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UMH Properties (UMH)
:UMH
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Umh
(NYSE:UMH)65Neutral
Positive Factors
Financial Performance
UMH's value-add acquisition strategy results in impressive net operating income growth, outpacing peers.
Market Position
UMH has a robust financial position with $66.7M in cash and equivalents, supporting future growth.
Negative Factors
Valuation Concerns
The valuation gap could narrow in the event of a cycle reversal.
Umh (UMH) vs. S&P 500 (SPY)
Market Cap
$1.50B
Dividend Yield4.72%
Average Volume (3M)295.51K
Price to Earnings (P/E)552.4
Beta (1Y)0.84
Revenue Growth10.80%
EPS GrowthN/A
CountryUS
Employees480
SectorReal Estate
Sector Strength72
IndustryREITs
Share Statistics
EPS (TTM)0.02
Shares Outstanding82,471,600
10 Day Avg. Volume314,814
30 Day Avg. Volume295,508
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)6.25
Price to Cash Flow (P/CF)13.80
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$21.63Price Target Upside18.65% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
Umh Business Overview & Revenue Model
Company DescriptionUMH Properties, Inc. operates as a real estate investment trust, which engages in the ownership and operation of manufactured home communities. It also leases manufactured home sites to private manufactured home owners. The firm designs accommodate detached, single-family manufactured homes which are produced off-site by manufacturers and installed on sites within the communities. The company was founded by Eugene W. Landy in 1968 and is headquartered in Freehold, NJ.
How the Company Makes MoneyUMH generates revenue mainly through the rental income it receives from leasing homesites within its manufactured home communities. This rental income forms the core of its revenue model, as residents pay monthly fees to occupy homesites. Additionally, UMH may earn income through the sale of manufactured homes within its communities to prospective residents. The company also benefits from strategic acquisitions of new properties, which can contribute to revenue growth by expanding its portfolio and increasing its rental income potential. Furthermore, partnerships with local municipalities and developers can enhance community amenities and attract more residents, positively impacting UMH's overall earnings.
Umh Financial Statement Overview
Summary
UMH has shown consistent revenue growth and improved profitability, with a strong equity position. Rising leverage and volatile cash flow are concerns, but recent improvements suggest potential stabilization.Income Statement
UMH has shown a steady increase in total revenue over the years, with a notable growth from 2019 to 2023. The gross profit margin improved significantly from 49.1% in 2019 to 53.6% in 2023, indicating enhanced operational efficiency. The net profit margin fluctuated, with a positive turnaround in 2023 after losses in 2020 and 2022, reflecting improved cost management and revenue growth. However, the EBIT and EBITDA margins reveal moderate profitability, which could be enhanced further.65
Positive
Balance Sheet
The company's debt-to-equity ratio has been on the rise, indicating increased leverage which may pose risks if not managed carefully. However, the return on equity has improved, showing that UMH is generating more profit from its equity base. The equity ratio is strong, highlighting a stable capital structure with a significant proportion of assets financed by equity, which is a positive sign for long-term sustainability.70
Positive
Cash Flow
Free cash flow has been volatile, with negative values in 2022 but positive growth in 2023, showcasing improved cash generation capabilities. Operating cash flow to net income ratio suggests that cash flows are generally aligned with reported profits, enhancing confidence in earnings quality. However, the free cash flow to net income ratio indicates room for improvement in translating earnings into cash.60
Neutral
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 240.55M | 220.93M | 195.78M | 186.10M | 163.61M | Gross Profit |
| 131.30M | 118.49M | 102.55M | 97.96M | 86.02M | EBIT |
| 0.00 | 92.36M | 34.18M | 37.92M | 31.95M | EBITDA |
| 108.97M | 96.05M | 82.95M | 83.05M | 73.66M | Net Income Common Stockholders |
| 21.64M | 8.01M | -31.41M | 31.30M | -13.95M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 131.60M | 91.83M | 71.96M | 229.92M | 118.51M | Total Assets |
| 1.56B | 1.43B | 1.34B | 1.27B | 1.09B | Total Debt |
| 614.72M | 690.02M | 761.68M | 499.32M | 556.29M | Net Debt |
| 515.00M | 632.70M | 731.89M | 383.15M | 540.95M | Total Liabilities |
| 647.82M | 720.78M | 793.40M | 528.68M | 585.41M | Stockholders Equity |
| 914.03M | 704.72M | 548.96M | 742.14M | 501.81M |
| Cash Flow | Free Cash Flow | |||
| 81.60M | 120.08M | -89.09M | 65.16M | 66.38M | Operating Cash Flow |
| 81.60M | 120.08M | -7.98M | 65.16M | 69.04M | Investing Cash Flow |
| -139.87M | -165.57M | -124.12M | -94.36M | -103.77M | Financing Cash Flow |
| 102.64M | 69.06M | 47.95M | 125.63M | 44.33M |
Umh Technical Analysis
Positive
18.23
Price Trends
18.09
Positive
18.44
Negative
17.82
Positive
Market Momentum
0.13
Negative
50.84
Neutral
49.54
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For UMH, the sentiment is Positive. The current price of 18.23 is above the 20-day moving average (MA) of 18.11, above the 50-day MA of 18.09, and above the 200-day MA of 17.82, indicating a bullish trend. The MACD of 0.13 indicates Negative momentum. The RSI at 50.84 is Neutral, neither overbought nor oversold. The STOCH value of 49.54 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for UMH.
