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

Rhea-AI Summary

UMH Properties (NYSE: UMH) announced a significant increase in its stock repurchase authorization from $25 million to $100 million. Since the initial program in 2009, UMH has repurchased approximately 194,000 shares at a weighted average price of $10.64 per share, totaling $2.1 million, with no repurchases since 2020.

The company will implement purchases through various methods, including open market purchases, privately negotiated transactions, or block trades. While UMH's September 2024 common stock ATM program and March 2025 preferred stock ATM program remain in place, the company is currently not issuing common shares under the ATM program.

UMH Properties owns and operates 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units across multiple states.

Positive

• Significant increase in buyback authorization to $100 million shows strong confidence in company's value
• Strong operational and balance sheet position enables increased share repurchase capacity
• Flexibility maintained with both stock repurchase and ATM programs in place
• Large portfolio of 144 communities with 26,800 homesites demonstrates substantial scale

Negative

• No share repurchases executed since 2020 despite previous authorization
• Limited historical utilization of buyback program (only $2.1 million spent historically)

Insights

Financial Analyst

UMH's fourfold increase in share repurchase authorization signals management confidence in undervaluation despite minimal historical buyback activity.

UMH Properties' decision to quadruple its share repurchase authorization from $25 million to $100 million represents a significant financial commitment, especially when considering the company's historical buyback activity. Since initiating the program in 2009, UMH has repurchased only $2.1 million worth of shares (approximately 194,000 shares at $10.64 per share weighted average), with no repurchases since 2020.

This dramatic authorization increase suggests management and the board perceive a substantial disconnect between the current trading price and their assessment of intrinsic value. For context, UMH operates 144 manufactured home communities with approximately 26,800 homesites across 12 states, plus self-storage units - assets that typically provide reliable cash flows.

What's particularly noteworthy is the company's dual approach to capital management. While substantially increasing buyback capacity, UMH has simultaneously maintained its ATM (at-the-market) programs for both common and preferred stock, though the common stock program is currently paused. This gives management maximum flexibility to either return capital via buybacks or raise capital through stock issuance, depending on market conditions.

The announcement signals management's confidence in the company's operations and balance sheet strength, though investors should note the cautious implementation approach indicated by both the historical repurchase pattern and the "monitor the market" language. This strategic flexibility indicates disciplined capital allocation rather than an aggressive commitment to immediately deploy the full authorization.

FREEHOLD, NJ, Sept. 22, 2025 (GLOBE NEWSWIRE) -- UMH Properties, Inc. (NYSE: UMH; TASE: UMH), announced today that the Board of Directors has authorized the Company to repurchase up to $100 million of its outstanding common stock, an increase from the Board’s previous authorization of up to $25 million of common stock repurchases. The Board of Directors initially approved a share repurchase program in 2009 and, since that time, UMH has repurchased approximately 194,000 shares of common stock at a weighted average price of $10.64 per share for a total purchase price of approximately $2.1 million. There have been no share repurchases made since 2020.

The increased share repurchase program is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations.

The size, scope and timing of any purchases will be made at management’s discretion based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, applicable securities laws, and capital availability. The repurchase program does not require the Company to acquire any particular amount of common stock, and the program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice.

The Company’s September 2024 common stock at-the-market sale program (“ATM program”) remains in place (as does its March 2025 preferred stock at-the-market program (“Preferred Stock ATM program”)); however, common shares are not being issued under the common stock ATM program at this time. The Company retains the right to use the ATM program and/or the Preferred Stock ATM program in the future based on market conditions.

Samuel A. Landy, President and Chief Executive Officer stated, “The Board’s decision to increase our share repurchase program capacity to $100 million reflects our strong conviction in the intrinsic value of our stock and the strength of our operations and balance sheet. We are committed to driving strong shareholder returns while returning capital to shareholders. We will monitor the market to determine the appropriate time to utilize the common stock repurchase program.”

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 144 manufactured home communities, containing approximately 26,800 developed homesites, of which 10,600 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 144 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, that UMH has an ownership interest in and operates through its joint venture with Nuveen Real Estate.

Contact: Nelli Madden
                732-577-4062

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FAQ

How much did UMH Properties (NYSE: UMH) increase its stock buyback program to?

UMH Properties increased its stock buyback authorization from $25 million to $100 million.

How many shares has UMH Properties repurchased since 2009?

UMH has repurchased approximately 194,000 shares at a weighted average price of $10.64 per share, totaling about $2.1 million.

When was UMH Properties' last share repurchase?

The company has not made any share repurchases since 2020.

How many manufactured home communities does UMH Properties own?

UMH Properties owns and operates 144 manufactured home communities containing approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units.

What methods will UMH Properties use for the stock buyback?

UMH will implement purchases through various methods, including open market purchases, privately negotiated transactions, or block trades.