NYSE : UMH
UMH Properties, Inc. — Financial statements
Real Estate · REIT - Residential · United States
Last price 15.21 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 1.30B
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Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 236.53M | 226.71M | 207.02M | 189.75M | 170.43M | 159.03M |
| Other Revenue | 34.52M | 34.60M | 33.16M | 30.37M | 24.67M | 27.07M |
| Total Revenue | 271.05M | 261.31M | 240.18M | 220.12M | 195.10M | 186.10M |
| Property Expenses | 122.46M | 118.55M | 109.25M | 102.43M | 93.22M | 88.14M |
| Selling, General & Administrative | 26.80M | 27.70M | 27.76M | 25.32M | 20.78M | 16.91M |
| Depreciation & Amortization | 70.40M | 66.56M | 60.24M | 55.72M | 48.77M | 45.12M |
| Total Operating Expenses | 219.65M | 212.80M | 197.25M | 183.47M | 162.77M | 150.17M |
| Operating Income | 51.40M | 48.51M | 42.93M | 36.64M | 32.33M | 35.93M |
| Interest Expense | -35.15M | -29.68M | -27.29M | -32.48M | -26.44M | -19.16M |
| Interest & Investment Income | 9.88M | 10.22M | 8.57M | 7.30M | 6.99M | 8.46M |
| Other Non-Operating Income | 914.00K | 912.00K | 794.00K | 1.08M | 1.24M | 626.00K |
| EBT Excluding Unusual Items | 27.05M | 29.96M | 25.01M | 12.55M | 14.12M | 25.86M |
| Gain (Loss) on Sale of Investments | 5.15M | -2.48M | -2.61M | -3.37M | -15.45M | 27.39M |
| Gain (Loss) on Sale of Assets | 18.00K | -64.00K | -113.00K | -169.00K | -170.00K | |
| Other Unusual Items | -1.14M | -1.14M | -846.00K | -1.33M | -3.48M | -2.00M |
| Pretax Income | 31.08M | 26.27M | 21.44M | 7.85M | -4.97M | 51.09M |
| Earnings From Continuing Operations | 31.08M | 26.27M | 21.44M | 7.85M | -4.97M | 51.09M |
| Minority Interest in Earnings | 251.00K | 224.00K | 194.00K | 158.00K | 118.00K | |
| Net Income | 31.33M | 26.50M | 21.64M | 8.01M | -4.85M | 51.09M |
| Preferred Dividends & Other Adjustments | 20.63M | 20.53M | 19.16M | 16.72M | 31.41M | 29.84M |
| Net Income to Common | 10.70M | 5.97M | 2.47M | -8.71M | -36.27M | 21.25M |
| Basic Shares Outstanding | 85.00M | 84.07M | 74.11M | 63.07M | 54.39M | 46.33M |
| Diluted Shares Outstanding | 85.41M | 84.69M | 74.91M | 63.68M | 54.39M | 47.43M |
| EPS (Basic) | 0.13 | 0.07 | 0.03 | -0.14 | -0.67 | 0.46 |
| EPS (Diluted) | 0.12 | 0.07 | 0.03 | -0.15 | -0.67 | 0.45 |
| Dividend Per Share | 0.90 | 0.89 | 0.85 | 0.82 | 0.80 | 0.76 |
| Operating Margin | 18.96% | 18.57% | 17.87% | 16.65% | 16.57% | 19.31% |
| Profit Margin | 3.95% | 2.28% | 1.03% | -3.96% | -18.59% | 11.42% |
| EBITDA | 121.80M | 115.07M | 103.17M | 92.36M | 81.10M | 81.06M |
| EBITDA Margin | 44.94% | 44.03% | 42.96% | 41.96% | 41.57% | 43.55% |
| D&A For Ebitda | 70.40M | 66.56M | 60.24M | 55.72M | 48.77M | 45.12M |
