Slides
Page 1
FOHL VILLAGE , Canton , OH Acquired in 2022 UMH PROPERTIES , INC . Investor Presentation August 2026
Page 2
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.
Page 3
Company Highlights 3 Financial information as of June 30, 2026. (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; 361 homes sold over past 12 months Sales & Finance Approximate $107.9mm portfolio of loans, an increase of $12.6mm 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 11,200 (1) units, an increase of 600 homes in the last 12 months; anticipate 800 homes this year Well-positioned for growth with 3,200 (1) existing vacant lots to fill, and over 2,400 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, allow UMH to pursue accretive development deals while reducing the need for capital 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. FOREST PARK VILLAGE, Cranberry Twp., PA Acquired in 1982
Page 4
Quarterly Accomplishments 4 • Increased Net Income Attributable to Common Shareholders by 75% and by 67% on a per diluted share basis; • Increased Rental and Related Income by 9%; • Increased Sales of Manufactured Homes by 10%, including sales at Honey Ridge; • Increased Community Net Operating Income (“NOI”) by 8%; • Increased Normalized Funds from Operations (“Normalized FFO”) by 11% and by 9% on a per diluted share basis; • Increased Same Property Community NOI by 9%; • Increased Same Property Occupancy by 110 basis points from 88.3% to 89.4%; • Improved our Same Property expense ratio by 40 basis points from 38.5% in the second quarter of 2025 to 38.1% at quarter end; • Expanded and extended our existing unsecured revolving credit facility, increasing the available borrowings and reducing interest costs; and • Issued and sold approximately 353,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $21.61 per share, generating gross proceeds of $7.6 million and net proceeds of $7.2 million, after offering expenses. FOREST CREEK, Elkhart, IN Acquired in 2013 Our accomplishments during the second quarter of 2026 include:
Page 5
Portfolio Snapshot 5 Financial information as of June 30, 2026. (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 June 30, 2026, plus accumulated depreciation. (3) Gross real estate book value is based on the book value of total real estate assets as of June 30, 2026, plus accumulated depreciation. Total Communities (1) 145 Developed Homesites (1) 27,100 States (1) 12 Portfolio Occupancy 89.0% Average Monthly Site Rent $586 Total Rentals (1) 11,200 Home Rentals as % of Sites (1) 41.5% Home Rental Occupancy 95.3% Additional Acreage to Be Developed Approx. 2,400 Gross Asset Value ($bn) (2) $2.3 Gross Real Estate Book Value ($bn) (3) $2.0 Total Market Capitalization ($bn) $2.4 Acquired prior to 2026: 142 communities and 26,600 sites 220 acres to be developed into a manufactured home community 65 acres to be developed into a manufactured home community Joint Ventures: 3 communities and 500 sites Portfolio Statistics
Page 6
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 331 rental homes during the first half of 2026. o With approximately 4,000 acres in existing communities, UMH benefits from significant exposure to the Marcellus and Utica Shale Regions. Total Acreage Source: WallStreet Research. Existing Home Communities Shale region Home Communities 220 acres to be developed into a manufactured home community 65 acres to be developed into a manufactured home community
Page 7
Favorable U.S. Housing Trends 7 UMH is well positioned to participate in the ongoing recovery of the U.S. 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
Page 8
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 2Q26 rentals averaged $1,069/month and new home sales averaged $152,000. The Economics of Renting Vs. Owning Source: Origin Investments, Newmark Information as of June 30, 2026.
