$UMH-PD

UMH PROPERTIES, INC.

CIK:0000752642|SEC Filings

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
INCOME:
Rental and Related Income	$ 61,086	$ 56,165	$ 120,555	$ 110,739
Sales of Manufactured Homes	10,554	10,478	16,923	17,129
Total Income	71,640	66,643	137,478	127,868
EXPENSES:
Community Operating Expenses	25,258	23,047	50,570	46,076
Cost of Sales of Manufactured Homes	6,807	7,124	10,883	11,469
Selling Expenses	2,337	1,847	4,204	3,462
General and Administrative Expenses	5,520	6,256	10,612	12,255
Depreciation Expense	18,267	15,739	36,243	32,402
Total Expenses	58,189	54,013	112,512	105,664
OTHER INCOME (EXPENSE):
Interest Income	1,963	2,060	4,137	4,323
Dividend Income	301	375	603	749
Loss on Sales of Marketable Securities, net	(0)	(0)	(36,418)	(0)
Increase (Decrease) in Fair Value of Marketable Securities	3,227	(175)	42,310	(1,737)
Other Income	236	252	431	429
Loss on Investment in Joint Ventures	(24)	(133)	(88)	(214)
Interest Expense, including Amortization of Financing Costs	(9,670)	(7,368)	(18,765)	(13,302)
Total Other Income (Expense)	(3,967)	(4,989)	(7,790)	(9,752)
Income before Gain (Loss) on Sales of Investment Property and Equipment	9,484	7,641	17,176	12,452
Gain (Loss) on Sales of Investment Property and Equipment	48	(36)	45	(37)
Net Income	9,532	7,605	17,221	12,415
Preferred Dividends	(5,180)	(5,129)	(10,353)	(10,258)
Loss Attributable to Non-Controlling Interest	67	56	131	104
Net Income Attributable to Common Shareholders	$ 4,419	$ 2,532	$ 6,999	$ 2,261
Net Income Attributable to Common Shareholders Per Share - Basic	$ 0.05	$ 0.03	$ 0.08	$ 0.03
Net Income Attributable to Common Shareholders Per Share - Diluted	$ 0.05	$ 0.03	$ 0.08	$ 0.03
Weighted Average Common Shares Outstanding:
Basic	85,201	83,974	85,094	83,233
Diluted	85,581	84,779	85,478	84,051

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 17,221	$ 12,415
Non-Cash items included in Net Income:
Depreciation	36,243	32,402
Amortization of Financing Costs	2,063	1,246
Stock Compensation Expense	2,124	3,619
Provision for Uncollectible Notes and Other Receivables	976	845
Loss on Sales of Marketable Securities, net	36,418	0
(Increase) Decrease in Fair Value of Marketable Securities	(42,310)	1,737
(Gain) Loss on Sales of Investment Property and Equipment	(45)	37
Loss on Investment in Joint Ventures	281	410
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	697	(3,706)
Notes and Other Receivables	(6,895)	(6,816)
Prepaid Expenses and Other Assets	(2,077)	(3,002)
Accounts Payable	2,248	548
Accrued Liabilities and Deposits	(1,875)	(2,966)
Tenant Security Deposits	563	426
Net Cash Provided by Operating Activities	45,632	37,195
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities	0	(25,367)
Purchase of Investment Property and Equipment	(57,908)	(50,494)
Proceeds from Sales of Investment Property and Equipment	2,465	2,072
Additions to Land Development Costs	(22,877)	(25,308)
Purchase of Marketable Securities through automatic reinvestments	(15)	(13)
Investment in Joint Ventures	(551)	(1,538)
Net Cash Used in Investing Activities	(78,886)	(100,648)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages	(0)	101,392
Net Proceeds (Payments) from Short-Term Borrowings	39,407	(928)
Principal Payments of Mortgages and Loans	(11,257)	(55,194)
Financing Costs on Debt	(1,953)	(2,079)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs	8,648	982
Proceeds from At-The-Market Common Equity Program, net of offering costs	(0)	39,565
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments	2,611	3,131
Proceeds from Exercise of Stock Options	97	491
Preferred Dividends Paid	(10,353)	(10,258)
Common Dividends Paid, net of dividend reinvestments	(36,328)	(34,977)
Net Cash (Used In) Provided by Financing Activities	(9,128)	42,125
Net Decrease in Cash, Cash Equivalents and Restricted Cash	(42,382)	(21,328)
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	80,926	108,811
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 38,544	$ 87,483

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Investment Property and Equipment
Land	$ 93,361	$ 92,824
Site and Land Improvements	1,110,686	1,093,424
Buildings and Improvements	52,583	51,524
Rental Homes and Accessories	664,528	631,618
Total Investment Property	1,921,158	1,869,390
Equipment and Vehicles	37,214	35,889
Total Investment Property and Equipment	1,958,372	1,905,279
Accumulated Depreciation	(567,712)	(533,864)
Net Investment Property and Equipment	1,390,660	1,371,415
Other Assets
Cash and Cash Equivalents	28,622	72,100
Marketable Securities at Fair Value	29,665	23,758
Inventory of Manufactured Homes	41,673	42,370
Notes and Other Receivables, net	110,506	104,587
Prepaid Expenses and Other Assets	16,951	13,778
Land Development Costs	63,447	39,898
Investment in Joint Ventures	31,399	31,130
Total Other Assets	322,263	327,621
TOTAL ASSETS	1,712,923	1,699,036
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	545,374	556,129
Other Liabilities:
Accounts Payable	7,911	5,663
Loans Payable, net of unamortized debt issuance costs	65,777	27,696
Series A Bonds, net of unamortized debt issuance costs	102,175	101,751
Series B Bonds, net of unamortized debt issuance costs	76,160	75,651
Accrued Liabilities and Deposits	12,240	14,115
Tenant Security Deposits	11,398	10,835
Total Other Liabilities	275,661	235,711
Total Liabilities	821,035	791,840
Commitments and Contingencies
Shareholders’ Equity:
Series D – 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 18,700 shares authorized as of June 30, 2026 and December 31, 2025; 13,335 and 12,916 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	333,386	322,899
Common Stock - $0.10 par value per share, 183,714 shares authorized as of June 30, 2026 and December 31, 2025; 85,307 and 84,850 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	8,531	8,485
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of June 30, 2026 and December 31, 2025	(0)	(0)
Additional Paid-In Capital	573,810	599,520
Accumulated Deficit	(25,364)	(25,364)
Total UMH Properties, Inc. Shareholders’ Equity	890,363	905,540
Non-Controlling Interest in Consolidated Subsidiaries	1,525	1,656
Total Shareholders’ Equity	891,888	907,196
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,712,923	$ 1,699,036