UMH Properties, Inc., which was organized in 1968, is a public equity REIT that currently owns and operates 145 manufactured home communities, containing approximately 27,000 developed homesites, of which 10,800 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included …
Full UMH-PD analysis →
Competitive advantage assessment
Key strengths
Stable NOI PerformanceNOI stability is excellent (score 0.74), suggesting reliable rent streams.
High-Quality PortfolioPortfolio quality is strong with stable occupancy (score 0.74) and growing NOI.
How UMH-PD scores on the REIT Specialized defenses
Rent Pricing Power
Score 52
· 20% of the moat score
For a REIT, pricing power is the ability to raise rents at renewal and still keep the space occupied.
AFFO Strength
Score 32
· 18% of the moat score
AFFO — adjusted funds from operations — is the cash a REIT can actually distribute after the recurring capital spending buildings need in order to stay leasable.
Balance Sheet & Cost of Capital
Score 49
· 20% of the moat score
Real estate is bought with borrowed money, so a REIT's cost of capital is its competitive advantage.
Capital Recycling & Growth
Score 86
· 16% of the moat score
REITs grow by issuing shares and debt to buy more property, which creates value only when the yield on the asset exceeds the cost of the capital raised.
Operational Efficiency
Score 29
· 14% of the moat score
Running property — leasing, maintenance, taxes, management — is the part of the business a REIT genuinely controls.
Portfolio Quality & Diversification
Score 78
· 12% of the moat score
Portfolio quality is really a question about what happens when a tenant fails.
What is UMH Properties, Inc. 6.375% Ser's moat score?
UMH Properties, Inc. 6.375% Ser (UMH-PD) scores 55 out of 100 on the StatsAlpha Moat Map, which rates its competitive advantage as moderate. The score is a weighted composite of 6 competitive defenses, each measured against industry peers of 24 companies in REIT - Residential. Its strongest defense is Capital Recycling & Growth (86/100) and its weakest is Operational Efficiency (29/100).
How is the moat score calculated?
Each company is scored with an industry-specific template — REIT Specialized in this case, chosen because the defenses that matter to a bank are not the ones that matter to a software company. Every defense combines several financial signals, and each signal is measured as a percentile against a peer group of 24 companies in REIT - Residential. The defenses are then weighted to produce the overall score out of 100.
Why is UMH Properties, Inc. 6.375% Ser scored with the REIT Specialized template?
A REIT is a portfolio of buildings financed with debt and required to distribute most of its taxable income. Reported earnings are dominated by depreciation on assets that often appreciate, so net income says very little; the real question is how much cash the properties distribute, and how securely. The REIT template scores what determines that: rent pricing, distributable cash, cost of capital, and the discipline behind growth.
Which competitive defenses are measured for UMH Properties, Inc. 6.375% Ser?
The REIT Specialized template measures 6 defenses, and UMH-PD scores: Rent Pricing Power (52), AFFO Strength (32), Balance Sheet & Cost of Capital (49), Capital Recycling & Growth (86), Operational Efficiency (29), Portfolio Quality & Diversification (78). Each is scored independently as a percentile against peers, so a company can be strong on one and weak on another — the overall score reflects how those defenses are weighted for this industry.
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