UMH Properties Raises Quarterly Dividend by 4.9%

UMH Properties, Inc. has announced a 4.9% increase in its quarterly common stock dividend, raising it to $0.215 per share from $0.205 per share. This represents an annual dividend rate of $0.86 per share. The dividend is payable on June 17, 2024, to shareholders of record at the close of business on May 15, 2024.

In 2023, UMH experienced three consecutive quarters of normalized FFO (Funds From Operations) per share growth. The company owns and operates 135 manufactured home communities containing approximately 25,800 developed homesites across various states. Additionally, UMH has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

UMH's President and CEO, Samuel A. Landy, expressed pleasure in announcing the fourth consecutive annual increase of the common stock dividend. He also noted that manufactured homes for sale or rent remain highly desirable housing for households earning $40,000 per year and more. UMH has resolved its supply and inventory issues and anticipates future occupancy, revenue, and earnings growth. The market has reacted to these announcements by moving the company's shares -0.0% to a price of $15.94. If you want to know more, read the company's complete 8-K report here.

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