UMHHIGH SIGNALOPERATIONAL10-K

UMH significantly expanded its portfolio from 139 to 145 communities while achieving a dramatic 910% increase in net income from $5.1M to $51.1M.

This represents substantial operational growth with the addition of 6 new communities and 800 developed homesites, alongside a notable increase in rental homes from 10,300 to 11,000 units. The company also restructured its joint venture arrangements, adding a new Pennsylvania property (Honey Ridge) to complement its existing Florida ventures with Nuveen Real Estate.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

UMH delivered exceptional financial performance with net income surging 910% to $51.1M, demonstrating strong operational leverage despite a 30% increase in interest expense to $13.2M. The company's cash position decreased 28% to $72.1M while total liabilities increased 22% to $791.8M, suggesting significant capital deployment to fund the portfolio expansion. Overall, the financial picture indicates successful growth execution with dramatic profitability improvements that more than offset higher financing costs and leverage.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+910.6%
$5.1M→$51.1M

Net income grew 910.6% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+29.9%
$10.2M→$13.2M

Interest costs rose 29.9% — monitor debt levels and coverage ratio in rising rate environment.

Cash & Equivalents
Balance Sheet
-27.7%
$99.7M→$72.1M

Cash decreased 27.7% — monitor burn rate and upcoming capital needs.

Total Liabilities
Balance Sheet
+22.2%
$647.8M→$791.8M

Liabilities increased 22.2% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
The Company holds a 77% interest in the OZ Fund, which owns two communities, located in South Carolina and Georgia.
As of December 31, 2025, the Company operated a portfolio of 145 manufactured home communities, of which 142 are majority owned and are included in our consolidated operations with the remaining three owned through our joint ventures with Nuveen Real Estate ( Nuveen or Nuveen Real Estate ) in which the Company has a 40% interest.
One of these joint ventures owns two communities in Florida (Sebring Square and Rum Runner) and one joint venture owns one community in Pennsylvania (Honey Ridge).
Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by the Company s Opportunity Zone Fund, in which the Company has a 77% interest.
(See Management s Discussion and Analysis of Financial Condition and Results of Operations and Note 5 Investment in Joint Ventures and Note 6 Opportunity Zone Fund of the Notes to Consolidated Financial Statements).
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REMOVED
Our OZ Fund currently owns two communities, located in South Carolina and Georgia.
As of December 31, 2024, the Company operated 139 manufactured home communities, 137 of which are communities in which the Company owns either a 100% or majority interest, containing a total of approximately 26,300 developed homesites on which approximately 10,300 Company-owned rental homes are situated.
The 139 communities include (i) two communities in central Florida owned through a joint venture with Nuveen Real Estate ( Nuveen or Nuveen Real Estate ) in which the Company has a 40% interest (Sebring Square and Rum Runner), (ii) two communities in Tennessee, the Countryside Village expansion (Duck River Estates) and the Allentown expansion (River Bluff Estates), that were previously part of other Company-owned communities but are now considered separate communities, and (iii) two communities acquired through the Company s OZ Fund.
These 139 communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia (See Management s Discussion and Analysis of Financial Condition and Results of Operations and Note 5 Investment in Joint Venture of the Notes to Consolidated Financial Statements).
As of December 31, 2024, UMH owned approximately 10,300 rental homes, representing approximately 40% of its developed homesites.
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