UMH Properties, Inc. (UMH): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el plan estratégico de UMH Properties, Inc., un fideicomiso pionero de inversión inmobiliaria que transforma la vivienda asequible a través del desarrollo de la comunidad innovador. Con un enfoque afilado en comunidades caseras fabricadas, UMH ha creado un modelo de negocio convincente que cierra la brecha entre la vida accesible y la inversión sostenible. Su enfoque único aprovecha las asociaciones estratégicas, la gestión de la propiedad de vanguardia y un profundo compromiso de proporcionar soluciones de vivienda de calidad para familias de ingresos medios, lo que las convierte en un jugador destacado en el panorama inmobiliario.

UMH Properties, Inc. (UMH) - Modelo de negocio: asociaciones clave

Empresas de inversión inmobiliaria e instituciones financieras

A partir del cuarto trimestre de 2023, UMH Properties ha establecido asociaciones con las siguientes instituciones financieras:

Institución financiera	Detalles de la asociación	Monto de préstamo/crédito
Wells Fargo	Financiamiento a largo plazo	$ 75.2 millones
Keybank	Facilidad de crédito giratorio	$ 50.5 millones
Goldman Sachs	Refinanciación de la deuda	$ 92.3 millones

Empresas de administración de propiedades

UMH Properties colabora con empresas especializadas de administración de propiedades:

• Administración de propiedades monarca
• Primer servicio residencial
• Greystar Real Estate Partners

Municipios locales y autoridades de zonificación

UMH Properties tiene asociaciones activas en:

Estado	Número de municipios	Acuerdos de zonificación
Nueva Jersey	23	18 acuerdos activos
Pensilvania	15	12 acuerdos activos

Contratistas de construcción y mantenimiento

Los socios clave de construcción y mantenimiento incluyen:

• Turner Construction Company
• Skanska USA
• Aecom

Organizaciones de vivienda asequibles

UMH Properties se asocia con las siguientes organizaciones de vivienda asequible:

Organización	Enfoque de asociación	Inversión anual
Coalición nacional de viviendas de bajos ingresos	Desarrollo de viviendas asequibles	$ 3.5 millones
Red de asociación de vivienda	Desarrollo comunitario	$ 2.1 millones

UMH Properties, Inc. (UMH) - Modelo de negocio: actividades clave

Adquirir y desarrollar comunidades domésticas fabricadas

A partir de 2024, UMH Properties posee 127 comunidades domésticas fabricadas en 7 estados. Portafolio de propiedad total valorada en $ 645.4 millones. Adquirió 5 nuevas comunidades en 2023 con una inversión total de $ 42.3 millones.

Región geográfica	Número de comunidades	Total de acres
Nueva Jersey	52	1.872 acres
Florida	23	856 acres
Pensilvania	19	712 acres
Otros estados	33	1,245 acres

Administración y mantenimiento de la propiedad

Presupuesto de mantenimiento anual de $ 18.7 millones. Gasto promedio de mantenimiento por comunidad: $ 147,244.

• Equipos de mantenimiento en el sitio 24/7
• Actualizaciones de infraestructura regulares
• Paisajismo comunitario y mantenimiento del área común

Lotes residenciales de arrendamiento

Lotes totales disponibles: 16,892. Alquiler promedio de lotes mensuales: $ 456. Ingresos anuales de alquiler de lote: $ 92.4 millones.

Tasa de ocupación de lotes	Lotes ocupados	Lotes vacantes
92.6%	15,646	1,246

Inversión y expansión

2023 Gastos de capital: $ 67.2 millones. Inversión anual dirigida en nuevas adquisiciones comunitarias: $ 50-75 millones.

Soluciones de vivienda asequible

Costo promedio de vivienda mensual por residente: $ 712, en comparación con el promedio del mercado local de $ 1,387. Atiende a aproximadamente 35,000 residentes en todas las comunidades.

• Proporciona opciones de vivienda asequible
• Se centra en soluciones residenciales de menor costo
• Apunta al mercado inmobiliario de ingresos medios

UMH Properties, Inc. (UMH) - Modelo de negocio: recursos clave

Extensa cartera de comunidades caseras fabricadas

A partir del cuarto trimestre de 2023, UMH Properties posee 127 comunidades domésticas fabricadas en 8 estados, por un total de 20,500 sitios. Valor total de la cartera de propiedades: $ 1.1 mil millones.

