2024-04-01 23:30:42 ET
Summary
- UMH Properties is a REIT focused on manufactured housing in the eastern and central regions of the United States.
- The company benefits from its exposure to the Marcellus & Utica Shale region, where it provides housing for workers in the natural gas industry.
- UMH Properties has been executing steady rental increases and improving occupancy, with the potential for further FFO growth in the future.
- With a stable balance sheet and strong FFO generation on a per-share basis, the dividend looks safe and has the potential to grow.
- At 20.1x P/FFO, the valuation appears expensive, but looking out a few years on a forward basis makes it much more reasonable.
Investment Thesis
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UMH Properties: Appears Expensive But Worth Paying Up For FFO Growth