Exhibit 99

 

Table of Contents
	Page
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Income (Loss)	5
Consolidated Statements of Cash Flows	6
Reconciliation of Net Income (Loss) to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO	7
Market Capitalization, Debt and Coverage Ratios	8
Debt Analysis	9
Debt Maturity	10
Securities Portfolio Performance	11
Property Summary and Snapshot	12
Same Property Statistics	13
Acquisitions Summary and Property Portfolio	14
Definitions	15
Press Release Dated November 6, 2024	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-Q.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 2

Financial Highlights

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

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Operating Information
Number of Communities (1)								139			137
Total Sites (1)								26,189			26,141
Rental and Related Income	$	51,937		$	48,135		$	153,760		$	140,503
Community Operating Expenses	$	22,511		$	20,673		$	65,203		$	60,795
Community NOI	$	29,426		$	27,462		$	88,557		$	79,708
Expense Ratio		43.3	%		42.9	%		42.4	%		43.3	%
Sales of Manufactured Homes	$	8,734		$	7,909		$	24,919		$	23,438
Number of Homes Sold		100			90			300			264
Number of Rentals Added, net		117			245			284			779
Net Income (Loss)	$	12,905		$	(1,499	)	$	16,461		$	(3,403	)
Net Income (Loss) Attributable to Common Shareholders	$	8,181		$	(5,831	)	$	2,444		$	(15,546	)
Adjusted EBITDA excluding Non-Recurring Other Expense	$	29,138		$	25,965		$	84,152		$	74,695
FFO Attributable to Common Shareholders	$	17,662		$	13,791		$	47,890		$	36,474
Normalized FFO Attributable to Common Shareholders	$	18,462		$	14,400		$	50,286		$	39,169
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic		75,610			65,076			72,173			61,853
Diluted		76,563			65,554			72,971			62,508
Net Income (Loss) Attributable to Shareholders per Share-
Basic and Diluted	$	0.11		$	(0.09	)	$	0.03		$	(0.25	)
FFO per Share- (2)
Basic	$	0.23		$	0.21		$	0.66		$	0.59
Diluted	$	0.23		$	0.21		$	0.66		$	0.58
Normalized FFO per Share- (2)
Basic	$	0.24		$	0.22		$	0.70		$	0.63
Diluted	$	0.24		$	0.22		$	0.69		$	0.63
Dividends per Common Share	$	0.215		$	0.205		$	0.64		$	0.62
Balance Sheet
Total Assets							$	1,501,533		$	1,392,884
Total Liabilities							$	643,148		$	715,137
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs							$	614,944		$	686,630
Equity Market Capitalization							$	1,547,969		$	927,733
Series D Preferred Stock							$	306,778		$	279,482
Total Market Capitalization							$	2,469,691		$	1,893,845

(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
(2)	Please see Definitions on page 15.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 3

Consolidated Balance Sheets
(in thousands except per share amounts)	September 30,			December 31,
	2024			2023
		(unaudited)
ASSETS
Investment Property and Equipment
Land	$	87,478		$	86,497
Site and Land Improvements		915,748			896,568
Buildings and Improvements		39,795			39,506
Rental Homes and Accessories		554,034			516,470
Total Investment Property		1,597,055			1,539,041
Equipment and Vehicles		30,759			29,126
Total Investment Property and Equipment		1,627,814			1,568,167
Accumulated Depreciation		(456,795	)		(416,309	)
Net Investment Property and Equipment		1,171,019			1,151,858
Other Assets
Cash and Cash Equivalents		66,704			57,320
Marketable Securities at Fair Value		34,178			34,506
Inventory of Manufactured Homes		31,440			32,940
Notes and Other Receivables, net		88,367			81,071
Prepaid Expenses and Other Assets		17,138			11,729
Land Development Costs		65,965			33,302
Investment in Joint Venture		26,722			24,851
Total Other Assets		330,514			275,719
TOTAL ASSETS	$	1,501,533		$	1,427,577
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	$	488,285		$	496,483
Other Liabilities
Accounts Payable		5,732			6,106
Loans Payable, net of unamortized debt issuance costs		25,968			93,479
Series A Bonds, net of unamortized debt issuance costs		100,691			100,055
Accrued Liabilities and Deposits		12,546			15,117
Tenant Security Deposits		9,926			9,543
Total Other Liabilities		154,863			224,300
Total Liabilities		643,148			720,783
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 13,700 shares authorized as of September 30, 2024 and December, 31 2023; 12,271 and 11,607 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		306,778			290,180
Common Stock- $0.10 par value per share: 163,714 and 153,714 shares authorized as of September 30, 2024 and December 31, 2023; 78,697 and 67,978 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively		7,870			6,798
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of September 30, 2024 and December 31, 2023		-0-			-0-
Additional Paid-In Capital		567,178			433,106
Accumulated Deficit		(25,364	)		(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity		856,462			704,720
Non-Controlling Interest in Consolidated Subsidiaries		1,923			2,074
Total Shareholders’ Equity		858,385			706,794
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,501,533		$	1,427,577

