UMH PROPERTIES, INC. ANNOUNCES DIVIDEND INCREASE
UMH Properties, Inc. announced a 2.5% increase in its quarterly common stock dividend, raising it from $0.20 to $0.205 per share.
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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
Details
News Market Reaction – UMH
The recorded move for UMH in the trading session of this news was +4.54%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
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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