UMH PROPERTIES, INC. UMH
Properties, Inc. ("UMH"), together with its predecessors and consolidated subsidiaries, are referred to herein as "we",
"us", "our", or "the Company", unless the context requires otherwise.
is a Maryland corporation that operates as a self-administered and self-managed qualified real estate investment trust ("REIT")
under Sections 856-860 of the Internal Revenue Code (the "Code"). The Company elected REIT status effective January 1, 1992
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $35.0M | $33.5M | $31.2M | $25.3M | $27.1M | $20.3M | $18.0M | $15.8M | $10.8M | $8.5M |
| Cost of revenue | — | — | — | — | — | $14.4M | $12.9M | $11.7M | $8.5M | $6.5M |
| Gross profit | — | — | — | — | — | $5.8M | $5.0M | $4.0M | $2.4M | $2.1M |
| SG&A | $21.5M | $21.8M | $19.7M | $19.0M | $14.1M | $11.1M | $10.0M | $10.9M | $9.6M | $8.0M |
| Total operating expenses | $213.9M | $198.1M | $184.8M | $166.3M | $152.2M | $135.3M | $126.6M | $111.0M | $96.6M | $83.3M |
| Net income | $6.0M | $2.5M | -$8.7M | -$36.3M | $21.2M | $5.1M | $27.8M | -$36.2M | $12.7M | $11.5M |
| EPS, basic | 0.07 | 0.03 | -0.15 | -0.67 | 0.46 | -0.72 | 0.70 | -0.98 | 0.39 | — |
| EPS, diluted | 0.07 | 0.03 | -0.15 | -0.67 | 0.45 | -0.72 | 0.69 | -0.98 | 0.39 | -0.10 |
| Shares, diluted (wtd. avg.) | $84.7M | $74.9M | $63.7M | $55.3M | $47.4M | $41.4M | $40.2M | $36.9M | $32.7M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $72.1M | $99.7M | $57.3M | $29.8M | $116.2M | $15.3M | $12.9M | $7.4M | $23.2M | $4.2M |
| Total assets | $1.70B | $1.56B | $1.43B | $1.34B | $1.27B | $1.09B | $1.03B | $880.9M | $823.9M | $680.4M |
| Long-term debt | — | — | — | — | — | $87.4M | $84.0M | $108.4M | $84.8M | $58.4M |
| Total liabilities | $791.8M | $647.8M | $720.8M | $793.4M | $528.7M | $587.6M | $479.1M | $456.2M | $402.7M | $363.4M |
| Retained earnings | -$25.4M | -$25.4M | -$25.4M | -$25.4M | -$25.4M | -$25.4M | -$25.4M | -$25.4M | -$667.8K | -$667.8K |
| Total equity | $905.5M | $914.0M | $706.8M | $551.2M | $742.1M | $501.8M | $546.3M | $424.7M | $421.2M | $317.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $82.0M | $81.6M | $120.1M | -$7.2M | $65.2M | $66.8M | $38.5M | $40.2M | $40.9M | $29.2M |
| Depreciation and amortisation | $66.6M | $60.2M | $55.7M | $48.8M | $45.1M | $41.7M | $36.8M | $31.7M | $27.6M | $23.2M |
| Stock-based compensation | $5.4M | $4.8M | $4.9M | $5.0M | $3.4M | $1.3M | $1.9M | $1.6M | $1.3M | $1.1M |
| Capital expenditure | — | — | $12.5M | — | — | $76.8M | $64.5M | $53.0M | $62.0M | $58.2M |
| Investing cash flow | -$209.2M | -$139.9M | -$165.6M | -$124.9M | -$94.4M | -$103.8M | -$122.3M | -$137.6M | -$152.9M | -$77.6M |
| Financing cash flow | $99.3M | $102.6M | $69.1M | $48.0M | $125.6M | $46.5M | $90.1M | $82.3M | $130.6M | $45.9M |
| Dividends paid | $71.2M | $59.1M | $49.1M | $40.6M | $31.5M | $26.7M | $21.1M | $21.5M | $20.8M | $17.6M |
| Buybacks | $4.8M | $0 | $0 | $0 | $0 | $1.8M | $237.0K | $0 | $0 | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001493152-26-017167.
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