# EDGAR Filing Document

**Accession Number:** 0000752642
**File Stem:** 0001641172-25-017141
**Filing Date:** 2025-6
**Character Count:** 31407
**Document Hash:** f3699193ad810b7d7677f9ed2300dc7c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001641172-25-017141.hdr.sgml**: 20250630

**ACCESSION NUMBER**: 0001641172-25-017141

**CONFORMED SUBMISSION TYPE**: 11-K

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20241231

**FILED AS OF DATE**: 20250630

**DATE AS OF CHANGE**: 20250630

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UMH PROPERTIES, INC.
- **CENTRAL INDEX KEY:** 0000752642
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 221890929
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 11-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12690
- **FILM NUMBER:** 251092222

**BUSINESS ADDRESS:**
- **STREET 1:** 3499 ROUTE 9 N, SUITE 3-C
- **STREET 2:** JUNIPER BUSINESS PLAZA
- **CITY:** FREEHOLD
- **STATE:** NJ
- **ZIP:** 07728
- **BUSINESS PHONE:** 7325779997

**MAIL ADDRESS:**
- **STREET 1:** 3499 ROUTE 9 N, SUITE 3-C
- **STREET 2:** JUNIPER BUSINESS PLAZA
- **CITY:** FREEHOLD
- **STATE:** NJ
- **ZIP:** 07728

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED MOBILE HOMES INC
- **DATE OF NAME CHANGE:** 19920703

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 11-K**

**FOR ANNUAL REPORTS OF EMPLOYEE STOCK PURCHASE, SAVINGS AND SIMILAR**

**PLANS PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**UMH Properties, Inc.**

(Exact name of registrant as specified in its charter)

☒ ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2024

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-12690

&nbsp;&nbsp;&nbsp;&nbsp;A. Full
 title of the plan and the address of the plan, if different from that of the issuer named
 below:

UMH PROPERTIES, INC. 401(K) PLAN

&nbsp;&nbsp;&nbsp;&nbsp;B. Name
 of issuer of the securities held pursuant to the plan and the address of its principal executive
 office:

UMH PROPERTIES, INC.

Juniper Business Plaza

3499 Route 4 North, Suite 3-C

Freehold, NJ 07728

**UMH PROPERTIES, INC. 401(K) PLAN**

**FORM 11-K**

**FOR THE YEAR ENDED DECEMBER 31, 2024**

**Table of Contents**

---

| | |
|:---|:---|
| [Report of Independent Registered Public Accounting Firm](#J_001) | 3 |
| Financial Statements |  |
| &nbsp;&nbsp;&nbsp;[Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023](#J_002) | 4 |
| &nbsp;&nbsp;&nbsp;[Statement of Changes in Net Assets Available for Benefits for the Year Ended December 31, 2024](#J_003) | 5 |
| &nbsp;&nbsp;&nbsp;[Notes to Financial Statements](#J_004) | 6 |
| Supplemental Schedules |  |
| &nbsp;&nbsp;&nbsp;[Schedule H, Part IV - Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024](#J_005) | 13 |
| [Signature](#gg_001) | 15 |

---

**Report Of Independent Registered Public Accounting Firm**

**The Plan Administrator and Participants**

**UMH Properties, Inc. 401(k) Plan**

**Opinion on the Financial Statements**

We have audited the accompanying statements of net assets available for benefits of the UMH Properties, Inc. 401(k) Plan (the Plan) as of December 31, 2024 and 2023, and the related statements of changes in net assets available for benefits for the year ended December 31, 2024, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the year ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on the Plan's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Plan's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by the Plan's management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Supplemental Information**

The supplemental information contained in Schedule H, Line 4i - Schedule of Assets (Held at End of Year) at December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan's financial statements. The supplemental information is the responsibility of the Plan's management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

/s/ PKF O'Connor Davies, LLP

We have served as the Plan's auditor since 2010.

