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

Rhea-AI Filing Summary

Jeffrey A. Carus, a director of UMH Properties, Inc. (UMH), reported multiple transactions dated 09/15/2025. The filing shows a disposal of 30,023.85 common shares and a separate disposal of 500 preferred shares. The report also records indirect holdings in custodial accounts for two sons (614.44 and 507.2 shares respectively) and small share increases from dividend reinvestment (438; 9.35; 7.72 shares). Carus continues to hold several outstanding stock options: 11,000 exercisable at $15.80, 10,000 at $14.36, and 12,000 at $16.86, with listed exercisable and expiration dates through 2035.

Positive

• Continued economic exposure via 33,000 outstanding options with staggered exercise prices and expirations through 2035
• Family alignment reflected by custodial holdings for two sons (614.44 and 507.2 shares)
• Dividend reinvestment added shares to personal and custodial accounts (438; 9.35; 7.72 shares)

Negative

• Large disposal of 30,023.85 common shares reported on 09/15/2025
• Preferred shares disposed: 500 preferred shares were reported as sold

Insights

Securities Analyst

TL;DR: Director sold a large block of common stock while retaining material option positions and indirect family holdings.

The reported disposal of 30,023.85 common shares represents a significant outward transfer compared with the remaining direct and indirect holdings disclosed. Simultaneously, the director retains three option tranches totalling 33,000 options with exercise prices between $14.36 and $16.86 and expirations through 2035, which preserve upside exposure to share-price appreciation. Dividend reinvestment added fractional share amounts to both personal and custodial accounts, indicating routine reinvestment activity rather than new strategic purchases.

Corporate Governance Expert

TL;DR: Insider sale is notable for governance monitoring but filings show continued alignment via option and custodial holdings.

From a governance perspective, the large reported sale warrants monitoring for timing and rationale, though the director maintains economic exposure through significant option grants and custodial holdings for family members. The presence of both direct dispositions and indirect custodial ownership should be tracked for potential related-party or succession implications. The disclosure is concise and follows required Section 16 reporting format.

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^*

Carus Jeffrey A

(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.								30,023.85(1)	D
UMH Properties, Inc.								614.44(2)	I	Custodial account for Son, Daniel
UMH Properties, Inc.								507.2(3)	I	Custodial account for Son, Ethan
UMH Properties, Inc. (Preferred D)								500	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 438 shares acquired through dividend reinvestment on 9/15/25.

2. Includes 9.35 shares acquired through dividend reinvestment on 9/15/25.

3. Includes 7.72 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).
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FAQ

What transactions did Jeffrey A. Carus report on Form 4 for UMH (UMH)?

The Form 4 reports a disposal of 30,023.85 common shares, a disposal of 500 preferred shares, indirect custodial holdings of 614.44 and 507.2 shares, and dividend reinvestment additions of 438, 9.35, and 7.72 shares.

Does the filing show any option holdings for the reporting person?

Yes. The filing discloses 11,000 options at $15.80 (exercisable 01/10/2025, exp. 01/10/2034), 10,000 at $14.36 (exercisable 03/21/2024, exp. 03/21/2033), and 12,000 at $16.86 (exercisable 06/16/2026, exp. 06/16/2035).

Are there any indirect holdings reported?

Yes. The director reports indirect beneficial ownership via custodial accounts for his sons: 614.44 shares for one son and 507.2 shares for the other.

Did the filing disclose dividend reinvestment activity?

Yes. The explanations state dividend reinvestment added 438 shares to the reporting person and 9.35 and 7.72 shares to the two custodial accounts on 09/15/2025.

What is the reporting person’s relationship to UMH?

The Form 4 identifies Jeffrey A. Carus as a Director of UMH Properties, Inc.