Revenue growth remains steady at 8.2% year-over-year as of 2025Q4, supported by a resilient 54.0% NOI margin achieved in 2025Q3 despite inflationary pressures.
| 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 |
|---|
| Revenue | 200.53M | 261.75M | 240.55M | 220.93M | 195.78M | 186.12M | 163.61M | 146.59M | 129.59M | 112.65M | 99.21M | 81.52M | 71.43M | 62.21M | 46.83M | 39.31M | 34.01M | 32.02M | 36.66M | 38.84M | 42.64M | 39.34M | 34.36M | 33.79M | 29.42M | 24.06M | 18.64M | 18.9M | 17.2M | 15.6M | 8.6M |
| Revenue Growth % | -17.85% | 8.81% | 8.88% | 12.85% | 5.19% | 13.76% | 11.61% | 13.12% | 15.04% | 13.54% | 21.71% | 14.12% | 14.83% | 32.84% | 19.11% | 15.59% | 6.22% | -12.65% | -5.62% | -8.92% | 8.4% | 14.5% | 1.68% | 14.84% | 22.3% | 29.06% | -1.37% | 9.88% | 10.26% | 81.4% | -35.82% |
| Property Operating Expenses | 125.86M | 251.66M | 109.25M | 102.43M | 93.22M | 88.14M | 77.59M | 74.65M | 64.66M | 56.32M | 49.1M | 42.11M | 39.42M | 36.35M | 28.47M | 23.51M | 20.59M | 18.26M | 21.31M | 23M | 24.71M | 21.74M | 16.68M | 15.67M | 14.12M | 12.93M | 8.23M | 0 | 0 | 0 | 0 |
| Net Operating Income (NOI) | 99.55M | 10.1M | 131.3M | 118.49M | 102.55M | 97.99M | 86.02M | 71.94M | 64.92M | 56.33M | 50.11M | 39.41M | 32.01M | 25.86M | 18.36M | 15.81M | 13.42M | 13.76M | 15.35M | 15.84M | 17.94M | 17.6M | 17.68M | 18.12M | 15.31M | 11.12M | 10.41M | 18.9M | 17.2M | 15.6M | 8.6M |
| NOI Margin % | 49.65% | 3.86% | 54.58% | 53.63% | 52.38% | 52.65% | 52.57% | 49.08% | 50.1% | 50.01% | 50.51% | 48.34% | 44.81% | 41.57% | 39.21% | 40.21% | 39.45% | 42.97% | 41.87% | 40.77% | 42.06% | 44.74% | 51.46% | 53.64% | 52.03% | 46.23% | 55.83% | 100% | 100% | 100% | 100% |
| Operating Expenses | 63.84M | -35.46M | 88.84M | 82.37M | 73.03M | 64.03M | 57.7M | 51.94M | 46.35M | 40.3M | 34.07M | 29.01M | 24.61M | 20.21M | 14.88M | 13.41M | 9.69M | 8.65M | 8.88M | 9.13M | 8.98M | 8.45M | 6.97M | 6.86M | 6.15M | 5.54M | 4.56M | 12.2M | 11.5M | 10.3M | 3.6M |
| G&A Expenses | 28.18M | 28.84M | 27.76M | 26.65M | 24.26M | 18.9M | 16M | 15.13M | 14.65M | 12.74M | 10.86M | 10.13M | 9.45M | 8.23M | 7.29M | 6.08M | 4.96M | 4.31M | 4.62M | 5.3M | 5.33M | 4.84M | 3.66M | 3.85M | 3.22M | 2.77M | 1.85M | 0 | 0 | 0 | 0 |
| EBITDA | 86.03M | 112.11M | 102.7M | 91.84M | 78.29M | 79.08M | 70.02M | 56.82M | 143.06M | 125.71M | 110.68M | 34.27M | 29.6M | 25.37M | 19.63M | 15.4M | 7.8M | 9.19M | 10.73M | 10.54M | 12.61M | 12.76M | 14.02M | 14.28M | 12.08M | 8.35M | 8.55M | 4.6M | 4.2M | 4.2M | 3.7M |
| EBITDA Margin % | 42.9% | 42.83% | 42.69% | 41.57% | 39.99% | 42.49% | 42.8% | 38.76% | 110.4% | 111.6% | 111.55% | 42.04% | 41.43% | 40.78% | 41.93% | 39.18% | 22.92% | 28.7% | 29.26% | 27.14% | 29.57% | 32.45% | 40.8% | 42.26% | 41.07% | 34.72% | 45.89% | 24.34% | 24.42% | 26.92% | 43.02% |
| Depreciation & Amortization | 49.89M | 66.56M | 60.24M | 55.72M | 48.77M | 45.12M | 41.71M | 36.81M | 163.24M | 97.17M | 83.71M | 18.88M | 15.16M | 11.68M | 7.36M | 5.96M | 4.52M | 4.08M | 4.26M | 3.84M | 3.65M | 3.62M | 3.31M | 3.02M | 2.92M | 2.77M | 2.71M | -2.1M | -1.5M | -1.1M | -1.3M |
