UMHMEDIUM SIGNALOPERATIONAL10-K

UMH Properties expanded its portfolio from 139 to 145 manufactured home communities while restructuring its joint venture arrangements and clarifying its Opportunity Zone Fund ownership structure.

The company demonstrates continued growth momentum by adding six communities and approximately 800 developed homesites, bringing total rental homes to 11,000. The restructuring creates clearer operational segments with distinct joint venture partnerships in Florida and Pennsylvania, while formalizing the 77% ownership stake in the Opportunity Zone Fund that controls two communities.

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

UMH's balance sheet reflects expansion financing with interest expense growing notably from $10.2M to $13.2M and total liabilities increasing by 22% to $791.8M. Cash declined moderately from $99.7M to $72.1M, suggesting deployment of capital for growth initiatives. The financial profile indicates active portfolio expansion funded through increased borrowing while maintaining reasonable liquidity levels.

FINANCIAL STATEMENT CHANGES
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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