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RIVER VALLEY ESTATES, Marion, OH Acquired in 1986 UMH PROPERTIES, INC. Investor Presentation February 2026 CINNAMON WOODS, Conowingo, MD Acquired in 2017
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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 December 31, 2025. (1) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned through joint ventures 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; 360 homes sold over past 12 months Sales & Finance Approximate $101.5mm portfolio of loans, an increase of $12.3mm from a year ago Loan Portfolio Leading owner and operator of manufactured home communities; leasing manufactured homesites to private residential homeowners Robust portfolio of 145 (1) manufactured home communities containing approximately 27,100 developed homesites located across AL, FL, GA, IN, MD, MI, NJ, NY, OH, PA, SC & TN Expanding rental portfolio of approximately 11,000 units, an increase of 700 homes in the last 12 months; anticipate an additional 700-800 homes this year Well-positioned for growth with 3,500 existing vacant lots to fill, and over 2,300 vacant acres on which to build approximately 9,300 future lots Joint ventures with Nuveen Real Estate, in which UMH has an ownership in and operates two communities in Florida and one community in Pennsylvania, allows UMH to pursue accretive development deals while reducing the need for capital RUM RUNNER, Sebring, FL Joint Venture - Acquired in 2022 UMH Properties’ mission is to provide quality affordable housing to America's workforce by building and managing sustainable, contemporary manufactured home communities for both renters and buyers.
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2025 Accomplishments 4 • Increased Rental and Related Income by 10%; • Increased Community Net Operating Income (“NOI”) by 9%; • Increased Normalized Funds from Operations (“Normalized FFO”) by 15%; • Increased Normalized FFO per diluted share by 2% from $0.93 per diluted share in 2024 to $0.95 per diluted share in 2025; • Increased Same Property NOI by 9%; • Increased Same Property Occupancy by 80 basis points from 87.5% to 88.3%; • Improved our Same Property expense ratio from 39.7% at yearend 2024 to 39.3% at yearend 2025; • Acquired five communities containing 587 homesites for a total cost of approximately $41.8 million; • Increased Sales of Manufactured Homes by 4%; • In May 2025, completed the addition of ten communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million. The interest only loan for these ten communities is at a fixed rate of 5.855% with a 10-year term; • In November 2025, completed the addition of another seven communities to our Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $91.8 million. The interest only loan for these seven communities is at a fixed rate of 5.46% with a 9-year term; • Issued approximately $80.2 million aggregate principal amount of 5.85% Series B Bonds due 2030 in an offering to investors in Israel; • Amended our $35 million revolving line of credit with OceanFirst Bank to extend the maturity date to June 1, 2027; • Raised our quarterly common stock dividend by $0.01 representing a 4.7% increase to $0.225 per share or $0.90 annualized, representing our fifth consecutive common stock dividend increase within the last five years, resulting in a total increase of $0.18 or 25% over this period; SHADY HILLS, Nashville, TN Acquired in 2011 • Issued and sold approximately 93,000 shares of Series D Preferred Stock through our At-the-Market Sale program at a weighted average price of $22.93 per share, generating gross proceeds of $2.1 million and net proceeds of $2.0 million, after offering expenses; and • Subsequent to year end, issued and sold approximately 66,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $22.51 per share, generating gross proceeds and net proceeds, after offering expenses, of $1.5 million. • Issued and sold approximately 2.6 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $17.59 per share, generating gross proceeds of $45.1 million and net proceeds of $44.1 million, after offering expenses;
