UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) has announced its financial results for the first quarter ending March 31, 2026, showcasing a robust performance marked by increased total income and a significant turnaround in net income. The company reported total income of $65.8 million, reflecting an 8% increase compared to $61.2 million in the same quarter last year. This growth underscores the resilience of UMH Properties’ operational strategies in a challenging market environment.

1. Key Financial Highlights

Income and Earnings

Net Income Attributable to Common Shareholders surged to $2.6 million, or $0.03 per diluted share, a stark contrast to the net loss of $271,000, or $0.00 per diluted share, reported in the first quarter of 2025.

Funds from Operations (FFO) amounted to $18.1 million, translating to $0.21 per diluted share, slightly down from $18.2 million and $0.22 per diluted share in the previous year.

Normalized FFO was reported at $19.4 million, or $0.23 per diluted share, consistent with the $18.8 million and $0.23 per diluted share from the first quarter of 2025.

Expense Overview

Total expenses for the quarter were $54.3 million, up from $51.7 million in the prior year, reflecting the operational pressures faced during the period. The increase in expenses was attributed to several factors, including harsher winter conditions and rising interest costs associated with recent refinancing efforts.

2. Operational Strength

Samuel A. Landy, President and CEO of UMH Properties, expressed satisfaction with the quarterly results, emphasizing the company’s operational achievements:

Rental and Related Income rose by 9%.

Community Net Operating Income (NOI) increased by 8%.

Occupancy rates improved, with Same Property Occupancy rising by 110 basis points to 89.0%.

Landy noted that the company successfully converted 142 new homes from inventory to revenue-generating rental homes, expanding their rental portfolio to approximately 11,200 homes. Moreover, home sales remained robust with gross sales revenue reaching $7.1 million.

3. Balance Sheet Insights

As of March 31, 2026, UMH reported total assets of $1.69 billion, a slight decrease from $1.70 billion at the end of December 2025. The company’s gross real estate investments increased to $1.89 billion, reflecting ongoing investments in property enhancements and acquisitions.

Debt Management

UMH's financial discipline is evident in its management of liabilities:

Mortgages Payable stood at $554.0 million, a minor decrease from $556.1 million in the previous quarter.

The company’s total shareholders’ equity was reported at $896.0 million, down from $907.2 million at the end of December 2025.

4. Looking Ahead

The company has tightened its guidance for Normalized FFO, now expecting a range of $0.98 to $1.04 per diluted share for the full year 2026. This adjustment reflects a more conservative outlook, taking into account the anticipated seasonally strong spring and summer months, during which occupancy, NOI, and sales are expected to continue their upward trajectory.

Upcoming Conference Call

UMH Properties will host a Webcast and Conference Call on May 1, 2026, at 10:00 a.m. Eastern Time, where senior management will provide further insights into the quarterly results and discuss the company’s strategic direction moving forward.

In summary, UMH Properties, Inc. demonstrated strong operational capabilities and financial resilience in the first quarter of 2026, positioning itself for continued growth amidst market challenges. The positive trajectory in income and occupancy rates reflects the company’s commitment to enhancing shareholder value through strategic investments and effective management.

Original press release