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UMH Properties, Inc.
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🏹 Trader: 🎯 Near 52W High View all →
$1.3B
Market Cap
227.3
P/E
—
PEG
3.2%
ROCE
2.9%
ROE
0.84
D/E
18.6%
OPM
-9.4%
% from 52W High
62
α RS
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🌏 Global Investor Returns
Currency-adjusted total returns for UMH including FX impact
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📈 Price History
Ratio Health
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About

UMH Properties, Inc. is a public equity REIT that owns and operates 145 manufactured home communities. It contains approximately 27,100 developed homesites, of which 11,200 contain rental homes, and over 1,000 self-storage units. These communities are in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures with Nuveen Real Estate. UMH Properties, Inc. was incorporated in 1968 in Maryland and is based in Freehold, New Jersey.

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📈 Growth Pattern
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⭐ Superinvestors Holding UMH
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 191.3K $2.8M 0.00% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
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📊 MIXED UMH Properties Q1 2026: Same-property NOI grows 7.1%, rental income up 9%
Revenue & Profitability
Rental income was $59.5 million (up 9%) and home sales $7.1 million (up 6%). Normalized FFO was $19.4 million or $0.23 per share, flat versus Q1 2025. Same-property revenue grew 7.6% ($4.1 million) and same-property NOI grew 7.1% ($2.3 million). Community operating expenses increased 10% due to acquisitions, payroll, taxes, and utilities. Interest expense rose from refinancing and investment in rental units and expansion lots.
Outlook
Management sees strong demand for affordable housing across all markets. Guidance for normalized FFO is tightened to $0.98-$1.04 per share, with full-year mid-single-digit growth expected. Pent-up demand and pending legislation (Title I improvements, chassis removal) are seen as tailwinds. Expansions and rental home additions are expected to drive earnings as units become occupied.
Growth Drivers
Key growth levers include filling 800+ new rental homes this year, developing 300+ expansion sites, and increasing home sales (April sales very strong at ~$3.5 million). Southeast properties (Georgia, South Carolina) and Memphis, Tennessee, show particularly strong demand. Oil and gas leasing rights are also starting to generate additional revenue.
Balance Sheet & CapEx
Annual capital needs are approximately $120-$150 million. In Q1, UMH invested in rental homes (80 on site, 400 being set up, 160 on order) and development. $45 million is already invested in 600 vacant expansion sites. The company plans to refinance about $38 million in mortgages and has access to $260 million on its unsecured revolving credit facility (with ability to expand to $500 million).
Margins
Not discussed in detail. Same-property expenses grew 8% in Q1 due to a harsh winter, but management expects expense growth to moderate to 5%-7% for the full year. Fixed charge coverage was 2.1x and interest coverage was 3.1x. Gross margins on home sales were not provided, but the rental program targets a 10% return on investment.
Key Risks
Risks flagged include higher interest rates and refinancing costs, seasonal weather impacts on expenses and sales, and interest expense from investments not yet generating revenue. Management mentioned a short interest of 3 million shares. Supply chain and material sourcing from the Middle East were deemed non-material. Regulatory changes are pending and not yet finalized.
Generated by AI · Q1 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-06
Normalized FFO per share rose 9% year-over-year, with strong rental and sales growth and occupancy gains. Guidance remains at $0.98–$1.04 per share, supported by robust demand, expansion, and regulatory tailwinds. The Road to Housing Act and new lending programs are expected to further boost growth.
Q1 2026 Q1 2026 2026-05-01
Normalized FFO remained flat per share as higher interest costs offset strong rental and sales growth. Occupancy and same-property NOI improved, with robust demand and a tightened FFO guidance range. Expansion and development efforts, especially in the Southeast, are expected to drive future growth.
Q4 2025 Q4 2025 2026-02-26
Delivered strong 2025 results with 9% revenue growth, record home sales, and robust rental occupancy. 2026 guidance projects 2%-10% FFO growth, supported by acquisitions, expansions, and a resilient affordable housing market.
Q3 2025 Q3 2025 2025-11-04
Normalized FFO per share rose 4% year-over-year and 9% sequentially, with revenue up 10% and strong growth in rental and home sales. Strategic acquisitions, capital deployment, and a robust sales pipeline position the company for continued earnings and occupancy growth.
Q2 2025 Q2 2025 2025-08-07
Normalized FFO rose 16% to $19.5M, with revenue up 10% and record home sales. Guidance for 2025 is reaffirmed at the low end, with strong rental demand and a robust acquisition pipeline. Capital structure remains solid, and legislative changes may further boost growth.
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📊 Analysis Methodology

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Information Sources:
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