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 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
Acquisition Summary and Property Portfolio	14
Definitions	15
Press Release Dated November 3, 2021	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 2021 Supplemental Information          2

Financial Highlights

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

	Three Months Ended						Nine Months Ended
		9/30/2021			9/30/2020			9/30/2021			9/30/2020
Operating Information
Number of Communities								127			124
Number of Sites								23,973			23,428
Rental and Related Income	$	40,248		$	36,358		$	118,302		$	105,767
Community Operating Expenses	$	16,833		$	16,245		$	51,015		$	47,191
Community NOI	$	23,415		$	20,113		$	67,287		$	58,576
Expense Ratio		41.8	%		44.7	%		43.1	%		44.6	%
Sales of Manufactured Homes	$	7,782		$	6,765		$	21,819		$	15,013
Number of Homes Sold		101			108			294			252
Number of Rentals Added		96			317			448			684
Net Income (Loss)	$	4,197		$	(1,767	)	$	34,078		$	(18,190	)
Net Income (Loss) Attributable to Common Shareholders	$	(3,403	)	$	(12,747	)	$	11,839		$	(45,350	)
Adjusted EBITDA	$	23,197		$	20,081		$	66,010		$	58,145
FFO Attributable to Common Shareholders	$	10,822		$	4,515		$	29,058		$	17,739
Normalized FFO Attributable to Common Shareholders	$	11,146		$	7,386		$	30,128		$	20,610
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic		47,778			41,421			45,212			41,275
Diluted		47,778			41,421			46,247			41,275
Net Income (Loss) Attributable to Common
Shareholders per Share –
Basic	$	(0.07	)	$	(0.31	)	$	0.27		$	(1.10	)
Diluted	$	(0.07	)	$	(0.31	)	$	0.28		$	(1.10	)
FFO per Share –
Diluted	$	0.22		$	0.11		$	0.63		$	0.43
Normalized FFO per Share –
Diluted	$	0.23		$	0.18		$	0.65		$	0.50
Dividends per Common Share	$	0.19		$	0.18		$	0.57		$	0.54
Balance Sheet
Total Assets							$	1,205,734		$	1,094,744
Total Liabilities							$	536,099		$	629,801
Market Capitalization
Total Debt, Net of Unamortized Debt
Issuance Costs							$	507,336		$	506,959
Equity Market Capitalization							$	1,114,266		$	563,626
Series C Preferred Stock							$	247,100		$	247,100
Series D Preferred Stock							$	215,219		$	135,589
Total Market Capitalization							$	2,083,921		$	1,453,274

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          3

Consolidated Balance Sheets

(in thousands except per share amounts)

	September 30,			December 31,
	2021			2020
		(unaudited)
ASSETS
Investment Property and Equipment
Land	$	74,944		$	73,704
Site and Land Improvements		687,488			656,721
Buildings and Improvements		28,531			28,153
Rental Homes and Accessories		378,505			349,905
Total Investment Property		1,169,468			1,108,483
Equipment and Vehicles		23,569			22,572
Total Investment Property and Equipment		1,193,037			1,131,055
Accumulated Depreciation		(304,987	)		(272,823	)
Net Investment Property and Equipment		888,050			858,232
Other Assets
Cash and Cash Equivalents		82,435			15,336
Marketable Securities at Fair Value		102,811			103,172
Inventory of Manufactured Homes		20,331			25,450
Notes and Other Receivables, net		53,917			46,414
Prepaid Expenses and Other Assets		20,254			19,984
Land Development Costs		37,936			20,825
Total Other Assets		317,684			231,181
TOTAL ASSETS	$	1,205,734		$	1,089,413
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	$	467,527		$	471,477
Other Liabilities
Accounts Payable		4,685			4,390
Loans Payable, net of unamortized debt issuance costs		39,809			87,009
Accrued Liabilities and Deposits		16,203			17,296
Tenant Security Deposits		7,875			7,433
Total Other Liabilities		68,572			116,128
Total Liabilities		536,099			587,605
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Series C- 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 13,750 shares authorized; 9,884 issued and outstanding as of September 30, 2021 and December 31, 2020		247,100			247,100
Series D - 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 9,300 shares authorized; 8,609 and 6,434 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		215,219			160,854
Common Stock – $0.10 par value per share: 144,164 shares authorized; 48,658 and 41,920 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively		4,866			4,192
Excess Stock – $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of September 30, 2021 and December 31, 2020		-0-			-0-
Additional Paid-In Capital		227,814			115,026
Undistributed Income (Accumulated Deficit)		(25,364	)		(25,364	)
Total Shareholders’ Equity		669,635			501,808
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,205,734		$	1,089,413

