UMH Properties, Inc. (NYSE:UMH) Q3 2023 Earnings Conference Call November 9, 2023 10:00 AM ET Company Participants Craig Koster - Executive Vice President & General Counsel Samuel Landy - President & Chief Executive Officer Anna Chew - Executive Vice President & Chief Financial Officer Eugene Landy - Founder & Chairman Brett Taft - Executive Vice President & Chief Operating Officer Conference Call Participants Rob Stevenson - Janney John Massocca - B. Riley Operator Good morning, and welcome to UMH Properti ...

Company Overview and Portfolio - UMH Properties, Inc is a REIT operating since 1968, with a portfolio of 135 manufactured home communities containing approximately 25,800 developed homesites across 11 states [3, 7] - The company has a growing rental portfolio of approximately 9,900 units, with an increase of 900 units in the last 12 months [3, 5] - UMH has significant growth potential with 3,500 existing vacant lots and nearly 2,100 vacant acres for approximately 8,500 future lots [3] - The company's gross asset value is $1.8 billion and the gross real estate book value is $1.5 billion [7] Financial Performance and Growth - In Q3 2023, UMH experienced a 12.2% increase in Rental and Related Income, a 15.8% increase in Community Net Operating Income (NOI), and a 12.9% increase in Same Property NOI [5] - Same Property Occupancy increased by 210 basis points, from 86.3% to 88.4% [5] - The company's loan portfolio is approximately $75.6 million, generating approximately $9.9 million in annual principal and interest payments [35] - Total revenue increased by 65%, Community NOI by 76%, and Normalized FFO by 116% over the past 5 years [43] Strategic Initiatives and Market Trends - UMH benefits from exposure to the Marcellus and Utica Shale Regions, with increased demand for residential units [8, 9] - The company is well-positioned to participate in the ongoing recovery of the US housing market, benefiting from the gap between buying and renting [11, 16] - UMH's Sales & Finance subsidiary (S&F) reported sales reaching $23.4 million in 2023 [35] - The company has a strong history of dividend payments, with an annual dividend estimate for 2023 reflecting $0.205 per share annualized [47, 48]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Commission File Number 001-12690 UMH PROPERTIES, INC. (Exact name of registrant as specified in its charter) Maryland 22-1890929 (State or oth ...

UMH Properties, Inc. (NYSE:UMH) Q2 2023 Earnings Conference Call August 9, 2023 10:00 AM ET Company Participants Craig Koster - EVP, General Counsel & Secretary Samuel Landy - President, CEO & Director Anna Chew - EVP, CFO, Treasurer & Director Eugene Landy - Founder & Chairman Brett Taft - EVP & COO Conference Call Participants Robert Stevenson - Janney Montgomery Scott Keegan Carl - Wolfe Research Craig Kucera - B. Riley Securities Operator Good morning, and welcome to UMH Properties Second Quarter 2023 E ...

RIVER VALLEY ESTATES Marion, OH UMH PROPERTIES, INC. Investor Presentation August 2023 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-loo ...