Page 9
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 7,999 30.0% 88.2% $609 3,345 30.2% 94.3% $1,058 Ohio 38 7,364 27.7% 90.0% $540 3,247 29.3% 95.8% $1,018 Indiana 14 4,100 15.4% 90.4% $547 2,067 18.6% 95.6% $1,057 Tennessee 9 2,064 7.7% 92.4% $611 978 8.9% 95.7% $1,115 New York 8 1,370 5.1% 89.9% $685 525 4.7% 95.8% $1,239 New Jersey 7 1,530 5.7% 95.2% $749 39 0.4% 87.2% $1,370 Michigan 4 1,090 4.1% 88.9% $550 451 4.1% 95.1% $1,141 Maryland 3 260 1.0% 83.8% $650 -0- 0.0% 0.0% N/A Alabama 2 290 1.1% 61.0% $405 164 1.5% 93.9% $1,171 South Carolina 2 321 1.2% 76.3% $387 190 1.7% 98.9% $1,184 Georgia 2 245 1.0% 43.7% $406 78 0.6% 96.2% $1,237 Total UMH (1) 142 26,633 100.0% 89.0% $586 11,084 100.0% 95.3% $1,069
Page 10
24,000 25,600 25,800 26,300 27,100 27,100 18,000 20,000 22,000 24,000 26,000 28,000 30,000 2021 2022 2023 2024 2025 Q2'26 124 127 134 No. of Communities Developed Sites 145 135 Portfolio Growth 10 145 CINNAMON WOODS, Conowingo, MD Acquired in 2017 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. 8,700 9,100 10,000 10,300 11,000 11,200 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 14,000 2021 2022 2023 2024 2025 Q2'26 Rental Units Occupancy Rate Total Sites (1) Rental Units (1)
Page 11
Occupancy 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, 2025, with the exception of River Bluff Estates. 86.0% 84.6% 86.7% 87.3% 88.1% 89.0% 81% 82% 83% 84% 85% 86% 87% 88% 89% 90% 2021 2022 2023 2024 2025 Q2'26 88.0% 88.3% 88.5% 88.4% 88.9% 89.4% 85.0% 86.0% 87.0% 88.0% 89.0% 90.0% Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 RIVER BLUFF ESTATES, Memphis, TN Acquired in 2013 SPRINGFIELD MEADOWS, Springfield, OH Acquired in 2016
Page 12
Change in Rental Revenue 12 Change by State * From June 2025 to June 2026, thirty-six communities increased revenue by 10%, of which nine communities increased revenue by 20% or more. * * The change in revenue is based on 2025 T12 compared to 2026 T12. Community % $ Meadowood 5% 48,000 Cross Keys Village 5% 51,900 Moosic Heights 4% 59,200 Birchwood Farms 4% 62,200 Fairview Manor 4% 138,200 Valley View - Honeybrook 4% 67,100 Cranberry Village Estates 4% 75,000 Waterfalls Village 4% 80,100 Sandy Valley Estates 4% 109,900 Valley View Ephrata 1 4% 35,300 Sunnyside 4% 23,600 Rostraver Estates 4% 21,900 Olmsted Falls 3% 35,500 Countryside Village 3% 106,600 Lake Sherman Village 3% 84,800 Clinton MH Resort 3% 25,800 Cedarcrest Village 3% 82,800 Collingwood 3% 25,800 Oak Tree 3% 45,400 City View 3% 12,100 Southwind Village 2% 50,800 Mount Pleasant Village 2% 22,100 Hillcrest Estates 2% 44,400 Mountaintop 2% 9,200 Woodland Manor 2% 31,800 Kinnebrook Estates 2% 57,100 Valley Hills 2% 35,000 High View Acres 2% 13,000 Huntingdon Pointe 1% 8,600 Woodlawn Village 1% 19,600 Arbor Estates 1% 34,900 Carsons 1% 10,200 Evergreen Manor 1% 5,600 Trailmont 1% 12,400 Fox Chapel Village 0% 4,800 Green Acres -1% (1,600) Little Chippewa -1% (4,700) Independence Park -1% (11,400) Evergreen Village -2% (8,300) Crossroads Village -3% (7,700) Total 8% 16,568,600 Community % $ Community % $ Georgia 153% 421,500 Indiana 8% 2,622,600 South Carolina 31% 626,400 Tennessee 8% 1,358,200 Alabama 27% 413,000 Pennsylvania 7% 4,269,100 Maryland 16% 77,600 New Jersey 5% 664,800 Michigan 12% 958,700 New