| EBIT | 51.40M | 48.51M | 42.93M | 36.64M | 32.33M | 35.93M |
| EBIT Margin | 18.96% | 18.56% | 17.87% | 16.65% | 16.57% | 19.31% |
| Funds From Operations (FFO) | 76.89M | 75.97M | 66.26M | 51.07M | 28.49M | 39.15M |
| FFO Per Share | 0.90 | 0.88 | 0.80 | 0.51 | ||
| Adjusted Funds From Operations (AFFO) | 75.97M | 66.26M | 51.07M | 28.49M | 39.15M | |
| AFFO Per Share | 0.90 | 0.88 | 0.80 | 0.52 | ||
| FFO Payout Ratio | 94.39% | 93.76% | 89.16% | 96.09% | 142.61% | 80.50% |
| Revenue as Reported | 271.36M | 261.75M | 240.55M | 220.93M | 195.78M | 186.12M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 1.39B | 1.37B | 1.23B | 1.16B | 1.06B | 913.46M |
| Cash & Equivalents | 28.62M | 72.10M | 99.72M | 57.32M | 29.79M | 116.17M |
| Other Receivables | 4.21M | 4.59M | 4.27M | 3.97M | 4.27M | 3.46M |
| Investment In Debt and Equity Securities | 29.66M | 23.76M | 31.88M | 34.51M | 42.18M | 113.75M |
| Loans Receivable Current | 106.30M | 100.00M | 87.40M | 77.10M | 63.00M | 51.90M |
| Restricted Cash | 9.92M | 8.83M | 9.09M | 7.12M | 11.09M | 8.85M |
| Other Current Assets | 41.67M | 42.37M | 34.98M | 32.94M | 88.47M | 31.94M |
| Other Long-Term Assets | 99.47M | 73.28M | 64.48M | 59.47M | 46.99M | 31.29M |
| Total Assets | 1.71B | 1.70B | 1.56B | 1.43B | 1.34B | 1.27B |
| Current Portion of Long-Term Debt | 102.17M | 51.74M | ||||
| Current Portion of Leases | 210.00K | 460.00K | ||||
| Long-Term Debt | 687.31M | 709.48M | 614.72M | 690.02M | 761.68M | 499.32M |
| Long-Term Leases | 2.19M | 2.24M | 3.00M | 3.30M | 3.60M | |
| Accounts Payable | 7.91M | 5.66M | 7.98M | 6.11M | 6.39M | 4.27M |
| Accrued Expenses | 9.84M | 11.41M | 12.09M | 11.82M | 13.25M | 17.16M |
| Other Long-Term Liabilities | 11.40M | 10.84M | 10.03M | 9.54M | 8.48M | 7.92M |
| Total Liabilities | 821.03M | 791.84M | 647.82M | 720.78M | 793.40M | 528.68M |
| Preferred Stock, Redeemable | 333.39M | 322.90M | 320.57M | 290.18M | 225.38M | 462.32M |
| Common Stock | 8.53M | 8.48M | 8.19M | 6.80M | 5.76M | 5.17M |
| Additional Paid-In Capital | 573.81M | 599.52M | 610.63M | 433.11M | 343.19M | 300.02M |
| Retained Earnings | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M | -25.36M |
| Total Common Equity | 556.98M | 582.64M | 593.46M | 414.54M | 323.58M | 279.82M |
| Minority Interest | 1.52M | 1.66M | 1.88M | 2.07M | 2.23M | |
| Shareholders' Equity | 891.89M | 907.20M | 915.91M | 706.79M | 551.20M | 742.14M |
| Total Liabilities & Equity | 1.71B | 1.70B | 1.56B | 1.43B | 1.34B | 1.27B |
| Total Debt | 791.89M | 763.93M | 617.72M | 693.32M | 765.28M | 499.32M |
| Net Cash (Debt) | -763.26M | -691.83M | -518.00M | -636.00M | -735.49M | -383.15M |
| Net Cash Per Share | -8.94 | -8.17 | -6.91 | -9.99 | -13.52 | -8.08 |
