Financial Data and Key Metrics Changes - Normalized FFO for Q4 2022 was $0.20 per share, down from $0.22 per share in the prior year [6] - Total income for the year increased by 5% to approximately $196 million, driven by a 7% increase in rental and related income [7] - Operating expense ratio increased to 44.4% from 42.8% in 2021, resulting in community NOI of approximately $94.8 million, a 4% increase over last year [7][20] Business Line Data and Key Metrics Changes - Rental and related income for Q4 2022 was $43.7 million, up from $40.7 million a year ago, representing a 7% increase [20] - Same property income increased by 6%, while same property NOI increased by 3% or $2.7 million [8] - Sales of manufactured homes decreased by 6% from $27.1 million in 2021 to $25.3 million in 2022, with an average sales price increase of 15% [12][21] Market Data and Key Metrics Changes - The company operates 135 manufactured home communities with 25,700 developed homesites, with an occupancy rate of 84.2% [17] - The rental home occupancy rate remained strong at 93.3%, with a monthly rent per home increasing by 5.9% to $873 [8] - The company has over 1,000 homes in various stages of setup, which are expected to increase monthly revenue by $900,000 once occupied [18] Company Strategy and Development Direction - The company plans to continue acquiring, expanding, developing, and renovating communities, with a focus on value-add acquisitions [5] - The launch of the Opportunity Zone Fund aims to provide capital for land development while limiting negative impacts on FFO [14] - The company is optimistic about future acquisition opportunities due to higher interest rates potentially leading to reasonable pricing [14] Management's Comments on Operating Environment and Future Outlook - Management noted that 2022 was impacted by supply chain backlogs and inflation, but they expect to fill at least 800 rental units in 2023 [30] - The company is well-positioned to address the housing shortage, with a focus on providing quality, affordable housing [29] - Management expressed confidence in achieving revenue growth that will offset expense growth, projecting NOI growth in the high single digits [32] Other Important Information - The company redeemed all 9.9 million shares of its 6.75% Series C perpetual preferred stock for a total of $247 million [22] - At year-end, the company had approximately $762 million in debt, with 80% being fixed rate [21] - The company has a total market capitalization of approximately $1.9 billion at year-end [23] Q&A Session Summary Question: Expectations on operating expenses and revenue growth - Management expects expense growth to normalize in the 6.5% to 8.5% range, allowing for income growth above that [32] Question: Insights on transaction market for acquisitions - Management noted limited deals available at expected pricing, with cap rates in the 4.5% to 6% range [33] Question: Rental occupancy trends and demand - Management indicated that seasonal fluctuations impacted rental occupancy, which is expected to improve as the peak rental season approaches [34] Question: Financing options for home sales - The company currently offers financing at rates of 7.5% for new homes and 9.99% for used homes, with about 62% of home sales financed [37] Question: Performance of Indiana and Pennsylvania markets - Management acknowledged elevated expense growth in these markets but expects normalization and improved rental revenue growth [47][49] Question: Future acquisition strategy - Management stated they have sufficient opportunities to grow revenue without immediate acquisitions, focusing on stabilizing existing assets [56]

February 2023 UMH PROPERTIES, INC. UMH PROPERTIES, INC. Investor Presentation Forward Looking Statements Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, we are making forward-looking stat ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 (Exact name of registrant as specified in its charter) | Maryland | 22-1890929 | | --- | --- | | (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer identification number) | | 3499 Route 9, Suite 3C, Freehold, New Jersey | 07728 | | (Address of principal executive off ...