York 5% 533,600 Ohio 8% 4,623,100 Community % $ Springfield Meadows 9% 76,200 Laurel Woods 9% 145,700 Auburn Estates 9% 25,800 Maple Manor 9% 222,500 Redbud Estates 9% 217,100 Duck River Estates 9% 69,400 Brookview Village 8% 168,100 Shady Hills 8% 162,700 Sunny Acres 8% 114,700 New Colony 8% 64,900 Somerset Estates 8% 147,400 Dallas MHC 8% 67,400 Weatherly Estates 8% 159,600 River Valley Estates 8% 135,900 Camelot Woods 8% 54,000 Countryside Estates OH 8% 84,900 Forest Park Village 7% 180,600 Holiday Village - IN 7% 238,200 Voyager Estates 7% 115,600 Pikewood Manor 7% 309,600 Pine Valley Estates 7% 116,900 Worthington Arms 7% 143,900 Frieden Manor 7% 117,100 Oak Ridge Estates 7% 135,600 Holly Acres 7% 59,700 Meadows 7% 185,500 Countryside Estates IN 6% 90,900 Southern Terrace 6% 40,800 Highland Estates 6% 184,200 Community % $ Saddle Creek 203% 255,100 Mighty Oak 153% 421,500 Garden View Estates 52% 408,900 Center Manor 48% 76,400 Mandell Trails 37% 173,100 Lakeview Meadows 29% 227,200 Maplewood Village 22% 110,100 Hidden Creek 22% 398,800 Friendly Village 21% 1,003,000 Brookside Village 19% 251,100 Cedar Grove 18% 217,900 Iris Winds 17% 217,500 Woods Edge 16% 564,200 Cinnamon Woods 16% 77,600 Holiday Village 15% 454,100 Lake Erie Estates 15% 127,500 Meadows of Perrysburg 14% 181,200 Candlewick Court 13% 259,200 Hillside Estates 13% 99,200 Camelot Village 13% 77,100 Fifty One (51) Estates 12% 152,400 Youngstown MHC 12% 57,000 Memphis Blues 12% 192,000 Chambersburg I and II 12% 77,900 Fohl Village 12% 155,700 Valley High 12% 66,000 Catalina 12% 498,000 Deer Run 11% 157,900 Pleasant View Estates 11% 98,200 Twin Pines 10% 193,000 Parke Place 10% 339,800 Marysville Estates 10% 224,200 Colonial Heights 10% 122,700 Wood Valley 10% 109,900 Heather Highlands 10% 309,100 Hudson Estates 10% 119,200 Forest Creek 9% 157,300 Bayshore Estates 9% 102,200 Hillcrest Crossing 9% 163,100 Northtowne Meadows 9% 238,500 Community % $ Oxford Village 6% 139,400 Oakwood Lake Village 6% 42,100 Summit Village - IN 6% 62,000 Deer Meadows 6% 48,200 Rolling Hills Estates 6% 48,800 Perrysburg Estates 6% 73,300 D & R Village 6% 113,700 Chelsea 6% 40,200 Summit Estates 6% 58,500 Monroe Valley 6% 20,500 Valley View Ephrata 2 6% 20,700 Wellington Estates 5% 97,300 Melrose West 5% 11,000 Port Royal Village 5% 180,700 Twin Oaks I and II 5% 64,800 Boardwalk 5% 63,800 Highland 5% 105,900 Melrose Village 5% 101,000 Evergreen Estates 5% 16,900 Valley Stream 5% 31,700 Suburban Estates 5% 77,800 Gregory Courts 5% 21,100 Allentown 5% 201,400 Crestview 5% 40,700 Spreading Oaks Village 5% 54,100 Hayden Heights 5% 36,000 Broadmore Estates 5% 192,200 Wayside 5% 28,000 Pine Ridge/Pine Manor 5% 90,100
Page 13
Same Property Net Operating Income Same Property includes all UMH communities owned as of January 1, 2025, with the exception of River Bluff Estates. 13 6/30/2026 6/30/2025 % Change Community Metrics Total Sites 26,013 25,842 0.7% Occupied Sites 23,243 22,806 437 sites, 1.9% Occupancy % 89.4% 88.3% 110 bps Number of Properties 139 139 N/A Total Rentals 11,077 10,570 4.8% Occupied Rentals 10,556 9,974 5.8% Rental Occupancy 95.3% 94.4% 90 bps Monthly Rent Per Site $585 $557 5.0% Monthly Rent Per Home Including Site $1,070 $1,016 5.3% (in thousands) Three Months Ended Six Months Ended 6/30/2026 6/30/2025 Change % Change 6/30/2026 6/30/2025 Change % Change Same Property Community Net Operating Income (“NOI”) Rental and Related Income $ 60,141 $ 55,654 $ 4,487 8.1% $ 118,705 $ 110,088 $ 8,617 7.8% Community Operating Expenses 22,900 21,424 1,476 6.9% 46,214 42,989 3,225 7.5% Same Property Community NOI $ 37,241 $ 34,230 $ 3,011 8.8% $ 72,491 $ 67,099 $ 5,392 8.0%
