# EDGAR Filing Document

**Accession Number:** 0000752642
**File Stem:** 0001493152-23-006276
**Filing Date:** 2023-2
**Character Count:** 65464
**Document Hash:** 03ec8121f7bc25736df4a006f591d294
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-006276.hdr.sgml**: 20230228

**ACCESSION NUMBER**: 0001493152-23-006276

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20230228

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230228

**DATE AS OF CHANGE**: 20230228

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UMH PROPERTIES, INC.
- **CENTRAL INDEX KEY:** 0000752642
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 221890929
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12690
- **FILM NUMBER:** 23686561

**BUSINESS ADDRESS:**
- **STREET 1:** 3499 ROUTE 9 N, SUITE 3-C
- **STREET 2:** JUNIPER BUSINESS PLAZA
- **CITY:** FREEHOLD
- **STATE:** NJ
- **ZIP:** 07728
- **BUSINESS PHONE:** 7325779997

**MAIL ADDRESS:**
- **STREET 1:** 3499 ROUTE 9 N, SUITE 3-C
- **STREET 2:** JUNIPER BUSINESS PLAZA
- **CITY:** FREEHOLD
- **STATE:** NJ
- **ZIP:** 07728

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNITED MOBILE HOMES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version="1.0" encoding="utf-8"?

**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): February 28, 2023**

**UMH Properties, Inc.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Maryland** | **001-12690** | **22-1890929** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | 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, $.10 par value | UMH | New York Stock Exchange |
| 6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value | UMH PRD | 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 ☐

If 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.** |

---

On February 28, 2022, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2022 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2022. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99 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

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;

● risks and uncertainties related to the COVID-19 pandemic;

● 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 rental rates and occupancy levels;

● changes in market rates of interest;

● increases in commodity prices 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 timely 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; and

● our ability to qualify as a real estate investment trust for federal income tax purposes.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

---

| | |
|:---|:---|
| (d) | Exhibits. |
| 99 | [Supplemental information package for the fourth quarter and year ended December 31, 2022 and press release dated February 28, 2023.](ex99.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**<u>SIGNATURE</u>**

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**. | **UMH Properties, Inc**. |
| Date: February 28, 2023 | By: | */s/ Anna T. Chew* |
|  | Name: | Anna T. Chew |
|  | Title: | Vice President and<br> Chief Financial Officer |

---

## Ex-99

**Exhibit 99**

![](ex99_001.jpg)

---

| | |
|:---|:---|
| **Table of Contents** |  |
|  | Page |
| [Financial Highlights](#ed_0001) | 3 |
| [Consolidated Balance Sheets](#ed_0002) | 4 |
| [Consolidated Statements of Income (Loss)](#ed_0003) | 5 |
| [Consolidated Statements of Cash Flows](#Ha_001) | 6 |
| [Reconciliation of Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO](#Ha_002) | 7 |
| [Market Capitalization, Debt and Coverage Ratios](#Ha_003) | 8 |
| [Debt Analysis](#Ha_004) | 9 |
| [Debt Maturity](#Ha_005) | 10 |
| [Securities Portfolio Performance](#Ha_006) | 11 |
| [Property Summary and Snapshot](#Ha_007) | 12 |
| [Same Property Statistics](#Ha_008) | 13 |
| [Acquisition Summary and Property Portfolio](#Ha_009) | 14 |
| [Definitions](#Ha_010) | 15 |
| [Press Release Dated February 28, 2023](#ak_001) | 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-K.

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 2

**<u>Financial Highlights</u>**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<br> Three Months Ended** | **<br> Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** <br> **2022** | **December 31,** <br> **2021** | **December 31,** <br> **2022** | **December 31,** <br> **2021** |
| **<u>Operating Information</u>** |  |  |  |  |
| Number of Communities |  |  | 134 | 127 |
| Number of Sites |  |  | 25568 | 24025 |
| Rental and Related Income | $43735 | $40732 | $170434 | $159034 |
| Community Operating Expenses | $19485 | $17031 | $75660 | $68046 |
| Community NOI | $24250 | $23701 | $94774 | $90988 |
| Expense Ratio | 44.6% | 41.8% | 44.4% | 42.8% |
| Sales of Manufactured Homes | $5013 | $5270 | $25342 | $27089 |
| Number of Homes Sold | 65 | 76 | 301 | 370 |
| Number of Rentals Added | 99 | 6 | 392 | 454 |
| Net Income (Loss) | $3659 | $17010 | $(4972) | $51088 |
| Net Income (Loss) Attributable to Common Shareholders | $283 | $9410 | $(36265) | $21249 |
| Adjusted EBITDA without Non-Recurring Other Expense | $21807 | $23233 | $89926 | $90312 |
| FFO Attributable to Common Shareholders | $9973 | $10091 | $28489 | $39149 |
| Normalized FFO Attributable to Common Shareholders | $11321 | $11016 | $46840 | $41144 |
| **<u>Shares Outstanding and Per Share Data</u>** |  |  |  |  |
| Weighted Average Shares Outstanding |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 56184 | 49713 | 54389 | 46332 |
| &nbsp;&nbsp;&nbsp;Diluted | 56755 | 51128 | 54389 | 47432 |
| Net Income (Loss) Attributable to Common Shareholders per Share- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.01 | $0.19 | $(0.67) | $0.46 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.005 | $0.17 | $(0.67) | $0.45 |
| FFO per Share- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.18 | $0.20 | $0.51 | $0.83 |
| Normalized FFO per Share- |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Diluted | $0.20 | $0.22 | $0.85 | $0.87 |
| Dividends per Common Share | $0.20 | $0.19 | $0.80 | $0.76 |
| **<u>Balance Sheet</u>** |  |  |  |  |
| Total Assets |  |  | $1344596 | $1270820 |
| Total Liabilities |  |  | $793400 | $528680 |
| **<u>Market Capitalization</u>** |  |  |  |  |
| Total Debt, Net of Unamortized Debt Issuance Costs |  |  | $761676 | $499324 |
| Equity Market Capitalization |  |  | $927298 | $1411624 |
| Series C Preferred Stock |  |  | $-0- | $247100 |
| Series D Preferred Stock |  |  | $225379 | $215219 |
| Total Market Capitalization |  |  | $1914353 | $2373267 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 3