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 4

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
INCOME:
Rental and Related Income	$	51,937		$	48,135		$	153,760		$	140,503
Sales of Manufactured Homes		8,734			7,909			24,919			23,438
TOTAL INCOME		60,671			56,044			178,679			163,941
EXPENSES:
Community Operating Expenses		22,511			20,673			65,203			60,795
Cost of Sales of Manufactured Homes		5,446			5,334			16,463			16,059
Selling Expenses		1,787			1,792			5,177			5,269
General and Administrative Expenses		4,474			4,491			15,348			14,654
Depreciation Expense		14,693			14,147			44,435			41,271
TOTAL EXPENSES		48,911			46,437			146,626			138,048
OTHER INCOME (EXPENSE):
Interest Income		1,816			1,306			4,884			3,661
Dividend Income		357			508			1,079			1,745
Gain (Loss) on Sales of Marketable Securities, net		-0-			226			(3,778	)		183
Increase (Decrease) in Fair Value of Marketable Securities		5,499			(5,496	)		3,468			(10,439	)
Other Income		150			235			514			850
Loss on Investment in Joint Venture		(75	)		(165	)		(299	)		(645	)
Interest Expense		(6,524	)		(7,694	)		(21,369	)		(24,662	)
TOTAL OTHER INCOME (EXPENSE)		1,223			(11,080	)		(15,501	)		(29,307	)
Income (Loss) before Gain (Loss) on Sales of Investment Property and Equipment		12,983			(1,473	)		16,552			(3,414	)
Gain (Loss) on Sales of Investment Property and Equipment		(78	)		(26	)		(91	)		11
NET INCOME (LOSS)		12,905			(1,499	)		16,461			(3,403	)
Preferred Dividends		(4,783	)		(4,364	)		(14,168	)		(12,251	)
Loss Attributable to Non-Controlling Interest		59			32			151			108
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	8,181		$	(5,831	)	$	2,444		$	(15,546	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted	$	0.11		$	(0.09	)	$	0.03		$	(0.25	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		75,610			65,076			72,173			61,853
Diluted		76,563			65,554			72,971			62,508

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 5

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

	Nine Months Ended
	September 30, 2024			September 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	16,461		$	(3,403	)
Non-Cash Items Included in Net Income (Loss):
Depreciation		44,435			41,271
Amortization of Financing Costs		1,770			1,592
Stock Compensation Expense		3,732			4,010
Provision for Uncollectible Notes and Other Receivables		1,302			1,332
(Gain) Loss on Sales of Marketable Securities, net		3,778			(183	)
(Increase) Decrease in Fair Value of Marketable Securities		(3,468	)		10,439
(Gain) Loss on Sales of Investment Property and Equipment		91			(11	)
Loss on Investment in Joint Venture		690			799
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		1,500			49,518
Notes and Other Receivables, net of notes acquired with acquisitions		(8,598	)		(12,645	)
Prepaid Expenses and Other Assets		(4,800	)		1,612
Accounts Payable		(374	)		(409	)
Accrued Liabilities and Deposits		(2,571	)		(3,815	)
Tenant Security Deposits		383			1,007
Net Cash Provided by Operating Activities		54,331			91,114
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities		-0-			(3,679	)
Purchase of Investment Property and Equipment		(67,575	)		(108,616	)
Proceeds from Sales of Investment Property and Equipment		3,888			2,282
Additions to Land Development Costs		(30,784	)		(24,310	)
Purchase of Marketable Securities		(18	)		(17	)
Proceeds from Sales of Marketable Securities		36			4,323
Investment in Joint Venture		(2,561	)		(5,709	)
Net Cash Used in Investing Activities		(97,014	)		(135,726	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net Payments from Short-Term Borrowings		(67,363	)		(8,338	)
Principal Payments of Mortgages and Loans		(8,887	)		(67,429	)
Financing Costs on Debt		(593	)		(871	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs		15,260			46,792
Proceeds from At-The-Market Common Equity Program, net of offering costs		163,194			121,964
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments		5,258			4,807
Proceeds from Exercise of Stock Options		2,919			734
Preferred Dividends Paid		(14,168	)		(12,251	)
Common Dividends Paid, net of dividend reinvestments		(42,944	)		(36,102	)
Net Cash Provided by Financing Activities		52,676			49,306
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		9,993			4,694
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		64,437			40,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	74,430		$	45,570