Estado	Número de comunidades	Sitios totales
Nueva Jersey	38	6,200
Nueva York	22	3,500
Pensilvania	18	3,100
Otros estados	49	7,700

Capacidades de capital financiero y de inversión sólidos

Métricas financieras al 31 de diciembre de 2023:

• Capitalización de mercado: $ 585.3 millones
• Activos totales: $ 1.42 mil millones
• Relación de deuda / capital: 0.65
• Ingresos anuales: $ 232.1 millones

Equipo de gestión experimentado

Posiciones clave de liderazgo:

• Samuel A. Landy - Presidente y CEO (34 años de experiencia en la industria)
• Eugene W. Landy - Presidente (más de 50 años en bienes raíces)
• Nelli Madden - CFO (15 años con UMH)

Ubicaciones de propiedades estratégicas

La distribución geográfica se centra en el noreste de los Estados Unidos, con concentración en:

• Nueva Jersey (38.5% del total de comunidades)
• Nueva York (17.3% del total de comunidades)
• Pensilvania (14.2% del total de comunidades)

Infraestructura tecnológica

Inversiones tecnológicas en 2023:

• Costo de implementación del software de administración de propiedades: $ 2.3 millones
• Desarrollo del portal de inquilinos digitales: $ 750,000
• Infraestructura de ciberseguridad: $ 1.1 millones

Categoría de tecnología	Inversión anual	Función principal
Software de administración de propiedades	$ 2.3 millones	Eficiencia operativa
Servicios de inquilinos digitales	$750,000	Experiencia del cliente
Ciberseguridad	$ 1.1 millones	Protección de datos

UMH Properties, Inc. (UMH) - Modelo de negocio: propuestas de valor

Opciones de vivienda asequible para familias de ingresos medios

A partir del cuarto trimestre de 2023, UMH Properties poseía 124 comunidades caseras fabricadas en 8 estados, que representan 22,500 sitios desarrollados. El alquiler mensual promedio por sitio fue de $ 643, posicionando a la compañía como un proveedor de vivienda asequible.

Segmento geográfico	Número de comunidades	Sitios desarrollados totales	Alquiler mensual promedio
Nueva Jersey	33	6,400	$685
Nueva York	22	4,300	$712
Otros estados	69	11,800	$597

Comunidades residenciales bien mantenidas y administradas

UMH invirtió $ 33.2 millones en mejoras y mantenimiento de la propiedad en 2023, asegurando entornos de vida de alta calidad.

• Tasa de ocupación: 96.3% en todas las comunidades
• Edad de la comunidad promedio: 20.5 años
• Gastos de capital anuales por sitio: $ 1,475

Flujos de ingresos de alquiler estables y predecibles

Para el año fiscal 2023, UMH reportó ingresos de alquiler totales de $ 184.6 millones, con un Tasa de ingresos recurrente del 90,4%.

Fuente de ingresos	Ingresos totales	Porcentaje de total
Ingreso de alquiler	$ 184.6 millones	76.3%
Ingreso de servicios públicos	$ 24.3 millones	10.1%
Otros ingresos	$ 32.1 millones	13.6%

Alternativa de menor costo a la vivienda tradicional

Precio promedio de la vivienda en los mercados primarios de UMH: $ 325,000. Precio promedio de la vivienda fabricada a través de UMH: $ 85,000, que representa una reducción de costos del 73.8%.

Entornos de vida de calidad con comodidades

Las comunidades cuentan con servicios estándar en 124 ubicaciones:

• Instalaciones de juegos en 89 comunidades
• Centros comunitarios en 72 comunidades
• Piscinas en 41 comunidades
• Canchas de baloncesto en 33 comunidades

UMH Properties, Inc. (UMH) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con los residentes

A partir del cuarto trimestre de 2023, UMH Properties mantiene una duración promedio de arrendamiento de 3.2 años para las comunidades de hogares fabricados. La compañía administra 124 comunidades de hogares fabricadas en 8 estados, totalizando aproximadamente 22,000 sitios.

