UMH Properties (UMH)
Market Price (9/6/2026): $15.95 | Market Cap: $1.4 BilSector: Real Estate | Industry: Multi-Family Residential REITs
UMH Properties (UMH)
Market Price (9/6/2026): $15.95Market Cap: $1.4 BilSector: Real EstateIndustry: Multi-Family Residential REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 6.7% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% Low stock price volatilityVol 12M is 20% Megatrend and thematic driversMegatrends include Affordable Living & Housing Accessibility. Themes include Manufactured Housing Development, and Affordable Housing Solutions. | Trading close to highsDist 52W High is -4.3% Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -46% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% Key risksUMH key risks include [1] its concentration of properties in weather-vulnerable states like Florida and Tennessee and [2] potential losses from the approximately $82 million in mortgage loans it provides directly to its own resident homebuyers. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 5.3%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.3%, FCF Yield is 6.7% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 33% |
| Low stock price volatilityVol 12M is 20% |
| Megatrend and thematic driversMegatrends include Affordable Living & Housing Accessibility. Themes include Manufactured Housing Development, and Affordable Housing Solutions. |
| Trading close to highsDist 52W High is -4.3% |
| Weak multi-year price returns2Y Excs Rtn is -45%, 3Y Excs Rtn is -46% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 54% |
| Key risksUMH key risks include [1] its concentration of properties in weather-vulnerable states like Florida and Tennessee and [2] potential losses from the approximately $82 million in mortgage loans it provides directly to its own resident homebuyers. |
Qualitative Assessment
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UMH Properties (UMH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Performance. UMH Properties reported robust results for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company's normalized Funds From Operations (FFO) per share increased by 9% year-over-year to $0.25, while net income attributable to common shareholders surged by 75% to $4.4 million, or $0.05 per diluted share, beating the consensus estimate of $0.03 per share. Furthermore, UMH recorded a new quarterly high in home sales revenue of $11.5 million, marking a 10% increase, and saw its same-property Net Operating Income (NOI) grow by 8%.
2. Positive Analyst Sentiment and Upgraded Price Targets. Following the strong financial performance, UMH Properties garnered a "Moderate Buy" consensus rating from analysts, with an average 12-month price target of $17.25. In May 2026, one research firm upgraded UMH's rating from "sell" to "hold," and another analyst group set a $17.50 price target in July 2026, reflecting increased confidence in the company's outlook.
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UMH Properties (UMH) stock has gained about 10% since 5/31/2026 because of the following key factors:
1. Exceptional Fiscal Q2 2026 Financial Performance. UMH Properties reported robust results for fiscal Q2 2026 (ended June 30, 2026), significantly surpassing analyst expectations. The company's normalized Funds From Operations (FFO) per share increased by 9% year-over-year to $0.25, while net income attributable to common shareholders surged by 75% to $4.4 million, or $0.05 per diluted share, beating the consensus estimate of $0.03 per share. Furthermore, UMH recorded a new quarterly high in home sales revenue of $11.5 million, marking a 10% increase, and saw its same-property Net Operating Income (NOI) grow by 8%.
2. Positive Analyst Sentiment and Upgraded Price Targets. Following the strong financial performance, UMH Properties garnered a "Moderate Buy" consensus rating from analysts, with an average 12-month price target of $17.25. In May 2026, one research firm upgraded UMH's rating from "sell" to "hold," and another analyst group set a $17.50 price target in July 2026, reflecting increased confidence in the company's outlook.
3. Strengthened Capital Structure and Growth Initiatives. UMH Properties enhanced its financial flexibility and positioned for future growth by securing a new Fannie Mae mortgage of approximately $10.2 million on August 28, 2026. This interest-only loan, with a fixed rate of 6.03% and a 10-year term, generated an additional $7.4 million in proceeds after repaying an existing mortgage. Additionally, the company amended and extended its unsecured revolving credit facility to $260 million, with a potential for up to $600 million, while securing lower interest costs to support ongoing investments and strategic expansions. The anticipated "ROAD to Housing Act" is also expected to bolster home sales by improving access to financing.
4. Broad REIT Sector Recovery. The overall Real Estate Investment Trust (REIT) sector experienced a significant rebound during the period, demonstrating strong investment performance and outperforming the broader equity market through mid-year 2026. The FTSE Nareit All Equity Index, a key benchmark for REITs, posted a year-to-date total return of 14.4% as of June 22, 2026, indicating a favorable macroeconomic environment that likely contributed to UMH's positive stock movement.