Page 14
Potential for Significant Rental Unit Returns 14 Historical Investments ($ in mm except per unit data) 2021 2022 2023 2024 2025 Q2’26 Rental Units 8,700 9,100 10,000 10,300 10,900 11,100 Investment $383.5 $422.8 $516.5 $566.2 $631.6 $664.5 Average Investment Per Unit $44,080 $46,462 $51,650 $54,971 $57,945 $59,865 Average Monthly Rent per Unit $824 $873 $933 $990 $1,044 $1,069 End of Period Occupancy 95.5% 93.3% 94.0% 94.0% 93.8% 95.3% 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
Page 15
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% 74% $7,840 $25,048 53 2021 3 523 442 59% 88% $18,300 $34,724 113 2022 7 1,460 1,044 65% 75% $86,223 $58,219 461 2023 1 118 37 0% 60% $3,650 $30,932 26 2025 5 587 455 78% 79% $41,825 $71,252 160 Pace of Opportunistic Acquisitions Information as of June 30, 2026. 15 Number of Acquired Sites Acquisition Volume ($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
Page 16
Vacant Land to Expand 16 315 841 853 569 480 0 150 300 450 600 750 900 1,050 2026 2027 2028 2029 2030 Sites Engineered for Expansion Total – 3,058 sites Information as of June 30, 2026. UMH has 2,387 vacant acres available for future development. Potential for 4 sites per vacant acre at an estimated cost of $75,000 per site. NY, 557 OH, 512 PA, 483 TN, 326 IN, 182 NJ, 164 SC, 102 MD, 35 MI, 19 AL, 7 Vacant Acreage Total – 2,387 acres 1% 14% 21% 20% 8% 7% 23% 1% 4%
Page 17
UMH’s rental portfolio consists of approximately 11,200 units, including 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. Since 2011, UMH has purchased 11,200 new homes from manufacturers, set them up in the communities, and successfully rented them to residents. UMH Sales & Finance, Inc. (“S&F”) has sold approximately 6,400 homes since 1996. New Communities and Expansions Built 17 Information as of June 2026. NEW COMMUNITIES BUILT • Duck River Estates, Columbia, TN - 95 lots • Honey Ridge, Honey Brook, PA – 113 lots • Memphis Blues, Memphis, TN - 239 lots • Mighty Oak, Albany, GA – 118 lots • River Bluff Estates, Memphis, TN – 86 lots • Rum Runner, Sebring, FL – 147 lots • Sebring Square, Sebring, FL – 219 lots Total: 1,017 lots • Kinnebrook Estates, Monticello, NY - 47 lots • Lakeview Meadows, Lakeview, OH - 59 lots • Lake Sherman Village, Navarre, OH - 50 lots • Meadows of Perrysburg, Perrysburg, OH - 40 lots • Parke Place, Elkhart, IN - 96 lots • Pine Manor, Carlisle, PA - 65 lots • Port Royal Village, Belle Vernon, PA - 60 lots • River Valley Estates, Marion, OH - 75 lots • Whispering Pines, Somerset, PA - 115 lots • Springfield Meadows, Springfield, OH - 53 lots • Brookview Village, Greenfield Center, NY - 64 lots • Camelot Village, Anderson, IN - 49 lots • Cinnamon Woods, Conowingo, MD - 69 lots • D&R Village, Clifton Park, NY - 10 lots • Countryside Estates, Muncie, IN - 24 lots • Fairview Manor, Millville, NJ - 160 lots • Highland Estates, Kutztown, PA - 137 lots • Hillside Estates, Greensburg, PA - 17 lots • Holiday Village, Nashville, TN - 146 lots • Huntingdon Pointe, Tarrs, PA - 60 lots Total: 1,396 lots EXPANSIONS BUILT
