Core Viewpoint - UMH Properties, Inc. has announced the tax treatment of its 2025 distributions to shareholders, detailing the nature of cash distributions for both common and preferred shares for the year ended December 31, 2025 [1]. Distribution Summary - For common shares, total distributions per share for 2025 amounted to $0.890, with $0.175857 classified as non-qualifying ordinary income and $0.714143 as return of capital [2][4]. - For preferred shares, total distributions per share for 2025 were $1.593750, all classified as non-qualifying ordinary income [3][4]. Tax Treatment Details - The breakdown of common share distributions includes: - March 17, 2025: $0.215 total distribution, with 19.76% as non-qualifying ordinary income and 80.24% as return of capital [4]. - June 16, 2025: $0.225 total distribution, with the same percentage breakdown as above [4]. - September 15, 2025: $0.225 total distribution, maintaining the same classification [4]. - December 15, 2025: $0.225 total distribution, consistent with previous distributions [4]. - The preferred shares had a consistent distribution of $0.3984375 per share for each payment date, all classified as non-qualifying ordinary income [3][4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 145 manufactured home communities with approximately 27,100 developed homesites, including 11,000 rental homes and over 1,000 self-storage units across multiple states [9].

Industry Overview - Manufactured housing is experiencing strong structural tailwinds due to rising demand, limited supply, and predictable revenue streams, making it an attractive investment opportunity [2][3] - The affordability crisis is a significant issue, with many Americans priced out of conventional single-family homes, leading to an urgent search for affordable housing [4][5] Company Analysis Sun Communities Inc. (SUI) - Sun Communities is a leading real estate investment trust (REIT) that owns and operates manufactured housing communities, benefiting from residents who own their homes but rent the land, resulting in stable occupancy and cash flow [8][9] - The company's national footprint allows it to acquire smaller properties, enhancing operational efficiency and net operating income, particularly in high-growth Sun Belt markets [9] - SUI offers steady income with long-term growth potential, with a consensus price target of $136.69 and a dividend yield of 3.3%, which has increased by an average of 4.6% over the last three years [10] Champion Homes (SKY) - Champion Homes is one of the largest manufacturers of factory-built homes in the U.S., positioned to benefit from rising demand for affordable housing options [12] - The company can achieve operating leverage as shipments increase, translating into higher margins and earnings, supported by government initiatives for affordable housing [12][13] - Despite being perceived as expensive at 24x earnings, it remains competitive within the construction sector, especially if affordability pressures drive demand for manufactured housing [14] UMH Properties Inc. (UMH) - UMH Properties operates primarily in the Midwest and Northeast, regions facing persistent housing shortages due to zoning restrictions and limited new construction [15] - The company focuses on organic growth by filling vacant sites within existing communities, which enhances occupancy and rental revenue without significant acquisition costs [16] - UMH offers a higher dividend yield of 5.67% and has a consensus price target of $18, indicating strong upside potential, although it is smaller and more leveraged than its competitors [17][18]

Core Viewpoint - UMH Properties, Inc. will host a webcast and conference call to discuss its Fourth Quarter and Full Year 2025 financial results, current market conditions, and future outlook on February 26, 2026 [1]. Financial Results Announcement - The financial results for the Fourth Quarter and Full Year 2025 will be released on February 25, 2026, after the close of trading on the New York Stock Exchange [2]. Participation Details - Interested parties can participate in the webcast via the company's website or through a conference call by calling toll-free numbers [3]. Replay Information - A replay of the conference call will be available on February 26, 2026, and can be accessed using specific toll-free numbers and a passcode [4]. Company Overview - UMH Properties, Inc. is a public equity REIT that owns and operates 145 manufactured home communities with approximately 27,000 developed homesites, including 11,000 rental homes and over 1,000 self-storage units across multiple states [5].

Group 1 - iREIT+HOYA Capital focuses on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - The investment group targets high-yield, dividend growth opportunities, offering portfolios with dividend yields up to 10% [2] - The service provides research on various investment vehicles including REITs, ETFs, closed-end funds, preferreds, and dividend champions [2] Group 2 - The investment philosophy emphasizes defensive stocks with a medium- to long-term horizon [2] - The group aims to help investors achieve dependable monthly income and portfolio diversification [2]

Core Viewpoint - UMH Properties, Inc. reported strong operational results for the fourth quarter and full year 2025, highlighting significant increases in occupancy, sales, and strategic acquisitions, demonstrating the effectiveness of its business plan [1][3]. Operational Performance - The company added 717 new rental homes in 2025, resulting in a total of approximately 11,000 rental homes with an occupancy rate of 93.8% [3]. - Same property occupancy increased by 354 units year-over-year, reaching 88.3% [3]. - Gross home sales revenue for Q4 was $9.2 million, an increase of 7% from $8.6 million in the same period last year, while total sales revenue for the year was approximately $36.3 million, up 8% from $33.5 million [3]. - Rental and related income for Q4 was $57.7 million, an 8% increase from $53.3 million last year, and for the year, it was $226.2 million, up 9% from $207.0 million [3]. Strategic Acquisitions and Refinancing - The company acquired five manufactured home communities for a total of $41.8 million, which included 587 developed homesites with an occupancy rate of 78% [3]. - A community in Albany, GA was purchased for $2.6 million, containing 130 developed homesites with 32% occupancy [3]. - UMH successfully refinanced 17 communities, generating proceeds of $193.2 million at a weighted average interest rate of 5.67%, which will be used for debt repayment, capital improvements, and stock buybacks [4]. Financial Position and Future Outlook - The company completed the sale of approximately $80.2 million of its 5.85% Series B Bonds due 2030, with proceeds allocated for working capital and corporate purposes [3]. - The refinancing efforts resulted in a valuation increase of $169 million, representing a 121% increase in value for the refinanced communities [4]. - The company anticipates continued earnings per share growth due to its strategic investments and operational performance [5].