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          4

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
		9/30/2021			9/30/2020			9/30/2021			9/30/2020
INCOME:
Rental and Related Income	$	40,248		$	36,358		$	118,302		$	105,767
Sales of Manufactured Homes		7,782			6,765			21,819			15,013
TOTAL INCOME		48,030			43,123			140,121			120,780
EXPENSES:
Community Operating Expenses		16,833			16,245			51,015			47,191
Cost of Sales of Manufactured Homes		5,826			4,695			16,314			10,713
Selling Expenses		1,324			1,381			3,817			3,757
General and Administrative Expenses		3,165			2,934			9,945			8,262
Depreciation Expense		11,380			10,492			33,572			30,991
TOTAL EXPENSES		38,528			35,747			114,663			100,914
OTHER INCOME (EXPENSE):
Interest Income		857			736			2,466			2,144
Dividend Income		1,267			1,183			3,856			4,481
Gain on Sales of Marketable Securities, net		2,636			-0-			2,342			-0-
Increase (Decrease) in Fair Value of Marketable Securities		(5,390	)		(6,739	)		14,120			(31,921	)
Other Income		189			232			488			561
Interest Expense		(4,773	)		(4,524	)		(14,543	)		(13,144	)
TOTAL OTHER INCOME (EXPENSE)		(5,214	)		(9,112	)		8,729			(37,879	)
Income (Loss) before Loss on Sales of Investment Property and Equipment		4,288			(1,736	)		34,187			(18,013	)
Loss on Sales of Investment Property and Equipment		(91	)		(31	)		(109	)		(177	)
NET INCOME (LOSS)		4,197			(1,767	)		34,078			(18,190	)
Less: Preferred Dividends		(7,600	)		(8,109	)		(22,239	)		(24,289	)
Less: Redemption of Preferred Stock		-0-			(2,871	)		-0-			(2,871	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(3,403	)	$	(12,747	)	$	11,839		$	(45,350	)
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDER PER SHARE –
Basic	$	(0.07	)	$	(0.31	)	$	0.27		$	(1.10	)
Diluted	$	(0.07	)	$	(0.31	)	$	0.28		$	(1.10	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		47,778			41,421			45,212			41,275
Diluted		47,778			41,421			46,247			41,275

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          5

Consolidated Statements of Cash Flows

(in thousands) (unaudited)

	Nine Months Ended
		9/30/2021			9/30/2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$	34,078		$	(18,190	)
Non-Cash Items Included in Net Income (Loss):
Depreciation		33,572			30,991
Amortization of Financing Costs		725			654
Stock Compensation Expense		2,259			1,104
Provision for Uncollectible Notes and Other Receivables		823			1,056
Gain on Sales of Marketable Securities, net		(2,342	)		-0-
(Increase) Decrease in Fair Value of Marketable Securities		(14,120	)		31,921
Loss on Sales of Investment Property and Equipment		109			177
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		5,119			4,904
Notes and Other Receivables, net of notes acquired with acquisitions		(8,125	)		(7,664	)
Prepaid Expenses and Other Assets		(5,492	)		(666	)
Accounts Payable		295			1,174
Accrued Liabilities and Deposits		(1,093	)		4,106
Tenant Security Deposits		442			774
Net Cash Provided by Operating Activities		46,250			50,341
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities		(19,195	)		(6,274	)
Purchase of Investment Property and Equipment		(46,527	)		(59,427	)
Proceeds from Sales of Investment Property and Equipment		2,023			1,919
Additions to Land Development Costs		(17,111	)		(12,966	)
Purchase of Marketable Securities		(12	)		(896	)
Proceeds from Sales of Marketable Securities		16,835			-0-
Net Cash Used in Investing Activities		(63,987	)		(77,644	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed		6,070			105,984
Net Payments from Short-Term Borrowings		(47,339	)		(49,191	)
Principal Payments of Mortgages		(10,479	)		(6,579	)
Financing Costs on Debt		(127	)		(3,927	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs		53,213			71,473
Proceeds from At-The-Market Common Equity Program, net of offering costs		110,521			1,477
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments		4,737			3,225
Repurchase of Preferred Stock, net		-0-			(12	)
Repurchase of Common Stock, net		-0-			(1,830	)
Proceeds from Exercise of Stock Options		8,304			622
Preferred Dividends Paid		(22,239	)		(24,289	)
Common Dividends Paid, net of Dividend Reinvestments		(23,047	)		(19,959	)
Net Cash Provided by Financing Activities		79,614			76,994
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		61,877			49,691
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		28,593			18,996
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	90,470		$	68,687