Page 18
Potential Economics of New Lot Development 18 • 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
Page 19
19 UMH Sales & Finance, Inc. (“S&F”) Information as of period ending dates. $27.1 $25.3 $31.2 $33.5 $35.0 $17.1 $16.9 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 2021 2022 2023 2024 2025 1H'25 1H'26 $ Sales # of Homes sold (in millions) $64.3 $78.7 $89.2 $101.5 $107.9 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% $40.0 $60.0 $80.0 $100.0 $120.0 2022 2023 2024 2025 Q2'26 $ of Loan Portfolio Interest Rate (in millions) Commenced operations in 2001 as a taxable REIT subsidiary. Sales reached $16.9mm for the first half of 2026, with a sales price per unit of approximately $97k. $107.9mm loan portfolio with a weighted average interest rate of approximately 7.0%, generating approximately $14.7mm in principal and interest payments annually. Portfolio comprised of approximately 1,800 homes located throughout 121 communities. Most loans require a 10% down payment and principal amortization ranging from 15-25 years. HOLLY ACRES ESTATES, Erie, PA Acquired in 2015
Page 20
Do Manufactured Homes Appreciate? 20 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 benefited from 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
Page 21
$29.2 $41.1 $46.8 $54.5 $69.5 $80.1 $38.3 $40.9 $0 $10 $20 $30 $40 $50 $60 $70 $80 $90 2020 2021 2022 2023 2024 2025 1H'25 1H'26 $0.87 Normalized Funds from Operations (1) ($mm) $0.85 $0.86 Up 7%$0.93 $0.93 Per Share $0.70 $0.95 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 per share or 25%. (3) Excludes non-recurring legal and professional fees of $152 and $228 for the three and six months ended June 30, 2026, respectively, and $43 and $61 for the three and six months ended June 30, 2025, respectively. 21 Over the past 5 years, UMH: • Increased Total Revenue by 58%; • Increased Community NOI by 64%; • Increased Normalized FFO by 174% and Normalized FFO per share by 36%; • Increased Annual Dividend per share by 25% (2). Community NOI Growth (3) ($mm) $80.2 $91.0 $94.8 $108.4 $119.7 $131.5 $64.7 $70.2 $0 $20 $40 $60 $80 $100 $120 $140 $160 2020 2021 2022 2023 2024 2025 1H'25 1H'26 Up 9% Total Revenue ($mm) $0 $50 $100 $150 $200 $250 $300 $350 2020 2021 2022 2023 2024 2025 1H'25 1H'26 $194.6 Up 7% Rental Revenue Sales Interest/Dividend Income $228.2 $172.2 $202.7 $272.0 $249.1 $0.95 $0.46 $0.48 $132.9 $142.2
Page 22
$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 Q2'26 $1,157 $980 $1,182 $1,509 $1,585 $2,434 $2,414 Company Growth Information as of period ending dates. 22 Total Market Capitalization ($mm) Equity Market Capitalization Preferred Equity Debt $2,373 $752 $1,914 $2,022 $2,482
Page 23
Strong Record of Regular Distributions $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 $0.90 $0.00 $0.20 $0.40 $0.60 $0.80 $1.00 $1.20 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026E 23 Annual Dividend per Share (2002 – 2026) (1) (1) Annual dividend estimate for 2026 reflects 2Q26 quarterly payment of $0.225 per share. The current annual dividend is $0.90 per share.