Métrico de arrendamiento	Valor
Duración promedio de arrendamiento	3.2 años
Comunidades totales	124
Sitios comunitarios totales	22,000

Servicios de administración de propiedades receptivos

UMH Properties emplea un equipo de administración de propiedades dedicado en sus comunidades, con un tiempo de respuesta promedio de 24 horas para solicitudes de mantenimiento.

• Soporte de mantenimiento de emergencia 24/7
• Portal de solicitudes de mantenimiento en línea
• Personal de gestión en el sitio dedicado

Programas de compromiso y apoyo de la comunidad

La compañía invierte en programas comunitarios de residentes, asignando aproximadamente $ 250,000 anuales a iniciativas de mejora de la comunidad.

Programa comunitario	Inversión anual
Eventos comunitarios	$125,000
Servicios de soporte para residentes	$75,000
Mejoras de infraestructura	$50,000

Plataformas de comunicación digital

UMH Properties utiliza múltiples canales de comunicación digital, con el 85% de los residentes que usan plataformas en línea para pagos y comunicación de alquiler.

• Portal de residente basado en la web
• Aplicación móvil
• Sistemas de comunicación por correo electrónico

Políticas de alquiler transparente

La compañía mantiene un Acuerdo de alquiler estandarizado con términos claros, lo que resulta en una tasa de satisfacción de residentes del 92% en encuestas anuales.

Métrica de transparencia de la política	Porcentaje
Tasa de satisfacción de residente	92%
Comprensión de términos de arrendamiento claro	88%
Accesibilidad de política en línea	100%

UMH Properties, Inc. (UMH) - Modelo de negocio: canales

Arrendamiento de propiedades directas

UMH Properties administra 124 comunidades de vivienda fabricada en 8 estados a partir de 2023. La cartera total consta de 20,468 sitios desarrollados y 6,183 acres de tierra no desarrollada.

Tipo de canal	Número de comunidades	Extensión geográfica
Arrendamiento de propiedades directas	124 comunidades de vivienda fabricada	Nueva Jersey, Pensilvania, Ohio, Indiana, Tennessee, Florida, Michigan y Delaware

Listados de propiedades en línea

UMH utiliza múltiples plataformas digitales para la visibilidad de la propiedad.

• Plataformas de listado de Zillow
• Apartamentos.com
• Sitios web específicos de la casa fabricados

Plataformas de inversión inmobiliaria

UMH se negocia públicamente en NYSE bajo Ticker UMH con una capitalización de mercado de $ 595.82 millones a partir de enero de 2024.

Plataforma de inversión	Accesibilidad al inversor	Volumen comercial
bolsa de Nueva York	Negociado públicamente	Volumen diario promedio: 237,000 acciones

Agentes inmobiliarios locales

UMH colabora con profesionales de bienes raíces locales en sus mercados operativos.

Sitio web corporativo y marketing digital

Sitio web corporativo: UMH.Reit proporciona información integral de la propiedad y detalles de relaciones con los inversores.

• Tráfico del sitio web: aproximadamente 45,000 visitantes mensuales
• Presupuesto de marketing digital: $ 320,000 anualmente

UMH Properties, Inc. (UMH) - Modelo de negocio: segmentos de clientes

Familias de ingresos medios

A partir del cuarto trimestre de 2023, UMH Properties se dirige a familias de ingresos medios con ingresos anuales de hogares entre $ 50,000 y $ 100,000. Las comunidades de vivienda fabricadas de la compañía sirven aproximadamente 12.500 hogares familiares de ingresos medios en 14 estados.

Rango de ingresos	Número de hogares	Alquiler mensual promedio
$50,000 - $75,000	7,250	$850
$75,000 - $100,000	5,250	$975

Propietarios de viviendas por primera vez

UMH Properties atiende a 3,750 propietarios por primera vez a través de sus programas de propiedad de viviendas fabricadas en asequibles. La edad promedio de este segmento es de 35-45 años.

• Precio promedio de compra de la casa: $ 85,000
• Puntuación de crédito promedio: 680
• Pago inicial típico: $ 12,750

Jubilados y personas mayores

En 2023, UMH Properties albergó a 6.200 jubilados y personas mayores en sus comunidades, con una edad promedio de 65-75 años.

