UMH Properties, Inc. (UMH): Modelo de negócios Canvas [Jan-2025 Atualizado]

Mergulhe no projeto estratégico da UMH Properties, Inc., uma confiança pioneira em investimentos imobiliários que transforma moradias populares por meio de desenvolvimento inovador da comunidade. Com um foco nítido em comunidades domésticas fabricadas, a UMH criou um modelo de negócios atraente que preenche a lacuna entre vida acessível e investimento sustentável. Sua abordagem única aproveita parcerias estratégicas, gerenciamento de propriedades de ponta e um profundo compromisso de fornecer soluções habitacionais de qualidade para famílias de renda média, tornando-as um jogador de destaque no cenário imobiliário.

UMH Properties, Inc. (UMH) - Modelo de negócios: Parcerias -chave

Empresas de investimento imobiliário e instituições financeiras

A partir do quarto trimestre de 2023, a UMH Properties estabeleceu parcerias com as seguintes instituições financeiras:

Instituição financeira	Detalhes da parceria	Valor de empréstimo/crédito
Wells Fargo	Financiamento de longo prazo	US $ 75,2 milhões
Keybank	Linha de crédito rotativo	US $ 50,5 milhões
Goldman Sachs	Refinanciamento da dívida	US $ 92,3 milhões

Empresas de gerenciamento de propriedades

A UMH Properties colabora com empresas especializadas de gerenciamento de propriedades:

• Gerenciamento de propriedades monarca
• FirstService Residential
• Greystar Real Estate Partners

Municípios locais e autoridades de zoneamento

A UMH Properties possui parcerias ativas em:

Estado	Número de municípios	Acordos de zoneamento
Nova Jersey	23	18 acordos ativos
Pensilvânia	15	12 acordos ativos

Contratados de construção e manutenção

Os principais parceiros de construção e manutenção incluem:

• Turner Construction Company
• Skanska EUA
• Aecom

Organizações habitacionais acessíveis

A UMH Properties faz parceria com as seguintes organizações habitacionais acessíveis:

Organização	Foco em parceria	Investimento anual
Coalizão Nacional de Baixa Renda	Desenvolvimento habitacional acessível	US $ 3,5 milhões
Rede de Parceria Habitacional	Desenvolvimento comunitário	US $ 2,1 milhões

UMH Properties, Inc. (UMH) - Modelo de negócios: Atividades -chave

Adquirir e desenvolver comunidades domésticas fabricadas

A partir de 2024, a UMH Properties possui 127 comunidades domésticas fabricadas em 7 estados. O portfólio de propriedades totais avaliado em US $ 645,4 milhões. Adquiriu 5 novas comunidades em 2023 com um investimento total de US $ 42,3 milhões.

Região geográfica	Número de comunidades	Total de acres
Nova Jersey	52	1.872 acres
Flórida	23	856 acres
Pensilvânia	19	712 acres
Outros estados	33	1.245 acres

Gerenciamento e manutenção de propriedades

Orçamento anual de manutenção de US $ 18,7 milhões. Gastos médios de manutenção por comunidade: US $ 147.244.

• Equipes de manutenção 24/7 no site
• Atualizações regulares de infraestrutura
• Paisagismo comunitário e manutenção de área comum

Lotes residenciais de arrendamento

Lotes totais disponíveis: 16.892. Aluguel de lote mensal médio: US $ 456. Receita anual de aluguel de lote: US $ 92,4 milhões.

Taxa de ocupação de lote	Lotes ocupados	Lotes vagos
92.6%	15,646	1,246

Investimento e expansão

2023 Despesas de capital: US $ 67,2 milhões. Investimento anual direcionado em novas aquisições comunitárias: US $ 50-75 milhões.

Soluções habitacionais acessíveis

Custo médio mensal da habitação por residente: US $ 712, em comparação com a média de mercado local de US $ 1.387. Serve aproximadamente 35.000 residentes em todas as comunidades.

• Fornece opções de moradia acessíveis
• Concentra-se em soluções residenciais de menor custo
• Alvo do mercado imobiliário de renda média

UMH Properties, Inc. (UMH) - Modelo de negócios: Recursos -chave

Extenso portfólio de comunidades domésticas fabricadas

A partir do quarto trimestre de 2023, a UMH Properties possui 127 comunidades domésticas fabricadas em 8 estados, totalizando 20.500 locais. Valor total do portfólio de propriedades: US $ 1,1 bilhão.

