Form 8-K

8-K — UMH PROPERTIES, INC.

Accession: 0001493152-26-036197

Filed: 2026-08-05

Period: 2026-08-05

CIK: 0000752642

SIC: 6798 (REAL ESTATE INVESTMENT TRUSTS)

Item: Results of Operations and Financial Condition

Item: Regulation FD Disclosure

Item: Financial Statements and Exhibits

Documents

8-K — form8-k.htm (Primary)

EX-99.1 (ex99-1.htm)

EX-99.2 (ex99-2.htm)

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GRAPHIC (ex99-2_002.jpg)

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2026-08-05

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2026-08-05

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UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date

of Report (Date of earliest event reported): August 5, 2026

UMH

Properties, Inc.

(Exact

name of registrant as specified in its charter)

Maryland

001-12690

22-1890929

(State

or other jurisdiction

incorporation)

(Commission

File

Number)

(IRS

Employer

Identification

No.)

Juniper

Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ

07728

(Address

of principal executive offices)

(Zip

Code)

Registrant’s

telephone number, including area code: (732) 577-9997

Not

Applicable

(Former

name or former address, if changed since last report.)

Check

the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under

any of the following provisions (see General Instruction A.2. below):

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐

Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities

registered pursuant to Section 12(b) of the Act:

Title

of each class

Trading

Symbol(s)

Name

of exchange on which registered

Common

Stock, $0.10 par value

UMH

New

York Stock Exchange

6.375%

Series D Cumulative Redeemable Preferred Stock, $0.10 par value

UMH

New

York Stock Exchange

Indicate

by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405

of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying

with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results

of Operations and Financial Condition.

Item 7.01 Regulation

FD Disclosure.

August 5, 2026, UMH Properties, Inc. issued a press release announcing the results for the second quarter June 30, 2026 and disclosed

a supplemental information package in connection with its earnings conference call for the second quarter June 30, 2026. A copy of the

supplemental information package and press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2 and is incorporated

herein by reference.

The

information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities

Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any

filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Forward-Looking

Statements

contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking

statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section

21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange

Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company

uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,”

“intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and

are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements,

intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could

cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

● changes

in the real estate market conditions and general economic conditions;

● the

inherent risks associated with owning real estate, including local real estate market conditions,

governing laws and regulations affecting manufactured housing communities and illiquidity

of real estate investments;

● increased

competition in the geographic areas in which we own and operate manufactured housing communities;

● our

ability to continue to identify, negotiate and acquire manufactured housing communities and/or

vacant land which may be developed into manufactured housing communities on terms favorable

to us;

● our

ability to maintain or increase rental rates and occupancy levels;

● changes

in market rates of interest;

● inflation

and increases in costs, including personnel, insurance and the cost of purchasing manufactured

homes;

● our

ability to purchase manufactured homes for rental or sale;

● our

ability to repay debt financing obligations;

● our

ability to refinance amounts outstanding under our credit facilities at maturity on terms

favorable to us;

● our

ability to comply with certain debt covenants;

● our

ability to integrate acquired properties and operations into existing operations;

● the

availability of other debt and equity financing alternatives;

● continued

ability to access the debt or equity markets;

● the

loss of any member of our management team;

● our

ability to maintain internal controls and processes to ensure all transactions are accounted

for properly, all relevant disclosures and filings are made in a timely manner in accordance

with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected;

● the

ability of manufactured home buyers to obtain financing;

● the

level of repossessions by manufactured home lenders;

● market

conditions affecting our investment securities;

● changes

in federal or state tax rules or regulations that could have adverse tax consequences;

● our

ability to qualify as a real estate investment trust for federal income tax purposes;

● litigation,

judgments or settlements, including costs associated with prosecuting or defending claims

and any adverse outcomes;

● changes

in real estate and zoning laws and regulations;

● legislative

or regulatory changes, including changes to laws governing the taxation of REITs;

● risks

and uncertainties related to pandemics or other highly infectious or contagious diseases.

Item 9.01 Financial

Statements and Exhibits.

(d)

Exhibits.

99.1

Press Release dated August 5, 2026

99.2

Supplemental information package for the second quarter June 30, 2026

104

Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURE

Pursuant

to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by

the undersigned hereunto duly authorized.

UMH Properties,

Inc.

Date: August 5, 2026

By:

/s/

Kevin S. Miller

Name:

Kevin S. Miller

Title:

Executive Vice President and

Chief Financial Officer

EX-99.1

Filename: ex99-1.htm · Sequence: 2

Exhibit

99.1

UMH

PROPERTIES, INC.

