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UMH Properties (UMH) Declares Dividend
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- UMH Properties (UMH) Declares Dividend of $0.18, Yielding 10.54%
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.
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