Regulation FD Presentation - Form 8-K

Exhibit 99

Table of Contents

	Page
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Income (Loss)	5
Consolidated Statements of Cash Flows	6
Reconciliation of Net Loss to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Loss Attributable to Common Shareholders to FFO and Normalized FFO	7
Market Capitalization, Debt and Coverage Ratios	8
Debt Analysis	9
Debt Maturity	10
Securities Portfolio Performance	11
Property Summary and Snapshot	12
Same Property Statistics	13
Acquisitions Summary and Property Portfolio	14
Definitions	15
Press Release Dated May 2, 2024	16

Certain information in this Supplemental Information Package contains Non-GAAP financial measures. These Non-GAAP financial measures are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America. Please see page 15 for a definition of these Non-GAAP financial measures and page 7 for the reconciliation of certain captions in the Supplemental Information Package to the statement of operations as reported in the Company's filings with the SEC on Form 10-Q.

Financial Highlights

(dollars in thousands except per share amounts) (unaudited)

		Three Months Ended
		March 31, 2024			March 31, 2023
Operating Information
Number of Communities			136				135
Total Sites			25,785				25,738
Rental and Related Income		$	50,329			$	45,305
Community Operating Expenses		$	21,097			$	20,088
Community NOI		$	29,232			$	25,217
Expense Ratio			41.9	%			44.3	%
Sales of Manufactured Homes		$	7,351			$	7,302
Number of Homes Sold			95				83
Number of Rentals Added, net			56				230
Net Loss		$	(1,625	)		$	(1,501	)
Net Loss Attributable to Common Shareholders		$	(6,264	)		$	(5,297	)
Adjusted EBITDA excluding Non-Recurring Other Expense		$	26,685			$	23,461
FFO Attributable to Common Shareholders		$	14,046			$	10,640
Normalized FFO Attributable to Common Shareholders		$	15,017			$	11,720
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic and Diluted			69,130				59,085
Net Loss Attributable to Common Shareholders per Share -
Basic and Diluted		$	(0.09	)		$	(0.09	)
FFO per Share -
Diluted (1)		$	0.20			$	0.18
Normalized FFO per Share -
Diluted (1)		$	0.22			$	0.20
Dividends per Common Share		$	0.205			$	0.205
Balance Sheet
Total Assets		$	1,416,439			$	1,370,341
Total Liabilities		$	699,282			$	778,947
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs		$	671,581			$	751,464
Equity Market Capitalization		$	1,139,280			$	887,162
Series D Preferred Stock		$	295,035			$	247,237
Total Market Capitalization		$	2,105,896			$	1,885,863

(1)

Please see Definitions on page 15.

Consolidated Balance Sheets
(in thousands except per share amounts)		March 31,			December 31,
		2024			2023
ASSETS		(unaudited)
Investment Property and Equipment
Land		$	86,497			$	86,497
Site and Land Improvements			900,966				896,568
Buildings and Improvements			39,709				39,506
Rental Homes and Accessories			527,229				516,470
Total Investment Property			1,554,401				1,539,041
Equipment and Vehicles			29,560				29,126
Total Investment Property and Equipment			1,583,961				1,568,167
Accumulated Depreciation			(430,020	)			(416,309	)
Net Investment Property and Equipment			1,153,941				1,151,858
Other Assets
Cash and Cash Equivalents			39,865				57,320
Marketable Securities at Fair Value			29,143				34,506
Inventory of Manufactured Homes			29,219				32,940
Notes and Other Receivables, net			82,772				81,071
Prepaid Expenses and Other Assets			14,508				11,729
Land Development Costs			42,075				33,302
Investment in Joint Venture			24,916				24,851
Total Other Assets			262,498				275,719
TOTAL ASSETS		$	1,416,439			$	1,427,577
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs		$	493,767			$	496,483
Other Liabilities
Accounts Payable			5,754				6,106
Loans Payable, net of unamortized debt issuance costs			77,547				93,479
Series A Bonds, net of unamortized debt issuance costs			100,267				100,055
Accrued Liabilities and Deposits			12,221				15,117
Tenant Security Deposits			9,726				9,543
Total Other Liabilities			205,515				224,300
Total Liabilities			699,282				720,783
COMMITMENTS AND CONTINGENCIES
Shareholders' Equity:
Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 13,700 shares authorized as of March 31, 2024 and December, 31 2023; 11,801 and 11,607 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively			295,035				290,180
Common Stock- $0.10 par value per share: 153,714 shares authorized as of March 31, 2024 and December 31, 2023; 70,153 and 67,978 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively			7,015				6,798
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of March 31, 2024 and December 31, 2023			-0-				-0-
Additional Paid-In Capital			438,431				433,106
Accumulated Deficit			(25,364	)			(25,364	)
Total UMH Properties, Inc. Shareholders' Equity			715,117				704,720
Non-Controlling Interest in Consolidated Subsidiaries			2,040				2,074
Total Shareholders' Equity			717,157				706,794
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$	1,416,439			$	1,427,577