Financial Data and Key Metrics Changes - Normalized FFO for Q3 2022 was $0.21 per share, a 31% increase sequentially from $0.16 in Q2 2022, but a 9% decrease year-over-year from $0.23 in Q3 2021 [8][29] - Rental and related income for the quarter increased by 7% to $42.9 million compared to $40.2 million a year ago [32] - Community NOI increased by 1% for the quarter from $23.4 million in 2021 to $23.7 million in 2022 [32] Business Line Data and Key Metrics Changes - Same property rental and related income increased by 5% in Q3 2022, while expenses increased by 10%, resulting in a 2% growth in NOI [12] - Sales income from manufactured homes increased by 16% year-over-year, reaching $9 million, with an average sales price of $102,000 compared to $77,000 last year [15][33] - The company added 142 new rental homes to its portfolio in Q3 2022, a 48% increase compared to 96 last year [13] Market Data and Key Metrics Changes - Same property rental home occupancy rates remained strong at 94.5% [15] - The company has approximately 400 sites under construction across 8 communities, which are expected to drive additional sales income and growth [18] Company Strategy and Development Direction - The company aims to opportunistically acquire communities to provide more affordable housing and deliver strong returns for shareholders [48] - A development pipeline of over 1,000 sites is in place, with expectations to deliver 400 newly developed expansion sites annually [49] - The company is focused on environmental initiatives, including solar energy and natural gas generation, to benefit residents and shareholders [50][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the demand for manufactured homes despite economic challenges, citing a shortage of affordable housing as a driving factor [45][46] - The company anticipates that the full impact of its recapitalization will be realized in the upcoming quarters, contributing to future earnings growth [30][31] - Management believes that the operational challenges faced this year are being addressed, positioning the company for growth in 2023 [43][44] Other Important Information - The company has a total of $726 million in debt, with 83% being fixed-rate [34] - A new credit agreement was established, increasing the credit facility to $100 million with a $400 million accordion feature [38][39] Q&A Session Summary Question: How much of the strong home sales in Q3 was driven by Q2 demand delays? - Management indicated that some sales were indeed delayed from Q2, but demand remains strong and is expected to continue growing [54] Question: How are Q4 sales trending compared to last year? - Management noted it is too early to determine Q4 trends, but they expect sales to continue increasing due to improved staff experience and community expansions [56] Question: What is the outlook for same-store expense growth? - Management acknowledged elevated expense growth but expects it to normalize in 2023, projecting a shift from 4% to 5% rent increases to offset rising costs [68][71] Question: What are the current financing trends for new home sales? - The company reported 62% of sales were financed, with competitive interest rates slightly below conventional mortgage rates [73][74] Question: What is the status of the acquisition pipeline? - Management detailed ongoing acquisitions, including two properties in New Jersey and Ohio, with significant upside potential from rent increases [84][86] Question: How is the company addressing electric vehicle charging infrastructure? - The company is exploring options for providing electric vehicle hookups, recognizing the growing need for such facilities in communities [121][122]

November 2022 UMH PROPERTIES, INC. UMH PROPERTIES, INC. Investor Presentation Forward Looking Statements Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, we are making forward-looking stat ...

Financial Data and Key Metrics Changes - The normalized FFO for Q2 2022 was $0.16 per share, down from $0.22 per share in the previous year, primarily due to capital raised for preferred stock redemption [11][32] - Rental and related income increased by 7% to $42.2 million compared to $39.3 million a year ago [35] - Community NOI increased by 5% from $22.3 million in 2021 to $23.3 million in 2022 [35] Business Line Data and Key Metrics Changes - Same-property rental and related income increased by 6.2%, while expenses rose by 8.3%, resulting in NOI growth of 4.8% [13] - Sales of manufactured homes decreased by 27% from $9.6 million in 2021 to $7 million in 2022, attributed to a lack of available inventory [35] - The average sales price for the quarter was $81,000, with gross profit percentage