8-K

UNITED STATES
SECURITIES AND EXCHANGE COMMISSIONWashington, D.C. 20549
___________________________________

FORM 8-K
______________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 9, 2016
______________________________________

UMH Properties, Inc.
(Exact name of registrant as specified in its charter)
______________________________________

Maryland	001-12690	22-1890929
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ	07728
(Address of principal executive offices)	(Zip Code)

Registrant's telephone number, including area code:       (732) 577-9997

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

1

Item 2.02 Results of Operations and Financial Condition.Item 7.01 Regulation FD Disclosure.

On March 9, 2016, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2015 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2015. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99, and is incorporated herein by reference.

The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Forward-Looking Statements

Statements contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

● changes in the real estate market conditions and general economic conditions;

● the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments;

● increased competition in the geographic areas in which we own and operate manufactured housing communities;

● our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us;

● our ability to maintain rental rates and occupancy levels;

● changes in market rates of interest;

● our ability to repay debt financing obligations;

● our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;

● our ability to comply with certain debt covenants;

● our ability to integrate acquired properties and operations into existing operations;

2

● the availability of other debt and equity financing alternatives;

● continued ability to access the debt or equity markets;

● the loss of any member of our management team;

● our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;

● the ability of manufactured home buyers to obtain financing;

● the level of repossessions by manufactured home lenders;

● market conditions affecting our investment securities;

● changes in federal or state tax rules or regulations that could have adverse tax consequences; and

● our ability to qualify as a real estate investment trust for federal income tax purposes.

Item 9.01 Financial Statements and Exhibits.

(d)      Exhibits.

99      Supplemental information package for the fourth quarter and year ended December 31, 2015 and press release dated March 9, 2016.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UMH Properties, Inc.
Date: March 9, 2016	By:	/s/ Anna T. Chew
	Name:	Anna T. Chew
	Title:	Vice President and
		Chief Financial Officer

3

EX-99

UMH Properties, Inc.
Juniper Business Plaza	Website:	www.umh.reit
3499 Route 9 North	Email:	umh@umh.com
Freehold, NJ 07728	Phone:	(732) 577-9997

Table of Contents
	Page
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Income (Loss)	5
Consolidated Statement of Cash Flows	6
Reconciliation of Net Income to EBITDA and Net Loss Attributable to Common Shareholders to FFO, Core FFO and Normalized FFO	7
Market Capitalization, Debt and Coverage Levels	8
Debt Analysis and Debt Maturity	9
Property Summary and Snapshot	10
Same Property Statistics	11
Acquisition Summary	12
Marcellus and Utica Shale Region Exposure	13
Definitions	14
Press Release Dated March 9, 2016	15

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          2       

Financial Highlights

	(unaudited)
	Three Months Ended						Twelve Months Ended
		12/31/2015			12/31/2014			12/31/2015			12/31/2014
Operating Information
Number of Communities								98			88
Rental and Related Income	$	20,639,113		$	16,914,057		$	74,762,548		$	63,886,010
Community Operating Expenses	$	9,759,692		$	8,353,875		$	37,049,462		$	33,592,327
Community NOI	$	10,879,421		$	8,560,182		$	37,713,086		$	30,293,683
Expense Ratio		47.3%			49.4%			49.6%			52.6%
Sales of Manufactured Homes		1,285,030			1,965,181			6,754,123			7,545,923
Number of Homes Sold		34			37			135			134
Number of Rentals Added		401			412			1,113			902
Net Income	$	174,461		$	1,563,618		$	2,144,205		$	4,237,803
Net Loss Attributable to
Common Shareholders	$	(2,425,296	)	$	(325,529	)	$	(6,122,993	)	$	(3,318,785	)
EBITDA	$	10,451,717		$	8,576,266		$	36,368,381		$	30,916,467
FFO	$	3,000,535		$	3,775,942		$	12,834,786		$	11,837,322
Core FFO	$	3,894,051		$	3,783,343		$	14,267,036		$	12,320,844
Normalized FFO	$	3,817,240		$	3,513,557		$	14,187,806		$	10,778,255
Shares Outstanding and Per Share Data
Weighted Average Shares
Outstanding
Basic		26,978,257			23,813,768			25,932,626			22,496,103
Diluted		27,024,163			23,855,296			25,972,807			22,539,708
Net Loss Attributable
to Common Shareholders
per Share -
Basic and Diluted	$	(0.10	)	$	(0.01	)	$	(0.24	)	$	(0.15	)
FFO per Share-
Basic and Diluted	$	0.11		$	0.16		$	0.49		$	0.53
Core FFO per Share-
Basic and Diluted	$	0.14		$	0.16		$	0.55		$	0.55
Normalized FFO per Share-
Basic and Diluted	$	0.14		$	0.15		$	0.55		$	0.48
Dividends per Common Share	$	0.18		$	0.18		$	0.72		$	0.72
Balance Sheet
Total Assets							$	604,028,981		$	478,268,976
Total Liabilities							$	357,790,556		$	269,441,871
Market Capitalization
Total Debt							$	344,623,599		$	260,110,084
Equity Market Capitalization							$	274,118,801		$	232,753,393
Total Preferred Stock							$	136,625,000		$	91,595,000
Total Market Capitalization							$	755,367,400		$	584,458,477