Estado	Número de comunidades	Sites totais
Nova Jersey	38	6,200
Nova Iorque	22	3,500
Pensilvânia	18	3,100
Outros estados	49	7,700

Fortes capital financeiro e capacidades de investimento

Métricas financeiras em 31 de dezembro de 2023:

• Capitalização de mercado: US $ 585,3 milhões
• Total de ativos: US $ 1,42 bilhão
• Taxa de dívida / patrimônio: 0,65
• Receita anual: US $ 232,1 milhões

Equipe de gerenciamento experiente

Posições de liderança -chave:

• Samuel A. Landy - Presidente e CEO (34 anos de experiência no setor)
• Eugene W. Landy - Presidente (mais de 50 anos em imóveis)
• Nelli Madden - CFO (15 anos com umh)

Locais de propriedades estratégicas

A distribuição geográfica se concentra no nordeste dos Estados Unidos, com concentração em:

• Nova Jersey (38,5% do total de comunidades)
• Nova York (17,3% do total de comunidades)
• Pensilvânia (14,2% do total de comunidades)

Infraestrutura de tecnologia

Investimentos de tecnologia em 2023:

• Custo de implementação de software de gerenciamento de propriedades: US $ 2,3 milhões
• Desenvolvimento do portal de inquilinos digitais: US $ 750.000
• Infraestrutura de segurança cibernética: US $ 1,1 milhão

Categoria de tecnologia	Investimento anual	Função primária
Software de gerenciamento de propriedades	US $ 2,3 milhões	Eficiência operacional
Serviços de inquilino digital	$750,000	Experiência do cliente
Segurança cibernética	US $ 1,1 milhão	Proteção de dados

UMH Properties, Inc. (UMH) - Modelo de negócios: proposições de valor

Opções de moradia acessíveis para famílias de renda média

A partir do quarto trimestre de 2023, a UMH Properties possuía 124 comunidades domésticas fabricadas em 8 estados, representando 22.500 locais desenvolvidos. O aluguel mensal médio por site foi de US $ 643, posicionando a empresa como um fornecedor de habitação acessível.

Segmento geográfico	Número de comunidades	Sites totais desenvolvidos	Aluguel mensal médio
Nova Jersey	33	6,400	$685
Nova Iorque	22	4,300	$712
Outros estados	69	11,800	$597

Comunidades residenciais bem mantidas e gerenciadas

A UMH investiu US $ 33,2 milhões em melhorias e manutenção de propriedades em 2023, garantindo ambientes de vida de alta qualidade.

• Taxa de ocupação: 96,3% em todas as comunidades
• Idade média da comunidade: 20,5 anos
• Despesas de capital anual por site: US $ 1.475

Fluxos de renda estável e previsível

Para o ano fiscal de 2023, a UMH relatou receita total de aluguel de US $ 184,6 milhões, com um 90,4% de taxa de receita recorrente.

Fonte de renda	Receita total	Porcentagem de total
Renda de aluguel	US $ 184,6 milhões	76.3%
Renda de utilidade	US $ 24,3 milhões	10.1%
Outra renda	US $ 32,1 milhões	13.6%

Alternativa de menor custo à moradia tradicional

Preço médio da casa nos mercados primários da UMH: US $ 325.000. Preço médio da casa fabricada através da UMH: US $ 85.000, representando uma redução de custos de 73,8%.

Ambientes de vida de qualidade com comodidades

As comunidades apresentam comodidades padrão em 124 locais:

• Instalações de playground em 89 comunidades
• Centros comunitários em 72 comunidades
• Piscinas em 41 comunidades
• Tribunais de basquete em 33 comunidades

UMH Properties, Inc. (UMH) - Modelo de Negócios: Relacionamentos do Cliente

Acordos de arrendamento de longo prazo com residentes

A partir do quarto trimestre de 2023, a UMH Properties mantém uma duração média do arrendamento de 3,2 anos para as comunidades domésticas fabricadas. A empresa gerencia 124 comunidades domésticas fabricadas em 8 estados, totalizando aproximadamente 22.000 locais.