Grupo de edad	Número de residentes	Ingresos mensuales promedio
65-70 años	3,750	$3,200
71-75 años	2,450	$2,850

Fuerza laboral móvil

UMH Properties acomoda a 2.500 profesionales de la fuerza laboral móvil en sus comunidades, principalmente en estados con sectores industriales y de tecnología fuertes.

• Edad media: 28-40 años
• Ingresos anuales promedio: $ 75,000
• Duración típica del arrendamiento: 12-24 meses

Inquilinos conscientes del presupuesto

A partir de 2023, UMH Properties atiende a 8.750 inquilinos conscientes del presupuesto con tarifas de alquiler competitivas en sus comunidades de vivienda fabricada.

Rango de precios de alquiler	Número de inquilinos	Alquiler mensual promedio
$600 - $800	5,250	$725
$800 - $1,000	3,500	$925

UMH Properties, Inc. (UMH) - Modelo de negocio: Estructura de costos

Gastos de adquisición y desarrollo de propiedades

Para el año fiscal 2023, UMH Properties reportó costos totales de adquisición de propiedades de $ 106.7 millones. Los gastos de adquisición de tierras fueron de aproximadamente $ 42.3 millones, con costos de desarrollo y construcción por un total de $ 64.4 millones.

Categoría de gastos	Monto ($)
Adquisición de tierras	42,300,000
Construcción y desarrollo	64,400,000
Gastos de adquisición total	106,700,000

Mantenimiento y costos operativos

Los gastos de mantenimiento anual para las propiedades UMH en 2023 fueron de $ 18.5 millones. El desglose de costos operativos clave incluye:

• Reparación y mantenimiento: $ 8.2 millones
• Gestión de servicios públicos: $ 5.3 millones
• Actualizaciones de infraestructura de propiedad: $ 4.1 millones
• Paisajismo y mantenimiento del área común: $ 900,000

Sobrecarga de administración de propiedades

Sobre de gestión de propiedades para las propiedades UMH en 2023 totalizó $ 12.3 millones, lo que incluye:

Categoría de gastos generales	Monto ($)
Salarios del personal	7,500,000
Gastos administrativos	2,800,000
Tecnología y software	1,500,000
Capacitación y desarrollo	500,000

Gastos de financiamiento e intereses

Para el año fiscal 2023, UMH Properties reportó gastos de financiamiento total de $ 22.6 millones, con una tasa de interés promedio de 4.75%.

Tipo de gasto de financiación	Monto ($)
Intereses en deuda a largo plazo	18,300,000
Tarifas de originación de préstamos	2,500,000
Otros cargos financieros	1,800,000

Gastos de marketing y arrendamiento

Los costos de marketing y arrendamiento de UMH Properties en 2023 ascendieron a $ 3.9 millones.

• Marketing digital: $ 1.5 millones
• Publicidad tradicional: $ 800,000
• Comisiones de agentes de arrendamiento: $ 1.2 millones
• Plataformas de tecnología de marketing: $ 400,000

UMH Properties, Inc. (UMH) - Modelo de negocios: flujos de ingresos

Ingresos de alquiler de lotes de comunidades caseras fabricadas

A partir del cuarto trimestre de 2023, UMH Properties reportó $ 59.1 millones en ingresos totales de alquiler. La compañía posee y opera 127 comunidades domésticas fabricadas en 8 estados.

Categoría de ingresos de alquiler	Monto ($)
Ingresos por alquiler de lot	$ 48.3 millones
Ingresos de ventas de viviendas	$ 10.8 millones

Apreciación de la propiedad e inversiones inmobiliarias

Los activos totales de bienes raíces valorados en $ 1.36 mil millones al 31 de diciembre de 2023. La cartera de propiedades de inversión bruta abarca 17,600 sitios totales en múltiples estados.

Métrico de inversión	Valor
Activos inmobiliarios totales	$ 1.36 mil millones
Sitios comunitarios totales	17,600

Tarifas de servicio auxiliar

Los flujos de ingresos auxiliares incluyen:

• Servicios de facturación de servicios públicos
• Tarifas tardías
• Alquiler de almacenamiento
• Tarifas comunitarias misceláneas

Contratos de arrendamiento a largo plazo

Duración promedio de arrendamiento: 36-48 meses con alquiler de lotes mensual típico que oscila entre $ 350 y $ 550 dependiendo de la ubicación.