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Stock Movement Drivers
Fundamental Drivers
The 7.7% change in UMH stock from 5/31/2026 to 9/5/2026 was primarily driven by a 4.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.81 | 15.95 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 266 | 271 | 1.9% |
| Net Income Margin (%) | 11.0% | 11.5% | 4.6% |
| P/E Multiple | 42.8 | 43.4 | 1.2% |
| Shares Outstanding (Mil) | 85 | 85 | -0.2% |
| Cumulative Contribution | 7.7% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| UMH | 7.7% | |
| Market (SPY) | 1.8% | -20.4% |
| Sector (XLRE) | -0.1% | 58.9% |
Fundamental Drivers
The 8.8% change in UMH stock from 2/28/2026 to 9/5/2026 was primarily driven by a 14.1% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.65 | 15.95 | 8.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 262 | 271 | 3.7% |
| Net Income Margin (%) | 10.1% | 11.5% | 14.1% |
| P/E Multiple | 47.0 | 43.4 | -7.6% |
| Shares Outstanding (Mil) | 85 | 85 | -0.3% |
| Cumulative Contribution | 8.8% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| UMH | 8.8% | |
| Market (SPY) | 12.6% | -0.1% |
| Sector (XLRE) | 0.9% | 56.7% |
Fundamental Drivers
The 7.7% change in UMH stock from 8/31/2025 to 9/5/2026 was primarily driven by a 8.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 14.81 | 15.95 | 7.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 250 | 271 | 8.4% |
| Net Income Margin (%) | 12.2% | 11.5% | -5.2% |
| P/E Multiple | 40.8 | 43.4 | 6.4% |
| Shares Outstanding (Mil) | 84 | 85 | -1.4% |
| Cumulative Contribution | 7.7% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| UMH | 7.7% | |
| Market (SPY) | 20.4% | 4.0% |
| Sector (XLRE) | 6.5% | 51.2% |
Fundamental Drivers
The 25.5% change in UMH stock from 8/31/2023 to 9/5/2026 was primarily driven by a 33.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.71 | 15.95 | 25.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 209 | 271 | 30.1% |
| P/S Multiple | 3.8 | 5.0 | 33.0% |
| Shares Outstanding (Mil) | 62 | 85 | -27.5% |
| Cumulative Contribution | 25.5% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| UMH | 25.5% | |
| Market (SPY) | 77.1% | 28.9% |
| Sector (XLRE) | 30.3% | 65.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| UMH Return | 91% | -39% | 0% | 30% | -11% | 5% | 42% |
| Peers Return | 41% | -27% | 4% | -4% | 1% | 2% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| UMH Win Rate | 67% | 33% | 58% | 58% | 25% | 33% | |
| Peers Win Rate | 71% | 33% | 42% | 46% | 50% | 50% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| UMH Max Drawdown | -12% | -43% | -26% | -11% | -23% | -14% | |
| Peers Max Drawdown | -11% | -38% | -25% | -16% | -15% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SUI, ELS.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | UMH | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.9% | -9.5% |
| % Gain to Breakeven | 18.9% | 10.5% |
| Time to Breakeven | 99 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.1% | 7.1% |
| Time to Breakeven | 483 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.5% | -33.7% |
| % Gain to Breakeven | 77.1% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.3% | -19.2% |
| % Gain to Breakeven | 33.9% | 23.8% |
| Time to Breakeven | 297 days | 105 days |
| 2013 Taper Tantrum | ||
| % Loss | -12.9% | -0.2% |
| % Gain to Breakeven | 14.9% | 0.2% |
| Time to Breakeven | 193 days | 1 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.5% | -17.9% |
| % Gain to Breakeven | 25.8% | 21.8% |
| Time to Breakeven | 128 days | 123 days |
In The Past
UMH Properties's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 6.9% gain to breakeven.
