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what it is
UMH owns 145 manufactured-home communities with about 27,100 developed homesites (per the Feb 25, 2026 release) and sells homes to the people who live in them.
how it gets paid
FY2025 total income was about $261.7M, up ~9% vs. FY2024—rental-related income is the core engine; home sales are the lumpier piece.
why it's growing
The same release highlights ~9% total income growth and normalized FFO per share up to $0.95 vs. $0.93 in 2024—management also cites same-property NOI and occupancy gains.
what just happened
Q4 2025 total income ~$67.0M (+8% vs. Q4 2024). Q4 GAAP diluted EPS was roughly $(0.01); Q4 FFO $0.23/sh (per the release tables).
At a glance
B+ balance sheet — decent shape, but not bulletproof
20/100 earnings predictability — expect surprises
$0.90 FY2025 FFO/sh — the income metric REIT investors actually argue about
6.1% dividend yield — cash in your pocket every quarter
2.3% return on capital — nothing to write home about
xvary composite: 55/100 — below average
What they do
UMH owns 145 manufactured-home communities with about 27,100 developed homesites and sells homes to the people who live in them.
Your home sits on UMH land, so moving is costly and annoying. The filing narrative is about recurring rental income plus a manufactured-home sales channel that can fill sites—read the annual supplement for the latest occupancy and capex detail.
How they make money
$262M
annual revenue · their business grew +8.8% last year
Site rents
$0.12B
+8.8%
Rental home income
$0.05B
+8.8%
Home sales
$0.06B
+8.8%
Sales and finance
$0.02B
+8.8%
Other income
$0.01B
flat
The products that matter
site leasing and community operations
Community rentals
rental engine · recurring income base
This is the core business. Rent from developed sites is what makes UMH an income vehicle instead of a one-time seller of homes.
145 communities
manufactured home sales
Home sales
home sales · lumpier revenue line
Home sales help absorb vacant sites and lift headline growth. They are also the less recurring piece of the model, which is why you should care more about FFO than about a single strong sales quarter.
growth lever
community expansion pipeline
New site development
400+ sites planned for 2026
This is the operational bet. If UMH adds sites and fills them, revenue rises against a mostly fixed cost base. If the sites arrive late or fill slowly, the debt stays just as real.
execution watch
Key numbers
$0.90
FY2025 FFO/sh
FFO is the cleaner operating lens for a REIT than GAAP net income, which is distorted by depreciation and fair-value noise.
6.1%
Dividend yield
You get 6.1 cents a year for each dollar invested. That is an income story first, not a growth story.
$0.07
FY2025 GAAP EPS
Tiny GAAP EPS is common in REITs—use FFO/normalized FFO and debt metrics before trusting a “cheap P/E” story.
~$556M
Mortgages payable (net)
Dec 31, 2025 balance sheet line in the release—this is the real estate leverage line to watch alongside refinancings.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 85 / 100
- mortgages payable (net) ~$556M (Dec 31, 2025 — release)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for UMH right now.
source: institutional data · return history unavailable
What just happened
results posted
FY2025 total income ~$261.7M (+9%); Q4 ~$67.0M (+8%).
FY2025 GAAP diluted EPS was $0.07; Q4 GAAP was roughly $(0.01). FFO was $0.90/sh FY and $0.23/sh in Q4—Normalized FFO was $0.95/sh FY per the same tables.
$0.90
FY2025 FFO/sh
$0.07
FY2025 GAAP EPS
~$556M
mortgages payable (net)
the number that mattered
FFO vs. GAAP: the release shows real estate economics through FFO/normalized FFO while GAAP net income stays small—compare dividend coverage using FFO, not GAAP P/E.
UMH Properties FY2025 results (Feb 25, 2026) · Nasdaq / GlobeNewswire · SEC filings
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What could go wrong
UMH's risk stack is financing-heavy: ~$556M mortgages payable (net) at year-end 2025 plus active refinancings—rates and appraisal math can move faster than rent growth.
med
Refinancing gets more expensive
Mortgages payable (net) were about $556M at Dec 31, 2025 on the release balance sheet—before counting other bonds/lines.
Refinancing waves can reset coupon expense even when occupancy looks fine on the ground.
med
400+ new sites do not fill on time
The 2026 growth story leans on more than 400 planned new sites.
If those sites open late or lease slowly, the revenue lift slips while the financing burden stays right where it is.
med
FFO keeps lagging property growth
2025 revenue and NOI grew 9%. Normalized FFO per share grew 2%.
That gap is manageable once. If it becomes a pattern, the market will treat the growth story as volume without enough shareholder payoff.
med
The dividend becomes the only reason people stay
The stock yields 6.1%, and the quarterly payout was raised to $0.225.
High yield helps until it starts carrying too much of the thesis. If payout growth outruns FFO growth, the stock stops reading as defensive income and starts reading as a warning label.
The key risk is not whether manufactured housing demand exists. It does. The key risk is whether that demand compounds for equity holders faster than financing costs absorb it.
source: institutional data · regulatory filings · risk analysis
Pay attention to
ffo
2026 FFO per share target
Management guided to $0.97–$1.05. That is the number that tells you whether recent site growth is turning into cash earnings instead of just more activity.
next report
Q1 2026 results in may 2026
That report should show whether revenue momentum from 2025 is holding and whether FFO is tracking inside the guidance range.
development
400+ new site pipeline
This is the expansion story in one line. More sites only matter if they become occupied lots that lift recurring rent.
dividend
payout versus cash earnings
The dividend is now $0.225 quarterly. Watch whether FFO coverage improves enough to make the raise feel supported rather than optimistic.
Analyst rankings
earnings predictability
20 / 100
low visibility. in human-speak, the quarter-to-quarter earnings line can swing around even when the stock price looks fairly calm.
risk rank
3
roughly middle of the pack on safety. You are not buying a panic stock, but you are not buying a balance-sheet fortress either.
price stability
85 / 100
the shares have been steadier than most. That calm tape can hide how much the debt and FFO conversion still matter.
source: institutional data
Institutional activity
institutional ownership data for UMH is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$16
current price
n/a
target midpoint · n/a from current
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