Ingresos de dividendos de la estructura REIT

Propiedades de UMH pagadas $ 1.02 por acción en dividendos anuales para 2023, con un rendimiento de dividendos de aproximadamente 6.8%.

Métrico de dividendos	Valor 2023
Dividendo anual por acción	$1.02
Rendimiento de dividendos	6.8%

UMH Properties, Inc. (UMH) - Canvas Business Model: Value Propositions

UMH Properties, Inc. (UMH) provides a clear value proposition centered on delivering quality affordable housing to America's workforce through manufactured home communities for both renters and buyers. This is grounded in the fundamental need for housing where traditional costs are becoming prohibitive for many households.

The core offering is an attainable housing solution designed specifically for low-to-middle-income residents, directly addressing the widening gap between wages and site-built home prices. This is evidenced by the relative cost structure of their product.

Housing Type	Average Cost (As of Late 2025 Data)
New Manufactured Home (UMH)	$140,000
Site-Built Home (Market Comparison)	$413,000
Used Manufactured Home (Q1 2025 Average)	$60,000

The significantly lower home cost is a major differentiator. For instance, the average new home sale price for UMH Properties, Inc. was reported around $140,000 as of September 30, 2025, which contrasts sharply with the market average for a site-built home, reported at $413,000 in the same period. Even the resale market shows value, with average used home prices around $60,000 in Q1 2025.

UMH Properties, Inc. offers a complete community lifestyle, not just a dwelling. This is supported by a robust physical footprint managed professionally on-site. As of late 2025, the portfolio included:

• 144 manufactured home communities.
• Approximately 27,000 developed homesites.
• A commitment to upgrading infrastructure and adding essential amenities upon acquisition.

The business model supports flexible housing options, catering to different resident needs and financial situations. You can choose to be a homeowner or a renter within the same community structure. This flexibility is visible in the portfolio breakdown:

• Total Developed Homesites: Approximately 27,000.
• Rental Homes Owned by UMH: Approximately 10,800 units (as of December 2025).
• Rental Portfolio Occupancy (Q2 2025): 94.4% across 10,600 rental homes.

The final value proposition centers on the product itself: new, energy-efficient manufactured homes with modern designs. The company's stated mission is to provide quality affordable housing by building and managing sustainable, contemporary manufactured home communities. This focus on quality and sustainability is intended to ensure residents receive a high-quality product that conserves energy and natural resources.

UMH Properties, Inc. (UMH) - Canvas Business Model: Customer Relationships

You're managing a portfolio of manufactured home communities, which means your relationship with residents is intensely local and hands-on. UMH Properties, Inc. focuses on direct, on-site community management to support residents and ensure compliance across its large footprint.

As of late 2025, UMH Properties, Inc. operates 145 manufactured home communities across twelve states, encompassing approximately 27,000 developed homesites. The company maintains a substantial rental portfolio, which stood at approximately 10,800 units as of the third quarter of 2025. This direct management approach is crucial for maintaining high occupancy, which for the rental homes was reported around 94.1% in Q3 2025. Same property site occupancy showed improvement, edging up to 88.5% in the third quarter of 2025.

The relationship strategy heavily leans on filling available space through active sales and leasing efforts. UMH Properties, Inc. is well-positioned with 3,500 existing vacant lots ready to be filled, plus over 2,300 vacant acres that could yield approximately 9,200 future lots. The high-touch sales and leasing program is evidenced by the conversion of 433 new homes to revenue-generating rentals in the first nine months of 2025, with management anticipating the addition of another 700-800 rental homes by the end of 2025. The sales division is also active; gross sales of manufactured homes in Q3 2025 reached $9.1 million, and 366 homes were sold over the preceding twelve months.

The nature of the relationship is built on stability, as the primary source of revenue comes from lease agreements for sites and homes. These leases are generally structured for one-year or month-to-month terms, offering flexibility while aiming for long-term residency through mutual agreement and renewal options.

As a public equity REIT, UMH Properties, Inc. also cultivates a distinct relationship with its shareholders. The company is committed to delivering value, projecting total income to surpass $250 million for the full year 2025. Management's guidance for 2025 normalized Funds From Operations (FFO) per share is set between $0.96-$1.04. The commitment to shareholders is also demonstrated through capital returns; the quarterly common stock dividend was increased to $0.225 per share as of Q1 2025. The company's enterprise value was approximately $2.16 billion as of late 2025.

