Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
UMH Properties, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and develops manufactured housing communities. The company operates within the manufactured housing, residential real estate, and REIT industries, focusing on providing affordable housing options through land-lease communities. Its primary revenue is generated from rental income derived from leasing manufactured home sites and, to a lesser extent, rental homes owned by the company within its communities.
The company serves working- and middle-income residents, retirees, and families seeking affordable housing alternatives, primarily in suburban and semi-rural markets. UMH’s strategic positioning is centered on long-term ownership of communities in supply-constrained markets, active infill development, and the rental of company-owned homes, which differentiates it from purely site-rental operators. Founded in 1968, UMH evolved from a regional community owner into a multi-state REIT, expanding through acquisitions, development, and public market access following its REIT conversion in the 1990s.
Business Operations
UMH operates primarily through a single reportable business segment focused on Manufactured Housing Communities, which includes the ownership, operation, acquisition, and development of land-lease communities. Revenue is generated through site rents, home rentals, and ancillary income such as utility reimbursements and late fees. The company also sells and finances manufactured homes on a limited basis, though this is not a primary revenue driver.
Operations are concentrated in the United States, with no international business activities. UMH controls a portfolio of wholly owned communities and maintains an investment management function through UMH Sales and Finance, Inc., which supports home sales and financing activities. The company also holds equity investments in other manufactured housing-focused REITs, which contribute investment income but are not core operating assets.
Strategic Position & Investments
UMH’s strategic direction emphasizes organic growth through rental rate increases, community infill, and the placement of rental homes, alongside selective acquisitions of underperforming or expandable communities. The company has historically invested in upgrading infrastructure, improving occupancy, and expanding rental home programs to enhance cash flow stability and long-term asset value.
In addition to wholly owned properties, UMH maintains minority equity investments in publicly traded manufactured housing REITs, including Equity LifeStyle Properties, Inc. and Sun Communities, Inc., positioning itself to benefit from broader sector performance. The company is also involved in community expansion and development projects, particularly in markets experiencing population growth and housing affordability constraints.
Geographic Footprint
UMH’s portfolio is concentrated in the Northeast, Midwest, and Southeastern United States, with significant presence in Pennsylvania, Ohio, New York, New Jersey, Indiana, Michigan, Tennessee, and South Carolina. The company’s headquarters are located in Freehold, New Jersey.
The geographic strategy prioritizes states with favorable zoning conditions for manufactured housing, stable employment bases, and limited new supply. UMH does not operate outside the United States, but its multi-regional footprint provides diversification across local economic conditions and housing markets.
Leadership & Governance
UMH is led by a management team with long-standing tenure in the manufactured housing and REIT sectors, reflecting a continuity-driven leadership philosophy focused on conservative leverage, long-term ownership, and incremental growth. Governance is overseen by a board with experience in real estate, finance, and public company management.
Key executives include:
- Samuel A. Landy – President and Chief Executive Officer
- Eugene W. Landy – Chairman of the Board
- Robert P. Salmon – Executive Vice President and Chief Financial Officer
- Anna K. Chew – Vice President and Chief Operating Officer
The leadership team emphasizes disciplined capital allocation, operational efficiency, and the expansion of affordable housing solutions within regulated and supply-constrained markets.