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          3       

Consolidated Balance Sheets

		December 31,			December 31,
		2015			2014
ASSETS
Investment Property and Equipment
Land	$	45,477,814		$	39,133,514
Site and Land Improvements		377,215,400			299,776,250
Buildings and Improvements		20,307,097			17,534,698
Rental Homes and Accessories		134,708,763			91,719,997
Total Investment Property		577,709,074			448,164,459
Equipment and Vehicles		13,697,460			12,242,086
Total Investment Property and Equipment		591,406,534			460,406,545
Accumulated Depreciation		(117,761,146	)		(99,522,180	)
Net Investment Property and Equipment		473,645,388			360,884,365
Other Assets
Cash and Cash Equivalents		6,535,897			8,082,792
Securities Available for Sale at Fair Value		75,011,260			63,555,961
Inventory of Manufactured Homes		14,311,410			12,306,715
Notes and Other Receivables, net		20,028,574			21,992,566
Unamortized Financing Costs		3,711,591			2,228,779
Prepaid Expenses		4,062,813			3,356,034
Land Development Costs		6,722,048			5,861,764
Total Other Assets		130,383,593			117,384,611
TOTAL ASSETS	$	604,028,981		$	478,268,976
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages Payable	$	286,637,096		$	182,670,854
Other Liabilities
Accounts Payable		2,816,290			1,824,293
Loans Payable		57,986,503			77,439,230
Accrued Liabilities and Deposits		6,696,577			4,757,604
Tenant Security Deposits		3,654,090			2,749,890
Total Other Liabilities		71,153,460			86,771,017
Total Liabilities		357,790,556			269,441,871
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity:
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value
$0.10 per share: 3,663,800 shares authorized, issued and outstanding
as of December 31, 2015 and 2014		91,595,000			91,595,000
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10
per share: 2,000,000 shares authorized; 1,801,200 and -0- shares issued
and outstanding as of December 31, 2015 and 2014, respectively		45,030,000			-0-
Common Stock – $0.10 par value per share: 62,000,000 and 42,000,000 shares
authorized; 27,086,838 and 24,372,083 shares issued and outstanding
as of December 31, 2015 and 2014, respectively		2,708,684			2,437,208
Excess Stock – $0.10 par value per share: 3,000,000 shares authorized;
no shares issued or outstanding as of December 31, 2015 and 2014		-0-			-0-
Additional Paid-In Capital		109,629,260			110,422,454
Accumulated Other Comprehensive Income (Loss)		(2,056,726	)		5,040,236
Accumulated Deficit		(667,793	)		(667,793	)
Total Shareholders' Equity		246,238,425			208,827,105
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	604,028,981		$	478,268,976

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          4       

Consolidated Statements of Income (Loss)

