Umh Properties, Inc. · NYSE:UMH
Umh Properties — Investor Presentation (February 2026)
41 slides from Umh Properties's investor presentation, February 2026
Slide 1: UMH Properties, Inc. Investor Presentation February 2026
RIVER VALLEY ESTATES, Marion, OH CINNAMON WOODS, Conowingo, MD Acquired in 1986 Acquired in 2017 UMH PROPERTIES, INC. February 2026 Investor Presentation
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; UMH Properties, Inc. (
Slide 4: 2025 Accomplishments
2025 Accomplishments • Increased Rental and Related Income by 10%; • Increased Community Net Operating Income (“NOI”) by 9%; • Increased Normalized Funds from Operations (“Normalized FFO”) by 15%; • Increased Normalized FFO per diluted share by 2% from $0.93 per diluted share in 2024 to $0.95 per di
Slide 5: Portfolio Snapshot
Portfolio Snapshot Portfolio Statistics Total Communities (1) 145 Developed Homesites (1) 27,100 States (1) 12 Portfolio Occupancy 88.1% Average Monthly Site Rent $572 Total Rentals (1) 11,000 Home Rentals as % of Sites 43.6% Home Rental Occupancy 93.8% Additional Acreage to Be Developed Approx. 2,3
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 US 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% 200
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 7,994 30.0% 88.0% $595 3,322 30.5% 93.2% $1,031 Ohio 38 7,381 27.7% 88.6% $529 3
Slide 10: Portfolio Growth
Portfolio Growth Total Sites (1) Rental Units (1) Rental Units Occupancy Rate Developed Sites 28,000 12,000 98.0% No. of Communities 27,100 11,000 26,300 10,000 10,300 96.0% 25,600 25,800 145 26,000 10,000 139 9,100 134 135 8,300 8,700 94.0% 24,000 24,000 23,400 8,000 92.0% 127 124 22,000 6,000 90.0
Slide 11: Occupancy
Occupancy Total Occupancy 89% 88.1% 88% 87.3% 87% 86.7% 86.0% 86% 85.0% 85% 84.6% 84% 83% 82% 81% 2020 2021 2022 2023 2024 2025 Same Property Occupancy (1) 90.0% 89.0% HUDSON ESTATES, Peninsula, OH 88.5% 88.2% 88.3% Acquired in 2014 87.9% 88.0% 87.7% 87.7% 87.8% 87.5% 87.0% 86.0% 85.0% Q1'24 Q2'24 Q
Slide 12: Change in Rental Revenue
Change in Rental Revenue Community % $ Community % $ Community % $ Community % $ Saddle Creek 934% 242,300 Somerset Estates 9% 158,300 Melrose West 6% 12,300 Mountaintop 5% 18,700 OZ Mighty Oak 306% 350,200 Marysville Estates 9% 192,900 Suburban Estates 6% 94,500 Collingwood 5% 38,900 OZ Garden View
Slide 13: Same Property Net Operating Income
Same Property Net Operating Income (in thousands) Three Months Ended Year Ended % % 12/31/2025 12/31/2024 Change Change 12/31/2025 12/31/2024 Change Change Same Property Community Net Operating Income (“NOI”) Rental and Related Income $ 56,615 $ 52,623 $ 3,992 7.6% $ 221,542 $ 204,678 $ 16,864 8.2%
Slide 14: Potential for Significant Rental Unit Returns
Potential for Significant Rental Unit Returns Historical Investments ($ in mm except per unit data) 2020 2021 2022 2023 2024 2025 Rental Units 8,300 8,700 9,100 10,000 10,300 10,900 Investment $349.9 $383.5 $422.8 $516.5 $566.2 $631.6 Average Investment Per Unit $42,157 $44,080 $46,462 $51,650 $54,9
Slide 15: Pace of Opportunistic Acquisitions
Pace of Opportunistic Acquisitions Number of Acquired Sites Acquisition Volume ($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 2,310 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 – 2,310 acres Total – 2,795 sites MD, 35 MI, 19 AL, 7 1,050 SC, 102 2% 1% 885 4% OH,
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.
