RIVER VALLEY ESTATES, Marion, OH Acquired in 1986 CINNAMON WOODS, Conowingo, MD Acquired in 2017 UMH PROPERTIES, INC. Investor Presentation February 2026 Forward Looking Statements Certain statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Section 27A of the Securities Act of 1933, as amended (the "Se ...

Investor Presentation February 2026 ELS owns and operates the highest quality portfolio of manufactured home ("MH") communities, recreational vehicle ("RV") resorts, campgrounds and marinas in North America S&P 400 Member 91% Revenue from Annual Sources $ 17.0B Enterprise Value(2) 144% Ten-Year Total Return(1) • 214% S&P 400 • 319% S&P 500 • 100% Dow Jones Equity ALL REIT Index 173,371Sites 35States 1 Canadian Province 453 Properties 14% Annualized Total Return since IPO(1) MH RV MARINA Notes: All data as o ...

Core Insights - The company achieved strong financial and operational results for 2025, with a total same property NOI increase of 6.1% and a revenue growth of 5.4% in the same property apartment portfolio [3][4][7] - Management expects at least 3% growth in both revenue and NOI for the same property apartment portfolio in 2026, with a focus on balancing occupancy and rent growth [1][7] Financial Performance - The REIT reported a net income of CAD 29.4 million for 2025, a significant decline from the previous year due to a CAD 120.5 million fair value loss on investment properties [6][8] - Funds from operations (FFO) per unit increased by 4.2% to CAD 1.23, while adjusted funds from operations (AFFO) rose by 5.1%, improving the AFFO payout ratio to 69% [6][9] Operational Metrics - Same property occupancy averaged 97.3% in 2025, a decrease of 30 basis points from the prior year, while average monthly rental rates increased by 4.8% year-over-year [2][11] - The company noted that rental rate growth has moderated from peak levels in 2024, aligning with broader market trends [11] Capital Allocation and Balance Sheet - The REIT increased its use of CMHC-insured mortgages to 91% of total apartment debt, with total debt at 41.9% of assets [5][14] - In 2025, the company completed CAD 148 million in property dispositions and plans to recycle at least CAD 50 million in 2026 [20][21] Future Outlook - Management anticipates a more modest growth pace in 2026 compared to 2025, with expectations of easing interest expense pressures and progress on property repositioning [23] - Atlantic Canada is expected to outperform in 2026, with Halifax identified as a key opportunity for mark-to-market growth [12][23]

Core Operations and Financial Performance - The company reported a full-year normalized FFO of $3.06 per share, reflecting a 5% increase compared to the previous year, with fourth quarter normalized FFO at $0.79 per share, representing a 4.2% growth for the quarter [3][4][6] - Full-year net operating income (NOI) grew by 4.8%, aligning with management's guidance for 2025 [4][6] - Core community-based rental income increased by 5.5% year-over-year, driven by rate increases on renewals and market rents for new residents [2][4] Revenue Streams and Growth Drivers - Manufactured housing and long-term RV revenue exceeded $1 billion in 2025, with a five-year compound annual growth rate (CAGR) of 5.9% [5][7] - The company expects core property operating income growth of 5.6% for 2026, with guidance for normalized FFO between $3.12 and $3.22 per share [10][12] - Demand for manufactured housing is supported by demographic trends, including 70 million baby boomers, with significant revenue coming from states like Florida, California, and Arizona [8][7] Expense Management and Financial Positioning - Core property operating expenses increased by only 1% compared to 2024, attributed to payroll management and reduced marketing expenses [1] - The balance sheet is strong, with a debt to EBITDARE ratio of 4.5 times and interest coverage of 5.7 times, providing $1.2 billion in liquidity for growth and acquisitions [5][16] - The company raised its annual dividend by 5.3% to $2.17 per share, reflecting stable cash flow and strong business trends [12] Seasonal and Transient RV Business Insights - The seasonal and transient RV segment is expected to experience a 13% decline in rates for Q1, with an overall projected growth of approximately 2% for the remainder of 2026 [6][14] - The company earns about 50% of its anticipated full-year seasonal rent in the first quarter, indicating the importance of early bookings and holiday timing [13][14] Operational Challenges and Future Outlook - Management acknowledged weather-driven volatility affecting the seasonal RV business and noted that three marinas are offline due to storm-related impacts, with repairs expected to extend into 2027 [17] - The company is focused on internal growth and maintaining balance sheet flexibility for potential acquisition opportunities, emphasizing community acquisitions over single-site homes [19]