Juniper

Business Plaza

3499

Route 9 North, Suite 3-C

Freehold,

NJ 07728

(732)

577-9997

Fax:

(732) 577-9980

FOR

IMMEDIATE RELEASE

August

5, 2026

Contact:

Nelli Madden

732-577-9997

UMH

PROPERTIES, INC. REPORTS RESULTS FOR THE SECOND QUARTER ENDED JUNE 30, 2026

FREEHOLD,

NJ, August 5, 2026........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended June 30, 2026 of

$71.6 million as compared to $66.6 million for the quarter ended June 30, 2025, representing an increase of 7%. Net Income Attributable

to Common Shareholders amounted to $4.4 million or $0.05 per diluted share for the quarter ended June 30, 2026 as compared to Net Income

Attributable to Common Shareholders of $2.5 million or $0.03 per diluted share for the quarter ended June 30, 2025, representing a 75%

increase and by a 67% increase on a per diluted share basis. Normalized Funds from Operations Attributable to Common Shareholders

(“Normalized FFO”), was $21.5 million or $0.25 per diluted share for the quarter ended June 30, 2026, as compared to $19.5

million or $0.23 per diluted share for the quarter ended June 30, 2025, representing an 11% increase and by a 9% increase on a

per diluted share basis.

summary of significant financial information for the three and six months ended June 30, 2026 and 2025 is as follows (in thousands

except per share amounts):

For the Three Months Ended

June 30,

2026

2025

Total Income

$ 71,640

$ 66,643

Total Expenses

$ 58,189

$ 54,013

Net Income Attributable to Common Shareholders

$ 4,419

$ 2,532

Net Income Attributable to Common Shareholders per Diluted Common Share

$ 0.05

$ 0.03

FFO (1)

$ 19,659

$ 18,703

FFO (1) per Diluted Common Share

$ 0.23

$ 0.22

Normalized FFO (1)

$ 21,517

$ 19,452

Normalized FFO (1) per Diluted Common Share

$ 0.25

$ 0.23

Basic Weighted Average Shares Outstanding

85,201

83,974

Diluted Weighted Average Shares Outstanding

85,581

84,779

a g e | 2

Six Months Ended

June 30,

2026

2025

Total Income

$ 137,478

$ 127,868

Total Expenses

$ 112,512

$ 105,664

Net Income Attributable to Common Shareholders

$ 6,999

$ 2,261

Net Income Attributable to Common Shareholders per Diluted Common Share

$ 0.08

$ 0.03

FFO (1)

$ 37,799

$ 36,875

FFO (1) per Diluted Common Share

$ 0.44

Normalized FFO (1)

$ 40,873

$ 38,272

Normalized FFO (1) per Diluted Common Share

$ 0.48

$ 0.46

Basic Weighted Average Shares Outstanding

85,094

83,233

Diluted Weighted Average Shares Outstanding

85,478

84,051

summary of significant balance sheet information as of June 30, 2026 and December 31, 2025 is as follows (in thousands):

June

30, 2026

December

31, 2025

Gross Real Estate Investments

$ 1,921,158

$ 1,869,390

Marketable Securities at Fair Value

$ 29,665

$ 23,758

Total Assets

$ 1,712,923

$ 1,699,036

Mortgages Payable, net

$ 545,374

$ 556,129

Loans Payable, net

$ 65,777

$ 27,696

Series A Bond Payable, net

$ 102,175

$ 101,751

Series B Bond Payable, net

$ 76,160

$ 75,651

Total Shareholders’ Equity

$ 891,888

$ 907,196

Samuel

A. Landy, President and CEO, commented on the results of the second quarter of 2026.

“We

are pleased to announce another solid quarter of operating results. During the quarter, we:

● Increased

Net Income Attributable to Common Shareholders by 75% and by 67% on a per diluted share basis;

● Increased

Rental and Related Income by 9%;

● Increased

Sales of Manufactured Homes by 10%, including sales at Honey Ridge;

● Increased

Community Net Operating Income (“NOI”) by 8%;

● Increased

Normalized Funds from Operations (“Normalized FFO”) by 11% and by 9% on a per

diluted share basis;

● Increased

Same Property Community NOI by 9%;

a g e | 3

● Increased

Same Property Occupancy by 110 basis points from 88.3% to 89.4%;

● Improved

our Same Property expense ratio by 40 basis points from 38.5% in the second quarter of 2025

to 38.1% at quarter end;

● Expanded

and extended our existing unsecured revolving credit facility, increasing the available borrowings

and reducing interest costs; and

● Issued

and sold approximately 353,000 shares of Series D Preferred Stock through our At-the-Market

Sale Program at a weighted average price of $21.61 per share, generating gross proceeds of

$7.6 million and net proceeds of $7.2 million, after offering expenses.”

Samuel

A. Landy, President and CEO, commented, “UMH Properties continues to deliver strong operational and financial performance. Normalized

FFO per share for the second quarter of 2026 was $0.25 as compared to $0.23 per share last year, representing an increase of approximately

9%. This earnings growth was the result of our years of hard work investing in and growing the company. This quarter was highlighted

by continued occupancy and associated revenue growth and a new quarterly sales record.”

“Our

communities continue to experience strong demand which is being translated into increased sales profitability, growing occupancy and

improving community operating results. During the quarter, sales of manufactured homes, including Honey Ridge, increased to $11.5 million

as compared to $10.5 million last year, representing an increase of approximately 10%. Our sales pipeline remains solid and we anticipate

continued sales growth throughout the remainder of the year. Our same property operating results continue to highlight the strength of

our long-term business plan and the quality and desirability of our communities. During the quarter, same property income increased by

8.1% driving same property NOI growth of 8.8%. Additionally, same property occupancy improved by 437 units over last year.”