 

**<u>Consolidated Balance Sheets</u>**

*(in thousands except per share amounts)*

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2022** | **December 31,**<br>**2021** |
| **ASSETS** |  |  |
| **Investment Property and Equipment** |  |  |
| Land | $86619 | $74963 |
| Site and Land Improvements | 846218 | 716211 |
| Buildings and Improvements | 35933 | 30450 |
| Rental Homes and Accessories | 422818 | 383467 |
| &nbsp;&nbsp;&nbsp;Total Investment Property | 1391588 | 1205091 |
| Equipment and Vehicles | 26721 | 24437 |
| &nbsp;&nbsp;&nbsp;Total Investment Property and Equipment | 1418309 | 1229528 |
| Accumulated Depreciation | (363098) | (316073) |
| &nbsp;&nbsp;&nbsp;**Net Investment Property and Equipment** | 1055211 | 913455 |
| **Other Assets** |  |  |
| Cash and Cash Equivalents | 29785 | 116175 |
| Marketable Securities at Fair Value | 42178 | 113748 |
| Inventory of Manufactured Homes | 88468 | 23659 |
| Notes and Other Receivables, net | 67271 | 55359 |
| Prepaid Expenses and Other Assets | 20011 | 17135 |
| Land Development Costs | 23250 | 22352 |
| Investment in Joint Venture | 18422 | 8937 |
| &nbsp;&nbsp;&nbsp;**Total Other Assets** | 289385 | 357365 |
| **TOTAL ASSETS** | $1344596 | $1270820 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| **Liabilities** |  |  |
| Mortgages Payable, net of unamortized debt issuance costs | $508938 | $452567 |
| **Other Liabilities** |  |  |
| Accounts Payable | 6387 | 4274 |
| Loans Payable, net of unamortized debt issuance costs | 153531 | 46757 |
| Series A Bonds, net of unamortized debt issuance costs | 99207 | -0- |
| Accrued Liabilities and Deposits | 16852 | 17162 |
| Tenant Security Deposits | 8485 | 7920 |
| &nbsp;&nbsp;&nbsp;Total Other Liabilities | 284462 | 76113 |
| &nbsp;&nbsp;&nbsp;**Total Liabilities** | 793400 | 528680 |
| **COMMITMENTS AND CONTINGENCIES** |  |  |
| **Shareholders' Equity:** |  |  |
| Series C- 6.75% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 3,866 and 13,750 shares authorized as December 31, 2022 and 2021, respectively; 9,884 issued and outstanding as of December 31, 2021 | -0- | 247100 |
| Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 9,300 shares authorized; 9,015 and 8,609 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 225379 | 215219 |
| Common Stock- $0.10 par value per share: 154,048 and 144,164 shares authorized as of December 31, 2022 and 2021, respectively; 57,595 and 51,651 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 5760 | 5165 |
| Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 31, 2022 and 2021 | -0- | -0- |
| Additional Paid-In Capital | 343189 | 300020 |
| Undistributed Income (Accumulated Deficit) | (25364) | (25364) |
| &nbsp;&nbsp;&nbsp;**Total UMH Properties, Inc. Shareholders' Equity** | 548964 | 742140 |
| Non-Controlling Interest in Consolidated Subsidiaries | 2232 | -0- |
| &nbsp;&nbsp;&nbsp;**Total Shareholders' Equity** | 551196 | 742140 |
| **TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY** | $1344596 | $1270820 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 4

**<u>Consolidated Statements of Income (Loss)</u>**

*(in thousands except per share amounts)* 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | ***(unaudited)*** | ***(unaudited)*** | | |
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,** <br> **2022** | **December 31,** <br> **2021** | **December 31,** <br> **2022** | **December 31,** <br> **2021** |
| **INCOME:** |  |  |  |  |
| Rental and Related Income | $43735 | $40732 | $170434 | $159034 |
| Sales of Manufactured Homes | 5013 | 5270 | 25342 | 27089 |
| &nbsp;&nbsp;&nbsp;**TOTAL INCOME** | 48748 | 46002 | 195776 | 186123 |
| **EXPENSES:** |  |  |  |  |
| Community Operating Expenses | 19485 | 17031 | 75660 | 68046 |
| Cost of Sales of Manufactured Homes | 3412 | 3777 | 17562 | 20091 |
| Selling Expenses | 1288 | 990 | 5282 | 4807 |
| General and Administrative Expenses | 5631 | 4150 | 18979 | 14095 |
| Depreciation Expense | 12766 | 11552 | 48769 | 45124 |
| &nbsp;&nbsp;&nbsp;**TOTAL EXPENSES** | 42582 | 37500 | 166252 | 152163 |
| **OTHER INCOME (EXPENSE):** |  |  |  |  |
| Interest Income | 1027 | 896 | 4085 | 3362 |
| Dividend Income | 703 | 1242 | 2903 | 5098 |
| Gain (Loss) on Sales of Marketable Securities, net | (17922) | -0- | 6394 | 2342 |
| Increase (Decrease) in Fair Value of Marketable Securities | 21185 | 10932 | (21839) | 25052 |
| Other Income | 458 | 138 | 1240 | 626 |
| Loss on Investment in Joint Venture | (298) | (24) | (671) | (24) |
| Interest Expense | (7587) | (4615) | (26439) | (19158) |
| &nbsp;&nbsp;&nbsp;**TOTAL OTHER INCOME (EXPENSE)** | (2434) | 8569 | (34327) | 17298 |
| Income (Loss) before Loss on Sales of Investment Property and Equipment | 3732 | 17071 | (4803) | 51258 |
| Loss on Sales of Investment Property and Equipment | (73) | (61) | (169) | (170) |
| **NET INCOME (LOSS)** | 3659 | 17010 | (4972) | 51088 |
| Preferred Dividends | (3433) | (7600) | (23221) | (29839) |
| Redemption of Preferred Stock | -0- | -0- | (8190) | -0- |
| Loss Attributable to Non-Controlling Interest | 57 | -0- | 118 | -0- |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS** | $283 | $9410 | $(36265) | $21249 |
| **NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | $0.01 | $0.19 | $(0.67) | $0.46 |
| &nbsp;&nbsp;&nbsp;Diluted | $0.005 | $0.17 | $(0.67) | $0.45 |
| **WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 56184 | 49713 | 54389 | 46332 |
| &nbsp;&nbsp;&nbsp;Diluted | 56755 | 51128 | 54389 | 47432 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 5

