UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2013

Column A		Column B				Column C				Column D
Description						Initial Cost
								Site, Land
								& Building		Capitalization
								Improvements		Subsequent to
Name	Location	Encumbrances				Land		and Rental Homes		Acquisition

Allentown	Memphis, TN	$	10,799,401	(1	)	$	250,000	$	2,569,101	$	6,987,622
Auburn Estates	Orrville, OH		7,675,595	(5	)		114,000		1,174,000		-0-
Birchwood Farms	Birch Run, MI		53,019,327	(6	)		70,000		2,797,000		185,264
Broadmore Estates	Goshen, IN			(6	)		1,120,000		11,136,000		488,834
Brookside Village	Berwick, PA		14,964,116	(2	)		372,000		4,776,000		220,190
Brookview Village	Greenfield Ctr, NY		-0-				37,500		232,547		3,253,586
Carsons	Chambersburg, PA		12,909,520	(3	)		176,000		2,411,000		56,051
Cedarcrest	Vineland, NJ		9,124,838				320,000		1,866,323		1,816,362
Chambersburg I & II	Chambersburg, PA			(3	)		108,000		2,397,000		170,683
Chelsesa	Sayre, PA			(3	)		124,000		2,049,000		27,624
City View	Lewistown, PA		-0-				137,000		613,000		416,835
Clinton	Tiffin, OH			(1	)		142,000		3,301,800		48,940
Collingwood	Horseheads, NY			(3	)		196,000		2,317,500		141,878
Colonial Heights	Wintersville, OH			(6	)		67,000		2,383,000		1,144,464
Countryside Estates	Muncie, IN		-0-				174,000		1,926,000		730,451
Countryside Village	Columbia, TN		-0-				394,000		6,916,500		1,546,470
Cranberry Village	Cranberry Twp, PA		-0-				181,930		1,922,931		2,130,669
Crestview	Athens, PA			(3	)		188,000		2,258,000		93,602
Cross Keys Village	Duncansville, PA		-0-				60,774		378,093		2,116,271
D&R Village	Clifton Park, NY		7,089,610	(4	)		391,724		704,021		2,291,016
Fairview Manor	Millville, NJ		10,345,239				216,000		1,166,517		8,679,046
Forest Creek	Elkhart, IN			(6	)		440,000		7,004,000		276,526
Forest Park Village	Cranberry Twp, PA		-0-				75,000		977,225		3,831,435
Frieden Manor	Schuylkill Haven, PA			(3	)		643,000		5,293,500		242,066
Green Acres	Chambersburg, PA			(3	)		63,000		584,000		1,275
Gregory Courts	Honey Brook, PA			(6	)		370,000		1,220,000		12,547
Heather Highlands	Inkerman, PA		1,288,149				572,500		2,151,569		5,012,458
Highland	Elkhart, IN			(6	)		510,000		7,084,000		262,128
Highland Estates	Kutztown, PA		9,578,574				145,000		1,695,041		9,589,458
Holiday	Nashville, TN		-0-				1,632,000		5,618,000		604,932
Kinnebrook	Monticello, NY		-0-				235,600		1,402,572		6,770,007
Lake Sherman	Navarre, OH		-0-				290,000		1,457,673		5,530,530
Laurel Woods	Cresson, PA		-0-				432,700		2,070,426		1,994,136
Little Chippewa	Orrville, OH			(5	)		113,000		1,135,000		854
Maple Manor	Taylor, PA			(2	)		674,000		9,432,800		645,249
Meadowood	New Middletown, OH			(6	)		152,000		3,191,000		600,527
Melrose Village	Wooster, OH			(5	)		767,000		5,429,000		404
Melrose West	Wooster, OH			(5	)		94,000		1,040,000		-0-
Memphis Mobile	Memphis, TN		-0-				78,435		810,477		951,463
Monroe Valley	Jonestown, PA			(3	)		114,000		994,000		130,382
Moosic Heights	Avoca, PA			(2	)		330,000		3,794,100		221,006
Mountaintop	Narvon, PA			(3	)		134,000		1,665,000		154,362
Mountain View	Coxsackie, NY		-0-				1,757,800		-0-		1,359,407

Column A		Column B				Column C				Column D
Description						Initial Cost
								Site, Land
								& Building		Capitalization
								Improvements		Subsequent to
Name	Location	Encumbrances				Land		and Rental Homes		Acquisition

