UMH PROPERTIES, INC. (UMH) FY2025 10-K Annual Report
UMH PROPERTIES, INC. (UMH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
UMH PROPERTIES, INC. FY2025 10-K Analysis
Business Overview
- • Core business: Ownership and operation of 145 manufactured home communities leasing homesites and homes to residents across 12 states
- • New segment: Formation of UMH OZ Fund in 2022 for acquiring and redeveloping communities in Qualified Opportunity Zones, owns 2 communities
- • Strategic focus: Growth via acquisition of well-located communities and expansion of existing sites, plus exploring new Southeastern U.S. markets
- • Quantitative metric: 27,100 developed homesites with 11,000 rental homes and 10,900 owned rental homes representing 41% of developed sites
- • Noteworthy fact: Company quadrupled developed homesites since 2010 by acquiring 112 communities totaling ~19,400 homesites
Management Discussion & Analysis
- • Revenue Rental and Related Income up 10% YoY with Community NOI up 9% driven by rent increases and growth in sales business
- • Profitability Same Property NOI up 9%, Same Property expense ratio improved to 39.3% from 39.7%, Same Property occupancy up 80 bps to 88.3%
- • Best segment Manufactured home communities rental homes with occupancy 93.8% and increase of 571 net rental homes in portfolio
- • Capital Allocation Issued $80.2M Series B Bonds; raised $44.1M common stock and $2.0M preferred stock net proceeds; dividend up 4.7% to $0.225/share; $72M cash and $260M credit facility available
- • Outlook Focus on acquiring communities with returns above cost of funds; continued investments in Opportunity Zone funds and joint ventures; risks in market competition and financing availability
Risk Factors
- • Legal risk: One-time legal and professional fees of $724,000 included in 2025 community operating expenses
- • Macroeconomic threat: Interest expense increased 9% to $29.7 million in 2025 due to Series B Bonds issuance and refinancing at higher rates
- • Operational risk: Deferred maintenance in recently acquired communities causing higher initial expenditures, affecting operating expense ratios
- • Market disruption: Competition noted in acquiring suitable manufactured home communities could reduce acquisition volume and growth
- • Financial risk: Total debt rose to $688.0 million at 4.9% weighted average interest rate as of December 31, 2025, up from $652.4 million at 4.4% in 2024
UMH PROPERTIES, INC. FY2025 Key Financial MetricsXBRL
Revenue
$262M
▲ +8.8% YoY
Net Income
$6M
▲ +141.3% YoY
Net Margin
2.3%
▲ +125bp YoY
ROE
0.7%
▲ +39bp YoY
Total Assets
$1.7B
▲ +8.7% YoY
EPS (Diluted)
$0.07
▲ +133.3% YoY
Operating Cash Flow
$82M
▲ +0.5% YoY
Source: XBRL data from UMH PROPERTIES, INC. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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