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Portfolio Snapshot 5 Financial information as of December 31, 2025. (1) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned through joint ventures 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 December 31, 2025, plus accumulated depreciation. (3) Gross real estate book value is based on the book value of total real estate assets as of December 31, 2025, plus accumulated depreciation. Total Communities (1) 145 Developed Homesites (1) 27,100 States (1) 12 Portfolio Occupancy 88.1% Average Monthly Site Rent $572 Total Rentals (1) 11,000 Home Rentals as % of Sites 43.6% Home Rental Occupancy 93.8% Additional Acreage to Be Developed Approx. 2,300 Gross Asset Value ($bn) (2) $2.2 Gross Real Estate Book Value ($bn) (3) $1.9 Total Market Capitalization ($bn) $2.4 Acquired prior to 2025: 137 communities and 26,000 sites Acquired in 2025: 5 communities and 600 sites 220 acres to be developed into a manufactured home community Joint Venture: 3 communities and 500 sites Portfolio Statistics
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Marcellus & Utica Shale Region Exposure 6 Source: WallStreet Research. Home CommunityShale region 220 acres to be developed into a manufactured home community Existing Home Communities 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. In 2025, we added 717 homes to our portfolio of rental homes. o With approximately 4,000 acres in existing communities, UMH benefits from significant exposure to the Marcellus and Utica Shale Regions. 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 The Cyclicality of Housing 60% 61% 62% 63% 64% 65% 66% 67% 68% 69% 70% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 -20% -16% -12% -8% -4% 0% 4% 8% 12% 16% 20% 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 0 400 800 1,200 1,600 2,000 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 2025 SF Housing Starts Multi-Family Housing Starts MH Shipments
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Favorable U.S. Housing Trends (contd.) 8 • 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 for a site-built home. • At UMH, in 4Q25 rentals averaged $1,044/month and new home sales averaged $156,000. The Economics of Renting Vs. Owning Source: Origin Investments, Newmark Information as of December 31, 2025.
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Portfolio and Rental Capacity by State 9(1) Excludes two Florida communities and one Pennsylvania community owned through joint ventures 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 7,994 30.0% 88.0% $595 3,322 30.5% 93.2% $1,031 Ohio 38 7,381 27.7% 88.6% $529 3,204 29.4% 93.5% $1,000 Indiana 14 4,091 15.4% 89.5% $532 2,049 18.8% 94.0% $1,034 Tennessee (1) 9 2,038 7.7% 92.9% $597 961 8.8% 96.6% $1,097 New York 8 1,369 5.1% 87.2% $664 512 4.7% 91.6% $1,201 New Jersey 7 1,530 5.7% 95.6% $746 40 0.4% 90.0% $1,336 Michigan 4 1,090 4.1% 86.9% $532 422 3.9% 95.3% $1,102 Maryland 3 259 1.0% 84.2% $650 -0- 0.0% 0.0% N/A Alabama 2 292 1.1% 55.1% $243 145 1.3% 94.5% $1,131 South Carolina 2 321 1.2% 75.7% $312 190 1.7% 98.4% $1,145 Georgia 2 245 1.0% 33.9% $389 59 0.5% 83.1% $1,181 Total UMH (1) 142 26,610 100.0% 88.1% $572 10,904 100.0% 93.8% $1,044