UMH Properties, Inc. | Third Quarter FY 2021 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 except footnotes) (unaudited)

	Three Months Ended						Nine Months Ended
	9/30/2021			9/30/2020			9/30/2021			9/30/2020
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Net Income (Loss)	$	4,197		$	(1,767	)	$	34,078		$	(18,190	)
Interest Expense		4,773			4,524			14,543			13,144
Franchise Taxes		93			93			279			279
Depreciation Expense		11,380			10,492			33,572			30,991
(Increase) Decrease in Fair Value of Marketable Securities		5,390			6,739			(14,120	)		31,921
Gain on Sales of Marketable Securities, net		(2,636	)		-0-			(2,342	)		-0-
Adjusted EBITDA	$	23,197		$	20,081		$	66,010		$	58,145
Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations
Net Income (Loss) Attributable to Common Shareholders	$	(3,403	)	$	(12,747	)	$	11,839		$	(45,350	)
Depreciation Expense		11,380			10,492			33,572			30,991
Loss on Sales of Investment Property and Equipment		91			31			109			177
(Increase) Decrease in Fair Value of Marketable Securities		5,390			6,739			(14,120	)		31,921
Gain on Sales of Marketable Securities, net		(2,636	)		-0-			(2,342	)		-0-
Funds from Operations (“FFO”)		10,822			4,515			29,058			17,739
Adjustments:
Non- Recurring Other Expense (1)		324			-0-			1,070			-0-
Redemption of Preferred Stock		-0-			2,871			-0-			2,871
Normalized Funds from Operations (“Normalized FFO”)	$	11,146		$	7,386		$	30,128		$	20,610

(1) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which is being expensed over the vesting period.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          7

Market Capitalization, Debt and Coverage Ratios

(in thousands except per share amounts) (unaudited)

	Nine Months Ended						Year Ended
		9/30/2021			9/30/2020			12/31/2020
Shares Outstanding		48,658			41,627			41,919
Market Price Per Share	$	22.90		$	13.54		$	14.81
Equity Market Capitalization	$	1,114,266		$	563,626		$	620,819
Total Debt		507,336			506,959			558,486
Preferred		462,319			382,689			407,954
Total Market Capitalization	$	2,083,921		$	1,453,274		$	1,587,259
Total Debt	$	507,336		$	506,959		$	558,486
Less: Cash and Cash Equivalents		(82,435	)		(54,666	)		(15,336	)
Net Debt		424,901			452,293			543,150
Less: Marketable Securities at Fair Value (“Securities”)		(102,811	)		(85,161	)		(103,172	)
Net Debt Less Securities	$	322,090		$	367,132		$	439,978
Interest Expense	$	14,543		$	13,144		$	18,287
Capitalized Interest		1,051			896			1,253
Preferred Dividends		22,239			24,289			31,943
Total Fixed Charges	$	37,833		$	38,329		$	51,483
Adjusted EBITDA	$	66,010		$	58,145		$	79,450
Debt and Coverage Ratios
Net Debt / Total Market Capitalization		20.4	%		31.1	%		34.2	%
Net Debt Plus Preferred / Total Market Capitalization		42.6	%		57.5	%		59.9	%
Net Debt Less Securities / Total Market Capitalization		15.5	%		25.3	%		27.7	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		37.6	%		51.6	%		53.4	%
Interest Coverage		4.2	x		4.1	x		4.1	x
Fixed Charge Coverage		1.7	x		1.5	x		1.5	x
Net Debt / Adjusted EBITDA		4.8	x		5.8	x		6.8	x
Net Debt Less Securities / Adjusted EBITDA		3.7	x		4.7	x		5.5	x
Net Debt Plus Preferred / Adjusted EBITDA		10.1	x		10.8	x		12.0	x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA		8.9	x		9.7	x		10.7	x

