UMH Properties (UMH)
NYSE:UMH
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Umh
(NYSE:UMH)
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Rating:68Neutral
Price Target:
$17.00
â–²(9.04% Upside)
Action:Downgraded
Date:05/13/26
The score is driven primarily by improving financial performance and solid cash generation, supported by a constructive earnings outlook (tightened guidance and continued same-property NOI/occupancy gains). These positives are tempered by valuation (high P/E), leverage/return constraints (low ROE and meaningful debt), and only moderate technical momentum.
Positive Factors
Consistent cash generation
Sustained positive operating and free cash flow provides durable internal funding for dividends, home placements and site development. Strong cash conversion supports reinvestment and reduces reliance on external financing over the next several quarters.
Negative Factors
Meaningful leverage and low ROE
A sizable debt load relative to equity and a low ROE constrain the company’s ability to generate strong shareholder returns. For a growth plan reliant on funded expansion, elevated leverage limits strategic optionality and raises sensitivity to capital costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent cash generation
Sustained positive operating and free cash flow provides durable internal funding for dividends, home placements and site development. Strong cash conversion supports reinvestment and reduces reliance on external financing over the next several quarters.
Read all positive factors
Umh (UMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend Yield5.66%
Average Volume (3M)724.31K
Price to Earnings (P/E)39.5
Beta (1Y)0.33
Revenue Growth9.12%
EPS Growth-7.55%
CountryUS
Employees513
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.10
Shares Outstanding85,166,200
10 Day Avg. Volume838,633
30 Day Avg. Volume724,306
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/Revenue7.63
Enterprise Value/Gross Profit18.29
Enterprise Value/Ebitda16.69
Forecast
1Y Price Target
$19.50Price Target Upside25.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.14
Revenue Forecast (FY)$244.81M
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:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call communicated a constructive operational story: healthy top-line growth (rental income +9%, same-property revenue/NOI up ~7–8%), rising occupancy, expanding rental-home program and a clear expansion pipeline. These positive operational trends are being partially offset in the near term by higher interest expense from recent refinancing and carrying costs on paid but not-yet-occupied expansion inventory, as well as elevated community operating expenses following a harsh winter. Management tightened guidance and emphasized confidence in mid-single-digit FFO growth for the year as occupancy and sales convert, so while near-term EPS/FFO per share were flat due to financing and seasonal pressures, the underlying fundamentals point to improving results later in the year.Positive Updates
Stable Normalized FFO per Share
Normalized FFO was $19.4 million or $0.23 per diluted share for Q1 2026, essentially flat versus $0.23 per share in Q1 2025 (3% increase on a dollar basis to $19.4M).
Negative Updates
Interest Expense Headwind
Earnings were pressured by higher interest costs: weighted-average mortgage rate rose to 4.75% from 4.18% a year ago; refinancing and added debt increased interest expense materially, and the company noted roughly $600k of increased interest from refinancing plus additional interest from added debt.
Read all updates
Q1-2026 Updates
Positive
Negative
Stable Normalized FFO per Share
Normalized FFO was $19.4 million or $0.23 per diluted share for Q1 2026, essentially flat versus $0.23 per share in Q1 2025 (3% increase on a dollar basis to $19.4M).
