UMH Properties Added to Hard Asset Land Owner Stock Screen

UMH Properties, Inc. (NYSE: UMH) was included in a stock screen for companies with hard asset land value, published on 19 June 2026. The screen highlighted U.S. real estate investment trusts trading at a discount to their underlying net asset value. UMH shares closed at $17.85 on 18 June, representing an approximate 15% discount to its last reported book value per share. The screen targets assets that serve as a store of value during periods of persistent inflation and monetary expansion.

Context — why this matters now

Inflation expectations have re-accelerated, with the 5-year breakeven rate climbing from 2.1% to 2.6% in the first half of 2026. This shift refocuses institutional capital on tangible assets that act as an inflation hedge. The last major rotation into hard assets occurred during the 2020-2022 inflationary spike, where timberland REITs like Weyerhaeuser (WY) and PotlatchDeltic (PCH) saw premiums to NAV expand above 20%.

The current catalyst is a combination of fiscal deficit concerns and central bank balance sheet expansions. Major economies are running deficits exceeding 5% of GDP, increasing the perceived long-term debasement risk of fiat currencies. Hard assets with limited supply, such as productive land, historically preserve purchasing power under these conditions. The specific screen for land-owning companies signals a top-down search for scarcity value within public equity markets.

Data — what the numbers show

UMH Properties reported a book value of $21.05 per share for Q1 2026. Its current market price of $17.85 implies a 15.2% discount to that NAV. The company owns approximately 134,000 developed and undeveloped home sites across 133 communities. Its portfolio spans eight U.S. states, with a heavy concentration in the Mid-Atlantic and Midwest regions.

Comparable land-owning REITs trade at significant premiums. Farmland Partners (FPI) trades at a 1.3x price-to-book ratio, a 30% premium. Timber giant Rayonier (RYN) trades at a 1.2x multiple. UMH’s discount contrasts with these peers, despite its asset base of owned land. The S&P 500 Real Estate sector trades at an average price-to-book of 1.1x, underperforming the broader S&P 500's 3.5x ratio year-to-date.

Metric	UMH Properties	Sector Average (Residential REITs)
Price-to-Book Ratio	0.85x	1.15x
Dividend Yield	4.3%	3.8%
YTD Total Return	+5.2%	+2.1%

Analysis — what it means for markets / sectors / tickers

The spotlight on land-owning REITs may divert capital from more leveraged property sectors like commercial office (SLG, BXP) and retail mall REITs (SPG). Direct beneficiaries include other discounted land owners like Gladstone Land (LAND), which focuses on farmland. A sustained rotation could compress the NAV discount for UMH by 500-700 basis points, aligning it closer to the 1.0x sector average.

The primary counter-argument is that manufactured housing communities are an operational business, not pure land plays. Valuations are tied to occupancy and rental income growth, not just underlying dirt value. A recession that pressures household income could hurt occupancy faster than land values provide support.

Positioning data shows institutional ownership of UMH at 65%, below the 75% average for REITs. Recent options flow indicates increased bullish call buying for January 2027 $20 strikes. Short interest remains low at 2.5% of float, suggesting limited bearish conviction against the tangible asset thesis.

Outlook — what to watch next

The next major catalyst is UMH’s Q2 2026 earnings report, scheduled for 31 July. Analysts will scrutinize the updated NAV per share and any commentary on land valuation appraisals. The monthly CPI print on 15 July will directly impact inflation-sensitive asset flows.

Key technical levels for UMH shares include immediate resistance at the 200-day moving average of $18.40. A sustained break above this level could target the $20.50 zone, representing a 0.97x price-to-book ratio. Support is established at the 50-day moving average of $17.25. A close below $17.00 would invalidate the recent bullish momentum and likely reopen the NAV discount.

Frequently Asked Questions

What is net asset value for a REIT?

Net Asset Value for a REIT is the estimated market value of all its real estate holdings, minus total liabilities, divided by outstanding shares. It represents what shareholders would theoretically receive if the company sold all assets and paid all debts. For land-owning REITs, NAV is a critical metric because it attempts to price the underlying dirt, separate from the company's operational income stream.

How does UMH Properties differ from other land REITs?

UMH owns land specifically for manufactured housing communities, which is a hybrid operational model. Unlike pure farmland or timberland REITs, UMH’s revenue derives from renting home sites and selling homes, not commodity production. This provides a steady income stream but also ties its fate to the health of the affordable housing sector and consumer credit conditions, adding a layer of business risk beyond raw land appreciation.

Can retail investors easily invest in hard assets?

Publicly traded REITs and resource companies are the most accessible vehicles. Beyond land-owning REITs, other options include gold trusts (GLD), broad commodity ETFs (GSG), and infrastructure funds. Direct ownership of physical land or commodities involves significant transaction costs, illiquidity, and management overhead, making securities a more practical route for most investors seeking inflation hedging exposure.

Bottom Line

UMH Properties trades at a notable discount to its land asset value amid a renewed institutional search for inflation-resistant holdings.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. CFD trading carries high risk of capital loss.