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Asset Allocation
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| Event | UMH | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -23.1% | -6.7% |
| % Gain to Breakeven | 30.1% | 7.1% |
| Time to Breakeven | 483 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -43.5% | -33.7% |
| % Gain to Breakeven | 77.1% | 50.9% |
| Time to Breakeven | 266 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.3% | -19.2% |
| % Gain to Breakeven | 33.9% | 23.8% |
| Time to Breakeven | 297 days | 105 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -20.5% | -17.9% |
| % Gain to Breakeven | 25.8% | 21.8% |
| Time to Breakeven | 128 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -49.7% | -53.4% |
| % Gain to Breakeven | 98.8% | 114.4% |
| Time to Breakeven | 476 days | 1085 days |
In The Past
UMH Properties's stock fell -6.5% during the 2025 US Tariff Shock. Such a loss loss requires a 6.9% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About UMH Properties (UMH)
UMH Properties, Inc. (UMH) is a public equity Real Estate Investment Trust (REIT) specializing in the manufactured housing sector. Established in 1968, the company primarily owns and operates 124 manufactured home communities, encompassing approximately 23,400 developed homesites. These communities are strategically located across eight states: New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, and Maryland.
The company's core business involves providing developed land and community services for manufactured homes, catering to individuals and families seeking accessible and often more affordable housing options within these regions. UMH's main product is the provision and management of these homesites, ensuring well-maintained communities for its residents. In addition to its primary real estate operations, UMH Properties also diversifies its holdings through a portfolio of REIT securities.
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Here are a few analogies for UMH Properties (UMH):
- Equity Residential for manufactured home communities. (Equity Residential is a well-known REIT that owns and operates apartment complexes.)
- Public Storage for manufactured home lots. (Public Storage is a well-known REIT that owns and operates self-storage facilities.)
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- Manufactured Home Community Leases: UMH Properties leases developed homesites within its manufactured home communities to residents.
- REIT Securities Investment: The company generates income from its portfolio of real estate investment trust (REIT) securities.
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UMH Properties (UMH) sells primarily to individuals. Based on the nature of its business as an owner and operator of manufactured home communities, its major customer categories include:
- Affordable Housing Seekers: Individuals and families looking for a more economical and accessible housing solution compared to traditional site-built homes or apartment rentals. Manufactured homes often represent a more affordable path to homeownership or stable renting.
- Community-Oriented Residents: People who value the sense of community, shared amenities (such as clubhouses, pools, and recreational facilities), and social activities often provided within manufactured home communities.
- Seniors and Retirees: A significant segment of residents in many manufactured home communities consists of older adults seeking a comfortable, often single-story, and lower-maintenance lifestyle, sometimes in age-restricted communities.
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Samuel A. Landy, President & Chief Executive Officer
Mr. Landy started his career at UMH Properties, Inc. in 1991 and was promoted to his current role of President and Chief Executive Officer in 1995. Under his leadership, UMH has grown its portfolio of manufactured housing communities from 22 communities containing approximately 4,200 homesites in 1991 to 136 communities containing approximately 25,800 homesites. He also championed the expansion of existing communities and the greenfield development of new communities. Mr. Landy launched UMH Sales and Finance, Inc., which has sold over 5,700 manufactured homes and financed over $100 million of manufactured home loans. When financing homes became challenging due to changes in finance laws, he pivoted the company to a rental model, and UMH now has a portfolio of 10,200 rental homes. Mr. Landy was inducted into the RV/MH Hall of Fame in 2024. He is an Attorney at Law, having earned his J.D. from Widener University School of Law, and joined the family business, UMH Properties, which was founded by his father Eugene Landy.
Anna T. Chew, Executive Vice President, Chief Financial Officer & Treasurer
Ms. Chew serves as Executive Vice President, Chief Financial Officer and Treasurer (2022 to present) of UMH Properties, Inc. She previously held the titles of Vice President and Chief Financial Officer (1995 to 2022), Chief Accounting Officer (1991 to present), Treasurer (2004 to present), and Controller (1991 to 1995). She has been a Director of UMH Properties, Inc. since 1995. Ms. Chew is a Certified Public Accountant. She also formerly served as a Director at Monmouth Real Estate Investment Corp. from 2013 to 2017 and as Chief Financial Officer & Executive Vice President at Monmouth Capital Corp. in 2007.
Eugene W. Landy, Founder and Chairman of the Board
Mr. Landy founded UMH Properties, Inc. in 1968 and has served as Chairman of the Board since 1995. He was President and Chief Executive Officer of the company from 1968 to 1995. Mr. Landy is an Attorney at Law. In 1968, he also founded Monmouth Real Estate Investment Corporation, an industrial-focused REIT, and served as its Founder, Chairman of the Board, and Director (1968 to 2022), and President and Chief Executive Officer (1968 to 2013). He recruited his sons, Michael and Sam, to oversee UMH Properties and Monmouth Real Estate Investment Corporation. Mr. Landy holds a law degree from Yale Law School.
