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…
Earnings analysis · 10-Q
UMH earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.05
What stood out
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Revenue Growth
Total revenue increased 9% year-over-year to $59.5 million from $54.6 million.
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Net Income Improvement
Net income rose to $2.6 million from a net loss of $0.3 million in Q1 2025.
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Strong Cash Flow
Operational cash flow increased to $20.8 million from $12.8 million in Q1 2025.
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Increased Occupancy
Occupancy of rental homes rose to 94.6% from 93.8% as of December 31, 2025.
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Community NOI Expansion
Community NOI grew 8% YoY to $34.2 million vs. $31.5 million in the same quarter last year.
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Reduction in Admin Expenses
General and administrative expenses decreased 15% from $6.0 million to $5.1 million.
What to watch
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Rising Interest Expenses
Interest expense increased 53% to $9.1 million due to higher average debt balances and interest rates.
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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.
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Operating Expense Growth
Community operating expenses increased 10% from $23.0 million to $25.3 million, outpacing revenue growth.
Management's outlook
Management anticipates continued growth driven by improvements in occupancy and rental rates, with a focus on strategic acquisitions.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.