UMH Properties (UMH) Investor presentation summary

Strategic positioning and portfolio overview

• Operates 145 manufactured home communities with 27,100 developed homesites across 12 states, focusing on affordable housing for America's workforce.

• Rental portfolio expanded to 11,200 units, with 800 new homes anticipated in 2026 and 3,200 vacant lots available for future growth.

• Joint ventures with Nuveen Real Estate support accretive development while reducing capital needs.

• Recognized with multiple 2026 MHI Excellence Awards for community operation, sustainability, and land-lease management.

• Significant exposure to Marcellus and Utica Shale regions, driving increased demand for residential units.

Financial and operational performance

• Net income attributable to common shareholders rose 75% year-over-year in Q2 2026; rental and related income increased 9%.

• Community NOI grew 8%, normalized FFO up 11%, and same property occupancy improved by 110 basis points to 89.4%.

• Over the past five years, total revenue increased 58%, community NOI by 64%, and normalized FFO per share by 36%.

• Annual dividend per share increased by 25% over five years, with a current annual dividend of $0.90 per share.

• Maintains a strong balance sheet with $2.4 billion market capitalization and net debt/total market capitalization at 36%.

Growth initiatives and capital deployment

• Added 600 rental homes in the past year and plans to add 800 more in 2026.

• 2,387 vacant acres available for development, with potential for 9,300 future lots.

• Expansion and new community development supported by joint ventures and capital improvements of $20–$30 million.

• Illustrative rental unit economics show gross unlevered returns rising from 10.8% to 11.7% over five years for new units.

• Opportunistic acquisitions continue, with 587 sites acquired in 2025 and a cumulative acquisition volume exceeding $658 million since 2010.