“We

continue to make progress building a strong and stable business with growing revenue and additional future growth opportunities. With

approximately 3,200 vacant sites and 2,400 acres of vacant land, we can continue to grow revenue and earnings organically for the foreseeable

future.”

“We

are well-positioned with a strong balance sheet to execute on our growth initiatives which should result in per share earnings growth

going forward. We are reiterating our current guidance range of $0.98 - $1.04 (3) per diluted share. We remain confident in hitting the

midpoint of our guidance range.”

a g e | 4

UMH

Properties, Inc. will host its Second Quarter 2026 Financial Results Webcast and Conference Call. Senior management will discuss the

results, current market conditions and future outlook on Thursday, August 6, 2026, at 10:00 a.m. Eastern Time.

The

Company’s 2026 second quarter financial results being released herein will be available on the Company’s website at www.umh.reit

in the “Financials” section.

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 Thursday, August 6, 2026, and can be

accessed by dialing toll free 855-669-9658 (domestically) and 412-317-0088 (internationally) and entering the passcode 4174590. 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 currently owns and operates 145 manufactured home communities

containing approximately 27,100 developed homesites, of which contain 11,200 contain rental homes, and over 1,000 self-storage units.

These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina,

Florida and Georgia. Included in the 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania,

containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures 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 certain 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.

a g e | 5

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 85.6 million and 85.5 million shares for the three and six months ended June 30, 2026, respectively, and 84.8 million and 84.1 million

shares for the three and six months ended June 30, 2025, respectively. Common stock equivalents resulting from employee stock options

to purchase 6.9 million shares of common stock amounted to 380,000 shares and 384,000 shares, respectively, for

the three and six months ended June 30, 2026, were included in the computation of Diluted Net Income per Share. Common stock equivalents

resulting from employee stock options to purchase 6.3 million shares of common stock amounted to 805,000 shares and 818,000 shares, respectively,

for the three and six months ended June 30, 2025, were included in the computation of Diluted Net Income per Share.

The

reconciliation of the Company’s U.S. GAAP net income to the Company’s FFO and Normalized FFO for the three and six months

ended June 30, 2026 and 2025 are calculated as follows (in thousands):

Three Months Ended

Six Months Ended

June 30, 2026

June 30, 2025

June 30, 2026

June 30, 2025

Net Income Attributable to Common Shareholders

$ 4,419

$ 2,532

$ 6,999

$ 2,261

Depreciation Expense

18,267

15,739

36,243

32,402

Depreciation Expense from Unconsolidated Joint Venture

248

221

494

438

(Gain) Loss on Sales of Investment Property and Equipment

(48 )

(45 )

(Increase) Decrease in Fair Value of Marketable Securities

(3,227 )

175

(42,310 )

1,737

Loss on Sales of Marketable Securities, net

-0-

36,418

-0-

FFO Attributable to Common Shareholders

19,659

18,703

37,799

36,875

Amortization of Financing Costs

1,182

647

2,063

1,246

Non-Recurring Other Expense (2)

676

102

1,011

151

Normalized FFO Attributable to Common Shareholders

$ 21,517

$ 19,452

$ 40,873

$ 38,272

(2) Consists

of one-time legal fees and professional fees ($593 and $863, respectively) and employee transition

pay ($83 and $148, respectively) for the three and six months ended June 30, 2026. Consists

of one-time legal and professional fees for the three and six months ended June 30, 2025.

The

following are the cash flows provided by (used in) operating, investing and financing activities for the six months ended June 30, 2026

and 2025 (in thousands):

2026

2025

Operating Activities

$ 45,632

$ 37,195

Investing Activities

(78,886 )

(100,648 )

Financing Activities

(9,128 )

42,125

(3) The

following table reconciles Net Income Attributable to Common Shareholders per share –

fully diluted guidance to FFO Attributable to Common Shareholders per share - fully diluted

guidance and Normalized FFO Attributable to Common Shareholders per share - fully diluted

guidance:

Full Year Guidance 2026

Net Income Attributable to Common Shareholders per share – fully diluted

$0.07-$0.13

Depreciation

$ 0.85

FFO Attributable to Common Shareholders per share - fully diluted

$0.92-$0.98

Amortization of Financing Costs and Non- Recurring Other Expenses

$ 0.06

Normalized FFO Attributable to Common Shareholders per share - fully diluted

$0.98-$1.04

EX-99.2

Filename: ex99-2.htm · Sequence: 3

Exhibit

99.2

Table

of Contents

Page

Financial

Highlights

Consolidated

Balance Sheets

Consolidated

Statements of Income (Loss)

Consolidated

Statements of Cash Flows

Reconciliation

of Net Income to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Income Attributable

to Common Shareholders to FFO and Normalized FFO

Market

Capitalization, Debt and Coverage Ratios

Debt

Analysis

Debt

Maturity

Securities

Portfolio Performance

Property

Summary and Snapshot

Same

Property Statistics

Acquisitions

Summary and Property Portfolio

Definitions

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.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 2

