<SUBMISSION>
<ACCESSION-NUMBER>0000752642-08-000050
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20081107
<ITEMS>7.01
<ITEMS>9.01
<FILING-DATE>20081107
<DATE-OF-FILING-DATE-CHANGE>20081107
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>UMH PROPERTIES, INC.
<CIK>0000752642
<ASSIGNED-SIC>6798
<IRS-NUMBER>221890929
<STATE-OF-INCORPORATION>MD
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>001-12690
<FILM-NUMBER>081172408
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>3499 ROUTE 9 N, SUITE 3-C
<STREET2>JUNIPER BUSINESS PLAZA
<CITY>FREEHOLD
<STATE>NJ
<ZIP>07728
<PHONE>7325779997
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>3499 ROUTE 9 N, SUITE 3-C
<STREET2>JUNIPER BUSINESS PLAZA
<CITY>FREEHOLD
<STATE>NJ
<ZIP>07728
</MAIL-ADDRESS>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>UNITED MOBILE HOMES INC
<DATE-CHANGED>19920703
</FORMER-COMPANY>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>umh8kregfddividends1172008.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES</TITLE>
<META NAME="date" CONTENT="11/07/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt" align=center><U>_____________________________________________________________________________________________</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>UNITED STATES</B></P>
<P style="line-height:16pt; margin:0pt; font-size:14pt" align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="margin:0pt" align=center><B>Washington, D.C. 20549</B></P>
<P style="margin:0pt" align=center><B><U>___________________________________</U></B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:18pt; margin:0pt; font-size:16pt" align=center><B>FORM 8-K</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><U>______________________________</U></B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>CURRENT REPORT</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Date of Report (Date of earliest event reported): &nbsp;November 7, 2008</B></P>
<P style="margin:0pt" align=center><U>______________________________________</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:20pt; margin:0pt; font-size:18pt" align=center><B>UMH Properties, Inc.</B></P>
<P style="margin:0pt" align=center>(Exact name of registrant as specified in its charter)</P>
<P style="margin:0pt" align=center><U>______________________________________</U></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Maryland &nbsp;&nbsp;&nbsp;001-12690 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22-1890929</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>(State or other jurisdiction &nbsp;(Commission &nbsp;&nbsp;&nbsp;(IRS Employer</P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center>of incorporation) &nbsp;&nbsp;File Number) &nbsp;&nbsp;&nbsp;Identification No.)</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ &nbsp;&nbsp;&nbsp;07728</B></P>
<P style="margin:0pt" align=center>(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Zip Code)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Registrant's telephone number, including area code: (732) 577-9997</B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>Not Applicable</B></P>
<P style="margin:0pt" align=center>(Former name or former address, if changed since last report.)</P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt" align=center><BR></P>
<P style="margin:0pt">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):</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">[ ] Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt">[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=center><U>_____________________________________________________________________________________________</U></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center>1</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt; page-break-before:always"><B>Item 7.01</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:72pt; font-size:12pt"><B>Regulation FD Disclosure.</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:40.5pt; font-size:12pt" align=justify>On November 7, 2008, the Company issued a press release announcing the results of operations and financial condition of the Company for the quarterly period ended September 30, 2008.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt"><B>Item 9.01</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:72pt; font-size:12pt"><B>Financial Statements and Exhibits.</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:18pt; font-size:12pt">(c) &nbsp;Exhibits.</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:45pt; text-indent:-27pt; font-size:12pt" align=justify>99</P>
<P style="line-height:14pt; margin:0pt; padding-left:45pt; font-size:12pt" align=justify>Press Release dated November 7, 2008.</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center>2</P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="margin:0pt; page-break-before:always"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:27pt; font-size:12pt" align=center><B><U>SIGNATURE</U></B></P>
<P style="margin:0pt" align=center><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>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.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:288pt; font-size:12pt" align=justify><B>UMH Properties, Inc.</B></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>&nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt" align=justify>Date: &nbsp;November 7, 2008</P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-size:12pt" align=justify>By:<U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Anna T. Chew</U></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:288pt; font-size:12pt" align=justify>Name:</P>
