UMH Properties, Inc. Files Definitive Proxy Statement (DEF 14A)

Ticker: UMH-PD · Form: DEF 14A · Filed: Apr 5, 2024 · CIK: 752642

Umh Properties, Inc. DEF 14A Filing Summary
FieldDetail
CompanyUmh Properties, Inc. (UMH-PD)
Form TypeDEF 14A
Filed DateApr 5, 2024
Risk Level
Pages16
Reading Time19 min
Key Dollar Amounts$3.7 million, $100 million, $180 million, $25 million, $20 million
Sentimentneutral

Sentiment: neutral

Topics: DEF 14A, Proxy Statement, Executive Compensation, UMH Properties, Corporate Governance

TL;DR

<b>UMH Properties, Inc. has filed its Definitive Proxy Statement (DEF 14A) detailing executive compensation and corporate governance for the fiscal year 2023.</b>

AI Summary

UMH PROPERTIES, INC. (UMH-PD) filed a Proxy Statement (DEF 14A) with the SEC on April 5, 2024. UMH Properties, Inc. filed a DEF 14A form on April 5, 2024, for the fiscal year ending December 31, 2023. The filing includes executive compensation data for PEO and Non-PEO members for the years 2020-2023. Specific details on grant date fair value of awards granted and adjustments to equity awards are provided. The company's principal executive offices are located in Freehold, NJ. UMH Properties, Inc. was formerly known as UNITED MOBILE HOMES INC.

Why It Matters

For investors and stakeholders tracking UMH PROPERTIES, INC., this filing contains several important signals. This filing provides shareholders with crucial information regarding executive compensation, allowing them to make informed voting decisions on related proposals. The detailed breakdown of award values and adjustments offers transparency into how executive compensation is structured and has changed over recent fiscal years.

Risk Assessment

Risk Level: — UMH PROPERTIES, INC. shows moderate risk based on this filing. The filing is a routine DEF 14A, which is standard for public companies and does not contain new material financial information or significant operational changes.

Analyst Insight

Shareholders should review the executive compensation details to understand the company's pay practices and vote accordingly on relevant proposals.

Executive Compensation

NameTitleTotal Compensation
PEO MemberExecutive Compensation Category
Non-PEO Neo MemberExecutive Compensation Category

Key Numbers

  • 2023-12-31 — Fiscal Year End (Period of report)
  • 2024-04-05 — Filing Date (Date of filing)

Key Players & Entities

  • UMH PROPERTIES, INC. (company) — Filer name
  • DEF 14A (filing) — Form type
  • 2024-04-05 (date) — Filing date
  • 2023-12-31 (date) — Fiscal year end
  • FREEHOLD (location) — Business address city
  • NJ (location) — Business address state
  • UNITED MOBILE HOMES INC (company) — Former company name

FAQ

When did UMH PROPERTIES, INC. file this DEF 14A?

UMH PROPERTIES, INC. filed this Proxy Statement (DEF 14A) with the SEC on April 5, 2024.

What is a DEF 14A filing?

A DEF 14A is a definitive proxy statement sent to shareholders before annual meetings, covering executive compensation, board nominations, and shareholder votes. This particular DEF 14A was filed by UMH PROPERTIES, INC. (UMH-PD).

Where can I read the original DEF 14A filing from UMH PROPERTIES, INC.?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by UMH PROPERTIES, INC..

What are the key takeaways from UMH PROPERTIES, INC.'s DEF 14A?

UMH PROPERTIES, INC. filed this DEF 14A on April 5, 2024. Key takeaways: UMH Properties, Inc. filed a DEF 14A form on April 5, 2024, for the fiscal year ending December 31, 2023.. The filing includes executive compensation data for PEO and Non-PEO members for the years 2020-2023.. Specific details on grant date fair value of awards granted and adjustments to equity awards are provided..

Is UMH PROPERTIES, INC. a risky investment based on this filing?

Based on this DEF 14A, UMH PROPERTIES, INC. presents a moderate-risk profile. The filing is a routine DEF 14A, which is standard for public companies and does not contain new material financial information or significant operational changes.

What should investors do after reading UMH PROPERTIES, INC.'s DEF 14A?

Shareholders should review the executive compensation details to understand the company's pay practices and vote accordingly on relevant proposals. The overall sentiment from this filing is neutral.

Key Dates

  • 2024-04-05: Filing Date — Definitive Proxy Statement (DEF 14A) filed.
  • 2023-12-31: Fiscal Year End — Reporting period for the proxy statement.

Glossary

DEF 14A
Definitive Proxy Statement (Filed by UMH Properties, Inc. to provide shareholders with information for voting on corporate matters.)
PEO Member
Principal Executive Officer Member (Refers to the highest-ranking executive officers whose compensation is detailed in the filing.)
Non-PEO Neo Member
Non-Principal Executive Officer Neo Member (Refers to other executive officers whose compensation is detailed in the filing.)

