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false 0000752642 0000752642 2026-02-25 2026-02-25 0000752642 UMH:CommonStock0.10ParValueMember 2026-02-25 2026-02-25 0000752642 UMH:Sec6.375SeriesDCumulativeRedeemablePreferredStock0.10ParValueMember 2026-02-25 2026-02-25 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported): February 25, 2026

 

 

 

UMH Properties, Inc.

(Exact name of registrant as specified in its charter)

 

 

 

Maryland   001-12690   22-1890929
(State or other jurisdiction   (Commission   (IRS Employer
of incorporation)   File Number)   Identification No.)

 

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ    07728
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (732) 577-9997

 

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of exchange on which registered
Common Stock, $0.10 par value   UMH   New York Stock Exchange
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value   UMH PD   New York Stock Exchange

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 2.02 Results of Operations and Financial Condition.

 

Item 7.01 Regulation FD Disclosure.

 

On February 25, 2026, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2025 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2025. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2 and is incorporated herein by reference.

 

The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

 

Forward-Looking Statements

 

Statements contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

 

changes in the real estate market conditions and general economic conditions;
the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;
increased competition in the geographic areas in which we own and operate manufactured housing communities;
our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us;
our ability to maintain or increase rental rates and occupancy levels;
changes in market rates of interest;
inflation and increases in costs, including personnel, insurance and the cost of purchasing manufactured homes;
our ability to purchase manufactured homes for rental or sale;
our ability to repay debt financing obligations;
our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;
our ability to comply with certain debt covenants;
our ability to integrate acquired properties and operations into existing operations;
the availability of other debt and equity financing alternatives;
continued ability to access the debt or equity markets;
the loss of any member of our management team;
our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are made in a timely manner in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;
the ability of manufactured home buyers to obtain financing;
the level of repossessions by manufactured home lenders;
market conditions affecting our investment securities;
changes in federal or state tax rules or regulations that could have adverse tax consequences;
our ability to qualify as a real estate investment trust for federal income tax purposes;
litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;
changes in real estate and zoning laws and regulations;
legislative or regulatory changes, including changes to laws governing the taxation of REITs;
risks and uncertainties related to pandemics or other highly infectious or contagious diseases.

 

Item 9.01 Financial Statements and Exhibits.

 

(d) Exhibits.

 

99.1 Press Release dated February 25, 2026
99.2 Supplemental information package for the fourth quarter and year ended December 31, 2025
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

  UMH Properties, Inc.
     
Date: February 25, 2026 By: /s/ Anna T. Chew
  Name: Anna T. Chew
  Title:

Executive Vice President and
Chief Financial Officer

 

3

 

EX-99.1 2 ex99-1.htm EX-99.1

 

Exhibit 99.1

 

UMH PROPERTIES, INC.

Juniper Business Plaza

3499 Route 9 North, Suite 3-C

Freehold, NJ 07728

(732) 577-9997

Fax: (732) 577-9980

 

FOR IMMEDIATE RELEASE February 25, 2026
  Contact: Nelli Madden
  732-577-9997

 

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED DECEMBER 31, 2025

 

FREEHOLD, NJ, February 25, 2026…..... UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $261.8 million for the year ended December 31, 2025 as compared to $240.6 million for the year ended December 31, 2024, representing an increase of 9%. Total Income for the quarter ended December 31, 2025 was $67.0 million as compared to $61.9 million for the quarter ended December 31, 2024, representing an increase of 8%. Net Income Attributable to Common Shareholders amounted to $6.0 million or $0.07 per diluted share for the year ended December 31, 2025 as compared to $2.5 million or $0.03 per diluted share for the year ended December 31, 2024. Net Income (Loss) Attributable to Common Shareholders amounted to a loss of $506,000 or $0.01 per diluted share for the quarter ended December 31, 2025 as compared to net income of $28,000 or $0.00 per diluted share for the quarter ended December 31, 2024.

 

Funds from Operations Attributable to Common Shareholders (“FFO”) was $76.0 million or $0.90 per diluted share for the year ended December 31, 2025 as compared to $66.3 million or $0.88 per diluted share for the year ended December 31, 2024. FFO was $19.3 million or $0.23 per diluted share for the quarter ended December 31, 2025 as compared to $18.4 million or $0.23 per diluted share for the quarter ended December 31, 2024. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $80.1 million or $0.95 per diluted share for the year ended December 31, 2025, as compared to $69.5 million or $0.93 per diluted share for the year ended December 31, 2024. Normalized FFO was $20.5 million or $0.24 per diluted share for the quarter ended December 31, 2025, as compared to $19.2 million or $0.24 per diluted share for the quarter ended December 31, 2024.

