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CINNAMON WOODS, Conowingo, MD Acquired in 2017 UMH PROPERTIES, INC. Investor Presentation June 2025 Nareit’s REITweek 2025 Investor Conference
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Forward Looking Statements 2 Certain statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about the Company’s expectations, beliefs, intentions, plans, objectives, goals, strategies, future events, performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements can be identified by their use of forward-looking words, such as “may,” “will,” “anticipate,” “expect,” “believe,” “intend,” “plan,” “should,” “seek” or comparable terms, or the negative use of those words, but the absence of these words does not necessarily mean that a statement is not forward-looking. The forward-looking statements are based on our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to us. Forward-looking statements are not predictions of future events. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are known to us. Some of these factors are described below and under the headings “Business”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations”. These and other risks, uncertainties and factors could cause our actual results to differ materially from those included in any forward-looking statements we make. Any forward-looking statement speaks only as of the date on which it is made. New risks and uncertainties arise over time, and it is not possible for us to predict those events or how they may affect us. Except as required by law, we are not obligated to, and do not intend to, update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important factors that could cause actual results to differ materially from our expectations include, among others: changes in the real estate market conditions and general economic conditions; the inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments; increased competition in the geographic areas in which we own and operate manufactured housing communities; our ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us; our ability to maintain or increase rental rates and occupancy levels; changes in market rates of interest; inflation and increases in costs, including personnel, insurance and the cost of purchasing manufactured homes; our ability to purchase manufactured homes for rental or sale; our ability to repay debt financing obligations; our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us; our ability to comply with certain debt covenants; our ability to integrate acquired properties and operations into existing operations; the availability of other debt and equity financing alternatives; continued ability to access the debt or equity markets; the loss of any member of our management team; our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are made in a timely manner in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected; the ability of manufactured home buyers to obtain financing; the level of repossessions by manufactured home lenders; market conditions affecting our investment securities; changes in federal or state tax rules or regulations that could have adverse tax consequences; our ability to qualify as a real estate investment trust for federal income tax purposes; litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes; changes in real estate and zoning laws and regulations; legislative or regulatory changes, including changes to laws governing the taxation of REITs; risks and uncertainties related to pandemics or other highly infectious or contagious diseases; and those risks and uncertainties referenced under the heading "Risk Factors" contained in the Form 10-K and the Company's filings with the Securities and Exchange Commission (“SEC”). You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. The forward- looking statements contained in this Presentation speak only as of the date hereof and the Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Recipients are strongly advised to read the Company’s filings with the Securities and Exchange Commission because they contain important information.
