UMH Properties is a REIT that owns and operates 145 manufactured home communities across 12 states, primarily in the Northeast, Midwest, and Southeast, totaling approximately 27,100 developed homesites. The core business is simple: UMH owns land and community infrastructure, and residents either own their manufactured home and lease the land from UMH, or rent both the home and the site directly from UMH. Manufactured homes are factory-built dwellings that cost roughly 50% less per square foot than conventional homes, making them an affordable option for lower- and middle-income residents, particularly workforce housing for those earning $40,000–$80,000 annually. UMH's rental home program — covering roughly 11,000 company-owned homes — was a deliberate expansion beyond the traditional land-lease model, broadening UMH's customer base to include residents who can't qualify for home financing or prefer flexibility. Revenue comes primarily from rent (site rent and home-plus-site rent), supplemented by home sales and home financing through its UMH Sales and Finance subsidiary. The key earnings levers are occupancy across its ~27,100 homesites and rental rates, with UMH targeting 5% annual rent increases portfolio-wide. UMH grows by filling roughly 3,500 vacant sites organically, expanding communities on adjacent land, and acquiring under-occupied communities to upgrade and infill. UMH also holds a 40% JV with Nuveen Real Estate for greenfield development, and owns communities in the Marcellus and Utica Shale regions where energy sector activity drives demand for affordable workforce housing.