Brett Taft, Executive Vice President & Chief Operating Officer
Mr. Taft has served as Executive Vice President and Chief Operating Officer of UMH Properties, Inc. since 2022. His previous roles at the company include Vice President and Chief Operating Officer (2020 to 2022), Vice President (2016 to 2019), and Vice President of Acquisitions and Property Integration (2013 to 2016). Mr. Taft joined CentraState's Board of Trustees in 2020 and has been involved with the CentraState Healthcare Foundation Board of Trustees since 2018. He is also a co-founder and president of Open Space Pace, a local nonprofit organization. Mr. Taft is a graduate of Monmouth University.
Craig Koster, Executive Vice President, General Counsel & Secretary
Mr. Koster is the Executive Vice President, General Counsel and Secretary of UMH Properties, Inc., a position he has held since 2022. He previously served as General Counsel and Secretary from 2015 to 2022 and as In-House Counsel from 2012 to 2014 for UMH Properties. Mr. Koster has been an Attorney at Law since 2001. He also holds the position of General Counsel for Monmouth Real Estate Investment Corporation, an affiliated company, since 2000.
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The key risks to UMH Properties' business include its exposure to interest rate fluctuations, potential regulatory or political changes impacting the manufactured housing sector, and broader economic uncertainties that could affect consumer affordability and supply chains.
- Interest Rate Risk: As a Real Estate Investment Trust (REIT), UMH Properties relies on debt financing for its investments and operations. Increases in interest rates directly lead to higher borrowing costs, which can negatively impact the company's cash flows, its ability to refinance existing debt, and its access to capital markets for future expansion. While UMH has a significant portion of its debt at fixed rates, the prospect of refinancing at higher rates remains a concern.
- Regulatory and Political Risks: The manufactured housing sector could face increased competition if political efforts to combat housing crises lead to a reduction in regulatory barriers or "red tape" for new supply. Additionally, the implementation of rent control measures in the regions where UMH operates its communities presents a direct risk to its revenue growth and profitability.
- Economic Uncertainties and Supply Chain Disruptions: General economic downturns or uncertainties can affect consumer affordability for manufactured homes, potentially impacting demand for UMH's rental units and home sales. Furthermore, ongoing supply chain difficulties can hinder the availability of manufactured homes, slowing down occupancy growth even when demand is strong, and tariffs could increase acquisition costs or create bottlenecks.
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Clear Emerging Threats for UMH Properties (UMH):
- Increased Regulatory Scrutiny and Rent Control Legislation: There is an emerging trend across several states and localities to implement stricter tenant protections and rent control measures specifically targeting manufactured home communities. This poses a direct threat to UMH's ability to manage site rental rates and operational profitability, potentially limiting revenue growth and increasing regulatory compliance costs.
- Growth of Resident-Owned Communities (ROCs): Organizations and governmental initiatives promoting the conversion of manufactured home communities to resident-owned cooperatives (ROCs) are gaining traction. This model allows residents to collectively purchase the land, directly competing with the for-profit ownership model of companies like UMH. The increasing success and support for ROCs present an emerging threat by reducing the pool of potential acquisition targets for UMH and potentially encouraging residents in existing UMH communities to explore conversion, thereby removing properties from UMH's portfolio.
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Addressable Markets for UMH Properties, Inc.
UMH Properties, Inc. primarily operates in the manufactured housing sector, owning and operating manufactured home communities. Their main products or services involve providing developed homesites for manufactured homes, essentially participating in the manufactured home rental market, and potentially the sale of manufactured homes.
Manufactured Home Rental Market
The global mobile home rental market, which directly relates to UMH Properties' core business of providing manufactured home sites, was valued at approximately USD 9.3 billion in 2023 and is projected to reach USD 17.8 billion by 2032, growing at a Compound Annual Growth Rate (CAGR) of 7.5% during this forecast period. North America holds the largest share of this market and is expected to continue its strong performance with a projected CAGR of 6.8% during the forecast period. Within the United States, there are an estimated 4.3 million manufactured home sites across approximately 44,000 manufactured home communities. Additionally, approximately 7.9 million manufactured homes account for 5.4% of all housing units in the country.