Core Viewpoint - UMH Properties, Inc. has announced the tax treatment of its 2025 distributions to shareholders, detailing the nature of cash distributions for both common and preferred shares for the year ended December 31, 2025 [1]. Distribution Summary - For common shares, total distributions per share for 2025 amounted to $0.890, with $0.175857 classified as non-qualifying ordinary income and $0.714143 as return of capital [2][4]. - For preferred shares, total distributions per share for 2025 were $1.593750, all classified as non-qualifying ordinary income [3][4]. Tax Treatment Details - The breakdown of common share distributions includes: - March 17, 2025: $0.215 total distribution, with 19.76% as non-qualifying ordinary income and 80.24% as return of capital [4]. - June 16, 2025: $0.225 total distribution, with the same percentage breakdown as above [4]. - September 15, 2025: $0.225 total distribution, maintaining the same classification [4]. - December 15, 2025: $0.225 total distribution, consistent with previous distributions [4]. - The preferred shares had a consistent distribution of $0.3984375 per share for each payment date, all classified as non-qualifying ordinary income [3][4]. Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, owning and operating 145 manufactured home communities with approximately 27,100 developed homesites, including 11,000 rental homes and over 1,000 self-storage units across multiple states [9].

Core Viewpoint - UMH Properties, Inc. will host a webcast and conference call to discuss its Fourth Quarter and Full Year 2025 financial results, current market conditions, and future outlook on February 26, 2026 [1]. Financial Results Announcement - The financial results for the Fourth Quarter and Full Year 2025 will be released on February 25, 2026, after the close of trading on the New York Stock Exchange [2]. Participation Details - Interested parties can participate in the webcast via the company's website or through a conference call by calling toll-free numbers [3]. Replay Information - A replay of the conference call will be available on February 26, 2026, and can be accessed using specific toll-free numbers and a passcode [4]. Company Overview - UMH Properties, Inc. is a public equity REIT that owns and operates 145 manufactured home communities with approximately 27,000 developed homesites, including 11,000 rental homes and over 1,000 self-storage units across multiple states [5].

Core Insights - UMH Properties, Inc. reported a total income of $66.9 million for Q3 2025, a 10% increase from $60.7 million in Q3 2024 [1][2] - Net income attributable to common shareholders decreased to $4.2 million or $0.05 per diluted share in Q3 2025, down from $8.2 million or $0.11 per diluted share in Q3 2024 [1][2] - Normalized Funds from Operations (Normalized FFO) increased to $21.3 million or $0.25 per diluted share in Q3 2025, compared to $18.5 million or $0.24 per diluted share in Q3 2024, reflecting a 4% year-over-year growth [1][2][4] Financial Performance - Total expenses for Q3 2025 were $54.1 million, up from $48.9 million in Q3 2024 [2] - For the nine months ended September 30, 2025, total income was $194.8 million, compared to $178.7 million for the same period in 2024, marking a growth of 9% [2] - Net income attributable to common shareholders for the nine months ended September 30, 2025, was $6.5 million or $0.08 per diluted share, significantly up from $2.4 million or $0.03 per diluted share in 2024 [2] Operational Highlights - The company owns 145 communities with approximately 27,000 developed homesites, of which 10,800 are rental homes [9] - Same property community Net Operating Income (NOI) increased by 12.1% year-over-year, driven by a 9.4% increase in rental and related income [4][5] - The occupancy rate for same properties improved by 110 basis points from 87.4% to 88.5% [5] Growth Initiatives - The company acquired five communities year-to-date, adding 587 sites for a total cost of approximately $42 million [4] - The rental home program has converted 523 homes from inventory to revenue-generating rental homes, with plans to add 700 to 800 new rental homes [6] - The company issued approximately $80.2 million in Series B Bonds and amended its revolving line of credit to extend the maturity date to June 1, 2027 [5] Market Outlook - The company anticipates continued growth in home sales, which increased by 5% to $9.1 million in Q3 2025 [6] - With a strong balance sheet and significant development opportunities, UMH is positioned for increased earnings per share and shareholder value creation [6]