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          8

Debt Analysis

(in thousands) (unaudited)

	Nine Months Ended						Year Ended
		9/30/2021			9/30/2020			12/31/2020
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages	$	471,881		$	479,124		$	476,390
Unamortized Debt Issuance Costs		(4,354	)		(6,748	)		(4,913	)
Mortgages, Net of Unamortized Debt Issuance Costs	$	467,527		$	472,376		$	471,477
Loans Payable:
Unsecured Line of Credit	$	25,000		$	15,000		$	45,000
Other Loans Payable		15,014			19,853			42,353
Total Loans Before
Unamortized Debt Issuance Costs		40,014			34,853			87,353
Unamortized Debt Issuance Costs		(205	)		(270	)		(344	)
Loans, Net of Unamortized Debt Issuance Costs	$	39,809		$	34,583		$	87,009
Total Debt, Net of Unamortized Debt Issuance Costs	$	507,336		$	506,959		$	558,486
% Fixed/Floating
Fixed		92.2	%		93.4	%		84.6	%
Floating		7.8	%		6.6	%		15.4	%
Total		100.0	%		100.0	%		100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable		3.79	%		3.81	%		3.81	%
Loans Payable		2.34	%		3.06	%		2.12	%
Total Average		3.68	%		3.76	%		3.55	%
Weighted Average Maturity (Years) Mortgages Payable		5.3			6.3			6.0

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

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          9

Debt Maturity

(in thousands) (unaudited)

As of 9/30/21:

Fiscal Year Ended	Mortgages			Loans			Total			% of Total
2021	$	6,060		$	4,014		$	10,074			2.0	%
2022		18,973			36,000	(1)		54,973			10.7	%
2023		63,889			-0-			63,889			12.5	%
2024		-0-			-0-			-0-			0.0	%
2025		129,318			-0-			129,318			25.3	%
Thereafter		253,641			-0-			253,641			49.5	%
Total Debt Before Unamortized Debt Issuance Cost		471,881			40,014			511,895			100.0	%
Unamortized Debt Issuance Cost		(4,354	)		(205	)		(4,559	)
Total Debt, Net of Unamortized Debt Issuance Costs	$	467,527		$	39,809		$	507,336

(1) Includes $25 million balance outstanding on the Company’s Line of Credit due November 2022, with an additional one-year option.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          10

Securities Portfolio Performance

(in thousands)

Year Ended	Securities Available for Sale		Dividend Income		Net Realized Gain (Loss) on Sale of Securities		Net Realized Gain on Sale of Securities & Dividend Income
2010	$	28,757	$	1,763	$	2,028	$	3,791
2011		43,298		2,512		2,693		5,205
2012		57,325		3,244		4,093		7,337
2013		59,255		3,481		4,056		7,537
2014		63,556		4,066		1,543		5,609
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*		102,811		3,856		2,342		6,198
			$	61,723	$	21,011	$	82,734

*For the nine months ended September 30,2021.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          11

Property Summary and Snapshot

(unaudited)

	9/30/2021			9/30/2020			% Change
Communities		127			124			2.4	%
Developed Sites		23,973			23,428			2.3	%
Occupied		20,655			19,907			3.8	%
Occupancy %		86.2	%		85.0	%		120 bps
Total Rentals		8,700			8,078			7.7	%
Occupied Rentals		8,273			7,703			7.4	%
Rental Occupancy %		95.1	%		95.4	%		(30	bps)
Monthly Rent Per Site	$	470		$	455			3.3	%
Monthly Rent Per Home Rental Including Site	$	809		$	781			3.6	%