United States Manufactured Homes Market (Sales)
The broader United States manufactured homes market, encompassing the sale of manufactured homes, provides additional context for UMH Properties' addressable market. This market was valued at USD 24.451 billion in 2024 and is anticipated to reach USD 36.679.4 million by 2032, with a CAGR of 5.2% during the forecast period (2024-2032). Another estimate indicates the US manufactured homes market was valued at USD 32.07 billion in 2024 and is expected to reach USD 45.82 billion by 2030, rising at a CAGR of 5.97%. The demand for manufactured homes is driven by increasing affordability concerns, with the average new manufactured home costing significantly less than a traditional site-built home.
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UMH Properties (UMH) is expected to drive future revenue growth over the next two to three years through several key initiatives:
- Site Rent Increases: The company anticipates implementing annual site rent increases of approximately 5% in 2026, which is a consistent driver of same-property revenue growth.
- Expansion of the Rental Home Program and Occupancy Gains: UMH Properties plans to install and rent 800 new homes in 2026, building on the 717 new homes added and rented in 2025. This strategy directly increases rental and related income and improves overall occupancy rates across its communities.
- Strategic Community Acquisitions and Development: The company continues its value-add acquisition strategy, having purchased five communities with 587 sites for $41.8 million in 2025. UMH also intends to develop over 400 new sites in 2026, along with continued capital deployment for community improvements and expansions, thereby growing its portfolio of revenue-generating properties.
- Growth in Manufactured Home Sales: UMH Properties achieved a new record in gross home sales revenue of $36.4 million in 2025 and expects similar or improved sales performance in 2026, with the potential to exceed $40 million. This contributes to overall revenue, particularly as new developments like Honey Ridge come online.
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Share Repurchases
- In 2025, UMH Properties bought back 320,000 shares of its common stock.
- Approximately $4.82 million in stock was repurchased by UMH Properties during Q4 2025.
- UMH Properties did not repurchase any shares of its Common Stock in 2023 and 2024.
Share Issuance
- In 2025, UMH issued and sold approximately 2.6 million shares of Common Stock, generating gross proceeds of $45.1 million and net proceeds of $44.1 million through its At-the-Market Sale Program.
- Approximately 93,000 shares of Series D Preferred Stock were issued and sold in 2025, yielding gross proceeds of $2.1 million and net proceeds of $2.0 million via its At-the-Market Sale Program.
- Per-share FFO growth of 36% since 2020 reflects significant equity issuances to fund expansion.
Inbound Investments
- In 2021, UMH entered a joint venture with Nuveen Real Estate for acquiring new manufactured housing assets in the U.S., with an initial capital commitment of $170 million.
- UMH expanded its relationship with Nuveen Real Estate in November 2023, forming a new joint venture.
- Capital for the new joint venture entity with Nuveen Real Estate is funded 60% by Nuveen and 40% by UMH.
Outbound Investments
- UMH acquired five communities with 587 homesites for $41.8 million in 2025.
- In 2022, UMH acquired six mobile home communities comprising nearly 1,500 home sites for a total of $86.3 million.
- Year to date, as of July 2, 2025, UMH completed the acquisition of four communities, totaling 457 sites, for a purchase price of $39.2 million.
Capital Expenditures
- UMH has guided for an overall capital deployment of $120-150 million in 2026 for rental home purchases, notes, expansions, and community improvements.
- In 2026, the company plans to add 700-800 new rental homes and develop 300 or more sites.
- Investing cash outflows were approximately -$64.1 million in Q3 2025 and -$44.46 million in Q4 2025, indicating ongoing capital expenditures and property investments.
