Company Overview - UMH Properties, Inc is a publicly owned REIT operating since 1968, with a robust portfolio of 145 manufactured home communities[8,9] - The company's portfolio contains approximately 27,000 developed homesites across 12 states [8,19] - UMH has an expanding rental portfolio of approximately 10,800 units, with an increase of 500 homes in the last 12 months [8,19] - The company has a finance portfolio of approximately $99.6 million in loans [10] Financial Performance & Growth - Rental and related income increased by 11% [16] - Sales of manufactured homes increased by 5% [16] - Community Net Operating Income (NOI) increased by 11% [16] - Normalized Funds from Operations (FFO) increased by 15%, with Normalized FFO per diluted share up by 4% [16] - Same Property Community NOI increased by 12% [16] - The company issued approximately $80.2 million aggregate principal amount of 5.85% Series B Bonds due 2030 [16] Portfolio & Expansion - Portfolio occupancy stands at 88.2% with home rentals as 40.8% of sites [19] - Home rental occupancy is at 93.9% with an average monthly home rent of $1,026 [19,37] - UMH has approximately 2,300 acres of additional acreage to be developed [8,19] - Subsequent to quarter end, the company acquired one community in Georgia containing approximately 130 homesites for a total cost of approximately $2.6 million [14]

Q3 2025 Performance - Total revenue for Q3 2025 reached $181.4 million[9], representing a 1.8% increase[9] - Operating income for Q3 2025 was $5.4 million[9] - Adjusted EBITDA for Q3 2025 amounted to $21.4 million[9] - Restaurant-Level Adjusted EBITDA for Q3 2025 was $36.7 million[9] - Net income for Q3 2025 was $0.8 million[9] Q3 YTD 2025 Performance - Total revenue for Q3 YTD 2025 reached $546.3 million[14], showing a 3.9% growth[13] - Operating income for Q3 YTD 2025 was $33.3 million[16] - Adjusted EBITDA for Q3 YTD 2025 amounted to $72.7 million[16] - Restaurant-Level Adjusted EBITDA for Q3 YTD 2025 was $117.8 million[16] - Net income for Q3 YTD 2025 was $14.8 million[16] Fiscal 2025 Financial Targets - The company expects revenue between $730 million and $733 million[19] - The company plans to open 8 new restaurants[17, 19]

14 Important Notices and Safe Harbor Statement This presentation contains forward looking statements, which are not guarantees of future performance, conditions or results, and involve substantial risks and uncertainties, including the current conflict between Russia and Ukraine, conflict in the Middle East, and related changes in base interest rates and significant volatility on our business, portfolio companies, our industry, the global economy, and uncertainty associated with the imposition of tariffs an ...

Disclaimer Forward-looking statements Certain statements contained in this presentation may constitute forward-looking information and statements. All statements in this presentation, other than statements of historical fact, that address events or developments concerning SNDL Inc. ("SNDL" or the "Company") that SNDL expects to occur are "forward-looking information and statements". Forward-looking information and statements are often, but not always, identified by the use of words such as "seek", "anticipa ...

Future Club Growth - Life Time Group Holdings预计在2026年开设12-14家俱乐部，2027年开设12-14家以上俱乐部[6,11] - 2026年计划开设的俱乐部主要为大型地面建筑俱乐部[11] - 2026年计划开设的俱乐部总面积超过120万平方英尺，目前在建[11,12] - 2024年开设8家俱乐部，平均每家约85,000平方英尺，总计680,000平方英尺[12] - 2025年开设10家俱乐部，平均每家约66,000平方英尺，总计660,000平方英尺[12] - 2026年预计开设12-14家俱乐部，平均每家约94,000平方英尺，总计超过120万平方英尺[12] Membership & Engagement - 中心会员人数同比增长3.2%[6,40] - 会员参与度持续增长，会员访问量同比增长5.9%，总访问量同比增长7%[6,43] Revenue Growth - Life Time Group Holdings的收入增长算法保持不变，目标增长率为10-12%[6,45]

Financial Performance - Net sales for Q3 2025 were $303.3 million, which includes a negative impact from volume declines across all geographies[11, 36, 38] - Adjusted EBITDA for Q3 2025 was $49.8 million, resulting in a 16.4% adjusted EBITDA margin, an improvement of 120 basis points[11, 46] - Adjusted EPS for Q3 2025 was $1.46 per share, compared to $1.39 per share in Q3 2024[11, 33] - Gross margin increased by 30 basis points to 42.7%[11, 44] - Adjusted S&A expense as a percentage of net sales decreased by 60 basis points to 27.5%[45] - The company returned $28 million to shareholders through dividends and share repurchases[28] Sales and Orders - Orders grew 2% during the second quarter and 6% year-to-date[11] - Organic net sales declined by 5.4%[8, 39] - AMR sales showed strong year-to-date growth of +9%[20] Strategic Initiatives - Strong price realization delivered 150 bps to top line result[19] - The first phase of the ERP transformation was successfully implemented in APAC[19] Guidance - The company anticipates full-year Adjusted EBITDA toward the lower end of guidance[29] - The company expects organic net sales to decline between (3.0)% and (5.0)%[25]