<P style="line-height:14pt; margin:0pt; padding-left:288pt; text-indent:36pt; font-size:12pt" align=justify>Anna T. Chew</P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; padding-left:324pt; text-indent:-36pt; font-size:12pt" align=justify>Title:</P>
<P style="line-height:14pt; margin:0pt; padding-left:324pt; font-size:12pt" align=justify>Vice President and Chief Financial Officer</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="margin:0pt" align=center>3</P>
<P style="margin:0pt"><BR></P>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>umh9mos.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>FOR IMMEDIATE RELEASE</TITLE>
<META NAME="author" CONTENT="lchiarella">
<META NAME="date" CONTENT="11/07/2008">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; font-size:12pt"><B>FOR IMMEDIATE RELEASE</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-size:12pt"><B>November 7, 2008</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-size:12pt"><B>Contact: Rosemarie Faccone</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:324pt; font-size:12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;or Susan Jordan</B></P>
<P style="line-height:14pt; margin:0pt; padding-left:288pt; text-indent:36pt; font-size:12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;732-577-9997</B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B><U>UMH PROPERTIES, INC. REPORTS NINE-MONTH EARNINGS</U></B></P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify><B>FREEHOLD, NJ</B>, November 7, 2008........UMH Properties, Inc. (NYSE Alternext US:UMH) reported net income of $1,201,000 or $0.11 per share for the quarter ended September 30, 2008, as compared to $110,000 or $0.01 per share for the quarter ended September 30, 2007 and $2,407,000 or $0.22 per share for the nine months ended September 30, 2008, as compared to $2,876,000 or $0.27 per share for the nine months ended September 30, 2007.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>A summary of significant financial information for the three months and nine months ended September 30, 2008 and 2007 is as follows:</P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:216pt; font-size:12pt" align=justify><B>&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-size:12pt" align=justify><B>&nbsp;&nbsp;&nbsp;For the Three Months Ended</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=54.7></TD><TD width=218.95></TD><TD width=15.9></TD><TD width=66.85></TD><TD width=27></TD><TD width=18></TD><TD width=66.6></TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>9/30/08</B></P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>9/30/07</B></P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133>&nbsp;</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8>&nbsp;</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Total Revenues</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>10,240,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>9,971,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Total Expenses</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>9,049,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>9,884,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Net Income</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>1,201,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>110,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Net Income per Share</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.11</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.01</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:normal; margin:0pt; font-size:12pt" align=justify>FFO &nbsp;(1)</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>2,209,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>1,007,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:normal; margin:0pt; font-size:12pt" align=justify>FFO per Share &nbsp;(1)</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.20</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.09</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Weighted Average Shares Outstanding</P>
</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>10,916,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>10,606,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133>&nbsp;</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:324pt; font-size:12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(continued on next page)</P>
<P style="margin:0pt"><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">1</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:216pt; font-size:12pt; page-break-before:always"><B>&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:14pt; margin-top:0pt; margin-bottom:-14pt; text-indent:252pt; font-size:12pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="line-height:14pt; margin:0pt; text-indent:288pt; font-size:12pt"><B>&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0pt"><BR></P>