 

 

 

A summary of significant financial information for the three months and year ended December 31, 2025 and 2024 is as follows (in thousands except per share amounts):

 

    For the Three Months Ended  
    December 31,  
    2025     2024  
             
Total Income   $ 66,968     $ 61,873  
Total Expenses   $ 54,175     $ 51,466  
Net Income (Loss) Attributable to Common Shareholders   $ (506 )   $ 28  
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share   $ (0.01 )   $ 0.00  
FFO (1)   $ 19,349     $ 18,369  
FFO (1) per Diluted Common Share   $ 0.23     $ 0.23  
Normalized FFO (1)   $ 20,513     $ 19,203  
Normalized FFO (1) per Diluted Common Share   $ 0.24     $ 0.24  
Basic Weighted Average Shares Outstanding     85,060       80,112  
Diluted Weighted Average Shares Outstanding     85,416       81,235  

 

    For the Year Ended  
    December 31,  
    2025     2024  
             
Total Income   $ 261,714     $ 240,552  
Total Expenses   $ 213,942     $ 198,092  
Net Income Attributable to Common Shareholders   $ 5,966     $ 2,472  
Net Income Attributable to Common Shareholders per Diluted Common Share   $ 0.07     $ 0.03  
FFO (1)   $ 75,967     $ 66,259  
FFO (1) per Diluted Common Share   $ 0.90     $ 0.88  
Normalized FFO (1)   $ 80,098     $ 69,489  
Normalized FFO (1) per Diluted Common Share   $ 0.95     $ 0.93  
Basic Weighted Average Shares Outstanding     84,067       74,114  
Diluted Weighted Average Shares Outstanding     84,694       74,912  

 

 

 

A summary of significant balance sheet information as of December 31, 2025 and 2024 is as follows (in thousands):

 

   

December 31,

2025

   

December 31,

2024

 
             
Gross Real Estate Investments   $ 1,869,390     $ 1,669,114  
Marketable Securities at Fair Value   $ 23,758     $ 31,883  
Total Assets   $ 1,699,036     $ 1,563,728  
Mortgages Payable, net   $ 556,129     $ 485,540  
Loans Payable, net   $ 27,696     $ 28,279  
Series A Bond Payable, net   $ 101,751     $ 100,903  
Series B Bond Payable, net   $ 75,651     $ -0-  
Total Shareholders’ Equity   $ 907,196     $ 915,909  

 

Samuel A. Landy, President and CEO, commented on the 2025 results.

 

“During 2025, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving our financial position. We have:

 

Increased Rental and Related Income by 10%;
Increased Community Net Operating Income (“NOI”) by 9%;
Increased Normalized Funds from Operations (“Normalized FFO”) by 15%;
Increased Normalized FFO per diluted share by 2% from $0.93 per diluted share in 2024 to $0.95 per diluted share in 2025;
Increased Same Property NOI by 9%;
Increased Same Property Occupancy by 80 basis points from 87.5% to 88.3%;
Improved our Same Property expense ratio from 39.7% at yearend 2024 to 39.3% at yearend 2025;
Acquired five communities containing 587 homesites for a total cost of approximately $41.8 million;
Increased Sales of Manufactured Homes by 4%;
In May 2025, completed the addition of ten communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million. The interest only loan for these ten communities is at a fixed rate of 5.855% with a 10-year term;
In November 2025, completed the addition of another seven communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $91.8 million. The interest only loan for these seven communities is at a fixed rate of 5.46% with a 9-year term;
Issued approximately $80.2 million aggregate principal amount of 5.85% Series B Bonds due 2030 in an offering to investors in Israel;
Amended our $35 million revolving line of credit with OceanFirst Bank to extend the maturity date to June 1, 2027;

 

 

 

Raised our quarterly common stock dividend by $0.01 representing a 4.7% increase to $0.225 per share or $0.90 annualized, representing our fifth consecutive common stock dividend increase within the last five years, resulting in a total increase of $0.18 or 25% over this period;
Issued and sold approximately 2.6 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $17.59 per share, generating gross proceeds of $45.1 million and net proceeds of $44.1 million, after offering expenses;
Issued and sold approximately 93,000 shares of Series D Preferred Stock through our At-the-Market Sale Programs at a weighted average price of $22.93 per share, generating gross proceeds of $2.1 million and net proceeds of $2.0 million, after offering expenses; and
Subsequent to year end, issued and sold approximately 66,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $22.51 per share, generating gross proceeds and net proceeds, after offering expenses, of $1.5 million.”

 

“UMH delivered another solid year of operating results, earnings growth, increased property values and laid the foundation for future growth. Normalized FFO for the year was $0.95 as compared to $0.93 last year. The year was highlighted by a 9% increase in total income to $262 million, same property NOI growth of 9%, a new sales record of $36.4 million, including our sales from Honey Ridge, with record sales profitability of $4.4 million, the acquisition of five communities for $41.8 million and the documented increase in property values through our refinancings. We accomplished all of this while raising capital through our refinancings and our Israeli bond issuance. This capital will allow us to continue to invest in rental homes, expansions and capital improvements driving future growth.”

 

“Our long-term business plan results in the increased value of our communities as documented by appraisals conducted through our 2025 refinancings. During the year, we refinanced 17 communities for total proceeds of $193.2 million. Our total investment in these communities was approximately $140 million, or $37,000 per site. These communities were valued at approximately $309 million, or $82,000 per site, generating an increase in value of $169 million, representing an increase of 121% in value. In addition to the proceeds from our refinancings, we also raised $80.2 million through the issuance of our 5.85% Series B Israeli Bonds which are due in 2030. This capital was used to repay existing debt, invest in our rental home program, complete capital improvements, acquire new communities and buy back 320,000 shares of our common stock.”

 

“During the year, we were active on the acquisition front, completing the acquisition of 5 communities containing 587 sites for a total purchase price of $41.8 million. These communities had a 78% occupancy rate at the time of acquisition. We are well positioned to complete additional acquisitions due to our strong balance sheet and available cash on hand.”

