UMH-PDNYSEReal Estate Investment TrustsUS GAAP · USD

UMH Properties, Inc

UMH Properties, Inc. is a U.S.-based REIT that owns and operates manufactured home communities, primarily leasing homesites to residents. The company also leases manufactured homes and, through its taxable REIT subsidiary, sells and finances manufactured homes for placement in its communities and on privately owned land.

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Revenue262m USD
+8.8 %y/y
Net income26.3m USD
+22.5 %y/y
Free cash flow82.0m USD
+0.5 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

0100200300m USD2020: 164 m USD20202021: 186 m USD20212022: 196 m USD20222023: 221 m USD20232024: 241 m USD20242025: 262 m USD2025262
RevenueOperating profit (EBIT)

Business

Share of revenue
Homesite rentals55 %

Leasing of manufactured homesites within owned communities.

Manufactured home rentals15 %

Rental of company-owned manufactured homes to residents.

Home sales and financing20 %

Sale and financing of manufactured homes through S&F.

Ancillary property income10 %

Self-storage, cable, oil and gas leases, and other community income.

Customers

UMH serves residents of manufactured home communities, including households seeking affordable housing and long-term site rentals. It also sells homes to prospective residents for placement in its communities and to customers with privately owned land, while generating smaller amounts of income from storage and other ancillary users.

Community residents

Households leasing homesites and, in some cases, renting homes for affordable long-term housing.

Manufactured home buyers

Residents and outside customers purchasing homes through the sales centers and financing program.

Private landowners

Customers buying manufactured homes for placement on privately owned land.

Ancillary service users

Residents and nearby users leasing self-storage units or other community-based services.

Strategy

UMH focuses on increasing occupancy and net operating income across its manufactured home communities, using home sales and rentals to fill vacant sites and support community density. The company also uses a balanced capital structure and selective acquisitions, development, and redevelopment to expand its portfolio and enhance long-term asset value.

Raise occupancy and site utilizationShort term

Higher occupancy improves recurring rental income and supports community economics.

Expand through acquisitions and redevelopmentMedium term

Selective portfolio growth adds scale and improves the quality of the community base.

Use integrated home sales to support communitiesMedium term

Home sales help populate sites and strengthen the value of the underlying community.

Geography

UMH’s portfolio is concentrated in the Eastern and Midwestern United States, with communities in 12 states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. The company also has joint venture communities in Florida and Pennsylvania, and its opportunity zone fund owns communities in South Carolina and Georgia.

Risks

UMH is exposed to local real estate and housing-market conditions because its communities are concentrated in specific U.S. regions and depend on occupancy and rent growth. The business also carries financing, cybersecurity, and capital-markets risks, since it relies on debt, property-level mortgages, and external funding to support acquisitions and development.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regional real estate and economic downturns1Debt and mortgage financing risk2Dependence on external capital3Cybersecurity and data privacy incidents4Opportunity Zone Fund qualification risk5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regional real estate and economic downturnsImpact: HighLikelihood: Medium

    Occupancy, rental rates, and property values depend on local market conditions in concentrated states.

    Exposure: Eastern United States portfolio concentration

  2. Debt and mortgage financing riskImpact: HighLikelihood: Medium

    The company uses property-level debt and other borrowings, which can pressure cash flow if refinancing is difficult.

    ExposureLoansMortgages payableOther indebtedness
  3. Dependence on external capitalImpact: MediumLikelihood: Medium

    Acquisitions, redevelopment, and growth initiatives require access to equity and debt markets.

    ExposureAt-the-market programsDRIPCredit facilities
  4. Cybersecurity and data privacy incidentsImpact: MediumLikelihood: Low

    The business stores sensitive tenant, vendor, and employee data across internal and third-party systems.

    Exposure: Property management and financing systems

  5. Opportunity Zone Fund qualification riskImpact: MediumLikelihood: Low

    Tax benefits depend on compliance with detailed IRS rules for qualified opportunity zone investments.

    ExposureUMH OZ FundLLC

Accounting

Judgemental items
Real estate valuation and impairment

Community values and redevelopment assumptions affect asset carrying values and potential impairment charges.

Impact: Property values, depreciation, and impairment risk

Manufactured home sales and financing

Sales, cost of sales, and financing income must be recognized consistently across home sales and rental programs.

Impact: Revenue timing and gross profit

REIT non-GAAP measures

FFO and Community NOI are central to analyzing operating performance beyond GAAP net income.

Impact: Comparability and operating trend analysis

Debt and mortgage accounting

Borrowings, refinancing, and related interest expense affect leverage and distributable cash flow.

Impact: Interest expense and liquidity analysis

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Last updated: 24/09/2026