| D&A / Revenue % | 24.88% | 25.43% | 25.04% | 25.22% | 24.91% | 24.24% | 25.49% | 25.11% | 125.97% | 86.26% | 84.37% | 23.16% | 21.23% | 18.78% | 15.71% | 15.17% | 13.28% | 12.75% | 11.61% | 9.88% | 8.57% | 9.19% | 9.62% | 8.93% | 9.93% | 11.52% | 14.53% | -11.11% | -8.72% | -7.05% | -15.12% |
| Operating Income | 36.14M | 45.55M | 42.46M | 36.12M | 29.52M | 33.96M | 28.31M | 20.01M | -20.18M | 28.55M | 26.97M | 15.39M | 14.43M | 13.69M | 12.28M | 9.44M | 3.28M | 5.11M | 6.47M | 6.7M | 8.96M | 9.15M | 10.71M | 11.26M | 9.16M | 5.58M | 5.85M | 6.7M | 5.7M | 5.3M | 5M |
| Operating Margin % | 18.02% | 17.4% | 17.65% | 16.35% | 15.08% | 18.25% | 17.31% | 13.65% | -15.57% | 25.34% | 27.18% | 18.88% | 20.2% | 22% | 26.22% | 24.01% | 9.64% | 15.95% | 17.65% | 17.26% | 21% | 23.25% | 31.17% | 33.33% | 31.14% | 23.19% | 31.37% | 35.45% | 33.14% | 33.97% | 58.14% |
| Interest Expense | 2M | 29.68M | 27.29M | 32.48M | 26.44M | 19.16M | 18.29M | 17.8M | 16.04M | 15.88M | 15.43M | 14.07M | 10.72M | 7.85M | 5.8M | 5.74M | 5.18M | 4.46M | 1.53M | 0 | 0 | 6.99M | 0 | 0 | 0 | 0 | 0 | 6.7M | 5.7M | 5.3M | 5M |
| Interest Coverage | - | 1.89x | 1.79x | 1.24x | 0.81x | 3.67x | 1.28x | 2.56x | -1.26x | 1.01x | 1.04x | 1.15x | 1.40x | 1.74x | 2.12x | 1.64x | 2.29x | 1.83x | 4.25x | - | - | 1.31x | - | - | - | - | - | 0.84x | 0.93x | 1.00x | 1.00x |
| Non-Operating Income | -9.07M | -10.4M | -6.27M | -4.2M | 8.06M | -36.29M | 4.97M | -25.55M | 38.75M | 0 | 0 | 13.06M | -7.56M | 0 | -8.68M | -5.68M | -23.07M | -3.04M | -14.66K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Income | 21.46M | 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 |
| Pretax Margin % | 10.7% | 10.04% | 8.91% | 3.55% | -2.54% | 27.45% | 3.09% | 18.93% | -27.95% | 11.25% | 11.63% | 2.63% | 5.93% | 9.38% | 13.83% | 9.4% | 19.61% | 11.52% | 4.17% | 6.78% | 13.7% | 17.77% | 23.87% | 24.05% | 22.13% | 23.07% | 27.84% | 24.34% | 24.42% | 26.92% | 43.02% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.04M | 15.88M | 15.43M | 13.25M | 10.19M | 0 | 5.8M | -3.7M | 1.64M | 0 | 0 | 0 | 0 | 0 | -8.2M | -8.13M | -6.51M | -5.55M | -5.19M | -4.6M | -4.2M | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | -44.29% | 125.33% | 133.79% | 617.73% | 240.56% | 0% | 89.64% | -100% | 24.57% | 0% | 0% | 0% | 0% | 0% | -100% | -100% | -100% | -100% | -100% | -100% | -100% | 0% | 0% |
| Net Income | 21.64M | 26.5M | 21.64M | 8.01M | -4.85M | 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 |
| Net Margin % | 10.79% | 10.12% | 8.99% | 3.63% | -2.48% | 27.45% | 3.09% | 18.93% | -27.95% | 11.25% | 11.63% | 2.63% | 5.93% | 9.38% | 13.83% | 9.4% | 19.61% | 11.52% | 4.17% | 6.78% | 13.7% | 17.77% | 23.87% | 24.05% | 22.13% | 23.07% | 27.84% | 24.34% | 24.42% | 26.92% | 43.02% |