 

“Our past investments in value-added communities, expansions and developments provide us with 3,300 sites to generate increased income from sales and our rental home program. In 2026, we anticipate adding 700-800 new rental homes to our portfolio, growing our sales revenue and profitability and developing 300 or more sites. We anticipate high single digit or low double digit same property growth. At this time, we are announcing full year 2026 guidance of $0.97 - $1.05 normalized FFO per share. This represents an increase of 8% at the mid-point.”

 

 

 

“We look forward to delivering strong operating results and earnings per share growth in 2026.”

 

UMH Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2025 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, February 26, 2026 at 10:00 a.m. Eastern Time.

 

The Company’s fourth quarter and year ended December 31, 2025 financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.

 

To participate in the webcast, select the microphone icon found on the homepage www.umh.reit to access the call. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).

 

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, February 26, 2026 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 1544518. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.reit.

 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that currently owns and operates 145 manufactured home communities containing approximately 27,100 developed homesites, of which contain 11,000 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate.

 

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

 

Note:

 

(1) Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“Nareit”), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding certain gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the Nareit FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of Nareit FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities investments and the change in the fair value of marketable securities from our FFO calculation. Nareit created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

 

 

 

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

 

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 85.4 million and 84.7 million shares for the three months and year ended December 31, 2025, respectively, and 81.2 million and 74.9 million shares for the three months and year ended December 31, 2024, respectively. Common stock equivalents resulting from stock options in the amount of 627,000 for the year ended December 31, 2025, and 1.1 million and 798,000 for the three months and year ended December 31, 2024, respectively, were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from stock options in the amount 356,000 shares for the three months ended December 31, 2025 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive.

 

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three months and year ended December 31, 2025 and 2024 are calculated as follows (in thousands):

 

    Three Months Ended     Year Ended  
   

December 31,

2025

   

December 31,

2024

   

December 31,

2025

   

December 31,

2024

 
Net Income (Loss) Attributable to Common Shareholders   $ (506 )   $ 28     $ 5,966     $ 2,472  
Depreciation Expense     17,345       15,804       66,555       60,239  
Depreciation Expense from Unconsolidated Joint Ventures     236       214       902       824  
(Gain) Loss on Sales of Investment Property and Equipment     (45 )     22       64       113  
(Increase) Decrease in Fair Value of Marketable Securities     2,098       2,301       2,259       (1,167 )
Loss on Sales of Marketable Securities, net     221       -0-       221       3,778  
FFO Attributable to Common Shareholders     19,349       18,369       75,967       66,259  
Amortization of Financing Costs     869       613       2,992       2,384  
Non-Recurring Other Expense (2)     295       221       1,139       846  
Normalized FFO Attributable to Common Shareholders   $ 20,513     $ 19,203     $ 80,098     $ 69,489  

 

(2) Consists of one-time legal and professional fees ($295 and $579, respectively) and costs associated with acquisition not completed ($0 and $560, respectively) for the three months and year ended December 31,2025. Consists of one-time legal and professional fees ($209 and $452, respectively), costs associated with acquisition not completed ($12 and $12, respectively) and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three months and year ended December 31, 2024.

 

The following are the cash flows provided by (used in) operating, investing and financing activities for the year ended December 31, 2025 and 2024 (in thousands):

 

    2025     2024  
Operating Activities   $ 81,973     $ 81,601  
Investing Activities     (209,200 )     (139,865 )
Financing Activities     99,342       102,638  

 

# # # #

 

 

 

EX-99.2 3 ex99-2.htm EX-99.2

 

Exhibit 99.2


 

 

 

 

Table of Contents

 

 

   
  Page
   
Financial Highlights 3
   
Consolidated Balance Sheets 4
   
Consolidated Statements of Income (Loss) 5
   
Consolidated Statements of Cash Flows 6
   

Reconciliation of Net Income to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO

7
   
Market Capitalization, Debt and Coverage Ratios 8
   
Debt Analysis 9
   
Debt Maturity 10
   
Securities Portfolio Performance 11
   
Property Summary and Snapshot 12
   
Same Property Statistics 13
   
Acquisitions Summary and Property Portfolio 14
   
Definitions 15

 

Certain information in this Supplemental Information Package contains Non-GAAP financial measures. These Non-GAAP financial measures are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America. Please see page 15 for a definition of these Non-GAAP financial measures and page 7 for the reconciliation of certain captions in the Supplemental Information Package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-K.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 2

 

Financial Highlights

(dollars in thousands except per share amounts) (unaudited)

 

    Three Months Ended     Year Ended  
    December 31,
2025
    December 31,
2024
    December 31,
2025
    December 31,
2024
 
Operating Information                                
Number of Communities (1)                     145       139  
Total Sites (1)                     27,086       26,259  
Rental and Related Income   $ 58,203     $ 53,259     $ 226,713     $ 207,019  
Community Operating Expenses (2)   $ 24,843     $ 22,151     $ 95,253     $ 87,354  
Community NOI (2)   $ 33,360     $ 31,108     $ 131,460     $ 119,665  
Expense Ratio     42.7 %     41.6 %     42.0 %     42.2 %
Sales of Manufactured Homes   $ 8,765     $ 8,614     $ 35,041     $ 33,533  
Number of Homes Sold     87       93       360       394  
Number of Rentals Added, net     138       80       571       364  
Net Income   $ 4,575     $ 4,980     $ 26,275     $ 21,441  
Net Income (Loss) Attributable to Common Shareholders   $ (506 )   $ 28     $ 5,966     $ 2,472  
Adjusted EBITDA excluding Non-Recurring Other Expense   $ 33,021     $ 29,806     $ 127,284     $ 113,958  
FFO Attributable to Common Shareholders   $ 19,349     $ 18,369     $ 75,967     $ 66,259  
Normalized FFO Attributable to Common Shareholders   $ 20,513     $ 19,203     $ 80,098     $ 69,489  
                                 