Financial

Highlights

(dollars

in thousands except per share amounts) (unaudited)

Three

Months Ended

Six

Months Ended

June

30, 2026

June

30, 2025

June

30, 2026

June

30, 2025

Operating

Information

Number of Communities (1)

145

144

Total Sites (1)

27,104

26,821

Rental and Related Income

$ 61,086

$ 56,165

$ 120,555

$ 110,739

Community Operating Expenses

(2)

$ 25,106

$ 23,004

$ 50,342

$ 46,015

Community NOI (2)

$ 35,980

$ 33,161

$ 70,213

$ 64,724

Expense Ratio

41.1 %

41.0 %

41.8 %

41.6 %

Sales of Manufactured Homes

$ 10,554

$ 10,478

$ 16,923

$ 17,129

Number of Homes Sold

101

102

174

173

Number of Rentals Added, net

128

180

237

Net Income

$ 9,532

$ 7,605

$ 17,221

$ 12,415

Net Income Attributable to Common Shareholders

$ 4,419

$ 2,532

$ 6,999

$ 2,261

Adjusted EBITDA excluding Non-Recurring Other

Expense

$ 35,316

$ 31,360

$ 68,142

$ 60,745

FFO Attributable to Common Shareholders

$ 19,659

$ 18,703

$ 37,799

$ 36,875

Normalized FFO Attributable to Common Shareholders

$ 21,517

$ 19,452

$ 40,873

$ 38,272

Shares Outstanding

and Per Share Data

Weighted Average Shares Outstanding

Basic

85,201

83,974

85,094

83,233

Diluted

85,581

84,779

85,478

84,051

Net Income Attributable to Shareholders per

Share-

Basic and Diluted

$ 0.05

$ 0.03

$ 0.08

$ 0.03

FFO per Share- (3)

Basic and Diluted

$ 0.23

$ 0.22

$ 0.44

Normalized FFO per Share-

(3)

Basic and Diluted

$ 0.25

$ 0.23

$ 0.48

$ 0.46

Dividends per Common Share

$ 0.225

$ 0.45

$ 0.44

Balance

Sheet

Total Assets

$ 1,712,923

$ 1,624,022

Total Liabilities

$ 821,035

$ 690,264

Market

Capitalization

Total Debt, Net of Unamortized Debt Issuance

Costs

$ 789,486

$ 659,159

Equity Market Capitalization

$ 1,291,544

$ 1,422,807

Series D Preferred Stock

$ 333,386

$ 321,804

Total Market Capitalization

$ 2,414,416

$ 2,403,770

(1) Includes

Sebring Square, Rum Runner and Honey Ridge, three communities owned in joint ventures with

Nuveen Real Estate in which the company has a 40% interest.

(2) Excludes

non-recurring legal and professional fees of $152 and $228 for the three and six months ended

June 30, 2026, respectively, and $43 and $61 for the three and six months ended June 30,

2025, respectively.

(3) Please

see Definitions on page 15.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 3

Consolidated

Balance Sheets

(in

thousands except per share amounts)

June 30, 2026

December 31, 2025

(unaudited)

ASSETS

Investment Property and

Equipment

Land

$ 93,361

$ 92,824

Site and Land Improvements

1,110,686

1,093,424

Buildings and Improvements

52,583

51,524

Rental Homes and Accessories

664,528

631,618

Total Investment Property

1,921,158

1,869,390

Equipment and Vehicles

37,214

35,889

Total Investment Property

and Equipment

1,958,372

1,905,279

Accumulated Depreciation

(567,712 )

(533,864 )

Net

Investment Property and Equipment

1,390,660

1,371,415

Other Assets

Cash and Cash Equivalents

28,622

72,100

Marketable Securities at Fair Value

29,665

23,758

Inventory of Manufactured Homes

41,673

42,370

Notes and Other Receivables, net

110,506

104,587

Prepaid Expenses and Other Assets

16,951

13,778

Land Development Costs

63,447

39,898

Investment in Joint

Ventures

31,399

31,130

Total

Other Assets

322,263

327,621

TOTAL

ASSETS

$ 1,712,923

$ 1,699,036

LIABILITIES AND SHAREHOLDERS’

EQUITY

Liabilities

Mortgages Payable,

net of unamortized debt issuance costs

$ 545,374

$ 556,129

Other Liabilities

Accounts Payable

7,911

5,663

Loans Payable, net of unamortized debt issuance

costs

65,777

27,696

Series A Bonds, net of unamortized debt

issuance costs

102,175

101,751

Series B Bonds, net of unamortized debt

issuance costs

76,160

75,651

Accrued Liabilities and Deposits

12,240

14,115

Tenant Security Deposits

11,398

10,835

Total

Other Liabilities

275,661

235,711

Total

Liabilities

821,035

791,840

COMMITMENTS AND CONTINGENCIES

Shareholders’ Equity:

Series D- 6.375% Cumulative Redeemable Preferred

Stock, $0.10 par value per share: 18,700 shares authorized as of June 30, 2026 and December 31, 2025; 13,335 and 12,916 shares issued

and outstanding as of June 30, 2026 and December 31, 2025, respectively

333,386

322,899

Common Stock- $0.10 par value per share:

