UMH Properties Inc 2026年季度报告

FORM 10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-12690 UMH PROPERTIES, INC. (Exact name of registrant as specified in its charter) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes☐No☒ Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: UMH PROPERTIES, INC. AND SUBSIDIARIESFORM 10-QFOR THE QUARTER ENDED MARCH 31, 2026Table of ContentsPART I - FINANCIAL INFORMATIONItem 1.Financial StatementsConsolidated Balance Sheets3Consolidated Statements of Income (Loss)5Consolidated Statements of Shareholders’ Equity6Consolidated Statements of Cash Flows8Notes To Consolidated Financial Statements9Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations27Item 3.Quantitative and Qualitative Disclosures About Market Risk37Item 4.Controls and Procedures37PART II - OTHER INFORMATIONItem 1.Legal Proceedings38Item 1A.Risk Factors38Item 2.Unregistered Sales of Equity Securities and Use of Proceeds38Item 3.Defaults Upon Senior Securities38Item 4.Mine Safety Disclosures38Item 5.Other Information38Item 6.Exhibits38SIGNATURES392 UMH PROPERTIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2026 AND DECEMBER 31, 2025 March 31, 2026(Unaudited)December 31, 2025 UMH PROPERTIES, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS – CONTINUEDAS OF MARCH 31, 2026 AND DECEMBER 31, 2025 March 31, 2026(Unaudited)December 31, 2025 March 31, 2026March 31, 2025CASH FLOWS FROM OPERATING ACTIVITIES:Net Income$7,689$4,810Non-Cash items included in Net Income:Depreciation17,97616,663Amortization of Financing Costs881599Stock Compensation Expense1,1521,813 UMH PROPERTIES, INC. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTSMARCH 31, 2026 (UNAUDITED) NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a realestate investment trust (“REIT”) deriving its income primarily from real estate rental operations. As of March 31, 2026, the Companyoperated a portfolio of 145 manufactured home communities, of which 142 are majority owned and are included in our consolidatedoperations with the remaining three owned through our joint ventures with Nuveen Real Estate, in which the Company has a 40%interest. Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by theCompany’s Opportunity Zone Fund, in which the Company has a 77% interest. The Company’s portfolio of 145 communities contains The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells manufacturedhomes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities aresite vacancies. S&F was established to enhance the value of the communities by helping to fill these vacancies through the sales ofhomes. The Company holds a 77% controlling interest in its qualified opportunity zone fund which it created in 2022 to acquire, The primary focus of our business is the ownership and operation of our manufactured home communities – leasing ofmanufactured homesites and manufactured homes in our communities to residents. The sales of homes are integrated with the leasingof these manufactured homes and homesites. Management views the Company’s business as a single segment based on its method ofinternal reporting in addition to its allocation of capital and resources. Capital and resources are allocated to further the goal ofmaintaining and increasing occupancy and net operating income in our communities. Our chief executive officer, with the assistance ofour chief operating officer, is the principal decision-maker regarding allocation of resources. These decisions are based on theoccupancy of the communities and community net operating income, not based on the perfo