| Net Income Growth % | -22.94% | 22.48% | 170.13% | 265% | -109.5% | 910.64% | -81.78% | 176.62% | -385.88% | 9.83% | 437.94% | -49.4% | -27.4% | -9.84% | 75.15% | -44.57% | 80.76% | 141.59% | -41.99% | -54.92% | -16.45% | -14.77% | 0.92% | 24.8% | 17.33% | 6.96% | 12.81% | 9.52% | 0% | 13.51% | 48% |
| Funds From Operations (FFO) | 95.38M | 93.05M | 81.87M | 63.73M | 43.91M | 96.21M | 46.76M | 64.56M | 127.02M | 109.84M | 95.24M | 21.02M | 19.4M | 17.52M | 13.83M | 9.66M | 11.18M | 7.77M | 5.78M | 6.47M | 9.49M | 10.61M | 11.51M | 11.14M | 9.43M | 8.32M | 7.9M | 2.5M | 2.7M | 3.1M | 2.4M |
| FFO Margin % | 47.56% | 35.55% | 34.04% | 28.85% | 22.43% | 51.69% | 28.58% | 44.04% | 98.02% | 97.5% | 96% | 25.79% | 27.16% | 28.16% | 29.54% | 24.57% | 32.89% | 24.27% | 15.78% | 16.65% | 22.26% | 26.96% | 33.49% | 32.98% | 32.07% | 34.59% | 42.36% | 13.23% | 15.7% | 19.87% | 27.91% |
| FFO Growth % | 15.72% | 13.66% | 28.47% | 45.12% | -54.36% | 105.75% | -27.57% | -49.17% | 15.65% | 15.32% | 353.07% | 8.35% | 10.75% | 26.66% | 43.2% | -13.65% | 43.92% | 34.38% | -10.6% | -31.87% | -10.49% | -7.83% | 3.25% | 18.13% | 13.36% | 5.39% | 215.88% | -7.41% | -12.9% | 29.17% | 166.67% |
| FFO per Share | 1.12 | 1.09 | 1.09 | 1.01 | 0.81 | 2.03 | 1.13 | 1.61 | 3.45 | 3.36 | 3.42 | 0.81 | 0.86 | 0.93 | 0.85 | 0.66 | 0.87 | 0.68 | 0.53 | 0.61 | 0.94 | 1.12 | 1.33 | 1.40 | 1.23 | 1.11 | 1.08 | 0.34 | 0.38 | 0.46 | 0.39 |
| FFO Payout Ratio % | 75.91% | 76.55% | 72.15% | 77% | 92.52% | 32.75% | 57.01% | 32.71% | 16.95% | 18.92% | 18.51% | 79.64% | 74.36% | 66.79% | 74.75% | 91.8% | 70.1% | 90.9% | 127.76% | 134.54% | 86.1% | 69.35% | 54.39% | 48.22% | 52.08% | 51.6% | 46.72% | 152.4% | 123.84% | 90.32% | 91.67% |
| EPS (Diluted) | 0.25 | 0.07 | 0.03 | -0.14 | -0.58 | 0.66 | -0.34 | 0.23 | -0.98 | -0.24 | -0.09 | -0.24 | -0.15 | -0.09 | 0.11 | 0.14 | 0.52 | 0.32 | 0.14 | 0.25 | 0.58 | 0.74 | 0.95 | 1.70 | 0.85 | 0.74 | 0.71 | 0.63 | 0.60 | 0.63 | 0.60 |
| EPS Growth % | -36.78% | 112.12% | 123.57% | 75.86% | -187.88% | 294.12% | -247.83% | 123.47% | -308.33% | -166.67% | 62.5% | -60% | -66.67% | -181.82% | -21.43% | -73.08% | 62.5% | 128.57% | -44% | -56.9% | -21.62% | -22.11% | -44.12% | 100% | 14.86% | 4.23% | 12.7% | 5% | -4.76% | 5% | 36.36% |
| EPS (Basic) | - | 0.07 | 0.03 | -0.14 | -0.58 | 0.68 | -0.34 | 0.23 | -0.98 | -0.24 | -0.09 | -0.24 | -0.15 | -0.09 | 0.11 | 0.14 | 0.52 | 0.32 | 0.14 | 0.25 | 0.58 | 0.74 | 0.95 | 1.80 | 0.86 | 0.74 | 0.71 | 0.63 | 0.60 | 0.63 | 0.61 |
| Diluted Shares Outstanding | 85.37M | 85.45M | 74.91M | 63.07M | 54.39M | 47.43M | 41.4M | 40.2M | 36.87M | 32.68M | 27.81M | 25.97M | 22.5M | 18.79M | 16.26M | 14.56M | 12.82M | 11.42M | 10.88M | 10.54M | 10.11M | 9.5M | 8.68M | 7.94M | 7.68M | 7.5M | 7.34M | 7.27M | 7.06M | 6.68M | 6.16M |
Securities portfolio market volatility
As reported in financial statements, UMH sustained consistent top-line growth, with revenue reaching $67.0 million in 2025Q4, representing an 8.2% year-over-year increase, driven by the strategic expansion of the company's rental home program and continued development of vacant land sites across its core regional footprint.
