UMH Properties Inc (NYSE: UMH) is a real estate investment trust that owns and operates manufactured home communities, primarily leasing homesites to residents. Revenue comes from homesite lease payments, rental of company-owned manufactured homes, and home sales and financing activity conducted through its wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. UMH is a self-administered and self-managed REIT incorporated originally in New Jersey in 1968, re-incorporated in Maryland in 2003, and elected REIT status effective January 1, 1992. The company's executive office is located in Freehold, New Jersey. Each resident typically leases the land parcel from UMH while owning or renting the manufactured home placed on that site. UMH owns the underlying land, utility connections, streets, lighting, driveways, and common area amenities across its communities. In 2022, UMH also formed an opportunity zone entity as an additional business activity. The manufactured housing sector positions itself as an affordable alternative to site-built single-family housing, with new manufactured home costs averaging up to 50 percent less per square foot than comparable site-built homes, excluding land.

Revenue model

UMH generates revenue through three primary streams: homesite lease rents paid by residents who own their manufactured homes, rental income from company-owned homes leased to residents, and home sales and financing fees processed through UMH Sales and Finance, Inc., a wholly-owned taxable REIT subsidiary.

Products and services

Manufactured home community homesites leased to residents; manufactured homes leased directly to residents; manufactured home sales and financing through UMH Sales and Finance, Inc.; opportunity zone investments formed in 2022.

Customers and end markets

Individual residents seeking affordable single-family housing who either own their manufactured home and lease the land site, or rent a company-owned home placed within a UMH community. End market is affordable residential housing, positioned as a lower-cost alternative to conventional site-built homes.

Value-chain role

Land owner and community operator. UMH owns the underlying land, infrastructure, and common areas; manufactured homes are produced off-site by third-party manufacturers and installed on UMH-owned sites. UMH acts as landlord, property manager, home rental operator, and home sales and finance intermediary.

Geographic exposure

United States. Executive office in Freehold, New Jersey. Specific state or regional breakdown of communities not disclosed in the filing excerpts provided.

Source: SEC 10-K, filed 2026-02-25

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