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23,400 24,000 25,600 25,800 26,300 27,100 18,000 20,000 22,000 24,000 26,000 28,000 2020 2021 2022 2023 2024 2025 124 127 134 No. of Communities Developed Sites 145 135 Portfolio Growth 8,300 8,700 9,100 10,000 10,300 11,000 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 2025 Rental Units Occupancy Rate Information as of period ending dates. (1) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned through joint ventures with Nuveen Real Estate in which the company has a 40% interest. 10 Total Sites (1) Rental Units (1) 139 MIGHTY OAK, Albany, GA Acquired in 2023
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Occupancy 85.0% 86.0% 84.6% 86.7% 87.3% 88.1% 81% 82% 83% 84% 85% 86% 87% 88% 89% 2020 2021 2022 2023 2024 2025 87.5% 87.7% 87.7% 87.8% 87.9% 88.2% 88.5% 88.3% 85.0% 86.0% 87.0% 88.0% 89.0% 90.0% Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 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 December 2024 to December 2025, thirty-seven communities increased revenue by 10%, of which seven communities increa sed revenue by 20% or more. * * The change in revenue is based on 2024 T12 compared to 2025 T12. Community % $ Mountaintop 5% 18,700 Collingwood 5% 38,900 Birchwood Farms 5% 62,500 Frieden Manor 5% 78,800 Crestview 5% 36,400 Evergreen Manor 4% 22,100 Brookview Village 4% 84,300 Melrose Village 4% 85,200 Fairview Manor 4% 131,900 Broadmore Estates 4% 164,500 Valley View Ephrata 1 4% 38,100 Sandy Valley Estates 4% 109,700 Hillcrest Estates 4% 76,800 Valley Hills 4% 84,700 Twin Oaks I and II 4% 48,100 Colonial Heights 4% 47,600 Mount Pleasant Village 4% 32,700 Woodlawn Village 4% 48,800 Countryside Estates IN 3% 45,000 Clinton MH Resort 3% 23,000 Trailmont 3% 36,500 Kinnebrook Estates 3% 81,400 Perrysburg Estates 3% 30,600 Southwind Village 2% 46,500 Lake Sherman Village 2% 55,000 Valley Stream 2% 13,200 Valley View - Honeybrook 2% 32,500 Twin Pines 2% 36,000 Cedarcrest Village 2% 49,600 Rolling Hills Estates 2% 14,700 Gregory Courts 1% 6,300 Monroe Valley 1% 3,600 Arbor Estates 1% 18,000 Fox Chapel Village 1% 7,900 City View 0% 1,300 High View Acres 0% (2,100) Dallas MHC 0% (4,300) Crossroads Village -1% (1,900) Little Chippewa -1% (3,900) Independence Park -2% (14,000) Total 8% 15,406,00 Community % $ Somerset Estates 9% 158,300 Marysville Estates 9% 192,900 Rostraver Estates 9% 51,300 Huntingdon Pointe 9% 48,000 Wayside 9% 46,500 Laurel Woods 8% 136,800 Summit Village - IN 8% 80,200 Chambersburg I and II 8% 50,000 Springfield Meadows 8% 65,100 River Valley Estates 8% 131,900 Holiday Village - IN 8% 236,000 Chelsea 8% 51,200 Allentown 7% 284,600 Green Acres 7% 9,800 Redbud Estates 7% 172,800 Holly Acres 7% 60,400 Southern Terrace 7% 44,400 Forest Creek 7% 113,300 Weatherly Estates 7% 139,500 Oak Ridge Estates 7% 135,500 Boardwalk 7% 80,400 Northtowne Meadows 7% 169,800 Spreading Oaks Village 7% 70,700 Shady Hills 7% 127,200 Woods Edge 7% 232,700 Wellington Estates 7% 112,500 Highland 7% 130,200 Cross Keys Village 6% 70,100 Community % $ Saddle Creek 934% 242,300 OZ Mighty Oak 306% 350,200 OZ Garden View Estates 93% 512,300 Center Manor 55% 72,200 Lakeview Meadows 31% 209,500 Memphis Blues 26% 348,800 Mandell Trails 20% 88,000 Hidden Creek 19% 324,700 Friendly Village 18% 807,900 Camelot Village 17% 96,100 Camelot Woods 17% 110,400 Iris Winds 17% 197,900 Holiday Village 16% 424,900 Brookside Village 15% 186,100 Parke Place 14% 443,100 Youngstown MHC 14% 57,900 Cinnamon Woods 13% 63,300 Valley High 13% 67,500 Lake Erie Estates 13% 107,300 Duck River Estates 13% 98,100 