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 6

Reconciliation of Net Income (Loss) to Adjusted EBITDA and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO

(in thousands) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net Income (Loss)	$	12,905		$	(1,499	)	$	16,461		$	(3,403	)
Interest Expense		6,524			7,694			21,369			24,662
Franchise Taxes		114			101			342			302
Depreciation Expense		14,693			14,147			44,435			41,271
Depreciation Expense from Unconsolidated Joint Venture		209			179			610			504
(Increase) Decrease in Fair Value of Marketable Securities		(5,499	)		5,496			(3,468	)		10,439
(Gain) Loss on Sales of Marketable Securities, net		-0-			(226	)		3,778			(183	)
Adjusted EBITDA		28,946			25,892			83,527			73,592
Non- Recurring Other Expense (1)		192			73			625			1,103
Adjusted EBITDA without Non-recurring Other Expense	$	29,138		$	25,965		$	84,152		$	74,695

Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations

Net Income (Loss) Attributable to Common Shareholders	$	8,181		$	(5,831	)	$	2,444		$	(15,546	)
Depreciation Expense		14,693			14,147			44,435			41,271
Depreciation Expense from Unconsolidated Joint Venture		209			179			610			504
(Gain) Loss on Sales of Investment Property and Equipment		78			26			91			(11	)
(Increase) Decrease in Fair Value of Marketable Securities		(5,499	)		5,496			(3,468	)		10,439
(Gain) Loss on Sales of Marketable Securities, net		-0-			(226	)		3,778			(183	)
Funds from Operations Attributable to Common Shareholders (“FFO”)		17,662			13,791			47,890			36,474
Adjustments:
Amortization of Financing Costs		608			536			1,771			1,592
Non- Recurring Other Expense (1)		192			73			625			1,103
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)	$	18,462		$	14,400		$	50,286		$	39,169

(1) Consists of one-time legal fees ($192 and $243, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and nine months ended September 30, 2024, respectively. Consists of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($0 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($43 and $93, respectively), one-time legal fees ($25 and $75, respectively), fees related to the establishment of the OZ Fund ($0 and $37, respectively), and costs associated with acquisitions that were not completed ($5 and $36, respectively) for the three and nine months ended September 30, 2023, respectively.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 7

Market Capitalization, Debt and Coverage Ratios

(in thousands) (unaudited)

	Nine Months Ended						Year Ended
	September 30, 2024			September 30, 2023			December 31, 2023
Shares Outstanding		78,697			66,172			67,978
Market Price Per Share	$	19.67		$	14.02		$	15.32
Equity Market Capitalization	$	1,547,969		$	927,733		$	1,041,422
Total Debt		614,944			686,630			690,017
Preferred		306,778			279,482			290,180
Total Market Capitalization	$	2,469,691		$	1,893,845		$	2,021,619
Total Debt	$	614,944		$	686,630		$	690,017
Less: Cash and Cash Equivalents		(66,704	)		(38,646	)		(57,320	)
Net Debt		548,240			647,984			632,697
Less: Marketable Securities at Fair Value (“Securities”)		(34,178	)		(27,616	)		(34,506	)
Net Debt Less Securities	$	514,062		$	620,368		$	598,191
Interest Expense	$	21,369		$	24,662		$	32,475
Capitalized Interest		4,119			4,095			5,032
Preferred Dividends		14,168			12,251			16,723
Total Fixed Charges	$	39,656		$	41,008		$	54,230
Adjusted EBITDA excluding Non-Recurring Other Expenses	$	84,152		$	74,695		$	101,780
Debt and Coverage Ratios
Net Debt / Total Market Capitalization		22.2	%		34.2	%		31.3	%
Net Debt Plus Preferred / Total Market Capitalization		34.6	%		49.0	%		45.7	%
Net Debt Less Securities / Total Market Capitalization		20.8	%		32.8	%		29.6	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		33.2	%		47.5	%		43.9	%
Interest Coverage		3.3	x		2.6	x		2.7	x
Fixed Charge Coverage		2.1	x		1.8	x		1.9	x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense		4.9	x		6.5	x		6.2	x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense		4.6	x		6.2	x		5.9	x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		7.6	x		9.3	x		9.1	x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		7.3	x		9.0	x		8.7	x

