Capital allocation is increasingly focused on rental fleet expansion, with $24.4 million in 2026Q1 capital expenditures, while dividend coverage remains supported by an FFO payout ratio that has largely stayed between 0.70 and 0.82.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 111.08M | 81.97M | 81.6M | 120.08M | -7.23M | 65.19M | 66.84M | 38.52M | 40.18M | 41.34M | 29.35M | 25.71M | 24.33M | 11.24M | 9.09M | 8.41M | 6.48M | 11.36M | 8.27M | 2.77M | 4.16M | 3.03M | 5.12M | 4.42M | 6.75M | 4.28M | 7.17M | 6.8M | 6.6M | 6.3M | 5.8M |
| Operating CF Growth % | 277.77% | 0.46% | -32.04% | 1761.51% | -111.09% | -2.47% | 73.54% | -4.13% | -2.82% | 40.84% | 14.18% | 5.68% | 116.46% | 23.66% | 8.05% | 29.76% | -42.92% | 37.34% | 198.85% | -33.53% | 37.15% | -40.68% | 15.74% | -34.5% | 57.74% | -40.35% | 5.46% | 3.03% | 4.76% | 8.62% | 26.09% |
| Operating CF / Revenue % | 55.39% | 31.32% | 33.92% | 54.35% | -3.69% | 35.02% | 40.85% | 26.27% | 31% | 36.7% | 29.59% | 31.54% | 34.06% | 18.07% | 19.41% | 21.39% | 19.06% | 35.46% | 22.56% | 7.12% | 9.76% | 7.71% | 14.89% | 13.08% | 22.93% | 17.78% | 38.47% | 35.98% | 38.37% | 40.38% | 67.44% |
| Net Income | 21.64M | 26.27M | 21.44M | 7.85M | -4.97M | 51.09M | 5.05M | 27.75M | -36.22M | 12.67M | 11.53M | 2.14M | 4.24M | 5.84M | 6.47M | 3.7M | 6.67M | 3.69M | 1.53M | 2.63M | 5.84M | 6.99M | 8.2M | 8.13M | 6.51M | 5.55M | 5.19M | 4.6M | 4.2M | 4.2M | 3.7M |
| Depreciation & Amortization | 67.87M | 66.56M | 60.24M | 55.72M | 48.77M | 45.12M | 41.71M | 36.81M | 31.69M | 27.56M | 23.21M | 18.88M | 15.16M | 11.68M | 7.36M | 5.96M | 4.52M | 4.08M | 4.07M | 3.84M | 3.65M | 3.62M | 3.31M | 3.02M | 2.92M | 2.77M | 2.71M | 2.53M | 2.51M | 0 | 0 |
| Stock-Based Compensation | 4.7M | 5.36M | 4.78M | 4.9M | 4.97M | 3.45M | 1.33M | 1.94M | 1.61M | 1.31M | 1.06M | 855.77K | 922.94K | 850.35K | 573.24K | 295.04K | 101K | 36.28K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 24.99M | 7.96M | 8.08M | 8.59M | 19.82M | -24.99M | 16.91M | 758K | 625.45K | 660.91K | 733.49K | 829.02K | 522.25K | 462.36K | 302.28K | 4.16M | 311.06K | 332.91K | 3.25M | 1.79M | 66.12K | -871.47K | -2.13M | -2.73M | -1.46M | -502.06K | -219.82K | 2.5M | 2.7M | 2.1M | 1.8M |
| Working Capital Changes | -15.63M | -24.18M | -12.95M | 43.02M | -75.82M | -9.49M | 1.84M | -15.35M | -10.56M | 2.08M | -5.82M | 2M | 4.01M | -4.28M | -2.31M | 340.19K | -1.56M | 1.34M | -766.87K | -5.49M | -5.4M | -6.7M | -4.26M | -4M | -1.23M | -3.54M | -506.04K | -300K | -300K | 0 | 300K |
| Cash from Investing | -185.98M | -209.2M | -139.87M | -165.57M | -124.88M | -94.39M | -103.77M | -122.35M | -137.6M | -152.92M | -77.57M | -148.67M | -56.03M | -110.37M | -69.76M | -39.77M | -33.89M | -8.29M | -11.94M | -21.09M | -2.59M | -13.42M | -2.4M | 326.61K | -7.08M | -11.03M | -4.07M | -12M | -8.6M | -10.6M | -8.6M |
| Acquisitions (Net) | -20.15M | -46.29M | -4.49M | -11.13M | -75.8M | -27.37M | -5.32M | -38.8M | -55.88M | -61.67M | -4.08M | -78.93M | -15.88M | -80.57M | -47.6M | -17.5M | -37.28M | 638.64K | 702.22K | 0 | 0 | 0 | 431.84K | -918K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Purchase of Investments | -27K | -27K | -24K | -23K | -19K | -18K | -1.1M | -1.8M | -18.56M | -45.08M | -27.52M | -23.02M | -9.71M | -22.35M | -21.94M | -21.1M | -6.02M | -8.31M | -6.84M | -12.74M | -1.9M | -11.31M | -6.04M | -8.53M | -9.36M | -9.86M | -4.28M | -6.8M | -4.7M | -2.7M | -2.2M |
| Sale of Investments | 6.66M | 5.67M | 36K | 4.32M | 56.14M | 16.84M | 0 | 125K | 268.68K | 17.42M | 14.83M | 4.63M | 10.91M | 18.98M | 16.16M | 5.26M | 17.25M | 4.14M | 1.61M | 4.3M | 10.34M | 7.53M | 13.61M | 14.24M | 3.74M | 4M | 3.01M | 400K | 0 | 900K | 0 |