183,714 shares authorized as of June 30, 2026 and December 31, 2025; 85,307 and 84,850 shares issued and outstanding as of June 30,

2026 and December 31, 2025, respectively

8,531

8,485

Excess Stock- $0.10 par value per share:

3,000 shares authorized; no shares issued or outstanding as of June 30, 2026 and December 31, 2025

-0-

Additional Paid-In Capital

573,810

599,520

Accumulated Deficit

(25,364 )

Total

UMH Properties, Inc. Shareholders’ Equity

890,363

905,540

Non-Controlling Interest

in Consolidated Subsidiaries

1,525

1,656

Total

Shareholders’ Equity

891,888

907,196

TOTAL

LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 1,712,923

$ 1,699,036

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 4

Consolidated

Statements of Income (Loss)

(in

thousands except per share amounts) (unaudited)

Three

Months Ended

Six

Months Ended

June

30, 2026

June

30, 2025

June

30, 2026

June

30, 2025

INCOME:

Rental and Related Income

$ 61,086

$ 56,165

$ 120,555

$ 110,739

Sales of Manufactured

Homes

10,554

10,478

16,923

17,129

TOTAL

INCOME

71,640

66,643

137,478

127,868

EXPENSES:

Community Operating Expenses

25,258

23,047

50,570

46,076

Cost of Sales of Manufactured Homes

6,807

7,124

10,883

11,469

Selling Expenses

2,337

1,847

4,204

3,462

General and Administrative Expenses

5,520

6,256

10,612

12,255

Depreciation Expense

18,267

15,739

36,243

32,402

TOTAL

EXPENSES

58,189

54,013

112,512

105,664

OTHER INCOME (EXPENSE):

Interest Income

1,963

2,060

4,137

4,323

Dividend Income

301

375

603

749

Loss on Sales of Marketable Securities, net

-0-

(36,418 )

-0-

Increase (Decrease) in Fair Value of Marketable

Securities

3,227

(175 )

42,310

(1,737 )

Other Income

236

252

431

429

Loss on Investment in Joint Ventures

(24 )

(133 )

(88 )

(214 )

Interest Expense, including

Amortization of Financing Costs

(9,670 )

(7,368 )

(18,765 )

(13,302 )

TOTAL

OTHER INCOME (EXPENSE)

(3,967 )

(4,989 )

(7,790 )

(9,752 )

Income before Gain (Loss) on Sales of Investment

Property and Equipment

9,484

7,641

17,176

12,452

Gain (Loss) on Sales of

Investment Property and Equipment

(36 )

(37 )

NET INCOME

9,532

7,605

17,221

12,415

Preferred Dividends

(5,180 )

(5,129 )

(10,353 )

(10,258 )

Loss Attributable to Non-Controlling

Interest

131

104

NET

INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS

$ 4,419

$ 2,532

$ 6,999

$ 2,261

NET INCOME ATTRIBUTABLE

TO COMMON SHAREHOLDERS PER SHARE –

Basic and Diluted

$ 0.05

$ 0.03

$ 0.08

$ 0.03

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:

Basic

85,201

83,974

85,094

83,233

Diluted

85,581

84,779

85,478

84,051

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 5

Consolidated

Statements of Cash Flows

(in thousands) (unaudited)

Six

Months Ended

June

30, 2026

June

30, 2025

CASH FLOWS FROM OPERATING

ACTIVITIES:

Net Income

$ 17,221

$ 12,415

Non-Cash Items Included in Net Income:

Depreciation

36,243

32,402

Amortization of Financing

Costs

2,063

1,246

Stock Compensation Expense

2,124

3,619

Provision for Uncollectible

Notes and Other Receivables

976

845

Loss on Sales of Marketable

Securities, net

36,418

-0-

(Increase) Decrease in

Fair Value of Marketable Securities

(42,310 )

1,737

(Gain) Loss on Sales of

Investment Property and Equipment

(45 )

Loss on Investment in Joint

Ventures

281

410

Changes in Operating Assets and Liabilities:

Inventory of Manufactured

Homes

697

(3,706 )

Notes and Other Receivables

(6,895 )

(6,816 )

Prepaid Expenses and Other

Assets

(2,077 )

(3,002 )

Accounts Payable

2,248

548

Accrued Liabilities and

Deposits

(1,875 )

(2,966 )

Tenant

Security Deposits

563

426

Net

Cash Provided by Operating Activities

45,632

37,195

CASH FLOWS FROM INVESTING

ACTIVITIES:

Purchase of Manufactured

Home Communities

-0-

(25,367 )

Purchase of Investment

Property and Equipment

(57,908 )

(50,494 )

Proceeds from Sales of

Investment Property and Equipment

2,465

2,072

Additions to Land Development

Costs

(22,877 )

(25,308 )

Purchase of Marketable

Securities through automatic reinvestments

(15 )

(13 )

Investment

in Joint Ventures

(551 )

(1,538 )

Net

Cash Used in Investing Activities

(78,886 )