June 30, 2025

New York, New York

PCAOB ID No. 127

**UMH PROPERTIES, INC. 401(K) PLAN** 

**STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS**

---

| | | |
|:---|:---|:---|
|  | December 31, | December 31, |
|  | 2024 | 2023 |
| **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at fair value | $32439477 | $25998874 |
| Receivables |  |  |
| &nbsp;&nbsp;&nbsp;Employer | 1083713 | 985804 |
| &nbsp;&nbsp;&nbsp;Participants | 57412 | 85426 |
| &nbsp;&nbsp;&nbsp;Notes receivable from participants | 663153 | 493676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Receivables | 1804278 | 1564906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 34243755 | 27563780 |
| **LIABILITIES** | -0- | -0- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Assets Available for Benefits | $34243755 | $27563780 |

---

**UMH PROPERTIES, INC. 401(K) PLAN** 

**STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS**

**YEAR ENDED DECEMBER 31, 2024**

---

| | |
|:---|:---|
| **ADDITIONS:** | |
| Contributions |  |
| &nbsp;&nbsp;&nbsp;Participants | $2014452 |
| &nbsp;&nbsp;&nbsp;Employer | 1083713 |
| &nbsp;&nbsp;&nbsp;Rollover | 22032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Contributions | 3120197 |
| Investment Income |  |
| &nbsp;&nbsp;&nbsp;Dividends | 535778 |
| &nbsp;&nbsp;&nbsp;Net appreciation in fair value of investments | 4498589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 5034367 |
| Interest on notes receivable from participants | 43980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Additions | 8198544 |
| **DEDUCTIONS:** |  |
| Benefits paid to participants | 1319712 |
| Administrative fees | 198857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Deductions | 1518569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Increase | 6679975 |
| **NET ASSETS AVAILABLE FOR BENEFITS** |  |
| Beginning of year | 27563780 |
| End of year | $34243755 |

---

**UMH PROPERTIES, INC. 401(K) PLAN** 

**NOTES TO FINANCIAL STATEMENTS**

**DECEMBER 31, 2024**

**1.** **Description of Plan** 

The following brief description of the UMH Properties, Inc. 401(k) Plan (the "Plan") is provided for general information purposes only. Participants should refer to the Plan document for more complete information.

***General***

The Plan is a defined contribution profit sharing plan available to all full-time employees of UMH Properties, Inc. ("UMH") (the "Plan Sponsor"). The Plan is a qualified salary deferral plan under the provisions of the Internal Revenue Code ("IRC") sections 401(a) and 401(k). The Plan is subject to the applicable regulations of the Employee Retirement Income Security Act of 1974 ("ERISA") and the IRC.

 ****

***Assets Held for Investment***

All Plan assets are held with Principal Trust Company ("Principal"), the trustee, and record-keeper over all of the Plan's assets. Among other duties, Principal is responsible for the custody of the Plan assets and for the payment of benefits to eligible participants.

***Eligibility***

Substantially all full-time employees of the Plan Sponsor are eligible for Plan participation and may enter the Plan provided they are over 21 years of age.

An employee who has satisfied the eligibility requirements may enter the Plan at the beginning of each quarter, following the date which he or she satisfies such eligibility requirements.

***Contributions***

Eligible employees may contribute up to 100% of their eligible compensation up to the annual limit determined by the IRC. A participant may elect to increase, decrease or suspend deductions according to procedures established by the Plan. Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions.

The Plan includes an auto enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan, unless they affirmatively elect not to participate, with a default rate set at 5% of their eligible compensation. Each year, the deferral percentage will increase by 1% until the participant reaches 10% of their eligible compensation.

Rollover contributions are comprised of distributions made to the participants from their former employers' qualified retirement plans and transferred to the Plan.

The Plan Sponsor provides a safe harbor contribution equal to 100% of the first 3% of eligible compensation plus 50% of the next 2% of eligible compensation.

The Plan Sponsor may make a discretionary employer contribution each Plan year. The amount of the contribution and allocation formula is determined by the Plan Sponsor each year and allocated to employees accordingly. For the year ended December 31, 2024 there was no discretionary contributions.

 ****

***Participant Accounts***

A separate account is maintained for each participant, which is credited with the participant's contribution and allocations of (a) the Plan Sponsor's contributions and, (b) Plan earnings (losses), and (c) charged with an allocation of administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's vested account balance.

***Investment Options***

Upon enrollment in the Plan, a participant may direct contributions in any of the investment options offered by the Plan. There is no limit to how often a participant may change their investment options. Participants should refer to each fund's prospectus for a more complete description of the risks associated with each fund.