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 8

Debt Analysis

(in thousands) (unaudited)

	Nine Months Ended						Year Ended
	September 30, 2024			September 30, 2023			December 31, 2023
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages	$	492,248		$	446,280		$	501,135
Unamortized Debt Issuance Costs		(3,963	)		(4,116	)		(4,652	)
Mortgages, Net of Unamortized Debt Issuance Costs	$	488,285		$	442,164		$	496,483
Loans Payable:
Unsecured Line of Credit	$	-0-		$	100,000		$	70,000
Other Loans Payable		27,320			45,888			24,683
Total Loans Before Unamortized Debt Issuance Costs		27,320			145,888			94,683
Unamortized Debt Issuance Costs		(1,352	)		(1,265	)		(1,204	)
Loans, Net of Unamortized Debt Issuance Costs	$	25,968		$	144,623		$	93,479
Bonds Payable:
Series A Bonds	$	102,670		$	102,670		$	102,670
Unamortized Debt Issuance Costs		(1,979	)		(2,827	)		(2,615	)
Bonds, Net of Unamortized Debt Issuance Costs	$	100,691		$	99,843		$	100,055
Total Debt, Net of Unamortized Debt Issuance Costs	$	614,944		$	686,630		$	690,017
% Fixed/Floating
Fixed		99.5	%		79.0	%		90.0	%
Floating		0.5	%		21.0	%		10.0	%
Total		100.0	%		100.0	%		100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable		4.17	%		3.88	%		4.17	%
Loans Payable		6.47	%		7.26	%		6.98	%
Bonds Payable		4.72	%		4.72	%		4.72	%
Total Average		4.36	%		4.71	%		4.63	%
Weighted Average Maturity (Years)
Mortgages Payable		4.6			5.0			5.3

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

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 9

Debt Maturity

(in thousands) (unaudited)

As of September 30, 2024: Year Ended	Mortgages			Loans			Bonds			Total			% of Total
2024	$	-0-		$	3,123		$	-0-		$	3,123			0.5	%
2025		116,113			-0-			-0-			116,113			18.7	%
2026		36,273			-0-			-0-			36,273			5.8	%
2027		38,285			-0-			102,670	(1)		140,955			22.7	%
2028		24,753			24,197			-0-			48,950			7.9	%
Thereafter		276,824			-0-			-0-			276,824			44.5	%
Total Debt Before Unamortized Debt Issuance Costs		492,248			27,320			102,670			622,238			100.0	%
Unamortized Debt Issuance Costs		(3,963	)		(1,352	)		(1,979	)		(7,294	)
Total Debt, Net of Unamortized Debt Issuance Costs	$	488,285		$	25,968		$	100,691		$	614,944

(1) Represents $102.7 million balance outstanding of the Company’s Series A Bonds due February 28, 2027.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 10

Securities Portfolio Performance

(in thousands) (unaudited)

Year Ended	Securities Available for Sale		Dividend Income		Net Realized Gain (Loss) on Sale of Securities			Net Realized Gain (Loss) on Sale of Securities & Dividend Income
2010-2014		63,556	$	15,066	$	14,414		$	29,480
2015		75,011		4,399		204			4,603
2016		108,755		6,636		2,285			8,921
2017		132,964		8,135		1,747			9,882
2018		99,596		10,367		20			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*		34,178		1,079		(3,778	)		(2,699	)
			$	69,265	$	23,811		$	93,076

* Financial Information is as of and for the nine months ended September 30, 2024.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 11

Property Summary and Snapshot

(unaudited)