(100,648 )

CASH FLOWS FROM FINANCING

ACTIVITIES:

Proceeds from Mortgages

-0-

101,392

Net Proceeds (Payments)

from Short-Term Borrowings

39,407

(928 )

Principal Payments of Mortgages

and Loans

(11,257 )

(55,194 )

Financing Costs on Debt

(1,953 )

(2,079 )

Proceeds from At-The-Market

Preferred Equity Program, net of offering costs

8,648

982

Proceeds from At-The-Market

Common Equity Program, net of offering costs

-0-

39,565

Proceeds from Issuance

of Common Stock in the DRIP, net of dividend reinvestments

2,611

3,131

Proceeds from Exercise

of Stock Options

491

Preferred Dividends Paid

(10,353 )

(10,258 )

Common

Dividends Paid, net of dividend reinvestments

(36,328 )

(34,977 )

Net

Cash (Used In) Provided by Financing Activities

(9,128 )

42,125

NET DECREASE IN CASH, CASH

EQUIVALENTS AND RESTRICTED CASH

(42,382 )

(21,328 )

CASH,

CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD

80,926

108,811

CASH,

CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD

$ 38,544

$ 87,483

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 6

Reconciliation

of Net Income to Adjusted EBITDA and Net Income Attributable to

Common Shareholders to FFO and Normalized FFO

(in

thousands) (unaudited)

Three

Months Ended

Six

Months Ended

June

30, 2026

June

30, 2025

June

30, 2026

June

30, 2025

Reconciliation of Net Income to Adjusted EBITDA

Net Income

$ 9,532

$ 7,605

$ 17,221

$ 12,415

Interest Expense, including Amortization of

Financing Costs

9,670

7,368

18,765

13,302

Franchise Taxes

150

300

Depreciation Expense

18,267

15,739

36,243

32,402

Depreciation Expense from Unconsolidated Joint

Venture

248

221

494

438

(Increase) Decrease in Fair Value of Marketable

Securities

(3,227 )

175

(42,310 )

1,737

Loss on Sales of Marketable

Securities, net

-0-

36,418

-0-

Adjusted EBITDA

34,640

31,258

67,131

60,594

Non-

Recurring Other Expense (1)

676

102

1,011

151

Adjusted

EBITDA without Non-recurring Other Expense

$ 35,316

$ 31,360

$ 68,142

$ 60,745

Reconciliation of Net Income Attributable to Common Shareholders to Funds from Operations

Net Income Attributable to Common Shareholders

$ 4,419

$ 2,532

$ 6,999

$ 2,261

Depreciation Expense

18,267

15,739

36,243

32,402

Depreciation Expense from Unconsolidated Joint

Venture

248

221

494

438

(Gain) Loss on Sales of Investment Property

and Equipment

(48 )

(45 )

(Increase) Decrease in Fair Value of Marketable

Securities

(3,227 )

175

(42,310 )

1,737

Loss on Sales of Marketable

Securities, net

-0-

36,418

-0-

Funds from Operations Attributable

to Common Shareholders (“FFO”)

19,659

18,703

37,799

36,875

Adjustments:

Amortization of Financing Costs

1,182

647

2,063

1,246

Non-

Recurring Other Expense (1)

676

102

1,011

151

Normalized

Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)

$ 21,517

$ 19,452

$ 40,873

$ 38,272

(1) Consists

of one-time legal fees and professional fees ($593 and $863, respectively) and employee transition

pay ($83 and $148, respectively) for the three and six months ended June 30, 2026. Consists

of one-time legal and professional fees for the three and six months ended June 30, 2025.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 7

Market

Capitalization, Debt and Coverage Ratios

(in

thousands except per share data) (unaudited)

Six

Months Ended

Year

Ended

June

30, 2026

June

30, 2025

December

31, 2025

Shares Outstanding

85,307

84,741

84,850

Market Price Per Share

$ 15.14

$ 16.79

$ 15.91

Equity Market Capitalization

$ 1,291,544

$ 1,422,807

1,349,971

Total Debt

789,486

659,159

761,227

Preferred

333,386

321,804

322,899

Total

Market Capitalization

$ 2,414,416

$ 2,403,770

$ 2,434,097

Total Debt

$ 789,486

$ 659,159

$ 761,227

Less: Cash and Cash Equivalents

(28,622 )

(79,235 )

(72,100 )

Net

Debt

760,864

579,924

689,127

Less: Marketable Securities

at Fair Value (“Securities”)

(29,665 )

(30,159 )

(23,758 )