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

		Three Months Ended
		March 31, 2024			March 31, 2023
INCOME:
Rental and Related Income		$	50,329			$	45,305
Sales of Manufactured Homes			7,351				7,302
TOTAL INCOME			57,680				52,607
EXPENSES:
Community Operating Expenses			21,097				20,088
Cost of Sales of Manufactured Homes			5,556				4,985
Selling Expenses			1,646				1,812
General and Administrative Expenses			5,368				4,982
Depreciation Expense			14,741				13,373
TOTAL EXPENSES			48,408				45,240
OTHER INCOME (EXPENSE):
Interest Income			1,567				1,138
Dividend Income			360				706
Loss on Sales of Marketable Securities, net			-0-				(42	)
Decrease in Fair Value of Marketable Securities			(5,369	)			(2,395	)
Other Income			159				328
Loss on Investment in Joint Venture			(137	)			(305	)
Interest Expense			(7,474	)			(8,330	)
TOTAL OTHER INCOME (EXPENSE)			(10,894	)			(8,900	)
Loss before Gain (Loss) on Sales of Investment Property and Equipment			(1,622	)			(1,533	)
Gain (Loss) on Sales of Investment Property and Equipment			(3	)			32
NET LOSS			(1,625	)			(1,501	)
Preferred Dividends			(4,673	)			(3,836	)
Loss Attributable to Non-Controlling Interest			34				40
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS		$	(6,264	)		$	(5,297	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE -
Basic and Diluted		$	(0.09	)		$	(0.09	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and Diluted			69,130				59,085

Consolidated Statements of Cash Flows
(in thousands) (unaudited)		Three Months Ended
		March 31, 2024			March 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss		$	(1,625	)		$	(1,501	)
Non-Cash Items Included in Net Loss:
Depreciation			14,741				13,373
Amortization of Financing Costs			556				518
Stock Compensation Expense			1,354				1,528
Provision for Uncollectible Notes and Other Receivables			463				358
Loss on Sales of Marketable Securities, net			-0-				42
Decrease in Fair Value of Marketable Securities			5,369				2,395
(Gain) Loss on Sales of Investment Property and Equipment			3				(32	)
Loss on Investment in Joint Venture			244				349
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes			3,721				126
Notes and Other Receivables, net of notes acquired with acquisitions			(2,164	)			(3,232	)
Prepaid Expenses and Other Assets			(549	)			3,606
Accounts Payable			(352	)			(367	)
Accrued Liabilities and Deposits			(2,896	)			(4,111	)
Tenant Security Deposits			183				237
Net Cash Provided by Operating Activities			19,048				13,289
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities			-0-				(3,679	)
Purchase of Investment Property and Equipment			(17,861	)			(26,767	)
Proceeds from Sales of Investment Property and Equipment			1,034				632
Additions to Land Development Costs			(8,282	)			(5,493	)
Purchase of Marketable Securities			(6	)			(6	)
Proceeds from Sales of Marketable Securities			-0-				462
Investment in Joint Venture			(309	)			(5,693	)
Net Cash Used in Investing Activities			(25,424	)			(40,544	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Proceeds (Payments) from Short-Term Borrowings			(16,044	)			37,984
Principal Payments of Mortgages and Loans			(2,946	)			(48,214	)
Financing Costs on Debt			(2	)			(501	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs			4,399				19,291
Proceeds from At-The-Market Common Equity Program, net of offering costs			20,395				34,288
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments			1,759				1,862
Proceeds from Exercise of Stock Options			1,766				137
Preferred Dividends Paid			(4,673	)			(3,836	)
Common Dividends Paid, net of dividend reinvestments			(13,503	)			(11,571	)
Net Cash Provided by (Used in) Financing Activities			(8,849	)			29,440
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH			(15,225	)			2,185
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD			64,437				40,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD		$	49,212			$	43,061

