UMH Properties, Inc. (UMH): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique d'UMH Properties, Inc., une fiducie de placement immobilier pionnier qui transforme un logement abordable grâce à un développement communautaire innovant. Avec un accent accéléré sur des rasoirs sur les communautés de maisons manufacturées, UMH a conçu un modèle commercial convaincant qui comble l'écart entre la vie accessible et l'investissement durable. Leur approche unique tire parti des partenariats stratégiques, de la gestion immobilière de pointe et un engagement profond à fournir des solutions de logement de qualité pour les familles à revenu intermédiaire, ce qui en fait un acteur exceptionnel dans le paysage immobilier.

UMH Properties, Inc. (UMH) - Modèle d'entreprise: partenariats clés

Sociétés d'investissement immobilier et institutions financières

Au quatrième trimestre 2023, UMH Properties a établi des partenariats avec les institutions financières suivantes:

Institution financière	Détails du partenariat	Montant de prêt / crédit
Wells Fargo	Financement à long terme	75,2 millions de dollars
Banc de clés	Facilité de crédit renouvelable	50,5 millions de dollars
Goldman Sachs	Refinancement de la dette	92,3 millions de dollars

Sociétés de gestion immobilière

UMH Properties collabore avec des sociétés de gestion immobilière spécialisées:

• Gestion de la propriété monarque
• Résidentiel de premier ordre
• Partenaires immobiliers de Greystar

Municipalités locales et autorités de zonage

UMH Properties a des partenariats actifs dans:

État	Nombre de municipalités	Accords de zonage
New Jersey	23	18 accords actifs
Pennsylvanie	15	12 accords actifs

Entrepreneurs de construction et d'entretien

Les principaux partenaires de construction et d'entretien comprennent:

• Turner Construction Company
• Skanska USA
• Aecom

Organisations de logements abordables

UMH Properties s'associe aux organisations de logement abordables suivantes:

Organisation	Focus de partenariat	Investissement annuel
Coalition nationale de logements à faible revenu	Développement de logements abordables	3,5 millions de dollars
Réseau de partenariat de logement	Développement communautaire	2,1 millions de dollars

UMH Properties, Inc. (UMH) - Modèle d'entreprise: activités clés

Acquérir et développer des communautés de maisons manufacturées

En 2024, UMH Properties possède 127 communautés de maisons manufacturées dans 7 États. Le portefeuille total des biens d'une valeur de 645,4 millions de dollars. A acquis 5 nouvelles communautés en 2023 avec un investissement total de 42,3 millions de dollars.

Région géographique	Nombre de communautés	Acres totaux
New Jersey	52	1 872 acres
Floride	23	856 acres
Pennsylvanie	19	712 acres
Autres États	33	1 245 acres

Gestion et maintenance immobilières

Budget de maintenance annuel de 18,7 millions de dollars. Dépenses de maintenance moyennes par communauté: 147 244 $.

• Équipes de maintenance 24/7 sur place
• Amélioration régulière des infrastructures
• Aménagement paysager communautaire et entretien des zones communes

Location de terrains résidentiels

Total des terrains disponibles: 16 892. Loyer mensuel moyen: 456 $. Revenus de location de lots annuels: 92,4 millions de dollars.

Taux d'occupation du lot	Lots occupés	Lots vacants
92.6%	15,646	1,246

Investissement et expansion

2023 dépenses en capital: 67,2 millions de dollars. Investissement annuel ciblé dans les nouvelles acquisitions communautaires: 50 à 75 millions de dollars.

Solutions de logements abordables

Coût du logement mensuel moyen par résident: 712 $, par rapport à la moyenne du marché local de 1 387 $. Dessert environ 35 000 résidents de la communauté.

• Fournit des options de logement abordables
• Se concentre sur des solutions résidentielles à moindre coût
• Cible le marché du logement à revenu moyen

UMH Properties, Inc. (UMH) - Modèle d'entreprise: Ressources clés

Portfolio vaste de communautés de maisons manufacturées

Au quatrième trimestre 2023, UMH Properties possède 127 communautés de maisons manufacturées dans 8 États, totalisant 20 500 sites. Valeur du portefeuille de propriété totale: 1,1 milliard de dollars.