	(unaudited)
	Three Months Ended						Twelve Months Ended
		12/31/2015			12/31/2014			12/31/2015			12/31/2015
INCOME:
Rental and Related Income	$	20,639,113		$	16,914,057		$	74,762,548		$	63,886,010
Sales of Manufactured Homes		1,285,030			1,965,181			6,754,123			7,545,923
TOTAL INCOME		21,924,143			18,879,238			81,516,671			71,431,933
EXPENSES:
Community Operating Expenses		9,759,692			8,353,875			37,049,462			33,592,327
Cost of Sales of Manufactured Homes		849,224			1,443,195			5,058,350			5,832,540
Selling Expenses		646,667			653,777			2,788,360			2,983,376
General and Administrative		2,080,805			1,582,074			7,345,644			6,465,973
Acquisition Costs		507,881			7,401			957,219			483,522
Depreciation Expense		5,411,952			4,112,076			18,877,511			15,163,420
TOTAL EXPENSES		19,256,221			16,152,398			72,076,546			64,521,158
OTHER INCOME (EXPENSE):
Interest Income		432,505			495,261			1,819,567			2,098,974
Dividend Income		1,176,253			1,006,627			4,399,181			4,065,986
Gain on Sale of Securities Transactions, net		76,811			269,786			204,230			1,542,589
Other Income		142,772			(115,330	)		435,816			328,888
Interest Expense		(3,886,387	)		(2,692,308	)		(13,245,429	)		(10,194,472	)
Amortization of Financing Costs		(421,536	)		(137,863	)		(829,017	)		(522,250	)
TOTAL OTHER INCOME (EXPENSE)		(2,479,582	)		(1,173,827	)		(7,215,652	)		(2,680,285	)
Income before Gain (Loss) on Sales of
Investment Property and Equipment		188,340			1,553,013			2,224,473			4,230,490
Gain (Loss) on Sales of Investment Property
and Equipment		(13,879	)		10,605			(80,268	)		7,313
NET INCOME		174,461			1,563,618			2,144,205			4,237,803
Less: Preferred Dividends		2,599,757			1,889,147			8,267,198			7,556,588
NET LOSS ATTRIBUTABLE TO
COMMON SHAREHOLDERS	$	(2,425,296	)	$	(325,529	)	$	(6,122,993	)	$	(3,318,785	)

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          5       

Consolidated Statements of Cash Flows

	Twelve Months Ended
		12/31/2015			12/31/2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	2,144,205		$	4,237,803
Non-Cash Items included in Net Income:
Depreciation		18,877,511			15,163,420
Amortization of Financing Costs		829,017			522,250
Stock Compensation Expense		855,768			922,944
Provision for Uncollectible Notes and Other Receivables		1,123,926			1,020,655
Gain on Sales of Securities Transactions, net		(204,230	)		(1,542,589	)
(Gain) Loss on Sales of Investment Property and Equipment		80,268			(7,313	)
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		(2,004,695	)		1,479,326
Notes and Other Receivables		840,066			279,590
Prepaid Expenses		(706,779	)		553,730
Accounts Payable		991,997			195,580
Accrued Liabilities and Deposits		1,976,958			904,960
Tenant Security Deposits		904,200			596,105
Net Cash Provided by Operating Activities		25,708,212			24,326,461
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of Mortgages Assumed		(78,926,525	)		(15,879,551	)
Purchase of Investment Property and Equipment		(51,218,338	)		(41,858,627	)
Proceeds from Sales of Investment Property and Equipment		777,394			768,641
Additions to Land Development Costs		(921,141	)		(268,983	)
Purchase of Securities Available for Sale		(23,019,035	)		(9,707,038	)
Proceeds from Sales of Securities Available for Sale		4,633,019			10,911,791
Net Cash Used in Investing Activities		(148,674,626	)		(56,033,767	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of Mortgages Assumed		139,432,000			-0-
Net Proceeds from Short-Term Borrowings		(19,452,727	)		28,320,234
Principal Payments of Mortgages and Loans		(37,756,234	)		(4,639,539	)
Financing Costs on Debt		(2,311,829	)		(623,023	)
Proceeds from Issuance of Common Stock, net of Reinvestments		22,593,531			30,933,748
Proceeds from Registered Direct Placement of Preferred Stock,
net of offering costs		43,042,124			-0-
Proceeds from Exercise of Stock Options		170,075			167,460
Preferred Dividends Paid		(7,556,588	)		(7,556,588	)
Common Dividends Paid, net of Reinvestments		(16,740,833	)		(14,427,337	)
Net Cash Provided by Financing Activities		121,419,519			32,174,955
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		(1,546,895	)		467,649
CASH AND CASH EQUIVALENTS – BEGINNING OF YEAR		8,082,792			7,615,143
CASH AND CASH EQUIVALENTS – ENDING OF YEAR	$	6,535,897		$	8,082,792

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          6       

Reconciliation of Net Income to EBITDA and Net Loss Attributable
to Common Shareholders to FFO, Core FFO and Normalized FFO

