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Umh
(NYSE:UMH)
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Rating:64Neutral
Price Target:
$17.00
▲(2.04% Upside)
Action:Reiterated
Date:09/06/26
UMH’s score is driven primarily by solid financial performance (notably strong recent cash generation and improved balance-sheet profile versus 2022) and a supportive earnings outlook with maintained FFO guidance and positive operating momentum. These are tempered by the sharp TTM revenue drop and earnings/cash-flow volatility, mixed near-term technical signals, and a valuation profile where the high dividend yield is outweighed by a very high P/E.
Positive Factors
Same-property growth and occupancy
Strong same-property revenue and NOI growth, together with improving occupancy, indicates sustained demand for UMH communities and pricing power in affordable housing. These operating gains can support recurring rental growth and stronger property-level cash generation over the next several quarters.
Negative Factors
Sharp TTM revenue decline
The sharp TTM revenue contraction contrasts with prior expansion and raises concern that reported growth may not yet be consistently durable across the portfolio. Historical earnings volatility also makes cash-flow and profitability trends less predictable, limiting confidence in near-term compounding.
Read all positive and negative factors
Positive Factors
Negative Factors
Same-property growth and occupancy
Strong same-property revenue and NOI growth, together with improving occupancy, indicates sustained demand for UMH communities and pricing power in affordable housing. These operating gains can support recurring rental growth and stronger property-level cash generation over the next several quarters.
Read all positive factors
Umh (UMH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.36B
Dividend Yield5.64%
Average Volume (3M)699.67K
Price to Earnings (P/E)88.6
Beta (1Y)0.34
Revenue Growth8.37%
EPS Growth-7.09%
CountryUS
Employees540
SectorReal Estate
Sector Strength53
IndustryREIT - Residential
Share Statistics
EPS (TTM)0.12
Shares Outstanding85,385,600
10 Day Avg. Volume762,774
30 Day Avg. Volume699,666
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$18.50Price Target Upside11.04% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.15
Revenue Forecast (FY)$245.50M
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 makes money primarily through rental and related property income generated by its manufactured home communities. Its core revenue stream is recurring monthly rent paid by residents for the right to occupy a site within a community (ground leas...
Umh Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call highlighted multiple strong operational and financial improvements: normalized FFO and net income growth, record home sales, healthy same-property revenue and NOI growth, rising occupancy, a robust rental-home program, an expanded credit facility and a substantial development pipeline. Management also emphasized favorable regulatory developments (ROAD to Housing Act) and new lending initiatives that could materially boost sales and fill rates. Offsetting items include rising community operating expenses, modest cash on hand, some increase in mortgage rates and leverage/coverage metrics that warrant monitoring, plus dependence on the timing/implementation of legislative changes. Overall, the positive operational momentum and clear paths to scale and liquidity improvements outweigh the near-term cost and interest rate headwinds.Positive Updates
Normalized FFO Growth
Normalized FFO was $21.5M or $0.25 per diluted share in Q2 2026 vs $19.5M or $0.23 in Q2 2025, an 11% increase in dollars and a 9% increase per share.
Negative Updates
Rising Community Operating Expenses
Community operating expenses increased 10% in the quarter driven by higher payroll and related costs, real estate taxes, insurance and water/sewer expenses. Same-property operating expenses rose ~7%.
Read all updates
Q2-2026 Updates
Positive
Negative
Normalized FFO Growth
Normalized FFO was $21.5M or $0.25 per diluted share in Q2 2026 vs $19.5M or $0.23 in Q2 2025, an 11% increase in dollars and a 9% increase per share.