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Company Highlights 3 Financial information as of March 31, 2025. (1) Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest. UMH Properties, Inc. (“UMH” or “the Company”) is a publicly owned Real Estate Investment Trust (“REIT”) operating since 1968 and as a public company since 1985. Wholly-owned taxable REIT subsidiary, selling homes to residents; 370 homes sold over past 12 months Sales & Finance Approximate $91.6mm portfolio of loans, an increase of $11.1mm from a year ago Loan Portfolio Leading owner and operator of manufactured home communities; leasing manufactured homesites to private residential homeowners Robust portfolio of 141 (1) manufactured home communities containing approximately 26,500 developed homesites located across AL, FL, GA, IN, MD, MI, NJ, NY, OH, PA, SC & TN Expanding rental portfolio of approximately 10,400 units, an increase of 417 homes from March 2024 to March 2025; anticipate an additional 800 homes this year Well-positioned for growth with 3,400 existing vacant lots to fill, and over 2,400 vacant acres on which to build approximately 9,600 future lots Joint venture with Nuveen Real Estate, in which UMH has an ownership in and operates two communities in Florida, allows UMH to pursue accretive development deals while reducing the need for capital. Occupancy as of April 25, 2025, at Rum Runner – 13.2% and at Sebring Square – 48.1%. RUM RUNNER, Sebring, FL Joint Venture - Acquired in 2022
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Quarterly Accomplishments 4 • Increased Rental and Related Income by 8%; • Increased Community Net Operating Income (“NOI”) by 8%; • Increased Normalized Funds from Operations (“Normalized FFO”) by 25% and Normalized FFO per diluted share by 5%; • Increased Same Property Community NOI by 8%; • Increased Same Property Occupancy by 70 basis points from 87.2% to 87.9%; • Improved our Same Property expense ratio from 39.6% in the first quarter of 2024 to 39.5% at quarter end; • Acquired two 100% fully occupied, age-restricted communities in New Jersey containing approximately 266 homesites for a total cost of approximately $24.6 million; • Subsequent to quarter end, raised our quarterly common stock dividend by $0.01 representing a 4.7% increase to $0.225 per share or $0.90 annually, representing our fifth consecutive common stock dividend increase within the last five years, resulting in an increase of $0.18 or 25% over this period. Our accomplishments during the first quarter of 2025 include: SHADY HILLS, Nashville, TN Acquired in 2011
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Portfolio Snapshot 5 Financial information as of March 31, 2025. (1) Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest. (2) Gross asset value based on the book value of total real estate and other assets as of March 31, 2025, plus accumulated depreciation. (3) Gross real estate book value is based on the book value of total real estate assets as of March 31, 2025, plus accumulated depreciation. Total Communities (1) 141 Developed Homesites (1) 26,500 States 11 Portfolio Occupancy 87.9% Average Monthly Site Rent $554 Total Rentals 10,400 Home Rentals as % of Sites 39.9% Home Rental Occupancy 94.6% Additional Acreage to Be Developed Approx. 2,400 Gross Asset Value ($bn) (2) $2.0 Gross Real Estate Book Value ($bn) (3) $1.7 Total Market Capitalization ($bn) $2.5 Acquired prior to 2025: 137 communities and 25,900 sites Acquired in 2025: 2 communities and 300 sites 220 acres to be developed into a manufactured home community Joint Venture: 2 communities and 400 sites 61 acres to be developed into a manufactured home community Portfolio Statistics
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Marcellus & Utica Shale Region Exposure 6 o The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York. o Fields have the potential to be among the largest sources of natural gas in the world. o Activity surrounding the development of the shale regions is expected to accelerate over the next few years. o Economies in the shale region are expected to benefit from increased employment, wealth of landowners and state and local tax revenues. o UMH is seeing increased demand for residential units in the region as a result of Marcellus and Utica Shale related activity. Demand for rental homes has increased substantially over the past year. UMH added an additional 109 rental homes during the first three months of 2025. o With approximately 4,000 acres in existing communities, UMH benefits from significant exposure to the Marcellus and Utica Shale Regions. Source: WallStreet Research. Home CommunityShale region 220 acres to be developed into a manufactured home community Existing Home Communities Total – 8,051 Total Acreage
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Favorable U.S. Housing Trends 7 UMH is well positioned to participate in the ongoing recovery of the US housing market. % of Households Owning a Single-Family Home Single Family Home Price Change Year-Over-Year Single Family Household Income Change Year-Over-Year The Cyclicality of Housing 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 0 400 800 1,200 1,600 2,000 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 SF Housing Starts Multi-Family Housing Starts MH Shipments