Shares Outstanding and Per Share Data                                
Weighted Average Shares Outstanding                                
Basic     85,060       80,112       84,067       74,114  
Diluted     85,416       81,235       84,694       74,912  
Net Income Attributable to Shareholders per Share-                                
Basic and Diluted   $ (0.01 )   $ 0.00     $ 0.07     $ 0.03  
FFO per Share- (3)                                
Basic   $ 0.23     $ 0.23     $ 0.90     $ 0.89  
Diluted   $ 0.23     $ 0.23     $ 0.90     $ 0.88  
Normalized FFO per Share- (3)                                
Basic   $ 0.24     $ 0.24     $ 0.95     $ 0.94  
Diluted   $ 0.24     $ 0.24     $ 0.95     $ 0.93  
Dividends per Common Share   $ 0.225     $ 0.215     $ 0.89     $ 0.85  
                                 
Balance Sheet                                
Total Assets                   $ 1,699,036     $ 1,563,728  
Total Liabilities                   $ 791,840     $ 647,819  
                                 
Market Capitalization                                
Total Debt, Net of Unamortized Debt Issuance Costs                   $ 761,227     $ 614,722  
Equity Market Capitalization                   $ 1,349,971     $ 1,546,449  
Series D Preferred Stock                   $ 322,899     $ 320,572  
Total Market Capitalization                   $ 2,434,097     $ 2,481,743  

 

(1) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned in joint ventures with Nuveen Real Estate in which the company has a 40% interest.
(2) Excludes non-recurring legal and professional fees of $64 and $724 for the three months and year ended December 31, 2025, respectively.
(3) Please see Definitions on page 15.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 3

 

Consolidated Balance Sheets

(in thousands except per share amounts)

 

    December 31,     December 31,  
    2025     2024  
ASSETS                
Investment Property and Equipment                
Land   $ 92,824     $ 88,037  
Site and Land Improvements     1,093,424       970,053  
Buildings and Improvements     51,524       44,782  
Rental Homes and Accessories     631,618       566,242  
Total Investment Property     1,869,390       1,669,114  
Equipment and Vehicles     35,889       31,488  
Total Investment Property and Equipment     1,905,279       1,700,602  
Accumulated Depreciation     (533,864 )     (471,703 )
Net Investment Property and Equipment     1,371,415       1,228,899  
                 
Other Assets                
Cash and Cash Equivalents     72,100       99,720  
Marketable Securities at Fair Value     23,758       31,883  
Inventory of Manufactured Homes     42,370       34,982  
Notes and Other Receivables, net     104,587       91,668  
Prepaid Expenses and Other Assets     13,778       14,261  
Land Development Costs     39,898       33,868  
Investment in Joint Ventures     31,130       28,447  
Total Other Assets     327,621       334,829  
                 
TOTAL ASSETS   $ 1,699,036     $ 1,563,728  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Liabilities                
Mortgages Payable, net of unamortized debt issuance costs   $ 556,129     $ 485,540  
Other Liabilities                
Accounts Payable     5,663       7,979  
Loans Payable, net of unamortized debt issuance costs     27,696       28,279  
Series A Bonds, net of unamortized debt issuance costs     101,751       100,903  
Series B Bonds, net of unamortized debt issuance costs     75,651       -0-  
Accrued Liabilities and Deposits     14,115       15,091  
Tenant Security Deposits     10,835       10,027  
Total Other Liabilities     235,711       162,279  
Total Liabilities     791,840       647,819  
                 
COMMITMENTS AND CONTINGENCIES                
                 
Shareholders’ Equity:                
Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share: 18,700 and 13,700 shares authorized as of December 31, 2025 and 2024, respectively; 12,916 and 12,823 shares issued and outstanding as of December 31, 2025 and 2024, respectively     322,899       320,572  
Common Stock- $0.10 par value per share: 183,714 and 163,714 shares authorized as of December 31, 2025 and 2024, respectively; 84,850 and 81,909 shares issued and outstanding as of December 31, 2025 and 2024, respectively     8,485       8,191  
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024     -0-       -0-  
Additional Paid-In Capital     599,520       610,630  
Accumulated Deficit     (25,364 )     (25,364 )
Total UMH Properties, Inc. Shareholders’ Equity     905,540       914,029  
Non-Controlling Interest in Consolidated Subsidiaries     1,656       1,880  
Total Shareholders’ Equity     907,196       915,909  
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 1,699,036     $ 1,563,728  

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 4

 

Consolidated Statements of Income (Loss)

(in thousands except per share amounts)

 

    (unaudited)              
    Three Months Ended     Year Ended  
    December 31, 2025     December 31, 2024     December 31, 2025     December 31, 2024  
INCOME:                                
Rental and Related Income   $ 58,203     $ 53,259     $ 226,713     $ 207,019  
Sales of Manufactured Homes     8,765       8,614       35,041       33,533  
TOTAL INCOME     66,968       61,873       261,754       240,552  
                                 