**<u>Consolidated Statements of Cash Flows</u>**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **CASH FLOWS FROM OPERATING ACTIVITIES:** |  |  |
| Net Income (Loss) | $(4972) | $51088 |
| Non-Cash Items Included in Net Income (Loss): |  |  |
| &nbsp;&nbsp;&nbsp;Depreciation | 48769 | 45124 |
| &nbsp;&nbsp;&nbsp;Amortization of Financing Costs | 1956 | 1001 |
| &nbsp;&nbsp;&nbsp;Stock Compensation Expense | 4970 | 3447 |
| &nbsp;&nbsp;&nbsp;Provision for Uncollectible Notes and Other Receivables | 1497 | 1213 |
| &nbsp;&nbsp;&nbsp;Gain on Sales of Marketable Securities, net | (6394) | (2342) |
| &nbsp;&nbsp;&nbsp;Decrease (Increase) in Fair Value of Marketable Securities | 21839 | (25052) |
| &nbsp;&nbsp;&nbsp;Loss on Sales of Investment Property and Equipment | 169 | 170 |
| Changes in Operating Assets and Liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Inventory of Manufactured Homes | (64809) | 1791 |
| &nbsp;&nbsp;&nbsp;Notes and Other Receivables, net of notes acquired with acquisitions | (12740) | (9957) |
| &nbsp;&nbsp;&nbsp;Prepaid Expenses and Other Assets | (636) | (1557) |
| &nbsp;&nbsp;&nbsp;Accounts Payable | 2113 | (116) |
| &nbsp;&nbsp;&nbsp;Accrued Liabilities and Deposits | (310) | (134) |
| &nbsp;&nbsp;&nbsp;Tenant Security Deposits | 565 | 487 |
| **Net Cash Provided by (Used In) Operating Activities** | (7983) | 65163 |
| **CASH FLOWS FROM INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of Manufactured Home Communities, net of mortgages assumed | (65562) | (18405) |
| &nbsp;&nbsp;&nbsp;Purchase of Investment Property and Equipment | (81112) | (59270) |
| &nbsp;&nbsp;&nbsp;Proceeds from Sales of Investment Property and Equipment | 3098 | 2859 |
| &nbsp;&nbsp;&nbsp;Additions to Land Development Costs | (27185) | (27428) |
| &nbsp;&nbsp;&nbsp;Purchase of Marketable Securities | (19) | (18) |
| &nbsp;&nbsp;&nbsp;Proceeds from Sales of Marketable Securities | 56144 | 16835 |
| &nbsp;&nbsp;&nbsp;Investment in Joint Venture | (9485) | (8937) |
| **Net Cash Used in Investing Activities** | (124121) | (94364) |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from Mortgages, net of mortgages assumed | 59801 | 6070 |
| &nbsp;&nbsp;&nbsp;Net Proceeds (Payments) from Short-Term Borrowings | 107280 | (40448) |
| &nbsp;&nbsp;&nbsp;Principal Payments of Mortgages and Loans | (24294) | (25618) |
| &nbsp;&nbsp;&nbsp;Proceeds from Bond Issuance | 102670 | -0- |
| &nbsp;&nbsp;&nbsp;Financing Costs on Debt | (6561) | (167) |
| &nbsp;&nbsp;&nbsp;Investments from Non-Controlling Interest | 2350 | -0- |
| &nbsp;&nbsp;&nbsp;Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 9075 | 53213 |
| &nbsp;&nbsp;&nbsp;Payments on Redemption of Preferred Stock | (247100) | -0- |
| &nbsp;&nbsp;&nbsp;Proceeds from At-The-Market Common Equity Program, net of offering costs | 100752 | 179069 |
| &nbsp;&nbsp;&nbsp;Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments | 5025 | 6267 |
| &nbsp;&nbsp;&nbsp;Proceeds from Exercise of Stock Options | 4195 | 8601 |
| &nbsp;&nbsp;&nbsp;Preferred Dividends Paid | (24611) | (29839) |
| &nbsp;&nbsp;&nbsp;Common Dividends Paid, net of dividend reinvestments | (40628) | (31514) |
| **Net Cash Provided by Financing Activities** | 47954 | 125634 |
| **NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH** | (84150) | 96433 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR** | 125026 | 28593 |
| **CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR** | $40876 | $125026 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 6

**<u>Reconciliation of Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO</u>**

*(in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **December 31,**<br> **2022** | **December 31,**<br> **2021** | **December 31,**<br> **2022** | **December 31,**<br> **2021** |
| **Reconciliation of Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense** | | | | |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) | $3659 | $17010 | $(4972) | $51088 |
| &nbsp;&nbsp;&nbsp;Interest Expense | 7587 | 4615 | 26439 | 19158 |
| &nbsp;&nbsp;&nbsp;Franchise Taxes | 107 | 63 | 395 | 342 |
| &nbsp;&nbsp;&nbsp;Depreciation Expense | 12766 | 11552 | 48769 | 45124 |
| &nbsp;&nbsp;&nbsp;Depreciation Expense from Unconsolidated Joint Venture | 114 | -0- | 371 | -0- |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in Fair Value of Marketable Securities | (21185) | (10932) | 21839 | (25052) |
| &nbsp;&nbsp;&nbsp;(Gain) Loss on Sales of Marketable Securities, net | 17922 | -0- | (6394) | (2342) |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA** | **20970** | **22308** | **86447** | **88318** |
| &nbsp;&nbsp;&nbsp;Non-Recurring Other Expense <sup>(3)</sup> | 837 | 925 | 3479 | 1995 |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA without Non-Recurring Other Expense** | $**21807** | $**23233** | $**89926** | $**90313** |
| **Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Income (Loss) Attributable to Common Shareholders | $283 | $9410 | $(36265) | $21249 |
| &nbsp;&nbsp;&nbsp;Depreciation Expense | 12766 | 11552 | 48769 | 45124 |
| &nbsp;&nbsp;&nbsp;Depreciation Expense from Unconsolidated Joint Venture | 114 | -0- | 371 | -0- |
| &nbsp;&nbsp;&nbsp;Loss on Sales of Investment Property and Equipment | 73 | 61 | 169 | 170 |
| &nbsp;&nbsp;&nbsp;(Increase) Decrease in Fair Value of Marketable Securities | (21185) | (10932) | 21839 | (25052) |
| &nbsp;&nbsp;&nbsp;(Gain) Loss on Sales of Marketable Securities, net | 17922 | -0- | (6394) | (2342) |
| &nbsp;&nbsp;&nbsp;**Funds from Operations Attributable to Common Shareholders ("FFO")** | **9973** | **10091** | **28489** | **39149** |
| &nbsp;&nbsp;&nbsp;**Adjustments:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Redemption of Preferred Stock <sup>(1)</sup> | -0- | -0- | 12916 | -0- |
| &nbsp;&nbsp;&nbsp;Amortization <sup>(2)</sup> | 511 | -0- | 1956 | -0- |
| &nbsp;&nbsp;&nbsp;Non-Recurring Other Expense <sup>(3)</sup> | 837 | 925 | 3479 | 1995 |
| &nbsp;&nbsp;&nbsp;**Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO")** | $**11321** | $**11016** | $**46840** | $**41144** |