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Favorable U.S. Housing Trends (contd.) 8 Source: Visual Capitalist, Reventure Consulting, Zillow, Case Shiller, BLS, S&P CoreLogic Case-Shiller Home Price Index • Market conditions over the next several months imply a continuation in the gap between buying and renting. • Higher mortgage rates incentivize homeowners not to move, reducing supply. • The small number of homes being sold are in high demand, driving prices significantly higher. • Once rates do decline, pent up demand could still support an overheated housing market. • UMH benefits from both selling affordable homes and providing attractive rental options. • Average cost of manufactured home - $127,000 compared with $413,000 of a site-built home. • At UMH, in 1Q25 rentals averaged $1,007/month and new home sales averaged $151,000.
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Portfolio and Rental Capacity by State 9 (1) Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024. Excludes two Florida communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest. (2) Includes home and site rent charges. Total Communities Total Developed Sites No. % Average Occupancy Average Monthly Site Rent Total Rentals No. % Average Rental Occupancy Average Monthly Home Rent (2) Pennsylvania 53 7,975 30.5% 88.0% $579 3,199 30.6% 94.7% $997 Ohio 38 7,292 27.9% 88.6% $511 3,038 29.1% 95.6% $960 Indiana 14 4,067 15.6% 88.2% $515 1,974 18.9% 93.8% $1,002 Tennessee (1) 9 2,020 7.7% 93.0% $572 943 9.0% 96.5% $1,044 New York 8 1,369 5.2% 87.1% $645 502 4.8% 93.8% $1,171 New Jersey 7 1,530 5.9% 96.7% $713 45 0.4% 80.0% $1,332 Michigan 4 1,089 4.2% 85.0% $517 396 3.8% 93.9% $1,054 Alabama 2 299 1.1% 48.8% $215 131 1.3% 88.5% $1,108 South Carolina 2 322 1.2% 67.1% $253 176 1.7% 88.6% $1,118 Georgia 1 118 0.5% 24.6% $450 38 0.4% 76.3% $1,176 Maryland 1 69 0.2% 92.8% $656 -0- -0- 0.0% N/A Total UMH (1) 139 26,150 100.0% 87.9% $554 10,442 100.0% 94.6% $1,007
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23,400 24,000 25,600 25,800 26,300 26,500 18,000 20,000 22,000 24,000 26,000 28,000 2020 2021 2022 2023 2024 Q1'25 124 127 134 No. of Communities Developed Sites 141 135 Portfolio Growth 8,300 8,700 9,100 10,000 10,300 10,400 84.0% 86.0% 88.0% 90.0% 92.0% 94.0% 96.0% 98.0% 2,000 4,000 6,000 8,000 10,000 12,000 2020 2021 2022 2023 2024 Q1'25 Rental Units Occupancy Rate Information as of period ending dates. (1) Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest. 10 Total Sites (1) Rental Units 139 MIGHTY OAK, Albany, GA Acquired in 2023
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Occupancy 85.0% 86.0% 84.6% 86.7% 87.3% 87.9% 81% 82% 83% 84% 85% 86% 87% 88% 89% 2020 2021 2022 2023 2024 Q1'25 87.5% 87.7% 87.7% 87.8% 87.9% 85.0% 86.0% 87.0% 88.0% 89.0% 90.0% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 11 Total Occupancy Same Property Occupancy (1) Information as of period ending dates. (1) Same Property includes all UMH communities owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates. HUDSON ESTATES, Peninsula, OH Acquired in 2014
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Change in Rental Revenue 12 Change by State * From March 2024 to March 2025, forty-three communities increased revenue by 10%, of which eleven communities increased re venue by 20% or more. * * The change in revenue is based on 2024 T12 compared to 2025 T12. Community % $ Worthington Arms 5% 103,300 Forest Creek 5% 76,600 Shady Hills 5% 89,200 Auburn Estates 5% 13,400 Wellington Estates 4% 75,100 Sandy Valley Estates 4% 111,200 Independence Park 4% 34,100 Woodlawn Village 4% 56,600 Fairview Manor 4% 126,700 Kinnebrook Estates 4% 105,800 Oxford Village 4% 84,200 Spreading Oaks Village 4% 39,000 Highland Estates 4% 106,300 Sunny Acres 4% 49,000 Southwind Village 4% 72,000 Crossroads Village 4% 8,500 Twin Pines 4% 64,100 Holly Acres 3% 29,500 Valley View Ephrata 1 3% 30,500 Pine Valley Estates 3% 53,300 Evergreen Village 3% 11,400 Fox Chapel Village 3% 36,700 Melrose Village 3% 60,700 Oak Tree 3% 41,900 D & R Village 3% 50,900 Springfield Meadows 3% 21,000 Crestview 2% 16,400 Cedarcrest Village 2% 41,800 Summit Estates 1% 11,700 Chelsea 1% 6,700 Valley High 1% 5,000 Gregory Courts 1% 3,900 Valley Stream 1% 5,600 Frieden Manor 0% 3,200 Countryside Estates OH 0% 800 Colonial Heights -1% (10,000) Monroe Valley -2% (6,100) Center Manor -2% (2,600) City View -2% (9,400) Little Chippewa -3% (14,700) Total 8% 15,299,000 Community % $ Community % $ Georgia 774% 174,400 Ohio 9% 4,403,700 South Carolina 29% 420,400 Indiana 9% 2,500,600 Alabama 18% 211,500 Pennsylvania 7% 4,092,900 Michigan 11% 733,300 Maryland 7% 29,800 