UMH earnings analysis
What we found in UMH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
UMH Properties reported Q1 2026 with revenue of $59.5 million, marking a 9% increase year-over-year, while net income rose to $2.6 million compared to a net loss in the prior year. The company improved cash flow from operations significantly, generating $20.8 million this quarter. Management expects continued growth driven by increased rental rates and occupancy, despite rising interest and operating costs.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Total revenue increased 9% year-over-year to $59.5 million from $54.6 million.
- Net Income Improvement
- Net income rose to $2.6 million from a net loss of $0.3 million in Q1 2025.
- Strong Cash Flow
- Operational cash flow increased to $20.8 million from $12.8 million in Q1 2025.
- Increased Occupancy
- Occupancy of rental homes rose to 94.6% from 93.8% as of December 31, 2025.
- Community NOI Expansion
- Community NOI grew 8% YoY to $34.2 million vs. $31.5 million in the same quarter last year.
- Reduction in Admin Expenses
- General and administrative expenses decreased 15% from $6.0 million to $5.1 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Interest Expenses
- Interest expense increased 53% to $9.1 million due to higher average debt balances and interest rates.
- Sales of Manufactured Homes Declined
- Sales of manufactured homes decreased 4% from $6.7 million in Q1 2025 to $6.4 million in Q1 2026.
- Operating Expense Growth
- Community operating expenses increased 10% from $23.0 million to $25.3 million, outpacing revenue growth.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.05
What they said about what is next.
Management anticipates continued growth driven by improvements in occupancy and rental rates, with a focus on strategic acquisitions.
The filing reads better than the one before it.
What came before.
- 10-Q · November 3, 2025
- UMH reported total income of $66,918 (in thousands) for 3Q25, up from $60,671 in 3Q24, driven by rental and related income of $57,771 (in thousands). Net income attributable to common shareholders declined to $4,211 (in…
- 10-Q · August 6, 2025
- UMH reported quarterly revenue of $66,643,000 (up $6,315,000 vs. Q2 2024) driven by higher rental income and manufactured home sales; net income rose to $7,605,000 and net income attributable to common shareholders…
- 10-K · February 26, 2025
- UMH is a self-administered REIT focused on owning and operating manufactured home communities; as of December 31, 2024 it operated 139 communities with approximately 26,300 developed homesites and ~10,300 Company-owned…
- 10-Q · May 2, 2024
- UMH reported Q1 total revenue of $57,680,000, up $5,073,000 (+9.6%) versus Q1 2023, with operating margin expanding to 16.1% from ~14.0%. Operating cash flow improved to $19,048,000 but free cash flow was negative…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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