# UMH Properties, Inc > Clarifo company profile — qualitative business description generated from > the company's filings. Financial statements, charts and ratios are > available on Clarifo (https://www.clarifo.com/fi/companies/UMH Properties, Inc). ## Overview 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. ## Products & services • Manufactured home community site rentals • Manufactured home rentals • Manufactured home sales and financing • Third-party home brokerage • Self-storage unit leasing • Opportunity zone community acquisition and redevelopment - **Homesite rentals** (55%) — Leasing of manufactured homesites within owned communities. - **Manufactured home rentals** (15%) — Rental of company-owned manufactured homes to residents. - **Home sales and financing** (20%) — Sale and financing of manufactured homes through S&F. - **Ancillary property income** (10%) — Self-storage, cable, oil and gas leases, and other community income. - Manufactured home community site rentals - Manufactured home rentals - Manufactured home sales and financing - Third-party home brokerage - Self-storage unit leasing - Opportunity zone community acquisition and redevelopment ## 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** (primary) — Households leasing homesites and, in some cases, renting homes for affordable long-term housing. - **Manufactured home buyers** (primary) — Residents and outside customers purchasing homes through the sales centers and financing program. - **Private landowners** (secondary) — Customers buying manufactured homes for placement on privately owned land. - **Ancillary service users** (secondary) — Residents and nearby users leasing self-storage units or other community-based services. - Residents leasing homesites in manufactured home communities - Residents renting company-owned manufactured homes - Prospective buyers of manufactured homes in UMH communities - Customers buying homes for placement on private land - Residents using self-storage and other ancillary services ## 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. - **Eastern United States** (100%) — Company operates entirely in the United States, with a portfolio concentrated in eastern and midwestern states. - Communities are located across 12 U.S. states - Core exposure is in the Eastern United States - Joint ventures add properties in Florida and Pennsylvania - Opportunity zone fund owns communities in South Carolina and Georgia - Target markets include the Marcellus and Utica Shale regions ## 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 utilization** (short-term) — Higher occupancy improves recurring rental income and supports community economics. - **Expand through acquisitions and redevelopment** (medium-term) — Selective portfolio growth adds scale and improves the quality of the community base. - **Use integrated home sales to support communities** (medium-term) — Home sales help populate sites and strengthen the value of the underlying community. - Increase occupancy across owned communities - Grow net operating income through rent and density - Use home sales to fill vacant sites - Acquire and redevelop well-located communities - Maintain a balanced mix of equity and debt ## 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. - **Regional real estate and economic downturns** [high] — Occupancy, rental rates, and property values depend on local market conditions in concentrated states. - **Debt and mortgage financing risk** [high] — The company uses property-level debt and other borrowings, which can pressure cash flow if refinancing is difficult. - **Dependence on external capital** [medium] — Acquisitions, redevelopment, and growth initiatives require access to equity and debt markets. - **Cybersecurity and data privacy incidents** [medium] — The business stores sensitive tenant, vendor, and employee data across internal and third-party systems. - **Opportunity Zone Fund qualification risk** [medium] — Tax benefits depend on compliance with detailed IRS rules for qualified opportunity zone investments. - Local economic weakness can reduce occupancy and rent growth - Geographic concentration increases exposure to regional downturns - Debt and mortgage obligations create refinancing and default risk - Cybersecurity incidents could disrupt operations and expose tenant data - External capital access affects acquisitions and development ## Accounting UMH’s results depend heavily on estimates tied to real estate values, depreciation, and the carrying value of properties and mortgages. Because the company also sells and finances homes, investors should watch revenue timing, inventory accounting, and the treatment of financing-related income and expenses, along with REIT-specific non-GAAP measures such as FFO and Community NOI. - **Real estate valuation and impairment** — Property values, depreciation, and impairment risk - **Manufactured home sales and financing** — Revenue timing and gross profit - **REIT non-GAAP measures** — Comparability and operating trend analysis - **Debt and mortgage accounting** — Interest expense and liquidity analysis - Real estate valuation and impairment judgments affect property carrying values - Depreciation on communities and rental homes influences reported earnings - Home sales and financing require careful revenue and inventory accounting - FFO and Community NOI are key REIT performance measures - Lease and debt accounting affect cash flow and leverage presentation --- *Last updated: 2026-09-24T12:24:22.585598+00:00*