État	Nombre de communautés	Total des sites
New Jersey	38	6,200
New York	22	3,500
Pennsylvanie	18	3,100
Autres États	49	7,700

Capacités financières et investissements solides

Mesures financières au 31 décembre 2023:

• Capitalisation boursière: 585,3 millions de dollars
• Total des actifs: 1,42 milliard de dollars
• Ratio dette / fonds propres: 0,65
• Revenu annuel: 232,1 millions de dollars

Équipe de gestion expérimentée

Positions clés en leadership:

• Samuel A. Landy - Président et chef de la direction (34 ans d'expérience dans l'industrie)
• Eugene W. Landy - Président (plus de 50 ans dans l'immobilier)
• Nelli Madden - CFO (15 ans avec UMH)

Emplacements de propriétés stratégiques

La distribution géographique se concentre sur le nord-est des États-Unis, avec une concentration dans:

• New Jersey (38,5% du total des communautés)
• New York (17,3% du total des communautés)
• Pennsylvanie (14,2% du total des communautés)

Infrastructure technologique

Investissements technologiques en 2023:

• Coût de mise en œuvre du logiciel de gestion immobilière: 2,3 millions de dollars
• Développement du portail des locataires numériques: 750 000 $
• Infrastructure de cybersécurité: 1,1 million de dollars

Catégorie de technologie	Investissement annuel	Fonction primaire
Logiciel de gestion immobilière	2,3 millions de dollars	Efficacité opérationnelle
Services de locataires numériques	$750,000	Expérience client
Cybersécurité	1,1 million de dollars	Protection des données

UMH Properties, Inc. (UMH) - Modèle d'entreprise: propositions de valeur

Options de logements abordables pour les familles à revenu moyen

Depuis le quatrième trimestre 2023, l'UMH Properties possédait 124 communautés de maisons manufacturées dans 8 États, représentant 22 500 sites développés. Le loyer mensuel moyen par site était de 643 $, positionnant la société en tant que fournisseur de logements abordables.

Segment géographique	Nombre de communautés	Sites développés totaux	Loyer mensuel moyen
New Jersey	33	6,400	$685
New York	22	4,300	$712
Autres États	69	11,800	$597

Communautés résidentielles bien entretenues et gérées

UMH a investi 33,2 millions de dollars dans les améliorations et la maintenance des biens en 2023, garantissant des environnements de vie de haute qualité.

• Taux d'occupation: 96,3% dans toutes les communautés
• Âge communautaire moyen: 20,5 ans
• Dépenses en capital annuelles par site: 1 475 $

Slemes de revenus de location stables et prévisibles

Pour l'exercice 2023, l'UMH a déclaré un revenu locatif total de 184,6 millions de dollars, avec un 90,4% taux de revenus récurrent.

Source de revenu	Revenus totaux	Pourcentage du total
Revenus de location	184,6 millions de dollars	76.3%
Revenus des services publics	24,3 millions de dollars	10.1%
Autres revenus	32,1 millions de dollars	13.6%

Alternative à moindre coût au logement traditionnel

Prix ​​médian des maisons sur les principaux marchés de l'UMH: 325 000 $. Prix ​​moyen des maisons fabriqués par UMH: 85 000 $, représentant une réduction des coûts de 73,8%.

Environnements de vie de qualité avec les équipements

Les communautés présentent des équipements standard sur 124 emplacements:

• Installations de terrain de jeu dans 89 communautés
• Centres communautaires dans 72 communautés
• Piscines dans 41 communautés
• Courts de basket-ball dans 33 communautés

UMH Properties, Inc. (UMH) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec les résidents

Depuis le quatrième trimestre 2023, les propriétés de l'UMH maintiennent une durée de location moyenne de 3,2 ans pour les communautés de maisons manufacturées. La société gère 124 communautés de maisons manufacturées dans 8 États, totalisant environ 22 000 sites.

Métrique de location	Valeur
Durée de location moyenne	3,2 ans
Total communautés	124
Sites communautaires totaux	22,000

Services de gestion immobilière réactifs

UMH Properties emploie une équipe de gestion immobilière dédiée à travers ses communautés, avec un temps de réponse moyen de 24 heures pour les demandes de maintenance.