EXPENSES:                                
Community Operating Expenses     24,907       22,151       95,977       87,354  
Cost of Sales of Manufactured Homes     5,307       5,431       22,571       21,894  
Selling Expenses     1,617       1,656       7,302       6,833  
General and Administrative Expenses     4,999       6,424       21,537       21,772  
Depreciation Expense     17,345       15,804       66,555       60,239  
TOTAL EXPENSES     54,175       51,466       213,942       198,092  
                                 
OTHER INCOME (EXPENSE):                                
Interest Income     2,063       2,238       8,740       7,122  
Dividend Income     355       373       1,477       1,452  
Loss on Sales of Marketable Securities, net     (221 )     -0-       (221 )     (3,778 )
Increase (Decrease) in Fair Value of Marketable Securities     (2,098 )     (2,301 )     (2,259 )     1,167  
Other Income     218       280       912       794  
Loss on Investment in Joint Ventures     (129 )     (77 )     (439 )     (376 )
Interest Expense     (8,451 )     (5,918 )     (29,683 )     (27,287 )
TOTAL OTHER INCOME (EXPENSE)     (8,263 )     (5,405 )     (21,473 )     (20,906 )
                                 
Income before Income (Loss) on Sales of Investment Property and Equipment     4,530       5,002       26,339       21,554  
Income (Loss) on Sales of Investment Property and Equipment     45       (22 )     (64 )     (113 )
NET INCOME     4,575       4,980       26,275       21,441  
                                 
Preferred Dividends     (5,146 )     (4,995 )     (20,533 )     (19,163 )
Loss Attributable to Non-Controlling Interest     65       43       224       194  
                                 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS   $ (506 )   $ 28     $ 5,966     $ 2,472  
                                 
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –                                
Basic and Diluted   $ (0.01 )   $ 0.00     $ 0.07     $ 0.03  
                                 
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:                                
Basic     85,060       80,112       84,067       74,114  
Diluted     85,416       81,235       84,694       74,912  


 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 5

 

Consolidated Statements of Cash Flows

(in thousands)

 

    Year Ended  
    December 31,
2025
    December 31,
2024
 
CASH FLOWS FROM OPERATING ACTIVITIES:                
Net Income   $ 26,275     $ 21,441  
Non-Cash Items Included in Net Income:                
Depreciation     66,555       60,239  
Amortization of Financing Costs     2,992       2,384  
Stock Compensation Expense     5,364       4,784  
Provision for Uncollectible Notes and Other Receivables     1,603       2,079  
Loss on Sales of Marketable Securities, net     221       3,778  
(Increase) Decrease in Fair Value of Marketable Securities     2,259       (1,167 )
Loss on Sales of Investment Property and Equipment     64       113  
Loss on Investment in Joint Ventures     816       895  
Changes in Operating Assets and Liabilities:                
Inventory of Manufactured Homes     (7,388 )     (2,042 )
Notes and Other Receivables, net of notes acquired with acquisitions     (14,522 )     (12,676 )
Prepaid Expenses and Other Assets     218       (558 )
Accounts Payable     (2,316 )     1,873  
Accrued Liabilities and Deposits     (976 )     (26 )
Tenant Security Deposits     808       484  
Net Cash Provided by Operating Activities     81,973       81,601  
CASH FLOWS FROM INVESTING ACTIVITIES:                
Purchase of Manufactured Home Communities     (42,791 )     -0-  
Purchase of Investment Property and Equipment     (114,373 )     (92,101 )
Proceeds from Sales of Investment Property and Equipment     4,060       5,282  
Additions to Land Development Costs     (58,242 )     (48,567 )
Purchase of Marketable Securities through automatic reinvestments     (27 )     (24 )
Proceeds from Sales of Marketable Securities     5,672       36  
Investment in Joint Ventures     (3,499 )     (4,491 )
Net Cash Used in Investing Activities     (209,200 )     (139,865 )
CASH FLOWS FROM FINANCING ACTIVITIES:                
Proceeds from Mortgages     193,235       -0-  
Net Payments from Short-Term Borrowings     (1,048 )     (65,170 )
Principal Payments of Mortgages and Loans     (120,410 )     (11,864 )
Proceeds from Bond Issuance     80,231       -0-  
Financing Costs on Debt     (8,495 )     (645 )
Proceeds from At-The-Market Preferred Equity Program, net of offering costs     1,951       28,015  
Proceeds from At-The-Market Common Equity Program, net of offering costs     44,108       220,622  
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments     5,815       6,999  
Repurchase of Common Stock     (4,818 )     -0-  
Proceeds from Exercise of Stock Options     535       2,919  
Preferred Dividends Paid     (20,533 )     (19,163 )
Common Dividends Paid, net of dividend reinvestments     (71,229 )     (59,075 )
Net Cash Provided by Financing Activities     99,342       102,638  
                 
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH     (27,885 )     44,374  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR     108,811       64,437  
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR   $ 80,926     $ 108,811  

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 6

 

Reconciliation of Net Income to Adjusted EBITDA and Net Income (Loss)

Attributable to Common Shareholders to FFO and Normalized FFO

(in thousands) (unaudited)

 

    Three Months Ended     Year Ended  
    December 31,
2025
    December 31,
2024
    December 31,
2025
    December 31,
2024
 