| Other Investing | -148.06M | -168.56M | -135.39M | -158.74M | -105.2M | -83.84M | -97.34M | -81.88M | -63.44M | 2.3M | 1.11M | 777.39K | 768.64K | 915.11K | 1.07M | 419.06K | 329.57K | -761.76K | -304.09K | 941.26K | 936.63K | 444.01K | -2.76M | -1.31M | 1.7M | 352.49K | 250.92K | -1.8M | -1.7M | 300K | -800K |
| Cash from Financing | 95.42M | 99.34M | 102.64M | 69.06M | 47.95M | 125.63M | 46.53M | 90.05M | 82.31M | 130.6M | 45.89M | 121.42M | 32.17M | 95.71M | 62.91M | 34.49M | 28.55M | -1.33M | 4.24M | 18.54M | -4.12M | 6.16M | 2.81M | -3.84M | 1.1M | 6.92M | -2.43M | 5.2M | 2.7M | 3.3M | 2M |
| Dividends Paid | -92.98M | -91.76M | -78.24M | -65.8M | -65.24M | -61.35M | -58.6M | -46.83M | -41.59M | -37.45M | -32.19M | -24.3M | -21.98M | -19.26M | -15.41M | -10.29M | -7.84M | -7.06M | -7.39M | -8.7M | -8.17M | -7.36M | -6.26M | -5.37M | -4.91M | -4.29M | -3.69M | -3.8M | -3.3M | -2.8M | -2.2M |
| Common Dividends | -72.4M | -71.23M | -59.08M | -49.07M | -40.63M | -31.51M | -26.66M | -21.12M | -21.54M | -20.78M | -17.63M | -16.74M | -14.43M | -11.7M | -10.34M | -8.87M | -7.84M | -7.06M | -7.39M | -8.7M | -8.17M | -7.36M | -6.26M | -5.37M | -4.91M | -4.29M | -3.69M | -3.81M | -3.34M | -2.8M | -2.2M |
| Debt Issuance (Net) | 2M | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -580.48K | 1000K | 1000K | -1000K | 1000K | -786.59K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -400K |
| Share Repurchases | 0 | -4.82M | 0 | 0 | 0 | 0 | -96.86M | -237K | 0 | -91.59M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -603.02K | -307.79K | -1.22M | -1.58M | 0 | 0 | 0 |
| Other Financing | -11.21M | -8.49M | 2.27M | -1.68M | -16K | 8.43M | 0 | 1.85M | 636K | 4.8M | 1.82M | -2.14M | -455.56K | -1.12M | 0 | -560.38K | -464.14K | -388.2K | -312.89K | -328.2K | -78.97K | 0 | -481.56K | -20.54K | 8.74K | 0 | 0 | 0 | 9.17K | 500K | 100K |
| Net Change in Cash | -515K | -27.89M | 44.37M | 23.56M | -84.15M | 96.43M | 9.6M | 6.22M | -15.11M | 19.03M | -2.32M | -1.55M | 467.65K | -3.42M | 2.24M | 3.14M | 1.14M | 1.74M | 561.27K | 216.95K | -2.55M | -4.22M | 5.53M | 905.89K | 771.15K | 168.57K | 674.61K | -100K | 700K | -1M | -800K |
| Exchange Rate Effect | -21.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 80.93M | 108.81M | 64.44M | 40.88M | 125.03M | 28.59M | 19M | 12.78M | 27.89M | 4.22M | 6.54M | 8.08M | 7.62M | 11.04M | 8.8M | 5.66M | 4.52M | 2.78M | 2.22M | 2.01M | 4.56M | 8.77M | 3.24M | 2.34M | 1.57M | 1.4M | 724.65K | 800K | 200K | 1.2M | 2M |
| Cash at End | 45.97M | 80.93M | 108.81M | 64.44M | 40.88M | 125.03M | 28.59M | 19M | 12.78M | 23.24M | 4.22M | 6.54M | 8.08M | 7.62M | 11.04M | 8.8M | 5.66M | 4.52M | 2.78M | 2.22M | 2.01M | 4.56M | 8.77M | 3.24M | 2.34M | 1.57M | 1.4M | 700K | 900K | 200K | 1.2M |
| Free Cash Flow | 86.69M | 81.97M | 81.6M | 120.08M | -7.23M | 65.19M | 66.84M | 38.52M | 40.18M | -24.55M | -32.56M | -26.43M | -17.8M | -16.1M | -8.36M | 1.56M | -1.7M | 7.36M | 1.17M | -10.82M | -7.8M | -7.04M | -2.53M | 1.26M | 3.6M | -1.24M | 4.12M | 3M | 4.4M | -2.8M | 200K |
| FCF Growth % | 15.07% | 0.46% | -32.04% | 1761.51% | -111.09% | -2.47% | 73.54% | -4.13% | 263.65% | 24.6% | -23.19% | -48.48% | -10.59% | -92.54% | -634.54% | 192.14% | -123.07% | 531.08% | 110.77% | -38.72% | -10.81% | -178.15% | -300.17% | -64.85% | 389.86% | -130.11% | 37.44% | -31.82% | 257.14% | -1500% | -92.86% |
