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

globenewswire.com
UMH The company reported significant increases in Total Income and Funds from Operations (FFO) for both the quarter and full year ended December 31, 2025. The CEO highlighted strong operating results, earnings growth, increased property values, and a solid financial position, with positive guidance for 2026.

FREEHOLD, NJ, Feb. 25, 2026 (GLOBE NEWSWIRE) -- 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):

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

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:

“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:

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):

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):

Contact: Nelli Madden

732-577-9997

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