UMH Preferred: A 7.3% Yield And A Discount To Par

UMH Properties' 6.375% Series D preferred shares trade at a ~12.5% discount to par, yielding ~7.3%, offering both income and capital appreciation potential. Strong FFO coverage (~4–5x) and consistent dividend history suggest the relative safety of UMH.PR.D's payouts, supported by the REIT's current liquidity and moderate debt maturities. Manufactured housing's affordability drives demand resilience, offsetting interest rate headwinds and supporting UMH's stable cash flows for preferred and common dividends.