I give a strong buy rating to UMH Properties, Inc. ( UMH ). The outlook for the company is very positive thanks to its opportunity to benefit from the shortage of affordable housing in the US. InI am a dynamic finance professional with a Master’s in Banking & Finance from Université Paris 1 Panthéon-Sorbonne. My investing background mix corporate finance, M&A, and investment analysis, with a focus on real estate, renewable energy, and equity markets. I specialize in financial modelling, valuation, and quali ...

Core Viewpoint - UMH Properties, Inc. is rated as a strong buy due to its favorable position to capitalize on the shortage of affordable housing in the US [1] Company Summary - The company is expected to benefit significantly from the current market conditions related to affordable housing [1] Analyst Background - The analysis is conducted by a finance professional with a Master's in Banking & Finance, specializing in financial modeling, valuation, and qualitative analysis, particularly in real estate and renewable energy sectors [1]

Core Viewpoint - The article summarizes key research rating adjustments from Wall Street that are likely to influence market trends, highlighting companies with upgraded, downgraded, and newly initiated ratings [1][6]. Upgraded Ratings - Toll Brothers (TOL): JPMorgan upgraded the rating from "Neutral" to "Overweight," raising the target price from $138 to $161, citing significantly higher gross and operating margins compared to industry averages [5]. - Toast (TOST): JPMorgan upgraded the rating from "Neutral" to "Overweight," maintaining the target price at $43, with expectations of improved performance if regulatory policies on transaction fees are implemented [5]. - Accelerant (ARX): Citizens JMP upgraded the rating from "Market Perform" to "Outperform," setting a target price of $20, indicating that market concerns over its related party business have been overstated [5]. - UMH Properties (UMH): Colliers upgraded the rating from "Neutral" to "Buy," increasing the target price from $16 to $17, highlighting the resilience of the manufactured housing sector [5]. - Descartes Systems (DSGX): Raymond James upgraded the rating from "Market Perform" to "Outperform," setting a target price of $118, noting that the current price-to-EBITDA ratio is near a 10-year low, positioning it well for a market recovery [5]. Downgraded Ratings - PayPal (PYPL): JPMorgan downgraded the rating from "Overweight" to "Neutral," lowering the target price from $85 to $70, indicating that 2026 will be a critical year for execution and investment [5]. - Sociedad Química y Minera (SQM): Goldman Sachs downgraded the rating from "Buy" to "Neutral," raising the target price from $45 to $63, as the stock has risen 80% this year, exceeding fundamental support [5]. - Lennar (LEN): JPMorgan downgraded the rating from "Neutral" to "Underweight," lowering the target price from $118 to $115, maintaining a cautious stance on the residential builders sector for 2026 [5]. - Halozyme (HALO): Goldman Sachs downgraded the rating from "Neutral" to "Sell," setting a target price of $56, expressing concerns over the ambitious revenue targets set for 2041 [5]. - Fidelity National Information Services (FISV): JPMorgan downgraded the rating from "Overweight" to "Neutral," maintaining the target price at $85, indicating that 2026 will be a year requiring proof of execution [5]. Newly Initiated Ratings - United Airlines (UAL): Citigroup initiated coverage with a "Buy" rating and a target price of $132, citing a positive outlook for the airline industry [10]. - General Electric Aviation (GE): Susquehanna initiated coverage with a "Positive" rating and a target price of $350, noting its dominant position in the commercial aviation engine market [10][12]. - Hershey (HSY): Jefferies resumed coverage with a "Hold" rating and a target price of $181, acknowledging the company's strategies to manage cocoa cost pressures while noting high current valuations [10][13]. - Monday.com (MNDY): Guggenheim initiated coverage with a "Buy" rating and a target price of $250, indicating a potential 64% upside from current levels [10][13]. - Cava Group (CAVA): Truist initiated coverage with a "Buy" rating and a target price of $66, highlighting its leadership in the Mediterranean fast-casual dining sector [10][13].