Métrica de arrendamento	Valor
Duração média do arrendamento	3,2 anos
Comunidades totais	124
Sites da comunidade total	22,000

Serviços de gerenciamento de propriedades responsivas

A UMH Properties emprega uma equipe dedicada de gerenciamento de propriedades em suas comunidades, com um tempo médio de resposta de 24 horas para solicitações de manutenção.

• Suporte de manutenção de emergência 24 horas por dia, 7 dias por semana
• Portal de solicitação de manutenção online
• Equipe de gerenciamento dedicada no local

Programas de envolvimento e apoio da comunidade

A empresa investe em programas comunitários residentes, alocando aproximadamente US $ 250.000 anualmente para iniciativas de aprimoramento da comunidade.

Programa comunitário	Investimento anual
Eventos da comunidade	$125,000
Serviços de suporte residentes	$75,000
Melhorias de infraestrutura	$50,000

Plataformas de comunicação digital

A UMH Properties utiliza vários canais de comunicação digital, com 85% dos residentes usando plataformas on -line para pagamentos e comunicação de aluguel.

• Portal residente baseado na Web
• Aplicativo móvel
• Sistemas de comunicação por e -mail

Políticas de aluguel transparentes

A empresa mantém um Contrato de aluguel padronizado Com termos claros, resultando em uma taxa de satisfação de 92% em pesquisas anuais.

Métrica de transparência de políticas	Percentagem
Taxa de satisfação dos residentes	92%
Clear arrendamento termos compreensivos	88%
Acessibilidade da política on -line	100%

UMH Properties, Inc. (UMH) - Modelo de negócios: canais

Leasing de propriedade direta

A UMH Properties gerencia 124 comunidades habitacionais fabricadas em 8 estados a partir de 2023. O portfólio total consiste em 20.468 locais desenvolvidos e 6.183 acres de terra não desenvolvida.

Tipo de canal	Número de comunidades	Propagação geográfica
Leasing de propriedade direta	124 comunidades habitacionais fabricadas	Nova Jersey, Pensilvânia, Ohio, Indiana, Tennessee, Flórida, Michigan e Delaware

Listagens de propriedades on -line

A UMH utiliza várias plataformas digitais para visibilidade da propriedade.

• Plataformas de listagem de Zillow
• Apartamentos.com
• Sites específicos da casa fabricada

Plataformas de investimento imobiliário

A UMH é negociada publicamente na NYSE sob ticker UMH, com capitalização de mercado de US $ 595,82 milhões em janeiro de 2024.

Plataforma de investimento	Acessibilidade do investidor	Volume de negociação
NYSE	Negociado publicamente	Volume diário médio: 237.000 ações

Agentes imobiliários locais

A UMH colabora com profissionais imobiliários locais em seus mercados operacionais.

Site corporativo e marketing digital

Site corporativo: a UMH.Reit fornece informações abrangentes sobre propriedades e detalhes das relações com investidores.

• Tráfego do site: aproximadamente 45.000 visitantes mensais
• Orçamento de marketing digital: US $ 320.000 anualmente

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

Famílias de renda média

A partir do quarto trimestre de 2023, a UMH Properties tem como alvo as famílias de renda média com renda anual doméstica entre US $ 50.000 e US $ 100.000. As comunidades habitacionais manufaturadas da empresa atendem aproximadamente 12.500 famílias familiares de renda média em 14 estados.

Faixa de renda	Número de famílias	Aluguel mensal médio
$50,000 - $75,000	7,250	$850
$75,000 - $100,000	5,250	$975

Proprietários iniciantes

A UMH Properties atende 3.750 proprietários de imóveis pela primeira vez por meio de seus programas de propriedade de casas fabricadas acessíveis. A idade média deste segmento é de 35 a 45 anos.

• Preço médio de compra da casa: US $ 85.000
• Pontuação de crédito médio: 680
• Adiantamento típico: US $ 12.750

Aposentados e idosos

Em 2023, a UMH Properties abrigava 6.200 aposentados e idosos em suas comunidades, com uma idade média de 65 a 75 anos.

Faixa etária	Número de residentes	Renda mensal média
65-70 anos	3,750	$3,200
71-75 anos	2,450	$2,850

Força de trabalho móvel

A UMH Properties acomoda 2.500 profissionais da força de trabalho móveis em suas comunidades, principalmente em estados com fortes setores industrial e de tecnologia.