[PART I - FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Presents unaudited consolidated financial statements for UMH Properties, Inc. as of June 30, 2023, showing increased assets and equity from acquisitions and improved operating income [Consolidated Balance Sheets](index=4&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to $1.39 billion, liabilities decreased to $756.0 million, and shareholders' equity rose to $637.9 million as of June 30, 2023 Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,393,869** | **$1,344,596** | | Net Investment Property and Equipment | $1,105,075 | $1,055,211 | | Cash and Cash Equivalents | $41,484 | $29,785 | | **Total Liabilities** | **$756,002** | **$793,400** | | Mortgages Payable, net | $444,797 | $508,938 | | **Total Shareholders' Equity** | **$637,867** | **$551,196** | [Consolidated Statements of Income (Loss)](index=6&type=section&id=Consolidated%20Statements%20of%20Income%20(Loss)) Q2 2023 net loss narrowed to $0.4 million from $6.7 million, driven by 11% rental income growth and 12% total income rise Key Income Statement Data (in thousands, except per share) | Metric | Q2 2023 | Q2 2022 | YTD 2023 | YTD 2022 | | :--- | :--- | :--- | :--- | :--- | | Total Income | $55,290 | $49,223 | $107,897 | $95,091 | | Total Expenses | $46,371 | $41,258 | $91,611 | $79,082 | | Net Loss | $(403) | $(6,688) | $(1,904) | $(3,413) | | Net Loss Per Share | $(0.07) | $(0.41) | $(0.16) | $(0.50) | [Consolidated Statements of Shareholders' Equity](index=7&type=section&id=Consolidated%20Statements%20of%20Shareholders'%20Equity) Shareholders' equity increased to $637.9 million, primarily from $78.4 million in common stock and $34.6 million in preferred stock ATM offerings - The company raised significant capital through its At-The-Market (ATM) offerings in the first half of 2023, issuing common stock for net proceeds of **$78.4 million** and Series D Preferred Stock for net proceeds of **$34.6 million**[79](index=79&type=chunk)[86](index=86&type=chunk)[18](index=18&type=chunk) [Consolidated Statements of Cash Flows](index=11&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operating activities rose to $52.4 million, investing activities used $93.8 million, and financing provided $49.7 million for H1 2023 Cash Flow Summary (in thousands) | Activity | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $52,425 | $5,415 | | Net Cash from Investing Activities | $(93,819) | $871 | | Net Cash from Financing Activities | $49,706 | $153,701 | [Notes To Consolidated Financial Statements](index=12&type=section&id=Notes%20To%20Consolidated%20Financial%20Statements) Detailed notes cover accounting policies, the $3.7 million Mighty Oak acquisition, credit facility expansion, ATM capital raises, and subsequent $12.5 million property purchases - The company operates as a REIT and owned **135 manufactured home communities** with approximately **25,700 developed homesites** as of June 30, 2023[23](index=23&type=chunk) - On January 19, 2023, the company acquired the Mighty Oak community in Georgia for approximately **$3.7 million** through its qualified opportunity zone fund[46](index=46&type=chunk) - The company's unsecured line of credit was expanded from **$100 million to $180 million** on February 24, 2023[62](index=62&type=chunk) - Subsequent to quarter-end, the company agreed to purchase two manufactured home communities in Maryland for approximately **$12.5 million**[109](index=109&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses strong Q2 2023 operational growth, with 11% rental income and 16% Community NOI increases, driven by acquisitions and occupancy gains Q2 2023 vs Q2 2022 Performance | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Rental and Related Income | $47.1M | $42.2M | +11% | | Community NOI | $27.0M | $23.3M | +16% | | Sales of Manufactured Homes | $8.2M | $7.0M | +18% | - Same property NOI increased **13%** for Q2 2023, driven by a **190 basis point** increase in occupancy to **87.9%** and a rental rate increase of **4.7%**[118](index=118&type=chunk)[131](index=131&type=chunk) Normalized Funds from Operations (NFFO) (in thousands) | Period | NFFO Attributable to Common Shareholders | | :--- | :--- | | Q2 2023 | $13,049 | | Q2 2022 | $12,026 | | YTD 2023 | $24,769 | | YTD 2022 | $22,439 | - The company added **534 new rental homes** in the first six months of 2023, bringing the total to approximately **9,600 units** with a high occupancy rate of **93.9%**[120](index=120&type=chunk)[143](index=143&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) No material changes to market risk disclosures were reported compared to the prior year's Annual Report on Form 10-K - No material changes regarding market risk disclosures were reported for the quarter[161](index=161&type=chunk) [Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal control over financial reporting - The CEO and CFO have concluded that the company's disclosure controls and procedures were effective as of the end of the reporting period[162](index=162&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[163](index=163&type=chunk) [PART II - OTHER INFORMATION](index=40&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Legal Proceedings](index=40&type=section&id=Item%201.%20Legal%20Proceedings) The company reported no legal proceedings during the period - The company reports 'None' for legal proceedings[167](index=167&type=chunk) [Risk Factors](index=40&type=section&id=Item%201A.%20Risk%20Factors) No material changes to risk factors were reported since the last annual report - No material changes to risk factors were reported since the last annual report[168](index=168&type=chunk) [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) The company reported no unregistered sales of equity securities - The company reports 'None' for this item[169](index=169&type=chunk) [Defaults Upon Senior Securities](index=40&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities - The company reports 'None' for this item[170](index=170&type=chunk) [Mine Safety Disclosures](index=40&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) The company reported no mine safety disclosures - The company reports 'None' for this item[171](index=171&type=chunk) [Other Information](index=40&type=section&id=Item%205.%20Other%20Information) The company reported no other information required to be disclosed - The company reports 'None' for this item[174](index=174&type=chunk) [Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with Form 10-Q, including CEO/CFO certifications and iXBRL data files - Exhibits filed include certifications from the CEO and CFO (31.1, 31.2, 32) and iXBRL formatted financial statements (101)[174](index=174&type=chunk) [Signatures](index=42&type=section&id=SIGNATURES)

RIVER VALLEY ESTATES Marion, OH May 2023 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-lookin ...

UMH Properties, Inc. (NYSE:UMH) Q1 2023 Results Conference Call May 10, 2023 10:00 AM ET Company Participants Craig Koster - EVP and General Counsel Eugene Landy - Founder and Chairman Samuel Landy - President and CEO Anna Chew - EVP and CFO Brett Taft - EVP and COO Conference Call Participants Keegan Carl - Wolfe Research Rob Stevenson - Janney Craig Kucera - B. Riley FBR Jay McCanless - Wedbush Securities Operator Good morning, and welcome to the UMH Properties First Quarter 2023 Earnings Conference Call. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to ___________ Maryland 22-1890929 Commission File Number 001-12690 UMH PROPERTIES, INC. (I.R.S. Employer identification number) Juniper Business Plaza, 3499 Rou ...

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]