Tennessee 9% 1,466,400 New Jersey 3% 339,000 New York 9% 927,000 Community % $ Redbud Estates 10% 218,900 Pine Ridge/Pine Manor 10% 165,300 Olmsted Falls 10% 88,400 Carsons 9% 82,400 Rostraver Estates 9% 51,600 Heather Highlands 9% 266,500 Boardwalk 9% 101,700 Trailmont 9% 103,400 Perrysburg Estates 9% 99,500 Port Royal Village 9% 267,500 Collingwood 9% 66,300 Dallas MHC 9% 70,200 Mandell Trails 9% 36,200 Broadmore Estates 9% 312,600 Hillside Estates 9% 59,300 Woods Edge 9% 279,600 Summit Village - IN 8% 76,400 Northtowne Meadows 8% 193,500 Wood Valley 8% 82,000 Fifty One (51) Estates 8% 89,300 Countryside Estates IN 8% 102,800 Hudson Estates 8% 87,600 Hillcrest Crossing 8% 121,200 Meadowood 8% 72,500 Deer Meadows 8% 54,800 Mountaintop 8% 27,000 Candlewick Court 7% 127,400 Melrose West 7% 13,400 Community % $ Saddle Creek 1813% 67,000 OZ Mighty Oak 774% 174,400 OZ Garden View Estates 82% 295,300 Duck River Estates 35% 204,200 Camelot Village 33% 148,500 Camelot Woods 28% 148,300 Memphis Blues 26% 301,000 Lakeview Meadows 25% 147,200 Hidden Creek 22% 321,400 Woodland Manor 20% 231,900 Rolling Hills Estates 20% 131,500 Catalina 18% 613,100 Friendly Village 17% 682,100 Voyager Estates 16% 213,300 Huntingdon Pointe 15% 76,000 Sunnyside 15% 83,900 Oakwood Lake Village 15% 86,600 New Colony 15% 99,600 Evergreen Manor 13% 62,100 Pikewood Manor 13% 489,500 Youngstown MHC 13% 50,800 Parke Place 13% 371,700 Brookview Village 13% 221,800 Lake Erie Estates 12% 93,000 Bayshore Estates 12% 118,100 Green Acres 12% 15,300 Deer Run 12% 144,500 Waterfalls Village 12% 199,500 Holiday Village 12% 296,700 Iris Winds 12% 125,100 Lake Sherman Village 11% 253,500 Pleasant View Estates 11% 87,300 Marysville Estates 11% 225,900 Wayside 11% 56,100 Moosic Heights 11% 126,900 Meadows 10% 257,900 Meadows of Perrysburg 10% 114,400 Maple Manor 10% 229,300 Brookside Village 10% 111,900 Highland 10% 179,300 Community % $ Hayden Heights 7% 48,300 Birchwood Farms 7% 91,000 Somerset Estates 7% 118,200 Suburban Estates 7% 100,000 Valley Hills 7% 137,000 Mount Pleasant Village 7% 55,500 River Valley Estates 7% 109,800 Cinnamon Woods 7% 29,800 Valley View Ephrata 2 7% 22,900 Holiday Village - IN 7% 197,200 Hillcrest Estates 6% 110,100 Clinton MH Resort 6% 44,900 Fohl Village 6% 73,300 Arbor Estates 6% 146,900 High View Acres 6% 47,200 Cranberry Village Estates 6% 100,300 Oak Ridge Estates 6% 113,300 Valley View - Honeybrook 6% 88,300 Allentown 6% 217,000 Laurel Woods 6% 88,500 Cross Keys Village 6% 59,500 Weatherly Estates 6% 106,600 Forest Park Village 6% 127,200 Chambersburg I and II 5% 32,300 Twin Oaks I and II 5% 61,200 Countryside Village 5% 148,300 Southern Terrace 5% 31,700 Evergreen Estates 5% 16,200
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Same Property Net Operating Income Same Property includes all UMH communities owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates. 13 3/31/2025 3/31/2024 % Change Community Metrics Total Sites 25,608 25,577 0.1% Occupied Sites 22,518 22,291 227 sites, 1.0% Occupancy % 87.9% 87.2% 70 bps Number of Properties 134 134 N/A Total Rentals 10,283 9,889 4.0% Occupied Rentals 9,718 9,402 3.4% Rental Occupancy 94.5% 95.1% (60 bps) Monthly Rent Per Site $553 $530 4.3% Monthly Rent Per Home Including Site $1,004 $952 5.5% (in thousands) Three Months Ended 3/31/2025 3/31/2024 Change % Change Same Property Community Net Operating Income (“NOI”) Rental and Related Income $ 53,760 $ 49,714 $ 4,046 8.1% Community Operating Expenses 21,223 19,695 1,528 7.8% Same Property Community NOI $ 32,537 $ 30,019 $ 2,518 8.4%
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Potential for Significant Rental Unit Returns 14 Historical Investments ($ in mm except per unit data) 2020 2021 2022 2023 2024 Q1’25 Rental Units 8,300 8,700 9,100 10,000 10,300 10,400 Investment $349.9 $383.5 $422.8 $516.5 $566.2 $578.4 Average Investment Per Unit $42,157 $44,080 $46,462 $51,650 $54,971 $55,615 Average Monthly Rent per Unit $790 $824 $873 $933 $990 $1,007 End of Period Occupancy 94.6% 95.5% 93.3% 94.0% 94.0% 94.6% Illustrative Rental Unit Economics - 800 New Units per Year Year 1 Year 2 Year 3 Year 4 Year 5 Rental Units 800 1,600 2,400 3,200 4,000 Cost per Unit (1) $75,000 $78,750 $82,688 $86,822 $91,163 Average Monthly Rent per Unit (2) $1,000 $1,050 $1,103 $1,158 $1,216 Total Investment ($mm) $60.0 $123.0 $189.2 $258.6 $331.5 Rental Revenue from Units (2) $9.1 $19.2 $30.2 $42.2 $55.4 Incremental Costs (3) (2.7) (5.7) (9.0) (12.7) (16.6) Net Contribution from New Rental Units $6.5 $13.4 $21.1 $29.6 $38.8 Gross Unlevered Return on Investment 10.8% 10.9% 11.2% 11.4% 11.7% (1) Assumes 5% annual construction cost inflation (2) Assumes 95% occupancy and 5% annual rent growth (3) Assumes 30% of revenues