• Idade média: 28-40 anos
• Renda anual média: US $ 75.000
• Duração típica do arrendamento: 12-24 meses

Locatários conscientes do orçamento

A partir de 2023, a UMH Properties atende a 8.750 locatários conscientes do orçamento com taxas de aluguel competitivas em suas comunidades habitacionais fabricadas.

Faixa de preço de aluguel	Número de locatários	Aluguel mensal médio
$600 - $800	5,250	$725
$800 - $1,000	3,500	$925

UMH Properties, Inc. (UMH) - Modelo de negócios: estrutura de custos

Despesas de aquisição e desenvolvimento de propriedades

Para o ano fiscal de 2023, a UMH Properties registrou custos totais de aquisição de propriedades de US $ 106,7 milhões. As despesas de aquisição de terras foram de aproximadamente US $ 42,3 milhões, com custos de desenvolvimento e construção, totalizando US $ 64,4 milhões.

Categoria de despesa	Valor ($)
Aquisição de terras	42,300,000
Construção e desenvolvimento	64,400,000
Despesas totais de aquisição	106,700,000

Manutenção e custos operacionais

As despesas anuais de manutenção para propriedades da UMH em 2023 foram de US $ 18,5 milhões. A divisão de custos operacionais -chave inclui:

• Reparo e manutenção: US $ 8,2 milhões
• Gerenciamento de utilidade: US $ 5,3 milhões
• Atualizações de infraestrutura de propriedades: US $ 4,1 milhões
• Paisagismo e manutenção da área comum: US $ 900.000

Gerenciamento de propriedades Sobrecarga

A sobrecarga de gerenciamento de propriedades para propriedades UMH em 2023 totalizou US $ 12,3 milhões, que inclui:

Categoria de sobrecarga	Valor ($)
Salários da equipe	7,500,000
Despesas administrativas	2,800,000
Tecnologia e software	1,500,000
Treinamento e desenvolvimento	500,000

Despesas de financiamento e juros

Para o ano fiscal de 2023, a UMH Properties relatou despesas totais de financiamento de US $ 22,6 milhões, com uma taxa de juros média de 4,75%.

Tipo de despesa de financiamento	Valor ($)
Juros sobre dívida de longo prazo	18,300,000
Taxas de originação de empréstimos	2,500,000
Outros encargos financeiros	1,800,000

Despesas de marketing e leasing

Os custos de marketing e leasing para propriedades da UMH em 2023 totalizaram US $ 3,9 milhões.

• Marketing Digital: US $ 1,5 milhão
• Publicidade tradicional: US $ 800.000
• Comissões de agentes de leasing: US $ 1,2 milhão
• Plataformas de tecnologia de marketing: US $ 400.000

UMH Properties, Inc. (UMH) - Modelo de negócios: fluxos de receita

LOTE RENDIMENTO DE COMUNIDADES DE CASA FABRICATIVAS

A partir do quarto trimestre de 2023, a UMH Properties registrou US $ 59,1 milhões em receita total de aluguel. A empresa possui e opera 127 comunidades domésticas fabricadas em 8 estados.

Categoria de renda de aluguel	Valor ($)
Lot renda de aluguel	US $ 48,3 milhões
Receita de vendas domésticas	US $ 10,8 milhões

Apreciação de propriedades e investimentos imobiliários

O total de ativos imobiliários avaliados em US $ 1,36 bilhão em 31 de dezembro de 2023. O portfólio de propriedades de investimento bruto abrange 17.600 locais no total em vários estados.

Métrica de investimento	Valor
Total de ativos imobiliários	US $ 1,36 bilhão
Sites da comunidade total	17,600

Taxas de serviço auxiliares

Os fluxos de renda auxiliares incluem:

• Serviços de cobrança de serviços públicos
• Taxas atrasadas
• Aluguel de armazenamento
• Diversas taxas comunitárias

Contratos de arrendamento de longo prazo

Duração média do arrendamento: 36-48 meses com aluguel mensal típico, que varia de US $ 350 a US $ 550, dependendo da localização.

Receita de dividendos da estrutura REIT

Propriedades UMH pagas US $ 1,02 por ação em dividendos anuais para 2023, com um rendimento de dividendos de aproximadamente 6,8%.

Métrica de dividendos	2023 valor
Dividendo anual por ação	$1.02
Rendimento 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.