Filing Stats: 4,765 words · 19 min read · ~16 pages · Grade level 13 · Accepted 2024-04-05 06:05:24

Key Financial Figures

  • $3.7 million — eveloped homesites, for a total cost of $3.7 million through our qualified opportunity zone
  • $100 million — xpand available borrowing capacity from $100 million to $180 million. Entered into a $25 m
  • $180 million — borrowing capacity from $100 million to $180 million. Entered into a $25 million term loan
  • $25 million — llion to $180 million. Entered into a $25 million term loan and a $25 million line of cre
  • $20 million — cured by eligible notes receivable from $20 million to $35 million. Financed eight commun
  • $35 million — le notes receivable from $20 million to $35 million. Financed eight communities for total
  • $57.7 million — ies for total proceeds of approximately $57.7 million. Raised our quarterly common stock di
  • $0.205 — rterly common stock dividend by 2.5% to $0.205 per share or $0.82 annually. Increase
  • $0.82 — dividend by 2.5% to $0.205 per share or $0.82 annually. Increased our Total Market
  • $2 billion — tal Market Capitalization by 6% to over $2 billion at yearend. Increased our Equity Mark
  • $1 billion — ty Market Capitalization by 12% to over $1 billion at yearend. Reduced our Net Debt to T
  • $15.81 — Programs at a weighted average price of $15.81 per share, generating gross proceeds of
  • $148.6 million — per share, generating gross proceeds of $148.6 million and net proceeds of $145.8 million, aft
  • $145.8 m — s of $148.6 million and net proceeds of $145.8 million, after offering expenses. Issue
  • $21.88 — Programs at a weighted average price of $21.88 per share, generating gross proceeds of

Filing Documents

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT 26 PROPOSAL 2: RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 30 REPORT OF THE AUDIT COMMITTEE 30 FEES BILLED BY INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 31 PROPOSAL 3: ADVISORY RESOLUTION TO APPROVE EXECUTIVE COMPENSATION 32 COMPENSATION DISCUSSION AND ANALYSIS 37 COMPARATIVE STOCK PERFORMANCE 53 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS 54 FINANCIAL INFORMATION 55 DELINQUENT SECTION 16(a) REPORTS 56 OTHER MATTERS 56 SHAREHOLDER PROPOSALS 57 2 UMH PROPERTIES, INC. Juniper Business Plaza 3499 Route 9 North, Suite 3-C Freehold, New Jersey 07728 PROXY 2024 ANNUAL MEETING OF SHAREHOLDERS May 29, 2024 SOLICITATION OF PROXIES This Proxy Statement is furnished in connection with the solicitation by the Board of Directors of UMH Properties, Inc., a Maryland corporation (the "Company"), of proxies to be voted at the Annual Meeting of Shareholders of the Company (the "Annual Meeting") to be held on Wednesday, May 29, 2024, at 4:00 p.m., Eastern Time, at the offices of the Company at Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, New Jersey 07728, and at any adjournments or postponements thereof, for the purposes listed in the preceding Notice of 2024 Annual Meeting of Shareholders ("Notice"). This Proxy Statement and the accompanying Proxy Card are being distributed on or about April 5, 2024, to shareholders of record as of the close of business on Friday, March 8, 2024. Unless the context requires otherwise, references in this Proxy Statement to "UMH", "we", "our", "us" and the "Company" refer to UMH Properties, Inc. and its consolidated subsidiaries. A copy of the Company's 2023 Annual Report, including financial statements, is being mailed herewith, and is available on the Company's website at www.umh.reit. IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SHAREHOLD

BUSINESS

BUSINESS HIGHLIGHTS During 2023, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving our financial position. We believe that this past year represented continued progress in building long-term value for our shareholders. The following are some of our many financial performance, strategic growth and capital markets accomplishments achieved during fiscal 2023: Financial Performance 1 Increased Rental and Related Income by 11%. Increased Community Net Operating Income ("NOI") by 14%. Increased Normalized Funds from Operations ("Normalized FFO") by 16%. Increased Same Property NOI by 13%. Increased Same Property Occupancy by 230 basis points from 86.2% to 88.5%. Improved our Same Property expense ratio from 42.2% at yearend 2022 to 40.6% at yearend 2023. Increased Sales of Manufactured Homes by 23%. Strategic Growth Acquired our first community in Georgia, containing 118 developed homesites, for a total cost of $3.7 million through our qualified opportunity zone fund. Entered into a new joint venture agreement with Nuveen Real Estate to develop a 113-site community in Honey Brook, Pennsylvania. Increased our rental home portfolio by 871 homes from yearend 2022 to approximately 10,000 total rental homes, representing an increase of 10% from yearend 2022. Constructed 216 expansion sites across our portfolio of communities. Capital Markets Amended our unsecured credit facility to expand available borrowing capacity from $100 million to $180 million. Entered into a $25 million term loan and a $25 million line of credit secured by rental homes and their leases. Expanded our revolving line of credit secured by eligible notes receivable from $20 million to $35 million. Financed eight communities for total proceeds of approximately $57.7 million. Raised our quarterly common stock dividend by 2.5% to $0.205 per share or $0.82 annually. Increased our Total Market Cap

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