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Year of Acquisition Number of Communities Sites Occupied Sites Occupancy % At Acquisition Occupancy % Current Price (in thousands) Average Price Per Site Total Acres 2020 2 313 197 64% 70% $7,840 $25,048 53 2021 3 527 319 59% 81% $18,300 $34,724 113 2022 7 1,481 963 66% 69% $86,223 $58,219 461 2023 1 118 0 0% 25% $3,650 $30,932 26 2025 2 266 266 100% 100% $24,600 $92,481 38 Pace of Opportunistic Acquisitions Information as of March 31, 2025. 15 Number of Acquired Sites Acquisition Volume ($mm) $500.5 $7.8 $18.3 $86.2 $3.7 $24.6 $500.5 $508.3 $526.6 $612.8 $616.5 $641.1 - $200 $400 $600 $800 2010 - 2019 2020 2021 2022 2023 2025 Acquisition Volume (in millions) Cumulative VolumeAnnual Volume 16,343 313 527 1,481 118 266 16,343 16,656 17,183 18,664 18,782 19,048 - 5,000 10,000 15,000 20,000 25,000 2010 - 2019 2020 2021 2022 2023 2025 No. of Acquired Sites Cumulative Volume Annual Volume
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Vacant Land to Expand 16 158 822 811 371 786 80 0 150 300 450 600 750 900 2025 2026 2027 2028 2029 2030 Sites Engineered for Expansion Total – 3,028 sites Information as of March 31, 2025. UMH has 2,375 vacant acres available for future development. Potential for 4 sites per vacant acre at an estimated cost of $75,000 per site. OH, 529 PA, 498 NY, 492 TN, 342 IN, 197 NJ, 164 SC, 79 MD, 48 MI, 19 AL, 7 Vacant Acreage Total – 2,375 acres 1% 14% 21% 21% 8% 7% 22% 3%3%
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17 UMH Sales & Finance, Inc. (“S&F”) Information as of period ending dates. $20.3 $27.1 $25.3 $31.2 $33.5 $7.4 $6.7 0 50 100 150 200 250 300 350 400 450 $5.0 $10.0 $15.0 $20.0 $25.0 $30.0 $35.0 $40.0 2020 2021 2022 2023 2024 Q1'24 Q1'25 $ Sales # of Homes sold (in millions) $53.0 $64.3 $78.7 $89.2 $91.6 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $40.0 $60.0 $80.0 $100.0 $120.0 2021 2022 2023 2024 Q1'25 $ of Loan Portfolio Interest Rate (in millions) Commenced operations in 2001 as a taxable REIT subsidiary. Sales amounted to $6.7mm for the first quarter of 2025, with a sales price per unit of approximately $94k. Sold approximately 6,000 homes since 1996. $91.6mm loan portfolio with a weighted average interest rate of approximately 7.2%, generating approximately $12.9mm in principal and interest payments annually. Portfolio comprised of approximately 1,800 homes located throughout 113 communities. Most loans require a 10% down payment and principal amortization ranging from 15-25 years. CINNAMON WOODS, Conowingo, MD Acquired in 2017
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Financial Highlights Information as of period ending dates. (1) We define Normalized Funds from Operations (Normalized FFO) as net income (loss) attributable to common shareholders, as defined under U.S. GAAP, excluding certain gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization, excluding amortization and certain one-time charges. (2) For the years 2019 to 2024. Community NOI Growth ($mm) 18 Over the past 5 years (2), UMH: • Increased Total Revenue by 59%; • Increased Community NOI by 79%; • Increased Normalized FFO by 176% and Normalized FFO per share by 48%; • Increased Annual Dividend per share by 18%. $66.9 $80.2 $91.0 $94.8 $108.4 $119.7 $29.2 $31.5 $0 $20 $40 $60 $80 $100 $120 $140 2019 2020 2021 2022 2023 2024 Q1'24 Q1'25 Up 8% Total Revenue ($mm) $0 $50 $100 $150 $200 $250 $300 2019 2020 2021 2022 2023 2024 Q1'24 Q1'25 $194.6 $156.7 Up 7% Rental Revenue Sales Interest/Dividend Income $228.2 $172.2 $202.7 $59.6 $63.9 $249.1 $25.2 $29.2 $41.1 $46.8 $54.5 $69.5 $15.0 $18.8 $0 $10 $20 $30 $40 $50 $60 $70 $80 2019 2020 2021 2022 2023 2024 Q1'24 Q1'25 $0.87 $0.63 Normalized Funds from Operations (1) ($mm) $0.85 $0.86 Up 25% $0.93 $0.22 Per Share $0.70 $0.23
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$0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 $2,200 $2,400 $2,600 $2,800 $3,000 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Q1'25 $1,157 $582 $980 $1,182 $1,509 $1,585 $2,477 Company Growth Information as of period ending dates. 19 Total Market Capitalization ($mm) Equity Market Capitalization Preferred Equity Debt $2,373 $752 $1,914 $2,022 $2,482
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Strong Record of Regular Distributions $0.87 $0.91 $0.95 $0.98 $0.99 $1.00 $0.79 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.76 $0.80 $0.82 $0.85 $0.89 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025E 20 Annual Dividend per Share (2002 – 2025) (1) (1) Annual dividend estimate for 2025 reflects 1Q25 quarterly payment of $0.215 per share. The current annual dividend is $0.90 per share.