 

***Vesting***

 

Participants are immediately vested in their contributions and employer safe harbor contributions plus actual earnings thereon. Discretionary contributions vest 25% after 2 years of service, 50% after 3 years of service, 75% after 4 years of service and 100% after 5 years of service. Employer matching contributions and any earnings thereon are subject to a two-year cliff vesting schedule.

***Forfeitures***

Forfeitures of terminated participants' non-vested accounts serve to reduce employer contributions or Plan expenses. As of December 31, 2024 and 2023, there was a $183,067 and $146,708 in the forfeiture account, respectively.

 ****

***Payment of Benefits***

Benefits are paid upon retirement (age 65), death, disability, or termination of employment. Upon termination of service, a participant may elect to receive either a lump-sum amount equal to the value of the participant's vested interest in his or her account.

A participant may apply for a hardship withdrawal at any time. This withdrawal must be for an immediate financial need for which funds are not reasonably available from other resources. Hardships include post-secondary educational expenses for the participant or their dependents, medical expenses to the extent not otherwise reimbursed under the Plan Sponsor's medical programs, expenses for the purchase of a principal residence or material alterations thereto, payments to prevent eviction from or foreclosure on a principal residence and burial or funeral expenses for the participant's parent, spouse, children or dependents.

The Plan has an in-service withdrawal provision for employees who are age 59 ½ or older.

 ****

***Notes Receivable from Participants***

Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum amount equal to the lesser of $50,000 or 50% of their account balance. These loans are secured by the balance in the participant's account and bear interest as determined at the time of the loan origination. Only two loans may be outstanding by a participant at a time. Principal and interest is paid ratably through weekly payroll deductions over a period of time not to exceed five years. If the proceeds are used to construct or rehabilitate a participant's principal residence, the Plan administrator may permit a longer repayment term. Principal and interest repaid is reinvested based on the participant's present investment allocation selection.

The interest rate for all outstanding loans ranged from 4.25% to 9.50% at December 31, 2024 and 2023.

***Plan Termination***

Although it has not expressed any intent to do so, the Plan Sponsor has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants would become 100% vested with the Plan Sponsor's contributions.

**2.** **Summary of Significant Accounting Policies** 

 ****

***Basis of Accounting***

The Plan prepares its financial statements in conformity with accounting principles generally accepted in the United States of America ("US GAAP"), using the accrual basis of accounting, which recognizes revenue when it is earned and expenses as they are incurred.

 ****

***Use of Estimates***

The preparation of financial statements in conformity with US GAAP requires the Plan's management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and changes therein, disclosure of contingent assets and liabilities, and the reported amounts of additions and deductions to net assets during the period. Actual results could differ from those estimates.

***Fair Value Measurements***

The Plan follows US GAAP guidance on Fair Value Measurements which defines fair value and establishes a fair value hierarchy organized into three levels based upon the input assumptions used in pricing assets. Level 1 inputs have the highest reliability and are related to assets with unadjusted quoted prices in active markets. Level 2 inputs relate to assets with other than quoted prices in active markets which may include quoted prices for similar assets or liabilities or other inputs which can be corroborated by observable market data. Level 3 inputs are unobservable and are used to the extent that observable inputs do not exist.

 ****

***Investment Valuation and Income Recognition***

The Plan's investments are stated at fair value. Purchases and sales of investments are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date. Net appreciation (depreciation) includes the Plan's gains and losses on investments bought and sold during the year as well as those held at the end of the year.

Shares of common stock of the Plan Sponsor held by the Plan are valued at the closing price on The New York Stock Exchange.

Other shares of common stock are valued at the closing price reported on the active market on which the individual securities are traded

Interest-bearing cash which is comprised of a money market fund is valued at amortized cost, which approximates fair value. The fund invests primarily in short-term, high-quality debt securities.

Mutual funds held by the Plan are valued at fair value based on the daily closing price as reported by the funds. All of the mutual funds are open-ended and are registered with the Securities and Exchange Commission. These mutual funds are required to publish their daily net asset value ("NAV") and to transact at that price. Pooled separate accounts are reported at the value reported to the Plan by the insurance company, which represents the fair value of the underlying investments comprising the accounts. The common/collective trusts are valued at NAV of units held by the Plan. The NAV, as provided by the trustee, is used as a practical expedient to estimate fair value. The NAV is based on the fair value of the underlying investments held by the fund less its liabilities. The practical expedient is not used when it is determined to be probable that the fund will sell the investment for an amount different than the reported NAV.

