UMH Umh Properties Common Stock

Monmouth Capital Corporation Reports Year-End Earnings FREEHOLD, N.J., March 23 /PRNewswire-FirstCall/ -- Monmouth Capital Corporation reported a net income of $1,283,000 or $.45 a share for the year ended December 31, 2003, as compared to $555,000or $.29 a share for the year ended December 31, 2002. A summary of significant financial information for the years ended December 31, 2003 and December 31, 2002 is as follows: For the year ended For the year ended December 31, 2003 December 31, 2002 Total Revenues $3,808,000 $2,840,000 Net Income $1,283,000 $555,000 Income Per Share $.45 $.29 Weighted Avg. Shares Outstanding 2,825,000 1,925,000 For the Quarters Ended December 31, 2003 2002 Total Revenues $995,000 $792,000 Net Income $28,000* $119,000 Income Per Share $.01* $.06 Weighted Avg. Shares Outstanding 3,042,000 2,148,000 *The decrease in 2003 is due to the interest from the Convertible Subordinated Debentures issued in October 2003. Eugene W. Landy, President, stated that, "Management is pleased with the progress made by Monmouth Capital Corporation in 2003. Management believes that 2004 will also be an excellent year." Monmouth Capital Corporation is currently operating as a diversified real estate investment trust (REIT), investing in real estate equities, mortgages, mortgage-backed securities and other REIT securities. MONM is part of a family of REITs including United Mobile Homes, Inc. (AMEX:UMH), which invests in manufactured home communities, and Monmouth Real Estate Investment Corporation (NASDAQ:MNRTA), which invests in net-leased industrial properties on long-term leases to investment grade tenants. It is MONM's intention to pursue any real estate opportunities other than the specialized areas of United Mobile Homes, Inc. and Monmouth Real Estate Investment Corporation. DATASOURCE: Monmouth Capital Corporation CONTACT: Rosemarie Faccone or Susan Jordan, both for Monmouth Capital Corporation, +1-732-577-9993

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