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Balance Sheet Metrics 21 Information as of period ending dates. (1) Excludes non-recurring other expenses. (2) Fixed charges include interest expense, capitalized interest and preferred distributions. Net Debt / Total Market Capitalization Net Debt - Securities / Total Market Capitalization Net Debt / Adjusted EBITDA (1) Fixed Charge Coverage (2) 4.2x 8.1x 6.2x 4.5x 4.9x .0x 2.0x 4.0x 6.0x 8.0x 10.0x 2021 2022 2023 2024 Q1'25 11.4% 36.0% 29.6% 19.5% 21.8% 0% 10% 20% 30% 40% 2021 2022 2023 2024 Q1'25 1.8x 1.7x 1.9x 2.2x 2.4x .0x 1.0x 2.0x 3.0x 2021 2022 2023 2024 Q1'25 16.1% 38.2% 31.3% 20.8% 23.1% 0% 10% 20% 30% 40% 50% 2021 2022 2023 2024 Q1'25
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Debt Analysis 22 Information as of March 31, 2025. (1) Weighted average interest rates do not include the effect of unamortized debt issuance costs. (in thousands) Three Months Ended 3/31/25 3/31/24 DEBT OUTSTANDING Mortgages Payable: Fixed Rate Mortgages $ 479,879 $ 498,188 Unamortized Debt Issuance Costs (3,507) (4,421) Mortgages, Net of Unamortized Debt Issuance Costs 476,372 493,767 Loans Payable: Unsecured Line of Credit -0- 50,000 Other Loans Payable 29,883 28,638 Unamortized Debt Issuance Costs (1,069) (1,091) Loans, Net of Unamortized Debt Issuance Costs 28,814 77,547 Bonds Payable: Series A Bonds 102,670 102,670 Unamortized Debt Issuance Costs (1,555) (2,403) Bonds, Net of Unamortized Debt Issuance Costs 101,115 100,267 Total Debt, Net of Unamortized Debt Issuance Costs $ 606,301 $ 671,581 % FIXED/FLOATING Fixed 99.0% 92.0% Floating 1.0% 8.0% Total 100.0% 100.0% WEIGHTED AVERAGE INTEREST RATES (1) Mortgages Payable 4.18% 4.17% Loans Payable 6.50% 6.79% Bonds Payable 4.72% 4.72% Total Average 4.39% 4.56% WEIGHTED AVERAGE MATURITY (YEARS) Mortgages Payable 4.2 5.1 $0 $50 $100 $150 $200 $250 $300 $350 2025 2026 2027 2028 2029 Thereafter Mortgages Loans Bonds $35.7 $140.5 $114.0 $48.3 $39.6 $234.4 Debt Maturity Schedule ($mm)
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Utilization of Capital 23 Property information as of March 31, 2025. Installation of Rental Units o Approximately 800 units x $75,000 per site = $60 million cost o Average monthly home rent (includes home and site rent charges) as of March 31, 2025, is $1,007 o New homes expected to rent for over $1,000 per month Building of Expansion Sites for Sale or Rent o Sebring Square – Sebring, FL, acquired in 2021 for a purchase price of $22.2 million with 219 developed homesites o Rum Runner – Sebring, FL, acquired in 2022 for a purchase price of $15.1 million with 144 developed homesites o Development of a new community located in Honey Brook, PA, which once complete, is expected to contain 113 developed homesites Development of New Communities through Joint Venture with Nuveen Real Estate Capital Improvement Financing of Homes o Approximately $20 – $30 million o Currently financing homes at 6.75% o Anticipated expansion sites of 300 – 500 annually over the next few years SEBRING SQUARE, Sebring, FL Joint Venture - Acquired in 2021
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Compelling Valuation with Significant Upside 24 Financial information as of March 31, 2025. (1) Represents approximately $56,000 investment for each of the Company’s 10,400 rental units on March 31, 2025. (2) Includes Duck River and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest. Equity Market Capitalization 62.5% $1,548.8 Preferred Stock 13.0% 321.8 Total Equity Capitalization 75.5% $1,870.6 Debt Outstanding 24.5% 606.3 Total Market Capitalization 100.0% $2,476.9 Less: Cash & Cash Equivalents $(35.2) Less: Securities Available for Sale (30.3) Less: Inventory (41.0) Less: Notes and Other Receivables, net (91.6) Less: Rental Homes & Accessories (1) (578.4) Less: Land Development and Joint Venture (74.8) Total Non-Site Related Adjustments $(851.3) Adjusted Market Capitalization $1,625.6 Owned Sites (2) 26,500 Implied Public Market Value per Site $61,343 SUNNY ACRES, Somerset, PA Acquired in 2010