	(unaudited)
	Three Months Ended						Twelve Months Ended
		12/31/2015			12/31/2014			12/31/2015			12/31/2014
Reconciliation of Net Income To EBITDA
Net Income	$	174,461		$	1,563,618		$	2,144,205		$	4,237,803
Interest Expense		3,886,387			2,692,308			13,245,429			10,194,472
Franchise Taxes		49,500			63,000			315,000			315,000
Depreciation Expense		5,411,952			4,112,076			18,877,511			15,163,420
Amortization of Financing Costs		421,536			137,863			829,017			522,250
Acquisition Costs		507,881			7,401			957,219			483,522
EBITDA	$	10,451,717		$	8,576,266		$	36,368,381		$	30,916,467
Reconciliation of Net Loss Attributable to Common Shareholders to Funds from Operations
Net Income (Loss) Attributable to
Common Shareholders	$	(2,425,296	)	$	(325,529	)	$	(6,122,993	)	$	(3,318,785	)
Depreciation Expense		5,411,952			4,112,076			18,877,511			15,163,420
(Gain) Loss on Sales of
Depreciable Assets		13,879			(10,605	)		80,268			(7,313	)
Funds from Operations ("FFO")		3,000,535			3,775,942			12,834,786			11,837,322
Adjustments:
Acquisition Costs		507,881			7,401			957,219			483,522
Cost of Early Extinguishment of Debt		385,635			-0-			475,031			-0-
Core Funds from Operations ("Core FFO")		3,894,051			3,783,343			14,267,036			12,320,844
Adjustments:
Gain on Sales of Securities
Transactions, net		(76,811	)		(269,786	)		(204,230	)		(1,542,589	)
Settlement of Memphis Blues Litigation		-0-			-0-			125,000			-0-
Normalized Funds From Operations
("Normalized FFO")	$	3,817,240		$	3,513,557		$	14,187,806		$	10,778,255

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          7       

Market Capitalization, Debt and Coverage Levels(unaudited)

	Year to Date
		12/31/2015			12/31/2014
Shares Outstanding		27,086,838			24,372,083
Market Price Per Share	$	10.12		$	9.55
Equity Market Capitalization	$	274,118,801		$	232,753,393
Total Debt		344,623,599			260,110,084
Total Preferred Stock		136,625,000			91,595,000
Total Market Capitalization	$	755,367,400		$	584,458,477
Total Debt	$	344,623,599		$	260,110,084
Cash and Cash Equivalents		(6,535,897	)		(8,082,792	)
Net Debt		338,087,702			252,027,292
Securities Available for Sale at Fair Value (Securities)		(75,011,260	)		(63,555,961	)
Net Debt Less Securities	$	263,076,442		$	188,471,331
Interest Expense	$	13,245,429		$	10,194,472
Capitalized Interest		277,944			280,354
Preferred Dividends		8,267,198			7,556,588
Total Fixed Charges	$	21,790,571		$	18,031,414
EBITDA	$	36,368,381		$	30,916,467
DEBT AND COVERAGE RATIOS
Net Debt / Total Market Capitalization		44.8%			43.1%
Net Debt Plus Preferred / Total Market Capitalization		62.8%			58.8%
Net Debt Less Securities / Total Market Capitalization		34.8%			32.2%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		52.9%			47.9%
Interest Coverage		2.7x			3.0x
Fixed Charge Coverage		1.7x			1.7x
Net Debt / EBITDA		9.3x			8.2x
Net Debt Less Securities/ EBITDA		7.2x			6.1x
Net Debt Plus Preferred / EBITDA		13.1x			11.1x
Net Debt Less Securities Plus Preferred / EBITDA		11.0x			9.1x

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          8       

Debt Analysis
(unaudited)	Year to Date
		12/31/2015		12/31/2014
DEBT OUTSTANDING
Mortgages Payable	$	286,637,096	$	182,670,854
Loans Payable:
Unsecured Line of Credit		35,000,000		35,000,000
Other Loans Payable		22,986,503		42,439,230
Total Loans Payable		57,986,503		77,439,230
Total Debt	$	344,623,599	$	260,110,084
% FIXED/FLOATING
Fixed		84.5%		71.7%
Floating		15.5%		28.3%
Total		100.0%		100.0%
WEIGHTED AVERAGE INTEREST RATES
Mortgages Payable		4.49%		4.78%
Loans Payable		3.74%		3.32%
Total Average		4.36%		4.35%

