UMH Umh Properties Common Stock

United Mobile Homes, Inc. Reports Year-End Earnings FREEHOLD, N.J., March 12 /PRNewswire-FirstCall/ -- United Mobile Homes, Inc. reported net income of $8,127,000 or $1.03 a share for the year ended December 31, 2003, as compared to net income of $6,512,000 or $.86 a share for the year ended December 31, 2002. A summary of significant financial information for the years ended December 31, 2003 and 2002, and for the quarters ended December 31, 2003 and 2002, is as follows: For the Years Ended December 31, 2003 2002 Total Revenues $33,791,000 $29,424,000 Total Expenses $25,719,000 $23,576,000 Net Income $ 8,127,000 $ 6,512,000 Net Income Per Share $ 1.03 $ 0.86 Weighted Average Shares Outstanding 7,859,000 7,600,000 For the Three Months Ended December 31, 2003 2002 Total Revenues $8,916,000 $6,980,000 Total Expenses $6,878,000 $6,007,000 Net Income $2,043,000 $1,646,000 Net Income Per Share $ 0.25 $ 0.22 Weighted Average Shares Outstanding 8,167,000 7,643,000 Samuel A. Landy, President, stated, "United had an excellent year. Earnings have continued to rise. Over the past three years, we have raised the dividend every quarter. We anticipate continued dividend growth in 2004. We have also gained inclusion in the Morgan Stanley REITIndex. Management hopes to continue our positive trend in 2004 barring any unforeseen developments." United Mobile Homes, Inc., a publicly-owned real estate investment trust, owns and operates twenty-seven manufactured home communities located in NewYork, New Jersey, Pennsylvania, Ohio and Tennessee. In addition, the Company owns a portfolio of REIT securities. DATASOURCE: United Mobile Homes, Inc. CONTACT: Rosemarie Faccone or Susan Jordan of United Mobile Homes, +1-732-577-9997

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