	September 30, 2024			September 30, 2023			% Change
UMH Communities (1)		137			135			1.5	%
Total Sites		25,826			25,778			0.2	%
Occupied Sites		22,565			22,294			271 sites, 1.2	%
Occupancy %		87.4	%		86.5	%		90 bps
Total Rentals		10,253			9,877			3.8	%
Occupied Rentals		9,683			9,308			4.0	%
Rental Occupancy %		94.4	%		94.2	%		20 bps
Monthly Rent Per Site	$	534		$	514			3.9	%
Monthly Rent Per Home Rental Including Site	$	969		$	922			5.1	%

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)
Alabama		2		69		62		7		299		134		44.8	%	$	200		112		104		92.9	%	$	1,056
Georgia		1		26		26		-0-		118		14		11.9	%	$	450		14		14		100.0	%	$	1,070
Indiana		14		1,105		908		197		4,051		3,593		88.7	%	$	495		1,956		1,846		94.4	%	$	957
Maryland		1		77		29		48		69		62		89.9	%	$	655		1		-0-		0.0	%		N/A
Michigan		4		241		222		19		1,089		918		84.3	%	$	503		380		361		95.0	%	$	1,019
New Jersey		5		390		226		164		1,265		1,219		96.4	%	$	706		44		39		88.6	%	$	1,282
New York (2)		8		698		327		371		1,370		1,194		87.2	%	$	632		498		469		94.2	%	$	1,140
Ohio		38		2,044		1,515		529		7,307		6,399		87.6	%	$	490		3,001		2,850		95.0	%	$	921
Pennsylvania		53		2,392		1,901		491		7,976		6,975		87.4	%	$	561		3,163		2,970		93.9	%	$	966
South Carolina		2		63		55		8		322		210		65.2	%	$	220		155		138		89.0	%	$	1,069
Tennessee (1)		9		710		368		342		1,960		1,847		94.2	%	$	554		929		892		96.0	%	$	1,005
Total UMH (1)		137		7,815		5,639		2,176		25,826		22,565		87.4	%	$	534		10,253		9,683		94.4	%	$	969

(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024. Excludes two Florida communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
(2)	Total and Vacant Acreage of 220 acres for Mountain View Estates property is included in the above summary.
(3)	Includes home and site rent charges.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 12

Same Property Statistics

(in thousands) (unaudited)

	For Three Months Ended									For Nine Months Ended
	September 30, 2024		September 30, 2023		Change		% Change			September 30, 2024		September 30, 2023		Change		% Change
Same Property Community Net Operating Income (“NOI”)
Rental and Related Income	$	51,336	$	47,673	$	3,663		7.7	%	$	151,976	$	139,384	$	12,592		9.0	%
Community Operating Expenses		21,078		19,492		1,586		8.1	%		60,768		57,365		3,403		5.9	%
Same Property Community NOI	$	30,258	$	28,181	$	2,077		7.4	%	$	91,208	$	82,019	$	9,189		11.2	%

	September 30, 2024			September 30, 2023			Change
Total Sites		25,483			25,454			0.1	%
Occupied Sites		22,355			22,135			220 sites, 1.0	%
Occupancy %		87.7	%		87.0	%		70 bps
Number of Properties		133			133			N/A
Total Rentals		10,089			9,752			3.5	%
Occupied Rentals		9,525			9,185			3.7	%
Rental Occupancy		94.4	%		94.2	%		20 bps
Monthly Rent Per Site	$	537		$	514			4.5	%
Monthly Rent Per Home Rental Including Site	$	970		$	919			5.5	%

Same Property includes all UMH communities owned as of January 1, 2023, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 13

Acquisitions Summary

(dollars in thousands)

Year of Acquisition	Number of Communities		Sites		Occupancy % at Acquisition			Purchase Price		Price Per Site		Total Acres
2021		3		543		59	%	$	18,300	$	34		113
2022		7		1,480		65	%	$	86,223	$	58		461
2023		1		118		-0-	%	$	3,650	$	31		26

UMH Properties, Inc. | Third Quarter FY 2024 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 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 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively, and 65.6 million and 62.5 million shares for the three and nine months ended September 30, 2023, respectively. Common stock equivalents resulting from stock options to purchase 5.4 million shares of common stock amounted to 953,000 and 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 478,000 and 655,000 for the three and nine months ended September 30, 2023, respectively, were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