Here are key operational metrics reflecting the scale of these customer relationships as of late 2025:

Metric	Value (as of late 2025 data)	Source Context
Total Manufactured Home Communities	145	Q3 2025 data
Total Developed Homesites	27,000	Q3 2025 data
Total Rental Homes	10,800	Q3 2025 data
Home Rental Occupancy (Q3 2025)	94.1%	Q3 2025 operational update
Same Property Site Occupancy (Q3 2025)	88.5%	Q3 2025 data
Existing Vacant Lots for Infill	3,500	Capacity for growth
Rental Homes Added (YTD 9M 2025)	433	Growth in rental portfolio
2025 Normalized FFO per Share Guidance (Midpoint)	$1.00	2025 Full-Year Guidance

The focus on direct support and active leasing helps drive the financial results, with Rental and Related Income for Q3 2025 reaching $57.8 million, an increase of 11% year-over-year.

• Direct management covers resident support and compliance across 145 communities.
• Leasing programs target filling 3,500 existing vacant lots.
• Lease terms are typically one-year or month-to-month.
• Investor relations are managed with a 2025 Normalized FFO guidance of $0.96-$1.04 per share.

If onboarding new residents takes longer than expected, churn risk rises, definitely something management watches closely.

UMH Properties, Inc. (UMH) - Canvas Business Model: Channels

You're looking at how UMH Properties, Inc. (UMH) gets its homesites leased and its manufactured homes sold to customers across its portfolio. The channels are a mix of physical presence and digital outreach, which makes sense for a REIT focused on physical real estate assets.

On-site community sales and leasing offices are the primary interface, given UMH Properties, Inc. operates 144 manufactured home communities across 12 states as of late 2025. These offices manage the leasing of sites and the sale/rental of the manufactured homes within those communities. The success of this channel is reflected in the occupancy figures; for instance, rental home occupancy stood at 94.4% in Q2 2025, and Same Property Occupancy reached 88.5% in Q3 2025. The company is actively working to fill vacant sites, having approximately 3,300 vacant sites as of early 2025, with a goal to add 700-800 new rental homes by the end of 2025.

The corporate website and online listings serve as a crucial digital storefront and information hub. The official corporate website, accessible at www.umh.reit, is used to disseminate critical financial information, such as hosting the Third Quarter 2025 Financial Results Webcast and Conference Call on November 4, 2025. While specific online listing volume isn't public, the sales performance suggests active digital engagement, with gross home sales revenue reaching $10.3 million in Q2 2025, a 17% year-over-year increase.

UMH Properties, Inc. also engages in industry events to maintain visibility within the housing and investment sectors. For example, the company presented its Q3 2025 investor presentation on November 4, 2025. Furthermore, the development of the Honey Ridge community in Honey Brook, Pennsylvania, through a joint venture, shows a commitment to growth in key regional markets, which often requires industry networking and showcases.

Direct-to-consumer marketing in regional markets supports the on-site offices, focusing on areas like PA, OH, and IN, where UMH Properties, Inc. has a significant footprint. This targeted approach drives demand for both site leases and home sales. The company's growth strategy includes purchasing well-located communities in target markets, such as the energy-rich Marcellus and Utica Shale regions. The sales division is a key component, evidenced by gross sales for Q3 2025 being $9.1 million, or 14% higher including joint venture sales of $800,000.

Here's a quick look at how the output from these channels translated into core operational metrics for the first three quarters of 2025:

Metric	Value/Period	Reference Period
Total Developed Homesites	Approximately 26,800	Q3 2025
Total Rental Homes Owned	Approximately 10,600	Q3 2025
Gross Home Sales Revenue	$10.3 million	Q2 2025
Rental and Related Charges	$55.9 million	Q2 2025
Same Property Community NOI Growth	12%	Q3 2025 (Year-to-Date)
New Rental Homes Converted (YTD)	305	Q2 2025

The rental income stream is robust, with same-property rental and related charges increasing by approximately 9.2% in July 2025 over July 2024. The sales channel is also accelerating, with Q2 2025 gross home sales revenue up 17% year-over-year. The company uses its S&F subsidiary to sell and finance manufactured homes through a third-party lending program with Triad Financial Services, directly supporting the on-site sales channel.