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
				(1)				(1)																		(2)
Alabama		1		33		33		-0-		195		57		29.2	%	$	172		34		17		50.0	%	$	574
Indiana		14		1,105		880		225		3,987		3,465		86.9	%	$	423		1,714		1,636		95.4	%	$	804
Maryland		1		77		10		67		62		62		100.0	%	$	568		-0-		-0-		N/A			N/A
Michigan		3		153		153		-0-		734		627		85.4	%	$	470		261		241		92.3	%	$	807
New Jersey		4		349		187		162		1,006		973		96.7	%	$	661		45		44		97.8	%	$	950
New York		8		674		348		326		1,349		1,164		86.3	%	$	565		447		431		96.4	%	$	946
Ohio		37		1,837		1,384		453		6,929		5,882		84.9	%	$	424		2,575		2,445		95.0	%	$	766
Pennsylvania		51		2,180		1,822		358		7,780		6,689		86.0	%	$	494		2,756		2,629		95.4	%	$	829
South Carolina		1		24		24		-0-		142		63		44.4	%	$	195		29		23		79.3	%	$	563
Tennessee		7		539		293		246		1,789		1,673		93.5	%	$	474		839		807		96.2	%	$	820
Total as of September 30, 2021		127		6,971		5,134		1,837		23,973		20,655		86.2	%	$	470		8,700		8,273		95.1	%	$	809

(1) Total and Vacant Acreage of 220 for the Mountain View Estates property is included in the above summary.

(2) Includes home and site rent charges.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          12

Same Property Statistics

(in thousands) (unaudited)

	For Three Months Ended									For Nine Months Ended
	9/30/2021		9/30/2020		Change		% Change			9/30/2021		9/30/2020		Change		% Change
Community Net Operating Income
Rental and Related Income	$	39,404	$	36,122	$	3,282		9.1	%	$	116,172	$	105,324	$	10,848		10.3	%
Community Operating Expenses (1)		15,722		15,518		204		1.3	%		46,977		44,979		1,998		4.4	%
Community NOI	$	23,682	$	20,604	$	3,078		14.9	%	$	69,195	$	60,345	$	8,850		14.7	%

	As of
	9/30/2021			9/30/2020			Change
Total Sites		23,007			23,019			(0.1	)%
Occupied Sites		20,086			19,651			435 sites, 2.2	%
Occupancy %		87.3	%		85.4	%		190 bps
Number of Properties		122			122			N/A
Total Rentals		8,479			7,962			6.5	%
Occupied Rentals		8,107			7,599			6.7	%
Rental Occupancy		95.6	%		95.4	%		20 bps
Monthly Rent Per Site	$	474		$	456			3.9	%
Monthly Rent Per Home Including Site	$	811		$	781			3.8	%

Same Property includes all properties owned as of January 1, 2020, with the exception of Memphis Blues.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          13

Acquisition Summary

(dollars in thousands)

At Acquisition:

Year of Acquisition	Number of Communities		Sites		Occupied Sites		Occupancy %			Purchase Price		Price Per Site		Total Acres
2018		6		1,615		1,271		79	%	$	59,093	$	37		494
2019		4		1,495		935		62	%	$	56,237	$	38		247
2020		2		310		197		64	%	$	7,840	$	25		48
2021		3		543		319		59	%	$	18,300	$	34		113

2021 Acquisitions

Community	Date of Acquisition		State		Number of Sites		Purchase Price		Number of Acres		Occupancy
Deer Run		January 8, 2021		AL		195	$	4,555		33		37	%
Iris Winds		January 21, 2021		SC		142		3,445		24		49	%
Bayshore Estates		June 1, 2021		OH		206		10,300		56		86	%
Total as of September 30, 2021						543	$	18,300		113		59	%

UMH Properties, Inc. | Third Quarter FY 2021 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 NOI, and earnings before interest, taxes, depreciation, amortization and acquisition costs (“Adjusted EBITDA”), 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, 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 and certain one-time charges. Community NOI and Same Property NOI provides a measure of rental operations and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA 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, 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 49.1 million and 46.2 million shares for the three and nine months ended September 30, 2021, respectively, and 41.8 million and 41.6 million shares for the three and nine months ended September 30, 2020, respectively. Common stock equivalents resulting from stock options in the amount of 1.3 and 1.0 million shares for the three and nine months ended September 30, 2021, respectively, and 426,000 and 348,000 shares for the three and nine months ended September 30, 2020, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the three months ended September 30, 2021 and the three and nine months ended September 30, 2020, were excluded from the computation of the Diluted Net Income (Loss) per Share as their effect would be 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. Community NOI excludes realized gains (losses) on securities transactions.