Umh Risk Analysis
Umh disclosed 61 risk factors in its most recent earnings report. Umh reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Umh Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $31.08B | 28.77 | 9.10% | 3.11% | 4.85% | 16.04% | |
75 Outperform | $4.96B | 120.21 | 1.14% | 3.05% | -3.17% | ― | |
74 Outperform | $13.73B | 35.04 | 23.13% | 2.79% | 2.17% | 15.94% | |
71 Outperform | $17.02B | 189.28 | 1.39% | 2.81% | 0.02% | -33.99% | |
65 Neutral | $1.50B | 552.42 | 2.67% | 4.72% | 10.80% | ― | |
61 Neutral | $4.91B | 18.99 | -3.12% | 7.77% | 6.71% | -19.69% | |
61 Neutral | $20.01B | 37.18 | 8.73% | 3.56% | 1.98% | -4.78% |
* Real Estate Sector Average
Performance Comparison
UMH
Umh
18.23
2.76
17.84%
AVB
AvalonBay
218.45
39.77
22.26%
ELS
Equity Lifestyle
68.56
3.77
5.82%
MAA
Mid-America Apartment
166.36
36.86
28.46%
SUI
Sun Communities
133.63
4.27
3.30%
IRT
Independence Realty
21.00
5.44
34.96%
Umh Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: 1.05% | Next Earnings Date: May 1, 2025
Earnings Call Sentiment Positive
UMH Properties, Inc. demonstrated a strong performance in key financial metrics, such as FFO per share and sales records, and maintained a promising growth outlook with a robust acquisition pipeline. However, challenges such as increased operating expenses and upcoming mortgage refinancing pose risks. Nonetheless, the positive aspects and future growth strategies outweigh the negatives.Highlights
Increased FFO Per Share
Normalized FFO for the quarter was $0.24 per share, an increase of 4% from last year. For the full year, it was $0.93 per share, representing an 8% increase.
Record Sales Achievement
UMH Properties' sales division broke its all-time sales record for the third consecutive year with gross sales of $33.5 million, an 8% increase from the previous year.
Expansion in Inventory and Occupancy
UMH Properties added 565 homes to its portfolio, with 94% occupancy. Same property income grew by 9% and same property NOI increased by 10% for the year.
Acquisition Pipeline Growth
The company has four communities under contract with a total purchase price of $39.1 million, reflecting a blended cap rate of 5.5%.
Strong Total Shareholder Return
UMH Properties reported a total shareholder return of approximately 30% in 2024, with 51% over five years and 234% over ten years.
Lowlights
Increased Operating Expenses
Community operating expenses rose by 8% during the quarter and 7% for the year, mainly due to increases in payroll, real estate taxes, and other costs.
Mortgages Due Soon
UMH Properties has $115.2 million in mortgages due within the next twelve months, with refinancing underway but subject to current interest rates.
Inflation Impacts
The company experienced increased expenses due to inflation, affecting overall operating results.
Company Guidance
During the UMH Properties, Inc. Fourth Quarter and Year End 2024 Earnings Conference Call, the company reported several positive financial metrics and provided guidance for 2025. For the fourth quarter, the normalized Funds From Operations (FFO) increased by 4% to $0.24 per share, while for the full year, FFO rose by 8% to $0.93 per share. The company achieved an 8% increase in same property income and NOI for the quarter, with a 9% and 10% annual increase, respectively. The guidance for 2025 anticipates FFO to range between $0.96 to $1.04 per share. UMH Properties has a strategic plan for growth, with $100 million or more invested in projects not yet yielding returns. They aim to expand their portfolio by adding 800 new rental homes and anticipate closing acquisitions totaling $39.1 million. The company highlighted a 30% total shareholder return in 2024 and anticipates similar operational growth in 2025, with potential improvements in occupancy and revenue through strategic acquisitions and expansions.Umh Corporate Events
Financial Disclosures
UMH Properties Announces Q4 and Full Year 2024 Results
Neutral
Feb 26, 2025
On February 26, 2025, UMH Properties, Inc. announced its financial results for the fourth quarter and the full year ending December 31, 2024. The release highlighted the company’s operational performance and provided a supplemental information package for its earnings conference call. The announcement emphasized various risks and uncertainties impacting the company’s operations, including real estate market conditions, competition, and economic factors, which could affect its future performance.
Dividends
UMH Properties Declares Quarterly Dividends for 2025
Positive
Jan 8, 2025
UMH Properties, Inc. announced the declaration of quarterly dividends for both its common and preferred stock. The declared dividends are $0.215 per share for common stock and $0.3984375 per share for Series D preferred stock, payable on March 17, 2025, to shareholders of record as of February 18, 2025. This announcement reflects the company’s ongoing commitment to providing returns to its shareholders and reinforces its stable financial position in the real estate investment trust sector.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.