UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

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	$	10,486,045	(1)	$	250,000	$	2,569,101	$	8,270,359
Auburn Estates	Orrville, OH		7,554,281	(5)		114,000		1,174,000		167,500
Birchwood Farms	Birch Run, MI		52,082,526	(6)		70,000		2,797,000		532,478
Broadmore Estates	Goshen, IN			(6)		1,120,000		11,136,000		1,727,638
Brookside Village	Berwick, PA		14,679,583	(2)		372,000		4,776,000		639,151
Brookview Village	Greenfield Ctr, NY		-0-			37,500		232,547		3,693,950
Carsons	Chambersburg, PA		12,177,725	(3)		176,000		2,411,000		450,569
Cedarcrest	Vineland, NJ		8,966,785			320,000		1,866,323		2,046,445
Chambersburg I & II	Chambersburg, PA			(3)		108,000		2,397,000		247,338
Chelsea	Sayre, PA			(3)		124,000		2,049,000		278,421
City View	Lewistown, PA		-0-			137,000		613,000		944,226
Clinton	Tiffin, OH			(1)		142,000		3,301,800		69,522
Collingwood	Horseheads, NY			(3)		196,000		2,317,500		684,628
Colonial Heights	Wintersville, OH			(6)		67,000		2,383,000		2,339,241
Countryside Estates	Muncie, IN		-0-			174,000		1,926,000		1,554,975
Countryside Estates	Ravenna, OH		9,083,178	(9)		205,000		2,895,997		340,776
Countryside Village	Columbia, TN		-0-			394,000		6,916,500		3,180,792
Cranberry Village	Cranberry Twp, PA		-0-			181,930		1,922,931		2,450,486
Crestview	Sayre, PA			(3)		188,000		2,258,000		497,236
Cross Keys Village	Duncansville, PA		-0-			60,774		378,093		2,249,070
Dallas Mobile Home	Toronto, OH		-0-			275,600		2,728,503		15,549
Deer Meadows	New Springfield, OH			(9)		226,000		2,299,275		206,051
D&R Village	Clifton Park, NY		6,803,625	(4)		391,724		704,021		2,756,898
Evergreen Estates	Lodi, OH			(9)		99,000		1,121,300		59,914
Evergreen Manor	Bedford, OH			(9)		49,000		2,372,258		23,234
Evergreen Village	Mantua, OH			(9)		105,000		1,277,001		212,279
Fairview Manor	Millville, NJ		10,139,450			216,000		1,166,517		9,094,057
Forest Creek	Elkhart, IN			(6)		440,000		7,004,000		865,604
Forest Park Village	Cranberry Twp, PA		-0-			75,000		977,225		4,667,458
Frieden Manor	Schuylkill Haven, PA			(3)		643,000		5,293,500		689,795
Green Acres	Chambersburg, PA			(3)		63,000		584,000		5,557
Gregory Courts	Honey Brook, PA			(6)		370,000		1,220,000		61,433
Hayden Heights	Dublin, OH		-0-			248,100		2,147,700		97,176
Heather Highlands	Inkerman, PA		989,773			572,500		2,151,569		5,914,235
Highland	Elkhart, IN			(6)		510,000		7,084,000		689,293
Highland Estates	Kutztown, PA		9,408,128			145,000		1,695,041		10,582,889
Hillside Estates	Greensburg, PA		8,495,880	(8)		483,600		2,678,525		154,554
Holiday	Nashville, TN		-0-			1,632,000		5,618,000		3,027,213
Hudson Estates	Peninsula, OH		8,796,065	(10)		141,000		3,515,878		425,478
Independence Park	Clinton, PA			(8)		686,400		2,783,633		47,269
Kinnebrook	Monticello, NY		-0-			235,600		1,402,572		7,720,797
Lake Sherman	Navarre, OH		-0-			290,000		1,457,673		6,495,265
Laurel Woods	Cresson, PA		-0-			432,700		2,070,426		2,258,651
Little Chippewa	Orrville, OH			(5)		113,000		1,135,000		303,129
Maple Manor	Taylor, PA			(2)		674,000		9,432,800		1,732,827

