UMH Properties (UMH) Nareit REITweek: 2026 Investor Conference summary

Strategic initiatives and growth outlook

• Leveraging changes in Rural Opportunity Zone law to create a subsidiary fund, enabling $100 million in projects annually and $1 billion over 10 years, generating 3% fee income for shareholders.

• Expanded rental portfolio to 11,200 units, with 800 homes added in the past year and plans for 700–800 more in 2026.

• Joint ventures with Nuveen Real Estate support accretive development while reducing capital needs.

• Focused on expanding and redeveloping communities, with $200 million+ in assets expected to yield 7% returns over five years as occupancy improves.

• Actively developing 2,322 vacant acres, with potential for 9,300 future lots and 3,004 sites engineered for expansion.

Operational performance and expansion

• Owns 145 communities with 27,100 developed home sites, having acquired 112 communities since 2010, increasing occupancy from 74% to 89%.

• Maintains 11,200 rental units at 95% occupancy, with 3,300 vacant sites and 2,300 vacant acres available for future development.

• Developed over 1,000 expansion sites in five years, expecting $30,000 profit per sale and $700–$800 monthly lot rent.

• Acquired five communities in 2025 for $41.8 million, with same property NOI growth averaging 11% over five years.

• Increased rental and related income by 9% and community NOI by 8% in Q1 2026.

Financial performance and portfolio metrics

• Same property NOI increased from $79 million to $135 million in five years, with continued internal and external growth opportunities.

• Over the past five years, total revenue grew 58%, community NOI 64%, and normalized FFO per share 36%.

• Maintained strong balance sheet with net debt/total market capitalization at 36% and fixed charge coverage at 2.3x.

• Guidance for 2026 normalized FFO per share between $0.98 and $1.04, assuming 5% rent increases and 800 new rental units.

• Maintained a strong record of regular dividend increases, with a 25% rise over the past five years.