Company Overview - UMH Properties Inc is a leading owner and operator of manufactured home communities, with a portfolio of 144 communities across 12 states, containing approximately 26,800 developed homesites[8] - The company has a growing rental portfolio of approximately 10,600 units, reflecting an increase of 500 homes in the last 12 months, and anticipates adding an additional 700-800 homes this year[8] - UMH has a $95.3 million loan portfolio with a weighted average interest rate of approximately 7.1%, generating approximately $13.9 million in principal and interest payments annually[10,65] Financial Performance - Same Property Occupancy increased by 80 basis points from 87.4% to 88.2%[16] - Rental and Related Income increased by 9%, Sales of Manufactured Homes increased by 19%, Community Net Operating Income ("NOI") increased by 11%, and Normalized Funds from Operations ("Normalized FFO") increased by 16%[18] - The company completed the addition of ten communities to its Fannie Mae credit facility through Wells Fargo Bank, N A, for total proceeds of approximately $101.4 million at a fixed rate of 5.855% with a 10-year term[18] Portfolio and Growth - The company's gross asset value is $2.1 billion, with a gross real estate book value of $1.8 billion and a total market capitalization of $2.4 billion[21] - UMH has approximately 2,300 vacant acres on which to build approximately 9,200 future lots[8] - The company issued and sold approximately 1.8 million shares of Common Stock through its At-the-Market Sale Program at a weighted average price of $17.60 per share, generating gross proceeds of $31.0 million and net proceeds of $30.3 million[18] Future Outlook - The company is well-positioned for growth with 3,100 existing vacant lots to fill[8] - UMH anticipates overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year[109] - The company's 2025 guidance for Normalized FFO Per Share is in the range of $0.96 to $1.04[106]

Summary of the Conference Call Company Overview - The company discussed is UMH Properties, which owns 141 manufactured home communities in the Eastern United States, with over 26,500 developed home sites [2][3]. Core Business Model - UMH provides factory-built homes for sale or rent, emphasizing affordability and community living [3][4]. - The cost of a 1,000 square foot three-bedroom, two-bath house is approximately $70,000, with lot costs varying from $30,000 to $100,000 [4]. - The rental price for homes is set at around $1,000 per month, targeting individuals earning between $40,000 to $80,000 annually [4][10]. Market Demand and Growth - There is a significant shortage of affordable housing in the U.S., estimated at over 4 million units [8]. - Since 2011, UMH has rented out 10,400 homes and plans to add 800 rental units annually [6][12]. - The company has seen a 10.8% average same-property NOI growth over the past five years [17]. Financial Performance - Sales are projected to approach $40 million, with current sales at over $30 million [13]. - The company has maintained strong rent collection rates, around 98.5% to 99% [19]. - Revenue for the company is projected at $200 million, with expectations of a 5% rent increase contributing an additional $10 million [25]. Challenges and Solutions - The company faced challenges with retail financing and supply chain disruptions, particularly during the COVID-19 pandemic [12][24]. - UMH has adapted by focusing on rental homes, which has allowed them to fill communities that others could not [12]. - The company has a strong balance sheet with $35 million in cash and has recently refinanced communities to improve its financial position [43][44]. Future Outlook - UMH is optimistic about future growth, with plans to continue adding rental units and expanding its portfolio [28][32]. - The company anticipates that demographic trends will favor their business model, particularly among retirees and young families [30]. - The management believes that the rental program will continue to be successful, with homes appreciating in value over time [24][60]. Capital Needs and Financing - The company requires approximately $100 million to $150 million annually to support its growth strategy, including acquisitions and capital expenditures [42]. - Recent refinancing efforts have proven the effectiveness of their business plan, with significant increases in property appraisals [44][46]. Conclusion - UMH Properties is positioned for continued growth in the manufactured home community sector, leveraging its business model to address the ongoing demand for affordable housing while maintaining strong financial performance and operational efficiency [56][58].

WELLINGTON ESTATES, Export, PA Acquired in 2017 Forward Looking Statements Certain 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. Forward-looking statements provide our current expectations or forecasts of future events. Forward-looking statements include statements about the Company's expectations, beliefs, in ...