The strong operating results, value creation through refinancing, and increased guidance suggest continued growth momentum. The company's active acquisition strategy and capital raising through bond issuance indicate confidence in future opportunities. Investors should monitor the execution of the 2026 guidance and the integration of recent acquisitions.
Price Chart
Executive Summary
UMH Properties, Inc. reported strong financial results for FY 2025, with significant growth in key metrics including a 9% increase in total income, 9% growth in same-property NOI, and 15% growth in Normalized FFO. The company also announced an 8% increase in its 2026 normalized FFO guidance, completed $41.8 million in acquisitions, refinanced $193.2 million of debt, and issued $80.2 million in Series B bonds.
Key Financial Metrics
Key Facts
- Total income increased 9% YoY to $261.8 million for FY 2025
- Normalized FFO grew 15% YoY to $80.1 million for the year
- Same-property NOI increased 9% YoY to $134.5 million
- Company raised 2026 normalized FFO guidance to $0.97-$1.05 per share (8% increase at midpoint)
- Completed acquisition of 5 communities for $41.8 million
- Refinanced 17 communities for $193.2 million, generating $169 million in value appreciation
- Issued $80.2 million of 5.85% Series B bonds due 2030
- Raised quarterly common dividend by 4.7% to $0.225 per share
Financial Impact
Revenue increased by $21.2 million YoY, Adjusted EBITDA excluding non-recurring expenses increased by $13.3 million YoY, and Normalized FFO increased by $10.6 million YoY
Segment Breakdown
| Segment | Revenue | Growth |
|---|---|---|
| Rental and Related Income | $226.7M | +9.5% |
| Sales of Manufactured Homes | $35.0M | +4.5% |
Risk Factors
- Increased debt levels from refinancing and bond issuance could pressure interest coverage ratios
- Execution risk in integrating recent acquisitions and developing new sites
- Potential for rising interest rates to impact future refinancing costs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001493152-26-008051 |
| Exhibit: ex99-1.htm | 0001493152-26-008051 |
| Document: form8-k.htm | 0001493152-26-008051 |
| Document: 0001493152-26-008051-index-headers.html | 0001493152-26-008051 |
| Document: 0001493152-26-008051-index.html | 0001493152-26-008051 |
| Document: 0001493152-26-008051.txt | 0001493152-26-008051 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 24d ago | 8-K | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.59 (+1.15%) |
Oct 1, 2026 24d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.59 (+1.15%) |
Oct 1, 2026 24d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.59 (+1.15%) |
Sep 15, 2026 5w ago | Press Release | $15.57 | awaiting T+5 | — | $15.59 (+0.11%) |
Aug 31, 2026 7w ago | 8-K | $16.20 $15.66 | ▼ −3.33% | ▼ −3.41% | $15.59 (−3.78%) |
Jul 2, 2026 16w ago | Press Release | $15.52 $15.28 | ▼ −1.55% | ▼ −2.48% | $15.59 (+0.43%) |
Jun 23, 2026 17w ago | 8-K | $15.33 $15.28 | ▼ −0.33% | ▼ −2.03% | $15.59 (+1.68%) |
May 29, 2026 21w ago | 8-K | $21.54 $22.03 | ▲ +2.27% | ▲ +2.57% | $15.59 (−27.63%) |
May 28, 2026 21w ago | 8-K | $21.66 $22.00 | ▲ +1.59% | ▲ +1.64% | $15.59 (−28.02%) |
May 15, 2026 23w ago | DEFA14A | $21.48 $21.70 | ▲ +1.05% | ▼ −0.57% | $15.59 (−27.42%) |
US Market Status
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