UMH PROPERTIES, INC. ANNOUNCES PROMOTION OF T.C. SHEPPARD

Rhea-AI Summary

UMH Properties, Inc. (NYSE: UMH) has announced the promotion of T.C. Sheppard to Senior Vice President of Sales and Consumer Finance. Under Sheppard's leadership since 2020, UMH has seen significant growth in key areas:

• Sales increased by 54% from $20.3 million in 2020 to $31.2 million in 2023
• Notes receivable portfolio grew by 88% from $44.3 million at the end of 2020 to $83.3 million in Q2 2024

UMH, a public equity REIT founded in 1968, owns and operates 136 manufactured home communities with approximately 25,800 developed homesites across 11 states. The company also has a joint venture with Nuveen Real Estate, operating two communities in Florida with 363 sites.

Positive

• 54% increase in sales from $20.3 million in 2020 to $31.2 million in 2023
• 88% growth in notes receivable portfolio from $44.3 million to $83.3 million
• Promotion of successful executive indicates strong internal growth and leadership development

Negative

• None.

FREEHOLD, NJ, Aug. 08, 2024 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH) is proud to promote T.C. Sheppard to Senior Vice President of Sales and Consumer Finance.

Samuel A. Landy, President and Chief Executive Officer, commented, “T.C. has excelled in his prior role of Vice President of Consumer Finance. Since his last promotion in 2020, sales have increased from $20.3 million in 2020 to $31.2 million in 2023, or an increase of 54%. Additionally, our notes receivable portfolio has increased from $44.3 million at year end 2020 to $83.3 million as of Q2 2024, representing an increase of 88%. He has done an excellent job working with our community managers and customers to obtain financing and ultimately close home sales. Our sales and finance operation has grown over the years and should continue to grow as demand for sales at our communities increases. We are proud to promote T.C. Sheppard to Senior Vice President of Sales and Consumer Finance.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 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 T.C. Sheppard's new role at UMH Properties (NYSE: UMH)?

T.C. Sheppard has been promoted to Senior Vice President of Sales and Consumer Finance at UMH Properties, Inc. (NYSE: UMH).

How much did UMH Properties' (NYSE: UMH) sales increase from 2020 to 2023?

UMH Properties' sales increased by 54%, from $20.3 million in 2020 to $31.2 million in 2023.

What was the growth in UMH Properties' (NYSE: UMH) notes receivable portfolio as of Q2 2024?

UMH Properties' notes receivable portfolio grew by 88%, from $44.3 million at the end of 2020 to $83.3 million as of Q2 2024.

How many manufactured home communities does UMH Properties (NYSE: UMH) own and operate?

UMH Properties owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites across 11 states.