Net

Debt Less Securities

$ 731,199

$ 549,765

$ 665,369

Interest Expense

$ 18,765

$ 13,302

$ 29,683

Capitalized Interest

2,900

2,496

5,928

Preferred Dividends

10,353

10,258

20,533

Total

Fixed Charges

$ 32,018

$ 26,056

$ 56,144

Adjusted

EBITDA excluding Non-Recurring Other Expense

$ 68,142

$ 60,745

$ 127,284

Debt and Coverage Ratios

Net Debt / Total Market Capitalization

31.5 %

24.1 %

28.3 %

Net Debt Plus Preferred / Total Market Capitalization

45.3 %

37.5 %

41.6 %

Net Debt Less Securities / Total Market Capitalization

30.3 %

22.9 %

27.3 %

Net Debt Less Securities Plus Preferred / Total

Market Capitalization

44.1 %

36.3 %

40.6 %

Interest Coverage

3.1 x

3.8 x

3.6 x

Fixed Charge Coverage

2.1 x

2.3 x

Net Debt / Adjusted EBITDA excluding Non-Recurring

Other Expense

5.6 x

4.8 x

5.4 x

Net Debt Less Securities / Adjusted EBITDA

excluding Non-Recurring Other Expense

5.4 x

4.5 x

5.2 x

Net Debt Plus Preferred / Adjusted EBITDA excluding

Non-Recurring Other Expense

8.0 x

7.4 x

8.0 x

Net Debt Less Securities Plus Preferred / Adjusted

EBITDA excluding Non-Recurring Other Expense

7.8 x

7.2 x

7.8 x

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 8

Debt

Analysis

(in

thousands) (unaudited)

Six

Months Ended

Year

Ended

June

30, 2026

June

30, 2025

December

31, 2025

Debt Outstanding

Mortgages Payable:

Fixed Rate

Mortgages

$ 550,863

535,469

$ 562,095

Unamortized

Debt Issuance Costs

(5,489 )

(5,276 )

(5,966 )

Mortgages,

Net of Unamortized Debt Issuance Costs

$ 545,374

$ 530,193

$ 556,129

Loans Payable:

Unsecured Line of Credit

$ 40,000

$ -0-

Other

Loans Payable

27,847

28,585

28,464

Total Loans Before Unamortized

Debt Issuance Costs

67,847

28,585

28,464

Unamortized

Debt Issuance Costs

(2,070 )

(946 )

(768 )

Loans,

Net of Unamortized Debt Issuance Costs

$ 65,777

$ 27,639

$ 27,696

Series A Bonds Payable:

Series A Bonds

$ 102,670

Unamortized

Debt Issuance Costs

(495 )

(1,343 )

(919 )

Series

A Bonds, Net of Unamortized Debt Issuance Costs

$ 102,175

$ 101,327

$ 101,751

Series B Bonds Payable:

Series B Bonds

$ 80,230

$ -0-

$ 80,230

Unamortized

Debt Issuance Costs

(4,070 )

-0-

(4,579 )

Series

B Bonds, Net of Unamortized Debt Issuance Costs

$ 76,160

$ -0-

$ 75,651

Total

Debt, Net of Unamortized Debt Issuance Costs

$ 789,486

$ 659,159

$ 761,227

% Fixed/Floating

Fixed

94.4 %

99.3 %

Floating

5.6 %

0.7 %

Total

100.0 %

Weighted Average Interest

Rates (1)

Mortgages Payable

4.75 %

4.52 %

4.73 %

Loans Payable

5.50 %

6.44 %

6.38 %

Series A Bonds Payable

4.72 %

Series B Bonds Payable

5.85 %

N/A

5.85 %

Total Average

4.92 %

4.63 %

4.90 %

Weighted Average Maturity (Years)

Mortgages

Payable

5.7

5.4

6.1

(1)

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

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 9

Debt

Maturity

(in

thousands) (unaudited)

As of June 30, 2026:

Year

Ended

Mortgages

Loans

Bonds

Total

of Total

2026

$ 30,796

$ 4,882

$ -0-

$ 35,678

4.5 %

2027

36,510

-0-

102,670

(2)

139,180

17.4 %

2028

23,637

22,965

-0-

46,602

5.8 %

2029

38,256

-0-

38,256

4.8 %

2030

112,844

40,000

(1)

80,230

(3)

233,074

29.1 %

Thereafter

308,820

-0-

308,820

38.5 %

Total Debt Before Unamortized

Debt Issuance

Costs

550,863

67,847

182,900

801,610

100.0 %

Unamortized Debt Issuance

Costs

(5,489 )

(2,070 )

(4,565 )

(12,124 )

Total

Debt, Net of Unamortized

Debt

Issuance Costs

$ 545,374

$ 65,777

$ 178,335

$ 789,486

(1) Represents

$40.0 million balance outstanding on the Company’s Line of Credit due May 7, 2030,

with an additional one-year option.

(2) Represents

$102.7 million balance outstanding of the Company’s Series A Bonds due February 28,

2027.

