The in-line Normalized FFO and slight guidance tightening are neutral for the stock. Watch for occupancy and NOI trends in the spring/summer selling season, and monitor whether the higher interest expense headwind abates as new investments become income-producing.
Price Chart
Executive Summary
UMH Properties reported Q1 2026 Normalized FFO of $0.23 per share, in line with consensus, while GAAP EPS of $0.03 missed the $0.01 estimate due to a harsh winter impacting home sales and higher interest expenses. The company tightened its 2026 Normalized FFO guidance to $0.98-$1.04 per share (midpoint $1.01), up slightly from the prior range of $0.97-$1.05, and highlighted strong same-property occupancy growth of 110 bps to 89.0% and a 7.1% increase in same-property NOI.
Key Financial Metrics
Key Facts
- Q1 2026 Normalized FFO of $0.23 per share, flat YoY and in line with consensus of $0.23
- GAAP EPS of $0.03 vs consensus estimate of $0.01 (miss of $0.02)
- Total income rose 8% YoY to $65.8M from $61.2M
- Same-property occupancy increased 110 bps YoY to 89.0%
- Same-property community NOI grew 7.1% to $34.9M
- 2026 Normalized FFO guidance tightened to $0.98-$1.04 per share (midpoint $1.01) from prior $0.97-$1.05
- Operating cash flow improved to $20.8M from $12.8M YoY
- Harsh winter impacted home sales and increased community operating expenses
Financial Impact
Normalized FFO per share flat at $0.23; GAAP EPS of $0.03 missed consensus by $0.02; revenue beat consensus of $66.3M by $0.5M (0.8% beat)
Risk Factors
- Higher interest expenses from refinancings and new bond issuance may continue to pressure earnings
- Harsh winter conditions could persist and further impact home sales and operating costs
- Guidance midpoint of $1.01 implies only modest growth from Q1 run-rate of $0.92 annualized
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3285523 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 2, 2026 25d ago | 8-K | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.34 (−0.45%) |
Oct 1, 2026 26d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.34 (−0.45%) |
Oct 1, 2026 26d ago | Press Release | $15.41 $15.17 | ▼ −1.56% | ▼ −2.72% | $15.34 (−0.45%) |
Sep 15, 2026 6w ago | Press Release | $15.57 | awaiting T+5 | — | $15.34 (−1.48%) |
Aug 31, 2026 8w ago | 8-K | $16.20 $15.66 | ▼ −3.33% | ▼ −3.41% | $15.34 (−5.31%) |
Jul 2, 2026 16w ago | Press Release | $15.52 $15.28 | ▼ −1.55% | ▼ −2.48% | $15.34 (−1.16%) |
Jun 23, 2026 18w ago | 8-K | $15.33 $15.28 | ▼ −0.33% | ▼ −2.03% | $15.34 (+0.07%) |
May 29, 2026 21w ago | 8-K | $21.54 $22.03 | ▲ +2.27% | ▲ +2.57% | $15.34 (−28.78%) |
May 28, 2026 21w ago | 8-K | $21.66 $22.00 | ▲ +1.59% | ▲ +1.64% | $15.34 (−29.16%) |
May 15, 2026 23w ago | DEFA14A | $21.48 $21.70 | ▲ +1.05% | ▼ −0.57% | $15.34 (−28.57%) |
US Market Status
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