UMH Properties, Inc. narrowed its 2026 outlook for normalized funds from operations (Normalized FFO) to $0.99 to $1.03 per diluted share, keeping the midpoint at $1.01 as operating results improved in the third quarter.
In its Nov. 2 results release, the company also gave a separate 2026 funds from operations (FFO) range of $0.92 to $0.96 per diluted share. The $1.01 midpoint applies to Normalized FFO, not the distinct FFO forecast, and the release presented both figures as separate per-share outlooks.
For the quarter ended Sept. 30, Normalized FFO was $0.26 per diluted share, up from $0.25 in the year-earlier period. UMH said the increase was 4% and extended a run of growth in Normalized FFO per diluted share to three consecutive quarters.
Manufactured-home sales increased 29% during the quarter. Rental and related income rose 8%, community net operating income increased 10%, and same-property occupancy reached 88.8%, up 30 basis points. The operating gains accompanied a net loss attributable to common shareholders, showing that the quarter's operating and bottom-line measures moved in different directions.
UMH recorded a $2.1 million net loss attributable to common shareholders, or $0.02 per diluted share. In the year-earlier quarter, it reported net income of $4.2 million, or $0.05 per diluted share.
Samuel A. Landy, UMH's president and CEO, identified the Road to Housing Act and lending-law changes as expected tailwinds for 2027. Those are management's expectations; the results release reported the company's quarterly figures and updated guidance.
UMH describes Normalized FFO as a supplemental non-GAAP measure and says it should not replace net income or cash flow. The distinction is relevant in a quarter when Normalized FFO per share increased while the company reported a net loss attributable to common shareholders.