Debt Maturity

Fiscal Year Ended	Mortgages		Loans			Total		% of Total
2016	$	8,618,982	$	12,258,341		$	20,877,323	6.1%
2017		30,564,270		25,150,314	(1)		55,714,584	16.2%
2018		9,633,001		154,615			9,787,616	2.8%
2019		3,133,875		4,156,447			7,290,322	2.1%
2020		12,883,028		149,472			13,032,500	3.8%
Thereafter		221,803,940		16,117,314			237,921,254	69.0%
Total as of 12/31/2015	$	286,637,096	$	57,986,503		$	344,623,599	100.0%

Notes:
(1)	Includes $15 million Line of Credit due March 2016, which has been extended through March 2017.

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          9       

PropertySummary and Snapshot(unaudited)

		12/31/2015		12/31/2014	% Change
Communities		98		88	11.4%
Developed Sites		17,793		15,041	18.3%
Occupied		14,013		12,243	14.5%
Occupancy % (1)		79.5%		82.3%	(3.4%	)
Monthly Rent Per Site	$	411	$	393	4.6%
Total Rentals		3,732		2,619	42.5%
Occupied Rentals		3,466		2,405	44.1%
Rental Occupancy %		92.9%		91.5%	1.5%
Monthly Rent per Home Rental	$	696	$	640	8.8%

														Monthly
														Rent
									Monthly			Rental		Per
		Total	Developed	Vacant	Total	Occupied	Occupancy		Rent	Total	Occupied	Occupancy		Home
Region	Number	Acreage	Acreage	Acreage	Sites	Sites	Percentage		Per Site	Rentals	Rentals	Percentage		Rental
		(2)		(2)			(1)							(3)
Indiana	9	661	561	100	2,652	1,843	69.5%	$	385	683	626	91.7%	$	696
Michigan	2	68	68	-0-	354	233	65.8%	$	415	91	82	90.1%	$	682
New Jersey	4	349	187	162	1,006	959	95.3%	$	577	34	34	100.0%	$	878
New York	7	397	301	96	1,130	906	80.2%	$	471	217	200	92.2%	$	838
Ohio	27	1,132	881	251	4,310	3,288	76.3%	$	345	764	700	91.1%	$	641
E. Pennsylvania	26	964	805	159	3,608	3,033	84.1%	$	448	656	605	92.2%	$	714
W. Pennsylvania	16	904	723	181	2,916	2,213	75.9%	$	379	635	591	93.1%	$	693
Tennessee	7	413	321	92	1,817	1,538	84.6%	$	415	652	628	96.3%	$	689
Total as of
12/31/2015	98	4,888	3,847	1,041	17,793	14,013	79.5%	$	411	3,732	3,466	92.9%	$	696

Notes:
(1)	The 156 Vacant Sites at Memphis Blues are not Included in the calculation of occupancy.
(2)	Total and Vacant Acreage of 220 for the Mountain View Estates property is not included in the summary since there are no current sites and approval for sites is still in process.
(3)	Includes home and site rent charges.

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          10       

Same PropertyStatistics(unaudited)

				For Three Months Ended							For Twelve Months Ended
							%							%
		12/31/2015		12/31/2014		Change	Change		12/31/2015		12/31/2014		Change	Change
Community Net Operating Income
Rental and Related
Income	$	17,166,680	$	15,755,957	$	1,410,723	9.0%	$	66,197,683	$	60,808,237	$	5,389,446	8.9%
Community Operating
Expenses		7,263,765		7,152,426		111,339	1.6%		30,268,894		30,154,066		114,828	0.4%
Community NOI	$	9,902,915	$	8,603,531	$	1,299,384	15.1%	$	35,928,789	$	30,654,171	$	5,274,618	17.2%

		Year to Date
		12/31/2015		12/31/2014	% Change
OTHER INFORMATION
Number of Properties		74		74	N/A
Developed Acreage		2,907		2,907	N/A
Vacant Acreage		722		722	N/A
Total Sites		13,258		13,281	(0.2%	)
Occupied Sites		11,119		11,044	0.7%
Occupancy %		83.9%		83.2%	0.7%
Monthly Rent Per Site	$	426	$	411	3.6%
Total Rentals		3,129		2,499	25.2%
Occupied Rentals		2,944		2,334	26.1%
Rental Occupancy		94.1%		93.4%	0.7%
Monthly Rent Per Home Rental	$	703	$	640	9.8%

Notes:

Same Propertyincludes all properties owned as of January 1, 2014, with the exception of Memphis Blues.