UMH Sales & Finance, Inc. (“S&F”) Commenced operations in 2001 as a taxable REIT subsidiary. Sales reached $35.0mm in 2025, with a Sold approximately 6,300 homes sales price per unit of approximately $97k. since 1996. $101.5mm loan portfolio with a weighted average interest rate of Portfolio compris
Slide 19: Do Manufactured Homes Appreciate?
Do Manufactured Homes Appreciate? Based on a recent sample and analysis of home sale data, we have seen the following for homes where we handled both the initial sale and resold it on behalf of the homeowner: • 80% sold for higher values than what the original buyer paid us for those homes • Sellers
Slide 20: Financial Highlights
Financial Highlights Total Revenue ($mm) Over the past 5 years, Rental Revenue Sales Interest/Dividend Income $350 UMH: Up 9% $300 $272.0 $249.1 $250 $228.2 • Increased Total Revenue by 58%; $194.6 $202.7 $200 $172.2 • Increased Community NOI by 64%; $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 $2,482 $2,434 $2,373 $2,400 $2,200 $2,000 $1,914 $2,022 $1,800 $1,585 $1,600 $1,509 $1,400 $1,182 $1,200 $1,157 $980 $1,000 $800 $752 $600 $400 $200 $0 2015 2016 2017 2018 2019 20
Slide 22: Strong Record of Regular Distributions
Strong Record of Regular Distributions Annual Dividend per Share (2002 – 2025) (1) $1.20 $0.99 $1.00 $1.00 $0.98 $0.95 $0.91 $0.87 $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 2002 2003 2004 2005 2006 2007 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% 31.3% 27.3% 28.3% 20% 20% 19.5% 20.8% 16.1% 10% 10% 11.4% 0% 0% 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 Net Debt / Adjusted EBITDA (1) Fixe
Slide 24: Debt Analysis
Debt Analysis (in thousands) Year Ended 12/31/25 12/31/24 DEBT OUTSTANDING Mortgages Payable: Fixed Rate Mortgages $ 562,095 $ 489,271 Unamortized Debt Issuance Costs (5,966) (3,731) Mortgages, Net of Unamortized Debt Maturity Schedule ($mm) Debt Issuance Costs 556,129 485,540 Loans Payable: Unsecur
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 December 31, 2025, is $1,044 o New homes expected to rent for over $1,000 per month Building of Expansion Sites
Slide 28: Compelling Valuation with Significant Upside
Compelling Valuation with Significant Upside Equity Market Capitalization (1) 55.5% $1,350.0 Preferred Stock 13.3% 322.9 Total Equity Capitalization 68.7% $1,672.9 Debt Outstanding 31.3% 761.2 Total Market Capitalization 100.0% $2,434.1 Less: Cash & Cash Equivalents $(72.1) Less: Securities Availabl
Slide 29: 2026 Guidance
2026 Guidance Low Midpoint High Normalized FFO Per Share $0.97 $1.01 $1.05 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 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 values. We understand
Slide 31: Sustainability
Sustainability VP of Corporate Security Sustainability Subcommittee • UMH appointed a VP to enhance security for both residents • The UMH Board established a subcommittee dedicated to and employees. overseeing all sustainability efforts. Renewable Energy Sustainalytics & MSCI Recognitions • UMH pion
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 or 25% over this period Long-term track record of profitability Well
Slide 33: Appendix
Appendix CRANBERRY VILLAGE, Cranberry Twp, PA Acquired in 1986
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
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 $14,900,000 (including $11.0m
Slide 36: Value-Add Acquisition
Value-Add Acquisition Case Study Boardwalk and Parke Place (1) Located in Elkhart, IN Number of Sites: 597 Date of Acquisition: January 20, 2017 Purchase Price: $21,222,000 Purchase Price per Site: $38,000 Capitalization Subsequent to Acquisition $18,978,000 (including $9.7mm in rental homes): Total
Slide 37: Value-Add Expansion
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
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 10.75% 9.39% 3 Year 39 Source: S&P Global Market Intelligence, as of February 23, 2026.
Slide 40: Total Return Performance (contd.)
Total Return Performance (contd.) 5 Year 10 Year 103.51% 101.84% 40 Source: S&P Global Market Intelligence, as of February 23, 2026.
Slide 41: For additional information including all SEC filings, please visit: www.umh.reit
For additional information including all SEC filings, please visit: www.umh.reit WOODS EDGE, West Lafayette, IN Acquired in 2015
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