---

*(1) Primarily consists of redemption charges related to the original issuance costs ($8,190) and the carrying costs of excess cash ($4,726) in 2022 from the beginning of the year through the redemption date.*

 

*(2) Due to the change in sources of capital, this non-cash expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the year ended December 31, 2022. Had a similar adjustment been made in prior years, Normalized FFO Attributable to Common Shareholders would have been $11,293 or $0.22 and $42,145 or $0.89 for the three months and year ended December 31, 2021, respectively.*

 

*(3) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $1,724, respectively) and non-recurring expenses for the joint venture with Nuveen ($210 and $264, respectively), early extinguishment of debt ($125 and $320, respectively), one-time legal fees ($10 and $197, respectively), fees related to the establishment of the Opportunity Zone Fund ($61 and $954, respectively), and costs associated with an acquisition not completed ($0 and $20) for the three months and year ended December 31, 2022. Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($754 and $1,824, respectively) and non-recurring expenses for the joint venture ($171) for the three months and year ended December 31, 2021.*

 

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 7

 

**<u>Market Capitalization, Debt and Coverage Ratios</u>**

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

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| &nbsp;&nbsp;&nbsp;Shares Outstanding | 57595 | 51651 |
| &nbsp;&nbsp;&nbsp;Market Price Per Share | $16.10 | $27.33 |
| &nbsp;&nbsp;&nbsp;Equity Market Capitalization | $927298 | $1411624 |
| &nbsp;&nbsp;&nbsp;Total Debt | 761676 | 499324 |
| &nbsp;&nbsp;&nbsp;Preferred | 225379 | 462319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Market Capitalization** | $**1914353** | $**2373267** |
| &nbsp;&nbsp;&nbsp;Total Debt | $761676 | $499324 |
| &nbsp;&nbsp;&nbsp;Less: Cash and Cash Equivalents | (29785 | (116175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Debt** | **731891** | **383149** |
| &nbsp;&nbsp;&nbsp;Less: Marketable Securities at Fair Value ("Securities") | (42178 | (113748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net Debt Less Securities** | $**689713** | $**269401** |
| &nbsp;&nbsp;&nbsp;Interest Expense | $26439 | $19158 |
| &nbsp;&nbsp;&nbsp;Capitalized Interest | 2730 | 1476 |
| &nbsp;&nbsp;&nbsp;Preferred Dividends | 23221 | 29839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Fixed Charges** | $**52390** | $**50473** |
| &nbsp;&nbsp;&nbsp;**Adjusted EBITDA without Non-Recurring Other Expense** | $**89926** | $**90313** |
| **Debt and Coverage Ratios** |  |  |
| &nbsp;&nbsp;&nbsp;Net Debt / Total Market Capitalization | 38.2 | 16.1 |
| &nbsp;&nbsp;&nbsp;Net Debt Plus Preferred / Total Market Capitalization | 50.0 | 35.6 |
| &nbsp;&nbsp;&nbsp;Net Debt Less Securities / Total Market Capitalization | 36.0 | 11.4 |
| &nbsp;&nbsp;&nbsp;Net Debt Less Securities Plus Preferred / Total Market Capitalization | 47.8 | 30.8 |
| &nbsp;&nbsp;&nbsp;Interest Coverage | 3.1 | 4.4 |
| &nbsp;&nbsp;&nbsp;Fixed Charge Coverage | 1.7 | 1.8 |
| &nbsp;&nbsp;&nbsp;Net Debt / Adjusted EBITDA without Non-Recurring Other Expense | 8.1 | 4.2 |
| &nbsp;&nbsp;&nbsp;Net Debt Less Securities / Adjusted EBITDA without Non-Recurring Other Expense | 7.7 | 3.0 |
| &nbsp;&nbsp;&nbsp;Net Debt Plus Preferred / Adjusted EBITDA without Non-Recurring Other Expense | 10.6 | 9.4 |
| &nbsp;&nbsp;&nbsp;Net Debt Less Securities Plus Preferred / Adjusted EBITDA without Non-Recurring Other Expense | 10.2 | 8.1 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 8