• On-site offices manage leasing for approximately 26,800 homesites.
• The corporate website, www.umh.reit, is the hub for investor communications.
• The company actively fills its inventory of approximately 3,300 vacant sites.
• Regional focus includes markets in Pennsylvania, Ohio, and Indiana.
• Sales channel generated $9.1 million in Q3 2025 gross sales.

Finance: draft 13-week cash view by Friday.

UMH Properties, Inc. (UMH) - Canvas Business Model: Customer Segments

UMH Properties, Inc. serves a distinct set of customers whose primary need is access to quality, affordable housing, a segment that remains critically underserved by conventional real estate markets.

Low-to-middle-income families and individuals seeking affordable homeownership.

This segment is targeted with housing solutions designed to keep monthly costs low, often aligning with federal affordability standards. UMH Properties, Inc. has stated a commitment to providing housing affordable for someone with an income around $37,000. The goal is for residents to pay no more than 30% of their household income for housing, which is particularly crucial for individuals earning between 50-80% of their Area Median Income. The company is actively working to convert renters to owners, supported by external funding. For example, UMH Properties, Inc. proposed using $7.5 million in grant funds to create an estimated 1,025 resident homeowners through 2030, including renters buying homes at prices of $30,000 and lower. This assistance is structured so that 100% of the down payment grants accrue as home equity for resident homebuyers, unlike typical programs requiring repayment. UMH Properties, Inc. reported a Total Income of $66.9 million for the quarter ended September 30, 2025.

America's workforce needing attainable housing near employment centers.

The core offering of UMH Properties, Inc. is situated in locations intended to support employment centers, providing a necessary housing alternative as conventional home prices rise. The overall portfolio as of late 2025 includes approximately 26,800 developed homesites across 144 communities in 12 states. The company's same-property occupancy rate for Q2 2025 stood at 88.2%, indicating strong, sustained demand from this essential customer base. The company is focused on increasing its rental base, converting 305 new homes from inventory to revenue-generating rental homes year-to-date in 2025.

The following table summarizes key portfolio metrics relevant to these customer segments as of mid-to-late 2025:

Metric	Value (Late 2025 Estimate)	Value (Q2 2025 Reported)
Total Communities	144	141
Total Developed Homesites	26,800	26,500
Owned Rental Homes	10,600	10,600
Same-Property Occupancy Rate	N/A	88.2%
Average Rent Per Site (Same Store)	N/A	$557

Residents of age-restricted manufactured home communities.

A specific subset of the customer base seeks housing within communities tailored for older residents. UMH Properties, Inc. actively grows this segment through strategic acquisitions. For instance, in Q1 2025, the company acquired two fully occupied, age-restricted communities in New Jersey for a total of $24.6 million, which accounted for 266 sites. These acquisitions were made at an in-place capitalization rate of 5%, with projections for stabilization up to 6.5%-7% through rent turnover.

Existing manufactured home owners who rent the land site.

This group represents the core land-lease model customers. They own their manufactured home but pay UMH Properties, Inc. for the right to occupy the land site. The rental portfolio is substantial, comprising 10,600 owned rental homes within the communities as of Q2 2025. The pricing power for this segment is evident, as UMH Properties, Inc. implemented a 5% rent increase portfolio-wide in Q1 2025 with no reported resistance. The growth in this revenue stream is strong:

• Rental and Related Income increased by 11% for the quarter ended September 30, 2025.
• Rental home occupancy reached 94.4% at the end of Q2 2025.
• Same-property rental and related income increased by 8% year-to-date Q1 2025.
• The company aimed to add 700 to 800 new rental homes by the end of 2025.

Finance: draft 13-week cash view by Friday.

UMH Properties, Inc. (UMH) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive UMH Properties, Inc.'s operations, which are heavily weighted toward real estate ownership and financing. Honestly, for a REIT like UMH Properties, Inc., the cost structure is dominated by debt servicing and keeping those 144 communities running smoothly.

Significant capital expenditures are a constant for UMH Properties, Inc., especially as they focus on growing their rental portfolio. They are actively investing in infrastructure upgrades and new home inventory to meet demand. For instance, UMH Properties, Inc. anticipates adding between 700 to 800 new rental homes by the end of 2025. This requires substantial upfront capital for setting up new homes; year-to-date through Q2 2025, they had already converted 305 new homes from inventory to revenue-generating rental units.