Reconciliation of Net Loss to Adjusted EBITDA and Net Loss Attributable to Common Shareholders to FFO and Normalized FFO

(in thousands) (unaudited)

		Three Months Ended
		March 31, 2024			March 31, 2023
Net Loss		$	(1,625	)		$	(1,501	)
Interest Expense			7,474				8,330
Franchise Taxes			114				101
Depreciation Expense			14,741				13,373
Depreciation Expense from Unconsolidated Joint Venture			197				159
Decrease in Fair Value of Marketable Securities			5,369				2,395
Loss on Sales of Marketable Securities, net			-0-				42
Adjusted EBITDA			26,270				22,899
Non- Recurring Other Expense (2)			415				562
Adjusted EBITDA excluding Non-Recurring Other Expense		$	26,685			$	23,461
Reconciliation of Net Loss Attributable to Common Shareholders to Funds from Operations
Net Loss Attributable to Common Shareholders		$	(6,264	)		$	(5,297	)
Depreciation Expense			14,741				13,373
Depreciation Expense from Unconsolidated Joint Venture			197				159
(Gain) Loss on Sales of Investment Property and Equipment			3				(32	)
Decrease in Fair Value of Marketable Securities			5,369				2,395
Loss on Sales of Marketable Securities, net			-0-				42
Funds from Operations Attributable to Common Shareholders ("FFO")			14,046				10,640
Adjustments:
Amortization of Financing Costs (1)			556				518
Non- Recurring Other Expense (2)			415				562
Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO") (1)		$	15,017			$	11,720

(1)

Due to the change in sources of capital, amortization expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the three months ended March 31, 2024 and 2023.

(2)

Consists of non-recurring expenses for one-time legal fees and fees relating to the OZ Fund ($33), and costs associated with the liquidation/sale of inventory in a particular sales center ($382) for the three months ended March 31, 2024. Consisted of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which were being expensed over the vesting period ($431) and non-recurring expenses for the joint venture with Nuveen ($47), one-time legal fees and fees relating to the OZ Fund ($53), and costs associated with an acquisition that was not completed ($31) for the three months ended March 31, 2023.

Market Capitalization, Debt and Coverage Ratios

(in thousands) (unaudited)

		Three Months Ended			Year Ended
		March 31, 2024			March 31, 2023			December 31, 2023
Shares Outstanding			70,153				59,984				67,978
Market Price Per Share		$	16.24			$	14.79			$	15.32
Equity Market Capitalization		$	1,139,280			$	887,162			$	1,041,422
Total Debt			671,581				751,464				690,017
Preferred			295,035				247,237				290,180
Total Market Capitalization		$	2,105,896			$	1,885,863			$	2,021,619
Total Debt		$	671,581			$	751,464			$	690,017
Less: Cash and Cash Equivalents			(39,865	)			(32,858	)			(57,320	)
Net Debt			631,716				718,606				632,697
Less: Marketable Securities at Fair Value ("Securities")			(29,143	)			(39,285	)			(34,506	)
Net Debt Less Securities		$	602,573			$	679,321			$	598,191
Interest Expense		$	7,474			$	8,330			$	32,475
Capitalized Interest			1,082				1,331				5,032
Preferred Dividends			4,673				3,836				16,723
Total Fixed Charges		$	13,229			$	13,497			$	54,230
Adjusted EBITDA excluding Non-Recurring Other Expenses		$	26,685			$	23,461			$	101,780
Debt and Coverage Ratios
Net Debt / Total Market Capitalization			30.0	%			38.1	%			31.3	%
Net Debt Plus Preferred / Total Market Capitalization			44.0	%			51.2	%			45.7	%
Net Debt Less Securities / Total Market Capitalization			28.6	%			36.0	%			29.6	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization			42.6	%			49.1	%			43.9	%
Interest Coverage			3.1x			2.4x			2.7x
Fixed Charge Coverage			2.0x			1.7x			1.9x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense			5.9x			7.7x			6.2x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense			5.6x			7.2x			5.9x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			8.7x			10.3x			9.1x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense			8.4x				9.9x				8.7x

