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UMH-PD

UMH Properties, Inc.

UMH-PD

UMH Properties, Inc. • NYSE
$22.18 ▼ -0.49% (-0.11)
Market Cap $1.35 B
52w High $23.39
52w Low $20.99
Dividend Yield 1.59%
P/E 113.74
Volume 31.43K
Outstanding Shares 60.13M

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 grown steadily over the past five years, showing that demand for its communities continues to build. Operating profitability has generally improved, with healthier underlying earnings than a few years ago. However, bottom-line net income and reported earnings per share have been quite volatile, swinging between profit and loss. For a REIT, that usually reflects non‑cash items, financing costs, and property-related gains or losses rather than big shifts in the core business. Overall, the trend suggests a gradually strengthening operating engine, but with accounting noise that makes headline earnings less reliable as a simple performance gauge.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been expanding its asset base while also building owner equity. Total assets have risen meaningfully, indicating continued investment in properties and growth projects. Debt remains significant, as is typical for a real estate trust, but it has started to come down from earlier peaks, while equity has increased. Cash on hand has improved from very low levels, giving a bit more financial flexibility than in the past. In simple terms, the company looks more robust today than a few years ago, though it is still dependent on managing leverage carefully in a higher‑rate environment.

Cash Flow

Cash Flow Cash generation from day-to-day operations is solid and has improved over time, which is important for supporting dividends, preferred payouts, and reinvestment. Free cash flow has generally tracked operating cash flow, with one standout year of heavier investment that temporarily pulled it down. That spike appears tied to growth spending rather than a structural problem. The pattern suggests that the core business produces reliable cash, but continued development and expansion will keep capital needs elevated, so disciplined capital allocation and access to financing remain key.

Competitive Edge

Competitive Edge UMH operates in manufactured and affordable housing, a niche with persistent demand and limited new supply, which gives it a structural edge. Its strategy of buying underperforming communities, upgrading them, and raising occupancy creates a built‑in value‑add engine that many competitors cannot easily copy at scale. The integrated model—owning communities, renting both lots and homes, offering financing, and adding services—lets UMH capture more of the economics from each resident. Broad geographic diversification across multiple states and energy-linked regions adds resilience. Key risks include sensitivity to interest rates, regulatory and zoning hurdles, and the need to keep occupancy high while raising rents in a price‑sensitive customer base.

Innovation and R&D

Innovation and R&D For a real estate company, UMH is unusually innovative. It is experimenting with duplex-style manufactured homes and “tiny” duplex units that increase income per lot while keeping housing affordable. The company is actively rolling out solar shingles, energy‑efficient homes, and exploring factory‑installed EV charging, which can lower tenant utility costs and make communities more attractive. Data analytics on utility usage, online resident tools, and a trial‑stay program with Airbnb show a willingness to use technology and partnerships to boost occupancy and satisfaction. Future growth plans—developing large land holdings, expanding rentals, and using opportunity zone structures—reflect a pipeline of ideas more akin to a developer-operator than a passive landlord.

Summary

UMH today looks like a growing, moderately leveraged residential REIT with a specialized focus on manufactured and affordable housing. The core business has been expanding, with revenue and operating cash flow trending upward, even though reported earnings have been bumpy. The balance sheet has strengthened as assets and equity have grown and debt has begun to ease back, but the company still relies on access to capital markets to fund development and acquisitions. Its competitive edge rests on a strong value‑add strategy, a large and diversified portfolio, and a set of innovative housing formats and sustainability initiatives that align with long‑term housing and energy trends. For holders of the preferred shares, the key themes are relatively stable cash generation, a clearer growth runway, meaningful but improving leverage, and ongoing execution risk around development, occupancy, and financing costs.