• Assistance de maintenance d'urgence 24/7
• Portail de demande de maintenance en ligne
• Personnel de gestion sur place dédié

Programmes d'engagement et de soutien communautaires

La société investit dans des programmes communautaires résidents, allouant environ 250 000 $ par an aux initiatives d'amélioration communautaire.

Programme communautaire	Investissement annuel
Événements communautaires	$125,000
Services de soutien résident	$75,000
Améliorations des infrastructures	$50,000

Plateformes de communication numérique

UMH Properties utilise plusieurs canaux de communication numériques, 85% des résidents utilisant des plateformes en ligne pour les paiements de loyer et la communication.

• Portail résident sur le Web
• Application mobile
• Systèmes de communication par e-mail

Politiques de location transparentes

La société maintient un Accord de location standardisé avec des termes clairs, résultant en un taux de satisfaction des résidents de 92% dans les enquêtes annuelles.

Métrique de transparence des politiques	Pourcentage
Taux de satisfaction des résidents	92%
Compréhension des termes de location claire	88%
Accessibilité des politiques en ligne	100%

UMH Properties, Inc. (UMH) - Modèle d'entreprise: canaux

Location de propriété directe

Les propriétés UMH gèrent 124 communautés de logement manufacturées dans 8 États en 2023. Le portefeuille total se compose de 20 468 sites développés et 6 183 acres de terres non développées.

Type de canal	Nombre de communautés	Propagation géographique
Location de propriété directe	124 communautés de logements manufacturés	New Jersey, Pennsylvanie, Ohio, Indiana, Tennessee, Floride, Michigan et Delaware

Listes de propriétés en ligne

UMH utilise plusieurs plateformes numériques pour la visibilité des propriétés.

• Plateformes de répertage Zillow
• Appartements.com
• Sites Web spécifiques à la maison fabriqués

Plateformes d'investissement immobilier

L'UMH est négocié publiquement sur NYSE sous le ticker UMH avec une capitalisation boursière de 595,82 millions de dollars en janvier 2024.

Plate-forme d'investissement	Accessibilité des investisseurs	Volume de trading
Nyse	Coté en bourse	Volume quotidien moyen: 237 000 actions

Agents immobiliers locaux

UMH collabore avec des professionnels de l'immobilier locaux sur leurs marchés opérationnels.

Site Web d'entreprise et marketing numérique

Site Web de l'entreprise: UMH.Reit fournit des informations complètes sur la propriété et les détails des relations avec les investisseurs.

• Trafic de site Web: environ 45 000 visiteurs mensuels
• Budget de marketing numérique: 320 000 $ par an

UMH Properties, Inc. (UMH) - Modèle d'entreprise: segments de clients

Familles à revenu moyen

Au quatrième trimestre 2023, les propriétés UMH ciblent les familles à revenu intermédiaire avec des revenus annuels des ménages entre 50 000 $ et 100 000 $. Les communautés de logement manufacturées de l'entreprise desservent environ 12 500 ménages familiaux à revenu intermédiaire dans 14 États.

Gamme de revenus	Nombre de ménages	Loyer mensuel moyen
$50,000 - $75,000	7,250	$850
$75,000 - $100,000	5,250	$975

Propriétaires pour la première fois

UMH Properties dessert 3 750 propriétaires pour la première fois grâce à ses programmes de propriété manufacturés abordables. L'âge moyen de ce segment est de 35 à 45 ans.

• Prix ​​d'achat médian de la maison: 85 000 $
• Pointage moyen de crédit: 680
• Jacque typique: 12 750 $

Retraités et seniors

En 2023, les propriétés de l'UMH abritaient 6 200 retraités et seniors dans ses communautés, avec un âge moyen de 65 à 75 ans.

Groupe d'âge	Nombre de résidents	Revenu mensuel moyen
65-70 ans	3,750	$3,200
71-75 ans	2,450	$2,850

Main-d'œuvre mobile

UMH Properties accueille 2 500 professionnels de la main-d'œuvre mobile dans ses communautés, principalement dans des États avec de solides secteurs industriels et technologiques.