New Colony 13% 97,000 Candlewick Court 13% 235,700 Oakwood Lake Village 13% 80,700 Wood Valley 13% 133,800 Evergreen Village 12% 40,300 Deer Run 12% 156,600 Catalina 12% 458,000 Fifty One (51) Estates 12% 135,200 Meadows of Perrysburg 11% 137,800 Heather Highlands 11% 332,800 Hillside Estates 11% 80,400 Pleasant View Estates 10% 83,400 Fohl Village 10% 122,100 Pine Valley Estates 10% 155,600 Hillcrest Crossing 10% 160,200 Pikewood Manor 10% 392,900 Voyager Estates 10% 145,300 Hudson Estates 9% 111,700 Summit Estates 9% 89,900 Moosic Heights 9% 113,000 Community % $ Melrose West 6% 12,300 Suburban Estates 6% 94,500 Port Royal Village 6% 201,500 Sunnyside 6% 38,500 Carsons 6% 56,900 Oxford Village 6% 134,100 Auburn Estates 6% 17,700 Bayshore Estates 6% 63,800 Waterfalls Village 6% 110,400 Sunny Acres 6% 81,200 Forest Park Village 6% 141,400 Pine Ridge/Pine Manor 6% 107,800 Maple Manor 6% 146,000 Countryside Village 6% 173,400 Evergreen Estates 6% 18,700 Cranberry Village Estates 6% 98,400 Valley View Ephrata 2 6% 20,700 Meadows 6% 157,500 Countryside Estates OH 6% 62,000 Worthington Arms 6% 115,600 Highland Estates 5% 159,400 D & R Village 5% 104,900 Meadowood 5% 55,100 Olmsted Falls 5% 53,700 Oak Tree 5% 81,400 Deer Meadows 5% 40,700 Hayden Heights 5% 35,500 Woodland Manor 5% 65,500 Community % $ Community % $ Georgia 306% 350,200 Ohio 8% 4,219,400 South Carolina 41% 710,200 Indiana 7% 2,118,000 Alabama 30% 396,200 Pennsylvania 7% 4,225,300 Maryland 13% 63,300 New York 5% 543,300 Michigan 11% 792,700 New Jersey 3% 358,200 Tennessee 9% 1,599,200
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Same Property Net Operating Income Same Property includes all properties owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates. 13 12/31/2025 12/31/2024 % Change Community Metrics Total Sites 25,765 25,619 0.6% Occupied Sites 22,759 22,405 354 sites, 1.6% Occupancy % 88.3% 87.5% 80 bps Number of Properties 134 134 N/A Total Rentals 10,731 10,183 5.4% Occupied Rentals 10,064 9,570 5.2% Rental Occupancy 93.8% 94.0% (20 bps) Monthly Rent Per Site $571 $544 5.0% Monthly Rent Per Home Including Site $1,041 $987 5.5% (in thousands) Three Months Ended Year Ended 12/31/2025 12/31/2024 Change % Change 12/31/2025 12/31/2024 Change % Change Same Property Community Net Operating Income (“NOI”) Rental and Related Income $ 56,615 $ 52,623 $ 3,992 7.6% $ 221,542 $ 204,678 $ 16,864 8.2% Community Operating Expenses 22,496 20,370 2,126 10.4% 87,018 81,245 5,773 7.1% Same Property Community NOI $ 34,119 $ 32,253 $ 1,866 5.8% $ 134,524 $ 123,433 $ 11,091 9.0%
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Potential for Significant Rental Unit Returns 14 Historical Investments ($ in mm except per unit data) 2020 2021 2022 2023 2024 2025 Rental Units 8,300 8,700 9,100 10,000 10,300 10,900 Investment $349.9 $383.5 $422.8 $516.5 $566.2 $631.6 Average Investment Per Unit $42,157 $44,080 $46,462 $51,650 $54,971 $57,945 Average Monthly Rent per Unit $790 $824 $873 $933 $990 $1,044 End of Period Occupancy 94.6% 95.5% 93.3% 94.0% 94.0% 93.8% 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 2 314 223 64% 73% $7,840 $25,048 53 2021 3 523 442 59% 85% $18,300 $34,724 113 2022 7 1,460 1,044 65% 72% $86,223 $58,219 461 2023 1 118 37 0% 36% $3,650 $30,932 26 2025 5 587 455 78% 80% $41,825 $71,252 160 Pace of Opportunistic Acquisitions Information as of December 31, 2025. 