Oak Ridge Estates	Elkhart, IN	$		(6	)	$	500,000	$	7,524,000	$	414,594
Oakwood Lake	Tunkhannock, PA			(2	)		379,000		1,639,000		174,814
Olmsted Falls	Olmsted Falls, OH		-0-				569,000		3,031,000		370,889
Oxford Village	West Grove, PA		7,527,426				175,000		990,515		1,389,153
Pine Ridge/Manor	Carlisle, PA		-0-				37,540		198,321		5,927,470
Pine Valley Estates	Apollo, PA		-0-				670,000		1,336,600		2,723,260
Pleasant View Estates	Bloomsburg, PA			(2	)		282,000		2,174,800		436,817
Port Royal Village	Belle Vernon, PA		-0-				150,000		2,491,796		8,249,798
River Valley Estates	Marion, OH		-0-				236,000		785,293		4,695,899
Rolling Hills Estates	Carlisle, PA		-0-				301,000		1,419,013		37,526
Sandy Valley Estates	Magnolia, OH		-0-				270,000		1,941,430		5,063,379
Shady Hills	Nashville, TN		-0-				337,000		3,379,000		973,116
Somerset/Whispering	Somerset, PA		891,382				1,485,000		2,050,400		5,147,022
Southern Terrace	Columbiana, OH			(6	)		63,000		3,387,000		126,362
Southwind Village	Jackson, NJ		6,012,690				100,095		602,820		2,449,632
Spreading Oaks	Athens, OH		-0-				67,000		1,326,800		1,599,747
Suburban Estates	Greensburg, PA		6,711,306	(7	)		299,000		5,837,272		395,564
Sunny Acres	Somerset, PA			(7	)		287,000		6,113,528		155,305
Sunnyside	Eagleville, PA			(6	)		450,000		2,674,000		23,132
Trailmont	Goodlettsville, TN		-0-				411,000		1,867,000		978,908
Twin Oaks I & II	Olmsted Falls, OH		2,702,771				823,000		3,527,000		579,415
Twin Pines	Goshen, IN			(6	)		650,000		6,307,000		275,766
Valley View-I	Ephrata, PA			(3	)		191,000		4,359,000		78,567
Valley View-II	Ephrata, PA			(3	)		72,000		1,746,000		1,035
Valley View-Danboro	Doylestown, PA			(6	)		2,650,000		8,266,000		(49,595	)
Valley View-HB	Honey Brook, PA			(6	)		1,380,000		5,348,000		18,245
Waterfalls Village	Hamburg, NY			(4	)		424,000		3,812,000		2,127,707
Weatherly Estates	Lebanon, TN		-0-				1,184,000		4,034,480		3,806,569
Woodland Manor	West Monroe, NY		-0-				77,000		841,000		1,185,676
Woodlawn Village	Eatontown, NJ		-0-				157,421		280,749		909,735
Wood Valley	Caledonia, OH		-0-				260,000		1,753,206		3,156,015
Youngstown Estates	Youngstown, NY			(5	)		269,000		1,606,000		2,122

		$	160,639,944			$	29,669,019	$	211,994,739	$	124,160,654

Column A		Column E (6) (7)						Column F
Description		Gross Amount at Which Carried at 12/31/13
				Site, Land
				& Building
				Improvements				Accumulated
Name	Location	Land		and Rental Homes		Total		Depreciation