Same Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2020, with the exception of Memphis Blues.

Adjusted EBITDA is calculated as net income (loss) plus interest expense, franchise taxes, depreciation, and the change in the fair value of marketable securities.

Community NOI, Same Property NOI, Adjusted EBITDA, 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, 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, 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 2021 Supplemental Information          15

Press Release Dated November 3, 2021

FOR IMMEDIATE RELEASE	November 3, 2021
	Contact: Nelli Madden
	732-577-9997

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED
SEPTEMBER 30, 2021

FREEHOLD, NJ, November 3, 2021........ UMH Properties, Inc. (NYSE:UMH) reported Total Income for the quarter ended September 30, 2021 of $48.0 million as compared to $43.1 million for the quarter ended September 30, 2020, representing an increase of 11%. Net Loss Attributable to Common Shareholders amounted to $3.4 million or $0.07 per diluted share for the quarter ended September 30, 2021 as compared to $12.7 million or $0.31 per diluted share for the quarter ended September 30, 2020.

Funds from Operations Attributable to Common Shareholders (“FFO”), was $10.8 million or $0.22 per diluted share for the quarter ended September 30, 2021 as compared to $4.5 million or $0.11 per diluted share for the quarter ended September 30, 2020. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $11.1 million or $0.23 per diluted share for the quarter ended September 30, 2021, as compared to $7.4 million or $0.18 per diluted share for the quarter ended September 30, 2020.

A summary of significant financial information for the three and nine months ended September 30, 2021 and 2020 is as follows (in thousands except per share amounts):

	For the Three Months Ended
	September 30,
	2021			2020
Total Income	$	48,030		$	43,123
Total Expenses	$	38,528		$	35,747
Decrease in Fair Value of Marketable Securities	$	(5,390	)	$	(6,739	)
Net Loss Attributable to Common Shareholders	$	(3,403	)	$	(12,747	)
Net Loss Attributable to Common Shareholders per Diluted Common Share	$	(0.07	)	$	(0.31	)
FFO (1)	$	10,822		$	4,515
FFO (1) per Diluted Common Share	$	0.22		$	0.11
Normalized FFO (1)	$	11,146		$	7,386
Normalized FFO (1) per Diluted Common Share	$	0.23		$	0.18
Diluted Weighted Average Shares Outstanding		47,778			41,421

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          16

	For the Nine Months Ended
	September 30,
	2021		2020
Total Income	$	140,121	$	120,780
Total Expenses	$	114,663	$	100,914
Increase (Decrease) in Fair Value of Marketable Securities	$	14,120	$	(31,921	)
Net Income (Loss) Attributable to Common Shareholders	$	11,839	$	(45,350	)
Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share	$	0.28	$	(1.10	)
FFO (1)	$	29,058	$	17,739
FFO (1) per Diluted Common Share	$	0.63	$	0.43
Normalized FFO (1)	$	30,128	$	20,610
Normalized FFO (1) per Diluted Common Share	$	0.65	$	0.50
Diluted Weighted Average Shares Outstanding		46,247		41,275

A summary of significant balance sheet information as of September 30, 2021 and December 31, 2020 is as follows (in thousands):

	September 30, 2021		December 31, 2020
Gross Real Estate Investments	$	1,169,468	$	1,108,483
Marketable Securities at Fair Value	$	102,811	$	103,172
Total Assets	$	1,205,734	$	1,089,413
Mortgages Payable, net	$	467,527	$	471,477
Loans Payable, net	$	39,809	$	87,009
Total Shareholders’ Equity	$	669,635	$	501,808

Samuel A. Landy, President and CEO, commented on the results of the third quarter of 2021.

