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Umh
(NYSE:UMH)
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Rating:66Neutral
Price Target:
$16.50
â–²(5.84% Upside)
Action:Reiterated
Date:07/10/26
UMH scores as moderately attractive, driven primarily by improving financial performance (strong recent growth, healthy margins, and positive cash generation) and a constructive earnings outlook with tightened guidance and occupancy/NOI momentum. The score is tempered by expensive valuation (very high P/E) and largely neutral technical signals, with leverage and interest-expense headwinds remaining key risks.
Positive Factors
Cash generation
Sustained positive operating and free cash flow (TTM) indicates the business consistently converts rents and home sales into cash. This durable cash generation underpins dividend payments, funds development/expansion, and reduces reliance on external financing for near-term growth and maintenance capital.
Negative Factors
Meaningful leverage
Substantial indebtedness is typical for REITs but leaves earnings sensitive to interest costs and refinancing cycles. Even with mostly fixed rates, leverage limits financial flexibility, constrains capital allocation during downturns, and increases the burden of rising rates on FFO and cash available for shareholders.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow (TTM) indicates the business consistently converts rents and home sales into cash. This durable cash generation underpins dividend payments, funds development/expansion, and reduces reliance on external financing for near-term growth and maintenance capital.
Read all positive factors
Umh (UMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend Yield5.66%
Average Volume (3M)633.61K
Price to Earnings (P/E)147.4
Beta (1Y)0.28
Revenue Growth9.12%
EPS Growth-7.55%
CountryUS
Employees540
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.10
Shares Outstanding85,166,200
10 Day Avg. Volume429,005
30 Day Avg. Volume633,605
Financial Highlights & Ratios
PEG Ratio2.07
Price to Book (P/B)1.49
Price to Sales (P/S)5.17
P/FCF Ratio16.50
Enterprise Value/Market Cap1.52
Enterprise Value/Revenue7.49
Enterprise Value/Gross Profit17.95
Enterprise Value/Ebitda16.38
Forecast
1Y Price Target
$19.00Price Target Upside21.87% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.14
Revenue Forecast (FY)$245.15M
Umh Business Overview & Revenue Model
Company Description
Established in 1968, UMH Properties, Inc. operates as a publicly traded equity real estate investment trust (REIT). Its primary business involves the ownership and management of 124 manufactured housing communities, which collectively feature appr...
How the Company Makes Money
UMH primarily makes money by operating manufactured housing communities and collecting recurring rental and related income from residents. Its key revenue streams typically include: (1) site rent (monthly rent paid by residents for the land/home s...
Umh Earnings Call Summary
Earnings Call Date:Apr 30, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 05, 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
15.26
Positive
15.07
Positive
14.93
Positive
Market Momentum
0.04
Negative
52.74
Neutral
38.73
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 15.25, above the 50-day MA of 15.26, and above the 200-day MA of 14.93, indicating a bullish trend. The MACD of 0.04 indicates Negative momentum. The RSI at 52.74 is Neutral, neither overbought nor oversold. The STOCH value of 38.73 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $1.31B | 147.36 | 3.22% | 5.66% | 9.12% | -7.55% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
58 Neutral | $987.54M | 114.90 | 1.15% | 4.58% | 33.21% | ― | |
54 Neutral | $710.24M | -21.53 | -10.30% | 7.06% | -1.46% | 0.65% | |
52 Neutral | $284.97M | -22.32 | -6.77% | 6.98% | 1.24% | -34.65% | |
50 Neutral | $402.80M | 0.70 | 176.90% | 7.42% | -16.20% | 99.72% |
* Real Estate Sector Average
UMH
Umh
15.37
-0.35
-2.23%
AIV
Apartment Investment & Management
2.78
-0.44
-13.53%
CSR
Centerspace
55.15
-1.30
-2.30%
BRT
BRT Apartments
14.73
0.47
3.31%
NXRT
NexPoint Residential
27.13
-4.26
-13.57%
Umh Corporate Events
Business Operations and StrategyProduct-Related Announcements
UMH Launches Zero-Down Housing Initiative for Veterans
Positive
Jul 9, 2026
On July 8, 2026, UMH Properties, Inc. announced a new zero-down payment lending promotion for qualified United States veterans through its COP program with Triad Financial Services. The initiative seeks to expand access to quality affordable manuf...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
UMH Properties Reports Strong Preliminary Q2 2026 Results
Positive
Jul 6, 2026
On July 2, 2026, UMH Properties reported preliminary second quarter 2026 operating results showing strong growth in rental and related income and manufactured home sales. Total rental and related income rose 10.3% year over year and same-store ren...
Business Operations and StrategyDividends
UMH Declares Quarterly Dividends on Common and Preferred Shares
Positive
Jul 1, 2026
On July 1, 2026, UMH Properties, Inc.’s board 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 September 15, 2026, to shareholders of record as of Aug...
Executive/Board Changes
UMH Appoints Kevin Miller as New Executive CFO
Positive
Jun 23, 2026
On June 18, 2026, UMH Properties, Inc. entered into an employment agreement with Kevin Miller, who became Executive Vice President, Chief Financial Officer and Treasurer effective June 1, 2026, setting an initial term through January 1, 2027 with ...
Executive/Board Changes
UMH Properties Announces CFO Transition and New Appointment
Neutral
May 29, 2026
On May 28, 2026, UMH Properties, Inc. announced that longtime Executive Vice President, Chief Financial Officer and Treasurer Anna T. Chew will retire from her executive roles effective June 1, 2026, while remaining an employee in an advisory capa...
Executive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Umh Announces Director Reelection and Board Continuity Update
Positive
May 28, 2026
On May 27, 2026, Umh announced that its directors had been reelected at the company’s annual shareholder meeting, and the board publicly congratulated them on securing new terms. The company emphasized that the information in this press rele...
Executive/Board ChangesShareholder Meetings
UMH Shareholders Reelect Directors and Back Governance Proposals
Positive
May 27, 2026
UMH Properties, Inc. held its annual meeting of shareholders on May 27, 2026, with 91.45% of eligible shares represented in person or by proxy, underscoring strong investor engagement. Shareholders elected four Class II directors—Jeffery A. ...
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...
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.