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, 2023, with the exception of Memphis Blues, Duck River Estates and 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. | Third Quarter FY 2024 Supplemental Information 15

Press Release Dated November 6, 2024

FOR IMMEDIATE RELEASE	November 6, 2024
	Contact: Nelli Madden
	732-577-9997

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED

SEPTEMBER 30, 2024

FREEHOLD, NJ, November 6, 2024........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended September 30, 2024 of $60.7 million, as compared to $56.0 million for the quarter ended September 30, 2023, representing an increase of 8%. Net Income Attributable to Common Shareholders amounted to $8.2 million or $0.11 per diluted share for the quarter ended September 30, 2024, as compared to a Net Loss of $5.8 million or $0.09 per diluted share for the quarter ended September 30, 2023. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $18.5 million or $0.24 per diluted share for the quarter ended September 30, 2024, as compared to $14.4 million or $0.22 per diluted share for the quarter ended September 30, 2023, representing a 9% per diluted share increase.

A summary of significant financial information for the three and nine months ended September 30, 2024 and 2023 is as follows (in thousands except per share amounts):

	Three Months Ended
	September 30,
	2024		2023
Total Income	$	60,671	$	56,044
Total Expenses	$	48,911	$	46,437
Net Income (Loss) Attributable to Common Shareholders	$	8,181	$	(5,831	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share	$	0.11	$	(0.09	)
FFO (1)	$	17,662	$	13,791
FFO (1) per Diluted Common Share	$	0.23	$	0.21
Normalized FFO (1)	$	18,462	$	14,400
Normalized FFO (1) per Diluted Common Share	$	0.24	$	0.22
Basic Weighted Average Shares Outstanding		75,610		65,076
Diluted Weighted Average Shares Outstanding		76,563		65,554

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 16

	Nine Months Ended
	September 30,
	2024		2023
Total Income	$	178,679	$	163,941
Total Expenses	$	146,626	$	138,048
Net Income (Loss) Attributable to Common Shareholders	$	2,444	$	(15,546	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share	$	0.03	$	(0.25	)
FFO (1)	$	47,890	$	36,474
FFO (1) per Diluted Common Share	$	0.66	$	0.58
Normalized FFO (1)	$	50,286	$	39,169
Normalized FFO (1) per Diluted Common Share	$	0.69	$	0.63
Basic Weighted Average Shares Outstanding		72,173		61,853
Diluted Weighted Average Shares Outstanding		72,971		62,508

A summary of significant balance sheet information as of September 30, 2024 and December 31, 2023 is as follows (in thousands):

	September 30, 2024		December 31, 2023
Gross Real Estate Investments	$	1,597,055	$	1,539,041
Marketable Securities at Fair Value	$	34,178	$	34,506
Total Assets	$	1,501,533	$	1,427,577
Mortgages Payable, net	$	488,285	$	496,483
Loans Payable, net	$	25,968	$	93,479
Bonds Payable, net	$	100,691	$	100,055
Total Shareholders’ Equity	$	858,385	$	706,794

Samuel A. Landy, President and CEO, commented on the results of the third quarter of 2024.

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

● Increased Rental and Related Income by 8%;

● Increased Sales of Manufactured Homes by 10%;

● Increased Community Net Operating Income (“NOI”) by 7%;

● Increased Same Property NOI by 7%;

● Increased Same Property Occupancy by 70 basis points from 87.0% to 87.7%;

● Increased our rental home portfolio by 117 homes from June 30, 2024 and 284 homes from yearend 2023 to approximately 10,300 total rental homes, representing an increase of 3%;

● Issued and sold approximately 5.7 million shares of Common Stock through our At-the-Market Sale Programs at a weighted average price of $18.93 per share, generating gross proceeds of $108.4 million and net proceeds of $106.7 million, after offering expenses;

● Issued and sold approximately 441,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.51 per share, generating gross proceeds of $10.4 million and net proceeds of $10.2 million, after offering expenses;

● Subsequent to quarter end, issued and sold approximately 170,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $18.92 per share, generating net proceeds of $3.2 million, after offering expenses; and

● Subsequent to quarter end, issued and sold approximately 247,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.90 per share, generating net proceeds of $5.8 million, after offering expenses.”