**<u>Debt Analysis</u>**

*(in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **December 31, 2022** | **December 31, 2021** |
| **Debt Outstanding** |  |  |
| &nbsp;&nbsp;&nbsp;**Mortgages Payable:** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Rate Mortgages | $513709 | $456702 |
| &nbsp;&nbsp;&nbsp;Unamortized Debt Issuance Costs | (4771) | (4135) |
| &nbsp;&nbsp;&nbsp;**Mortgages, Net of Unamortized Debt Issuance Costs** | $**508938** | $**452567** |
| &nbsp;&nbsp;&nbsp;**Loans Payable:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unsecured Line of Credit | $75000 | $25000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Loans Payable | 79226 | 21945 |
| &nbsp;&nbsp;&nbsp;Total Loans Before Unamortized Debt Issuance Costs | 154226 | 46945 |
| &nbsp;&nbsp;&nbsp;Unamortized Debt Issuance Costs | (695) | (188) |
| &nbsp;&nbsp;&nbsp;**Loans, Net of Unamortized Debt Issuance Costs** | $**153531** | $**46757** |
| &nbsp;&nbsp;&nbsp;**Bonds Payable:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series A Bonds | $102670 | $-0- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unamortized Debt Issuance Costs | (3463) | -0- |
| &nbsp;&nbsp;&nbsp;**Bonds, Net of Unamortized Debt Issuance Costs** | $**99207** | $**-0-** |
| &nbsp;&nbsp;&nbsp;**Total Debt, Net of Unamortized Debt Issuance Costs** | $**761676** | $**499324** |
| &nbsp;&nbsp;&nbsp;**% Fixed/Floating** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed | 80.0% | 90.7% |
| &nbsp;&nbsp;&nbsp;Floating | 20.0% | 9.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | **100.0%** | **100.0%** |
| **Weighted Average Interest Rates *<sup>(1)</sup>*** |  |  |
| &nbsp;&nbsp;&nbsp;Mortgages Payable | 3.93% | 3.75% |
| &nbsp;&nbsp;&nbsp;Loans Payable | 6.76% | 2.66% |
| &nbsp;&nbsp;&nbsp;Bonds Payable | 4.72% | N/A |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Average** | **4.60%** | **3.65%** |
| **Weighted Average Maturity (Years) Mortgages Payable** | **5.1** | **5.2** |

---

*(1) Weighted average interest rates do not include the effect of unamortized debt issuance costs.*

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 9

**<u>Debt Maturity</u>**

*(in thousands) (unaudited)*

![](ex99_002.jpg)

**As of December 31, 2022:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Mortgages** | **Loans** | **Bonds** | **Total** | **% of Total** |
| 2023 | $58793 | $79226 | $-0- | $138019 | 17.9% |
| 2024 | -0- | -0- | -0- | -0- | 0.0% |
| 2025 | 122260 | -0- | -0- | 122260 | 15.9% |
| 2026 | 38294 | 75000 | -0- | 113294 | 14.7% |
| 2027 | 39927 | -0- | 102670 | 142597 | 18.5% |
| Thereafter | 254435 | -0- | -0- | 254435 | 33.0% |
| Total Debt Before Unamortized Debt Issuance Cost | 513709 | 154226 | 102670 | 770605 | 100.0% |
| Unamortized Debt Issuance Cost | (4771) | (695 | (3463 | (8929) |  |
| **Total Debt, Net of Unamortized** **Debt Issuance Costs** | $**508938** | $**153531** | $**99207** | $**761676** |  |

---

*(1) Represents $75.0 million balance outstanding on the Company's Line of Credit due November 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.*

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 10

**<u>Securities Portfolio Performance</u>**

*(in thousands)*

![](ex99_003.jpg)

![](ex99_004.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year Ended** | **Securities Available<br> for Sale** | **Dividend Income** | **Net Realized Gain on<br> Sale of Securities** | **Net Realized Gain on Sale of Securities & Dividend Income** |
| 2010 | $28757 | $1763 | $2028 | $3791 |
| 2011 | 43298 | 2512 | 2693 | 5205 |
| 2012 | 57325 | 3244 | 4093 | 7337 |
| 2013 | 59255 | 3481 | 4056 | 7537 |
| 2014 | 63556 | 4066 | 1543 | 5609 |
| 2015 | 75011 | 4399 | 204 | 4603 |
| 2016 | 108755 | 6636 | 2285 | 8921 |
| 2017 | 132964 | 8135 | 1747 | 9882 |
| 2018 | 99596 | 10367 | 20 | 10387 |
| 2019 | 116186 | 7535 | -0- | 7535 |
| 2020 | 103172 | 5729 | -0- | 5729 |
| 2021 | 113748 | 5098 | 2342 | 7440 |
| 2022 | 42178 | 2903 | 6394 | 9297 |
|  |  | $**65868** | $**27405** | $**93273** |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 11

**<u>Property Summary and Snapshot</u>**

*(unaudited)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** | **% Change** |  |
| Communities | 134 | 127 | 5.5 | % |
| Developed Sites | 25568 | 24025 | 6.4 | % |
| Occupied | 21626 | 20662 | 4.7 | % |
| Occupancy % | 84.6% | 86.0% | (140) | bps) |
| Total Rentals | 9098 | 8706 | 4.5 | % |
| Occupied Rentals | 8487 | 8312 | 2.1 | % |
| Rental Occupancy % | 93.3% | 95.5% | (220) | bps) |
| Monthly Rent Per Site | $498 | $480 | 3.8 | % |
| Monthly Rent Per Home Rental Including Site | $873 | $824 | 5.9 | % |

---

 

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **State** | **Number** | **Total Acreage** | **Developed Acreage** | **Vacant Acreage** | **Total Sites** | **Occupied**<br> **Sites** | **Occupancy Percentage** | **Monthly Rent Per Site** | **Total Rentals** | **Occupied Rentals** | **Rental Occupancy Percentage** | **Monthly Rent Per**<br> **Home Rental** |
|  |  | *(1)* |  | *(1)* |  |  |  |  |  |  |  | *(2)* |
| Alabama | 2 | 69 | 62 | 7 | 330 | 88 | 26.7% | $184 | 58 | 51 | 87.9% | $950 |
| Indiana | 14 | 1105 | 893 | 212 | 4011 | 3450 | 86.0% | $452 | 1804 | 1667 | 92.4% | $863 |
| Maryland | 1 | 77 | 10 | 67 | 62 | 62 | 100.0% | $589 | -0- | -0- | 0.0% | N/A |
| Michigan | 4 | 241 | 222 | 19 | 1089 | 860 | 79.0% | $468 | 295 | 269 | 91.2% | $861 |
| New Jersey | 5 | 390 | 226 | 164 | 1266 | 1224 | 96.7% | $673 | 44 | 41 | 93.2% | $1186 |
| New York | 8 | 674 | 323 | 351 | 1355 | 1147 | 84.6% | $583 | 450 | 411 | 91.3% | $1010 |
| Ohio | 38 | 2007 | 1516 | 491 | 7247 | 6109 | 84.3% | $459 | 2643 | 2497 | 94.5% | $838 |
| Pennsylvania | 53 | 2409 | 1890 | 519 | 7968 | 6791 | 85.2% | $521 | 2884 | 2675 | 92.8% | $883 |
| South Carolina | 2 | 63 | 55 | 8 | 322 | 159 | 49.4% | $210 | 65 | 56 | 86.2% | $868 |
| Tennessee | 7 | 544 | 316 | 228 | 1918 | 1736 | 90.5% | $510 | 855 | 820 | 95.9% | $888 |
| **Total as of December 31, 2022** | **134** | **7579** | **5513** | **2066** | **25568** | **21626** | **84.6%** | $**498** | **9098** | **8487** | **93.3%** | $**873** |
| Acquisitions *<sup>(3)</sup>* | 1 | 26 | 26 | -0- | 118 | -0- | **0.0%** | N/A | -0- | -0- | **0.0%** | N/A |
| **Grand Total** | **135** | **7605** | **5539** | **2066** | **25686** | **21626** | **84.2%** | $**498** | **9098** | **8487** | **93.3%** | $**873** |

