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

Rhea-AI Filing Summary

Daniel O. Landy, listed as EVP and President of OZ Fund, filed a Form 4 reporting changes in beneficial ownership of UMH Properties, Inc. (UMH). The filing shows a direct disposition of 93,472.59 shares on 09/15/2025 and reports various indirect holdings through trusts and partnerships totaling 148,963 shares across named entities. The report also lists multiple outstanding stock options exercisable through 2035, with strike prices from $9.70 to $23.81 and aggregate option positions including 589,860 underlying shares across different grant dates. Explanatory notes state 256.09 shares and 764.93 shares were acquired by dividend reinvestment on 09/15/2025 and 7,167 shares are held in a 401(k) as of 09/29/2025. The form is signed on 10/02/2025.

Positive

• Complete disclosure of direct and indirect holdings, including detailed option schedules and explanatory notes
• Explanatory notes clarify dividend reinvestment and 401(k) holdings for accurate share accounting

Negative

• Direct disposition of 93,472.59 shares reported on 09/15/2025
• Large aggregate option positions (totaling 589,860 underlying shares) that represent potential future dilution if exercised

Insights

Financial Analyst

TL;DR: Insider reported a substantial direct sale and significant option holdings, both relevant to share supply and potential future dilution.

The filing documents a direct disposition of 93,472.59 shares on 09/15/2025 while retaining extensive indirect positions via family trusts and partnerships. The reporting person also holds numerous exercisable options totaling 589,860 underlying shares across grants with strikes from $9.70 to $23.81 and expirations through 2035. These derivative positions represent potential future stock issuance if exercised. The disclosure of dividend reinvestment and 401(k) holdings clarifies small additional share accruals. This is a standard Section 16 disclosure providing transparency on insider activity but does not, by itself, provide context on the reason for the sale or an exact remaining total beneficial ownership across all lines.

Corporate Governance Expert

TL;DR: The Form 4 is a routine insider-reporting filing showing a material sale and multiple indirect holdings; documentation appears complete.

The report identifies the reporting person and relationship to the issuer and lists both direct and indirect holdings along with detailed option schedules. The explanatory footnotes clarify dividend reinvestment amounts and 401(k) holdings, improving traceability of share counts. All required elements—transaction date, amounts, ownership form, and signature—are present. The filing does not include narrative justification for the disposition, which is typical; governance reviewers would note completeness of disclosure rather than gate for misconduct based on the text alone.

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
Estimated average burden
hours per response:			0.5

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^*

LANDY DANIEL O.

(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
	Officer (give title below)	X	Other (specify below)
			EVP and President of OZ Fund

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.								93,472.59(1)	D
UMH Properties, Inc.								50,060.12(2)	I	The Landy 2022 Family Trust
UMH Properties, Inc.								37,903	I	Juniper Plaza Associates, LTD.
UMH Properties, Inc.								16,220	I	Samuel Landy Family LTD Partnership
UMH Properties, Inc.								24,670	I	Windsor Industrial Park Associates, LTD.
UMH Properties, Inc. (Preferred D)								900	I	Windsor Industrial Park Associates, LTD.

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.	75,000		75,000	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							02/08/2023	03/28/2032	UMH Properties, Inc.	78,100		78,100	D
UMH Properties, Inc.	$22.57							07/14/2022	07/14/2031	UMH Properties, Inc.	100,000		100,000	D
UMH Properties, Inc.	$9.7							03/25/2021	03/25/2030	UMH Properties, Inc.	71,760		71,760	D
UMH Properties, Inc.	$13.9							04/02/2020	04/02/2029	UMH Properties, Inc.	100,000		100,000	D
UMH Properties, Inc.	$12.94							12/10/2019	12/10/2028	UMH Properties, Inc.	25,000		25,000	D
UMH Properties, Inc.	$15.75							07/09/2019	07/09/2028	UMH Properties, Inc.	10,000		10,000	D
UMH Properties, Inc.	$13.09							04/02/2019	04/02/2028	UMH Properties, Inc.	1,000		1,000	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 256.09 shares acquired through dividend reinvestment on 9/15/25, and 7,167 shares held in 401(k) as of 9/29/25.

2. Includes 764.93 shares acquired through dividend reinvestment on 9/15/25.

	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).
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

Who filed the Form 4 for UMH (UMH)?

The Form 4 was filed by Daniel O. Landy, identified as EVP and President of OZ Fund.

What transactions are reported on the UMH Form 4?

A direct disposition of 93,472.59 shares on 09/15/2025 is reported, plus dividend reinvestment purchases of 256.09 and 764.93 shares noted in the explanatory section.

Does the filing show indirect holdings of UMH shares?

Yes. The filing lists indirect holdings through entities including The Landy 2022 Family Trust, Juniper Plaza Associates, LTD., Samuel Landy Family LTD Partnership, and Windsor Industrial Park Associates, LTD.

What derivative securities are disclosed in the filing?

Multiple stock options are listed with strike prices from $9.70 to $23.81 and expirations through 2035, representing aggregate underlying positions such as 75,000, 78,100, 100,000, and other option amounts.

When was the Form 4 signed?

The signature block shows the form was signed on 10/02/2025.