UMH PROPERTIES, INC.

Listed Company

UMHCIK 0000752642NYSELarge AcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

$261.75M

Net Income

$26.27M

Total Assets

$1.70B

Equity

$905.54M

Shares Out

85.17M

Op. Cash Flow

$81.97M

Business

UMH PROPERTIES, INC. is a self-administered, self-managed real estate investment trust that owns and operates manufactured home communities and leases manufactured homesites to residents. The company leases homesites, leases and rents manufactured homes, and, through its taxable REIT subsidiary UMH Sales and Finance, Inc., sells and finances manufactured home sales; it also acquires and redevelops communities via an opportunity zone fund. Key business components include community operations, the home sales and finance subsidiary, the OZ Fund and joint venture arrangements. The company operates communities across the Northeast, Midwest and Southeast and distributes services through on-site managers, sales centers and third-party lending channels.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental and Related Income	227	207	190	170	159
Sales of Manufactured Homes	35	34	31	25	27
Total Income	262	241	221	196	186
Community Operating Expenses	96	87	81	76	68
Cost of Sales of Manufactured Homes	23	22	21	18	20
Selling Expenses	7	7	7	5	5
General and Administrative Expenses	22	22	20	19	14
Depreciation Expense	67	60	56	49	45
Total Expenses	214	198	185	166	152
Interest Income	9	7	5	4	3
Dividend Income	1	1	2	3	5
Gain (Loss) on Sales of Marketable Securities, net	−221,000	−4	183,000	6	—
Increase (Decrease) in Fair Value of Marketable Securities	−2	1	−4	−22	25
Other Income	912,000	794,000	1	1	626,000
Loss on Investment in Joint Ventures	−439,000	−376,000	−808,000	−671,000	−24,000
Interest Expense	−30	−27	−32	−26	−19
Total Other Income (Expense)	−21	−21	−28	−34	17
Income Before Loss on Sales of Investment Property and Equipment	26	22	8	−5	51
Loss on Sales of Investment Property and Equipment	−64,000	−113,000	0	−169,000	−170,000
Net Income	26	21	8	−5	51
Preferred Dividends	−21	−19	−17	−23	−30
Loss Attributable to Non-Controlling Interest	224,000	194,000	158,000	118,000	0
Net Income (Loss) Attributable to Common Shareholders	6	2	−9	−36	21
Net Income (Loss) Attributable to Common Shareholders Per Share - Basic	0.07	0.03	−0.15	−0.67	0.46
Net Income (Loss) Attributable to Common Shareholders Per Share - Diluted	0.07	0.03	−0.15	−0.67	0.45
Basic	84	74	63	54	46
Diluted	85	75	64	55	47