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          11       

Acquisition Summary

Year of	Number of		Occupied				Total
Acquisition	Communities	Sites	Sites	Occupancy %		Price	Acres
2012	17	1,727	1,559	90%	$	47,600,000	382
2013	17	2,738	2,279	83%	$	88,270,000	232
2014	14	1,612	1,230	76%	$	42,550,000	547
2015	10	2,774	1,764	64%	$	81,217,000	717

2015 Acquisitions

						Number
	Date of		Number		Purchase	of
Community	Acquisition	State	of Sites		Price	Acres	Occupancy
Holly Acres Estates	January 21, 2015	PA	141	$	3,800,000	40	96%
Voyager Estates and
Huntingdon Pointe	April 23, 2015	PA	324		5,300,000	141	63%
Valley Stream	May 27, 2015	PA	158		3,517,000	43	64%
Candlewick Court, Catalina
and Worthington Arms	August 19, 2015	MI,OH	897		32,500,000	177	69%
Holiday Village, The Meadows
and Woods Edge	October 16, 2015	IN	1,254		36,100,000	316	56%
Total 2015 Acquisitions			2,774	$	81,217,000	717	64%

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          12       

Marcellus and Utica Shale Region Exposure

The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York. These fields have the potential to be among the largest sources of natural gas in the world. It is also expected that the activity surrounding the development of the shale regions is to accelerate over the next few years. With the rise in development, economies in the shale region are expected to benefit from increase employment, wealth of landowners, and state and local tax revenues.

Demand for rental homes has already increased substantially over the past few years, as a result of the Marcellus and Utica shale related activity. We are meeting this demand by adding new rentals homes to our portfolio.

UMH benefits from significant exposures to the Marcellus and Utica Shale Regions with over 2,700 acres in existing communities.

Total Acreage
       Total - 5,100

Existing Home Communities

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          13       

Definitions

Investors and analysts following the real estate industry utilize funds from operations ("FFO"), core funds from operations ("Core FFO"), normalized funds from operations (“Normalized FFO”), community NOI, same property NOI, and earnings before interest, taxes, depreciation and amortization ("EBITDA"), variously defined, as supplemental performance measures. While the Company believes net income available to common stockholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, it considers Community NOI, Same Property NOI, EBITDA, FFO, and Core FFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. Core FFO reflects the same assumptions as FFO except that is also adjusts for the effects of acquisitions costs and costs of early extinguishment of debt. Community NOI and Same Property NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. EBITDA provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. In addition, Community NOI, Same Property NOI, EBITDA, FFO, and Core FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.

As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. FFO includes gains and losses realized on securities investments.

Core FFO is calculated as FFO plus acquisition costs and costs of extinguishment of debt.

Normalized FFO is calculated as Core FFO excluding gains and losses realized on securities investments and certain one-time charges.

Community NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. Community NOI excludes realized gains (losses) on securities transactions.

Same Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2014, with the exception of Memphis Mobile City.

EBITDA is calculated as net income plus interest expense, franchise taxes, depreciation expense and amortization of financing costs.

Community NOI, Same Property NOI, EBITDA, FFO, Core FFO and Normalized FFO do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. Community NOI, Same Property NOI, EBITDA, FFO, Core FFO and Normalized FFO should not be considered as substitutes for net income applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. Community NOI, Same Property NOI, EBITDA, FFO, Core FFO and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          14       

Press Release Dated March 9, 2016

FOR IMMEDIATE RELEASE	March 9, 2016
	Contact: Nelli Madden
	732-577-9997

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE YEAR ENDED AND THE FOURTHQUARTER ENDED DECEMBER 31, 2015

FREEHOLD, NJ, March 9, 2016........ UMH Properties, Inc. (NYSE:UMH) reported Normalized Funds from Operations (“Normalized FFO”) for the year ended December 31, 2015 of $14,188,000 or $0.55 per diluted share as compared to $10,778,000 or $0.48 a year ago. This represents a 14.6% increase in Normalized FFO per diluted share. Normalized FFO for the quarter was $3,817,000 or $0.14 per diluted share, as compared to $3,513,000 or $0.15 per diluted share in the prior year period. Core Funds from Operations (“Core FFO”) was $14,267,000 or $0.55 per diluted share for the year ended December 31, 2015, as compared to $12,321,000 or $0.55 per diluted share in the prior year period. Core Funds from Operations (“Core FFO”) was $3,894,000 or $0.14 per diluted share for the quarter ended December 31, 2015, as compared to $3,783,000 or $0.16 per diluted share for the quarter ended December 31, 2014.

