis point increase in occupancy rates, reaching 89% across its portfolio of 145 manufactured home communities. The company also reported an increase in occupied rental homes, which rose to approximately 10,400, representing 44.2% of total occupied sites. Community Net Operating Income (NOI) increased by 8% to $34.2 million, reflecting the positive impact of higher rental rates and improved occupancy levels. However, community operating expenses also rose by 10% to $25.3 million, attributed to acquisitions and increased costs in payroll, real estate taxes, and utilities.

Strategically, UMH Properties has continued to expand its portfolio through joint ventures and acquisitions. The company operates 142 majority-owned communities and has three additional communities through joint ventures with Nuveen Real Estate. Notably, the company formed a new joint venture in November 2023, focusing on the development of a manufactured housing community in Pennsylvania. The company also maintains a qualified opportunity zone fund aimed at acquiring and redeveloping communities in economically distressed areas.

Financially, UMH Properties reported total assets of $1.7 billion as of March 31, 2026, with total liabilities of $791.6 million. The company’s cash and cash equivalents decreased to $37.4 million from $72.1 million at the end of 2025, while marketable securities increased to $26.4 million. The company’s liquidity position remains strong, with $260 million available on its credit facility and additional lines of credit for financing home sales and inventory purchases.

Looking ahead, UMH Properties aims to continue its growth strategy by acquiring additional manufactured home communities and investing in physical improvements to enhance occupancy and net operating income. The company remains optimistic about the demand for rental homes, particularly in light of ongoing challenges in the housing market, including affordability issues for potential buyers. The management believes that the fundamentals of the housing market will continue to favor rental properties, positioning the company for future growth.