SEC Comment Letter for UMH PROPERTIES, INC. (UMH, UMH-PD) (CIK 0000752642) (UMH) — Nov 23, 2012
UMH PROPERTIES, INC. (UMH, UMH-PD) (CIK 0000752642)
Date: Nov. 23, 2012 · CIK: 0000752642 · Accession: 0000000000-12-063566
AI Filing Summary & Sentiment
Reasoning
Referenced dates: November 5, 2012
Letter
November 21, 2012 Via E -mail Ms. Anna T. Chew Vice President and Chief Financial Officer UMH Properties , Inc. 3499 Route 9 North Suite 3C Freehold, NJ 07728
Re: UMH Properties , Inc. Form 10-K for the Year Ended December 31, 2011 Filed March 16, 2012 Form 10 -Q for the Period Ended June 30, 2012 Filed August 8, 2012 File No. 1 -12690
Dear Ms . Chew :
We have reviewed your filing s and have the following comment . In our comment , we may ask you to provide us with information so we may better understand your disclosure.
Please respond to this letter via EDGAR within ten business days by prov iding the requested information or by advising us when you will provide the reques ted response. If you do not believe our comment applies to your facts and circumstances , please tell us why in your response.
After reviewing the information you provide in response to th is comment , we may have additional comments.
Form 10-Q for the Period Ended June 30, 2012
Note 3 – Investment Property and Equipment, page 12
1. Your response to prior comment 4 from our letter dated November 5, 2012, indicates that the bonus payment received is an incentive to sign the lease, but that it is not part of the lease and that you have no further obligation relating to the payment. Please clarify to us how you determined that the incentive is not part of the lease for accounting purposes and that paragraphs 6 and 7 of ASC 840 -20-25 do not apply by analogy.
We urge all pers ons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules require. Since the company and its manag ement are
Ms. Anna T. Chew UMH Properties, Inc. November 21 , 2012 Page 2
in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made.
In responding to our comments, please provide a written statement from the company acknowledging that:
the company is responsible for the adequacy and accuracy of the disclosure in the filing;
staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
You may contact Isaac Esquivel at (202) 551 -3395 or me at (202) 551 -3694 if you have questions regarding comments on the financial statements and related matters.
Sincerely,
/s/ Jonathan Wiggins
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November 21, 2012 Via E -mail Ms. Anna T. Chew Vice President and Chief Financial Officer UMH Properties , Inc. 3499 Route 9 North Suite 3C Freehold, NJ 07728 Re: UMH Properties , Inc. Form 10-K for the Year Ended December 31, 2011 Filed March 16, 2012 Form 10 -Q for the Period Ended June 30, 2012 Filed August 8, 2012 File No. 1 -12690 Dear Ms . Chew : We have reviewed your filing s and have the following comment . In our comment , we may ask you to provide us with information so we may better understand your disclosure. Please respond to this letter via EDGAR within ten business days by prov iding the requested information or by advising us when you will provide the reques ted response. If you do not believe our comment applies to your facts and circumstances , please tell us why in your response. After reviewing the information you provide in response to th is comment , we may have additional comments. Form 10-Q for the Period Ended June 30, 2012 Note 3 – Investment Property and Equipment, page 12 1. Your response to prior comment 4 from our letter dated November 5, 2012, indicates that the bonus payment received is an incentive to sign the lease, but that it is not part of the lease and that you have no further obligation relating to the payment. Please clarify to us how you determined that the incentive is not part of the lease for accounting purposes and that paragraphs 6 and 7 of ASC 840 -20-25 do not apply by analogy. We urge all pers ons who are responsible for the accuracy and adequacy of the disclosure in the filing to be certain that the filing includes the information the Securities Exchange Act of 1934 and all applicable Exchange Act rules require. Since the company and its manag ement are Ms. Anna T. Chew UMH Properties, Inc. November 21 , 2012 Page 2 in possession of all facts relating to a company’s disclosure, they are responsible for the accuracy and adequacy of the disclosures they have made. In responding to our comments, please provide a written statement from the company acknowledging that: the company is responsible for the adequacy and accuracy of the disclosure in the filing; staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. You may contact Isaac Esquivel at (202) 551 -3395 or me at (202) 551 -3694 if you have questions regarding comments on the financial statements and related matters. Sincerely, /s/ Jonathan Wiggins Jonathan Wiggins Staff Accountant