<P style="line-height:14pt; margin:0pt; padding-left:252pt; text-indent:36pt; font-size:12pt"><B>&nbsp;&nbsp;For the Nine Months Ended</B></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=54.7></TD><TD width=218.95></TD><TD width=15.9></TD><TD width=66.85></TD><TD width=27></TD><TD width=18></TD><TD width=66.6></TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>9/30/08</B></P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=center><B>9/30/07</B></P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133>&nbsp;</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8>&nbsp;</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Total Revenues</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>29,015,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>30,123,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Total Expenses</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>26,638,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>27,337,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Net Income</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>2,407,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>2,876,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Net Income per Share</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.22</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.27</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:normal; margin:0pt; font-size:12pt" align=justify>FFO &nbsp;(1)</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>5,427,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>5,482,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:normal; margin:0pt; font-size:12pt" align=justify>FFO per Share &nbsp;(1)</P>
</TD><TD valign=top width=21.2><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.50</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>$</P>
</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>.52</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933><P style="line-height:14pt; margin:0pt; font-size:12pt" align=justify>Weighted Average Shares Outstanding</P>
</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>10,845,000</P>
</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8><P style="line-height:14pt; margin:0pt; font-size:12pt" align=right>10,486,000</P>
</TD></TR>
<TR><TD valign=top width=72.933>&nbsp;</TD><TD valign=top width=291.933>&nbsp;</TD><TD valign=top width=21.2>&nbsp;</TD><TD valign=top width=89.133>&nbsp;</TD><TD valign=top width=36>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=88.8>&nbsp;</TD></TR>
</TABLE>
<P style="margin:0pt; text-indent:36pt" align=justify>(1) &nbsp;Non-GAAP Information: &nbsp;Funds from Operations (FFO) is defined as net income excluding gains (or losses) from sales of depreciable assets, plus depreciation. &nbsp;FFO per share is defined as FFO divided by the weighted average shares outstanding. &nbsp;FFO and FFO per share should be considered as supplemental measures of operating performance used by real estate investment trusts (REITs). &nbsp;FFO and FFO per share exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have different cost bases. &nbsp;The items excluded from FFO and FFO per share are significant components in understanding and assessing the Company&#146;s financial performance. &nbsp;FFO and FFO per share (1) do not represent cash flow from operations as defined by generally accepted accounting principles; (2) should not be considered as alternatives to net income or net income per share as measures of operating performance or to cash flows from operating, investing and financing activities; and (3) are not alternatives to cash flow as a measure of liquidity. &nbsp;FFO and FFO per share, as calculated by the Company, may not be comparable to similarly entitled measures reported by other REITs.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>The Company&#146;s FFO for the three and nine months ended September 30, 2008 and 2007 is calculated as follows:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=153></TD><TD width=9></TD><TD width=63></TD><TD width=9></TD><TD width=67.5></TD><TD width=13.5></TD><TD width=67.5></TD><TD width=9></TD><TD width=67.5></TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=186 colspan=3><P style="margin:0pt" align=center><B>Three Months</B></P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=192 colspan=3><P style="margin:0pt" align=center><B>Nine Months</B></P>
</TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt" align=center><B>9/30/08</B></P>
</TD><TD valign=top width=12 rowspan=7>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=center><B>9/30/07</B></P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=center><B>9/30/08</B></P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=center><B>9/30/07</B></P>
</TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=90>&nbsp;</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=90>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-top:0.5pt solid #000000" valign=top width=90>&nbsp;</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt">Net Income</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt" align=right>$1,201,000</P>
</TD><TD valign=top width=90><P style="margin:0pt" align=right>$110,000</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;$2,407,000 </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=right>&nbsp;&nbsp;&nbsp;&nbsp;$2,876,000 </P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt">Gain on Sales of </P>
<P style="margin:0pt">&nbsp;&nbsp;&nbsp;Depreciable Assets</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(9,000)</P>
