UMH PROPERTIES, INC. ANNOUNCES DIVIDEND INCREASE

Rhea-AI Summary

UMH Properties, Inc. (UMH) announced a 4.9% increase in its quarterly common stock dividend to $0.215 per share, payable on June 17, 2024. The company experienced three consecutive quarters of normalized FFO per share growth in 2023, with a positive outlook on occupancy, revenue, and earnings growth.

FREEHOLD, NJ, April 01, 2024 (GLOBE NEWSWIRE) -- On April 1, 2024, UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) announced today that its Board of Directors approved a 4.9% increase in the Company’s quarterly common stock dividend, raising it to $0.215 per share from $0.205 per share. The dividend is payable June 17, 2024, to shareholders of record at the close of business on May 15, 2024. This represents an annual dividend rate of $0.86 per share.

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce a fourth consecutive annual increase of our common stock dividend. In 2023, we experienced three consecutive quarters of normalized FFO per share growth. Manufactured homes for sale or rent remain highly desirable housing for households earning $40,000 per year and more. Our supply and inventory issues are behind us and we anticipate future occupancy, revenue and earnings growth.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden
732-577-9997

# # # # #

FAQ

What is UMH's new quarterly common stock dividend after the increase?

UMH's new quarterly common stock dividend is $0.215 per share.

When is the dividend payable to shareholders?

The dividend is payable on June 17, 2024.

How many developed homesites does UMH own and operate?

UMH owns and operates approximately 25,800 developed homesites.

In which states are UMH's manufactured home communities located?

UMH's communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, and Georgia.

What was UMH's FFO per share growth like in 2023?

UMH experienced three consecutive quarters of normalized FFO per share growth in 2023.

What is the annual dividend rate per share for UMH?

The annual dividend rate per share for UMH is $0.86.

Who is the President and Chief Executive Officer of UMH?

Samuel A. Landy is the President and Chief Executive Officer of UMH.

When was UMH Properties, Inc. organized?

UMH Properties, Inc. was organized in 1968.