increasing to 31% from 27% last year [19][35] Market Data and Key Metrics Changes - The rental home occupancy rate remained strong at 94.6%, with expectations for growth as new homes are set up [15][70] - The company has a strong pipeline of pending sales, with sales traffic remaining robust despite inventory constraints [51][54] Company Strategy and Development Direction - The company continues to focus on acquiring value-add communities and implementing improvements to enhance property value and occupancy [9][10] - A significant part of the strategy includes the aggressive rental home infill approach, which has proven successful [44] - The company is also pursuing opportunities in opportunity zones to acquire and develop communities, aiming to increase the supply of affordable housing [22][62] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing easing supply constraints and strong demand for affordable housing [48][70] - The recent redemption of Series C preferred stock is expected to significantly enhance earnings growth [43] - The company anticipates continued growth in FFO and occupancy rates as new homes are delivered and set up [50][69] Other Important Information - The company has approximately $626 million in debt, with 91% being fixed rate [36] - The total market capitalization at quarter end was approximately $1.8 billion [37] - The company has a pipeline of over 3,000 sites for future development, indicating strong growth potential [46] Q&A Session Summary Question: How is the pacing of getting new rental homes ready for the remainder of the year? - Management indicated that supply issues are improving, and they expect to add 4,500 rental units over the next five years [48][49] Question: How has sales traffic been trending in the third quarter? - Sales traffic remains strong, with a pending sales pipeline of $4 million to $5 million [51][53] Question: What is driving the increase in same-store property rental home occupancy? - Management clarified that the decline in occupancy is due to the addition of new homes and not a softness in demand [68] Question: What are the drivers of the increase in same-property community operating expenses? - The increase is attributed to salary increases, additional employees, and rising water, sewer, and tax costs [71][72] Question: How is the buyer pool for manufactured housing communities currently? - The buyer pool remains strong, although some buyers reliant on financing have become less competitive due to rising costs [57][60]

PART I - FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.Financial%20Statements) The financial statements detail the company's financial position as of June 30, 2022, showing increased assets and liabilities, and a net loss primarily due to fair value changes in marketable securities [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$1.42 billion** while liabilities rose to **$901.4 million** due to bond issuance and preferred stock reclassification, decreasing equity Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2022 | Dec 31, 2021 | Change | | :--- | :--- | :--- | :--- | | **Total Assets** | **$1,423,265** | **$1,270,820** | **+$152,445** | | Net Investment Property and Equipment | $933,734 | $913,455 | +$20,279 | | Cash and Cash Equivalents | $275,807 | $116,175 | +$159,632 | | Marketable Securities at Fair Value | $46,932 | $113,748 | -$66,816 | | **Total Liabilities** | **$901,370** | **$528,680** | **+$372,690** | | Mortgages Payable, net | $468,811 | $452,567 | +$16,244 | | Series A Bonds, net | $98,811 | $0 | +$98,811 | | Series C Preferred Stock Called for Redemption | $247,100 | $0 | +$247,100 | | **Total Shareholders' Equity** | **$521,895** | **$742,140** | **-$220,245** | [Consolidated Statements of Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) The company reported a **net loss of $6.7 million** for Q2 2022 and **$3.4 million** for H1 2022, primarily due to a significant decrease in marketable securities' fair value Key Income Statement Data (in thousands, except per share data) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | Total Income | $49,223 | $48,959 | $95,091 | $92,091 | | Rental and Related Income | $42,229 | $39,341 | $83,806 | $78,054 | | Sales of Manufactured Homes | $6,994 | $9,618 | $11,285 | $14,037 | | (Decrease) Increase in Fair Value of Marketable Securities | ($10,044) | $9,291 | ($41,794) | $19,510 | | Gain (Loss) on Sales of Marketable Securities, net | $0 | $436 | $30,721 | ($294) | | Net Income (Loss) | ($6,688) | $16,003 | ($3,413) | $29,881 | | Net Income (Loss) Attributable to Common Shareholders | ($22,478) | $8,403 | ($26,803) | $15,242 | | Net Income (Loss) Per Share – Basic and