UMH Properties (UMH) Investor presentation summary

Portfolio overview and growth

• Operates 145 manufactured home communities with 27,100 developed homesites across 12 states, maintaining an 88.6% portfolio occupancy and 94.6% rental occupancy.

• Rental portfolio expanded to 11,200 units, with 800 new homes added in the past year and plans for 700-800 more in the coming year.

• Holds 2,300+ vacant acres for future development, supporting approximately 9,300 additional lots.

• Joint ventures with Nuveen Real Estate provide access to three communities and reduce capital needs for new developments.

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

Financial performance and capital structure

• Total revenue increased by 58% and community NOI by 64% over the past five years; normalized FFO per share rose 36%.

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

• Market capitalization reached $2.3 billion, up 208% since 2015.

• Net debt to total market capitalization stands at 31.2%, with a fixed charge coverage ratio of 2.1x.

• Debt is primarily fixed rate, with a weighted average interest rate of 4.92% and average maturity of 5.9 years.

Operational highlights and expansion

• Q1 2026 saw rental and related income rise 9%, community NOI up 8%, and same property occupancy increase by 110 bps to 89%.

• Added 121 rental homes in Q1 2026, with 3,300 existing vacant lots available for fill.

• Over 2,322 vacant acres available for future development, with potential for 3,004 new sites by 2030.

• Recent expansions and new communities added over 2,400 lots since 2011.

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