Allentown	Memphis, TN	$	480,000	$	9,326,723	$	9,806,723	$	4,102,482
Auburn Estates	Orrville, OH		114,000		1,174,000		1,288,000		7,253
Birchwood Farms	Birch Run, MI		70,000		2,982,264		3,052,264		105,779
Broadmore Estates	Goshen, IN		1,120,000		11,624,834		12,744,834		383,184
Brookside Village	Berwick, PA		372,000		4,996,190		5,368,190		542,690
Brookview Village	Greenfield Ctr, NY		122,865		3,400,769		3,523,634		1,847,750
Carsons	Chambersburg, PA		176,000		2,467,051		2,643,051		125,621
Cedarcrest	Vineland, NJ		408,206		3,594,479		4,002,685		2,517,291
Chambersburg I & II	Chambersburg, PA		108,000		2,567,683		2,675,683		125,514
Chelsesa	Sayre, PA		124,000		2,076,624		2,200,624		106,142
City View	Lewistown, PA		137,000		1,029,835		1,166,835		59,522
Clinton	Tiffin, OH		142,000		3,350,740		3,492,740		272,979
Collingwood	Horseheads, NY		196,000		2,459,378		2,655,378		122,132
Colonial Heights	Wintersville, OH		67,000		3,527,464		3,594,464		145,321
Countryside Estates	Muncie, IN		174,000		2,656,451		2,830,451		163,583
Countryside Village	Columbia, TN		394,000		8,462,970		8,856,970		770,042
Cranberry Village	Cranberry Twp, PA		181,930		4,053,600		4,235,530		2,375,871
Crestview	Athens, PA		188,000		2,351,602		2,539,602		118,198
Cross Keys Village	Duncansville, PA		60,774		2,494,364		2,555,138		949,609
D&R Village	Clifton Park, NY		391,724		2,995,037		3,386,761		1,630,167
Fairview Manor	Millville, NJ		2,534,892		7,526,671		10,061,563		4,028,517
Forest Creek	Elkhart, IN		440,000		7,280,526		7,720,526		254,661
Forest Park Village	Cranberry Twp, PA		75,000		4,808,660		4,883,660		2,288,396
Frieden Manor	Schuylkill Haven, PA		643,000		5,535,566		6,178,566		279,769
Green Acres	Chambersburg, PA		63,000		585,275		648,275		30,096
Gregory Courts	Honey Brook, PA		370,000		1,232,547		1,602,547		38,219
Heather Highlands	Inkerman, PA		572,500		7,164,027		7,736,527		3,745,355
Highland	Elkhart, IN		510,000		7,346,128		7,856,128		251,677
Highland Estates	Kutztown, PA		404,239		11,025,260		11,429,499		4,913,520
Holiday	Nashville, TN		1,632,000		6,222,932		7,854,932		166,031
Kinnebrook	Monticello, NY		352,972		8,055,206		8,408,178		3,480,802
Lake Sherman	Navarre, OH		290,000		6,988,203		7,278,203		2,607,441
Laurel Woods	Cresson, PA		432,700		4,064,562		4,497,262		1,384,271
Little Chippewa	Orrville, OH		113,000		1,135,854		1,248,854		3,454
Maple Manor	Taylor, PA		674,000		10,078,049		10,752,049		1,093,007
Meadowood	New Middletown, OH		152,000		3,791,527		3,943,527		195,700
Melrose Village	Wooster, OH		767,000		5,429,404		6,196,404		16,495
Melrose West	Wooster, OH		94,000		1,040,000		1,134,000		3,152
Memphis Mobile	Memphis, TN		335,935		1,504,440		1,840,375		1,136,878
Monroe Valley	Jonestown, PA		114,000		1,124,382		1,238,382		55,954
Moosic Heights	Avoca, PA		330,000		4,015,106		4,345,106		437,342
Mountaintop	Narvon, PA		134,000		1,819,362		1,953,362		87,593
Mountain View	Coxsackie, NY		2,218,800		898,407		3,117,207		107,530

Column A		Column E (6) (7)						Column F
Description		Gross Amount at Which Carried at 12/31/13
				Site, Land
				& Building
				Improvements				Accumulated
Name	Location	Land		and Rental Homes		Total		Depreciation

Oak Ridge Estates	Elkhart, IN	$	500,000	$	7,938,594	$	8,438,594	$	279,650
Oakwood Lake	Tunkhannock, PA		379,000		1,813,814		2,192,814		197,704
Olmsted Falls	Olmsted Falls, OH		569,000		3,401,889		3,970,889		128,748
Oxford Village	West Grove, PA		155,000		2,399,668		2,554,668		1,812,334
Pine Ridge/Manor	Carlisle, PA		145,473		6,017,859		6,163,332		1,943,809
Pine Valley Estates	Apollo, PA		732,089		3,997,771		4,729,860		1,707,088
Pleasant View Estates	Bloomsburg, PA		282,000		2,611,617		2,893,617		263,393
Port Royal Village	Belle Vernon, PA		505,000		10,386,594		10,891,594		4,895,376
River Valley Estates	Marion, OH		236,000		5,481,192		5,717,192		2,619,902
Rolling Hills Estates	Carlisle, PA		301,000		1,456,539		1,757,539		16,958
Sandy Valley Estates	Magnolia, OH		270,000		7,004,809		7,274,809		3,649,839
Shady Hills	Nashville, TN		337,000		4,352,116		4,689,116		375,156
Somerset/Whispering	Somerset, PA		1,488,600		7,193,822		8,682,422		1,931,779
Southern Terrace	Columbiana, OH		63,000		3,513,362		3,576,362		167,820
Southwind Village	Jackson, NJ		100,095		3,052,452		3,152,547		1,797,560
Spreading Oaks	Athens, OH		67,000		2,926,547		2,993,547		1,140,247
Suburban Estates	Greensburg, PA		299,000		6,232,836		6,531,836		770,224
Sunny Acres	Somerset, PA		287,000		6,268,833		6,555,833		813,402
Sunnyside	Eagleville, PA		450,000		2,697,132		3,147,132		81,736
Trailmont	Goodlettsville, TN		411,000		2,845,908		3,256,908		237,420
Twin Oaks I & II	Olmsted Falls, OH		823,000		4,106,415		4,929,415		153,411
Twin Pines	Goshen, IN		650,000		6,582,766		7,232,766		207,135
Valley View-I	Ephrata, PA		191,000		4,437,567		4,628,567		228,610
Valley View-II	Ephrata, PA		72,000		1,747,035		1,819,035		89,980
Valley View-Danboro	Doylestown, PA		2,650,000		8,216,405		10,866,405		250,580
Valley View-HB	Honey Brook, PA		1,380,000		5,366,245		6,746,245		176,825
Waterfalls Village	Hamburg, NY		424,000		5,939,707		6,363,707		2,682,069
Weatherly Estates	Lebanon, TN		1,184,000		7,841,049		9,025,049		1,588,498
Woodland Manor	West Monroe, NY		77,000		2,026,676		2,103,676		578,668
Woodlawn Village	Eatontown, NJ		135,420		1,212,485		1,347,905		573,772
Wood Valley	Caledonia, OH		260,000		4,909,221		5,169,221		1,994,158
Youngstown Estates	Youngstown, NY		269,000		1,608,121		1,877,121		4,902