15 Number of Acquired Sites Acquisition Volume ($mm) $500.5 $7.8 $18.3 $86.2 $3.7 $41.8 $500.5 $508.3 $526.6 $612.8 $616.5 $658.3 - $200 $400 $600 $800 2010 - 2019 2020 2021 2022 2023 2025 Acquisition Volume (in millions) Cumulative VolumeAnnual Volume 16,343 314 523 1,460 118 587 16,343 16,657 17,180 18,640 18,758 19,345 - 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 16 593 885 355 602 360 0 150 300 450 600 750 900 1,050 2026 2027 2028 2029 2030 Sites Engineered for Expansion Total – 2,795 sites Information as of December 31, 2025. UMH has 2,310 vacant acres available for future development. Potential for 4 sites per vacant acre at an estimated cost of $75,000 per site. OH, 512 NY, 492 PA, 483 TN, 314 IN, 182 NJ, 164 SC, 102 MD, 35 MI, 19 AL, 7 Vacant Acreage Total – 2,310 acres 1% 14% 22% 21% 8% 7% 22% 2% 4%
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Potential Economics of New Lot Development 17 • Cost to build a lot: $100,000 • Add and sell a home with a $50,000 net sales profit • Net cost of lot: $100,000 - $50,000 = $50,000 • Charge $800 lot rent per month, annual rent: $9,600 • Net rent after 35% expenses: $9,600 x 65% = $6,240 • At 4% cap rate, value is: $6,240 / 4% = $156,000 • Increase in value: $156,000 value - $50,000 net cost = $106,000 Case Study of the Economics of Developing a 360 Lot Community • Cost to build 360 lots: $36,000,000 • Sell 360 homes: Sales price $300,000 x 360 = $108,000,000; gross profit of $18,000,000: possibly as high $36,000,000 • Gross annual rent: 360 x $800 x 12 = $3,456,000 • Net rent: $3,456,000 x 65% = $2,246,400 • Value of community: $2,246,400 / 4% = $56,160,000 • Net cost: $36,000,000 - $18,000,000 gross sales profit = $18,000,000 • Value creation: $56,160,000 value - $18,000,000 net cost = $38,160,000 • As rents rise 5%, net increases: $2,246,400 x 5% = $112,320 • Value increase: $112,320 / 4% = $2,808,000 per year
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18 UMH Sales & Finance, Inc. (“S&F”) Information as of period ending dates. $20.3 $27.1 $25.3 $31.2 $33.5 $35.0 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 2025 $ Sales # of Homes sold (in millions) $53.0 $64.3 $78.7 $89.2 $101.5 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 2025 $ of Loan Portfolio Interest Rate (in millions) Commenced operations in 2001 as a taxable REIT subsidiary. Sales reached $35.0mm in 2025, with a sales price per unit of approximately $97k. Sold approximately 6,300 homes since 1996. $101.5mm loan portfolio with a weighted average interest rate of approximately 7.0%, generating approximately $15.1mm in principal and interest payments annually. Portfolio comprised of approximately 2,000 homes located throughout 120 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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Do Manufactured Homes Appreciate? 19 Based on a recent sample and analysis of home sale data, we have seen the following for homes where we handled both the initial sale and resold it on behalf of the homeowner: • 80% sold for higher values than what the original buyer paid us for those homes • Sellers received approximately 20% more in sale proceeds than what they originally paid to us • On average, the seller received an appreciation of more than $16,000 per brokered home • The homes appreciated an average of approximately 4% per year The sample size includes the 31 brokered home sales conducted by UMH Sales and Finance, Inc. since 2024. The subjecthomes were initially purchased by UMH at various times from 2013 through 2026. Past sale prices are not indicative of future results. WHISPERING PINES, Somerset, PA Acquired in 2004