(3) Represents

$80.2 million balance outstanding of the Company’s Series B Bonds due June 30, 2030.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 10

Securities

Portfolio Performance

(in

thousands) (unaudited)

Year

Ended

Securities

Available for Sale

Dividend

Income

Net

Realized Gain

(Loss) on Securities

Net

Realized Gain

(Loss) on Securities &

Dividend Income

2010-2016

$ 108,755

$ 26,101

$ 16,903

$ 43,004

2017

132,964

8,135

1,747

9,882

2018

99,596

10,367

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

31,883

1,452

(3,778 )

(2,326 )

2025

23,758

1,477

(221 )

1,256

2026*

29,665

603

(36,418 )

(35,815 )

$ 71,718

$ (12,828 )

$ 58,890

For the six months ended June 30, 2026.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 11

Property

Summary and Snapshot

(unaudited)

June

30, 2026

June

30, 2025

Change

UMH Communities

(1)

142

139

2.2 %

Total Sites

26,633

26,159

1.8 %

Occupied Sites

23,703

23,072

631

sites, 2.7 %

Occupancy %

89.0 %

88.2 %

bps

Total Rentals

11,084

10,570

4.9 %

Occupied Rentals

10,562

9,974

5.9 %

Rental Occupancy %

95.3 %

94.4 %

bps

Monthly Rent Per Site

$ 586

$ 558

5.0 %

Monthly Rent Per Home Rental Including Site

$ 1,069

$ 1,016

5.2 %

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 (3)

Pennsylvania

2,392

1,909

483

7,999

7,059

88.2 %

$ 609

3,345

3,156

94.3 %

$ 1,058

Ohio

2,069

1,557

512

7,364

6,627

90.0 %

$ 540

3,247

3,110

95.8 %

$ 1,018

Indiana

1,111

929

182

4,100

3,705

90.4 %

$ 547

2,067

1,977

95.6 %

$ 1,057

Tennessee

733

407

326

2,064

1,908

92.4 %

$ 611

978

936

95.7 %

$ 1,115

New York (2)

884

327

557

1,370

1,231

89.9 %

$ 685

525

503

95.8 %

$ 1,239

New Jersey

428

264

164

1,530

1,457

95.2 %

$ 749

87.2 %

$ 1,370

Michigan

241

222

1,090

969

88.9 %

$ 550

451

429

95.1 %

$ 1,141

Maryland

159

124

260

218

83.8 %

$ 650

-0-

N/A

Alabama

290

177

61.0 %

$ 405

164

154

93.9 %

$ 1,171

South Carolina

157

102

321

245

76.3 %

$ 387

190

188

98.9 %

$ 1,184

Georgia

-0-

245

107

43.7 %

$ 406

96.2 %

$ 1,237

Total UMH as of June

30, 2026

142

8,309

5,922

2,387

26,633

23,703

89.0 %

$ 586

11,084

10,562

95.3 %

$ 1,069

(1)

Excludes two Florida communities and one Pennsylvania community owned through joint ventures with Nuveen Real Estate in which the

company has a 40% interest.

(2)

Total and Vacant Acreage of 220 acres for Mountain View Estates and 65 acres for Big Woods Estates properties are included in the

above summary.

(3)

Includes home and site rent charges.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 12

Same

Property Statistics

(in

thousands) (unaudited)

Three

Months Ended

Six

Months Ended

June

30,

2026

June

30,

2025

Change

June

30,

2026

June

30,

2025

Change

Same Property

Community Net Operating Income (“NOI”)

Rental and

Related Income

$ 60,141

$ 55,654

$ 4,487

8.1 %

$ 118,705

$ 110,088

$ 8,617

7.8 %

Community

Operating Expenses

22,900

21,424

1,476

6.9 %

46,214

42,989

3,225

7.5 %

Same

Property Community NOI

$ 37,241

$ 34,230

$ 3,011

8.8 %

$ 72,491

$ 67,099

$ 5,392

8.0 %

June

30, 2026

June

30, 2025

Change

Total Sites

26,013

25,842

0.7 %

Occupied Sites

23,243

22,806

437

sites, 1.9 %

Occupancy %

89.4 %

88.3 %

110

bps

Number of Properties

139

N/A

Total Rentals

11,077

10,570

4.8 %

Occupied Rentals

10,556

9,974

5.8 %

Rental Occupancy

95.3 %

94.4 %

bps

Monthly Rent Per Site

$ 585

$ 557

5.0 %

Monthly Rent Per Home Rental Including Site

$ 1,070

$ 1,016

5.3 %

Same

Property includes all UMH communities owned as of January 1, 2025, with the exception of River Bluff Estates.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 13

Acquisitions

Summary

(dollars

in thousands)

Year

of Acquisition

Number

Communities

Sites

Occupancy

Acquisition

Purchase

Price

Per

Site

Total

Acres

2021

543

59 %

$ 18,300

$ 34

113

2022

1,480

65 %

$ 86,223

$ 58

461

2023

118

-0- %

$ 3,650

$ 31

2025

587

78 %

$ 41,825

$ 71

160

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 14

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 certain 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 85.6 million and 85.5 million shares for

the three and six months ended June 30, 2026, respectively, and 84.8 million and 84.1 million shares for the three and six months ended

June 30, 2025, respectively. Common stock equivalents resulting from stock options in the amount of 380,000 shares and 384,000

shares, respectively, for the three and six months ended June 30, 2026 were included in the computation of Diluted Net Income per share.

Common stock equivalents resulting from stock options in the amount of 805,000 shares and 818,000 shares, respectively, for the three

and six months ended June 30, 2025 were included in the computation of Diluted Net Income per Share.

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, 2025, with the exception of River

Bluff 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.

UMH Properties, Inc. | Second Quarter FY 2026 Supplemental Information 15

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