I just attended the annual meeting of UMH. All I heard was positive news. This is a great growth situation. They have ordered 800 new rental homes to be placed in many of their communities in 2016.Of the homes placed so far, 95% of these homes have been rented. They upgrade the communities by buying and demolishing older unsightly homes in an attempt to upgrade the communities. I bought more today, and will continue to buy as long as the share price is reasonable and UMH remains undiscovered by the investment professionals.
For any small cap stock, I always put limits on my purchase orders. I buy in 1,000 lots without any problem. You are correct, this is a well managed company in which the managers have substantial personal investments.
I own ABR, a REIT of similar size. The CEO pays himself 4.45 million. Salaries for the Landys are very modest in the corporate world. Check other REITs, they all have stock options. Those at MNR and UMH are very appropriate.