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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) Represents an increase in our dividend for five consecutive years through 2025 for a cumulative annual increase of $0.18 or 25%. (3) Excludes non-recurring legal and professional fees of $724 as of December 31, 2025. 20 Over the past 5 years, UMH: • Increased Total Revenue by 58%; • Increased Community NOI by 64%; • Increased Normalized FFO by 174% and Normalized FFO per share by 36%; • Increased Annual Dividend per share by 25% (2). Community NOI Growth (3) ($mm) $80.2 $91.0 $94.8 $108.4 $119.7 $131.5 $0 $20 $40 $60 $80 $100 $120 $140 $160 2020 2021 2022 2023 2024 2025 Up 10% Total Revenue ($mm) $0 $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 $194.6 Up 9% Rental Revenue Sales Interest/Dividend Income $228.2 $172.2 $202.7 $272.0 $249.1 $29.2 $41.1 $46.8 $54.5 $69.5 $80.1 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2020 2021 2022 2023 2024 2025 $0.87 Normalized Funds from Operations (1) ($mm) $0.85 $0.86 Up 2% $0.93 $0.93 Per Share $0.70 $0.95
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 $1,157 $980 $1,182 $1,509 $1,585 $2,434 Company Growth Information as of period ending dates. 21 Total Market Capitalization ($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 $0.90 $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 2025 22 Annual Dividend per Share (2002 – 2025) (1) (1) Annualized dividend for 2025 reflects 1Q25 quarterly payment of $0.215 and the quarterly payment for 2Q25 through 4Q25 of $0.225. The current annual dividend is $0.90.
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Balance Sheet Metrics 23 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 5.4x .0x 2.0x 4.0x 6.0x 8.0x 10.0x 2021 2022 2023 2024 2025 11.4% 36.0% 29.6% 19.5% 27.3% 0% 10% 20% 30% 40% 2021 2022 2023 2024 2025 1.8x 1.7x 1.9x 2.2x 2.3x .0x 1.0x 2.0x 3.0x 2021 2022 2023 2024 2025 16.1% 38.2% 31.3% 20.8% 28.3% 0% 10% 20% 30% 40% 50% 2021 2022 2023 2024 2025
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(in thousands) Year Ended 12/31/25 12/31/24 DEBT OUTSTANDING Mortgages Payable: Fixed Rate Mortgages $ 562,095 $ 489,271 Unamortized Debt Issuance Costs (5,966) (3,731) Mortgages, Net of Unamortized Debt Issuance Costs 556,129 485,540 Loans Payable: Unsecured Line of Credit -0- -0- Other Loans Payable 28,464 29,512 Unamortized Debt Issuance Costs (768) (1,233) Loans, Net of Unamortized Debt Issuance Costs 27,696 28,279 Series A Bonds Payable: Series A Bonds 102,670 102,670 Unamortized Debt Issuance Costs (919) (1,767) Series A Bonds, Net of Unamortized Debt Issuance Costs 101,751 100,903 Series B Bonds Payable: Series B Bonds 80,230 -0- Unamortized Debt Issuance Costs (4,579) -0- Series B Bonds, Net of Unamortized Debt Issuance Costs 75,651 -0- Total Debt, Net of Unamortized Debt Issuance Costs $ 761,227 $ 614,722 % FIXED/FLOATING Fixed 99.3% 99.1% Floating 0.7% 0.9% Total 100.0% 100.0% WEIGHTED AVERAGE INTEREST RATES (1) Mortgages Payable 4.73% 4.18% Loans Payable 6.38% 6.54% Series A Bonds Payable 4.72% 4.72% Series B Bonds Payable 5.85% 0.00% Total Average 4.90% 4.38% WEIGHTED AVERAGE MATURITY (YEARS) Mortgages Payable 6.1 4.4 Debt Analysis 24 Information as of December 31, 2025. (1) Weighted average interest rates do not include the effect of unamortized debt issuance costs. $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2026 2027 2028 2029 2030 Thereafter Mortgages Loans Bonds $139.7 $47.3$43.3 $38.8 $195.0 $309.4 Debt Maturity Schedule ($mm)
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Harvesting Value 25 • 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 were used for acquisitions, expansions, rental homes, and to repay higher interest rate debt. Acquired Year Valuation Sites Per Pad Investment (1) 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 $ 81,709 $ 66,597,000 $ 96,903,000 96% (1) Information as of May 2025.