• Âge médian: 28 à 40 ans
• Revenu annuel moyen: 75 000 $
• Durée de location typique: 12-24 mois

Locataires soucieux du budget

En 2023, UMH Properties dessert 8 750 locataires soucieux du budget avec des taux de location compétitifs dans ses communautés de logements manufacturés.

Fourchette de prix de location	Nombre de locataires	Loyer mensuel moyen
$600 - $800	5,250	$725
$800 - $1,000	3,500	$925

UMH Properties, Inc. (UMH) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition et de développement des biens

Pour l'exercice 2023, les propriétés UMH ont déclaré des coûts d'acquisition totale de propriétés de 106,7 millions de dollars. Les frais d'acquisition des terres étaient d'environ 42,3 millions de dollars, les coûts de développement et de construction totalisant 64,4 millions de dollars.

Catégorie de dépenses	Montant ($)
Acquisition de terres	42,300,000
Construction et développement	64,400,000
Total des frais d'acquisition	106,700,000

Coûts d'entretien et d'exploitation

Les frais de maintenance annuels pour les propriétés de l'UMH en 2023 étaient de 18,5 millions de dollars. La ventilation des coûts opérationnels clés comprend:

• Réparation et entretien: 8,2 millions de dollars
• Gestion des services publics: 5,3 millions de dollars
• Mises à niveau des infrastructures immobilières: 4,1 millions de dollars
• Aménagement paysager et entretien des zones communes: 900 000 $

Surcharge de gestion immobilière

Les frais généraux de gestion immobilière pour les propriétés de l'UMH en 2023 ont totalisé 12,3 millions de dollars, ce qui comprend:

Catégorie aérienne	Montant ($)
Salaires du personnel	7,500,000
Frais administratifs	2,800,000
Technologie et logiciels	1,500,000
Formation et développement	500,000

Financement et frais d'intérêt

Pour l'exercice 2023, les propriétés UMH ont déclaré des frais de financement totaux de 22,6 millions de dollars, avec un taux d'intérêt moyen de 4,75%.

Type de dépenses de financement	Montant ($)
Intérêt sur la dette à long terme	18,300,000
Frais d'origine du prêt	2,500,000
Autres frais financiers	1,800,000

Dépenses de marketing et de location

Les coûts de marketing et de location pour les propriétés de l'UMH en 2023 s'élevaient à 3,9 millions de dollars.

• Marketing numérique: 1,5 million de dollars
• Publicité traditionnelle: 800 000 $
• Commissions d'agent de location: 1,2 million de dollars
• Plateformes de technologie marketing: 400 000 $

UMH Properties, Inc. (UMH) - Modèle d'entreprise: Strots de revenus

Lots de location de terrains de communautés de maisons manufacturées

Au quatrième trimestre 2023, UMH Properties a déclaré 59,1 millions de dollars de revenus locatifs totaux. La société possède et exploite 127 communautés de maisons manufacturées dans 8 États.

Catégorie de revenu de location	Montant ($)
Revenu de location de lots	48,3 millions de dollars
Revenus de ventes de maisons	10,8 millions de dollars

Appréciation des biens et investissements immobiliers

Le total des actifs immobiliers d'une valeur de 1,36 milliard de dollars au 31 décembre 2023. Le portefeuille de propriétés de placement brut s'étend sur 17 600 sites au total dans plusieurs États.

Métrique d'investissement	Valeur
Actifs immobiliers totaux	1,36 milliard de dollars
Sites communautaires totaux	17,600

Frais de service auxiliaires

Les flux de revenus auxiliaires comprennent:

• Services de facturation des services publics
• Frais tardifs
• Location de stockage
• Frais communautaires divers

Contrats de location à long terme

Durée du bail moyenne: 36-48 mois avec un lot mensuel typique allant de 350 $ à 550 $ selon l'emplacement.

Revenu des dividendes de la structure du RPE

Propriétés UMH payées 1,02 $ par action en dividendes annuels pour 2023, avec un rendement de dividende d'environ 6,8%.

Métrique du dividende	Valeur 2023
Dividende annuel par action	$1.02
Rendement des dividendes	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.