UMH Properties (NYSE:UMH) reported a transformative 2025 in its preliminary year-end update, fueled by a record expansion of its rental portfolio and a comprehensive refinancing of its debt stack.
The manufactured housing REIT added 717 new rental homes throughout the year, bringing its total rental inventory to approximately 11,000 units with a robust 93.8% occupancy rate.
The company’s "Same Property" metrics showed significant momentum, with occupancy rising by 354 units year-over-year to reach 88.3%.
This operational lift, combined with annual rent increases, drove rental and related income to $226.2 million for the full year, a 9% increase over 2024.
Gross home sales also reached a new milestone of $36.3 million, up 8% as demand for affordable housing continues to outpace supply in UMH's core markets.
On the capital front, UMH was aggressive in securing its balance sheet for high-interest environments.
The company refinanced 17 communities for total proceeds of $193.2 million at a weighted average rate of 5.67%, while successfully tapping the Israeli bond market with an $80.2 million issuance of 5.85% Series B bonds.