Production and Guidance - 3Q25 production beat both oil and natural gas production guidance midpoints by approximately 2.5%[7] - Coterra is raising FY25 BOE and natural gas guidance while tightening the range around oil production guidance[7] - Updated 2025 total production guidance is 772-782 mboed, compared to the February guidance of 710-770 mboed[9] - Updated 2025 natural gas guidance is 2,925-2,965 mmcfd, compared to the February guidance of 2,675-2,875 mmcfd[9] - Updated 2025 oil production guidance is 159-161 mbod, compared to the February guidance of 152-168 mbod[9] Financial Performance and Outlook - Coterra anticipates 2026 capex to be modestly down year-over-year, while maintaining 0-5% annual BOE & natural gas growth, and approximately 5% annual oil growth; expects reinvestment rate to be less than 50%[7] - Estimated 2025 Free Cash Flow is approximately $2.0 billion[7] - Pro forma leverage is approximately 0.8x[7] - The company retired $600 million of Term Loans year-to-date and restarted the share repurchase program in 4Q25[7] Cost and Efficiency - Franklin / Avant acquisitions are exceeding expectations with approximately 5% LOE improvement and a line-of-sight to additional savings; well costs are down 10%; increased the asset's inventory footage by over 10% through trades, leasing, and successful delineation[7] - Coterra expects approximately $14 billion, or approximately 45%, of capex to generate 2.0x PVI10 or better[32] - Marcellus asset overview shows a 24% cost reduction YoY with an average well cost per foot of $790[66] - Anadarko asset overview shows a 15% cost reduction YoY with an average well cost per foot of $1,060[70]

Financial Performance - Revenue increased by 8% year-over-year to $250.8 million[3,10], or 11% excluding divestitures[3] - Adjusted EBITDA increased by 33% year-over-year to $37.0 million[3,10] - Adjusted EPS increased by 9% year-over-year to $0.35[3,10] - Gross margin was 39.5%[10] Application and Geography - Welding accounted for 37% of full year 2024 revenue[5,6], showing improvement sequentially and year-over-year[4] - Cutting accounted for 21% of full year 2024 revenue[5,6], with demand stabilizing and new laser shipments beginning[4] - North America sales improved year-over-year, driven by medical and advanced applications[9] - Asia sales increased, driven by growth in welding and additive manufacturing[9] Outlook and Balance Sheet - Q4 2025 revenue is projected to be between $230 million and $260 million[15] - Q4 2025 adjusted gross margin is expected to be between 36% and 39%[15] - The company's cash and short-term investments stand at $870 million[12]

Q3 2025 Performance - Revenue reached $240 million, a 7% sequential increase[22] - Adjusted EBITDA stood at $44 million with an Adjusted EBITDA Margin of 18%[28] - Free Cash Flow was $37 million[28] Q4 2025 Guidance - Projected revenue is between $235 million and $245 million[28] - Anticipated Adjusted EBITDA ranges from $42 million to $47 million[28] Strategic Initiatives - Innovex closed the sale of the Eldridge Facility for $90 million[29, 38] with net proceeds of $87 million[31, 38] - The Eldridge Facility sale resulted in an 80% footprint reduction[31] Financial Health & Returns - Historically, only 2-3% of revenue is reinvested into capex[11] - 84% of Adjusted EBITDA was converted into Free Cash Flow in Q3[38] - The company has approximately $90.7 million remaining under its buyback authorization[38] Growth & Market Position - Legacy Innovex has a disciplined revenue growth with a 27% CAGR since inception[18] - On-Time Delivery for subsea operations improved to 76% in Q3 2025 from below 50% in Q3 2024[38]

Financial Performance - GAAP net income attributable to Hamilton Lane Incorporated was $70.9 million for the quarter and $124.6 million year-to-date[8] - Management and advisory fees increased by 19% to $142.127 million for the quarter and by 6% to $275.822 million year-to-date[9] - Incentive fees increased by 47% to $44.551 million for the quarter, but remained relatively flat year-to-date at $86.813 million[9] - Total revenues increased by 27% to $190.880 million for the quarter and by 6% to $366.837 million year-to-date[9] - Fee Related Earnings increased by 37% to $77.037 million for the quarter and by 34% to $160.748 million year-to-date[10] - Adjusted EBITDA increased by 33% to $100.815 million for the quarter and by 15% to $196.656 million year-to-date[10] Assets Under Management - Assets under management increased by 11% year-over-year to $145 billion as of September 30, 2025[16] - Fee-earning assets under management increased by 10% year-over-year to $76 billion as of September 30, 2025[16] Unrealized Carried Interest - Unrealized carried interest reached $1.434 billion as of September 30, 2025, a 14% increase year-over-year[65]