---

 

*(1)* *Total and Vacant Acreage of 220 for Mountain View Estates and 61 for Struble Ridge are included in the above summary.* 

*(2)* *Includes home and site rent charges.* 

*(3)* *Acquisition of one community completed on January 19, 2023.* 

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 12

**<u>Same Property Statistics</u>**

*(dollars in thousands) (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For Three Months Ended** | **For Three Months Ended** | **For Three Months Ended** | **For Three Months Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,**<br> **2022** | **December 31,**<br> **2021** | **Change** | **% <br> Change** | **December 31,**<br> **2022** | **December 31,**<br> **2021** | **Change** | **% <br> Change** |
| **Community Net Operating Income** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Rental and Related Income | $42207 | $40022 | $2185 | 5.5% | $166113 | $157005 | $9108 | 5.8% |
| &nbsp;&nbsp;&nbsp;Community Operating Expenses | 18000 | 15714 | 2286 | 14.5% | 69553 | 63113 | 6440 | 10.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Community NOI** | $**24207** | $**24308** | $**(101)** | **(0.4)%** | $**96560** | $**93892** | $**2668** | **2.8%** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2022** | **December 31, 2021** | **Change** |
| Total Sites | 23349 | 23365 | (0.1) |
| Occupied Sites | 20230 | 20270 | (0.2) |
| Occupancy % | 86.6% | 86.8% | (20) |
| Number of Properties | 124 | 124 | N/A |
| Total Rentals | 8861 | 8541 | 3.7 |
| Occupied Rentals | 8285 | 8182 | 1.3 |
| Rental Occupancy | 93.5% | 95.8% | (230) |
| Monthly Rent Per Site | $506 | $483 | 4.8 |
| Monthly Rent Per Home Including Site | $872 | $824 | 5.8 |

---

*Same Property includes all properties owned as of January 1, 2021, with the exception of Memphis Blues and Duck River Estates.*

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 13

**<u>Acquisitions Summary</u>**

*(dollars in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Year of**<br> **Acquisition**  | **Number of Communities** | **Sites** | **Occupancy%**<br> **at Acquisition** | **Purchase**<br> **Price** | **Price**<br> **Per Site** | **Total Acres** |
| 2020 | 2 | 310 | 64% | $7840 | $25 | 48 |
| 2021 | 3 | 543 | 59% | $18300 | $34 | 113 |
| 2022 | 7 | 1486 | 66% | $86223 | $58 | 461 |
| 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | 118 | 0% | $3650 | $31 | 26 |

---

![](ex99_005.jpg)

**2022 Acquisitions**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Community** | **Date of Acquisition** | **State** | **Number of Sites** | **Purchase Price** | **Number of Acres** | **Occupancy** |
| Center Manor | March 31, 2022 | PA | 96 | $5800 | 18 | 83% |
| Mandell Trails | May 3, 2022 | PA | 132 | 7375 | 69 | 70% |
| La Vista Estates | May 25, 2022 | AL | 139 | 3878 | 36 | 6% |
| Hidden Creek | July 14, 2022 | MI | 351 | 22000 | 88 | 63% |
| Garden View | August 10, 2022 | SC | 187 | 5200 | 39 | 42% |
| Fohl Village | November 22, 2022 | OH | 321 | 19070 | 170 | 77% |
| Oak Tree | December 15, 2022 | NJ | 260 | 22900 | 41 | 98% |
| **Total 2022** |  |  | **1486** | $**86223** | **461** | **66%** |

---

**2023 Acquisitions**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Community** | **Date of Acquisition** | **Number of Sites** | **Purchase Price** | **Number of Acres** | **Occupancy** |
| Mighty Oak | January 19, 2023 GA | 118 | $3650 | 26 | 0% |
| **Total 2023 to Date** |  | **118** | $**3650** | **26** | **0%** |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 14

**<u>Definitions</u>**

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 NOI, and earnings before interest, taxes, depreciation, amortization and acquisition costs ("Adjusted EBITDA without 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 NOI, Adjusted EBITDA without 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 certain one-time charges. Community NOI and Same Property 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 without 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 NOI, Adjusted EBITDA without 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.

As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts ("NAREIT"), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, 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 certain one-time charges.

**Normalized FFO per Diluted Common Share** is calculated using diluted weighted shares outstanding of 56.8 million and 54.4 million shares for the three months and year ended December 31, 2022, respectively, and 51.1 million and 47.4 million shares for the three months and year ended December 31, 2021, respectively. Common stock equivalents resulting from stock options in the amount of 936,000 shares for the year ended December 31, 2022 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive. Common stock equivalents resulting from stock options in the amount of 571,000 for the three months ended December 31, 2022, and 1.4 million and 1.1 million shares for the three months and year ended December 31, 2021, respectively, were included in the computation of Diluted Net Income (Loss) 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 NOI** is calculated as Community NOI, using all properties owned as of January 1, 2021, with the exception of Memphis Blues and Duck River Estates.