Debt Analysis
(in thousands) (unaudited)		Three Months Ended			Year Ended
		March 31, 2024			March 31, 2023			December 31, 2023
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages		$	498,188			$	465,495			$	501,135
Unamortized Debt Issuance Costs			(4,421	)			(4,552	)			(4,652	)
Mortgages, Net of Unamortized Debt Issuance Costs		$	493,767			$	460,943			$	496,483
Loans Payable:
Unsecured Line of Credit		$	50,000			$	100,000			$	70,000
Other Loans Payable			28,638				92,209				24,683
Total Loans Before Unamortized Debt Issuance Costs			78,638				192,209				94,683
Unamortized Debt Issuance Costs			(1,091	)			(1,107	)			(1,204	)
Loans, Net of Unamortized Debt Issuance Costs		$	77,547			$	191,102			$	93,479
Bonds Payable:
Series A Bonds		$	102,670			$	102,670			$	102,670
Unamortized Debt Issuance Costs			(2,403	)			(3,251	)			(2,615	)
Bonds, Net of Unamortized Debt Issuance Costs		$	100,267			$	99,419			$	100,055
Total Debt, Net of Unamortized Debt Issuance Costs		$	671,581			$	751,464			$	690,017
% Fixed/Floating
Fixed			92.0	%			74.7	%			90.0	%
Floating			8.0	%			25.3	%			10.0	%
Total			100.0	%			100.0	%			100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable			4.17	%			3.91	%			4.17	%
Loans Payable			6.79	%			7.39	%			6.98	%
Bonds Payable			4.72	%			4.72	%			4.72	%
Total Average			4.56	%			4.90	%			4.63	%
Weighted Average Maturity (Years)
Mortgages Payable			5.1				5.3				5.3

(1)

Weighted average interest rates do not include the effect of unamortized debt issuance costs.

Debt Maturity

(in thousands) (unaudited)

As of March 31, 2024:
Year Ended		Mortgages			Loans			Bonds			Total			% of Total
2024		$	-0-			$	4,116			$	-0-			$	4,116				0.6	%
2025			117,907				-0-				-0-				117,907				17.4	%
2026			36,863				50,000	(1)			-0-				86,863				12.8	%
2027			38,765				-0-				102,670	(2)			141,435				20.8	%
2028			25,047				24,522				-0-				49,569				7.3	%
Thereafter			279,606				-0-				-0-				279,606				41.1	%
Total Debt Before Unamortized Debt Issuance Cost			498,188				78,638				102,670				679,496				100.0	%
Unamortized Debt Issuance Cost			(4,421	)			(1,091	)			(2,403	)			(7,915	)
Total Debt, Net of Unamortized Debt Issuance Costs		$	493,767			$	77,547			$	100,267			$	671,581

(1) Represents $50.0 million balance outstanding on the Company's Line of Credit due November 7, 2026, with an additional one-year option.

(2) Represents $102.7 million balance outstanding of the Company's Series A Bonds due February 28, 2027.