A summary of significant financial information for the three and twelve months ended December 31, 2015 and 2014 is as follows:

	For the Three Months Ended
	December 31,
		2015			2014
Total Income	$	21,924,000		$	18,879,000
Total Expenses	$	19,256,000		$	16,152,000
Gain on Securities Transactions, net	$	77,000		$	270,000
Community Net Operating Income (“NOI”) (1)	$	10,879,000		$	8,560,000
Net Loss Attributable to Common Shareholders	$	(2,425,000	)	$	(326,000	)
Net Loss Attributable to Common
Shareholders per Diluted Common Share	$	(0.10	)	$	(0.01	)
Core FFO (1)	$	3,894,000		$	3,783,000
Core FFO (1) per Diluted Common Share	$	0.14		$	0.16
Normalized FFO (1)	$	3,817,000		$	3,513,000
Normalized FFO (1) per Diluted Common Share	$	0.14		$	0.15
Weighted Average Diluted Shares Outstanding		27,024,000			23,855,000

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UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          15       

	For the Twelve Months Ended
	December 31,
		2015			2014
Total Income	$	81,517,000		$	71,432,000
Total Expenses	$	72,077,000		$	64,521,000
Gain on Securities Transactions, net	$	204,000		$	1,543,000
Community Net Operating Income (1)	$	37,713,000		$	30,294,000
Net Loss Attributable to Common Shareholders	$	(6,123,000	)	$	(3,319,000	)
Net Loss Attributable to Common
Shareholders per Diluted Common Share	$	(0.24	)	$	(0.15	)
Core FFO (1)	$	14,267,000		$	12,321,000
Core FFO (1) per Diluted Common Share	$	0.55		$	0.55
Normalized FFO (1)	$	14,188,000		$	10,778,000
Normalized FFO (1) per Diluted Common Share	$	0.55		$	0.48
Weighted Average Diluted Shares Outstanding		25,973,000			22,540,000

A summary of significant balance sheet information as of December 31, 2015 and 2014 is as follows:

		2015		2014
Gross Real Estate Investments	$	577,709,000	$	448,164,000
Total Assets	$	604,029,000	$	478,269,000
Securities Available for Sale at Fair Value	$	75,011,000	$	63,556,000
Mortgages Payable	$	286,637,000	$	182,671,000
Loans Payable	$	57,987,000	$	77,439,000
Total Shareholders’ Equity	$	246,238,000	$	208,827,000

Samuel A. Landy, President and CEO, commented on the 2015 results,

“UMH continued to make progress in growing the Company and building long-term value for our shareholders. During 2015, the Company’s accomplishments included the following:

● Acquired 10 communities containing approximately 2,800 homesites for $81.2 million. This represents an 18% increase in developed sites over the prior year;

● Increased Normalized FFO per diluted share by 14.6%;

● Increased Community NOI by 24.5%;

● Increased Same Property Occupancy from 83.2% to 83.9%;

● Increased Same Property NOI by 17.2%;

● Decreased our Operating Expense Ratio from 52.6% to 49.6%;

● Raised approximately $25 million in common equity capital through our Dividend Reinvestment and Stock Purchase Plan;

● Raised approximately $43 million in net proceeds in a registered direct placement of 8.0% Series B Cumulative Redeemable Preferred Stock;

● Financed/refinanced 21 communities for a total of $139 million, reducing our weighted average interest rate from 4.8% to 4.5%

● Increased our rental home portfolio by 1,100 homes, representing an increase of 42% to 3,700 total rental homes; and

● Increased rental home occupancy from 91.5% to 92.9%.”

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UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          16       

Mr. Landy stated, “We have continued to produce strong results, increasing Normalized FFO per diluted share by 14.6%, from $0.48 per diluted share in 2014 to $0.55 per diluted share in 2015. This is the second year in a row that we have delivered double-digit per share Normalized FFO growth. For the fourth quarter, our Normalized FFO was $0.14 per diluted share, as compared to $0.15 per diluted share in the prior year period. Our per share results for the fourth quarter of 2015 were impacted by our recent preferred equity offering completed in October of this year. Excluding the effects of our recent preferred equity offering, our Normalized FFO is $0.17 for the fourth quarter. As the proceeds from this offering become fully invested, our results will be favorably impacted.”

