UMH Properties Q2 Earnings Call Highlights

UMH Properties reported higher second-quarter earnings and operating results, driven by rental income growth, increased occupancy and record manufactured-home sales, while maintaining its full-year normalized funds from operations guidance.

Normalized FFO was $21.5 million, or $0.25 per diluted share, for the quarter ended June 30, up from $19.5 million, or $0.23 per share, a year earlier. Net income attributable to common shareholders rose to $4.4 million, or $0.05 per diluted share, compared with $2.5 million, or $0.03 per share, in the prior-year period.

“We are pleased to report another strong quarter that was highlighted by operational performance and growing Normalized FFO per share,” President and Chief Executive Officer Samuel Landy said. The company maintained its 2026 normalized FFO guidance range of $0.98 to $1.04 per share, with a midpoint of $1.01.

Rental and related income increased 9% year over year to $61.1 million. Chief Financial Officer Kevin Miller said the increase reflected 2025 acquisitions, higher same-property occupancy, additional rental homes and increased rental rates. Community net operating income increased 8%, while same-property revenue rose 8% and same-property NOI increased 9% to $37.2 million. Management said same-property performance was supported by 5% site-rent increases and an increase of 437 occupied units from the prior year. Overall occupancy increased by 97 units during the quarter to 89%. Occupancy rose by 268 units in the first half and by 631 units from June 30, 2025, according to Samuel Landy. The company added and rented 193 new homes during the quarter, including units at joint-venture communities, bringing its rental-home inventory to about 11,200 units with occupancy of 95.3%. UMH said it remains positioned to install and rent 800 or more new rental homes during 2026. At quarter-end, the company had 150 homes on-site and ready for occupancy, about 300 being set up and 330 on order.

Manufactured-home sales revenue increased 10% to a quarterly record of $11.5 million, including sales at Honey Ridge, which is owned through a joint venture with Nuveen. Chief Operating Officer Brett Taft said July sales were about $1 million ahead of the prior-year month and that the company had a roughly $5 million sales pipeline entering the third quarter.

Management emphasized the company’s inventory of vacant sites and land as a source of potential future growth. Eugene Landy, UMH’s founder and chairman, said the company has 3,200 vacant sites and 2,400 acres of vacant land. Samuel Landy said UMH has about 500 developed but vacant expansion sites, which have already been paid for. Filling those sites with homes could increase revenue with limited additional investment, he said. The company has developed an average of about 200 sites annua...