[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]

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 ...

Acquisitions and Property Management - In 2022, the company acquired seven manufactured home communities totaling 1,486 homesites for a total purchase price of $86.2 million[16]. - As of December 31, 2022, the company owned and operated 134 manufactured home communities with approximately 25,600 developed homesites[17]. - The company owned a total of 9,100 rental homes, representing approximately 36% of its developed homesites as of December 31, 2022[23]. - The company has quadrupled the number of developed homesites since 2010, purchasing 106 communities containing approximately 18,700 homesites[25]. - The company acquired one additional community in Georgia containing 118 developed homesites through its opportunity zone fund since January 1, 2023[141]. - The company operates 134 manufactured home communities as of December 31, 2022, with 46 having their own wastewater treatment facilities or water distribution systems[71]. Financial Performance - Rental and related income increased by 7% in 2022[188]. - Community Net Operating Income (NOI) rose by 4% year-over-year[188]. - Total income increased by 5% due to acquisitions, rental programs, and rent increases[192]. - Community operating expenses rose by 11% from $68.0 million in 2021 to $75.7 million in 2022, primarily due to new acquisitions and rising operational costs[207]. - Community NOI increased by 4% from $91.0 million in 2021 to $94.8 million in 2022, with an operating expense ratio of 44.4% in 2022 compared to 42.8% in 2021[208]. - The company paid quarterly cash dividends of $0.20 per share for the year ended December 31, 2022, increasing to $0.205 per share starting March 15, 2023[179]. Risks and Challenges - The company faces risks related to the termination of its third-party lending program, which could adversely affect profitability[45]. - The concentration of investments in the manufactured housing sector makes the company vulnerable to economic downturns in that sector[45]. - The company is subject to risks associated with its debt, including potential foreclosure due to mortgage obligations[45]. - Changes in interest rates may impact the company's cost of capital and financial results[45]. - The geographic concentration of properties in ten states exposes the company to local economic downturns affecting occupancy and rental rates[53]. - Increased competition for manufactured home community investments has resulted in higher purchase prices, impacting profitability[56]. - The company may face challenges in financing acquisitions on favorable terms, which could affect growth strategies[59]. - The company is dependent on key personnel, and the loss of any member of the management team could adversely affect operations[48]. - The company may be adversely affected by changes in federal or state tax rules that could impact its status as a REIT[45]. - The company is subject to significant regulations that may increase costs and inhibit activities, potentially affecting funds from operations and the ability to pay or refinance debt[66]. Occupancy and Rental Rates - The occupancy percentage for developed sites was 96% at 12/31/22, compared to 97% at 12/31/21[142]. - The average monthly rent per site at 12/31/22 was $537 for Allentown community and $807 for Arbor Estates[142]. - The total occupancy percentage across all developed sites was 84.6% as of December 31, 2022, compared to 86.0% at the end of 2021[160]. - The average occupancy percentage across developed sites as of December 31, 2022, was 88% compared to 90% in 2021, indicating a slight decline[154]. - The average monthly rent across various communities ranged from $105 at LaVista Estates to $751 at Gregory Courts[150][148]. Future Development and Expansion - The company has approximately 2,100 acres of additional land potentially available for future development[27]. - The Company has 2,066 undeveloped acres that may be developed into approximately 8,300 sites, with about 3,500 sites in various stages of the approval process over the next 7 years[161]. - The company plans to continue increasing real estate investments, focusing on acquiring communities in Qualified Opportunity Zones[201]. Market Conditions and Economic Factors - The COVID-19 pandemic has caused significant disruptions in financial markets and economic activity, which may adversely affect the company's financial condition in the future[108]. - Adverse macroeconomic conditions such as inflation, slower growth, and higher interest rates could materially impact the company's business and financial condition[109]. - Future terrorist attacks and military conflicts could adversely affect economic conditions and increase borrowing costs, impacting earnings[133]. - Disruptions in financial markets may affect the company's ability to obtain financing on reasonable terms, impacting its investment strategy[134]. Shareholder Considerations - The company did not repurchase any shares of its common stock during the year ended December 31, 2022[30]. - The company must distribute at least 90% of its REIT taxable income to qualify as a REIT, which may limit its ability to fund future capital needs from retained cash[83]. - The company may need to borrow funds to meet distribution requirements, which could increase interest expenses and affect financial condition[93]. - The company is subject to a 100% penalty tax on gains from the sale of properties held primarily for sale to customers, which could impact financial results[94]. - The company is subject to a 100% penalty tax on certain payments to its taxable REIT subsidiary (TRS) if economic arrangements are not comparable to those between unrelated parties, which could adversely affect cash flows[104].

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]