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 For the transition period from __________ to ___________ Commission File Number 001-12690 UMH PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland22-1890929(State or other jurisdiction of(I.R.S. Employerincorporation or organization)identification number) Juniper Business Plaza, 3499 Route 9 North, Suite 3-C,Freehold, NJ (Former name, former address and former fiscal year, if changed since last report.) Securities registered pursuant to Section 12(b) of the Act: 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),and (2) has been subject to such filing requirements for the past 90 days. Yes☒No☐ 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 theregistrant was required to submit such files). Yes☒No☐ 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,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act: Accelerated filer☐Smaller reporting company☐Emerging growth company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ 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 SUBSIDIARIES FORM 10-Q FOR 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 March 31, 2026(Unaudited) December 31, 2025 March 31, 2026(Unaudited) December 31, 2025 Shareholders’ Equity:Series D – 6.375% Cumulative Redeemable Preferred UMH PROPERTIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME (LOSS) (UNAUDITED)FOR THE THREE MONTHS ENDEDMARCH 31, 2026 AND 2025(in thousands except per share amounts) UMH PROPERTIES, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)FOR THE THREE MONTHS ENDEDMARCH 31, 2026 AND 2025(in thousands) 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 containsa total of approximately 27,100 developed homesites, of which 11,200 contain rental homes that are leased to residents. These 145communities are located in twelve states consisting of New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland,Michigan, Alabama, South Carolina, Florida and Georgia. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells manufacturedhomes to residents and prospective r