Umh Properties (UMH)
NYSE:UMH
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Umh
(NYSE:UMH)
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Rating:63Neutral
Price Target:
$16.50
▲(5.84% Upside)
Action:ReiteratedDate:05/01/26
UMH scores as a balanced setup: strong cash generation and improved leverage are key supports, and the latest guidance/operating commentary is broadly positive. Offsetting these are pressured TTM revenue and net profitability, plus valuation risk from a high P/E despite a strong dividend yield; technicals are neutral-to-mildly positive rather than strongly trending.
Positive Factors
Cash generation
UMH's operating cash flow has recovered meaningfully and runs well ahead of accounting net income, indicating strong cash conversion. Robust OCF and positive free cash flow capacity support recurring dividends, buybacks and capital deployment into homesites and rentals, reducing reliance on volatile nonrecurring items.
Negative Factors
TTM revenue & net margin pressure
A large TTM revenue decline and compressed net margin materially weaken earnings quality and predictability. Even with healthy operating margins, the sharp top-line drop and low net profitability increase sensitivity of per-share cash returns to variability in home sales and one-time items over the coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
UMH's operating cash flow has recovered meaningfully and runs well ahead of accounting net income, indicating strong cash conversion. Robust OCF and positive free cash flow capacity support recurring dividends, buybacks and capital deployment into homesites and rentals, reducing reliance on volatile nonrecurring items.
Read all positive factors
Umh (UMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.31B
Dividend Yield5.66%
Average Volume (3M)597.04K
Price to Earnings (P/E)51.0
Beta (1Y)0.34
Revenue Growth8.81%
EPS Growth178.66%
CountryUS
Employees513
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.03
Shares Outstanding85,026,120
10 Day Avg. Volume665,766
30 Day Avg. Volume597,045
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 Cap1.53
Enterprise Value/Revenue7.65
Enterprise Value/Gross Profit18.46
Enterprise Value/Ebitda16.35
Forecast
1Y Price Target
$19.50Price Target Upside25.08% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)0.11
Revenue Forecast (FY)$244.45M
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:Aug 12, 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
Positive
15.59
Price Trends
15.15
Positive
15.34
Positive
15.16
Positive
Market Momentum
0.14
Negative
62.66
Neutral
69.67
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 14.81, above the 50-day MA of 15.15, and above the 200-day MA of 15.16, indicating a bullish trend. The MACD of 0.14 indicates Negative momentum. The RSI at 62.66 is Neutral, neither overbought nor oversold. The STOCH value of 69.67 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 | $1.78B | -31.52 | 6.07% | 2.17% | 7.11% | ― | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $1.31B | 51.05 | 2.88% | 5.66% | 8.81% | 178.66% | |
55 Neutral | $1.19B | 63.46 | -4.93% | 4.58% | 35.61% | ― | |
55 Neutral | $723.55M | -23.50 | -10.30% | 7.06% | -1.46% | 0.65% | |
52 Neutral | $267.84M | -22.16 | -6.33% | 6.98% | 1.46% | -19.84% | |
45 Neutral | $605.69M | 1.50 | 299.94% | 7.42% | -16.20% | 99.72% |
* Real Estate Sector Average
UMH
Umh
15.55
-1.24
-7.41%
AIV
Apartment Investment & Management
4.25
-0.09
-2.03%
VRE
Veris Residential
18.97
3.32
21.22%
CSR
Centerspace
68.27
11.11
19.44%
BRT
BRT Apartments
14.37
-0.12
-0.84%
NXRT
NexPoint Residential
28.89
-6.31
-17.92%
Umh Corporate Events
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.