UMH PROPERTIES INC (UMH)
Sector: Real Estate
2026 Annual Meeting Analysis
UMH PROPERTIES INC · Meeting: May 27, 2026
Directors FOR
4
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Four Class II Directors
Carus has served since 2011 and brings extensive real estate finance and investment experience; UMH's 3-year price return of 23.4% outpaces the ^FNER (FTSE NAREIT All Equity REITs Index) by +4.0 percentage points, well below the 65-point threshold required to trigger an against vote, and no other policy flags apply.
Hirsch has served since 2013 as Presiding Independent Director and brings real estate legal and corporate governance expertise; the TSR trigger does not fire given UMH's outperformance versus ^FNER (FTSE NAREIT All Equity REITs Index), and no other policy flags apply.
Pruitt-Marriott has served since 2021 and brings strategic communications expertise; she joined more than 24 months ago but the TSR trigger does not fire given UMH's positive performance relative to ^FNER (FTSE NAREIT All Equity REITs Index), and no other policy flags apply.
Quigley has served since 2016, chairs the Audit Committee, and brings management, governance, accounting, finance, and REIT experience; the TSR trigger does not fire given UMH's outperformance versus ^FNER (FTSE NAREIT All Equity REITs Index), and no other policy flags apply.
All four Class II director nominees pass policy screens: UMH's 3-year price return of 23.4% outperforms the ^FNER (FTSE NAREIT All Equity REITs Index) by +4.0 percentage points, far short of the 65-point underperformance threshold needed to trigger an against vote; no overboarding, attendance, independence, or familial-relationship issues were identified for any nominee.
Say on Pay
✓ FORCEO
Samuel A. Landy
Total Comp
$2,909,784
Prior Support
93%%
The CEO's total reported compensation of approximately $2.9 million is described in the proxy as below the median and average of the company's comparable REIT peer group and below the 25th percentile of similarly sized REITs in the residential sector per the Nareit survey, indicating pay is well within benchmark. The company's compensation program is substantially variable and performance-linked — the short-term bonus is tied to measurable Normalized FFO per share growth and individual performance metrics, and long-term awards include both performance-based stock units tied to strategic milestones and relative total shareholder return versus the MSCI US REIT Index — and the company voluntarily surrendered equity awards in 2025 when performance fell short, demonstrating genuine pay-for-performance discipline. Prior-year say-on-pay support was approximately 93%, the company has a meaningful clawback policy, and UMH's 3-year total return outpaced the ^FNER (FTSE NAREIT All Equity REITs Index) by +4.0 percentage points, supporting alignment between incentive pay and shareholder outcomes.
Auditor Ratification
✓ FORAuditor
PKF O'Connor Davies, LLP
Tenure
N/A
Audit Fees
$410,000
Non-Audit Fees
$182,995
Non-audit fees (audit-related fees of $85,894 plus tax fees of $97,101, totaling $182,995) represent approximately 44.6% of audit fees of $410,000, which is below the 50% threshold that would trigger a concern about auditor independence; auditor tenure is not disclosed so the tenure trigger cannot fire per policy; no material restatements were identified; PKF is a large national firm appropriate for UMH's roughly $1.3 billion market cap.
Overall Assessment
UMH's 2026 annual meeting presents three standard proposals — director elections, auditor ratification, and say-on-pay — all of which pass policy screens and receive a FOR vote determination. CEO pay is modest relative to peers, the compensation program is genuinely performance-linked, the auditor's non-audit fee ratio is within acceptable limits, and the company's stock performance over three years outpaces the ^FNER (FTSE NAREIT All Equity REITs Index) benchmark, leaving no policy trigger fires across the full ballot.