		$	33,973,214	$	331,851,198	$	365,824,412	$	76,435,743

Column A		Column G	Column H	Column I
Description
		Date of	Date	Depreciable
Name	Location	Construction	Acquired	Life

Allentown	Memphis, TN	prior to 1980	1986	5 to 27.5
Auburn Estates	Orrville, OH	1971/1985/1995	2013	5 to 27.5
Birchwood Farms	Birch Run, MI	1976-1977	2013	5 to 27.5
Broadmore Estates	Goshen, IN	1950/1990	2013	5 to 27.5
Brookside Village	Berwick, PA	1973-1976	2010	5 to 27.5
Brookview Village	Greenfield Ctr, NY	prior to 1970	1977	5 to 27.5
Carsons	Chambersburg, PA	1963	2012	5 to 27.5
Cedarcrest	Vineland, NJ	1973	1986	27.5
Chambersburg I & II	Chambersburg, PA	1955	2012	5 to 27.5
Chelsesa	Sayre, PA	1972	2012	5 to 27.5
City View	Lewistown, PA	prior to 1980	2011	5 to 27.5
Clinton	Tiffin, OH	1968/1987	2011	27.5
Collingwood	Horseheads, NY	1970	2012	5 to 27.5
Colonial Heights	Wintersville, OH	1972	2012	5 to 27.5
Countryside Estates	Muncie, IN	1996	2012	5 to 27.5
Countryside Village	Columbia, TN	1988/1992	2011	5 to 27.5
Cranberry Village	Cranberry Twp, PA	1974	1986	5 to 27.5
Crestview	Athens, PA	1964	2012	5 to 27.5
Cross Keys Village	Duncansville, PA	1961	1979	5 to 27.5
D&R Village	Clifton Park, NY	1972	1978	5 to 27.5
Fairview Manor	Millville, NJ	prior to 1980	1985	5 to 27.5
Forest Creek	Elkhart, IN	1996-1997	2013	5 to 27.5
Forest Park Village	Cranberry Twp, PA	prior to 1980	1982	5 to 27.5
Frieden Manor	Schuylkill Haven, PA	1969	2012	5 to 27.5
Green Acres	Chambersburg, PA	1978	2012	27.5
Gregory Courts	Honey Brook, PA	1970	2013	5 to 27.5
Heather Highlands	Inkerman, PA	1970	1992	5 to 27.5
Highland	Elkhart, IN	1969	2013	5 to 27.5
Highland Estates	Kutztown, PA	1971	1979	5 to 27.5
Holiday	Nashville, TN	1967	2013	5 to 27.5
Kinnebrook	Monticello, NY	1972	1988	5 to 27.5
Lake Sherman	Navarre, OH	prior to 1980	1987	5 to 27.5
Laurel Woods	Cresson, PA	prior to 1980	2001	5 to 27.5
Little Chippewa	Orrville, OH	1968	2013	5 to 27.5
Maple Manor	Taylor, PA	1972	2010	5 to 27.5
Meadowood	New Middletown, OH	1957	2012	5 to 27.5
Melrose Village	Wooster, OH	1970-1978	2013	5 to 27.5
Melrose West	Wooster, OH	1995	2013	27.5
Memphis Mobile	Memphis, TN	1955	1985	27.5
Monroe Valley	Jonestown, PA	1969	2012	5 to 27.5
Moosic Heights	Avoca, PA	1972	2010	5 to 27.5
Mountaintop	Narvon, PA	1972	2012	5 to 27.5
Mountain View	Coxsackie, NY	N/A	2005	5 to 27.5