Peer Outperformance in Multi-Family Residential REITs
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care REITs | 14 | 19.5% | 60.1% | 59.2% | WELL 207% · CTRE 123% · DHC 121% |
| Retail REITs | 22 | 11.3% | 38.3% | 34.1% | IVT 1599% · SKT 163% · SPG 101% |
| Real Estate Development | 6 | -9.2% | 14.9% | 20.2% | JOE 49% · AXR 46% · FOR 37% |
| Other Specialized REITs | 11 | 5.3% | 21.5% | 13.5% | IRM 188% · LAMR 67% · EPR 66% |
| Hotel & Resort REITs | 16 | 28.6% | 27.4% | 5.3% | RHP 76% · HST 73% · DRH 54% |
| Industrial REITs | 11 | 15.0% | 20.0% | 3.0% | FR 25% · EGP 25% · PLD 14% |
| Diversified REITs | 12 | 9.7% | 27.5% | -7.3% | CTO 70% · WPC 20% · LXP 13% |
| Multi-Family Residential REITs ← | 13 | -4.9% | 4.7% | -18.2% | AIV 13% · ESS -1% · VMRK -7% |
| Single-Family Residential REITs | 4 | -2.0% | 2.5% | -19.5% | AMH -12% · ELS -19% · INVH -20% |
| Real Estate Services | 27 | -16.9% | -8.8% | -25.0% | REAX 867% · MDRR 567% · CHCI 272% |
| Office REITs | 18 | -7.3% | 19.1% | -28.3% | PSTL 61% · CDP 54% · SLG 10% |
| Telecom Tower REITs | 3 | -7.9% | -7.5% | -43.8% | AMT -32% · SBAC -44% · CCI -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| UMH Properties Earnings Notes | 12/16/2025 | |
| How Low Can UMH Properties Stock Really Go? | 10/17/2025 | |
| UMH Properties (UMH) Operating Cash Flow Comparison | 08/09/2025 | |
| UMH Properties (UMH) Net Income Comparison | 08/09/2025 | |
| UMH Properties (UMH) EBITDA Comparison | 08/09/2025 | |
| UMH Properties (UMH) Operating Income Comparison | 08/09/2025 | |
| UMH Properties (UMH) Debt Comparison | 08/09/2025 | |
| UMH Properties (UMH) Revenue Comparison | 08/09/2025 | |
| UMH Properties (UMH) Tax Expense Comparison | 08/09/2025 | |
| Why UMH Properties Stock Moved: UMH Stock Has Lost 29% Since 2021 Fiscal End, Primarily Due To Unfavorable Change In Revenues | 08/08/2025 | |
| ARTICLES | ||
| Stocks Trading At 52-Week Low | 08/26/2025 |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 62.42 |
| Mkt Cap | 12.1 |
| Rev LTM | 1,497 |
| Op Inc LTM | 412 |
| FCF LTM | 347 |
| FCF 3Y Avg | 345 |
| CFO LTM | 589 |
| CFO 3Y Avg | 597 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.4% |
| Rev Chg 3Y Avg | 3.0% |
| Rev Chg Q | 4.8% |
| QoQ Delta Rev Chg LTM | 1.2% |
| Op Inc Chg LTM | 6.5% |
| Op Inc Chg 3Y Avg | 11.7% |
| Op Mgn LTM | 19.0% |
| Op Mgn 3Y Avg | 20.7% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 39.3% |
| CFO/Rev 3Y Avg | 40.8% |
| FCF/Rev LTM | 33.3% |
| FCF/Rev 3Y Avg | 37.0% |
Price Behavior
| Market Price | $15.95 | |
| Market Cap ($ Bil) | 1.4 | |
| First Trading Date | 12/06/1993 | |
| Distance from 52W High | -4.3% | |
| 50 Days | 200 Days | |
| DMA Price | $15.65 | $15.11 |
| DMA Trend | up | up |
| Distance from DMA | 1.9% | 5.5% |
| 3M | 1YR | |
| Volatility | 20.6% | 19.6% |
| Downside Capture | -57.25 | -2.25 |
| Upside Capture | -19.08 | 10.22 |
| Correlation (SPY) | -23.4% | 4.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.18 | -0.25 | -0.33 | -0.00 | 0.08 | 0.42 |
| Up Beta | -0.13 | -0.81 | -0.70 | -0.04 | -0.11 | 0.40 |
| Down Beta | -0.08 | 0.18 | -0.04 | 0.25 | 0.32 | 0.41 |
| Up Capture | 105% | 21% | -4% | 5% | 8% | 16% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 11 | 18 | 30 | 63 | 121 | 365 |
| Down Capture | -88% | -64% | -68% | -29% | -1% | 68% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 20 | 30 | 60 | 122 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UMH | |
|---|---|---|---|---|
| UMH | 12.2% | 19.6% | 0.46 | - |
| Sector ETF (XLRE) | 7.9% | 14.0% | 0.31 | 51.3% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 4.2% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | -4.4% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -24.8% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 53.6% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 1.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UMH | |
|---|---|---|---|---|