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 17

Mr. Landy stated, “UMH has executed on its long-term business plan which is resulting in improved community operating results, increased sales profits and ultimately growing earnings per share. Normalized FFO per share for the third quarter of 2024 was $0.24 per share as compared to $0.22 per share for the third quarter of 2023, representing an increase of approximately 9%. Year to date, Normalized FFO per share was $0.69 as compared to $0.63 per share last year, representing an increase of approximately 10%.”

“Our same property operating results continue to meet our expectations. Year-over-year, same property occupancy has increased by 220 sites, or 70 basis points, to 87.7%. This occupancy growth and our annual rent increases generated same property rental and related income growth of 8% for the quarter and 9% for the first nine months of the year. Same property NOI increased 7% for the quarter and 11% for the first nine months of the year. These increases in same property occupancy, rental and related income and in NOI substantially increases the value of our communities.”

“Sales of manufactured homes were $8.7 million for the quarter and $24.9 million for the year, representing increases of 10% and 6%, respectively. We have sold 300 homes this year of which 98 were new home sales, averaging $151,000 per sale, and 202 were used home sales, averaging $50,000 per sale. Our sales pipeline remains strong, and we are on track to break our sales record of $31.2 million, which was set last year.”

“During the quarter, UMH issued and sold 5.7 million shares of common stock through our at-the-market sales program at a weighted average price of $18.93 per share, generating gross proceeds of approximately $108.4 million. This capital was raised close to our 52-week high and was utilized to pay down our line of credit. Our $260 million line of credit is fully available to us. Our balance sheet is well-positioned to continue to invest internally in our rental home program, financed home sales, capital improvements and expansions. Additionally, we are well positioned to execute on acquisitions should when they become available at attractive prices.”

“We are also updating our 2024 guidance, which previously was normalized FFO in a range of $0.91-$0.95 per diluted share for the full year, or $0.93 at the midpoint. We are tightening this range, to $0.92-$0.94. This represents approximately 8% annual NFFO growth at the midpoint over full year 2023 NFFO of $0.86 per diluted share.”

UMH Properties, Inc. will host its Third Quarter 2024 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, November 7, 2024, at 10:00 a.m. Eastern Time.

The Company’s 2024 third quarter financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.

To 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, November 7, 2024, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 2262955. 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 owns and operates 139 manufactured home communities containing approximately 26,200 developed homesites, including two communities owned through its joint venture in which the Company has a 40% interest. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia.

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.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 18

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 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. 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 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively, and 65.6 million and 62.5 million shares for the three and nine months ended September 30, 2023, respectively. Common stock equivalents resulting from employee stock options to purchase 5.4 million shares of common stock amounted to 953,000 shares 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options in the amount of 478,000 and 655,000 shares for the three and nine months ended September 30, 2023, respectively, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive.

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 19

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three and nine months ended September 30, 2024 and 2023 are calculated as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
Net Income (Loss) Attributable to Common Shareholders	$	8,181		$	(5,831	)	$	2,444		$	(15,546	)
Depreciation Expense		14,693			14,147			44,435			41,271
Depreciation Expense from Unconsolidated Joint Venture		209			179			610			504
(Gain) Loss on Sales of Investment Property and Equipment		78			26			91			(11	)
(Increase) Decrease in Fair Value of Marketable Securities		(5,499	)		5,496			(3,468	)		10,439
(Gain) Loss on Sales of Marketable Securities, net		-0-			(226	)		3,778			(183	)
FFO Attributable to Common Shareholders		17,662			13,791			47,890			36,474
Amortization of Financing Costs		608			536			1,771			1,592
Non-Recurring Other Expense (2)		192			73			625			1,103
Normalized FFO Attributable to Common Shareholders	$	18,462		$	14,400		$	50,286		$	39,169

(2) Consists of one-time legal fees ($192 and $243, respectively), and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and nine months ended September 30, 2024, respectively. Consists of the previously disclosed special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($0 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($43 and $93, respectively), one-time legal fees ($25 and $75, respectively), fees related to the establishment of the OZ Fund ($0 and $37, respectively), and costs associated with acquisitions that were not completed ($5 and $36, respectively) for the three and nine months ended September 30, 2023.

The following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2024 and 2023 (in thousands):

	2024			2023
Operating Activities	$	54,331		$	91,114
Investing Activities		(97,014	)		(135,726	)
Financing Activities		52,676			49,306

# # # #

UMH Properties, Inc. | Third Quarter FY 2024 Supplemental Information 20