Column A		Column G	Column H	Column I
Description
		Date of	Date	Depreciable
Name	Location	Construction	Acquired	Life

Oak Ridge Estates	Elkhart, IN	1990	2013	5 to 27.5
Oakwood Lake	Tunkhannock, PA	1972	2010	5 to 27.5
Olmsted Falls	Olmsted Falls, OH	1953/1970	2012	27.5
Oxford Village	West Grove, PA	1971	1974	5 to 27.5
Pine Ridge/Manor	Carlisle, PA	1961	1969	5 to 27.5
Pine Valley Estates	Apollo, PA	prior to 1980	1995	5 to 27.5
Pleasant View Estates	Bloomsburg, PA	1960's	2010	5 to 27.5
Port Royal Village	Belle Vernon, PA	1973	1983	5 to 27.5
River Valley Estates	Marion, OH	1950	1986	5 to 27.5
Rolling Hills Estates	Carlisle, PA	1972-1975	2013	5 to 27.5
Sandy Valley Estates	Magnolia, OH	prior to 1980	1985	5 to 27.5
Shady Hills	Nashville, TN	1954	2011	5 to 27.5
Somerset/Whispering	Somerset, PA	prior to 1980	2004	27.5
Southern Terrace	Columbiana, OH	1983	2012	27.5
Southwind Village	Jackson, NJ	1969	1969	5 to 27.5
Spreading Oaks	Athens, OH	prior to 1980	1996	5 to 27.5
Suburban Estates	Greensburg, PA	1968/1980	2010	5 to 27.5
Sunny Acres	Somerset, PA	1970	2010	5 to 27.5
Sunnyside	Eagleville, PA	1960	2013	5 to 27.5
Trailmont	Goodlettsville, TN	1964	2011	5 to 27.5
Twin Oaks I & II	Olmsted Falls, OH	1952/1997	2012	5 to 27.5
Twin Pines	Goshen, IN	1956/1990	2013	5 to 27.5
Valley View-I	Ephrata, PA	1961	2012	5 to 27.5
Valley View-II	Ephrata, PA	1999	2012	5 to 27.5
Valley View-Danboro	Doylestown, PA	1959	2013	5 to 27.5
Valley View-HB	Honey Brook, PA	1970	2013	5 to 27.5
Waterfalls Village	Hamburg, NY	prior to 1980	1997	5 to 27.5
Weatherly Estates	Lebanon, TN	1997	2006	5 to 27.5
Woodland Manor	West Monroe, NY	prior to 1980	2003	5 to 27.5
Woodlawn Village	Eatontown, NJ	1964	1978	5 to 27.5
Wood Valley	Caledonia, OH	prior to 1980	1996	5 to 27.5
Youngstown Estates	Youngstown, NY	1963	2013	5 to 27.5

(1)	Represents one mortgage note payable secured by two properties.

(2)	Represents one mortgage note payable secured by five properties.

(3)	Represents one mortgage note payable secured by eleven properties.

(4)	Represents one mortgage note payable secured by two properties.

(5)	Represents one mortgage note payable secured by five properties.

(6)	Represents one mortgage not payable secured by thirteen properties.

(7)	Represents one mortgage note payable secured by two properties.

(8)	Reconciliation

	/----------FIXED ASSETS-----------/
	12/31/13			12/31/12			12/31/11

Balance – Beginning of Year	$	253,490,055		$	191,252,542		$	168,590,072

Additions:
Acquisitions		88,211,013			47,376,000			17,498,300
Improvements		26,041,264			16,121,717			5,935,642
Total Additions		114,252,277			63,497,717			23,433,942

Deletions		(1,917,920	)		(1,260,204	)		(771,472	)

Balance – End of Year	$	365,824,412		$	253,490,055		$	191,252,542

	/-----ACCUMULATED DEPRECIATION-----/
	12/31/13			12/31/12			12/31/11

Balance – Beginning of Year	$	65,658,602		$	58,994,093		$	53,950,873

Additions:
Depreciation		11,318,194			6,869,251			5,273,809
Total Additions		11,318,194			6,869,251			5,273,809

Deletions		(541,053	)		(204,742	)		(230,589	)

Balance – End of Year	$	76,435,743		$	65,658,602		$	58,994,093

(9)	The aggregate cost for Federal tax purposes approximates historical cost.