	UMH PROPERTIES, INC.
	SCHEDULE III
	REAL ESTATE AND ACCUMULATED DEPRECIATION
	DECEMBER 31, 2014

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

Meadowood		New Middletown, OH	$		(6)	$	152,000		$ 3,191,000	$	1,218,816
Melrose Village		Wooster, OH			(5)		767,000		5,429,000		797,370
Melrose West		Wooster, OH			(5)		94,000		1,040,000		10,633
Memphis Mobile		Memphis, TN		-0-			78,435		810,477		952,935
Monroe Valley		Ephrata, PA			(3)		114,000		994,000		245,557
Moosic Heights		Avoca, PA			(2)		330,000		3,794,100		712,913
Mountaintop		Ephrata, PA			(3)		134,000		1,665,000		386,890
Mountain View		Coxsackie, NY		-0-			1,757,800		-0-		1,497,683
Oak Ridge Estates		Elkhart, IN			(6)		500,000		7,524,000		1,490,055
Oakwood Lake		Tunkhannock, PA			(2)		379,000		1,639,000		310,990
Olmsted Falls		Olmsted Falls, OH		-0-			569,000		3,031,000		678,638
Oxford Village		West Grove, PA		7,350,262			175,000		990,515		1,600,405
Pine Ridge/Manor		Carlisle, PA		-0-			37,540		198,321		6,719,889
Pine Valley Estates		Apollo, PA		-0-			670,000		1,336,600		3,518,511
Pleasant View Estates		Bloomsburg, PA			(2)		282,000		2,174,800		600,563
Port Royal Village		Belle Vernon, PA		-0-			150,000		2,491,796		9,724,884
River Valley Estates		Marion, OH		-0-			236,000		785,293		5,033,760
Rolling Hills Estates		Carlisle, PA		-0-			301,000		1,419,013		507,699
Rostraver Estates		Belle Vernon, PA			(8)		813,600		2,203,506		58,430
Sandy Valley Estates		Magnolia, OH		-0-			270,000		1,941,430		5,603,708
Shady Hills		Nashville, TN		-0-			337,000		3,379,000		1,948,025
Somerset/Whispering		Somerset, PA		731,900			1,485,000		2,050,400		5,380,203
Southern Terrace		Columbiana, OH			(6)		63,000		3,387,000		206,625
Southwind Village		Jackson, NJ		5,871,176			100,095		602,820		2,338,536
Spreading Oaks		Athens, OH		-0-			67,000		1,326,800		1,962,581
Suburban Estates		Greensburg, PA		6,417,395	(7)		299,000		5,837,272		1,025,661
Summit Estates		Ravenna, OH			(10)		198,000		2,779,260		186,289
Sunny Acres		Somerset, PA			(7)		287,000		6,113,528		486,204
Sunnyside		Eagleville, PA			(6)		450,000		2,674,000		(12,659)
Trailmont		Goodlettsville, TN		-0-			411,000		1,867,000		2,133,953
Twin Oaks I & II		Olmsted Twp, OH		2,637,077			823,000		3,527,000		969,541
Twin Pines		Goshen, IN			(6)		650,000		6,307,000		1,032,172
Valley High		Ruffs Dale, PA			(8)		284,000		2,266,750		50,862
Valley Hills		Ravenna, OH			(10)		996,000		6,542,178		1,006,862
Valley View-I		Ephrata, PA			(3)		191,000		4,359,000		555,107
Valley View-II		Ephrata, PA			(3)		72,000		1,746,000		2,508
Valley View-Danboro		Doylestown, PA			(6)		2,650,000		8,266,000		(11,992)
Valley View-HB		Honey Brook, PA			(6)		1,380,000		5,348,000		157,821
Waterfalls Village		Hamburg, NY			(4)		424,000		3,812,000		2,353,158
Weatherly Estates		Lebanon, TN		-0-			1,184,000		4,034,480		4,299,168
Woodland Manor		West Monroe, NY		-0-			77,000		841,000		1,493,572
Woodlawn Village		Eatontown, NJ		-0-			157,421		280,749		1,019,343
Wood Valley		Caledonia, OH		-0-			260,000		1,753,206		3,330,308
Youngstown Estates		Youngstown, NY			(5)		269,000		1,606,000		23,054

