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

Rhea-AI Filing Summary

Craig Koster, EVP and General Counsel of UMH Properties, Inc. (UMH), filed a Form 4 reporting transactions dated 09/15/2025. The filing shows a disposition of 124,745.4 common shares and a disposition of 337.002 preferred shares. The report lists ownership of multiple outstanding option grants exercisable through 2035 representing 354,000 underlying common shares across nine grants with strike prices from $9.70 to $23.81. The filing explains that the common-share total includes 1,727.08 shares from dividend reinvestment on 9/15/25 and 10,247 shares held in a 401(k) as of 9/29/25. The Form is signed and dated by a company representative on 10/02/2025.

Positive

• Timely disclosure of insider transactions on a SEC Form 4, meeting reporting obligations
• Detailed listing of derivative positions (options) with strike prices and expirations through 2035, showing transparent long-term compensation holdings

Negative

• Large disposition of 124,745.4 common shares reported on 09/15/2025, which is a materially sized sale disclosed by a senior executive

Insights

Securities Analyst

TL;DR: Significant insider disposition reported, while substantial option holdings remain, indicating continued long-term exposure.

The Form 4 discloses a notable disposal of 124,745.4 common shares and 337.002 preferred shares by the company's EVP and General Counsel on 09/15/2025. Separately, the filing documents 354,000 underlying shares held via multiple option grants with expirations through 2035 and strike prices ranging from $9.70 to $23.81. From a market-impact perspective, the size of the reported disposition is material in absolute terms and warrants attention, while the retained derivative positions reflect continued long-term economic exposure to the company.

Corporate Governance Expert

TL;DR: Filing shows required insider disclosure of a large sale and existing long-term incentive instruments; routine but material to governance monitoring.

The report is properly executed and itemizes both non-derivative dispositions and detailed derivative holdings. It also clarifies dividend reinvestment and 401(k) holdings included in the totals. For governance oversight, the combination of a large immediate disposition and sizeable unexercised option grants is important for monitoring insider alignment with shareholders, executive compensation structure, and potential future exercises or sales.

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

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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^*

Koster Craig

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP and General Counsel

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.								124,745.4(1)	D
UMH Properties, Inc. (Preferred D)								337.002	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.	$15.66							03/26/2025	03/26/2034	UMH Properties, Inc.	50,000		50,000	D
UMH Properties, Inc.	$14.36							03/21/2024	03/21/2033	UMH Properties, Inc.	75,000		75,000	D
UMH Properties, Inc.	$23.81							03/28/2023	03/28/2032	UMH Properties, Inc.	39,000		39,000	D
UMH Properties, Inc.	$22.57							07/14/2022	07/14/2031	UMH Properties, Inc.	50,000		50,000	D
UMH Properties, Inc.	$9.7							03/25/2021	03/25/2030	UMH Properties, Inc.	30,000		30,000	D
UMH Properties, Inc.	$11.42							01/02/2020	01/02/2029	UMH Properties, Inc.	20,000		20,000	D
UMH Properties, Inc.	$13.09							04/02/2019	04/02/2028	UMH Properties, Inc.	20,000		20,000	D
UMH Properties, Inc.	$15.04							04/04/2018	04/04/2027	UMH Properties, Inc.	20,000		20,000	D
UMH Properties, Inc.	$16.86							06/16/2026	06/16/2035	UMH Properties, Inc.	50,000		50,000	D

Explanation of Responses:

1. Includes 1,727.08 shares acquired through dividend reinvestment on 9/15/25, and 10,247 shares held in 401(k) as of 9/29/25.

	Nelli Madden	10/02/2025
	** 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).
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FAQ

What did Craig Koster report in the Form 4 for UMH (UMH)?

The Form 4 reports a disposition of 124,745.4 common shares and 337.002 preferred shares on 09/15/2025, plus detailed option holdings.

How many derivative securities does the filing show for UMH insider Craig Koster?

The filing lists option grants that together underlie 354,000 common shares across nine grants with expirations through 2035 and strikes from $9.70 to $23.81.

Does the filing explain components of the reported common-share total?

Yes. It states the total includes 1,727.08 shares from dividend reinvestment on 9/15/25 and 10,247 shares held in a 401(k) as of 9/29/25.

When was the Form 4 signed and filed?

The signature block shows a company representative signed the filing on 10/02/2025.

What strike prices are shown for the option grants reported?

The reported option strikes range from $9.70 to $23.81, with multiple grant dates between 2018 and 2026.