UMH Properties (UMH) Investor presentation summary

Portfolio and operations

• Portfolio spans 145 communities, 27,300 developed homesites and 12 states; rentals total approximately 11,400, including joint ventures.

• Portfolio occupancy was 88.4%, average monthly site rent was $590 and home rental occupancy was 94.8% as of September 30, 2026.

• Same-property occupancy rose 30 bps YoY to 88.8% in Q3; rental occupancy increased 80 bps to 94.9%.

• Rental units increased by 600 over the prior 12 months; 3,400 vacant lots and 2,387 vacant acres support future growth, with acreage estimated to accommodate ~9,300 lots.

Third-quarter performance

• Q3 rental and related income increased 8% YoY; manufactured-home sales rose 29%, including Honey Ridge sales.

• Same-property community NOI increased 9.7% in Q3 and 8.6% for 9M 2026; same-property rental and related income rose 8.0% and 7.9%, respectively.

• Normalized FFO increased 4% YoY on both a total and per-diluted-share basis; same-property expense ratio improved to 38.9% from 39.8%.

• Same-property monthly rent per site was $589, up 4.4% YoY; monthly home rent including site rent was $1,079, up 5.1%.

Growth and development

• 2026 normalized FFO guidance is $0.99-$1.03 per share; assumptions include 5% rent increases and occupancy of 800 rental units, with $120-$150 million of capital needs.

• Expansion plans anticipate approximately 2,000 sites over three years; capital allocation also includes 800 rental units at an estimated $75,000 per unit and $20-$30 million for capital improvements.

• Nuveen Real Estate joint ventures include three communities; the partnership supports development while reducing capital requirements.

• Regional demand drivers cited include the Micron plant near Woodland Manor, 2027 natural-gas pipeline projects, Memphis infrastructure and major industrial investments in Georgia and Pennsylvania.