UMH Properties Posts 9% Revenue Growth, Guides FFO of $0.97–$1.05
UMH Properties reported fourth-quarter rental income of $58.2 million, up 9% year-over-year, and full-year revenue rose 9% to $261.8 million while normalized FFO increased 2% to $0.95 per share. The company refinanced $193.2 million of debt, repurchased $4.8 million in shares, and issued 2026 FFO guidance of $0.97–$1.05.
1. Financial Results: Q4 and Full Year 2025
UMH Properties posted fourth-quarter rental income of $58.2 million, up from $53.3 million year-over-year. Total revenue including home sales reached $261.8 million in 2025, a 9% increase, while normalized FFO rose 2% to $0.95 per share for the full year.
2. 2026 FFO Guidance
Management introduced normalized funds from operations guidance of $0.97 to $1.05 per share, projecting growth of 2% to 10%. Executives expect results near the midpoint, subject to home sales performance and potential capital-raising activities.
3. Operational Growth and Rental Home Program
Same-property revenue climbed 8.2%, driven by 5% site rent increases and occupancy gains, and same-property NOI grew 9%. The rental-home program added 717 homes, bringing inventory to about 11,000 units with 93.8% occupancy.
4. Capital Actions and Liquidity
UMH refinanced 17 communities for $193.2 million at an average 5.67% rate and issued $80.2 million of Series B bonds at 5.85%. The company ended the year with $761 million of debt (99% fixed), $72 million cash, $260 million available credit facility, and repurchased 320,000 shares for $4.8 million.