			$	182,670,854		$	34,479,319	$	249,606,503	$	164,078,637

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

Column A			Column E (6) (7)						Column F
Description			Gross Amount at Which Carried at 12/31/14
					Site, Land
					& Building
					Improvements				Accumulated
Name	Location		Land		and Rental Homes		Total		Depreciation

Allentown	Memphis, TN	$	480,000	$	10,609,460	$	11,089,460	$	4,411,922
Auburn Estates	Orrville, OH		114,000		1,341,500		1,455,500		53,598
Birchwood Farms	Birch Run, MI		70,000		3,329,478		3,399,478		255,376
Broadmore Estates	Goshen, IN		1,120,000		12,863,638		13,983,638		895,695
Brookside Village	Berwick, PA		372,000		5,415,151		5,787,151		731,483
Brookview Village	Greenfield Ctr, NY		122,865		3,841,132		3,963,997		1,956,851
Carsons	Chambersburg, PA		176,000		2,861,569		3,037,569		223,159
Cedarcrest	Vineland, NJ		408,206		3,824,562		4,232,768		2,575,753
Chambersburg I & II	Chambersburg, PA		108,000		2,644,338		2,752,338		222,658
Chelsea	Sayre, PA		124,000		2,327,421		2,451,421		186,335
City View	Lewistown, PA		137,000		1,557,226		1,694,226		110,796
Clinton	Tiffin, OH		142,000		3,371,322		3,513,322		397,120
Collingwood	Horseheads, NY		196,000		3,002,128		3,198,128		224,293
Colonial Heights	Wintersville, OH		67,000		4,722,241		4,789,241		319,009
Countryside Estates	Muncie, IN		174,000		3,480,975		3,654,975		279,946
Countryside Estates	Ravenna, OH		205,000		3,236,773		3,441,773		93,711
Countryside Village	Columbia, TN		394,000		10,097,292		10,491,292		1,197,084
Cranberry Village	Cranberry Twp, PA		181,930		4,373,417		4,555,347		2,478,191
Crestview	Sayre, PA		363,000		2,580,236		2,943,236		208,796
Cross Keys Village	Duncansville, PA		60,774		2,627,163		2,687,937		1,026,981
Dallas Mobile Home	Toronto, OH		275,600		2,744,052		3,019,652		50,465
Deer Meadows	New Springfield, OH		226,000		2,505,326		2,731,326		74,714
D&R Village	Clifton Park, NY		391,724		3,460,919		3,852,643		1,726,688
Evergreen Estates	Lodi, OH		99,000		1,181,214		1,280,214		35,265
Evergreen Manor	Bedford, OH		49,000		2,395,492		2,444,492		87,038
Evergreen Village	Mantua, OH		105,000		1,489,280		1,594,280		42,236
Fairview Manor	Millville, NJ		2,534,892		7,941,682		10,476,574		4,270,502
Forest Creek	Elkhart, IN		440,000		7,869,604		8,309,604		589,049
Forest Park Village	Cranberry Twp, PA		75,000		5,644,683		5,719,683		2,437,412
Frieden Manor	Schuylkill Haven, PA		643,000		5,983,295		6,626,295		501,251
Green Acres	Chambersburg, PA		63,000		589,557		652,557		51,584
Gregory Courts	Honey Brook, PA		370,000		1,281,433		1,651,433		84,706
Hayden Heights	Dublin, OH		248,100		2,244,876		2,492,976		39,748
Heather Highlands	Inkerman, PA		572,500		8,065,804		8,638,304		3,976,279
Highland	Elkhart, IN		510,000		7,773,293		8,283,293		567,895
Highland Estates	Kutztown, PA		404,239		12,018,691		12,422,930		5,355,140
Hillside Estates	Greensburg, PA		483,600		2,833,079		3,316,679		51,554
Holiday	Nashville, TN		1,632,000		8,645,213		10,277,213		449,681
Hudson Estates	Peninsula, OH		141,000		3,941,356		4,082,356		111,142
Independence Park	Clinton, OH		686,400		2,830,902		3,517,302		52,591
Kinnebrook	Monticello, NY		352,972		9,005,997		9,358,969		3,833,077
Lake Sherman	Navarre, OH		290,000		7,952,938		8,242,938		2,905,512
Laurel Woods	Cresson, PA		432,700		4,329,077		4,761,777		1,544,649
Little Chippewa	Orrville, OH		113,000		1,438,129		1,551,129		49,565
Maple Manor	Taylor, PA		674,000		11,165,627		11,839,627		1,503,215