**Adjusted EBITDA without 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 NOI, Adjusted EBITDA without 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 NOI, Adjusted EBITDA without 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 NOI, Adjusted EBITDA without 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. **\|** Fourth Quarter FY 2022 Supplemental Information 15

**<u>Press Release Dated February 28, 2023</u>**

---

| | |
|:---|:---|
| **FOR IMMEDIATE RELEASE** | **February 28, 2023** |
|  | **Contact: Nelli Madden** |
|  | **732-577-9997** |

---

**<u>UMH PROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED</u>**

**<u>DECEMBER 31, 2022</u>**

**FREEHOLD, NJ,** February 28, 2023…….. UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $195.8 million for the year ended December 31, 2022 as compared to $186.1 million for the year ended December 31, 2021, representing an increase of 5%. Total Income for the quarter ended December 31, 2022 was $48.7 million as compared to $46.0 million for the quarter ended December 31, 2021, representing an increase of 6%. Net Income (Loss) Attributable to Common Shareholders amounted to a loss of $36.3 million or $0.67 per diluted share for the year ended December 31, 2022 as compared to income of $21.2 million or $0.45 per diluted share for the year ended December 31, 2021. Net Income Attributable to Common Shareholders amounted to $283,000 or $0.005 per diluted share for the quarter ended December 31, 2022 as compared to $9.4 million or $0.17 per diluted share for the quarter ended December 31, 2021.

Funds from Operations Attributable to Common Shareholders ("FFO") was $28.5 million or $0.51 per diluted share for the year ended December 31, 2022 as compared to $39.1 million or $0.83 per diluted share for the year ended December 31, 2021. FFO was $10.0 million or $0.18 per diluted share for the quarter ended December 31, 2022 as compared to $10.1 million or $0.20 per diluted share for the quarter ended December 31, 2021. Normalized Funds from Operations Attributable to Common Shareholders ("Normalized FFO"), was $46.8 million or $0.85 per diluted share for the year ended December 31, 2022, as compared to $41.1 million or $0.87 per diluted share for the year ended December 31, 2021. Normalized FFO was $11.3 million or $0.20 per diluted share for the quarter ended December 31, 2022, as compared to $11.0 million or $0.22 per diluted share for the quarter ended December 31, 2021.

A summary of significant financial information for the three months and year ended December 31, 2022 and 2021 is as follows *(in thousands except per share amounts)*:

---

| | | |
|:---|:---|:---|
|  | **For the Three Months Ended** | **For the Three Months Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Total Income | $48748 | $46002 |
| Total Expenses | $42582 | $37500 |
| Net Income Attributable to Common Shareholders | $283 | $9410 |
| Net Income Attributable to Common Shareholders per Diluted Common Share | $0.005 | $0.17 |
| FFO <sup>(1)</sup> | $9973 | $10091 |
| FFO <sup>(1)</sup> per Diluted Common Share | $0.18 | $0.20 |
| Normalized FFO <sup>(1)</sup> | $11321 | $11016 |
| Normalized FFO <sup>(1)</sup> per Diluted Common Share | $0.20 | $0.22 |
| Weighted Average Shares Outstanding | 56755 | 51128 |

---

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 16

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| | | |
|:---|:---|:---|
|  | **For the Year Ended** | **For the Year Ended** |
|  | **December 31,** | **December 31,** |
|  | **2022** | **2021** |
| Total Income | $195776 | $186123 |
| Total Expenses | $166252 | $152163 |
| Net Income (Loss) Attributable to Common Shareholders | $(36265) | $21249 |
| Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $(0.67) | $0.45 |
| FFO <sup>(1)</sup> | $28489 | $39149 |
| FFO <sup>(1)</sup> per Diluted Common Share | $0.51 | $0.83 |
| Normalized FFO <sup>(1)</sup> | $46840 | $41144 |
| Normalized FFO <sup>(1)</sup> per Diluted Common Share | $0.85 | $0.87 |
| Weighted Average Shares Outstanding | 54389 | 47432 |

---

A summary of significant balance sheet information as of December 31, 2022 and 2021 is as follows *(in thousands)*:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2022** | **December 31,**<br> **2021** |
| Gross Real Estate Investments | $1391588 | $1205091 |
| Marketable Securities at Fair Value | $42178 | $113748 |
| Total Assets | $1344596 | $1270820 |
| Mortgages Payable, net | $508938 | $452567 |
| Loans Payable, net | $153531 | $46757 |
| Bonds Payable, net | $99207 | $-0- |
| Total Shareholders' Equity | $551196 | $742140 |

---

Samuel A. Landy, President and CEO, commented on the 2022 results.

"During 2022, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving our financial position. We have:

● Increased Rental and Related Income by 7%;

● Increased Community Net Operating Income ("NOI") by 4%;

● Increased our rental home portfolio by 392 homes from year end 2021 to approximately 9,100 total rental homes, representing an increase of 5% from year end 2021;

● Acquired seven communities containing 1,486 homesites for a total cost of $86.2 million;

● Issued $102.7 million of 4.72% Series A Bonds due 2027 in an offering to investors in Israel, for total proceeds of $98.7 million, net of offering expenses;

● Completed the addition of approximately 1,100 homes to our Fannie Mae credit facility, for total proceeds of approximately $25.6 million;

● Financed four communities and approximately 250 rental homes within those communities for total proceeds of approximately $34.2 million;

● Issued and sold approximately 5.0 million shares of Common Stock through an At-the-Market Sale Program at a weighted average price of $20.58 per share, generating gross proceeds of $102.6 million and net proceeds of $100.8 million, after offering expenses;

● Issued and sold approximately 406,000 shares of Series D Preferred Stock through an At-the-Market Sale Program at a weighted average price of $22.90 per share, generating gross proceeds of $9.3 million and net proceeds of $9.1 million, after offering expenses;

● Redeemed all 9.9 million issued and outstanding shares of our 6.75% Series C Preferred Stock for $247.1 million;

● Invested $8.0 million in the UMH qualified opportunity zone fund to acquire, develop and redevelop manufactured housing communities located in Qualified Opportunity Zones;

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 17

● Entered into a Second Amended and Restated Credit Agreement to expand available borrowings from $75 million to $100 million with a $400 million accordion feature, subject to certain conditions, and to extend the maturity date to November 7, 2026, with a one-year extension available at our option; and subsequent to year end, further expanded this line from $100 million to $180 million;

● Subsequent to year end, acquired our first community in Georgia, containing 118 developed homesites, for a total cost of $3.7 million through our qualified opportunity zone fund;

● Subsequent to year end, issued and sold approximately 1.9 million shares of Common Stock through an At-the-Market Sale Program at a weighted average price of $16.99 per share, generating gross proceeds of $32.7 million and net proceeds of $32.2 million, after offering expenses; and

● Subsequent to year end, issued and sold approximately 640,000 shares of Series D Preferred Stock through an At-the-Market Sale Program at a weighted average price of $22.77 per share, generating gross proceeds of $14.6 million and net proceeds of $14.4 million, after offering expenses."