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2025 Guidance 25 • Rent increases of 5% • Occupancy of 800 rental units in 2025 • Overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year • Includes the opportunistic sales of common and preferred stock through our ATM programs • Excludes any potential acquisitions, dispositions, and development projects Key Assumptions Low Midpoint High Normalized FFO Per Share $0.96 $1.00 $1.04 As of May 1, 2025 RIVER VALLEY ESTATES, Marion, OH Acquired in 1986
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Harvesting Value 26 • In May 2025, UMH completed an addition to its Fannie Mae Credit Facility through Wells Fargo Bank, N.A. • Highlights the ability for UMH to increase value from value-add communities by making necessary improvements and increasing occupancy through our sales and rental program • Loan is fixed rate, interest only at 5.855%, with a 10-year term • The addition included ten communities containing 2,001 sites for total proceeds of approximately $101.4 million • Communities appraised for $163.5 million or $82,000 per site, driving a gain in property value of 145.5% or $96.9 million. In addition, these communities yield approximately 18% • Proceeds will be used for acquisitions, expansions, rental homes, and to repay higher interest rate debt Acquired Year Valuation Sites Per Pad Investment Gain Occupancy Brookview Village 1977 $ 13,700,000 193 $ 70,984 $ 9,988,000 $ 3,712,000 91% Cedarcrest Village 1986 $ 26,300,000 283 $ 92,933 $ 6,636,000 $ 19,664,000 99% Cranberry Village 1986 $ 20,300,000 187 $ 108,556 $ 4,923,000 $ 15,377,000 98% D&R Village 1978 $ 20,600,000 236 $ 87,288 $ 5,379,000 $ 15,221,000 96% Hayden Heights 2014 $ 7,300,000 115 $ 63,478 $ 4,094,000 $ 3,206,000 100% Kinnebrook 1988 $ 22,200,000 250 $ 88,800 $ 12,646,000 $ 9,554,000 96% Olmstead Falls 2012 $ 7,800,000 124 $ 62,903 $ 5,476,000 $ 2,324,000 98% Shady Hills 2011 $ 15,200,000 212 $ 71,698 $ 6,055,000 $ 9,145,000 93% Trailmont 2011 $ 8,000,000 130 $ 61,538 $ 4,741,000 $ 3,259,000 95% Weatherly Estates 2006 $ 22,100,000 271 $ 81,550 $ 6,659,000 $ 15,441,000 96% $ 163,500,000 2,001 $ 66,597,000 $ 96,903,000
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Sustainability 27 SPECIAL STRIDES NON-PROFIT ORGANIZATION, Monroe Twp., NJ Founded in 1998 Sustainability has become increasingly important in recent years, and at UMH, we take pride in our long-standing commitment to these principles, which are deeply rooted in our company's core values. We understand that providing safe and affordable housing to low-income citizens addresses a critical social need and is an essential component to a thriving economy. Access to quality housing protects families and promotes productivity, making it a fundamental part of social infrastructure. In addition to our social efforts, we understand our responsibility to minimize our environmental impact and conserve natural resources. Our goal is to enhance the lives of everyone affected by our company, including employees, residents, neighbors, and the wider community. To ensure strong corporate governance, we prioritize the implementation of best practices across our organization. We are proud of our achievements and invite investors to review our 2024 Sustainability Report, which is available on our company's website at www.umh.reit.
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28 Sustainability 0 VP of Corporate Security • UMH has appointed a VP to enhance security for both residents and employees. Renewable Energy • UMH has pioneered the first solar shingled manufactured home, with 20 homes delivered, set, approved and completed as of April 2025. Residents are set to receive reduced costs on their electric bills. • UMH entered a contract with a national provider to supply 2.7 million kWh of renewable wind energy for our community buildings in Pennsylvania. Sustainability Subcommittee • The UMH Board has established a subcommittee dedicated to overseeing all sustainability efforts. Sustainalytics & MSCI Recognitions • Sustainalytics has endorsed our Sustainable Finance Framework for providing affordable housing and promoting energy efficiency. • MSCI confirms all UMH revenues derive from affordable housing real estate.