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

Column A					Column E (6) (7)						Column F
Description					Gross Amount at Which Carried at 12/31/14
							Site, Land
							& Building
							Improvements				Accumulated
Name	Location				Land		and Rental Homes		Total		Depreciation

Meadowood	New Middletown, OH		$		152,000	$	4,409,816	$	4,561,816	$	356,493
Melrose Village	Wooster, OH				767,000		6,226,370		6,993,370		229,927
Melrose West	Wooster, OH				94,000		1,050,633		1,144,633		41,278
Memphis Mobile	Memphis, TN				335,935		1,505,912		1,841,847		1,161,152
Monroe Valley	Ephrata, PA				114,000		1,239,557		1,353,557		101,446
Moosic Heights	Avoca, PA				330,000		4,507,013		4,837,013		596,707
Mountaintop	Ephrata, PA				134,000		2,051,890		2,185,890		161,274
Mountain View	Coxsackie, NY				2,218,800		1,036,683		3,255,483		142,831
Oak Ridge Estates	Elkhart, IN				500,000		9,014,055		9,514,055		643,903
Oakwood Lake	Tunkhannock, PA				379,000		1,949,990		2,328,990		268,677
Olmsted Falls	Olmsted Falls, OH				569,000		3,709,638		4,278,638		264,561
Oxford Village	West Grove, PA				155,000		2,610,920		2,765,920		1,861,355
Pine Ridge/Manor	Carlisle, PA				145,473		6,810,277		6,955,750		2,167,988
Pine Valley Estates	Apollo, PA				732,089		4,793,022		5,525,111		1,900,600
Pleasant View Estates	Bloomsburg, PA				282,000		2,775,363		3,057,363		365,881
Port Royal Village	Belle Vernon, PA				505,000		11,861,680		12,366,680		5,249,997
River Valley Estates	Marion, OH				236,000		5,819,053		6,055,053		2,803,077
Rolling Hills Estates	Carlisle, PA				301,000		1,926,712		2,227,712		115,523
Rostraver Estates	Belle Vernon, PA				813,600		2,261,936		3,075,536		47,589
Sandy Valley Estates	Magnolia, OH				270,000		7,545,138		7,815,138		3,868,316
Shady Hills	Nashville, TN				337,000		5,327,025		5,664,025		565,276
Somerset/Whispering	Somerset, PA				1,488,600		7,427,003		8,915,603		2,200,359
Southern Terrace	Columbiana, OH				63,000		3,593,625		3,656,625		297,702
Southwind Village	Jackson, NJ				100,095		2,941,356		3,041,451		1,843,215
Spreading Oaks	Athens, OH				67,000		3,289,381		3,356,381		1,263,843
Suburban Estates	Greensburg, PA				299,000		6,862,933		7,161,933		1,012,803
Summit Estates	Ravenna, OH				198,000		2,965,549		3,163,549		87,990
Sunny Acres	Somerset, PA				287,000		6,599,732		6,886,732		1,051,390
Sunnyside	Eagleville, PA				450,000		2,661,341		3,111,341		177,682
Trailmont	Goodlettsville, TN				411,000		4,000,953		4,411,953		389,129
Twin Oaks I & II	Olmsted Twp, OH				998,000		4,321,541		5,319,541		321,272
Twin Pines	Goshen, IN				650,000		7,339,172		7,989,172		482,924
Valley High	Ruffs Dale, PA				284,000		2,317,612		2,601,612		43,488
Valley Hills	Ravenna, OH				996,000		7,549,040		8,545,040		213,962
Valley View-I	Ephrata, PA				191,000		4,914,107		5,105,107		409,151
Valley View-II	Ephrata, PA				72,000		1,748,508		1,820,508		153,686
Valley View-Danboro	Doylestown, PA				2,650,000		8,254,008		10,904,008		550,226
Valley View-HB	Honey Brook, PA				1,380,000		5,505,821		6,885,821		391,197
Waterfalls Village	Hamburg, NY				424,000		6,165,158		6,589,158		2,895,919
Weatherly Estates	Lebanon, TN				1,184,000		8,333,648		9,517,648		1,947,596
Woodland Manor	West Monroe, NY				77,000		2,334,572		2,411,572		666,277
Woodlawn Village	Eatontown, NJ				135,420		1,322,093		1,457,513		615,534
Wood Valley	Caledonia, OH				260,000		5,083,514		5,343,514		2,186,870
Youngstown Estates	Youngstown, NY				269,000		1,629,054		1,898,054		64,132