Securities Portfolio Performance

(in thousands) (unaudited)

Year Ended		Securities Available for Sale			Dividend Income			Net Realized Gain on Sale of Securities			Net Realized Gain on Sale of Securities & Dividend Income
2010-2014			63,556			$	15,066			$	14,413			$	29,479
2015			75,011				4,399				204				4,603
2016			108,755				6,636				2,285				8,921
2017			132,964				8,135				1,747				9,882
2018			99,596				10,367				20				10,387
2019			116,186				7,535				-0-				7,535
2020			103,172				5,729				-0-				5,729
2021			113,748				5,098				2,342				7,440
2022			42,178				2,903				6,394				9,297
2023			34,506				2,318				183				2,501
2024*			29,143				360				-0-				360
						$	68,546			$	27,588			$	96,134

* Financial Information is as of and for the three months ended March, 31, 2024.

Property Summary and Snapshot

(unaudited)

		March 31, 2024			March 31, 2023			% Change
Communities			136				135				0.7	%
Total Sites			25,785				25,738				0.2	%
Occupied Sites			22,462				21,864				598 sites, 2.7	%
Occupancy %			87.1	%			84.9	%			220 bps
Total Rentals			10,025				9,328				7.5	%
Occupied Rentals			9,531				8,736				9.1	%
Rental Occupancy %			95.1	%			93.7	%			140 bps
Monthly Rent Per Site		$	528			$	506				4.3	%
Monthly Rent Per Home Rental Including Site		$	951			$	893				6.5	%

State		Number			Total Acreage			Developed Acreage			Vacant Acreage			Total Sites			Occupied Sites			Occupancy Percentage			Monthly Rent Per Site			Total Rentals			Occupied Rentals			Rental Occupancy Percentage			Monthly Rent Per Home Rental
							(1)							(1)																															(2)
Alabama			2				69				62				7				325				130				40.0	%		$	190				103				99				96.1	%		$	1,035
Georgia			1				26				26				-0-				118				7				5.9	%		$	450				7				7				100.0	%		$	1,046
Indiana			14				1,105				908				197				4,021				3,583				89.1	%		$	489				1,928				1,829				94.9	%		$	943
Maryland			1				77				29				48				63				62				98.4	%		$	621				-0-				-0-				N/A				N/A
Michigan			4				241				222				19				1,089				919				84.4	%		$	491				382				359				94.0	%		$	985
New Jersey			5				390				226				164				1,266				1,220				96.4	%		$	705				43				39				90.7	%		$	1,247
New York			8				698				327				371				1,365				1,177				86.2	%		$	621				476				447				93.9	%		$	1,109
Ohio			38				2,044				1,515				529				7,305				6,403				87.7	%		$	485				2,932				2,823				96.3	%		$	905
Pennsylvania			53				2,348				1,894				454				7,968				6,947				87.2	%		$	554				3,111				2,926				94.1	%		$	952
South Carolina			2				63				55				8				322				186				57.8	%		$	212				133				114				85.7	%		$	1,025
Tennessee			8				710				373				337				1,943				1,828				94.1	%		$	543				910				888				97.6	%		$	979
Total as of March 31, 2024			136				7,771				5,637				2,134				25,785				22,462				87.1	%		$	528				10,025				9,531				95.1	%		$	951

(1) Total and Vacant Acreage of 220 for Mountain View Estates property is included in the above summary.

(2) Includes home and site rent charges.

Same Property Statistics

(in thousands) (unaudited)

		Three Months Ended
		March 31, 2024			March 31, 2023			Change			% Change
Same Property Community Net Operating Income ("NOI")
Rental and Related Income		$	49,701			$	44,989			$	4,712				10.5	%
Community Operating Expenses			19,668				19,009				659				3.5	%
Same Property Community NOI		$	30,033			$	25,980			$	4,053				15.6	%

		March 31, 2024			March 31, 2023			Change
Total Sites			25,459				25,415				0.2	%
Occupied Sites			22,284				21,739				545 sites, 2.5%
Occupancy %			87.5	%			85.5	%			200 bps
Number of Properties			133				133				N/A
Total Rentals			9,882				9,222				7.2	%
Occupied Rentals			9,395				8,641				8.7	%
Rental Occupancy			95.1	%			93.7	%			140 bps
Monthly Rent Per Site		$	530			$	506				4.7	%
Monthly Rent Per Home Rental Including Site		$	952			$	892				6.7	%

Same Property includes all properties owned as of January 1, 2023, with the exception of Memphis Blues and Duck River Estates.