Pursuant to US GAAP guidance, alternative investments where fair value is measured using NAV are not categorized within the fair value hierarchy.

 ****

***Notes Receivable from Participants***

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant loans are reclassified as distributions based upon the terms of the Plan agreement. Interest is recorded on the accrual basis.

***Payment of Benefits***

Benefits are recorded when paid.

***Expenses***

With the exception of the Plan's recordkeeping fees and participant loan expenses (loan setup and loan maintenance fees) which are charged to the individual participant's account, all other administrative expenses incurred by the Plan are paid by the Plan Sponsor and are excluded from these financial statements.

Expenses relating to investment management are paid directly by the respective investment vehicle and are included in net appreciation in fair value of investments.

 ****

**3.** **Investments** 

The following are the classes and major categories of the Plan's investments at December 31, 2024 and 2023 grouped by the fair value hierarchy:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using | Fair Value Measurements at Reporting Date Using |
|  | Level 1 | Level 2 | Other Investments Measured at NAV\* | Total |
| <u>As of December 31, 2024:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing cash | $5800 | $-0- | $-0- | $5800 |
| &nbsp;&nbsp;&nbsp;Mutual funds | 5863874 | -0- | -0- | 5863874 |
| &nbsp;&nbsp;&nbsp;Common stocks | 12316940 | -0- | -0- | 12316940 |
| &nbsp;&nbsp;&nbsp;Common/collective trust | -0- | -0- | 13259771 | 13259771 |
| &nbsp;&nbsp;&nbsp;Pooled separate accounts | -0- | 993092 | -0- | 993092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $18186614 | $993092 | $13259771 | $32439477 |
| <u>As of December 31, 2023:</u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing cash | $796 | $-0- | $-0- | $796 |
| &nbsp;&nbsp;&nbsp;Mutual funds | 4498404 | -0- | -0- | 4498404 |
| &nbsp;&nbsp;&nbsp;Common stocks | 9261412 | -0- | -0- | 9261412 |
| &nbsp;&nbsp;&nbsp;Common/collective trust | -0- | -0- | 11272072 | 11272072 |
| &nbsp;&nbsp;&nbsp;Pooled separate accounts | -0- | 966190 | -0- | 966190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investments | $13760612 | $966190 | $11272072 | $25998874 |

---

(\*) As discussed in Note 2, investments that are measured using the practical expedient are not classified within the fair value hierarchy.

***Common/Collective Trusts - Principal Trust Target Date Funds***

The Plan offers 14 common/collective trusts called the Principal Trust Target Date Funds ("Target Date Funds"). These Target Date Funds include: the Principal Trust Target 2015 Fund; the Principal Trust Target 2020 Fund; the Principal Trust Target 2025 Fund; the Principal Trust Target 2030 Fund; the Principal Trust Target 2035 Fund; the Principal Trust Target 2040 Fund; the Principal Trust Target 2045 Fund; the Principal Trust Target 2050 Fund; the Principal Trust Target 2055 Fund; the Principal Trust Target 2060 Fund; the Principal Trust Target 2065 Fund; the Principal Trust Target 2070 Fund; Principal Stable Value Fund; and the Principal Trust Income Fund. The unit value of each of these funds is determined on a daily basis. Units are issued and redeemed at their unit value. Net investment income and realized and unrealized gains and losses on investments are not distributed to participants but are reflected in the unit value.

**4.** **Reconciliation of Financial Statement to Form 5500** 

The following is a reconciliation of the net assets available for benefits per the financial statements to the Form 5500 at December 31:

---

| | | |
|:---|:---|:---|
|  | **2024** | **2023** |
| Net assets available for benefits per the financial statements | $34243755 | $27563780 |
| Participants' contribution receivable | (57412) | (85426) |
| True up participant contribution from prior year | -0- | 29387 |
| &nbsp;&nbsp;&nbsp;Net Assets Available for Benefits per Form 5500 | $34186343 | $27507741 |

---

The following is a reconciliation of total additions per the financial statements to the Form 5500 for the year ended December 31, 2024:

---

| | |
|:---|:---|
| Total additions per the financial statements | $8198544 |
| 2023 Participants' contributions receivable | 56039 |
| 2024 Participants' contributions receivable | (57412) |
| &nbsp;&nbsp;&nbsp;Total Additions per Form 5500 | $8197171 |

---

**5.** **Tax Status** 

IRS issued an opinion letter to the prototype plan document preparer, Principal, dated June 30, 2020, which states that the form of the prototype plan qualifies under the applicable provisions of the IRC. The Plan administrator believes that the Plan is designed and is currently being operated in compliance with the applicable requirements of the IRC.