| UMH | -2.7% | 25.0% | -0.13 | - |
| Sector ETF (XLRE) | 1.9% | 19.2% | -0.00 | 70.7% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 43.6% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 7.7% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 3.0% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 72.7% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 14.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with UMH | |
|---|---|---|---|---|
| UMH | 8.1% | 29.9% | 0.32 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 68.7% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 50.3% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 3.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 15.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 71.9% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 12.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/6/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.4% | 7.2% | 6.4% |
| 4/30/2026 | 1.2% | 2.1% | -3.0% |
| 2/25/2026 | -2.8% | -8.0% | -10.7% |
| 11/3/2025 | -0.9% | 2.7% | 5.7% |
| 8/6/2025 | 0.2% | -0.3% | -6.2% |
| 5/1/2025 | 0.1% | -3.2% | -4.7% |
| 2/26/2025 | 2.9% | 2.9% | 2.6% |
| 11/6/2024 | 1.0% | 5.2% | 3.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 13 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 1.7% | 2.4% | 4.8% |
| Median Negative | -2.5% | -3.8% | -6.2% |
| Max Positive | 7.8% | 13.7% | 13.7% |
| Max Negative | -7.2% | -16.2% | -15.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | 3.4% | 7.2% | 6.4% |
| 4/30/2026 | 1.2% | 2.1% | -3.0% |
| 2/25/2026 | -2.8% | -8.0% | -10.7% |
| 11/3/2025 | -0.9% | 2.7% | 5.7% |
| 8/6/2025 | 0.2% | -0.3% | -6.2% |
| 5/1/2025 | 0.1% | -3.2% | -4.7% |
| 2/26/2025 | 2.9% | 2.9% | 2.6% |
| 11/6/2024 | 1.0% | 5.2% | 3.8% |
| 8/6/2024 | 0.2% | 2.0% | 4.8% |
| 5/2/2024 | -4.3% | 1.0% | -3.9% |
| 2/28/2024 | 7.8% | 13.7% | 13.7% |
| 11/8/2023 | -1.6% | -1.1% | 1.8% |
| 8/8/2023 | -2.5% | -4.4% | -7.5% |
| 5/9/2023 | 2.9% | 0.6% | 7.9% |
| 2/28/2023 | -7.2% | -7.2% | -15.1% |
| 11/8/2022 | -2.5% | 1.4% | -0.2% |
| 8/3/2022 | -2.3% | -6.4% | -13.3% |
| 5/4/2022 | -7.1% | -16.2% | -13.1% |
| 2/24/2022 | 3.0% | 5.2% | 4.7% |
| 11/3/2021 | -1.2% | -2.5% | -3.5% |
| 8/4/2021 | 3.5% | 1.2% | 6.4% |
| 5/6/2021 | 1.7% | -3.1% | 4.2% |
| 3/10/2021 | -0.2% | 2.1% | 2.6% |
| 11/4/2020 | 1.4% | 5.3% | 9.3% |
| SUMMARY STATS | |||
| # Positive | 13 | 14 | 13 |
| # Negative | 11 | 10 | 11 |
| Median Positive | 1.7% | 2.4% | 4.8% |
| Median Negative | -2.5% | -3.8% | -6.2% |
| Max Positive | 7.8% | 13.7% | 13.7% |
| Max Negative | -7.2% | -16.2% | -15.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 04/30/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 11/03/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
| 03/31/2022 | 05/04/2022 | 10-Q |
| 12/31/2021 | 02/24/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/10/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 08/05/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/05/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/6/2026Latest: Q2 2026 Earnings Reported 8/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO Attributable to Common Shareholders per share | Reported | 0.92 | 0.95 | 0.98 | 0 | Affirmed | Guidance: 0.95 for 2026 | |
| 2026 Normalized FFO Attributable to Common Shareholders per share | Reported | 0.98 | 1.01 | 1.04 | 0 | Affirmed | Guidance: 1.01 for 2026 | |
| 2026 Net Income Attributable to Common Shareholders per share | Reported | 0.07 | 0.1 | 0.13 | 0 | Affirmed | Guidance: 0.1 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/30/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 FFO Attributable to Common Shareholders per share | Reported | 0.92 | 0.95 | 0.98 | ||||
| 2026 Normalized FFO Attributable to Common Shareholders per share | Reported | 0.98 | 1.01 | 1.04 | 0.0% | Affirmed | Guidance: 1.01 for 2026 | |