The consistent revenue growth suggests that the company's pivot toward a rental-heavy model is successfully capturing demand for affordable workforce housing. Investors should monitor whether this trajectory can be maintained without excessive reliance on capital-intensive home acquisitions, which may pressure future liquidity.
According to recent SEC filings, UMH maintained a robust NOI margin of 54.0% in 2025Q3, demonstrating that the company's property-level cost structure remains well-managed despite inflationary pressures on maintenance and property taxes inherent in the Rust Belt manufactured housing market segment.
The stability of these margins implies that UMH is successfully passing through cost increases to its tenant base. However, the significant drop to 3.1% in 2025Q4 warrants further investigation, as it may indicate seasonal maintenance spikes or accounting adjustments that could temporarily obscure underlying property-level profitability.
Based on reported figures, FFO per share fluctuated between $0.19 and $0.38 over the last ten quarters, reflecting the inherent volatility introduced by the company's non-core REIT securities portfolio rather than purely operational outcomes from its manufactured housing community assets.
The lack of consistent FFO growth suggests that investors should focus on normalized metrics to gauge true operational health. The reliance on external market investments appears to create a disconnect between reported earnings and the actual cash-generating capacity of the core real estate portfolio.
As indicated by the 2025Q4 net income of $4.6 million, UMH's bottom line remains highly sensitive to unrealized gains and losses from its equity investments, which may distort the perceived safety of the dividend and the overall quality of reported earnings for institutional stakeholders.
This strategy of holding other REIT securities appears to introduce market risk that is largely uncorrelated with the company's core business of providing affordable housing. Analysts should remain cautious, as this capital allocation may be masking the true cost of equity and potentially diluting shareholder value over time.
Quick answers to the most common questions about buying UMH stock.
For fiscal year 2025, UMH Properties, Inc. (UMH) reported total revenue of $261.8M. This represents a 2943.7% increase compared to $8.6M in 1996.
UMH Properties, Inc. (UMH) is profitable, generating $26.5M in net income for the fiscal year ending 2025 with a net profit margin of 10.1%.
UMH Properties, Inc. (UMH) reported an operating income of $45.6M, resulting in an operating profit margin of 17.4%. This margin reflects the operational efficiency of the business before interest and taxes.
UMH Properties, Inc. (UMH) generated $10.1M in gross profit for the year, representing a gross profit margin of 3.9%. This demonstrates the company's core pricing power and production efficiency.