Umh

Director's Dealing • May 14, 2023

FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

OMB APPROVAL OMB Number: 3235-0287 Estimated average burden

obligations may continue. See
Instruction 1(b).

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Check this box if no longer subject to hours per response: 0.5 Section 16. Form 4 or Form 5

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person* CHEW ANNA T						2. Issuer Name and Ticker or Trading Symbol UMH PROPERTIES, INC. [ UMH ]									5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner
(Last) (First) (Middle) 3499 ROUTE 9 N STE 3-C						3. Date of Earliest Transaction (Month/Day/Year) 05/11/2023									Officer (give title Other (specify X below) below) EVP and CFO
(Street) FREEHOLD NJ 07728						4. If Amendment, Date of Original Filed (Month/Day/Year)									6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting
(City) (State) (Zip)						Person Rule 10b5-1(c) Transaction Indication Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
			Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)							if any	2A. Deemed Execution Date, (Month/Day/Year)	3. Transaction Code (Instr. 8)		5)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and		5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)		7. Nature of Indirect Beneficial Ownership (Instr. 4)
									Code	V	Amount	(A) or (D)		Price
UMH Properties, Inc. 05/11/2023											10,000(1) A		\$9.7	808,665.01		D
			Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned						(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)		4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)			7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)			8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported	10. Form:	Ownership Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
					Code	V		(A) (D)	Date Exercisable		Expiration Date	Title		Amount or Number of Shares	(Instr. 4)		Transaction(s)
UMH Properties, Inc.	\$14.36								03/21/2024 03/21/2033				UMH Properties, Inc.	75,000		75,000		D
UMH Properties, Inc.	\$23.81								03/28/2023 03/28/2032				UMH Properties, Inc.	39,000		39,000		D
UMH Properties, Inc.	\$22.57								07/14/2022 07/14/2031				UMH Properties, Inc.	50,000		50,000		D
UMH Properties, Inc.	\$9.7	05/11/2023			M			10,000(1)	03/25/2021 03/25/2030				UMH Properties, Inc.	30,000	\$0	20,000		D
UMH Properties, Inc.	\$13.9								04/02/2020 04/02/2029				UMH Properties, Inc.	50,000		50,000		D
UMH Properties, Inc.	\$15.04								04/04/2018 04/04/2027				UMH Properties, Inc.	50,000		50,000		D
UMH Properties, Inc.	\$14.25								01/19/2018 01/19/2027				UMH Properties, Inc.	10,000		10,000		D

Explanation of Responses:

1. Exercise of stock options.

Nelli Madden 05/11/2023

** Signature of Reporting Person Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.

* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.