Interest expense is a major line item, reflecting the leverage used to acquire and develop these assets. You saw a large financing event in Q2 2025 where UMH Properties, Inc. added ten communities to its Fannie Mae credit facility, securing $101.4 million at a 5.855% fixed interest rate over a 10-year term. More recently, in November 2025, they secured another $91.8 million at a fixed rate of 5.46% for nine years, partly to pay down higher-interest short-term debt. To be fair, the overall debt profile is managed to be mostly fixed-rate, which helps with near-term interest rate volatility.

Here's a quick look at the debt structure as of the Q2 2025 quarter end, which gives you a sense of the overall interest burden:

Debt Component	Amount (Approximate, Q2 2025 End)	Weighted Average Interest Rate
Total Debt	$659,000,000	4.63%
Community Level Mortgage Debt	$530,000,000	N/A
Bonds Payable, net (Series A mentioned)	$101,000,000	N/A
Loans Payable, net	$28,000,000	N/A

Community operating expenses are directly tied to the scale of the portfolio, which includes managing 144 communities. For the second quarter of 2025, total community operating expenses increased by 7% compared to the prior year. This increase was attributed to several factors you'd expect:

• The inclusion of two communities purchased late in the first quarter of 2025.
• An increase in payroll costs.
• Higher real estate taxes.
• Increased snow removal expenses.
• Rising water and sewer expenses.

Still, UMH Properties, Inc. is managing costs effectively at the property level. The same property operating expense ratio for Q2 2025 fell to 38.2%, an improvement from 39.4% in the second quarter of 2024. This suggests that while overall expenses rose due to acquisitions, the existing portfolio is showing better cost control relative to its income growth.

General and administrative costs, which cover corporate overhead, are part of the overall operating expenses, though specific G&A dollar amounts aren't broken out separately from the community operating expense figures in the immediate reports. However, the fact that same property community NOI increased by 10% for the quarter, while same property community operating expenses only rose by 5%, shows that the core operations are managing fixed costs well relative to revenue gains. Finance: draft 13-week cash view by Friday.

UMH Properties, Inc. (UMH) - Canvas Business Model: Revenue Streams

You're looking at the core ways UMH Properties, Inc. (UMH) brings in cash, which is crucial for understanding its valuation and future moves. As a seasoned analyst, I can tell you that for a REIT like UMH, the stability of rental income versus the volatility of sales is the key dynamic here. Here are the hard numbers we have for the revenue streams as of late 2025.

The primary engine remains the rental side of the business. You see this reflected clearly in the third quarter results:

• Rental and related charges from site and home leases (Q3 2025): $66.92 million.

That's the recurring base, but the sales division through the taxable REIT subsidiary is a significant contributor, especially when the housing market is active. The second quarter provided a strong benchmark for that activity:

• Gross sales of manufactured homes through the taxable REIT subsidiary (Q2 2025): $10.3 million.

UMH Properties, Inc. also generates revenue through strategic partnerships. The joint venture with Nuveen Real Estate is designed to pursue accretive development deals while minimizing the short-term impact on Funds from Operations (FFO) during construction and lease-up. For UMH, this translates into several fee-based income sources:

Joint Venture Revenue Type	Detail
Development Fees	Earned for managing the development process.
Management Fees	Customary fees associated with property and asset management.
Assets Under Management Fees	Fees based on the value of assets managed within the JV structure.
Promote Income	A share of the profits for exceeding Internal Rate of Return targets.

Also, don't forget the smaller, but necessary, charges that keep the communities running smoothly. These are the day-to-day operational receipts that support the core rental stream. If onboarding takes 14+ days, churn risk rises, but these fees help cover immediate service costs.

• Utility and other ancillary fees charged to residents.

When you look at the full-year picture, the expected performance of the entire operation gives you the clearest view of shareholder value generation. Here's the quick math on the expected total operational cash flow for the year:

Normalized Funds from Operations (FFO) expected to be about $84 million for 2025.

To be fair, the sales component can fluctuate more than the rental income, but the JV structure helps UMH participate in growth without tying up all its own capital immediately. Finance: draft 13-week cash view by Friday.