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Harvesting Value 26 • In November 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 5.46%, with a 9-year term. • The addition included seven communities containing 1,765 sites for total proceeds of approximately $91.8 million. • Communities appraised for $145.1 million or $82,000 per site, driving a gain in property value of 98% or $71.9 million. In addition, these communities yield approximately 14%. • Proceeds will be used for acquisitions, expansions, rental homes, and to repay higher interest rate debt. Acquired Year Valuation Sites Per Pad Investment (1) Gain Occupancy Allentown 1986 $ 38,800,000 434 $ 89,401 $ 15,492,000 $ 23,308,000 97% Clinton 2011 $ 9,800,000 116 $ 84,483 $ 4,210,000 $ 5,590,000 97% Candlewick Court 2015 $ 17,800,000 211 $ 84,360 $ 9,494,000 $ 8,306,000 86% Forest Park Village 1982 $ 24,100,000 248 $ 97,177 $ 6,929,000 $ 17,171,000 95% Holiday Village-TN 2013 $ 26,900,000 348 $ 77,299 $ 20,564,000 $ 6,336,000 95% Suburban Estates 2010 $ 14,200,000 201 $ 70,647 $ 7,811,000 $ 6,389,000 95% Sunny Acres 2010 $ 13,500,000 207 $ 65,217 $ 8,688,000 $ 4,812,000 97% $ 145,100,000 1,765 $ 82,210 $ 73,188,000 $ 71,912,000 95% (1) Information as of November 2025.
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Utilization of Capital 27 Property information as of December 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 December 31, 2025, is $1,044 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 Honey Ridge – New community located in Honey Brook, PA, completed in June 2025, with 113 developed homesites Development of New Communities through Joint Ventures with Nuveen Real Estate Capital Improvement Financing of Homes o Approximately $20 – $30 million o Currently financing homes at 6.25% o Anticipated expansion of approximately 1,700 sites over the next 3 years SEBRING SQUARE, Sebring, FL Joint Venture - Acquired in 2021
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Compelling Valuation with Significant Upside 28 Equity Market Capitalization 55.5% $1,350.0 Preferred Stock 13.3% 322.9 Total Equity Capitalization 68.7% $1,672.9 Debt Outstanding 31.3% 761.2 Total Market Capitalization 100.0% $2,434.1 Less: Cash & Cash Equivalents $(72.1) Less: Securities Available for Sale (23.8) Less: Inventory (42.4) Less: Notes and Other Receivables, net (104.6) Less: Rental Homes & Accessories (1) (631.6) Less: Land Development and Joint Venture (71.0) Total Non-Site Related Adjustments $(945.5) Adjusted Market Capitalization $1,488.6 Owned Sites (2) 27,100 Implied Public Market Value per Site $54,930 SUNNY ACRES, Somerset, PA Acquired in 2010 Financial information as of December 31, 2025. (1) Represents approximately $57,900 investment for each of the Company’s 10,900 rental units on December 31, 2025. (2) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned through joint ventures with Nuveen Real Estate in which the company has a 40% interest.