US GAAP requires Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine examination by taxing jurisdictions for periods since 2021; however, there are currently no examinations for any tax periods in progress.

**6.** **Risks and Uncertainties** 

The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants' account balances and the amounts reported in the statements of net assets available for benefits.

Global and domestic economic uncertainty has resulted in significant volatility in financial markets. This volatility has affected, and may continue to affect, the value of the Plan's net assets available for benefits. The effects of economic and market conditions subsequent to December 31, 2024 are not reflected in these financial statements, and future effects on the Plan's net assets available for benefits cannot be predicted.

**7.** **Party-In-Interest Transactions** 

Certain Plan investments are managed by Principal. Principal is the trustee as defined by the Plan and, therefore, those transactions qualify as exempt party-in-interest transactions under ERISA.

Participants who are active employees may borrow from their accounts and such loans qualify as exempt party-in-interest transactions under ERISA. These loans are recorded as notes receivable from participants in the statements of net assets available for benefits.

Certain employees of the Plan Sponsor, who may be participants in the Plan, perform administrative services for the Plan at no cost to the Plan.

The Plan holds investments in the common stock of the Plan Sponsor, comprised of the following at:

---

| | |
|:---|:---|
| <u>December 31, 2024</u> |  |
| Fair value | $12079236 |
| Number of shares held | 639790 |
| <u>December 31, 2023</u> |  |
| Fair value | $9042800 |
| Number of shares held | 590261 |

---

**8.** **Subsequent Events** 

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued, and has determined that there were no subsequent events or transactions which would require recognition or disclosure in the financial statements.