Acquisitions Summary

(dollars in thousands)

Year of Acquisition		Number of Communities		Sites		Occupancy % at Acquisition			Purchase Price			Price Per Site			Total Acres
2021		3		543			59	%		$	18,300			$	34			113
2022		7		1,480			65	%		$	86,223			$	58			461
2023		1		118			-0-	%		$	3,650			$	31			26

Definitions

Investors and analysts following the real estate industry utilize funds from operations available to common shareholders ("FFO"), normalized funds from operations available to common shareholders ("Normalized FFO"), Community NOI, Same Property Community NOI, and earnings before interest, taxes, depreciation, amortization and acquisition costs ("Adjusted EBITDA excluding Non-Recurring Other Expense"), variously defined, as supplemental performance measures. While the Company believes net income (loss) available to common shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), is the most appropriate measure, it considers Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO, given their wide use by and relevance to investors and analysts, appropriate supplemental performance measures. FFO, reflecting the assumption that real estate asset values rise or fall with market conditions, principally adjusts for the effects of U.S. GAAP depreciation and amortization of real estate assets. FFO also adjusts for the effects of the change in the fair value of marketable securities and gains and losses realized on marketable securities. Normalized FFO reflects the same assumptions as FFO except that it also adjusts for amortization of financing costs and certain one-time charges. Community NOI and Same Property Community NOI provide a measure of rental operations and do not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA excluding Non-Recurring Other Expense provides a tool to further evaluate the ability to incur and service debt and to fund dividends and other cash needs. In addition, Community NOI, Same Property Community NOI, Adjusted EBITDA, excluding Non-Recurring Other Expense, FFO and Normalized FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.

FFO, as defined by The National Association of Real Estate Investment Trusts ("Nareit"), is calculated to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the Nareit FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of Nareit FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities and change in the fair value of marketable securities from our FFO calculation. Nareit created FFO as a non-GAAP supplemental measure of REIT operating performance.

Normalized FFO is calculated as FFO excluding amortization and certain one-time charges.

Normalized FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 69.5 million shares for the three months ended March 31, 2024 and 59.8 million shares for the three months ended March 31, 2023. Common stock equivalents resulting from stock options in the amount of 406,000 shares for the three months ended March 31, 2024 and 682,000 shares for the three months ended March 31, 2023 were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

Community NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses.

Same Property Community NOI is calculated as Community NOI, using all properties owned as of January 1, 2023, with the exception of Memphis Blues and Duck River Estates.

Adjusted EBITDA excluding Non-Recurring Other Expense is calculated as net income (loss) plus interest expense, franchise taxes, depreciation, the change in the fair value of marketable securities and the gain (loss) on sales of marketable securities, adjusted for non-recurring other expenses.

Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO do not represent cash generated from operating activities in accordance with U.S. GAAP and are not necessarily indicative of cash available to fund cash needs, including the repayment of principal on debt and payment of dividends and distributions. Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO should not be considered as substitutes for net income (loss) applicable to common shareholders (calculated in accordance with U.S. GAAP) as a measure of results of operations, or cash flows (calculated in accordance with U.S. GAAP) as a measure of liquidity. Community NOI, Same Property Community NOI, Adjusted EBITDA excluding Non-Recurring Other Expense, FFO and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

Press Release Dated May 2, 2024

FOR IMMEDIATE RELEASE	May 2, 2024
	Contact: Nelli Madden
	732-577-9997

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2024

FREEHOLD, NJ, May 2, 2024........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended March 31, 2024 of $57.7 million as compared to $52.6 million for the quarter ended March 31, 2023, representing an increase of 10%. Net Loss Attributable to Common Shareholders amounted to $6.3 million or $0.09 per diluted share for the quarter ended March 31, 2024 as compared to a Net Loss of $5.3 million or $0.09 per diluted share for the quarter ended March 31, 2023.