Reconciliation of Net Income to Adjusted EBITDA                                
                                 
Net Income   $ 4,575     $ 4,980     $ 26,275     $ 21,441  
Interest Expense     8,451       5,918       29,683       27,287  
Franchise Taxes     (200 )     368       250       710  
Depreciation Expense     17,345       15,804       66,555       60,239  
Depreciation Expense from Unconsolidated Joint Ventures     236       214       902       824  
(Increase) Decrease in Fair Value of Marketable Securities     2,098       2,301       2,259       (1,167 )
Loss on Sales of Marketable Securities, net     221       -0-       221       3,778  
Adjusted EBITDA     32,726       29,585       126,145       113,112  
Non-Recurring Other Expense (1)     295       221       1,139       846  
Adjusted EBITDA excluding Non-Recurring Other Expense   $ 33,021     $ 29,806     $ 127,284     $ 113,958  
                                 
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations                                
                                 
Net Income (Loss) Attributable to Common Shareholders   $ (506 )   $ 28     $ 5,966     $ 2,472  
Depreciation Expense     17,345       15,804       66,555       60,239  
Depreciation Expense from Unconsolidated Joint Ventures     236       214       902       824  
(Gain) Loss on Sales of Investment Property and Equipment     (45 )     22       64       113  
(Increase) Decrease in Fair Value of Marketable Securities     2,098       2,301       2,259       (1,167 )
Loss on Sales of Marketable Securities, net     221       -0-       221       3,778  
Funds from Operations Attributable to Common Shareholders (“FFO”)     19,349       18,369       75,967       66,259  
                                 
Adjustments:                                
Amortization of Financing Costs     869       613       2,992       2,384  
Non-Recurring Other Expense (1)     295       221       1,139       846  
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)   $ 20,513     $ 19,203     $ 80,098     $ 69,489  

 

(1) Consists of one-time legal and professional fees ($295 and $579, respectively) and costs associated with acquisition not completed ($0 and $560, respectively) for the three months and year ended December 31,2025. Consists of one-time legal and professional fees ($209 and $452, respectively), costs associated with acquisition not completed ($12 and $12, respectively) and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three months and year ended December 31, 2024.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 7

 

Market Capitalization, Debt and Coverage Ratios

(in thousands except per share data) (unaudited)

 

    Year Ended  
    December 31, 2025     December 31, 2024  
Shares Outstanding     84,850       81,909  
Market Price Per Share   $ 15.91     $ 18.88  
Equity Market Capitalization   $ 1,349,971     $ 1,546,449  
Total Debt     761,227       614,722  
Preferred     322,899       320,572  
Total Market Capitalization   $ 2,434,097     $ 2,481,743  
                 
Total Debt   $ 761,227     $ 614,722  
Less: Cash and Cash Equivalents     (72,100 )     (99,720 )
Net Debt     689,127       515,002  
Less: Marketable Securities at Fair Value (“Securities”)     (23,758 )     (31,883 )
Net Debt Less Securities   $ 665,369     $ 483,119  
                 
Interest Expense   $ 29,683     $ 27,287  
Capitalized Interest     5,928       5,976  
Preferred Dividends     20,533       19,163  
Total Fixed Charges   $ 56,144     $ 52,426  
                 
Adjusted EBITDA excluding Non-Recurring Other Expense   $ 127,284     $ 113,958  
                 
Debt and Coverage Ratios                
Net Debt / Total Market Capitalization     28.3 %     20.8 %
Net Debt Plus Preferred / Total Market Capitalization     41.6 %     33.7 %
Net Debt Less Securities / Total Market Capitalization     27.3 %     19.5 %
Net Debt Less Securities Plus Preferred / Total Market Capitalization     40.6 %     32.4 %
Interest Coverage     3.6 x     3.4 x
Fixed Charge Coverage     2.3 x     2.2 x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense     5.4 x     4.5 x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense     5.2 x     4.3 x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense     8.0 x     7.4 x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense     7.8 x     7.1 x


 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 8

 

Debt Analysis

(in thousands) (unaudited)

 

    Year Ended  
    December 31,
2025
    December 31,
2024
 
Debt Outstanding                
Mortgages Payable:                
Fixed Rate Mortgages   $ 562,095       489,271  
Unamortized Debt Issuance Costs     (5,966 )     (3,731 )
Mortgages, Net of Unamortized Debt Issuance Costs   $ 556,129     $ 485,540  
Loans Payable:                
Unsecured Line of Credit   $ -0-     $ -0-  
Other Loans Payable     28,464       29,512  
Total Loans Before Unamortized Debt Issuance Costs     28,464       29,512  
Unamortized Debt Issuance Costs     (768 )     (1,233 )
Loans, Net of Unamortized Debt Issuance Costs   $ 27,696     $ 28,279  
Series A Bonds Payable:                
Series A Bonds   $ 102,670     $ 102,670  
Unamortized Debt Issuance Costs     (919 )     (1,767 )
Series A Bonds, Net of Unamortized Debt Issuance Costs   $ 101,751     $ 100,903  
Series B Bonds Payable:                
Series B Bonds   $ 80,230     $ -0-  
Unamortized Debt Issuance Costs     (4,579 )     -0-  
Series B Bonds, Net of Unamortized Debt Issuance Costs   $ 75,651     $ -0-  
                 