“Same property revenue increased 9.0% quarter over quarter, while expenses only increased 1.6%. Same property occupancy increased 70 basis points to 83.9% during the quarter. This resulted in an increase in same property NOI for the quarter of 15.1% over the prior year period. For the twelve months, same property NOI increased 17.2%. This marks the second consecutive year of double digit same property NOI growth.”

“UMH made further advancements in our growth strategy, by acquiring ten manufactured home communities for an aggregate cost of $81.2 million. Over the past five years, we have increased the total sites in our portfolio by 123%. Most of these acquisitions contain land in the Marcellus and Utica Shale regions. While energy prices have fallen sharply this past year, we are long-term investors and view owning real estate in close proximity to some of the world’s largest oil and natural gas reserves as a great investment.”

“With respect to our capital markets activity, during the fourth quarter, we issued 1.8 million shares of 8% Series B Cumulative Redeemable Perpetual Preferred Stock at a purchase price of $25.00 per share. As a result, the Company received net proceeds of approximately $43 million. This offering further strengthens our balance sheet and positions the Company to continue to execute our growth strategy.”

UMH Properties, Inc. will host its Fourth Quarter and Year End 2015 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, March 10, 2016 at 10:00 a.m. Eastern Time.

The Company’s 2015 fourth quarter and yearend financial results being released herein will be available on the company website at www.umh.reit in the “Financial Information and Filings” section.

To participate in the webcast, select the microphone icon found on the homepage www.umh.reit to access the call. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, March 10, 2016. It will be available until May 2, 2016, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10077524. A transcript of the call and the webcast replay will be available at the company’s website, www.umh.reit.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates ninety-eight manufactured home communities containing approximately 17,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. In addition, the Company owns a portfolio of REIT securities.

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UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          17       

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

(1)

Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds From Operations (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), represents Net Income (Loss) Attributable to Common Shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Core Funds From Operations (“Core FFO”) as FFO plus acquisition costs and costs of early extinguishment of debt. We define Normalized Funds From Operations (“Normalized FFO”) as Core FFO excluding gains and losses realized on securities investments and certain non-recurring charges. We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. Community NOI excludes realized gains (losses) on securities transactions. FFO, Core FFO and Normalized FFO, as well as Community NOI should be considered as supplemental measures of operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. The items excluded from FFO, Core FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

FFO, Core FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO, Core FFO and Normalized FFO, as well as Community NOI, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO, Core FFO and Normalized FFO for the three and twelve months ended December 31, 2015 and 2014 are calculated as follows:

	Three Months Ended						Twelve Months Ended
		12/31/15			12/31/14			12/31/15			12/31/14
Net Loss Attributable to Common Shareholders	$	(2,425,000	)	$	(326,000	)	$	(6,123,000	)	$	(3,319,000	)
Depreciation Expense		5,412,000			4,112,000			18,878,000			15,163,000
(Gain) Loss on Sales of Depreciable Assets		14,000			(10,000	)		80,000			(7,000	)
FFO Attributable to Common Shareholders		3,001,000			3,776,000			12,835,000			11,837,000
Acquisition Costs		508,000			7,000			957,000			484,000
Cost of Early Extinguishment of Debt		385,000			-0-			475,000			-0-
Core FFO Attributable to Common Shareholders		3,894,000			3,783,000			14,267,000			12,321,000
Gain on Sale of Securities Transactions, net		(77,000	)		(270,000	)		(204,000	)		(1,543,000	)
Settlement of Litigation		-0-			-0-			125,000			-0-
Normalized FFO Attributable to Common Shareholders	$	3,817,000		$	3,513,000		$	14,188,000		$	10,778,000

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UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          18       

The following are the cash flows provided (used) by operating, investing and financing activities for the twelve months ended December 31, 2015 and 2014:

		2015			2014
Operating Activities	$	25,708,000		$	24,326,000
Investing Activities		(148,675,000	)		(56,034,000	)
Financing Activities		121,420,000			32,175,000

# # # #

UMH Properties, Inc. | Fourth Quarter FY 2015 Supplemental Information          19