Umh Properties, Inc. · NYSE:UMH
Umh Properties — Q1 2026 Earnings Presentation
41 slides from Umh Properties's earnings presentation, May 1, 2026
Slide 1: UMH Properties, Inc. Investor Presentation May 2026
Slide 2: Forward Looking Statements
Forward Looking Statements Certain statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of the safe harbor from civil liability provided for such statements by the Private Securities Litigation Reform Act of 1995 (set forth in Sect
Slide 3: Company Highlights
Company Highlights UMH Properties’ mission is to provide quality affordable housing to America's workforce by building and managing sustainable, contemporary manufactured home communities for both renters and buyers. Leading owner and operator of manufactured home communities; leasing manufactured h
Slide 4: Quarterly Accomplishments
Quarterly Accomplishments Our accomplishments during the first quarter of 2026 include: • Increased Rental and Related Income by 9%; • Increased Community Net Operating Income (“NOI”) by 8%; • Increased Same Property Community NOI by 7%; FOREST CREEK, Elkhart, IN Acquired in 2013 • Increased Same Pr
Slide 5: Portfolio Snapshot
Portfolio Snapshot Portfolio Statistics Total Communities (1) 145 Developed Homesites (1) 27,100 States (1) 12 Portfolio Occupancy 88.6% Average Monthly Site Rent $581 Total Rentals (1) 11,200 Home Rentals as % of Sites (1) 41.2% Home Rental Occupancy 94.6% Additional Acreage to Be Developed Approx.
Slide 6: Marcellus & Utica Shale Region Exposure
Marcellus & Utica Shale Region Exposure o The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York. o Fields have the potential to be among the largest sources of natural gas in the world. o Activity surrounding the dev
Slide 7: Favorable U.S. Housing Trends
Favorable U.S. Housing Trends UMH is well positioned to participate in the ongoing recovery of the U.S. housing market. % of Households Owning a Single-Family Home Single Family Home Price Change Year-Over-Year 70% 20% 69% 16% 68% 12% 67% 8% 66% 4% 65% 0% 64% -4% 63% -8% 62% -12% 61% -16% 60% -20% 2
Slide 8: Favorable U.S. Housing Trends (contd.)
Favorable U.S. Housing Trends (contd.) The Economics of Renting Vs. Owning • Market conditions over the next several months imply a continuation in the gap between buying and renting. • Higher mortgage rates incentivize homeowners not to move, reducing supply. • The small number of homes being sold
Slide 9: Portfolio and Rental Capacity by State
Portfolio and Rental Capacity by State Average Average Average Monthly Total Total Developed Sites Average Monthly Total Rentals Rental Home Communities No. % Occupancy Site Rent No. % Occupancy Rent (2) Pennsylvania 53 7,999 30.0% 88.0% $607 3,347 30.4% 93.2% $1,051 Ohio 38 7,374 27.7% 89.6% $536 3
Slide 10: Portfolio Growth
Portfolio Growth Total Sites (1) Rental Units (1) Rental Units Occupancy Rate 30,000 14,000 98.0% Developed Sites 28,000 27,100 27,100 12,000 11,200 96.0% No. of Communities 11,000 26,300 10,300 25,600 25,800 139 145 10,000 94.0% 26,000 10,000 135 9,100 24,000 127 134 8,700 92.0% 24,000 8,000 124 90
Slide 11: Occupancy
Occupancy Total Occupancy 90% 89% 88.6% 88.1% 88% 87.3% 87% 86.7% 86.0% 86% 85% 84.6% 84% 83% 82% 81% 2021 2022 2023 2024 2025 Q1'26 RIVER BLUFF ESTATES, Memphis, TN Acquired in 2013 Same Property Occupancy (1) 90.0% 89.0% 89.0% 88.5% 88.2% 88.3% 88.0% 87.9% 87.0% 86.0% 85.0% Q1'25 Q2'25 Q3'25 Q4'25
Slide 12: Change in Rental Revenue
Change in Rental Revenue Community % $ Community % $ Community % $ Community % $ Saddle Creek 622% 256,500 Pikewood Manor 9% 384,900 Oxford Village 7% 146,300 Fairview Manor 5% 146,100 OZ Mighty Oak 270% 378,300 Woods Edge 9% 326,500 Port Royal Village 7% 215,600 Birchwood Farms 5% 63,800 Maplewood
Slide 13: Same Property Net Operating Income
Same Property Net Operating Income (in thousands) Three Months Ended % 3/31/2026 3/31/2025 Change Change Same Property Community Net Operating Income (“NOI”) Rental and Related Income $ 57,865 $ 53,802 $ 4,063 7.6% Community Operating Expenses 22,981 21,238 1,743 8.2% Same Property Community NOI $ 3
Slide 14: Potential for Significant Rental Unit Returns