</TD><TD valign=top width=90><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(23,000)</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(30,000)</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=90><P style="margin:0pt" align=right><BR></P>
<P style="margin:0pt" align=right>(90,000)</P>
</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt">Depreciation Expense</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=84><P style="margin:0pt" align=right>1,017,000</P>
</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt" align=right>920,000</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt" align=right>3,050,000</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=90><P style="margin:0pt" align=right>2,696,000</P>
</TD></TR>
<TR><TD valign=top width=204>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=84>&nbsp;</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=18>&nbsp;</TD><TD valign=top width=90>&nbsp;</TD><TD valign=top width=12>&nbsp;</TD><TD valign=top width=90>&nbsp;</TD></TR>
<TR><TD valign=top width=204><P style="margin:0pt">FFO </P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=84><P style="margin:0pt" align=right>$2,209,000</P>
</TD><TD style="border-bottom:2pt double #000000" valign=top width=90><P style="margin:0pt" align=right>$1,007,000</P>
</TD><TD valign=top width=18>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=90><P style="margin:0pt" align=right>$5,427,000</P>
</TD><TD valign=top width=12>&nbsp;</TD><TD style="border-bottom:2pt double #000000" valign=top width=90><P style="margin:0pt" align=right>$5,482,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt" align=justify><BR></P>
<P style="margin:0pt; text-indent:36pt" align=justify>The following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2008 and 2007:</P>
<P style="margin:0pt" align=justify><BR></P>
<TABLE style="font-size:10pt" cellspacing=0><TR><TD width=22.5></TD><TD width=135></TD><TD width=76.5></TD><TD width=18></TD><TD width=81></TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=180>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=102><P style="margin:0pt" align=center><B>9/30/08</B></P>
</TD><TD valign=top width=24>&nbsp;</TD><TD style="border-bottom:0.5pt solid #000000" valign=top width=108><P style="margin:0pt" align=center><B>9/30/07</B></P>
</TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=180>&nbsp;</TD><TD valign=top width=102>&nbsp;</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108>&nbsp;</TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=180><P style="margin:0pt" align=justify>Operating Activities</P>
</TD><TD valign=top width=102><P style="margin:0pt" align=right>$6,747,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt" align=right>($70,000)</P>
</TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=180><P style="margin:0pt" align=justify>Investing Activities</P>
</TD><TD valign=top width=102><P style="margin:0pt" align=right>(11,169,000)</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt" align=right>(13,583,000)</P>
</TD></TR>
<TR><TD valign=top width=30>&nbsp;</TD><TD valign=top width=180><P style="margin:0pt" align=justify>Financing Activities</P>
</TD><TD valign=top width=102><P style="margin:0pt" align=right>4,507,000</P>
</TD><TD valign=top width=24>&nbsp;</TD><TD valign=top width=108><P style="margin:0pt" align=right>12,818,000</P>
</TD></TR>
</TABLE>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR>
<BR></P>
<P style="line-height:14pt; margin:0pt; font-size:12pt">2</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt"><BR></P>
<HR style="padding-top:7.2pt; padding-bottom:7.2pt" noshade size=1.333>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt; page-break-before:always" align=justify>Included in net income and funds from operations for the nine months ended September 30, 2008, are a non-cash writedown of $302,000 for a stock investment that has declined in price and a $304,000 loss which was taken on derivative positions in U.S. Treasuries intended to hedge against rising interest rates. &nbsp;The Company has terminated the derivative positions in U.S. treasuries. &nbsp;These two items negatively impacted earnings by approximately $0.06 per share.</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:45.8pt; font-size:12pt" align=justify>Samuel A. Landy, President, stated, &#147;I am pleased with our third quarter results. &nbsp;We continue to implement our business plan to provide quality, affordable housing. &nbsp;While the U.S. economy is currently in the midst of a recession, manufactured housing provides the basic need of affordable housing. &nbsp;Historically, our property type has not been as adversely affected as others during economic contraction. &nbsp;We believe that, given the end of sub-prime conventional home lending, we should see increased demand for manufactured housing.&#148; &nbsp;</P>
<P style="margin:0pt" align=justify><BR></P>
<P style="line-height:14pt; margin:0pt; text-indent:36pt; font-size:12pt" align=justify>UMH Properties, Inc., a publicly-owned real estate investment trust, owns and operates twenty-eight manufactured home communities located in New Jersey, New York, Pennsylvania, Ohio and Tennessee. &nbsp;&nbsp;In addition, the Company owns a portfolio of REIT securities.</P>
<P style="margin:0pt"><BR></P>
<P style="margin:0pt" align=justify><BR></P>
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<P style="line-height:14pt; margin:0pt; font-size:12pt">3</P>
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