Core Viewpoint - Teacher Retirement System of Texas has reduced its holdings in UMH Properties by 17.8%, indicating a shift in institutional investment sentiment towards the company [2] Institutional Holdings - Teacher Retirement System of Texas sold 17,571 shares, reducing its ownership to 80,989 shares, valued at $1,360,000, representing 0.10% of UMH Properties [2] - KBC Group NV purchased a new position valued at approximately $32,000 in the 1st quarter [3] - Principal Financial Group Inc. increased its position by 3.6%, owning 38,816 shares valued at $726,000 after acquiring an additional 1,362 shares [3] - Nisa Investment Advisors LLC raised its position by 5.0%, now owning 22,380 shares valued at $419,000 [3] - Bailard Inc. increased its stake by 11.1%, owning 17,000 shares valued at $318,000 [3] - Allianz Asset Management GmbH acquired a new stake valued at approximately $788,000 [3] - Hedge funds and institutional investors currently own 75.40% of UMH Properties [3] Analyst Ratings - Wall Street Zen downgraded UMH Properties from "hold" to "sell" [4] - Weiss Ratings maintained a "hold (c)" rating [4] - Cantor Fitzgerald initiated coverage with a "neutral" rating and a price target of $15.00 [4] - The average rating for UMH Properties is "Hold" with a price target of $18.50 [4] Price Performance - UMH Properties shares opened at $14.84, with a 1-year low of $13.95 and a high of $20.42 [5] - The company has a market capitalization of $1.26 billion, a PE ratio of 106.00, and a beta of 1.06 [5] Earnings Results - UMH Properties reported earnings of $0.25 per share, matching consensus estimates [6] - Revenue for the quarter was $66.92 million, below analyst estimates of $68.70 million [6] - Analysts expect UMH Properties to post an EPS of 0.93 for the current year [6] Dividend Announcement - A quarterly dividend of $0.225 per share will be paid on December 15th, representing an annualized dividend of $0.90 and a yield of 6.1% [7] - The dividend payout ratio is notably high at 1,125.00% [7] Insider Transactions - Director Angela D. Pruitt sold 1,600 shares at an average price of $16.06, reducing ownership by 13.91% [8] - CEO Samuel A. Landy sold 45,700 shares at an average price of $16.40, representing a 3.98% decrease in ownership [8] - Over the last three months, insiders purchased 10,743 shares valued at $155,097 and sold 175,249 shares valued at $2,775,528 [9] Company Profile - UMH Properties, Inc. is a public equity REIT that owns and operates 135 manufactured home communities with approximately 25,800 developed homesites across several states [10]

Financial Data and Key Metrics Changes - Normalized FFO per diluted share increased to $0.25 for Q3 2025, up 4% from $0.24 in Q3 2024, and up 9% sequentially from $0.23 in Q2 2025 [5][16] - Total revenue rose from $60.7 million in Q3 2024 to $66.9 million in Q3 2025, marking a 10% increase [8] - Year-to-date total income reached $194.8 million, a 9% increase from the prior year [8] Business Line Data and Key Metrics Changes - Rental and related income for Q3 2025 was $57.8 million, an 11% increase from $51.9 million in Q3 2024, driven by higher occupancy and rental rates [16] - Same property rental and related income increased by 9% for the quarter, while same property NOI increased by 12% [10][17] - The company converted 227 new homes from inventory to revenue-generating rental homes during the quarter [10] Market Data and Key Metrics Changes - The portfolio occupancy rate stands at 87.2%, with 3,500 vacant sites available for growth [6] - The company has approximately $33.6 million invested in joint ventures, which are expected to positively impact earnings in upcoming quarters [7] Company Strategy and Development Direction - The company aims to grow earnings per share and property values through disciplined capital management and strategic acquisitions [24] - Focus on increasing occupancy in vacant lots and developing new rental homes to meet the growing demand for affordable housing [14][25] - The company is well-positioned to capitalize on the national housing shortage, particularly in the manufactured housing sector [25] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about future growth, citing strong fundamentals in the manufactured housing sector and ongoing operational efficiencies [24][25] - The company anticipates achieving a 5% annual rent increase, generating an additional $11 million in revenue [14] - Management highlighted the potential for increased sales profits and occupancy rates as they fill remaining vacant sites [6][14] Other Important Information - The company issued $80 million of new 5.85% Series B Israeli bonds, which will be deployed accretively over time [9] - Total debt at quarter end was approximately $673 million, with 99% fixed rate [18] Q&A Session Summary Question: Can you provide some color on the occupancy upside for the new acquisition in Georgia? - The property in Albany, Georgia is currently about 30% occupied, with plans to improve infrastructure and add amenities, expecting rental rates to reach $1,000-$1,200 per month [27][28] Question: How do share repurchases fit into your capital allocation plan going forward? - The plan includes selling assets and issuing preferred stock to fund growth, with potential for stock repurchases [31][32] Question: Can you provide details on the opportunity set regarding oil and gas rights? - The company has 4,000 acres in the Marcellus and Utica Shale area, with increasing inquiries and demand for energy, indicating a growing value for these rights [35][36] Question: What are the seasonal expectations for home sales in Q4? - The sales pipeline remains strong, with expectations to potentially exceed last year's sales record despite Q4 typically being a slower season [52][54] Question: Are the homes on site contributing to the vacancy number? - Homes on site are not included in the overall occupancy number until they are rented for the first time [59][60]