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Strong history of dividend payments with a 4.7% increase announced in April 2025, representing our fifth consecutive common stock dividend increase within the last five years, resulting in an increase of $0.18 or 25% over this period Long-term track record of profitability Well-positioned for future growth Proven ability to add value through acquisitions and expansions Greenfield development initiative that enhances acquisition pipeline Significant upside in real estate portfolio – 87.9% occupancy Significant potential growth through adding rental units Well-positioned to benefit from the expanding energy sector investments being made in our region Proven access to institutional capital Strong balance sheet and stable credit metrics Compelling value relative to implied net asset value Experienced management team Inside Ownership of 5.7% Investment Highlights Information as of March 31, 2025. 29 MEMPHIS BLUES, Memphis, TN Acquired in 1985
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CRANBERRY VILLAGE, Cranberry Twp, PA Acquired in 1986 Appendix
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1968 UMH commences operations 1985 UMH completes Initial Public Offering January 1, 1992 UMH elects REIT status 2005 Communities: 27 Homesites: 6,400 June 29, 2009 Addition of UMH Properties, Inc. to Russell 2000 Index March 2, 2012 UMH moves common and preferred stock listings from Amex to New York Stock Exchange (NYSE) 2013 - 2025 UMH increases purchase of rental homes adding a total of approximately 10,400 rental units, including those acquired with acquisitions. 2015 Communities: 98 Homesites: 17,800 June 1, 2017 Addition of UMH Properties, Inc. to the MSCI US REIT Index (RMZ) February 8, 2022 UMH common stock is listed on the Tel Aviv Stock Exchange (TASE) 2025 (1) Communities: 141 Homesites: 26,500 Extensive Operating History 31(1) Includes Duck River and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
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Value-Add Acquisition 32 At Acquisition Today Increase Occupancy Percent 55% 96% 41% Number of Rentals 79 223 144 Weighted Average Site Rent $302 $504 66.9% Rental and Related Income* $953,000 $3,159,000 231.5% Net Operating Income* $497,000 $2,181,000 338.8% Value per site** N/A $125,000 104%*** Value of Community** N/A $43,620,000 104%*** *At acquisition - 2011 annualized; Today – March 31, 2025, annualized. **Value calculated based on a 5% cap rate. ***Increase from total capital investment. (1) Drone footage of this community can be viewed on our website at www.umh.reit/media. Located in Columbia, TN, 46 miles south of Nashville, TN Number of Sites: 349 Date of Acquisition: June 29, 2011 Purchase Price: $7,300,000 Purchase Price per Site: $21,000 Capitalization Subsequent to Acquisition (including $10.3mm in rental homes): $14,100,000 Total Capital Investment ($61,300 per site): $21,400,000 Countryside Village (1) Case Study
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Value-Add Acquisition 33 At Acquisition Today Increase Occupancy Percent 77% 98% 21% Number of Rentals 43 170 127 Weighted Average Site Rent $355 $527 48.5% Rental and Related Income* $2,379,000 $4,871,000 104.7% Net Operating Income* $1,557,000 $3,323,000 113.4% Value per site** N/A $114,800 75%*** Value of Community** N/A $66,460,000 75%*** *At acquisition - 2017 annualized; Today - March 31, 2025, annualized. **Value calculated based on a 5% cap rate. ***Increase from total capital investment. (1) Drone footage of these communities can be viewed on our website at www.umh.reit/media. Located in Elkhart, IN Number of Sites: 574 Date of Acquisition: January 20, 2017 Purchase Price: $21,222,000 Purchase Price per Site: $38,000 Capitalization Subsequent to Acquisition (including $8.5mm in rental homes): $16,678,000 Total Capital Investment ($65,500 per site): $37,900,000 Boardwalk and Parke Place (1) Case Study
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Value-Add Expansion 34 Before Expansion Today Increase Occupancy Percent 91% 94% 3% Number of Sites 148 317 169 Weighted Average Site Rent $315 $896 184.4% Rental and Related Income* $617,000 $3,235,000 424.3% Net Operating Income* $289,000 $1,941,000 571.6% Value per site** N/A $122,800 166%*** Value of Community** N/A $38,820,000 166%*** *Before expansion - 1996; annualized; Today – March 31, 2025, annualized. **Value calculated based on a 5% cap rate. ***Increase from total capital investment. (1) Drone footage of this community can be viewed on our website at www.umh.reit/media. Located in Vineland, NJ, 35 miles west of Atlantic City, NJ Number of Sites (at Acquisition/Today): 148/317 Date of Acquisition: November 15, 1985 Purchase Price: $1,350,000 Purchase Price per Site: $9,000 Capitalization Subsequent to Acquisition: $13,250,000 Total Capital Investment ($46,200 per site): $14,600,000 Net sales during expansion period: $2,932,000 Fairview Manor (1) Case Study
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Value-Add Expansion 35 Before Expansion Today Increase/Decrease Occupancy Percent 97% 98% 1% Number of Sites 186 318 132 Weighted Average Site Rent $302 $755 150.0% Rental and Related Income* $683,000 $3,010,000 340.7% Net Operating Income* $450,000 $2,092,000 364.9% Value per site** N/A $131,600 174%*** Value of Community** N/A $41,840,000 174%*** *Before expansion - 1996; Today – March 31, 2025, annualized. **Value calculated based on a 5% cap rate. ***Increase from total capital investment. Located in Kutztown, PA, 70 miles outside of Philadelphia, PA Number of Sites (at Acquisition/Today): 186/318 Date of Acquisition: August 29, 1988 Purchase Price: $2,040,000 Purchase Price per Site: $11,000 Capitalization Subsequent to Acquisition: $13,260,000 Total Capital Investment ($48,100 per site): $15,300,000 Net sales during expansion period: $1,886,000 Highland Estates Case Study
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Total Return Performance Source: S&P Global Market Intelligence, as of May 29, 2025. 1 Year 3 Year 36
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Total Return Performance (contd.) Source: S&P Global Market Intelligence, as of May 29, 2025. 5 Year 10 Year 37
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For additional information including all SEC filings, please visit: www.umh.reit WOODS EDGE, West Lafayette, IN Acquired in 2015