Total Debt, Net of Unamortized Debt Issuance Costs   $ 761,227     $ 614,722  
                 
% Fixed/Floating                
Fixed     99.3 %     99.1 %
Floating     0.7 %     0.9 %
Total     100.0 %     100.0 %
                 
Weighted Average Interest Rates (1)                
Mortgages Payable     4.73 %     4.18 %
Loans Payable     6.38 %     6.54 %
Series A Bonds Payable     4.72 %     4.72 %
Series B Bonds Payable     5.85 %     N/A
Total Average     4.90 %     4.38 %
                 
Weighted Average Maturity (Years)                
Mortgages Payable     6.1       4.4  

 

(1) Weighted average interest rates do not include the effect of unamortized debt issuance costs.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 9

 

Debt Maturity

(in thousands) (unaudited)

 

 

As of December 31, 2025:

 

Year Ended   Mortgages     Loans     Bonds     Total     % of Total  
2026   $ 38,179     $ 5,128     $ -0-     $ 43,307       5.6 %
2027     37,037       -0-       102,670 (1)     139,707       18.1 %
2028     23,970       23,336       -0-       47,306       6.1 %
2029     38,790       -0-       -0-       38,790       5.0 %
2030     114,739       -0-       80,230 (2)     194,969       25.2 %
Thereafter     309,380       -0-       -0-       309,380       40.0 %
                                         
Total Debt Before Unamortized Debt Issuance Costs     562,095       28,464       182,900       773,459       100.0 %
                                         
Unamortized Debt Issuance Costs     (5,966 )     (768 )     (5,498 )     (12,232 )        
                                         
Total Debt, Net of Unamortized Debt Issuance Costs   $ 556,129     $ 27,696     $ 177,402     $ 761,227          

 

(1) Represents $102.7 million balance outstanding of the Company’s Series A Bonds due February 28, 2027.
(2) Represents $80.2 million balance outstanding of the Company’s Series B Bonds due June 30, 2030.


 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 10

 

Securities Portfolio Performance

(in thousands) (unaudited)

 

 

 

Year Ended   Securities
Available for Sale
    Dividend Income     Net Realized Gain
(Loss) on Sale of
Securities
    Net Realized Gain
(Loss) on Sale of
Securities & Dividend
Income
 
2010-2015     75,011     $ 19,465     $ 14,618     $ 34,083  
2016     108,755       6,636       2,285       8,921  
2017     132,964       8,135       1,747       9,882  
2018     99,596       10,367       20       10,387  
2019     116,186       7,535       -0-       7,535  
2020     103,172       5,729       -0-       5,729  
2021     113,748       5,098       2,342       7,440  
2022     42,178       2,903       6,394       9,297  
2023     34,506       2,318       183       2,501  
2024     31,883       1,452       (3,778 )     (2,326 )
2025     23,758       1,477       (221 )     1,256  
                                 
            $ 71,115     $ 23,590     $ 94,705  

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 11

 

Property Summary and Snapshot

(unaudited)

 

    December 31, 2025     December 31, 2024     % Change  
UMH Communities (1)     142       137       3.6%
Total Sites     26,610       25,896       2.8%
Occupied Sites     23,435       22,611       824 sites, 3.6%
Occupancy %     88.1 %     87.3 %     80 bps  
Total Rentals     10,904       10,333       5.5%
Occupied Rentals     10,227       9,715       5.3%
Rental Occupancy %     93.8 %     94.0 %     (20 bps)
Monthly Rent Per Site   $ 572     $ 544       5.1%
Monthly Rent Per Home Rental Including Site   $ 1,044     $ 990       5.5%

 

State   Number     Total
Acreage
    Developed
Acreage
    Vacant
Acreage
    Total
Sites
   

Occupied

Sites

    Occupancy
Percentage
   

Monthly
Rent

Per Site

    Total
Rentals
    Occupied
Rentals
    Rental
Occupancy
Percentage
   

Monthly

Rent Per

Home Rental (3)

 
                                                                         
Pennsylvania     53       2,392       1,909       483       7,994       7,033       88.0 %   $ 595       3,322       3,097       93.2 %   $ 1,031  
Ohio     38       2,069       1,557       512       7,381       6,538       88.6 %   $ 529       3,204       2,996       93.5 %   $ 1,000  
Indiana     14       1,111       929       182       4,091       3,662       89.5 %   $ 532       2,049       1,926       94.0 %   $ 1,034  
Tennessee     9       733       419       314       2,038       1,893       92.9 %   $ 597       961       928       96.6 %   $ 1,097  
New York (2)     8       819       327       492       1,369       1,194       87.2 %   $ 664       512       469       91.6 %   $ 1,201  
New Jersey     7       428       264       164       1,530       1,463       95.6 %   $ 746       40       36       90.0 %   $ 1,336  
Michigan     4       241       222       19       1,090       947       86.9 %   $ 532       422       402       95.3 %   $ 1,102  
Maryland     3       159       124       35       259       218       84.2 %   $ 650       -0-       -0-       N/A       N/A  
Alabama     2       69       62       7       292       161       55.1 %   $ 243       145       137       94.5 %   $ 1,131  
South Carolina     2       157       55       102       321       243       75.7 %   $ 312       190       187       98.4 %   $ 1,145  
Georgia     2       66       66       -0-       245       83       33.9 %   $ 389       59       49       83.1 %   $ 1,181  

