UMH PROPERTIES, INC. SECOND QUARTER 2024 OPERATIONS UPDATE

Core Insights - UMH Properties, Inc. continues to experience strong demand for sales and rentals, leading to significant income and occupancy growth [5] - The company has converted 144 new homes into revenue-generating rental homes, increasing its total rental homes to approximately 10,100 with a 95% occupancy rate [1] - Gross home sales revenue for the second quarter reached $8.8 million, a 7% increase from $8.2 million in the previous year [2][1] Financial Performance - Overall occupancy increased by 196 units year-to-date, reaching 87%, with a 64-unit increase in the second quarter alone [1] - Year-over-year occupancy growth amounted to 430 units, translating to a 195 basis point increase in the occupancy rate [1] - The rental and related charges for June 2024 increased by 10%, resulting in an annualized monthly rent roll of $207 million [1] Inventory and Sales Strategy - The company operates with just-in-time inventory, having replenished its stock in the first half of the year to support further occupancy and revenue growth [2] - Currently, there are 315 homes ready for occupancy or being set up, with an additional 140 homes expected to be delivered soon [2] Future Outlook - The company maintains a strong balance sheet, allowing for continued investment in new homes and capital improvements, which will enhance long-term portfolio value and earnings per share [6] - UMH is prepared to acquire new communities when accretive investment opportunities arise [6]