Short answer
UMH PROPERTIES, INC. (UMH) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $262M (+8.8% year over year) and net income of $6M.
- Top risk flagged: Legal risk: One-time legal and professional fees of $724,000 included in 2025 community operating expenses
FY2025 key financial metrics · XBRL
- Revenue
- $262M
- +8.8% YoY
- Net income
- $6M
- +141.3% YoY
- EPS (diluted)
- $0.07
- +133.3% YoY
- ROE
- 0.7%
- +0.4 pp YoY
- Operating cash flow
- $82M
- +0.5% YoY
Source: XBRL data from the UMH PROPERTIES, INC. (UMH) FY2025 10-K on SEC EDGAR. USD.
UMH PROPERTIES, INC. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
Generated from the filing text; verify against the original. How to read a 10-K
Ask about this 10-K
Compare years, dig into a risk factor or check the numbers against insider trades and fund holders.