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	93	88	86	87	75
Site and Land Improvements	1,093	970	897	846	716
Buildings and Improvements	52	45	40	36	30
Rental Homes and Accessories	632	566	516	423	383
Total Investment Property	1,869	1,669	1,539	1,392	1,205
Equipment and Vehicles	36	31	29	27	24
Total Investment Property and Equipment	1,905	1,701	1,568	1,418	1,230
Accumulated Depreciation	−534	−472	−416	−363	−316
Net Investment Property and Equipment	1,371	1,229	1,152	1,055	913
Cash and Cash Equivalents	72	100	57	30	116
Marketable Securities at Fair Value	24	32	35	42	114
Inventory of Manufactured Homes	42	35	33	88	24
Notes and Other Receivables, net	105	92	81	67	55
Prepaid Expenses and Other Assets	14	14	12	20	17
Land Development Costs	40	34	33	23	22
Investment in Joint Ventures	31	28	25	18	9
Total Other Assets	328	335	276	289	357
TOTAL ASSETS	1,699	1,564	1,428	1,345	1,271
Mortgages Payable, net of unamortized debt issuance costs	556	486	496	509	453
Accounts Payable	6	8	6	6	4
Loans Payable, net of unamortized debt issuance costs	28	28	93	154	47
Series A Bonds, net of unamortized debt issuance costs	102	101	—	—	—
Series B Bonds, net of unamortized debt issuance costs	76	0	—	—	—
Accrued Liabilities and Deposits	14	15	15	17	17
Tenant Security Deposits	11	10	10	8	8
Total Other Liabilities	236	162	224	284	76
Total Liabilities	792	648	721	793	529
Commitments and Contingencies	—	—	—	—	—
Series D 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 18,700 and 13,700 shares authorized as of December 31, 2025 and 2024, respectively; 12,916 and 12,823 shares issued and outstanding as of December 31, 2025 and 2024, respectively	323	321	290	225	215
Common Stock - $0.10 par value per share, 183,714 and 163,714 shares authorized as of December 31, 2025 and 2024, respectively; 84,850 and 81,909 shares issued and outstanding as of December 31, 2025 and 2024, respectively	8	8	7	6	5
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Additional Paid-In Capital	600	611	433	343	300
Accumulated Deficit	−25	−25	−25	−25	−25
Total UMH Properties, Inc. Shareholders Equity	906	914	705	549	742
Non-Controlling Interest in Consolidated Subsidiaries	2	2	2	2	0
Total Shareholders Equity	907	916	707	551	742
TOTAL LIABILITIES AND SHAREHOLDERS EQUITY	1,699	1,564	1,428	1,345	1,271

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of Financing Costs	3	2	2	2	1
Stock Compensation Expense	5	5	5	5	3
Provision for Uncollectible Notes and Other Receivables	2	2	2	2	1
Loss on Investment in Joint Ventures	816,000	895,000	1	756,000	—
Inventory of Manufactured Homes	−7	−2	56	−65	2
Notes and Other Receivables, net of notes acquired with acquisitions	−15	−13	−16	−13	−10
Prepaid Expenses and Other Assets	218,000	−558,000	4	−636,000	−2
Accounts Payable	−2	2	−281,000	2	−116,000
Accrued Liabilities and Deposits	−976,000	−26,000	−2	−310,000	−134,000
Tenant Security Deposits	808,000	484,000	1	565,000	487,000
Net Cash Provided by Operating Activities	82	82	120	−7	65
Purchase of Manufactured Home Communities, net of mortgages assumed	−43	0	−4	−66	−18
Purchase of Investment Property and Equipment	−114	−92	−124	−81	−59
Proceeds from Sales of Investment Property and Equipment	4	5	3	3	3
Additions to Land Development Costs	−58	−49	−38	−27	−27
Purchase of Marketable Securities through automatic reinvestments	−27,000	−24,000	−23,000	−19,000	−18,000
Proceeds from Sales of Marketable Securities	6	36,000	4	56	17
Investment in Joint Ventures	−3	−4	−7	−10	−9
Net Cash Used in Investing Activities	−209	−140	−166	−125	−94
Proceeds from Mortgages, net of mortgages assumed	193	0	58	60	6
Net Payments from Short-Term Borrowings	−1	−65	−60	107	−40
Principal Payments of Mortgages and Loans	−120	−12	−70	−24	−26
Proceeds from Bond Issuance	80	0	0	103	0
Financing Costs on Debt	−8	−645,000	−2	−7	−167,000
Proceeds from At-The-Market Preferred Equity Program, net of offering costs	2	28	56	9	53
Proceeds from At-The-Market Common Equity Program, net of offering costs	44	221	146	101	179
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments	6	7	6	5	6
Repurchase of Common Stock	−5	0	0	0	0
Proceeds from Exercise of Stock Options	535,000	3	734,000	4	9
Preferred Dividends Paid	−21	−19	−17	−25	−30
Common Dividends Paid, net of dividend reinvestments	−71	−59	−49	−41	−32
Net Cash Provided by Financing Activities	99	103	69	48	126
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	−28	44	24	−84	96

Filings

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