UMH Properties, Inc. (UMH) SEC Filings & Earnings Calls

Preliminary estimates subject to revision; final Q3 results pending.

“the financial information set forth above reflects our preliminary estimates with respect to such information, based on information currently available to management, and may vary from our actual financial results” · word for word

Activist campaign disruption

“Activist investor seeks board change, which could lead to management distraction or contested proxy fight.”

Interest rate risk: new mortgage at 6.03% fixed rate; refinancing may be less favorable in higher rate environment.

“This interest-only loan is at a fixed rate of 6.03% with a 10-year term.” · word for word

Interest expense increase

“Interest expense, including amortization of financing costs, increased 31% from $7.4 million for the three months ended June 30, 2025 to $9.7 million for the three months ended June 30, 2026.” · word for word

Operating expense inflation

“Community operating expenses increased 10% from $23.0 million for the three months ended June 30, 2025 to $25.3 million for the three months ended June 30, 2026.” · word for word

Net rental additions slowed significantly to 59 in Q2 2026 from 128 in Q2 2025, indicating potential moderation in occupancy growth

“Number of Rentals Added, net 59 vs 128”

Debt increased 19.8% YoY, potentially increasing leverage and interest expense risk

“Total Debt, Net $789,486 vs $659,159”

Preliminary estimates subject to revision; no material risks identified.

“Financial information reflects preliminary estimates and may vary from actual results.”

Potential shareholder dilution from ATM equity offerings.

“Up to $150M common stock and $100M preferred stock may be sold, diluting existing holders.”

Loss on marketable securities of $36.4M partially offset by fair value increase of $39.1M, indicating volatility in securities portfolio.

“Loss on Marketable Securities, net $(36,418); Increase in Fair Value of Marketable Securities $39,083”

Interest Rate Risk

“Interest expense, including amortization of financing costs, increased 53% from $5.9 million for the three months ended March 31, 2025 to $9.1 million for the three months ended March 31, 2026.” · word for word

Operating Expense Inflation

“Community operating expenses increased 10% from $23.0 million for the three months ended March 31, 2025 to $25.3 million for the three months ended March 31, 2026.” · word for word

Interest Rate Exposure

“Fannie Mae loans at fixed rates 5.855% and 5.46%; Series B Bonds at 5.85%. No explicit rate risk quantification.”

Concentration in Manufactured Housing

“Pure-play manufactured housing REIT; no diversification into other property types.”

Insider Ownership Concentration

“Directors and executive officers as a group own 8.33% of outstanding shares.” · word for word

Preliminary estimates subject to revision; final results may differ.

“Financial information reflects preliminary estimates and may vary from actual results.”

Expense ratio increased 110 bps YoY, indicating cost pressure.

“Expense Ratio 42.7% vs 41.6%.”

Home sales volume declined 6.5% YoY, though revenue held steady.

“Number of Homes Sold 87 vs 93.”

Interest Rate Sensitivity

“An increase in interest rates may increase our costs of borrowing, leading to a reduction in our earnings.” · word for word

Cybersecurity Risk

“We face risks relating to cybersecurity attacks which could adversely affect our business, cause loss of confidential information and disrupt operations.” · word for word

Competition Risk

“We operate in an intensely competitive business environment.” · word for word

Preliminary estimates subject to change.

“The financial information set forth above reflects our preliminary estimates with respect to such information, based on information currently available to management, and may vary from our actual financial results.” · word for word

Interest rate risk on floating-rate debt; fixed rate mitigates near-term.

“Fixed rate of 5.46% for 9-year term reduces refinancing risk.”

Net income attributable to common shareholders declined due to preferred stock dividends and other items.

“Net Income Attributable to Common Shareholders $4,211... $8,181.”

Interest Rate Exposure

“Interest expense, including amortization of financing costs, increased 22% from $6.5 million for the three months ended September 30, 2024 to $7.9 million for the three months ended September 30, 2025.” · word for word

Unrealized Losses on Securities

“As of September 30, 2025, the Company had total net unrealized losses of $38.7 million in its REIT securities portfolio.” · word for word

Inflationary Cost Pressure

“Community operating expenses increased 11% from $22.5 million for the three months ended September 30, 2024 to $25.0 million for the three months ended September 30, 2025. These increases were due to ... an increase in payroll costs, real estate taxes, snow removal and water and sewer costs.” · word for word