		$		39,133,514		$	409,030,945	$	448,164,459	$	90,419,913

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

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
Chelsea	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 Estates	Ravenna, OH	1972	2014	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	Sayre, PA	1964	2012	5 to 27.5
Cross Keys Village	Duncansville, PA	1961	1979	5 to 27.5
Dallas Mobile Home	Toronto, OH	1950-1957	2014	5 to 27.5
Deer Meadows	New Springfield, OH	1973	2014	5 to 27.5
D&R Village	Clifton Park, NY	1972	1978	5 to 27.5
Evergreen Estates	Lodi, OH	1965	2014	5 to 27.5
Evergreen Manor	Bedford, OH	1960	2014	5 to 27.5
Evergreen Village	Mantua, OH	1960	2014	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
Hayden Heights	Dublin, OH	1973	2014	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
Hillside Estates	Greensburgh, PA	1980	2014	5 to 27.5
Holiday	Nashville, TN	1967	2013	5 to 27.5
Hudson Estates	Peninsula, OH	1956	2014	5 to 27.5
Independence Park	Clinton, PA	1987	2014	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

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

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

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	Ephrata, PA	1969	2012	5 to 27.5
Moosic Heights	Avoca, PA	1972	2010	5 to 27.5
Mountaintop	Ephrata, PA	1972	2012	5 to 27.5
Mountain View	Coxsackie, NY	N/A	2005	5 to 27.5
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
Rostraver Estates	Belle Vernon, PA	1970	2014	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
Summit Estates	Ravenna, OH	1969	2014	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 Twp, OH	1952/1997	2012	5 to 27.5
Twin Pines	Goshen, IN	1956/1990	2013	5 to 27.5
Valley High	Ruffs Dale, PA	1974	2014	5 to 27.5
Valley Hills	Ravenna, OH	1960-1970	2014	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

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2014

(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)

Represents one mortgage note payable secured by four properties.

(9)

Represents one mortgage note payable secured by five properties.

(10)

Represents one mortgage note payable secured by three properties.

(11)

Reconciliation

	/----------FIXED ASSETS-----------/
		12/31/14	12/31/13	12/31/12

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

Additions:
Acquisitions		42,422,064	88,211,013	47,376,000
Improvements		40,798,234	26,041,264	16,121,717
Total Additions		83,220,298	114,252,277	63,497,717

Deletions		(880,251)	(1,917,920)	(1,260,204)

Balance – End of Year		$448,164,459	$365,824,412	$253,490,055

		/-----ACCUMULATED DEPRECIATION-----/
	12/31/14		12/31/13	12/31/12

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

Additions:
Depreciation	14,341,575		11,318,194	6,869,251
Total Additions	14,341,575		11,318,194	6,869,251

Deletions	(357,405)		(541,053)	(204,742)

Balance – End of Year	$90,419,913		$76,435,743	$65,658,602

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