Total UMH as of

December 31, 2025 (1)

    142       8,244       5,934       2,310       26,610       23,435       88.1 %   $ 572       10,904       10,227       93.8 %   $ 1,044  

 

(1) Excludes two Florida communities and one Pennsylvania community owned through joint ventures with Nuveen Real Estate in which the company has a 40% interest for 2025.
(2) Total and Vacant Acreage of 220 acres for Mountain View Estates property is included in the above summary.
(3) Includes home and site rent charges.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 12

 

Same Property Statistics

(in thousands) (unaudited)

 

    For Three Months Ended     For the Year Ended  
    December 31,
2025
    December 31,
2024
    Change     % Change     December 31,
2025
    December 31,
2024
    Change     % Change  
Same Property Community Net Operating Income (“NOI”)                                                                
                                                                 
Rental and Related Income   $ 56,615     $ 52,623     $ 3,992       7.6 %   $ 221,542     $ 204,678     $ 16,864       8.2 %
Community Operating Expenses     22,496       20,370       2,126       10.4 %     87,018       81,245       5,773       7.1 %
                                                                 
Same Property Community NOI   $ 34,119     $ 32,253     $ 1,866       5.8 %   $ 134,524     $ 123,433     $ 11,091       9.0 %

 

    December 31, 2025     December 31, 2024     Change  
                   
Total Sites     25,765       25,619       0.6%
Occupied Sites     22,759       22,405       354 sites, 1.6%  
Occupancy %     88.3 %     87.5 %     80 bps  
Number of Properties     134       134       N/A  
Total Rentals     10,731       10,183       5.4%
Occupied Rentals     10,064       9,570       5.2%
Rental Occupancy     93.8 %     94.0 %     (20 bps)
Monthly Rent Per Site   $ 571     $ 544       5.0%
Monthly Rent Per Home Rental Including Site   $ 1,041     $ 987       5.5%

 

Same Property includes all UMH communities owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 13

 

Acquisitions Summary

(dollars in thousands)

 

Year of
Acquisition
  Number of
Communities
    Sites    

Occupancy %

at Acquisition

   

Purchase

Price

   

Price

Per Site

    Total Acres  
2021   3       543       59 %   $ 18,300     $ 34       113  
2022   7       1,480       65 %   $ 86,223     $ 58       461  
2023   1       118       -0- %   $ 3,650     $ 31       26  
2025   5       587       78 %   $ 41,825     $ 71       160  

 

 

2025 Acquisitions

 

Community   Date of Acquisition   State   Number of Sites     Purchase Price    

Number

of Acres

    Occupancy  
Cedar Grove   March 24, 2025   NJ     186     $ 17,000       25       100 %
Maplewood   March 24, 2025   NJ     80       7,600       13       100 %
Conowingo Court   July 2, 2025   MD     142       9,855       54       70 %
Maybelle Manor   July 2, 2025   MD     49       4,770       28       100 %
Albany Dunes   October 7, 2025   GA     130       2,600       40       32 %
Total 2025             587     $ 41,825       160       78 %

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 14

 

Definitions

 

Investors and analysts following the real estate industry utilize funds from operations available to common shareholders (“FFO”), normalized funds from operations available to common shareholders (“Normalized FFO”), Community NOI, Same Property Community NOI, and earnings before interest, taxes, depreciation, amortization and acquisition costs (“Adjusted EBITDA excluding Non-Recurring Other Expense”), variously defined, as supplemental performance measures. While the Company believes net income (loss) available to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, it considers Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. FFO also adjusts for the effects of the change in the fair value of marketable securities and gains and losses realized on marketable securities. Normalized FFO reflects the same assumptions as FFO except that it also adjusts for amortization of financing costs and certain one-time charges. Community NOI and Same Property Community NOI provide a measure of rental operations and do not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA excluding Non-Recurring Other Expense provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. In addition, Community NOI, Same Property Community NOI, Adjusted EBITDA, excluding Non-Recurring Other Expense, FFO and Normalized FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.

 

FFO, as defined by The National Association of Real Estate Investment Trusts (“Nareit”), is calculated to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding certain gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the Nareit FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of Nareit FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities and change in the fair value of marketable securities from our FFO calculation. Nareit created FFO as a non-GAAP supplemental measure of REIT operating performance.

 

Normalized FFO is calculated as FFO excluding amortization and certain one-time charges.

 

Normalized FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 85.4 million and 84.7 million shares for the three months and year ended December 31, 2025, respectively, and 81.2 million and 74.9 million shares for the three months and year ended December 31, 2024, respectively. Common stock equivalents resulting from stock options in the amount of 627,000 for the year ended December 31, 2025, and 1.1 million and 798,000 for the three months and year ended December 31, 2024, respectively, were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from stock options in the amount 356,000 shares for the three months ended December 31, 2025 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive.

 

Community NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses.

 

Same Property Community NOI is calculated as Community NOI, using all properties owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates.

 

Adjusted EBITDA excluding Non-Recurring Other Expense is calculated as net income (loss) plus interest expense, franchise taxes, depreciation, the change in the fair value of marketable securities and the gain (loss) on sales of marketable securities, adjusted for non-recurring other expenses.

 

Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO should not be considered as substitutes for net income (loss) applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

 

  UMH Properties, Inc. | Fourth Quarter FY 2025 Supplemental Information 15