**UMH PROPERTIES, INC. 401(K) PLAN** 

**SCHEDULE PURSUANT TO DEPARTMENT OF LABOR REQUIREMENTS**

**SCHEDULE H, PART IV – LINE 4i SCHEDULE OF ASSETS (HELD AT YEAR END)**

**DECEMBER 31, 2024**

---

| | | | |
|:---|:---|:---|:---|
| **EIN #: 22-1890929** | **EIN #: 22-1890929** |  | |
| **Plan #: 001** | **Plan #: 001** |  | |
|  | (b) | (c) |  |
|  | Identity of Issue, | Description of Investment, Including | (e) |
|  | Borrower, Lessor or | Maturity Date, Rate of Interest, | Current |
| (a) | Similar Party | Collateral, Par or Maturity Value | Value |
|  | **<u>INTEREST-BEARING CASH</u>** | **SHARES** |  |
|  | Charles Schwab Money Market Fund | 5800 | $5800 |
|  | **<u>COMMON/COLLECTIVE TRUSTS</u>** | **UNITS** |  |
| \* | Principal Trust Income Fund R5 | 39260 | 860064 |
| \* | Principal Stable Value Fund | 22412 | 570124 |
| \* | Principal Trust Target 2015 Fund R5 | 15987 | 489998 |
| \* | Principal Trust Target 2020 Fund R5 | 12792 | 440422 |
| \* | Principal Trust Target 2025 Fund R5 | 42708 | 1619920 |
| \* | Principal Trust Target 2030 Fund R5 | 89005 | 3671451 |
| \* | Principal Trust Target 2035 Fund R5 | 30602 | 1370949 |
| \* | Principal Trust Target 2040 Fund R5 | 12333 | 594681 |
| \* | Principal Trust Target 2045 Fund R5 | 23445 | 1199922 |
| \* | Principal Trust Target 2050 Fund R5 | 11868 | 624731 |
| \* | Principal Trust Target 2055 Fund R5 | 19373 | 1038756 |
| \* | Principal Trust Target 2060 Fund R5 | 25363 | 654869 |
| \* | Principal Trust Target 2065 Fund R5 | 6752 | 121200 |
| \* | Principal Trust Target 2070 Fund R5 | 207 | 2684 |
|  |  |  | 13259771 |
|  | **<u>MUTUAL FUNDS</u>** | **SHARES** |  |
|  | JPMorgan US Equity Fund | 63793 | 1594184 |
|  | T Rowe Price Blue Chip Growth Fund Inc | 6928 | 1298295 |
|  | Eaton Vance Atlanta Capital SMID-Cap Fund | 20126 | 846313 |
|  | Cohen & Steers Real Estate Securities Fund | 41216 | 711793 |
|  | BlackRock High Yield Portfolio | 45888 | 325807 |
|  | Vanguard Mid-Cap Value Index Fund/Open-end fund | 2271 | 190290 |
|  | Smallcap World Fund Inc | 4391 | 307401 |
|  | American Century Growth Fund | 3478 | 210331 |
|  | Columbia Dividend Income Fund | 5286 | 178303 |
|  | Invesco Oppenheimer International Growth Fund | 3573 | 112634 |
|  | JPMorgan Government Bond Fund | 7940 | 74636 |
|  | Fidelity Inflation Protected Bond Index Fund | 700 | 6222 |
|  | Fidelity US Bond Index | 601 | 6144 |
|  | Fidelity Mid Cap Index Fund | 22 | 742 |
|  | Fidelity Total International Index Fund | 55 | 779 |
|  |  |  | 5863874 |
|  | **<u>COMMON STOCKS</u>** | **SHARES** |  |
| \* | UMH Properties, Inc. | 639790 | 12079236 |
|  | ARK Restaurants Corp. | 369 | 4059 |
|  | Hanes Brands Inc. | 5161 | 42011 |
|  | Hecla Mining Company | 300 | 1473 |
|  | Industrial Logistics Properties Trust | 14400 | 52560 |
|  | International Money Express Inc. | 2271 | 47305 |
|  | Jewett-Cameron Trading Company Ltd. | 6422 | 29798 |
|  | Office Properties Income Trust | 4699 | 4698 |
|  | RMR Group Inc. | 300 | 6192 |
|  | Stanley Black & Decker Inc. | 100 | 8029 |
|  | Tandy Leather Factory Inc. | 1094 | 5197 |
|  | National Health Investors Inc. | 525 | 36382 |
|  |  |  | 12316940 |
|  | **<u>POOLED SEPARATE ACCOUNTS</u>** | **UNITS** |  |
| \* | Principal Largecap S&P 500 Index Fund | 1706 | 565183 |
| \* | Principal Smallcap S&P 600 Index Fund | 3292 | 347146 |
| \* | Principal Core Plus Bond Fund | 550 | 80763 |
|  |  |  | 993092 |
| \* | **<u>NOTES RECEIVABLE FROM PARTICIPANTS</u>** | Interest rates are between 4.25% and 9.50% with maturities through 2029 | 663153 |
|  |  |  | $33102630 |
| \* | Denotes a party-in-interest as defined by ERISA. |  |  |

---

**<u>EXHIBITS:</u>**

**23.1** [Consent of Independent Registered Public Accounting Firm](ex23-1.htm)

**<u>SIGNATURE</u>**

*The Plan.* Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **UMH PROPERTIES, INC. 401(K) PLAN** | **UMH PROPERTIES, INC. 401(K) PLAN** |
|  | **By:** | **UMH Properties, Inc**., as Plan Administrator |
| Date: June 30, 2025 | By: | */s/ Anna T. Chew* |
|  | Name: | Anna T. Chew |
|  | Title: | Executive Vice President and<br> Chief Financial Officer |

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## Exhibit 23.1

**EXHIBIT 23.1**

**Consent Of Independent Registered Public Accounting Firm**

**To the Board of Directors and Shareholders of**

**UMH Properties, Inc.**

We consent to the incorporation by reference in the registration statements on Form S-8 (File No. 333-282918) of UMH Properties, Inc. and subsidiaries of our report dated June 30, 2025 relating to the financial statements and supplemental schedule of the UMH Properties, Inc. 401(k) Plan, which appears in this Annual Report on Form 11-K.

/s/ PKF O'Connor Davies, LLP

June 30, 2025

New York, New York