UMH Properties (UMH)
NYSE:UMH
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Umh
(NYSE:UMH)
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Rating:63Neutral
Price Target:
$15.50
▲(6.02% Upside)
Action:ReiteratedDate:04/03/26
UMH scores as stable-to-mixed (63), driven primarily by solid cash generation and improved leverage trends, reinforced by a generally positive earnings call with constructive 2026 FFO guidance and strong operating metrics. The score is held back by weakened TTM revenue and net profitability, a technically weak setup (below key moving averages with negative MACD), and a high P/E despite an attractive dividend yield.
Positive Factors
Cash Generation
Consistent, above‑net‑income operating cash flow (TTM ~$60.6M; 2024 ~$81.6M) and strong cash conversion improve internal funding for maintenance, home placements, dividends, and buybacks. Durable cash generation reduces reliance on volatile home‑sale proceeds for operations and growth.
Negative Factors
Revenue & Profit Volatility
A sharp TTM revenue decline (-24.1%) and compressed net margins (~2.8% vs ~9.0) reflect uneven top‑line drivers and weak profit conversion. Persistent volatility in revenue and net income reduces FFO predictability and complicates multi‑period planning for development, acquisitions, and dividend coverage.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash Generation
Consistent, above‑net‑income operating cash flow (TTM ~$60.6M; 2024 ~$81.6M) and strong cash conversion improve internal funding for maintenance, home placements, dividends, and buybacks. Durable cash generation reduces reliance on volatile home‑sale proceeds for operations and growth.
Read all positive factors
Umh (UMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.24B
Dividend Yield5.66%
Average Volume (3M)574.99K
Price to Earnings (P/E)51.0
Beta (1Y)0.31
Revenue Growth8.91%
EPS Growth-39.58%
CountryUS
Employees513
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)-0.01
Shares Outstanding85,016,120
10 Day Avg. Volume694,679
30 Day Avg. Volume574,994
Financial Highlights & Ratios
PEG Ratio0.47
Price to Book (P/B)1.49
Price to Sales (P/S)5.17
P/FCF Ratio16.50
Enterprise Value/Market Cap1.55
Enterprise Value/Revenue7.38
Enterprise Value/Gross Profit17.81
Enterprise Value/Ebitda15.77
Forecast
1Y Price Target
$18.63Price Target Upside27.43% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.1
Revenue Forecast (FY)$245.06M
Umh Business Overview & Revenue Model
Company Description
UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 124 manufactured home communities containing approximately 23,400 developed homesites. These communities are located in New Jersey, New York, Ohio, P...
How the Company Makes Money
UMH primarily makes money by operating manufactured housing communities and collecting recurring housing-related payments. Its key revenue stream is site (lot) rent paid by residents who place a manufactured home on a leased site within a UMH comm...
Umh Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 30, 2026
Earnings Call Sentiment Positive
The call highlights a generally positive operating performance in 2025: double-digit topline growth (rental income +10%), strong same-property revenue and NOI gains (8.2% and 9%), solid occupancy and rental home program momentum, significant value realized in refinancings (121% appraisal increase), and conservative liquidity and capital management. Challenges include rising operating expenses (notably weather-related), higher debt costs and limited near-term per-share FFO expansion driven by uncertainty around home sales and a competitive acquisition market. On balance the operational achievements, strong liquidity, and pipeline for acquisitions/development outweigh the near-term headwinds and conservative guidance.Positive Updates
Normalized FFO Per Share Growth and Guidance
Normalized FFO per diluted share for the full year 2025 was $0.95 versus $0.93 in 2024, a 2% increase. Q4 normalized FFO was $0.24 (flat YoY). Management provided 2026 normalized FFO guidance of $0.97 to $1.05 per share, representing an approximately 2% to 10% potential increase versus 2025.
Negative Updates
Rising Operating Expenses
Community operating expenses increased 12% in the quarter and 10% for the year, driven by acquisitions, higher payroll, real estate taxes, snow removal, water/sewer costs and a one-time $724k legal/professional fee.
Read all updates
Q4-2025 Updates
Positive
Negative
Normalized FFO Per Share Growth and Guidance
Normalized FFO per diluted share for the full year 2025 was $0.95 versus $0.93 in 2024, a 2% increase. Q4 normalized FFO was $0.24 (flat YoY). Management provided 2026 normalized FFO guidance of $0.97 to $1.05 per share, representing an approximately 2% to 10% potential increase versus 2025.