"UMH is well positioned for future earnings growth. We have invested a considerable amount of capital in existing acquisitions, expanding our communities and into our joint venture. This capital has been deployed, but value-add acquisitions and expansions take time to generate returns. The communities and expansions we have invested in are well-located and are experiencing strong demand for sales and rentals which will result in increased occupancy and revenue."

"The backlogs from our manufacturers are now back to pre-pandemic levels, and we have over 1,000 homes being set up and ready for occupancy. As these homes come online, we anticipate revenue growth in the 8-9% range which will more than offset the expense growth resulting in high single or low double digit NOI growth."

"During the year, we completed the acquisition of seven communities containing approximately 1,500 developed homesites for a total purchase price of approximately $86 million. These value-add acquisitions provide a runway for long-term NOI and earnings accretion but impacted our earnings in the short term. We also completed the development of 225 expansion sites which will generate sales profits, strong yields and property appreciation in the future."

"We are proud of the company that we have built and the mission we are on to provide the Nation with needed affordable housing. Our results and future growth prospects allowed us to raise our dividend for three consecutive years. We believe we are on track for earnings and dividend growth in the future. We look forward to continuing to execute on our business plan and building long-term value for our dedicated shareholders."

UMH Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2022 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, March 1, 2023 at 10:00 a.m. Eastern Time.

The Company's fourth quarter and year ended December 31, 2022 financial results being released herein will be available on the Company's website at <u>www.umh.reit</u> in the "Financials" section.

To participate in the webcast, select the microphone icon found on the homepage <u>www.umh.reit</u> to access the call. 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 Wednesday, March 1, 2023 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 7936826. A transcript of the call and the webcast replay will be available at the Company's website, <u>www.umh.reit</u>.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 135 manufactured home communities containing approximately 25,700 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.

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 18

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:

&nbsp;&nbsp;&nbsp;&nbsp;(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 extraordinary items, as defined under U.S. GAAP, 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.

The reconciliation of the Company's U.S. GAAP net income (loss) to the Company's FFO and Normalized FFO for the three months and year ended December 31, 2022 and 2021 are calculated as follows *(in thousands)*:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended** | **Three Months Ended** | **Year Ended** | **Year Ended** |
|  | **12/31/22** | **12/31/21** | **12/31/22** | **12/31/21** |
| Net Income (Loss) Attributable to Common Shareholders | $283 | $9410 | $(36265) | $21249 |
| Depreciation Expense | 12766 | 11552 | 48769 | 45124 |
| Depreciation Expense from Unconsolidated Joint Venture | 114 | -0- | 371 | -0- |
| Loss on Sales of Investment Property and Equipment | 73 | 61 | 169 | 170 |
| (Increase) Decrease in Fair Value of Marketable Securities | (21185) | (10932) | 21839 | (25052) |
| Gain on Sales of Marketable Securities, net | 17922 | -0- | (6394) | (2342) |
| **FFO Attributable to Common Shareholders** | **9973** | **10091** | **28489** | **39149** |
| Redemption of Preferred Stock <sup>(2)</sup> | -0- | -0- | 12916 | -0- |
| Amortization <sup>(3)</sup> | 511 | -0- | 1956 | -0- |
| Non-Recurring Other Expense <sup>(4)</sup> | 837 | 925 | 3479 | 1995 |
| **Normalized FFO Attributable to Common Shareholders** | $**11321** | $**11016** | $**46840** | $**41144** |

---

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 56.8 million and 55.3 million shares for the three months and year ended December 31, 2022, respectively, and 51.1 million and 47.4 million shares for the three months and year ended December 31, 2021, respectively. Common stock equivalents resulting from stock options in the amount of 571,000 and 936,000 shares for the three months and year ended December 31, 2022, respectively, were excluded from the diluted weighted shares outstanding as they would have been anti-dilutive. Common stock equivalents resulting from stock options in the amount of 1.4 million and 1.1 million shares for the three months and year ended December 31, 2021, respectively, are included in the diluted weighted shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Primarily
 consists of redemption charges related to the original issuance costs ($8,190) and the carrying
 costs of excess cash ($4,726) in 2022 from the beginning of the year through the redemption
 date.

UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 19

&nbsp;&nbsp;&nbsp;&nbsp;(3) Due
 to the change in sources of capital, this non-cash expense is expected to become more significant
 and is therefore included as an adjustment to Normalized FFO for the year ended December
 31, 2022. Had a similar adjustment been made in prior years, Normalized FFO Attributable
 to Common Shareholders would have been $11,293 or $0.22 and $42,145 or $0.89 for the
 three months and year ended December 31, 2021, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Consists
 of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae
 financing, which are being expensed over the vesting period ($431 and $1,724, respectively)
 and non-recurring expenses for the joint venture with Nuveen ($210 and $264, respectively),
 early extinguishment of debt ($125 and $320, respectively), one-time legal fees ($10 and
 $197, respectively), fees related to the establishment of the Opportunity Zone Fund ($61
 and $954, respectively) and costs associated with acquisition not completed ($0 and $20,
 respectively) for the three months and year ended December 31, 2022. Consists of special
 bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing,
 which are being expensed over the vesting period ($754 and $1,824, respectively) and
 non-recurring expenses for the joint venture ($171) for the three months and year ended December
 31, 2021.

The following are the cash flows provided by (used in) operating, investing and financing activities for the year ended December 31, 2022 and 2021 *(in thousands)*:

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
| Operating Activities | $(7983) | $65163 |
| Investing Activities | (124121) | (94364) |
| Financing Activities | 47954 | 125634 |

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UMH Properties, Inc. **\|** Fourth Quarter FY 2022 Supplemental Information 20