| Filing Date Shares Outstanding | 85.39M | 85.02M | 82.46M | 69.34M | 59.64M | 52.03M |
| Total Common Shares Outstanding | 85.31M | 84.85M | 81.91M | 67.98M | 57.59M | 51.65M |
| Book Value Per Share | 6.53 | 6.87 | 7.25 | 6.10 | 5.62 | 5.42 |
| Tangible Book Value | 556.98M | 582.64M | 593.46M | 414.54M | 323.58M | 279.82M |
| Tangible Book Value Per Share | 6.53 | 6.87 | 7.25 | 6.10 | 5.62 | 5.42 |
| Land | 93.36M | 92.82M | 88.04M | 86.50M | 86.62M | 74.96M |
| Buildings | 717.11M | 683.14M | 611.02M | 555.98M | 458.75M | 413.92M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 31.33M | 26.50M | 21.64M | 8.01M | -4.85M | 51.09M |
| Depreciation & Amortization | 70.40M | 66.56M | 60.24M | 55.72M | 48.77M | 45.12M |
| Other Amortization | 3.81M | 2.99M | 2.38M | 2.13M | 1.96M | 1.00M |
| Gain (Loss) on Sale of Assets | -18.00K | 64.00K | 113.00K | 169.00K | 170.00K | |
| Gain (Loss) on Sale of Investments | -5.15M | 2.48M | 2.61M | 3.37M | 15.45M | -27.39M |
| Stock-Based Compensation | 3.87M | 5.36M | 4.78M | 4.90M | 4.97M | 3.45M |
| Income (Loss) on Equity Investments | 687.00K | 816.00K | 895.00K | 1.03M | 756.00K | 24.00K |
| Change in Accounts Receivable | -14.60M | -14.52M | -12.68M | -15.86M | -12.74M | -9.96M |
| Change in Accounts Payable | -616.00K | -2.32M | 1.87M | -281.00K | 2.11M | -116.00K |
| Change in Other Net Operating Assets | 2.20M | 50.00K | -100.00K | 3.63M | -381.00K | -1.20M |
| Other Operating Activities | 1.48M | 1.38M | 1.89M | 1.90M | 1.38M | 1.21M |
| Operating Cash Flow | 90.41M | 81.97M | 81.60M | 120.08M | -7.23M | 65.19M |
| Acquisition of Real Estate Assets | -177.60M | -172.62M | -140.67M | -161.79M | -108.30M | -86.70M |
| Sale of Real Estate Assets | 4.45M | 4.06M | 5.28M | 3.05M | 3.10M | 2.86M |
| Net Sale / Acq. of Real Estate Assets | -173.15M | -168.56M | -135.39M | -158.74M | -105.20M | -83.84M |
| Cash Acquisition | -17.42M | -42.79M | -3.68M | -65.56M | -18.41M | |
| Investment in Marketable & Equity Securities | 3.13M | 2.15M | -4.48M | -3.15M | 45.88M | 7.86M |
| Investing Cash Flow | -187.44M | -209.20M | -139.87M | -165.57M | -124.88M | -94.39M |
| Short-Term Debt Issued | 107.28M | |||||
| Long-Term Debt Issued | 273.47M | 57.74M | 162.47M | 6.07M | ||
| Total Debt Issued | 211.48M | 273.47M | 57.74M | 269.75M | 6.07M | |
| Short-Term Debt Repaid | -1.05M | -65.17M | -59.54M | -40.45M | ||
| Long-Term Debt Repaid | -120.41M | -11.86M | -70.32M | -24.29M | -25.62M | |
| Total Debt Repaid | -76.59M | -121.46M | -77.03M | -129.86M | -24.29M | -66.07M |
| Net Debt Issued (Repaid) | 134.89M | 152.01M | -77.03M | -72.12M | 245.46M | -60.00M |
| Issuance of Common Stock | 9.98M | 50.46M | 230.54M | 152.92M | 109.97M | 193.94M |