Diluted | ($0.41) | $0.18 | ($0.50) | $0.34 | [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity decreased to **$521.9 million**, primarily due to the reclassification of **$247.1 million** Series C Preferred Stock to liabilities - The number of common shares outstanding increased from **51.7 million** at year-end 2021 to **54.7 million** at June 30, 2022, primarily through ATM offerings, the Dividend Reinvestment Plan (DRIP), and stock option exercises[17](index=17&type=chunk) - All **9.9 million** shares of 6.75% Series C Preferred Stock, valued at **$247.1 million**, were called for redemption and reclassified from equity to a liability on the balance sheet. An **$8.2 million** charge related to original issuance costs was recognized[17](index=17&type=chunk)[20](index=20&type=chunk)[75](index=75&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations decreased to **$5.4 million**, while investing activities provided **$0.9 million** and financing activities provided **$153.7 million** Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2022 | Six Months Ended June 30, 2021 | | :--- | :--- | :--- | | Net Cash Provided by Operating Activities | $5,415 | $33,203 | | Net Cash Provided by (Used in) Investing Activities | $871 | ($49,573) | | Net Cash Provided by Financing Activities | $153,701 | $90,036 | | **Net Increase in Cash** | **$159,987** | **$73,666** | [Notes To Consolidated Financial Statements](index=12&type=section&id=Notes%20To%20Consolidated%20Financial%20Statements) Notes detail acquisitions, a **$30.7 million** MREIC merger gain, **$102.7 million** bond issuance, ATM capital raising, and the **$249.6 million** Series C Preferred Stock redemption - The company operates as a REIT and owned **130** manufactured home communities with approximately **24,400** developed homesites as of June 30, 2022[24](index=24&type=chunk) Acquisitions during the Six Months Ended June 30, 2022 (in thousands) | Assets Acquired | At Acquisition Date | | :--- | :--- | | Land | $3,431 | | Depreciable Property | $13,875 | | **Total Assets Acquired** | **$17,306** | - In February 2022, the company received **$55.7 million** from the all-cash merger of Monmouth Real Estate Investment Corporation (MREIC), resulting in a realized gain of approximately **$30.7 million**[53](index=53&type=chunk) - The company issued **$102.7 million** of 4.72% Series A Bonds due 2027 in an offering to investors in Israel, receiving net proceeds of **$98.7 million**[61](index=61&type=chunk) - All **9.9 million** outstanding shares of 6.75% Series C Preferred Stock were redeemed on July 26, 2022, for a total payment of **$249.6 million**[97](index=97&type=chunk) - Subsequent to quarter end, on July 14, 2022, the company acquired Hidden Creek in Michigan for approximately **$21.1 million**[96](index=96&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=27&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **7%** increase in rental income, a **20%** decrease in home sales, and strategic capital raising including **$102.7 million** in bonds and **$58.2 million** from ATM programs [Overview and Business Strategy](index=27&type=section&id=Overview%20and%20Business%20Strategy) UMH operates **130** manufactured home communities, focusing on acquisitions, improvements, and adding rental homes to drive occupancy and operating results - As of June 30, 2022, the company owned and operated **130** manufactured home communities with approximately **24,400** developed homesites across ten states[104](index=104&type=chunk) - The company's business plan focuses on acquiring communities, making physical improvements, and adding rental homes to vacant sites to increase occupancy and improve operating results[108](index=108&type=chunk) - The company added **151** rental homes in the first six months of 2022, bringing the total to approximately **8,900**. The plan is to add **700-800** rental homes in total for 2022[110](index=110&type=chunk) [Supplemental Measures (Non-GAAP)](index=29&type=section&id=Supplemental%20Measures%20(Non-GAAP)) Non-GAAP measures show Community NOI increased **7%** to **$46.8 million**, while Normalized FFO decreased to **$17.7 million** due to higher expenses Community NOI (in thousands) | Period | 2022 | 2021 | % Change | | :--- | :--- | :--- | :--- | | Three Months Ended June 30 | $23,306 | $22,296 | +4.5% | | Six Months Ended June 30 | $46,812 | $43,872 | +6.7% | FFO and Normalized FFO (in thousands) | Metric | Q2 2022 | Q2 2021 | YTD 2022 | YTD 2021 | | :--- | :--- | :--- | :--- | :--- | | FFO Attributable to Common Shareholders | ($320) | $9,855 | $8,224 | $18,236 | | Normalized FFO Attributable to Common Shareholders | $8,695 | $10,281 | $17,670 | $18,982 | [Changes In Results Of Operations](index=32&type=section&id=Changes%20In%20Results%20Of%20Operations) Rental income grew **7%** to **$83.8 million**, while home sales decreased **20%**; results were impacted by a **$41.8 million** unrealized loss on securities - Rental and related income increased by **7%** for both the three and six months ended June 30, 2022, primarily due to acquisitions and rental rate increases of **3% to 4%**[122](index=122&type=chunk) - Sales of manufactured homes decreased **20%** from **$14.0 million** (**193** homes) in H1 2021 to **$11.3 million** (**147** homes) in H1 2022[125](index=125&type=chunk) - For H1 2022, the company recognized a **$30.7 million** gain on sales of marketable securities (from the MREIC merger) and a **$41.8 million** decrease in the fair value of its remaining securities[133](index=133&type=chunk) - Interest expense increased **22%** in H1 2022 compared to H1 2021, mainly due to interest on the newly issued Series A Bonds[134](index=134&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company strengthened liquidity by issuing **$102.7 million** in Series A Bonds and raising **$58.2 million** via ATM programs, enabling the **$249.6 million** Series C Preferred Stock redemption - In H1 2022, the company sold **2.4 million** shares of common stock through its ATM programs, generating net proceeds of **$58.2 million**[144](index=144&type=chunk) - The company issued **$102.7 million** of 4.72% Series A Bonds due 2027, receiving net proceeds of **$98.7 million**[145](index=145&type=chunk) - As of June 30, 2022, liquidity sources included **$275.8 million** in cash, **$46.9 million** in marketable securities, and availability on various credit facilities[147](index=147&type=chunk) - On July 26, 2022, the company redeemed all **9.9 million** shares of its 6.75% Series C Preferred Stock for a total payment of **$249.6 million**[148](index=148&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to quantitative and qualitative disclosures about market risk have occurred since the prior fiscal year-end - There have been no material changes regarding quantitative and qualitative disclosures about market risk since the end of the previous fiscal year[160](index=160&type=chunk) [Item 4. Controls and Procedures](index=39&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2022, with no material changes to internal control over financial reporting - The company's management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of the end of the reporting period[161](index=161&type=chunk) - No material changes were made to the company's internal control over financial reporting during the second quarter of 2022[162](index=162&type=chunk) PART II - OTHER INFORMATION [Item 1. Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) No legal proceedings were reported during the period - There are no legal proceedings to report[164](index=164&type=chunk) [Item 1A. Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since the last annual report - No material changes to the company's risk factors have occurred since the last annual report[165](index=165&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=40&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities or use of proceeds were reported - None reported[166](index=166&type=chunk) [Item 6. Exhibits](index=41&type=section&id=Item%206.%20Exhibits) Exhibits include CEO and CFO certifications and financial data formatted in iXBRL as required by the SEC - Exhibits filed include certifications from the CEO and CFO pursuant to the Securities Exchange Act of 1934 and the Sarbanes-Oxley Act of 2002[173](index=173&type=chunk) - The report includes financial statements and notes formatted in iXBRL[173](index=173&type=chunk)

UMH PROPERTIES, INC. UMH PROPERTIES, INC. Investor Presentation June 2022 Forward Looking Statements Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, we are making forward-looking statemen ...

UMH PROPERTIES, INC. May 2022 UMH PROPERTIES, INC. Investor Presentation Forward Looking Statements Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, we are making forward-looking statement ...

March 31, 2022 Supplemental Information UMH Properties, Inc. Juniper Business Plaza 3499 Route 9 North Freehold, NJ 07728 Website: www.umh.reit Email: ir@umh.com Phone: (732) 577-9997 | --- | --- | |-----------------------------------------------------------------------------|-------| | | Page | | Financial Highlights | 3 | | Consolidated Balance Sheets | 4 | | Consolidated Statements of Income (Loss) | 5 | | Consolidated Statements of Cash Flows | 6 | | Reconciliation of Net Income to Adjusted EBITDA and N ...