Form 4: UMH Properties Executive Discloses Significant Holdings
Insider Ownership Report
Daniel O. Landy, EVP and President of OZ Fund at UMH Properties, Inc., filed a Form 4 detailing his beneficial ownership of common and preferred stock, and derivative securities.
Summary
- Daniel O. Landy, an Executive Vice President and President of OZ Fund, Director, and 10% owner of UMH Properties, Inc. (UMH), reported his beneficial ownership of company securities.
- Direct ownership includes 94,982.87 shares of UMH Properties, Inc. common stock, which incorporates 247.28 shares acquired through dividend reinvestment on December 15, 2025, and 7,245 shares held in a 401(k) as of December 31, 2025.
- Indirect ownership of UMH Properties, Inc. common stock totals 129,591.71 shares, held through various entities: The Landy 2022 Family Trust (50,798.71 shares, including 738.59 shares from dividend reinvestment on December 15, 2025), Juniper Plaza Associates, LTD. (37,903 shares), Samuel Landy Family LTD Partnership (16,220 shares), and Windsor Industrial Park Associates, LTD. (24,670 shares).
- Indirect ownership also includes 900 shares of UMH Properties, Inc. Preferred D stock held through Windsor Industrial Park Associates, LTD.
- Landy holds 585,860 derivative securities (options) directly, with exercise prices ranging from $9.70 to $23.81 and expiration dates between 2028 and 2035.
Sentiment
Score: 7
Explanation: The filing indicates significant insider ownership and continued share accumulation through dividend reinvestment, which generally signals management confidence. While not a performance report, strong insider alignment is a positive indicator for investors.
Positives
- Significant insider ownership by a key executive, indicating strong alignment of interests with shareholders.
- Continued accumulation of shares through dividend reinvestment, suggesting ongoing confidence in the company's long-term value and dividend policy.
- A substantial number of derivative securities (options) held by the executive provides a direct incentive for the company's stock price appreciation.
Future Outlook
This Form 4 filing primarily reports current beneficial ownership and does not contain explicit forward-looking statements or guidance regarding the company's future performance or strategic direction. The derivative securities held by the executive represent potential future equity ownership, aligning incentives for long-term value creation.
Industry Context
This Form 4 filing is a routine insider trading disclosure for UMH Properties, Inc., a real estate investment trust (REIT) specializing in manufactured housing communities. Such filings provide transparency into executive and director holdings, which can be a signal of management's confidence in the company's prospects. In the REIT sector, significant insider ownership can be particularly relevant as it aligns management interests with shareholder returns, especially concerning dividend policies and property portfolio performance.
Comparison to Industry Standards
- This Form 4 filing is a standard regulatory disclosure of insider ownership and does not contain financial results or operational metrics that can be directly compared to industry benchmarks or specific comparable companies/projects.
- The level of insider ownership reported by Daniel O. Landy is substantial, which is generally viewed positively as it aligns management's interests with those of shareholders. This is a common positive indicator across various industries, including REITs like Equity Lifestyle Properties (ELS) or Sun Communities (SUI), where significant insider holdings are often observed as a sign of commitment and confidence.
Related Party Transactions
- The indirect holdings through entities such as The Landy 2022 Family Trust, Juniper Plaza Associates, LTD., Samuel Landy Family LTD Partnership, and Windsor Industrial Park Associates, LTD. involve family trusts and partnerships associated with the reporting person. However, the filing itself does not detail specific transactions with these parties beyond the beneficial ownership of UMH shares.
Stakeholder Impact
- Shareholders: The significant insider ownership, including through dividend reinvestment, may be viewed positively as it aligns the interests of a key executive with those of other shareholders, potentially fostering confidence in the company's long-term strategy and performance.
Key Dates
| Date | Description |
|---|---|
| 2019-04-02 | Date exercisable for 1,000 options with an exercise price of $13.09 and expiration date of 04/02/2028. |
| 2019-07-09 | Date exercisable for 10,000 options with an exercise price of $15.75 and expiration date of 07/09/2028. |
| 2019-12-10 | Date exercisable for 25,000 options with an exercise price of $12.94 and expiration date of 12/10/2028. |
| 2020-04-02 | Date exercisable for 100,000 options with an exercise price of $13.90 and expiration date of 04/02/2029. |
| 2021-03-25 | Date exercisable for 71,760 options with an exercise price of $9.70 and expiration date of 03/25/2030. |
| 2022-07-14 | Date exercisable for 100,000 options with an exercise price of $22.57 and expiration date of 07/14/2031. |
| 2023-02-08 | Date exercisable for 78,100 options with an exercise price of $23.81 and expiration date of 03/28/2032. |
| 2024-03-21 | Date exercisable for 75,000 options with an exercise price of $14.36 and expiration date of 03/21/2033. |
| 2025-03-26 | Date exercisable for 75,000 options with an exercise price of $15.66 and expiration date of 03/26/2034. |
| 2025-06-16 | Date exercisable for 50,000 options with an exercise price of $16.86 and expiration date of 06/16/2035. |
| 2025-12-15 | Date of dividend reinvestment for 247.28 direct shares and 738.59 indirect shares. |
| 2025-12-31 | Date as of which 7,245 shares were held in a 401(k) account. |
| 2026-01-12 | Signature date of the reporting person for the Form 4 filing. |
Recommendation
holdThis Form 4 filing is a routine disclosure of an executive's beneficial ownership and does not provide new information that would warrant a change in investment recommendation. The significant insider holdings, including shares acquired through dividend reinvestment, suggest continued confidence from management, which is a positive signal. However, without additional financial or operational updates, the filing alone does not present a compelling reason to 'buy' or 'sell' the stock, thus a 'hold' recommendation is appropriate for existing investors.
Keywords
UMH Properties, UMH, Form 4, Insider Ownership, Beneficial Ownership, Stock Options, Dividend Reinvestment, Daniel O. Landy, Real Estate Investment Trust, REIT
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