| 2026 Net Income Attributable to Common Shareholders per share | Reported | 0.07 | 0.1 | 0.13 | ||||
Q4 2025 Earnings Reported 2/25/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Normalized FFO per share | Reported | 0.97 | 1.01 | 1.05 | ||||
| 2026 New rental homes | Reported | 700 | 750 | 800 | 0 | Same New | Guidance: 750 for 2025 | |
| 2026 Sites developed | Reported | 300 | ||||||
Insider Activity
Updated 8/19/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mitchell, William Edward | Direct | Buy | 8192026 | 15.62 | 64 | 1,000 | 534,332 | Form | |
| 2 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 8192026 | 15.62 | 64 | 1,000 | 376,642 | Form |
| 3 | Mitchell, William Edward | Direct | Buy | 7162026 | 14.75 | 68 | 1,000 | 503,466 | Form | |
| 4 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 7162026 | 14.75 | 68 | 1,000 | 339,857 | Form |
| 5 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 6172026 | 14.62 | 68 | 1,000 | 330,927 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Mitchell, William Edward | Direct | Buy | 8192026 | 15.62 | 64 | 1,000 | 534,332 | Form | |
| 2 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 8192026 | 15.62 | 64 | 1,000 | 376,642 | Form |
| 3 | Mitchell, William Edward | Direct | Buy | 7162026 | 14.75 | 68 | 1,000 | 503,466 | Form | |
| 4 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 7162026 | 14.75 | 68 | 1,000 | 339,857 | Form |
| 5 | Miller, Kevin S | EVP, CFO, Treasurer | Direct | Buy | 6172026 | 14.62 | 68 | 1,000 | 330,927 | Form |
| 6 | Mitchell, William Edward | Direct | Buy | 6032026 | 14.94 | 133 | 1,987 | 482,817 | Form | |
| 7 | Carus, Jeffrey A | Direct | Buy | 4012026 | 14.50 | 500 | 7,250 | 486,703 | Form | |
| 8 | Quigley, Kenneth K JR | Direct | Buy | 3262026 | 14.34 | 2,500 | 35,850 | 607,537 | Form | |
| 9 | Carus, Jeffrey A | Custodial account for Son, Daniel | Buy | 12162025 | 15.25 | 33 | 500 | 10,969 | Form | |
| 10 | Carus, Jeffrey A | Custodial account for Son, Ethan | Buy | 12162025 | 15.25 | 33 | 500 | 9,334 | Form | |
| 11 | Mitchell, William Edward | Direct | Buy | 11242025 | 14.92 | 2,000 | 29,840 | 428,756 | Form | |
| 12 | Mitchell, William Edward | Mitchell Portfolio Management | Sell | 11122025 | 15.00 | 2,000 | Form | |||
| 13 | Clark, Todd J | Direct | Buy | 10172025 | 13.88 | 72 | 1,000 | 25,562 | Form | |
| 14 | Carus, Jeffrey A | Custodial account for Son, Daniel | Buy | 10162025 | 13.88 | 72 | 1,000 | 9,525 | Form | |
| 15 | Carus, Jeffrey A | Custodial account for Son, Ethan | Buy | 10162025 | 13.88 | 72 | 1,000 | 8,037 | Form | |
| 16 | Landy, Samuel A | President and CEO | Direct | Sell | 10082025 | 14.19 | 20,000 | 283,800 | 14,964,323 | Form |
| 17 | Clark, Todd J | Direct | Buy | 10072025 | 14.23 | 527 | 7,502 | 25,190 | Form | |
| 18 | Landy, Michael P | Direct | Buy | 9292025 | 14.46 | 10,000 | 144,600 | 5,235,266 | Form | |
| 19 | Landy, Samuel A | President and CEO | Direct | Sell | 9292025 | 14.76 | 22,100 | 326,196 | 15,860,627 | Form |
| 20 | Landy, Samuel A | President and CEO | Direct | Sell | 9042025 | 15.25 | 10,000 | 152,500 | 16,642,064 | Form |
| 21 | Pruitt, Angela D | Direct | Sell | 8262025 | 16.06 | 1,600 | 25,696 | 159,070 | Form | |
| 22 | Mitchell, William Edward | Mitchell Portfolio Management | Sell | 8182025 | 15.97 | 39,000 | 622,830 | 37,817 | Form | |
| 23 | Mitchell, William Edward | Mitchell Portfolio Management | Sell | 8142025 | 16.32 | 75,849 | 1,237,856 | 675,126 | Form | |
| 24 | Landy, Samuel A | President and CEO | Direct | Sell | 8112025 | 16.40 | 45,700 | 749,480 | 18,061,039 | Form |
UMH Properties — Investor Video Playlist
Industry Resources
| Real Estate Resources |
| The Real Deal |
| Commercial Observer |
| Inman |
| Multi-Family Residential REITs Resources |
| Multi-Housing News |
| Multifamily Executive |
| National Apartment Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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