[Form 4] UMH Properties, Inc. Insider Trading Activity

Rhea-AI Filing Summary

UMH Properties, Inc. (UMH) filed a Form 4 reporting that director Amy Lynn Butewicz disposed of company stock.

• On 20 June 2025, Butewicz sold 2,800 common shares at $16.95 per share (transaction code “S”).
• Following the sale, she directly owns 11,388.5 common shares.
• The filing lists three tranches of outstanding director stock options: 11,000 options at $15.80 expiring 10 Jan 2034, 10,000 options at $14.36 expiring 21 Mar 2033, and 12,000 options at $16.86 expiring 16 Jun 2035—33,000 derivative securities in total.
• The Rule 10b5-1 checkbox is blank, indicating the trade was not executed under a pre-arranged trading plan.

The transaction modestly reduces the director’s direct stake but leaves her with a meaningful equity position and substantial long-term option exposure, suggesting continued alignment with shareholder interests.

Positive

• Director still owns 11,388.5 shares, maintaining meaningful direct equity exposure.
• Holding of 33,000 long-dated options underscores continued potential upside participation.

Negative

• Sale of 2,800 shares at $16.95 represents a discretionary reduction in direct holdings.

Insights

Securities Analyst

TL;DR: Small discretionary insider sale; neutral impact on UMH valuation.

The 2,800-share sale represents only a fraction of the director’s post-transaction holdings and an immaterial percentage of UMH’s outstanding shares. No pattern of large insider disposals is indicated, and the director still controls over 11 thousand shares plus 33 thousand options with strike prices near the recent transaction price. With no earnings data or strategic disclosures accompanying the filing, the event does not alter the company’s fundamental outlook and is best viewed as routine portfolio management.

Corporate Governance Expert

TL;DR: Routine director sale; governance signal largely neutral.

Because the Rule 10b5-1 box is unchecked, the timing appears discretionary, but the modest size limits concern over potential governance red flags. The director maintains a sizeable ownership interest through both shares and long-dated options, preserving incentive alignment with shareholders. No other insiders are referenced, and there is no indication of policy violations or unusual trading patterns. Overall, the disclosure is standard compliance with Section 16 reporting requirements.

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).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BUTEWICZ AMY LYNN

(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)
06/20/2025

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.	06/20/2025		S		2,800(1)	D	$16.95	11,388.5	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. Stock award for Directors.

	Nelli Madden	06/23/2025
	** 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

How many UMH shares did Director Amy Butewicz sell on 20 Jun 2025?

2,800 shares were sold.

At what price were the shares sold according to the Form 4?

The shares were sold at $16.95 per share.

How many UMH shares does the director own after the transaction?

She directly owns 11,388.5 shares following the sale.

What stock options remain outstanding for the director?

33,000 options: 11,000 @ $15.80 (exp. Jan 2034), 10,000 @ $14.36 (exp. Mar 2033), 12,000 @ $16.86 (exp. Jun 2035).

Was the trade executed under a Rule 10b5-1 trading plan?

The Form 4 leaves the Rule 10b5-1 checkbox unchecked, indicating it was not.