Core Viewpoint - UMH Properties, Inc. is experiencing growth in sales, occupancy, and overall operating results, with expectations for increased earnings per share due to recent capital deployment into new rental homes and community acquisitions [1][2]. Group 1: Operating Results - The company converted 223 new homes from inventory to revenue-generating rental homes during the quarter, with a year-to-date total of 528 conversions, resulting in approximately 10,800 rental homes and a strong occupancy rate of 94.1% [2][4]. - Same property occupancy increased by 132 units in Q3 and 357 units year-over-year, reaching 88.5% [4]. - Gross home sales revenue for the third quarter was approximately $10 million, reflecting a 14% increase compared to the previous year, with $9.2 million from home sales and an additional $800,000 from the Honey Ridge community [4]. Group 2: Financial Performance - Rental and related charges for Q3 totaled approximately $57.7 million, a 10.1% increase from $52.4 million in the previous year, driven by a 10% increase in same property rental charges [4]. - The company has a sales pipeline of approximately $3.6 million, positioning it well for the fourth quarter [3]. Group 3: Capital Activities - UMH completed the acquisition of two manufactured home communities in Conowingo, Maryland, for $14.6 million, with 79% of the 191 developed homesites occupied [4]. - The company raised approximately $80.2 million through the issuance of 5.85% Series B Bonds due 2030, with proceeds allocated for working capital and general corporate purposes [4]. - Approximately 290,000 shares of Common Stock were sold at a weighted average price of $16.44 per share, generating gross proceeds of $4.8 million [4].

Company Overview - Equity LifeStyle Properties Inc. (ELS) is a real estate investment trust that owns and operates manufactured home communities, RV resorts, campgrounds, and marinas across the U.S. and Canada [1] Earnings Expectations - The company is set to report its Q3 2025 earnings on October 20, with Wall Street analysts expecting an EPS of $0.57, down from $0.72 in the prior-year period [2] - Quarterly revenue is expected to reach $393.09 million, an increase from $387.26 million a year earlier [2] Historical Performance - The stock traded at approximately $29.11 per share 10 years ago, and an investment of $10,000 would have allowed the purchase of roughly 344 shares [3] - Currently, shares trade at $60.33, indicating that the investment's value could have grown to $20,725 from stock price appreciation alone [3] - Over the last 10 years, the company has paid about $14.60 in dividends per share, resulting in $5,015 from dividends alone [4] - The total value of the investment after 10 years would be $25,740, representing a total return of 157.4%, which is significantly less than the S&P 500 total return of 302% for the same period [5] Future Outlook - The company has a consensus rating of "Buy" with a price target of $71.04, implying more than 17% potential upside from the current stock price [6] - For the full year 2025, the company expects net income per common share in the range of $1.94 to $2.04, and normalized FFO per share of $3.01 to $3.11 [7]

Company Overview - UMH Properties, Inc. is a public equity REIT established in 1968, specializing in manufactured home communities [5] - The company owns and operates 144 manufactured home communities with approximately 26,800 developed homesites, including 10,600 rental homes and over 1,000 self-storage units [5] - These communities are located across several states including New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida, and Georgia [5] Upcoming Financial Results - UMH Properties will host its Third Quarter 2025 Financial Results Webcast and Conference Call on November 4, 2025, at 10:00 a.m. Eastern Time [1] - The financial results will be released on November 3, 2025, after the close of trading on the New York Stock Exchange [2] - Interested parties can participate in the webcast via the company's website or through a conference call [3] Conference Call Details - A replay of the conference call will be available on November 4, 2025, at 12:00 p.m. Eastern Time [4] - The replay can be accessed by dialing specific toll-free numbers for domestic and international callers [4] - A transcript of the call and the webcast replay will also be available on the company's website [4]