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UMH

UMH Properties, Inc.

UMH

UMH Properties, Inc. • NYSE
$15.13 ▼ -0.66% (-0.10)
Market Cap $1.29 B
52w High $20.03
52w Low $13.95
Dividend Yield 0.89%
P/E 189.13
Volume 235.31K
Outstanding Shares 85.14M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $66.918M ▲ $23.314M ▼ $9.34M ▲ 13.957% ▲ $0.05 ▲ $34.023M ▲
Q2-2025 $66.643M ▲ $23.842M ▼ $7.661M ▲ 11.496% ▲ $0.03 ▲ $30.712M ▲
Q1-2025 $61.225M ▼ $24.277M ▲ $4.858M ▼ 7.935% ▼ $-0.003 ▼ $27.407M ▲
Q4-2024 $61.873M ▲ $23.884M ▲ $5.023M ▼ 8.118% ▼ $0 ▼ $26.702M ▼
Q3-2024 $60.671M $20.954M $12.964M 21.368% $0.11 $34.122M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $65.799M ▼ $1.63B ▲ $703.122M ▲ $924.692M ▼
Q2-2025 $109.394M ▲ $1.624B ▲ $690.264M ▲ $931.982M ▲
Q1-2025 $65.527M ▼ $1.549B ▼ $635.111M ▼ $912.363M ▼
Q4-2024 $131.603M ▲ $1.564B ▲ $647.819M ▲ $914.029M ▲
Q3-2024 $100.882M $1.502B $643.148M $856.462M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $9.285M ▲ $23.448M ▼ $-64.088M ▼ $-4.74M ▼ $-45.38M ▼ $23.448M ▼
Q2-2025 $7.605M ▲ $24.416M ▲ $-44.237M ▲ $60.818M ▲ $40.997M ▲ $24.416M ▲
Q1-2025 $4.81M ▼ $12.779M ▼ $-56.411M ▼ $-18.693M ▼ $-62.325M ▼ $12.779M ▼
Q4-2024 $4.98M ▼ $27.27M ▲ $-42.851M ▼ $49.962M ▲ $34.381M ▲ $27.27M ▲
Q3-2024 $12.905M $16.726M $-38.256M $45.078M $23.548M $16.726M

Five-Year Company Overview

Income Statement

Income Statement UMH’s revenue has risen steadily over the past several years, showing a business that is expanding its rental base and community footprint. Profitability at the property level looks reasonably healthy, with gross profits growing roughly in line with revenue. Further down the income statement, results are more uneven. Operating income and net income move around from year to year, with a noticeable weak patch a few years ago and only modest profits more recently. The very swingy earnings per share suggest that accounting items, financing structure, or one‑time valuation changes are having a big impact, which is common for REITs. Overall, the core business appears to be growing, but reported earnings are volatile and not a smooth upward line.

Balance Sheet

Balance Sheet UMH’s asset base has expanded steadily, which fits a REIT that is continually adding or improving communities. Shareholders’ equity has also risen meaningfully, indicating that the company has been building its capital base and not just growing through borrowing. Debt remains significant but has come down from prior peaks, and leverage looks more manageable than a few years ago. Cash on hand has improved versus earlier periods, though it is still a relatively small cushion in absolute terms. Taken together, the balance sheet looks stronger and more resilient than in the past, but the company is still reliant on access to debt and equity markets to fund long‑term growth.

Cash Flow

Cash Flow Operating cash flow has been positive in most years, which is important for a REIT that needs steady cash to cover interest, operating costs, and shareholder distributions. One year stands out as a cash‑use year, reflecting weaker operations or timing issues, but the more recent pattern shows improvement. Free cash flow has generally tracked operating cash flow closely, with one period of heavier investment where capital spending spiked. That suggests UMH occasionally has lumpy development or expansion projects, but outside of those bursts, the business tends to generate cash rather than consume it. Overall, cash generation looks adequate for ongoing operations, with growth still dependent on periodic larger investment phases.

Competitive Edge

Competitive Edge UMH operates in a focused niche: manufactured housing communities aimed at the affordable housing market. This segment benefits from chronic undersupply and resilient demand, which can provide a relatively stable occupancy base compared with more cyclical property types. The company’s scale in this niche, its multi‑state footprint, and its substantial inventory of undeveloped or partially developed sites provide a long runway to add homes without constantly fighting new zoning battles. Its focus on renting both the land and, in many cases, the homes themselves gives it a richer revenue model and deeper relationship with residents. Key competitive strengths include domain expertise in a highly regulated segment, a strong presence in affordable housing, and a community‑oriented approach. Main risks include regulatory changes, competition from larger manufactured housing REITs, and the need to execute well on filling vacant sites and integrating acquisitions.

Innovation and R&D

Innovation and R&D UMH’s innovation is practical rather than high‑tech. It has broadened its housing mix with duplexes and very small “tiny” homes, which allow more residents per acre and offer lower price points. This helps attract a wider range of tenants and better utilize existing land. The company is also leaning into energy‑efficient and sustainable home designs, including features like solar‑related systems showcased at industry events. These efforts may reduce residents’ utility costs and improve the appeal of its communities over time. On the operations side, UMH uses standard digital tools such as online portals and a web‑based marketing and leasing presence. These are important but not unique advantages. Future upside would likely come from deeper use of data and technology in property management, continued “green” home rollouts, and partnerships with manufacturers and energy providers, rather than from in‑house R&D in the traditional sense.

Summary

UMH shows a consistent build‑out of its manufactured housing platform: revenue and property‑level profits are trending up, assets and equity are growing, and debt reliance has become somewhat more balanced. Cash flow is generally supportive of operations, with occasional investment spikes when the company leans into expansion. The main positives are its strong positioning in affordable housing, sizable land bank for future growth, dual rent model, and targeted product innovations like tiny homes and energy‑efficient units. The main watch‑points are earnings volatility, sensitivity to capital markets and interest rates, execution risk in filling vacant sites, and the fact that its technology and processes, while adequate, are not deeply differentiated. Overall, UMH looks like a niche REIT that has been steadily scaling its platform, with a business model tied closely to long‑term demand for affordable, community‑based housing and subject to typical REIT risks around leverage, development, and regulation.

NEWS

November 25, 2025 · 5:16 PM UTC

UMH PROPERTIES, INC. ANNOUNCES ADDITION TO FANNIE MAE CREDIT FACILITY

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November 3, 2025 · 4:30 PM UTC

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025

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October 7, 2025 · 4:15 PM UTC

UMH PROPERTIES, INC. ANNOUNCES ACQUISITION OF A GEORGIA COMMUNITY

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October 1, 2025 · 4:30 PM UTC

UMH PROPERTIES, INC. THIRD QUARTER 2025 OPERATIONS UPDATE

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October 1, 2025 · 4:15 PM UTC

UMH PROPERTIES, INC. DECLARES COMMON AND PREFERRED DIVIDENDS

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