Page 24
Balance Sheet Metrics 24 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) 8.1x 6.2x 4.5x 5.4x 5.6x .0x 2.0x 4.0x 6.0x 8.0x 10.0x 2022 2023 2024 2025 Q2'26 36.0% 29.6% 19.5% 27.3% 30.3% 0% 10% 20% 30% 40% 2022 2023 2024 2025 Q2'26 1.7x 1.9x 2.2x 2.3x 2.1x .0x 1.0x 2.0x 3.0x 2022 2023 2024 2025 Q2'26 38.2% 31.3% 20.8% 28.3% 31.5% 0% 10% 20% 30% 40% 50% 2022 2023 2024 2025 Q2'26
Page 25
(in thousands) Six Months Ended 6/30/26 6/30/25 DEBT OUTSTANDING Mortgages Payable: Fixed Rate Mortgages $ 550,863 $ 535,469 Unamortized Debt Issuance Costs (5,489) (5,276) Mortgages, Net of Unamortized Debt Issuance Costs 545,374 530,193 Loans Payable: Unsecured Line of Credit 40,000 -0- Other Loans Payable 27,847 28,585 Total Loans Before Unamortized Debt Issuance Costs 67,847 28,585 Unamortized Debt Issuance Costs (2,070) (946) Loans, Net of Unamortized Debt Issuance Costs 65,777 27,639 Series A Bonds Payable: Series A Bonds 102,670 102,670 Unamortized Debt Issuance Costs (495) (1,343) Series A Bonds, Net of Unamortized Debt Issuance Costs 102,175 101,327 Series B Bonds Payable: Series B Bonds 80,230 -0- Unamortized Debt Issuance Costs (4,070) -0- Series B Bonds, Net of Unamortized Debt Issuance Costs 76,160 -0- Total Debt, Net of Unamortized Debt Issuance Costs $ 789,486 $ 659,159 % FIXED/FLOATING Fixed 94.4% 99.3% Floating 5.6% 0.7% Total 100.0% 100.0% WEIGHTED AVERAGE INTEREST RATES (1) Mortgages Payable 4.75% 4.52% Loans Payable 5.50% 6.44% Series A Bonds Payable 4.72% 4.72% Series B Bonds Payable 5.85% N/A Total Average 4.92% 4.63% WEIGHTED AVERAGE MATURITY (YEARS) Mortgages Payable 5.7 5.4 Debt Analysis 25 Information as of June 30, 2026. (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 $139.2 $46.6$35.7 $38.3 $233.1 $308.8 Debt Maturity Schedule ($mm)
Page 26
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 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.
Page 27
Harvesting Value 27 • In November 2025, UMH completed an addition to its Fannie Mae Credit Facility through Wells Fargo Bank, N.A. • 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 were be used for 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.
Page 28
Utilization of Capital 28Property information as of June 30, 2026. 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 June 30, 2026, is $1,069 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 – 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 2,000 sites over the next 3 years SEBRING SQUARE, Sebring, FL Joint Venture - Acquired in 2021
Page 29
Compelling Valuation with Significant Upside 29 Equity Market Capitalization (1) 53.5% $1,291.5 Preferred Stock 13.8% 333.4 Total Equity Capitalization 67.3% $1,624.9 Debt Outstanding 32.7% 789.5 Total Market Capitalization 100.0% $2,414.4 Less: Cash & Cash Equivalents $(28.6) Less: Securities Available for Sale (29.7) Less: Inventory (41.7) Less: Notes and Other Receivables, net (110.5) Less: Rental Homes & Accessories (2) (664.5) Less: Land Development and Joint Venture (94.8) Total Non-Site Related Adjustments $(969.8) Adjusted Market Capitalization $1,444.6 Owned Sites (3) 27,100 Implied Public Market Value per Site $53,306 Financial information as of June 30, 2026. (1) Based on the closing price of the Company’s common stock on June 30, 2026 of $15.14. (2) Represents approximately $59,865 investment for each of the Company’s 11,100 rental units on June 30, 2026. (3) 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. OAK RIDGE ESTATES, Elkhart, IN Acquired in 2013
Page 30
2026 Guidance 30 • 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 $0.98 $1.01 $1.04 LAKE SHERMAN VILLAGE, Navarre, OH Acquired in 1987
Page 31
Sustainability 31 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 2025 Sustainability Report, which is available on our company's website at www.umh.reit. SPECIAL STRIDES NON-PROFIT ORGANIZATION, Monroe Twp., NJ Founded in 1998 Social Partnerships
Page 32
32 Sustainability 0 Enhanced Safety & Security • UMH deployed security cameras across 40+ communities and implemented Flock Safety license plate recognition technology in 26 communities. 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 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. Leadership in Sustainability • UMH was awarded the 2026 Leadership in Sustainability Award by the Manufactured Housing Institute for advancing renewable energy solutions for residents.