Read all positive updates
Company Guidance
UMH gave 2026 normalized FFO guidance of $0.97–$1.05 per share (≈+2% to +10%), calling for strong earnings growth while targeting 700–800 new rental homes and development of 400+ sites in 2026. Management cited 2025 momentum (same‑property revenue +8.2%, same‑property NOI +9%), a rental platform of ~11,000 rental homes at 93.8% occupancy with ~20% turnover and ~$400/unit annual expense, and potential home‑sales upside (management noted the possibility of sales >$40M in a best case). The guidance is supported by liquidity and balance‑sheet capacity—$72M cash, $260M available on the credit facility (accordion to $500M), $129M revolver for home sales, $55M rental‑home lines, six 2026 mortgage maturities totaling $38.2M, and 2025 refinancings that generated $193.2M at a 5.67% weighted average—with credit metrics of net debt/market cap 28.3% and net debt/adjusted EBITDA 5.4x.Umh Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
63
Positive
Cash Flow
71
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 261.75M | 240.55M | 220.93M | 195.78M | 186.12M |
| Gross Profit | 10.10M | 131.30M | 118.49M | 102.55M | 97.99M |
| EBITDA | 122.51M | 108.97M | 96.05M | 70.24M | 115.37M |
| Net Income | 26.50M | 21.64M | 8.01M | -4.85M | 51.09M |
Balance Sheet | |||||
| Total Assets | 1.70B | 1.56B | 1.43B | 1.34B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 95.86M | 131.60M | 91.83M | 71.96M | 229.92M |
| Total Debt | 761.23M | 614.72M | 690.02M | 899.70M | 499.32M |
| Total Liabilities | 791.84M | 647.82M | 720.78M | 793.40M | 528.68M |
| Stockholders Equity | 905.54M | 914.03M | 704.72M | 548.96M | 742.14M |
Cash Flow | |||||
| Free Cash Flow | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Operating Cash Flow | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Investing Cash Flow | -209.20M | -139.87M | -165.57M | -124.88M | -94.39M |
| Financing Cash Flow | 99.34M | 102.64M | 69.06M | 47.95M | 125.63M |
Umh Technical Analysis
Neutral
14.62
Price Trends
15.23
Negative
15.28
Negative
15.21
Negative
Market Momentum
-0.25
Negative
45.58
Neutral
75.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMH, the sentiment is Neutral. The current price of 14.62 is above the 20-day moving average (MA) of 14.57, below the 50-day MA of 15.23, and below the 200-day MA of 15.21, indicating a neutral trend. The MACD of -0.25 indicates Negative momentum. The RSI at 45.58 is Neutral, neither overbought nor oversold. The STOCH value of 75.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for UMH.
Umh Risk Analysis
Umh disclosed 64 risk factors in its most recent earnings report. Umh reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Umh Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $1.24B | 51.05 | 2.88% | 5.66% | 8.91% | -39.58% | |
63 Neutral | $1.77B | 18.46 | 5.33% | 2.17% | 3.37% | ― | |
55 Neutral | $1.02B | 63.46 | -4.93% | 4.58% | 36.82% | ― | |
52 Neutral | $256.27M | -22.16 | -6.33% | 6.98% | 1.62% | 11.38% | |
47 Neutral | $628.16M | -23.86 | -12.63% | 7.06% | -4.46% | -206.19% | |
45 Neutral | $578.36M | 1.50 | 299.94% | 7.42% | -4.63% | 42.39% |
* Real Estate Sector Average
UMH
Umh
14.62
-3.13
-17.63%
AIV
Apartment Investment & Management
4.02
-0.51
-11.18%
VRE
Veris Residential
18.90
2.57
15.77%
CSR
Centerspace
57.78
-1.06
-1.80%
BRT
BRT Apartments
13.50
-1.92
-12.44%
NXRT
NexPoint Residential
24.62
-11.44
-31.72%
Umh Corporate Events
Dividends
UMH Properties Announces Quarterly Dividends on Shares
Positive
Apr 2, 2026
On April 1, 2026, UMH Properties, Inc.’s board declared a quarterly cash dividend of $0.225 per share on its common stock, maintaining an annual dividend rate of $0.90 per share, payable on June 15, 2026 to shareholders of record as of May 1...
Business Operations and StrategyFinancial Disclosures
UMH Properties Highlights Strong Start and Occupancy Gains
Positive
Apr 2, 2026
On April 1, 2026, UMH Properties reported a strong start to the year, highlighting improved operating metrics for the first quarter of 2026 across its manufactured home community portfolio. The REIT converted 146 homes from inventory into revenue-...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
UMH Properties Releases 2025 Annual Report, Enhancing Transparency
Positive
Mar 18, 2026
On March 17, 2026, UMH Properties, Inc. announced that its 2025 Annual Report has been published and is available on the company’s website, providing investors and other stakeholders with detailed information on its performance and outlook. ...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
UMH Properties Posts Strong 2025 Growth and Expansion
Positive
Feb 25, 2026
On February 25, 2026, UMH Properties reported that for the year ended December 31, 2025, total income rose 9% to $261.8 million and net income attributable to common shareholders increased to $6.0 million, while fourth-quarter income grew 8% but p...
DividendsRegulatory Filings and Compliance
UMH Announces Tax Treatment of 2025 Distributions
Neutral
Jan 26, 2026
On January 23, 2026, UMH issued a press release detailing the tax treatment of its 2025 distributions to investors. The company also emphasized that the furnished information is not deemed filed for purposes of the Securities Exchange Act of 1934 ...
Dividends
UMH Properties Announces Quarterly Dividends for Shareholders
Positive
Jan 22, 2026
On January 21, 2026, UMH Properties, Inc.’s board of directors declared a quarterly cash dividend of $0.225 per share on its common stock, implying an annual dividend rate of $0.90 per share, payable on March 16, 2026 to shareholders of reco...
Financial DisclosuresRegulatory Filings and Compliance
UMH issues Regulation FD update on 2025 results
Neutral
Jan 6, 2026
On January 5, 2026, the company provided investors with an update on its operating results for the fourth quarter and full year 2025. The disclosure clarified that the furnished information is not deemed filed for purposes of the Securities Exchan...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.