UMH PROPERTIES, INC. ANNOUNCES INCREASED STOCK REPURCHASE AUTHORIZATION TO $100 MILLION

Core Viewpoint - UMH Properties, Inc. has authorized a significant increase in its share repurchase program from $25 million to $100 million, reflecting confidence in the company's intrinsic value and operational strength [1][5]. Share Repurchase Program - The Board of Directors has approved a repurchase program that allows for the purchase of up to $100 million of common stock, a notable increase from the previous authorization of $25 million [1]. - Since the initial approval of the share repurchase program in 2009, the company has repurchased approximately 194,000 shares at a weighted average price of $10.64 per share, totaling around $2.1 million [1]. - No share repurchases have been made since 2020, indicating a potential shift in strategy with the new authorization [1]. Implementation Details - The repurchase program will be executed through various methods, including open market purchases, privately negotiated transactions, or block trades, in compliance with applicable laws and regulations [2]. - The timing and size of purchases will be at management's discretion, influenced by market conditions, regulatory requirements, and capital availability [3]. - The program does not obligate the company to acquire a specific amount of stock and can be modified or suspended at any time [3]. Current Financial Programs - The company maintains its September 2024 common stock at-the-market sale program and its March 2025 preferred stock at-the-market program, although no common shares are currently being issued under the ATM program [4]. - The company retains the right to utilize these programs in the future based on market conditions [4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, operating 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [5]. - The communities are located across several states, including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5].