Funds from Operations Attributable to Common Shareholders ("FFO"), was $14.0 million or $0.20 per diluted share for the quarter ended March 31, 2024 as compared to $10.6 million or $0.18 per diluted share for the quarter ended March 31, 2023, representing an 11% per diluted share increase. Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO"), was $15.0 million or $0.22 per diluted share for the quarter ended March 31, 2024, as compared to $11.7 million or $0.20 per diluted share for the quarter ended March 31, 2023, representing a 10% per diluted share increase.

A summary of significant financial information for the three months ended March 31, 2024 and 2023 is as follows (in thousands except per share amounts):

		For the Three Months Ended
		March 31,
		2024			2023
Total Income		$	57,680			$	52,607
Total Expenses		$	48,408			$	45,240
Net Loss Attributable to Common Shareholders		$	(6,264	)		$	(5,297	)
Net Loss Attributable to Common Shareholders per Diluted Common Share		$	(0.09	)		$	(0.09	)
FFO (1)		$	14,046			$	10,640
FFO (1) per Diluted Common Share		$	0.20			$	0.18
Normalized FFO (1)		$	15,017			$	11,720
Normalized FFO (1) per Diluted Common Share		$	0.22			$	0.20
Weighted Average Shares Outstanding			69,130				59,085

A summary of significant balance sheet information as of March 31, 2024 and December 31, 2023 is as follows (in thousands):

		March 31, 2024			December 31, 2023
Gross Real Estate Investments		$	1,554,401			$	1,539,041
Marketable Securities at Fair Value		$	29,143			$	34,506
Total Assets		$	1,416,439			$	1,427,577
Mortgages Payable, net		$	493,767			$	496,483
Loans Payable, net		$	77,547			$	93,479
Bonds Payable, net		$	100,267			$	100,055
Total Shareholders' Equity		$	717,157			$	706,794

Samuel A. Landy, President and CEO, commented on the results of the first quarter of 2024.

"We are pleased to announce another solid quarter of operating results and an excellent start to 2024. During the quarter, we:

●	Increased Rental and Related Income by 11%;
●	Increased Community Net Operating Income ("NOI") by 16%;
●	Increased Normalized Funds from Operations ("Normalized FFO) by 28% and Normalized FFO per diluted share by 10%;
●	Increased Same Property Community NOI by 16%;
●	Increased Same Property Occupancy by 200 basis points from 85.5% to 87.5%;
●	Improved our Same Property expense ratio from 42.3% in the first quarter of 2023 to 39.6% at quarter end;
●	Issued and sold approximately 1.3 million shares of Common Stock through our At-the-Market Sale Programs at a weighted average price of $15.40 per share, generating gross proceeds of $20.7 million and net proceeds of $20.4 million, after offering expenses;
●	Issued and sold approximately 194,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.01 per share, generating gross proceeds of $4.5 million and net proceeds of $4.4 million, after offering expenses;
●	Subsequent to quarter end, amended our unsecured credit facility to expand available borrowings by $80 million from $180 million to $260 million syndicated with BMO Capital Markets Corp., JPMorgan Chase Bank, NA and Wells Fargo, N.A;
●	Subsequent to quarter end, raised our quarterly common stock dividend by $0.01 representing a 4.9% increase to $0.215 per share or $0.86 annually;
●	Subsequent to quarter end, issued and sold approximately 190,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $15.92 per share, generating gross and net proceeds, net of offering expenses, of $3.0 million; and
●	Subsequent to quarter end, issued and sold approximately 19,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.27 per share, generating gross proceeds of $451,000 and net proceeds of $444,000, after offering expenses."

Mr. Landy stated, "We are pleased with the progress that we have made on all fronts. Year over year, normalized FFO per diluted share increased by 10%, from $0.20 in the first quarter of last year to $0.22 this year. These results are in line with our expectations and position the company to continue to grow earnings per diluted share in the coming quarters. Our earnings growth over the past year, combined with strong community operating results, has resulted in a fourth consecutive annual dividend increase. Since 2020, we have raised our dividend by 19%, or $0.14 per share."