Potential for Significant Rental Unit Returns Historical Investments ($ in mm except per unit data) 2021 2022 2023 2024 2025 Q1’26 Rental Units 8,700 9,100 10,000 10,300 10,900 11,000 Investment $383.5 $422.8 $516.5 $566.2 $631.6 $647.0 Average Investment Per Unit $44,080 $46,462 $51,650 $54,971 $57
Slide 15: Pace of Opportunistic Acquisitions
Pace of Opportunistic Acquisitions Number of Acquired Sites Acquisition Volume ($mm) 25,000 $800 Cumulative Volume Cumulative Volume Annual Volume Acquisition Volume (in millions) $658.3 20,000 Annual Volume 19,345 $612.8 $616.5 18,640 18,758 $600 No. of Acquired Sites 16,657 17,180 16,343 $526.6 $5
Slide 16: Vacant Land to Expand
Vacant Land to Expand UMH has 2,322 vacant acres available Potential for 4 sites per vacant acre at for future development. an estimated cost of $75,000 per site. Vacant Acreage Sites Engineered for Expansion Total – 2,322 acres Total – 3,004 sites MD, 35 MI, 19 AL, 7 900 823 SC, 102 2% 1% 4% NJ, 16
Slide 17: Potential Economics of New Lot Development
Potential Economics of New Lot Development • Cost to build a lot: $100,000 • Add and sell a home with a $50,000 net sales profit • Net cost of lot: $100,000 - $50,000 = $50,000 • Charge $800 lot rent per month, annual rent: $9,600 • Net rent after 35% expenses: $9,600 x 65% = $6,240 • At 4% cap rate
Slide 18: UMH Sales & Finance, Inc. (S&F)
UMH Sales & Finance, Inc. (“S&F”) Commenced operations in 2001 as a taxable REIT subsidiary. Sales reached $6.4mm for the first Sold approximately 6,300 homes quarter of 2026, with a sales price per unit of approximately $87k. since 1996. $103.8mm loan portfolio with a weighted average interest rate
Slide 19: Do Manufactured Homes Appreciate?
Do Manufactured Homes Appreciate? Based on a recent sample and analysis of home sale data, we have seen the following for homes where we handled both the initial sale and resold it on behalf of the homeowner: • 80% sold for higher values than what the original buyer paid us for those homes • Sellers
Slide 20: Financial Highlights
Financial Highlights Total Revenue ($mm) Over the past 5 years, Rental Revenue Sales Interest/Dividend Income $350 UMH: $300 $272.0 $249.1 $250 $228.2 • Increased Total Revenue by 58%; $202.7 $200 $172.2 $194.6 • Increased Community NOI by 64%; Up 7% $150 • Increased Normalized FFO by 174% and $100
Slide 21: Company Growth
Company Growth Total Market Capitalization ($mm) Equity Market Capitalization Preferred Equity Debt $3,000 $2,800 $2,600 $2,373 $2,482 $2,434 $2,400 $2,313 $2,200 $1,914 $2,022 $2,000 $1,800 $1,600 $1,509 $1,585 $1,400 $1,200 $1,157 $1,182 $980 $1,000 $800 $752 $600 $400 $200 $0 2015 2016 2017 2018
Slide 22: Strong Record of Regular Distributions
Strong Record of Regular Distributions Annual Dividend per Share (2002 – 2026) (1) $1.20 $0.99 $1.00 $1.00 $0.98 $0.95 $0.91 $0.90 $0.89 $0.85 $0.82 $0.79 $0.80 $0.80 $0.76 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.72 $0.60 $0.40 $0.20 $0.00 2003 2004 2005 2006 2007 2008 2
Slide 23: Balance Sheet Metrics
Balance Sheet Metrics Net Debt / Total Market Capitalization Net Debt - Securities / Total Market Capitalization 50% 40% 40% 36.0% 38.2% 30% 30% 29.6% 30.1% 31.3% 31.2% 27.3% 28.3% 20% 20% 19.5% 20.8% 10% 10% 0% 0% 2022 2023 2024 2025 Q1'26 2022 2023 2024 2025 Q1'26 Net Debt / Adjusted EBITDA (1) Fi
Slide 24: Debt Analysis
Debt Analysis (in thousands) Three Months Ended 3/31/26 3/31/25 DEBT OUTSTANDING Mortgages Payable: Fixed Rate Mortgages $ 559,779 $ 479,879 Unamortized Debt Issuance Costs (5,738) (3,507) Mortgages, Net of Unamortized Debt Maturity Schedule ($mm) Debt Issuance Costs 554,041 476,372 Loans Payable: U
Slide 25: Harvesting Value
Harvesting Value Acquired Year Valuation Sites Per Pad Investment (1) Gain Occupancy Brookview Village 1977 $ 13,700,000 193 $ 70,984 $ 9,988,000 $ 3,712,000 91% Cedarcrest Village 1986 $ 26,300,000 283 $ 92,933 $ 6,636,000 $ 19,664,000 99% Cranberry Village 1986 $ 20,300,000 187 $ 108,556 $ 4,923,0
Slide 26: Harvesting Value
Harvesting Value Acquired Year Valuation Sites Per Pad Investment (1) Gain Occupancy Allentown 1986 $ 38,800,000 434 $ 89,401 $ 15,492,000 $ 23,308,000 97% Clinton 2011 $ 9,800,000 116 $ 84,483 $ 4,210,000 $ 5,590,000 97% Candlewick Court 2015 $ 17,800,000 211 $ 84,360 $ 9,494,000 $ 8,306,000 86% Fo
Slide 27: Utilization of Capital
