UMH Properties (UMH) Investor presentation summary

Portfolio and operating footprint

• 145 communities with approximately 27,100 developed homesites across 12 states; portfolio occupancy 89.0% and average monthly site rent $586 as of June 30, 2026.

• Rental portfolio of approximately 11,200 homes, with 95.3% rental occupancy; average monthly home rent including site rent was $1,069.

• Portfolio includes 3,200 vacant lots and more than 2,400 vacant acres with capacity for approximately 9,300 future lots.

• Joint ventures with Nuveen Real Estate cover three communities; the ownership interest is 40%, supporting development while reducing capital requirements.

Second-quarter 2026 performance

• Net income attributable to common shareholders increased 75%; diluted EPS increased 67%, rental and related income 9%, and manufactured home sales 10%.

• Community NOI increased 8% and Normalized FFO increased 11%; Normalized FFO per diluted share increased 9%.

• Same-property community NOI rose 8.8% YoY in Q2 and 8.0% in H1; same-property occupancy reached 89.4%, up 110 bps YoY.

• Same-property monthly rent per site was $585, up 5.0% YoY; monthly rent per home including site rent was $1,070, up 5.3%.

• Same-property expense ratio improved 40 bps YoY to 38.1% at quarter-end.

Growth and development

• Rental portfolio grew by 600 homes over the prior 12 months; 331 rental homes were added in the first half of 2026, with 800 homes anticipated for the full year.

• Approximately 2,387 vacant acres were available for development; development assumptions cited four sites per acre at an estimated $75,000 per site.

• Approximately 3,058 sites were engineered for expansion, and approximately 2,000 expansion sites were anticipated over the next three years.

• 2026 Normalized FFO per-share guidance was $0.98-$1.04; assumptions included 5% rent increases and occupancy of 800 rental units during 2026.

• 2026 capital needs were estimated at $120-$150 million for rental homes, notes, expansions and improvements, excluding potential acquisitions, dispositions and development projects.