| Repurchase of Common Stock | -4.82M | -4.82M | ||||
| Preferred Stock Issued | 9.62M | 1.95M | 28.02M | 55.73M | 9.07M | 53.21M |
| Preferred Share Repurchases | -247.10M | |||||
| Common Dividends Paid | -72.58M | -71.23M | -59.08M | -49.07M | -40.63M | -31.51M |
| Preferred Dividends Paid | -20.63M | -20.53M | -19.16M | -16.72M | -24.61M | -29.84M |
| Total Dividends Paid | -93.21M | -91.76M | -78.24M | -65.80M | -65.24M | -61.35M |
| Other Financing Activities | -8.37M | -8.49M | -645.00K | -1.68M | -4.21M | -167.00K |
| Net Cash Flow | -48.94M | -27.89M | 44.37M | 23.56M | -84.15M | 96.43M |
| Levered Free Cash Flow | 75.98M | 63.65M | 64.72M | 109.34M | -13.10M | 55.50M |
| Unlevered Free Cash Flow | 94.14M | 79.20M | 79.39M | 127.50M | 1.47M | 66.47M |
| Cash Interest Paid | 37.50M | 31.90M | 30.70M | 35.50M | 27.00M | 19.70M |
| Change in Working Capital | -16.00M | -24.18M | -12.95M | 43.02M | -75.82M | -9.49M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 1.30B | 1.36B | 1.49B | 1.02B | 897.34M | 1.34B |
| Enterprise Value | 2.07B | 2.32B | 2.35B | 1.95B | 1.78B | 2.23B |
| Last Close Price | 15.27 | 15.24 | 17.13 | 13.22 | 13.19 | 21.51 |
| Price/FFO Ratio | 16.94 | 19.47 | 16.53 | 25.87 | ||
| Price/AFFO Ratio | 17.00 | 19.37 | 16.49 | 25.61 | ||
| PE Ratio | 127.29 | 227.29 | 602.60 | 63.04 | ||
| PS Ratio | 4.81 | 5.19 | 6.20 | 4.62 | 4.60 | 7.20 |
| PB Ratio | 2.34 | 1.50 | 1.63 | 1.44 | 1.63 | 1.80 |
| P/OCF Ratio | 14.42 | 16.54 | 18.25 | 8.47 | 20.55 | |
| EV/Sales Ratio | 7.63 | 8.88 | 9.78 | 8.86 | 9.13 | 11.98 |
| EV/EBITDA Ratio | 16.97 | 20.17 | 22.77 | 21.11 | 21.98 | 27.52 |
| EV/EBIT Ratio | 40.22 | 47.84 | 54.73 | 53.22 | 55.12 | 62.07 |
| Debt / Equity Ratio | 0.89 | 0.84 | 0.67 | 0.98 | 1.39 | 0.67 |
| Debt / EBITDA Ratio | 6.50 | 6.64 | 5.99 | 7.51 | 9.44 | 6.16 |
| Net Debt / Equity Ratio | 0.86 | 0.76 | 0.57 | 0.90 | 1.33 | 0.52 |
| Net Debt / EBITDA Ratio | 6.27 | 6.01 | 5.02 | 6.89 | 9.07 | 4.73 |
| Asset Turnover | 0.16 | 0.16 | 0.16 | 0.16 | 0.15 | 0.16 |
| Inventory Turnover | 3.05 | 3.06 | 3.22 | 1.69 | 1.66 | 3.59 |
| Quick Ratio | 0.27 | 1.11 | 5.18 | 3.42 | 1.73 | 5.58 |
| Current Ratio | 1.59 | 3.29 | 11.73 | 9.96 | 10.01 | 9.90 |
| Return on Equity (ROE) | 3.40% | 2.88% | 2.64% | 1.25% | -0.77% | 8.21% |
| Return on Assets (ROA) | 1.93% | 1.86% | 1.79% | 1.65% | 1.54% | 1.90% |
| Earnings Yield | 0.79% | 1.95% | 1.45% | 0.79% | -0.54% | 3.81% |
| Dividend Yield | 5.89% | 5.57% | 4.67% | 5.48% | 5.13% | 2.93% |
| Payout Ratio | 750.27% | 346.29% | 361.63% | 821.51% | 120.09% | |
| Buyback Yield / Dilution | -4.68% | -13.06% | -17.64% | -17.08% | -14.67% | -14.58% |
| Total Shareholder Return | 1.21% | -7.49% | -12.96% | -11.60% | -9.53% | -11.65% |