| FCF / Revenue % | 43.23% | 31.32% | 33.92% | 54.35% | -3.69% | 35.02% | 40.85% | 26.27% | 31% | -21.79% | -32.82% | -32.42% | -24.92% | -25.88% | -17.85% | 3.98% | -4.99% | 22.98% | 3.18% | -27.87% | -18.3% | -17.9% | -7.37% | 3.74% | 12.23% | -5.16% | 22.12% | 15.87% | 25.58% | -17.95% | 2.33% |
Securities portfolio market volatility
As reported in financial statements, UMH exhibits a consistent divergence between GAAP operating cash flow and FFO, with FFO/NI ratios frequently exceeding 2.5x, which suggests that non-cash depreciation and unrealized investment gains significantly distort the company's reported earnings relative to its actual cash-generating capacity.
The wide variance between GAAP net income and FFO highlights the impact of the company's non-core REIT securities portfolio on bottom-line reporting. Investors should monitor this gap, as it implies that core property operations are often masked by market-driven fluctuations in the value of external equity holdings.
Based on reported figures, UMH maintains a dividend payout ratio relative to FFO that has largely stayed between 0.70 and 0.82 over the last two years, indicating that the current distribution appears supported by recurring operational cash flows despite the inherent volatility of the company's investment portfolio.
While the dividend coverage appears stable, the lack of reported AFFO data complicates a precise assessment of true free cash flow available for distribution after accounting for recurring capital expenditures. The company's reliance on external capital to fund growth suggests that any sustained compression in FFO could necessitate a more conservative approach to dividend growth.
According to recent SEC filings, UMH deployed $24.4 million in capital expenditures during 2026Q1, a significant outlay that underscores the company's aggressive pivot toward expanding its rental home fleet, which requires substantial upfront investment compared to traditional land-lease models that typically demand lower recurring maintenance capital.
This shift toward a rental-heavy model increases the company's long-term depreciation burden and maintenance requirements, which may weigh on future AFFO margins. Analysts should investigate whether the incremental rental income generated by these units provides a sufficient return on invested capital to justify the elevated capital intensity.
As indicated by the historical data, UMH's GAAP net income is frequently impacted by non-cash charges, with FFO consistently providing a more reliable, albeit still volatile, proxy for operational performance than the bottom-line figures which are often skewed by the company's non-core equity investment portfolio.
The reliance on FFO is essential here, as the shorter depreciation schedule for manufactured rental homes compared to traditional real estate assets likely leads to an understatement of economic earnings. Investors should be wary of using GAAP net income as a primary valuation metric, as it fails to capture the underlying cash-generating potential of the community portfolio.
Quick answers to the most common questions about buying UMH stock.
UMH Properties, Inc. (UMH) generated $82.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
UMH Properties, Inc. (UMH) generated $82.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
UMH Properties, Inc. (UMH) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, UMH Properties, Inc. (UMH) returned $91.8M to shareholders via cash dividends and spent $4.8M on share repurchases. This shows the company's commitment to returning capital to its equity investors.