Read all positive updates
Company Guidance
UMH maintained full‑year normalized FFO guidance of $0.98–$1.04 per share (midpoint $1.01) and backed that outlook with explicit operating assumptions: 5% site rent increases, ~800 new rental home additions this year, $120–$150 million of capital to be raised, and no additional common ATM shares or acquisitions modeled; Q2 normalized FFO was $0.25 (YTD $0.48, annualized $0.96). Management reiterated a high‑single‑digit same‑property NOI target after Q2 same‑property revenue +8% and same‑property NOI +9%, and highlighted occupancy gains (overall occupancy 89%, +97 units in Q2; rental inventory ~11,200 units at 95.3% occupancy) plus a development cadence of roughly 200–400 expansion sites per year (≈500 shovel‑ready expansion sites; 150 homes on site ready, ~300 being set up, ~330 on order). Unit economics cited include ~20% annual turnover, ~$400 operating expense per unit per year, and an ability to earn ~10% on incremental rental‑home investments. Financial flexibility and capital structure metrics supporting the plan include $28.6M cash, $220M revolver availability (expandable to $600M), $184M in home‑sale financing lines, $29.7M REIT securities, $789M total debt (WAC 4.92%, 94% fixed), net debt/market cap 31.5%, net debt/EBITDA 5.6x, and interest coverage 3.1x.Umh Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
66
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 271.36M | 261.75M | 240.55M | 220.93M | 195.78M | 186.12M |
| Gross Profit | 139.48M | 10.10M | 131.30M | 118.49M | 102.55M | 97.99M |
| EBITDA | 128.56M | 122.51M | 108.97M | 96.05M | 70.24M | 115.37M |
| Net Income | 31.33M | 26.50M | 21.64M | 8.01M | -4.85M | 51.09M |
Balance Sheet | ||||||
| Total Assets | 1.71B | 1.70B | 1.56B | 1.43B | 1.34B | 1.27B |
| Cash, Cash Equivalents and Short-Term Investments | 58.29M | 95.86M | 131.60M | 91.83M | 71.96M | 229.92M |
| Total Debt | 789.31M | 761.23M | 614.72M | 690.02M | 899.70M | 499.32M |
| Total Liabilities | 821.03M | 791.84M | 647.82M | 720.78M | 793.40M | 528.68M |
| Stockholders Equity | 890.36M | 905.54M | 914.03M | 704.72M | 548.96M | 742.14M |
Cash Flow | ||||||
| Free Cash Flow | 32.50M | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Operating Cash Flow | 90.41M | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Investing Cash Flow | -187.44M | -209.20M | -139.87M | -165.57M | -124.88M | -94.39M |
| Financing Cash Flow | 48.09M | 99.34M | 102.64M | 69.06M | 47.95M | 125.63M |
Umh Technical Analysis
Neutral
16.66
Price Trends
15.65
Positive
15.34
Positive
15.11
Positive
Market Momentum
0.15
Positive
47.42
Neutral
10.68
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMH, the sentiment is Neutral. The current price of 16.66 is above the 20-day moving average (MA) of 16.27, above the 50-day MA of 15.65, and above the 200-day MA of 15.11, indicating a neutral trend. The MACD of 0.15 indicates Positive momentum. The RSI at 47.42 is Neutral, neither overbought nor oversold. The STOCH value of 10.68 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $1.36B | 88.61 | 3.47% | 5.64% | 8.37% | -7.09% | |
59 Neutral | $935.07M | 41.03 | 3.03% | 5.82% | 30.53% | ― | |
51 Neutral | $371.81M | 0.65 | 105.03% | 194.53% | -16.20% | 99.72% | |
50 Neutral | $269.68M | -20.50 | -7.46% | 6.97% | 1.18% | -39.73% | |
47 Neutral | $610.02M | -18.15 | -11.75% | 8.83% | -0.46% | 32.70% |
* Real Estate Sector Average
UMH
Umh
15.95
1.64
11.47%
AIV
Apartment Investment & Management
2.56
-0.32
-11.17%
CSR
Centerspace
52.90
-4.58
-7.97%
BRT
BRT Apartments
14.35
-0.37
-2.49%
NXRT
NexPoint Residential
23.78
-8.34
-25.96%
Umh Corporate Events
Business Operations and StrategyPrivate Placements and FinancingRegulatory Filings and Compliance
Umh Secures New Fannie Mae Community Mortgage Financing
Positive
Aug 31, 2026
On August 31, 2026, Umh disclosed that it had closed a new Fannie Mae mortgage on August 28, 2026, for one of its manufactured home communities containing 267 sites, arranged through Wells Fargo Bank, with total proceeds of approximately $10.2 mil...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
UMH Properties Reports Strong Second-Quarter Financial Performance
Positive
Aug 5, 2026
On August 5, 2026, UMH Properties reported results for the second quarter ended June 30, 2026, highlighting total income of $71.6 million, up 7% from a year earlier, and a 75% jump in net income attributable to common shareholders to $4.4 million,...
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 ...
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.