Companies · UMH
UMH Properties
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Latest analysis
Updated Nov 3, 2026
UMH Q3 2026: Site rent +4.4%, home sales record $12.8M, leverage ticking up ahead of ROAD Act tailwinds.
UMH delivered 10% same-property NOI growth in Q3 2026 on 4.4% site rent increases and 30 basis points of occupancy expansion, while home sales reached $12.8 million—a record 29% higher than Q3 2025. Management tightened full-year normalized FFO guidance to $0.99–$1.03 per share (midpoint unchanged) and signaled leverage will trend slightly higher near-term as the company deploys capital for rental home expansions and property improvements, pending the catalytic impact of the ROAD to Housing Act and anticipated surge in low-dollar financed home sales starting in 2027.
Tone: bullishRevenue
$261.8M
UMH 10-K · FY 2025
Employees
540
Revenue FY2024
$240.6M
Founded
1968
Profile
UMH 10-K Item 1 · Feb 25, 2026UMH Properties is a self-administered, self-managed REIT that owns and operates manufactured home communities across twelve states in the Eastern and Midwestern United States. The company leases homesites to residents, rents manufactured homes directly, and through its taxable REIT subsidiary sells and finances manufactured home purchases. As of December 31, 2025, UMH operated 145 communities containing approximately 27,100 developed homesites.
Read filing description ↓ Collapse description ↑
UMH Properties, Inc. is a Maryland corporation that has elected REIT status since January 1, 1992. The Company's primary business is the ownership and operation of manufactured home communities, leasing manufactured homesites to residents on annual or month-to-month lease terms. UMH also leases manufactured homes directly to residents and, through its wholly-owned taxable REIT subsidiary UMH Sales and Finance, Inc. (S&F), sells and finances the sale of manufactured homes to residents and prospective residents of its communities and for placement on customers' privately-owned land. The Company formed an Opportunity Zone Fund in 2022 to acquire, develop and redevelop manufactured home communities in federally designated Qualified Opportunity Zones, and holds a 77% interest in that fund, which owns two communities in South Carolina and Georgia. UMH also maintains joint venture relationships with Nuveen Real Estate, holding a 40% interest in three communities operated under those ventures. The portfolio of 145 communities is located in twelve states: New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Communities contain central entrances, paved streets, recreation facilities and common areas. The Company earns income from homesite leasing, manufactured home rentals, home sales and financing, self-storage leases, oil and gas leases, cable service agreements, and property management fees from its joint ventures and OZ Fund. Since 2010, UMH has quadrupled its developed homesite count by acquiring 112 communities containing approximately 19,400 homesites. The Company also holds over 1,000 self-storage units available for leasing by residents.
Primary products
- Manufactured homesite leasing
- Manufactured home rentals
- Sales of Manufactured Homes
- Manufactured home financing
- Self-storage unit leasing
- Oil and gas leases
Business segments
End markets
Geographies
“Many of our communities compete with other manufactured home communities located in the same or nearby markets that are owned and operated by other companies in our business.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Total Income increased 9% from the prior year, driven by the rental program, rent increases and growth of the home sales business.
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