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2026 Guidance 29 • Rent increases of 5% • Occupancy of 800 rental units in 2026 • Overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year • Excludes any potential acquisitions, dispositions, and development projects Key Assumptions Low Midpoint High Normalized FFO Per Share $0.97 $1.01 $1.05 RIVER VALLEY ESTATES, Marion, OH Acquired in 1986
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Sustainability 30 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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31 Sustainability 0 VP of Corporate Security • UMH appointed a VP to enhance security for both residents and employees. Renewable Energy • UMH pioneered the first solar-shingled manufactured home, advancing renewable energy in affordable housing. To date, 20 homes have been completed in Ohio. Of those, seven have received permission to operate and are an are each projected to produce an average of approximately 5,535 kWh. • UMH entered a community solar program for its properties in New York. Through this program, we will contribute over 730,000 kWh, which is equivalent to offsetting approximately 515 metric tons of CO₂. Sustainability Subcommittee • The UMH Board established a subcommittee dedicated to overseeing all sustainability efforts. Sustainalytics & MSCI Recognitions • Sustainalytics 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 – 88.1% 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 6.0% Investment Highlights Information as of December 31, 2025. 32 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 11,000 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: 145 Homesites: 27,100 Extensive Operating History 34(1) Includes Sebring Square, Rum Runner and Honey Ridge, three communities owned through joint ventures with Nuveen Real Estate in which the company has a 40% interest.
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Value-Add Acquisition 35 At Acquisition Today Increase Occupancy Percent 55% 96% 41% Number of Rentals 79 221 142 Weighted Average Site Rent $302 $532 76.2% Rental and Related Income* $953,000 $3,246,000 240.6% Net Operating Income* $497,000 $2,343,000 371.4% Value per site** N/A $134,300 111%*** Value of Community** N/A $46,860,000 111%*** *At acquisition - 2011 annualized; Today – December 31, 2025. **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 $11.0mm in rental homes): $14,900,000 Total Capital Investment ($63,600 per site): $22,200,000 Countryside Village (1) Case Study
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Value-Add Acquisition 36 At Acquisition Today Increase Occupancy Percent 77% 97% 20% Number of Rentals 43 176 133 Weighted Average Site Rent $355 $529 49.0% Rental and Related Income* $2,379,000 $5,107,000 114.7% Net Operating Income* $1,557,000 $3,430,000 120.3% Value per site** N/A $114,900 71%*** Value of Community** N/A $68,600,000 71%*** *At acquisition - 2017 annualized; Today - December 31, 2025. **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: 597 Date of Acquisition: January 20, 2017 Purchase Price: $21,222,000 Purchase Price per Site: $38,000 Capitalization Subsequent to Acquisition (including $9.7mm in rental homes): $18,978,000 Total Capital Investment ($67,300 per site): $40,200,000 Boardwalk and Parke Place (1) Case Study
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Value-Add Expansion 37 Before Expansion Today Increase Occupancy Percent 91% 93% 2% Number of Sites 148 316 168 Weighted Average Site Rent $315 $896 184.4% Rental and Related Income* $617,000 $3,298,000 434.5% Net Operating Income* $289,000 $1,985,000 586.9% Value per site** N/A $125,600 161%*** Value of Community** N/A $39,700,000 161%*** *Before expansion - 1996; annualized; Today – December 31, 2025. **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): 148/316 Date of Acquisition: November 15, 1985 Purchase Price: $1,350,000 Purchase Price per Site: $9,000 Capitalization Subsequent to Acquisition: $13,850,000 Total Capital Investment ($48,100 per site): $15,200,000 Net sales during expansion period: $2,932,000 Fairview Manor (1) Case Study
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Value-Add Expansion 38 Before Expansion Today Increase/Decrease Occupancy Percent 97% 98% 1% Number of Sites 186 318 132 Weighted Average Site Rent $302 $797 163.9% Rental and Related Income* $683,000 $3,034,000 344.2% Net Operating Income* $450,000 $2,174,000 383.1% Value per site** N/A $136,700 181%*** Value of Community** N/A $43,480,000 181%*** *Before expansion - 1996; Today – December 31, 2025. **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: $13,760,000 Total Capital Investment ($49,700 per site): $15,800,000 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 February 23, 2026. 1 Year 3 Year 39 9.39% 10.75%
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Total Return Performance (contd.) Source: S&P Global Market Intelligence, as of February 23, 2026. 5 Year 10 Year 40 103.51% 101.84%
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For additional information including all SEC filings, please visit: www.umh.reit WOODS EDGE, West Lafayette, IN Acquired in 2015