UMH Properties grows NOI 8% and adds 121 rental homes, but debt surges 53% on expansion

Filed April 30, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 1, 2025 · ~1 min read

Key Changes

• high

  Interest expense jumped 53% to $9.1M as average debt rose $150M to $760.5M and weighted average rate climbed 50 bps to 4.9%, reversing prior year's 21% decline and pressuring margins despite NOI growth.

  MD&A: Interest Expense verify on EDGAR →
• high

  Company added 121 net rental homes in Q1 2026, bringing occupied rental homes to 44.2% of total sites with 94.6% occupancy, demonstrating strong execution of affordable housing strategy.

  MD&A: Rental Home Portfolio verify on EDGAR →
• high

  Land development costs rose 25% on 1,044 expansion sites in pipeline (including 360-site greenfield project), but 1,056 sites built since 2018 remain only 54% occupied, indicating multi-year lease-up before full NOI contribution.

  MD&A: Land Development verify on EDGAR →