UMH PROPERTIES, INC. ANNOUNCES DIVIDEND INCREASE

Rhea-AI Summary

UMH Properties, Inc. announced a 2.5% increase in its quarterly common stock dividend, raising it from $0.20 to $0.205 per share. This dividend is payable on March 15, 2023, to shareholders of record by February 15, 2023, equating to an annual rate of $0.82 per share. President Samuel A. Landy highlighted that this marks the third consecutive annual increase and indicates the company's strong earnings potential following the redemption of preferred stock and solid operating performance. The company aims for continued demand and potential future dividend growth.

Positive

• 3rd consecutive annual dividend increase
• Dividend raised to $0.205 per share, offering an annual rate of $0.82
• Positive outlook for earnings growth due to redemptions of preferred stock
• Inventory of homes available for sale and rent expected to boost occupancy and revenue

Negative

• Economic environment considered uncertain and challenging

FREEHOLD, NJ, Jan. 11, 2023 (GLOBE NEWSWIRE) -- On January 11, 2023, the Board of Directors of UMH Properties, Inc. (NYSE:UMH) announced today that its Board of Directors approved a 2.5% increase in the Company’s quarterly common stock dividend, raising it to $0.205 per share from $0.20 per share. The dividend is payable March 15, 2023, to shareholders of record at the close of business on February 15, 2023. This represents an annual dividend rate of $0.82 per share. 

Samuel A. Landy, President and Chief Executive Officer, commented, “We are pleased to announce a third consecutive annual increase of our common stock dividend. UMH is well positioned for earnings growth as a result of the redemption of our preferred stock and our solid community operating performance. We have inventory of homes available for sale and rent that should lead to increased occupancy, revenue and sales profits in the short term. The economic environment is uncertain and challenging, but we anticipate continued strong demand for our product and hope to be in a position for additional future dividend increases.” 

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 134 manufactured home communities containing approximately 25,600 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina. 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

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FAQ

What is the new dividend amount for UMH Properties, Inc.?

The new dividend amount is $0.205 per share.

When will the dividend be paid to shareholders?

The dividend will be paid on March 15, 2023.

What is the record date for the dividend payment of UMH Properties?

The record date for the dividend payment is February 15, 2023.

How has UMH Properties' dividend changed over the years?

It represents the third consecutive annual increase in their common stock dividend.

What factors are influencing UMH Properties' outlook on earnings growth?

The redemption of preferred stock and solid community operating performance are key factors.