Utilization of Capital o Approximately 800 units x $75,000 per site = $60 million cost Installation of Rental Units o Average monthly home rent (includes home and site rent charges) as of March 31, 2026, is $1,060 o New homes expected to rent for over $1,000 per month Building of Expansion Sites for
Slide 28: Compelling Valuation with Significant Upside
Compelling Valuation with Significant Upside Equity Market Capitalization (1) 53.1% $1,228.5 Preferred Stock 14.0% 324.6 Total Equity Capitalization 67.1% $1,553.1 Debt Outstanding 32.9% 759.9 Total Market Capitalization 100.0% $2,313.0 Less: Cash & Cash Equivalents $(37.4) Less: Securities Availabl
Slide 29: 2026 Guidance
2026 Guidance Low Midpoint High Normalized FFO Per Share $0.98 $1.01 $1.04 Key Assumptions • Rent increases of 5% • Occupancy of 800 rental units in 2026 • Overall capital needs to fund rental home purchases, notes, expansions, and improvements of approximately $120 - $150 million for the year • Exc
Slide 30: Sustainability
Sustainability Social Partnerships SPECIAL STRIDES NON-PROFIT ORGANIZATION, Monroe Twp., NJ Founded in 1998 Sustainability has become increasingly important in recent years, and at UMH, we take pride in our long-standing commitment to these principles, which are deeply rooted in our company's core v
Slide 31: Sustainability
Sustainability New Board Member • UMH appointed Todd J. Clark, Dean of Delaware Law School, to the UMH Board of Directors. Renewable Energy Leadership in Sustainability • UMH pioneered the first solar-shingled manufactured home, • UMH was awarded the 2026 Leadership in Sustainability advancing renew
Slide 32: Investment Highlights
Investment Highlights Strong history of dividend payments with a 4.7% increase announced in April 2025, representing our fifth consecutive common stock dividend increase within the last five years, resulting in an increase of $0.18 per share or 25% over this period Long-term track record of profitab
Slide 33: Appendix
Appendix WELLINGTON ESTATES, Export, PA Acquired in 2017
Slide 34: Extensive Operating History
Extensive Operating History 1968 1985 January 1, 1992 UMH commences UMH completes UMH elects REIT status operations Initial Public Offering March 2, 2012 2005 June 29, 2009 UMH moves common and Communities: 27 Addition of UMH Properties, preferred stock listings from Homesites: 6,400 Inc. to Russell
Slide 35: Value-Add Acquisition: Countryside Village
Value-Add Acquisition Case Study Countryside Village (1) Located in Columbia, TN, 46 miles south of Nashville, TN Number of Sites: 349 Date of Acquisition: June 29, 2011 Purchase Price: $7,300,000 Purchase Price per Site: $21,000 Capitalization Subsequent to Acquisition $15,000,000 (including $11.0m
Slide 36: Value-Add Acquisition: Boardwalk and Parke Place
Value-Add Acquisition Case Study Boardwalk and Parke Place (1) Located in Elkhart, IN Number of Sites: 612 Date of Acquisition: January 20, 2017 Purchase Price: $21,222,000 Purchase Price per Site: $38,000 Capitalization Subsequent to Acquisition $18,678,000 (including $9.4mm in rental homes): Total
Slide 37: Value-Add Expansion: Fairview Manor
Value-Add Expansion Case Study Fairview Manor (1) Located in Vineland, NJ, 35 miles west of Atlantic City, NJ Number of Sites (at Acquisition/Today): 148/316 Date of Acquisition: November 15, 1985 Purchase Price: $1,350,000 Purchase Price per Site: $9,000 Capitalization Subsequent to Acquisition: $1
Slide 38: Value-Add Expansion: Highland Estates
Value-Add Expansion Case Study Highland Estates Located in Kutztown, PA, 70 miles outside of Philadelphia, PA Number of Sites (at Acquisition/Today): 186/318 Date of Acquisition: August 29, 1988 Purchase Price: $2,040,000 Purchase Price per Site: $11,000 Capitalization Subsequent to Acquisition: $13
Slide 39: Total Return Performance
Total Return Performance 1 Year 3 Year 39 Source: S&P Global Market Intelligence, as of April 27, 2026.
Slide 40: Total Return Performance (contd.)
Total Return Performance (contd.) 5 Year 10 Year 87.14% 86.60% 40 Source: S&P Global Market Intelligence, as of April 27, 2026.
Slide 41: For additional information including all SEC filings, please visit
For additional information including all SEC filings, please visit: www.umh.reit WOODS EDGE, West Lafayette, IN Acquired in 2015