UMH Properties, Inc. — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total Income for the quarter ended September 30, 2026, was $74.1 million, an 11% increase from $66.9 million in the same period in 2025.
• Net Loss Attributable to Common Shareholders was $2.1 million ($0.02 per diluted share) for the quarter ended September 30, 2026, compared to Net Income of $4.2 million ($0.05 per diluted share) in 2025.
• Normalized FFO Attributable to Common Shareholders was $22.1 million ($0.26 per diluted share) for the quarter, a 4% increase from $21.3 million ($0.25 per diluted share) in 2025.
• FFO Attributable to Common Shareholders was $20.4 million ($0.24 per diluted share) for the quarter, up from $19.7 million ($0.23 per diluted share) in 2025.
• For the nine months ended September 30, 2026, Total Income was $211.6 million compared to $194.8 million in 2025.
• Net Income Attributable to Common Shareholders for the nine months ended September 30, 2026, was $4.9 million ($0.06 per diluted share), down from $6.5 million ($0.08 per diluted share) in 2025.
• Normalized FFO for the nine months ended September 30, 2026, was $62.9 million ($0.74 per diluted share), up from $59.6 million ($0.71 per diluted share) in 2025.
• Operating cash flow for the nine months ended September 30, 2026, was $62.1 million, compared to $60.6 million in 2025.
• Investing cash flow for the nine months ended September 30, 2026, was $(131.3) million, compared to $(164.7) million in 2025.
• Financing cash flow for the nine months ended September 30, 2026, was $35.3 million, compared to $37.4 million in 2025.
• Gross Real Estate Investments as of September 30, 2026, were $1,951.3 million, up from $1,869.4 million as of December 31, 2025.
• Total Assets as of September 30, 2026, were $1,765.2 million, up from $1,699.0 million as of December 31, 2025.
• Mortgages Payable, net, were $543.2 million as of September 30, 2026, down from $556.1 million as of December 31, 2025.
• Loans Payable, net, increased to $128.4 million as of September 30, 2026, from $27.7 million as of December 31, 2025.
• Total Shareholders' Equity was $880.6 million as of September 30, 2026, down from $907.2 million as of December 31, 2025.

Guidance and Future Outlook:

• UMH tightened its 2026 Normalized FFO per share guidance range to $0.99 - $1.03, with a midpoint of $1.01 per share.
• Full-year 2026 Net Income per share guidance is $0.05 - $0.09.
• Full-year 2026 FFO per share guidance is $0.92 - $0.96.
• Management anticipates the "Road to Housing Act" will be a major tailwind, specifically citing the development of two-story homes and improvements to lending laws including Title One 3% down payment loans.
• The company has an organic pipeline consisting of 3,100 vacant lots and 2,400 acres of land for future development.

Business Segments and Product Lines:

• Rental and Related Income increased by 8% during the quarter.
• Sales of Manufactured Homes increased by 29% during the quarter, including sales at Honey Ridge.
• Community Net Operating Income (NOI) increased by 10% during the quarter.
• Same Property Community NOI increased by 10% during the quarter.
• Same Property Occupancy increased by 30 basis points to 88.8% from 88.5% in the prior year quarter.
• Same Property expense ratio improved from 39.8% in the third quarter of 2025 to 38.9% at quarter end.
• The company owns and operates 145 manufactured home communities containing approximately 27,300 developed homesites, of which 11,400 contain rental homes, and over 1,000 self-storage units.
• The company holds ownership interests in two communities in Florida (363 sites) and one community in Pennsylvania (113 sites) through joint ventures with Nuveen Real Estate.

Market and Competitive Landscape:

• Management expressed optimism regarding the operating environment and the ability to deliver superior returns.
• The company believes the industry benefits from the "Road to Housing Act" which will increase sales, lot values, and tenant access to manufactured housing.

Risks and Challenges:

• The press release includes a standard disclaimer regarding forward-looking statements, noting that actual results could differ materially due to risks and uncertainties described in the Company's Form 10-K and other SEC filings.
• Specific risks mentioned include the potential failure of expectations reflected in forward-looking statements to be achieved.

Management Commentary and Tone:

• Samuel A. Landy, President and CEO, described the quarter as "solid" and noted this was the third consecutive quarter of growing Normalized FFO per share.
• Management stated the company is "well-positioned to deliver increased earnings per share and create value for our shareholders."
• CEO Landy emphasized that past long-term investments have positioned the company to continue growing occupancy, revenue, and earnings.

Other Key Points:

• The company issued and sold approximately 245,000 shares of Series D Preferred Stock through its At-the-Market Sale Program.
• The weighted average price for the Series D Preferred Stock was $21.69 per share.
• Gross proceeds from the Series D Preferred Stock sale were $5.3 million, with net proceeds of $5.2 million after offering expenses.
• Non-recurring other expenses for the quarter included one-time legal and professional fees of $510,000 and employee transition pay of $285,000.
• A Third Quarter 2026 Financial Results Webcast and Conference Call was scheduled for November 3, 2026, at 10:00 a.m. Eastern Time.