UMH Properties (UMH) Financials

UMH Properties Financial Overview (Q1 2025 vs Prior Quarters/Years)

UMH Properties has shown mixed financial results in recent quarters spanning from Q3 2022 through Q1 2025. In Q1 2025, the company reported a consolidated net income of approximately $4.81 million, a modest improvement in absolute terms compared to some prior quarters, though the net income attributable to common shareholders was slightly negative at -$271,000 due to preferred stock dividends. Depreciation and operating expenses are significant and continue to weigh on net earnings.

The balance sheet remains strong with a total asset base exceeding $1.54 billion as of Q1 2025, largely driven by premises and equipment at about $1.3 billion. Long-term debt stands at approximately $606 million, reflecting manageable leverage relative to equity.

Here are some key positive, neutral, and negative trends and data points based on the last four years of quarterly financial data:

• Consistent positive consolidated net income quarters in recent periods, including $4.81M in Q1 2025 and $12.95M in Q3 2024, indicating operational profitability.
• Growth in total assets from approximately $1.27B in Q3 2022 to $1.55B in Q1 2025, showing asset base expansion and potential for revenue generation.
• Stable cash flow from operating activities, with $12.8M generated in Q1 2025 and higher amounts in prior quarters, supporting business operations and investment capacity.
• Issuance of common equity in multiple recent quarters (e.g., $11.99M in Q1 2025), strengthening capital base and supporting growth investments.
• Non-interest income remains the sole contributor to revenue with no interest income or expense recorded, consistent with a focus on real estate operations rather than lending.
• Depreciation Expense remains high (~$13M-$17M quarterly), reflecting the capital-intensive nature of the business but also steady asset utilization.
• Net income attributable to common shareholders fluctuates with some quarters slightly negative, indicating income available for common equity holders is pressured by preferred dividends.
• Preferred stock dividends consistently exceed net income attributable to common shareholders, causing net losses for common shareholders in several quarters.
• Significant investing cash outflows for property and equipment acquisitions ($20M-$47M range quarterly), impacting free cash flow and requiring financing.
• Net change in cash and equivalents has been volatile, with a sharp decline of approximately $62.3M in Q1 2025, highlighting liquidity pressures from investing activities exceeding operating cash flow.

Summary: UMH Properties is steadily growing its asset base and generally producing positive consolidated net income at the corporate level. However, net income available to common shareholders is negatively impacted by substantial preferred dividends. Earnings quality is supported by non-interest income and stable property assets, but high depreciation and capital expenditures weigh on free cash flow. The company’s ability to finance these investments and manage preferred equity obligations will be critical in future periods.