UMH Properties, Inc. Declares Dividend

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., [phone]

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