Read all positive updates
Company Guidance
UMH tightened 2026 normalized FFO (NFFO) guidance to $0.98–$1.04 per share (midpoint $1.01), narrowed from $0.97–$1.05, and reiterated expectation for full‑year NFFO per‑share growth in the mid‑single‑digit range (Q1 NFFO was $19.4M or $0.23 per diluted share). Management expects continued high‑single‑digit same‑property NOI growth (Q1 same‑property NOI +7.1%; same‑property revenue +7.6% / +$4.1M) while community operating expenses—up ~8–10% in Q1—are expected to moderate toward the company’s historical 5–7% range. Operational targets include filling 800+ new rental homes in 2026 (166 added in Q1; rental home inventory ~11,200 with 94.6% rental‑home occupancy; overall portfolio occupancy ~88% after a +184‑unit Q1 gain and a goal to exceed 90% by year‑end), developing 300+ sites in 2026 and monetizing $45M invested in 600 expansion sites. liquidity/capital metrics cited: ~$37.4M cash, $260M revolver (accordion to $500M), ~$760M total debt (99% fixed; WAC 4.92%; mortgage WAC 4.75%; WAM 5.9 yrs), $325M preferred equity, total market cap ≈ $2.3B, net debt/market cap 31.2%, net debt/adjusted EBITDA 5.5x, and interest coverage 3.1x.Umh Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
61
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 266.37M | 261.75M | 240.55M | 220.93M | 195.78M | 186.12M |
| Gross Profit | 111.11M | 10.10M | 131.30M | 118.49M | 102.55M | 97.99M |
| EBITDA | 121.80M | 122.51M | 108.97M | 96.05M | 70.24M | 115.37M |
| Net Income | 29.39M | 26.50M | 21.64M | 8.01M | -4.85M | 51.09M |
Balance Sheet | ||||||
| Total Assets | 1.69B | 1.70B | 1.56B | 1.43B | 1.34B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 63.84M | 95.86M | 131.60M | 91.83M | 71.96M | 229.92M |
| Total Debt | 759.87M | 761.23M | 614.72M | 690.02M | 899.70M | 499.32M |
| Total Liabilities | 791.58M | 791.84M | 647.82M | 720.78M | 793.40M | 528.68M |
| Stockholders Equity | 894.44M | 905.54M | 914.03M | 704.72M | 548.96M | 742.14M |
Cash Flow | ||||||
| Free Cash Flow | 86.69M | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Operating Cash Flow | 111.08M | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Investing Cash Flow | -185.98M | -209.20M | -139.87M | -165.57M | -124.88M | -94.39M |
| Financing Cash Flow | 95.42M | 99.34M | 102.64M | 69.06M | 47.95M | 125.63M |
Umh Technical Analysis
Positive
15.59
Price Trends
14.90
Positive
15.17
Positive
14.86
Positive
Market Momentum
0.04
Positive
55.00
Neutral
31.48
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMH, the sentiment is Positive. The current price of 15.59 is above the 20-day moving average (MA) of 15.32, above the 50-day MA of 14.90, and above the 200-day MA of 14.86, indicating a bullish trend. The MACD of 0.04 indicates Positive momentum. The RSI at 55.00 is Neutral, neither overbought nor oversold. The STOCH value of 31.48 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | $1.31B | 39.55 | 3.22% | 5.66% | 9.12% | -7.55% | |
68 Neutral | $1.78B | -31.52 | 6.36% | 2.17% | 7.11% | ― | |
66 Neutral | $1.19B | -18.78 | 1.15% | 4.58% | 33.21% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | $749.91M | -23.50 | -10.30% | 7.06% | -1.46% | 0.65% | |
54 Neutral | $273.68M | -22.46 | -6.77% | 6.98% | 1.24% | -34.65% | |
46 Neutral | $611.39M | -10.01 | 176.90% | 7.42% | -16.20% | 99.72% |
* Real Estate Sector Average
UMH
Umh
15.38
-0.15
-0.98%
AIV
Apartment Investment & Management
4.25
>-0.01
-0.16%
VRE
Veris Residential
19.00
4.30
29.26%
CSR
Centerspace
67.07
8.06
13.65%
BRT
BRT Apartments
14.54
-0.08
-0.57%
NXRT
NexPoint Residential
29.30
-2.94
-9.11%
Umh Corporate Events
Business Operations and StrategyPrivate Placements and Financing
UMH Updates ATM Equity and Preferred Stock Programs
Positive
May 12, 2026
On May 12, 2026, UMH Properties amended its equity distribution agreement to update the roster of distribution agents for its at-the-market common stock program, maintaining capacity to sell up to $150 million of shares, of which about $44.6 milli...
Business Operations and StrategyPrivate Placements and Financing
UMH Extends and Expands Unsecured Revolving Credit Facility
Positive
May 11, 2026
On May 7, 2026, UMH Properties, Inc. entered into a Third Amended and Restated Credit Agreement, amending and extending its unsecured revolving credit facility syndicated with BMO, JPMorgan Chase and Wells Fargo. The amended facility provides $260...
Business Operations and StrategyFinancial Disclosures
UMH Properties Reports Strong Q1 2026 Financial Performance
Positive
Apr 30, 2026
UMH Properties, Inc., a public equity REIT specializing in manufactured home communities and rental homes across 12 U.S. states, reported its financial results for the first quarter ended March 31, 2026, on April 30, 2026. The company’s port...
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...
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.