Page 33
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 per share 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 – 89.0% 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 Insider Ownership of 6.1% (1) Investment Highlights Information as of June 30, 2026. (1) Includes 715,061 UMH common shares held by the UMH 401(k) Plan as of March 6, 2026. 33 GARDEN VIEW ESTATES, Orangeburg, SC OZ Fund - Acquired in 2022
Page 34
WELLINGTON ESTATES, Export, PA Acquired in 2017 Appendix
Page 35
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 – 2026 (1) UMH increases purchase of rental homes adding a total of approximately 11,200 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) 2026 (1) Communities: 145 Homesites: 27,100 Extensive Operating History 35(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.
Page 36
Value-Add Acquisition 36 At Acquisition Today Increase Occupancy Percent 55% 93% 38% Number of Rentals 79 218 139 Weighted Average Site Rent $302 $534 76.8% Rental and Related Income* $953,000 $3,233,000 239.2% Net Operating Income* $497,000 $2,271,000 356.9% Value per site** N/A $130,100 102%*** Value of Community** N/A $45,420,000 102%*** *At acquisition - 2011 annualized; Today – June 30, 2026, 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 $11.2mm in rental homes): $15,200,000 Total Capital Investment ($64,500 per site): $22,500,000 Countryside Village (1) Case Study
Page 37
Value-Add Acquisition 37 At Acquisition Today Increase Occupancy Percent 77% 95% 18% Number of Rentals 43 178 135 Weighted Average Site Rent $355 $558 57.1% Rental and Related Income* $2,379,000 $5,355,000 125.1% Net Operating Income* $1,557,000 $3,556,000 128.4% Value per site** N/A $116,200 75%*** Value of Community** N/A $71,120,000 75%*** *At acquisition - 2017 annualized; Today - June 30, 2026, 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: 613 Date of Acquisition: January 20, 2017 Purchase Price: $21,222,000 Purchase Price per Site: $38,000 Capitalization Subsequent to Acquisition (including $9.6mm in rental homes): $19,378,000 Total Capital Investment ($66,300 per site): $40,600,000 Boardwalk and Parke Place (1) Case Study
Page 38
Value-Add Expansion 38 Before Expansion Today Increase Occupancy Percent 91% 92% 1% Number of Sites 148 316 168 Weighted Average Site Rent $315 $944 200.0% Rental and Related Income* $617,000 $3,407,000 452.2% Net Operating Income* $289,000 $2,200,000 661.2% Value per site** N/A $139,200 186%*** Value of Community** N/A $44,000,000 186%*** *Before expansion - 1996; annualized; Today – June 30, 2026, 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): 148/316 Date of Acquisition: November 15, 1985 Purchase Price: $1,350,000 Purchase Price per Site: $9,000 Capitalization Subsequent to Acquisition: $14,050,000 Total Capital Investment ($48,700 per site): $15,400,000 Net sales during expansion period: $2,932,000 Fairview Manor (1) Case Study
Page 39
Value-Add Expansion 39 Before Expansion Today Increase/Decrease Occupancy Percent 97% 98% 1% Number of Sites 186 318 132 Weighted Average Site Rent $302 $797 164.0% Rental and Related Income* $683,000 $3,202,000 368.8% Net Operating Income* $450,000 $2,352,000 422.7% Value per site** N/A $147,900 200%*** Value of Community** N/A $47,040,000 200%*** *Before expansion - 1996; Today – June 30, 2026, 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: $13,660,000 Total Capital Investment ($49,400 per site): $15,700,000 Net sales during expansion period: $1,886,000 Highland Estates Case Study
Page 40
Total Return Performance Source: S&P Global Market Intelligence, as of August 3, 2026. 1 Year 3 Year 40
Page 41
Total Return Performance (contd.) Source: S&P Global Market Intelligence, as of August 3, 2026. 5 Year 10 Year 41 78.05% 80.43%
Page 42
For additional information including all SEC filings, please visit: www.umh.reit WOODS EDGE, West Lafayette, IN Acquired in 2015