UMH Properties, Inc. Declares Dividend
29 May 2008 - 2:00AM
PR Newswire (US)
FREEHOLD, N.J., May 28 /PRNewswire-FirstCall/ -- Eugene W. Landy,
Chairman of the Board of UMH Properties, Inc. (AMEX:UMH) announced
that, on May 28, 2008, the Board of Directors declared a quarterly
dividend of $0.18 per share payable June 30, 2008 to shareholders
of record at the close of business June 16, 2008. This represents a
28% reduction from the previous quarters' dividend of $0.25 per
share. Eugene W. Landy stated, "We feel that this reduction
represents a more conservative and predictable level given the
current stresses in the capital markets. UMH, in normal credit
times, would consider maintaining the $1.00 dividend pending the
industry-wide anticipated turnaround for manufactured housing. UMH
is currently operating at 81% occupancy. Improved occupancy will
improve earnings substantially. If occupancy trends back towards
historical levels, our dividend will be adjusted accordingly." UMH
Properties, Inc., a publicly-owned real estate investment trust,
owns and operates twenty-eight manufactured home communities
located in New York, New Jersey, Pennsylvania, Ohio and Tennessee.
In addition, the Company owns a portfolio of REIT securities. UMH
has been in operation since 1968, operating as a public company
since 1985. DATASOURCE: UMH Properties, Inc. CONTACT: Rosemarie
Faccone or Susan Jordan, both of UMH Properties, Inc.,
+1-732-577-9997
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