UMH Properties, Inc. (UMH) Cash Flow Statement

The 2024 through 2025 quarters show AFFO data as unavailable, so the coverage trend cannot be fully reconstructed from the supplied data. The recent negative AFFO readings, despite positive FFO of $21.7M and $27.9M, suggest that recurring capital expenditures absorbed the cash that FFO would otherwise have provided. Investors should monitor whether this is a timing effect of portfolio investment or a persistent gap between FFO and distributable cash.

Capex was reported as zero across 2024 through 2025, so the recent step-up in spending represents a sharp break from the prior pattern. This may indicate an accelerated acquisition or development program rather than routine maintenance, though the split between the two is not disclosed in the supplied data. The spending appears to be funded beyond internally generated operating cash, which warrants further investigation into the financing sources used.

With dividends paid consistently near $23M per quarter and FCF deeply negative in the two latest periods, the gap must be closed by debt issuance, equity issuance, or asset sales, none of which are itemized in the supplied data. The financing mix is therefore not verifiable here. Investors should monitor leverage and share count trends for signs that external funding is becoming a recurring dependency.

The gap between FFO and operating cash flow in 2026Q2 is large enough to suggest working capital movements or timing differences in rent collection rather than a structural shortfall. Because the quarterly OCF series is volatile, a single quarter should not be read as a trend. The pattern warrants monitoring across additional periods before drawing a firm conclusion about cash conversion quality.