UMH Properties Reports Q3 2026 Growth Driven by Record Manufactured Home Sales
UMH Properties (UMH) reported strong third-quarter 2026 results, highlighted by an 11% increase in total income to $74.1 million. This growth was fueled by strategic acquisitions, rising occupancy rates, and higher rental rates. Notably, the company achieved a quarterly record in manufactured home sales, which rose 29% to $12.8 million due to robust demand and new expansions. Despite the revenue growth, the company reported a net loss of $2.1 million per diluted share compared to a profit in the prior-year period. This was partially influenced by a decline in home sale gross margins, which fell to 31% from 37% due to manufacturer price increases and expansion project costs. However, normalized Funds From Operations (FFO) grew 4% to $0.26 per diluted share. The company maintained its midpoint guidance for normalized FFO at $1.01 per share. While management noted that new debt is being issued at higher rates in the low 6% range compared to older debt in the high 4% range, overall community Net Operating Income (NOI) grew by 10%, outpacing a 5% increase in operating expenses.
Topics: earnings report FFO manufactured home sales occupancy rates revenue growth