UMHUMH PROPERTIES, INC.
Real Estate Investment Trusts
- Revenue
- $35M
- 4.5% YoY
- Operating margin
- —
- EBITDA
- —
- Market cap
- $1.3B
- Employees
- 540
- $65K revenue each
- Net debt / EBITDA
- —
- $108M net debt
- AI in 10-K
- 2.4
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 5 years3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo14× net incomeCash flow under 80% of net income
- Dilutive SBCYes15% of revenueOver 10% of revenue
- Payouts exceed cash flowNo93% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo95% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$65K · 16th pctBottom quartile of its SIC industry
- Quiet on AINo2.4 per 10K words · 61st pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$1.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DYes2 filingsActive-intent 13D in 18 months
- Net insider sellingNo$90K netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $27M | $25M | $31M | $34M | $35M | 4.5% |
| Net income | $21M | −$36M | −$9M | $2M | $6M | 141% |
| Operating cash flow | $65M | −$7M | $120M | $82M | $82M | 0.5% |
| Stock-based comp | $3M | $5M | $5M | $5M | $5M | 12% |
| Buybacks | $0 | $0 | $0 | $0 | $5M | |
| Dividends | $32M | $41M | $49M | $59M | $71M | 21% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Sep 29, 2026 | Erez REIT Opportunities LP | SCHEDULE 13D/A | 9.0% | Active |
| Aug 11, 2026 | Erez REIT Opportunities LP | SCHEDULE 13D | 9.0% | Active |
| Jan 30, 2024 | LANDY EUGENE W | SC 13D/A | 1.9% | Passive |
| Jan 27, 2023 | LANDY EUGENE W | SC 13D/A | 2.5% | Passive |
| Jan 26, 2022 | LANDY EUGENE W | SC 13D/A | 2.4% | Passive |
Insider trading
- Open-market buys, 12 mo
- $120K · 18
- Open-market sells, 12 mo
- $30K · 1
- Net
- $90K
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $604K | 135 | 137 |
| FY2024 | $4M | $5M | 152 | 133 |
| FY2023 | $3M | $3M | 117 | 122 |
| FY2022 | $3M | $304K | 117 | 108 |
| FY2021 | $5M | $8M | 191 | 143 |