[Form 4] UMH PROPERTIES, INC. Insider Trading Activity

Rhea-AI Filing Summary

Stuart Levy, identified as a director of UMH Properties, Inc. (UMH), reported a sale of 25,165.81 common shares on 09/15/2025. The filing notes that the reported figure includes 365.54 shares acquired through dividend reinvestment on 09/15/2025. The Form 4 also discloses direct ownership of stock options: 11,000 options with a $15.80 strike expiring 01/10/2034, 10,000 options with a $14.36 strike expiring 03/21/2033, and 12,000 options with a $16.86 strike expiring 06/16/2035.

Positive

• Timely Section 16 disclosure of insider transaction and holdings
• Clear listing of option positions including strikes, expirations, and share equivalents

Negative

• Director disposed of 25,165.81 shares, which may be notable to investors monitoring insider sales

Insights

Financial Analyst

TL;DR: Insider director sold 25,165.81 shares and continues to hold substantial exercisable option positions across multiple vintages.

The Form 4 shows a sizable open-market disposition of 25,165.81 shares by a company director on 09/15/2025, with an explicit note that 365.54 shares were acquired via dividend reinvestment on that date. The filing separately lists three direct option positions totaling 33,000 underlying shares across strikes from $14.36 to $16.86 with expirations from 2033 to 2035. For investors, the combination of an outright sale and retained option exposure signals liquidity-taking rather than full exit, while continued option holdings preserve potential upside exposure tied to UMH equity performance.

Corporate Governance Expert

TL;DR: Director complied with Section 16 reporting; transaction pattern shows sale plus sustained incentive alignment via options.

The Form 4 appears to be a standard Section 16 disclosure by a director. The report documents a disposal and documents existing option grants held directly, which maintains transparency about the director's economic interests. There is no disclosure of derivative hedging or indirect ownership structures in this filing. From a governance perspective, timely reporting of both the cash-equity disposition and option holdings supports transparency for shareholders.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Levy Stuart

(Last) (First) (Middle)

3499 ROUTE 9 NORTH

SUITE 3C

(Street)

FREEHOLD NJ 07728

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
UMH PROPERTIES, INC. [ UMH ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
UMH Properties, Inc.								25,165.81(1)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
UMH Properties, Inc.	$15.8							01/10/2025	01/10/2034	UMH Properties, Inc.	11,000		11,000	D
UMH Properties, Inc.	$14.36							03/21/2024	03/21/2033	UMH Properties, Inc.	10,000		10,000	D
UMH Properties, Inc.	$16.86							06/16/2026	06/16/2035	UMH Properties, Inc.	12,000		12,000	D

Explanation of Responses:

1. Includes 365.54 shares acquired through dividend reinvestment on 9/15/25.

	Nelli Madden	09/29/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Stuart Levy report on UMH's Form 4?

The form reports a disposition of 25,165.81 shares on 09/15/2025.

Does the Form 4 show any option holdings for UMH by Stuart Levy?

Yes. It lists 11,000 options at $15.80 (exp 01/10/2034), 10,000 options at $14.36 (exp 03/21/2033), and 12,000 options at $16.86 (exp 06/16/2035), all held directly.

Were any shares acquired as part of the reported transaction?

The filing notes the reported amount includes 365.54 shares acquired through dividend reinvestment on 09/15/2025.

What is the reporting person’s relationship to UMH?

The reporting person, Stuart Levy, is identified as a director of UMH Properties, Inc.

Does the Form 4 show any indirect ownership or hedging arrangements?

No. The filing indicates direct ownership for the disclosed positions and does not report indirect holdings or hedging.

How many total underlying shares are shown from option positions in this filing?

The filing shows a total of 33,000 underlying shares from the three listed option positions (11,000 + 10,000 + 12,000).