"Our communities continue to experience strong demand for both sales and rentals. This demand is being translated into increased occupancy, revenue, and improved community operating results. Overall occupancy increased by 598 units or 220 basis points as compared to the first quarter of last year. Same property occupancy increased by 545 units or 200 basis points as compared to last year. Sequentially, overall occupancy increased by 132 units. These gains in occupancy, paired with our reasonable rent increases, drove same property income growth of 10% and same property community NOI growth of 16%. These improved operating results substantially increase the value of our communities."

"Backlogs from our manufacturers remain in the normal 6 to 8 week range so we are able to effectively balance our inventory deliveries with our absorption. This allows us to generate similar occupancy gains without the negative financial impact from elevated inventory levels and the associated carrying costs. During the first quarter, we converted 120 homes from inventory to occupied rental units. We believe that we are on track to install and rent 800 new homes this year."

"UMH is well positioned in an asset class with strong fundamentals. We have a strong balance sheet and can execute on external acquisition opportunities as accretive deals become available. We have substantial internal growth opportunities that provide a runway for earnings per diluted share growth for the next few years. We will continue to fill our 3,300 vacant sites, develop 300 or more expansion sites per year and grow the profitability of our sales and finance division."

"We have a proven business plan that has and should continue to generate long-term value for our shareholders."

UMH Properties, Inc. will host its First Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Friday, May 3, 2024, at 10:00 a.m. Eastern Time.

The Company's 2024 first quarter financial results being released herein will be available on the Company's website at www.umh.reit in the "Financials" section.

To participate in the webcast, select the webcast icon on the homepage of the Company's website at www.umh.reit, in the Upcoming Events section. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Friday, May 3, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 4830899. A transcript of the call and the webcast replay will be available at the Company's website, www.umh.reit.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 136 manufactured home communities containing approximately 25,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company's current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company's annual report on Form 10-K and described from time to time in the Company's other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Note:

(1)

Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders ("FFO"), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts ("NAREIT"), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America ("U.S. GAAP"), excluding gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities investments and the change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO"), as FFO excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company's financial performance.

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity. FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 69.5 million shares for the three months ended March 31, 2024 and 59.8 million shares for the three months ended March 31, 2023. Common stock equivalents resulting from stock options in the amount of 406,000 shares for the three months ended March 31, 2024 and 682,000 shares for the three months ended March 31, 2023 were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

The reconciliation of the Company's U.S. GAAP net loss to the Company's FFO and Normalized FFO for the three months ended March 31, 2024 and 2023 are calculated as follows (in thousands):

		Three Months Ended
		March 31, 2024			March 31, 2023
Net Loss Attributable to Common Shareholders		$	(6,264	)		$	(5,297	)
Depreciation Expense			14,741				13,373
Depreciation Expense from Unconsolidated Joint Venture			197				159
(Gain) Loss on Sales of Investment Property and Equipment			3				(32	)
Decrease in Fair Value of Marketable Securities			5,369				2,395
Loss on Sales of Marketable Securities, net			-0-				42
FFO Attributable to Common Shareholders			14,046				10,640
Amortization of Financing Costs(2)			556				518
Non-Recurring Other Expense (3)			415				562
Normalized FFO Attributable to Common Shareholders (2)		$	15,017			$	11,720

	(2)	Due to the change in sources of capital, amortization expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the three months ended March 31, 2024 and 2023.
	(3)	Consists of non-recurring expenses for one-time legal fees and fees relating to the OZ Fund ($33), and costs associated with the liquidation/sale of inventory in a particular sales center ($382) for the three months ended March 31, 2024. Consisted of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which were being expensed over the vesting period ($431) and non-recurring expenses for the joint venture with Nuveen ($47), one-time legal fees and fees relating to the OZ Fund ($53), and costs associated with an acquisition that was not completed ($31) for the three months ended March 31, 2023.

The following are the cash flows provided by (used in) operating, investing and financing activities for the three months ended March 31, 2024 and 2023 (in thousands):

		2024			2023
Operating Activities		$	19,048			$	13,289
Investing Activities			(25,424	)			(40,544	)
Financing Activities			(8,849	)			29,440

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