“UMH continues to fire on all cylinders. During the quarter, we:

● Increased Rental and Related Income by 11%;

● Increased Community Net Operating Income (“NOI”) by 16%;

● Increased Normalized Funds from Operations (“Normalized FFO”) by 51% and Normalized FFO per share by 28%;

● Improved our Operating Expense ratio by 290 basis points to 41.8%;

● Increased Same Property NOI by 15%;

● Increased Same Property Occupancy by 190 basis points from 85.4% to 87.3%;

● Increased our rental home portfolio by 448 homes from yearend 2020 to approximately 8,700 total rental homes, representing an increase of 5%;

● Increased rental home occupancy by 50 basis points from 94.6% at yearend 2020 to 95.1% at quarter end;

● Increased Sales of Manufactured Homes by 15%;

● Increased our Total Market Capitalization by 43% year over year to $2.1 billion at quarter end;

● Increased our Equity Market Capitalization by 98% year over year to $1.1 billion at quarter end;

● Issued and sold approximately 1.1 million shares of Common Stock through an At-the-Market Sale Program for our Common Stock at a weighted average price of $23.70 per share, generating gross proceeds of $26.2 million and net proceeds of $25.8 million, after offering expenses;

● Reduced our Net Debt to Total Market Capitalization from 34% at yearend 2020 to 20% at quarter end.”

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          17

Mr. Landy stated, “We are very pleased to report another quarter of normalized FFO growth. Normalized FFO for the third quarter was $0.23 per share as compared to $0.18 last year. This represents an increase of 28%. Year to date, normalized FFO is $0.65 per share as compared to $0.50 last year. This represents an increase of approximately 30%. This marks six consecutive quarters that we have maintained or increased our normalized FFO.”

“Our business plan and our platform continue to generate exceptional operating results. The improvements we have made at our communities are being recognized by our residents and potential residents which has resulted in strong demand for sales and rental units. Same store occupancy increased by 190 basis points, to 87.3%, over last year. Our increasing occupancy level pared with reasonable rent growth resulted in 9.1% same property income growth and 14.9% same property NOI growth for the quarter. Year to date, same property revenue increased 10.3% and same property NOI increased 14.7%.”

“Our sales results also continue to improve. Sales of manufactured homes for the quarter increased 15% and for the year have increased 45%. Year to date, our sales volume of $21.8 million has already broken our annual sales record that was set last year of $20.3 million. Our income from sales for the year is $1.5 million as compared to $445,000 representing an increase of 246%.”

“We have the ability to continue to drive similar operating performance as we are able to fill our remaining 3,300 vacant sites, obtain reasonable rent increases, develop our 1,800 vacant acres and continue to increase our sales profitability. Our balance sheet is strong, and we are well positioned to assertively refinance our 6.75% Series C Preferred Stock next year which could result in earnings growth of $0.10-$0.15 per share depending on the ratio of debt and equity used for the redemption.”

“We have purchased and developed great communities, but even more importantly, we have created a great company with great people that can continue to achieve exceptional results for decades to come.”

UMH Properties, Inc. will host its Third Quarter 2021 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, November 4, 2021 at 10:00 a.m. Eastern Time.

The Company’s 2021 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 4, 2021. It will be available until February 4, 2022 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10159917. 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 127 manufactured home communities containing approximately 24,000 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan, Maryland, Alabama and South Carolina.

UMH Properties, Inc. | Third Quarter FY 2021 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:

(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 loss to the Company’s FFO and Normalized FFO for the three and nine months ended September 30, 2021 and 2020 are calculated as follows (in thousands):

	Three Months Ended						Nine Months Ended
		9/30/21			9/30/20			9/30/21			9/30/20
Net Income (Loss) Attributable to Common Shareholders	$	(3,403	)	$	(12,747	)	$	11,839		$	(45,350	)
Depreciation Expense		11,380			10,492			33,572			30,991
Loss on Sales of Investment Property and Equipment		91			31			109			177
(Increase) Decrease in Fair Value of Marketable Securities		5,390			6,739			(14,120	)		31,921
Gain on Sales of Marketable Securities, net		(2,636	)		-0-			(2,342	)		-0-
FFO Attributable to Common Shareholders		10,822			4,515			29,058			17,739
Non- Recurring Other Expense (2)		324			-0-			1,070			-0-
Redemption of Preferred Stock		-0-			2,871			-0-			2,871
Normalized FFO Attributable to Common Shareholders	$	11,146		$	7,386		$	30,128		$	20,610

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 49.1 million and 46.2 million shares for the three and nine months ended September 30, 2021, respectively, and 41.8 million and 41.6 million shares for the three and nine months ended September 30, 2020, respectively. Common stock equivalents resulting from stock options in the amount of 1.3 and 1.0 million shares for the three and nine months ended September 30, 2021, respectively, and 426,000 and 348,000 shares for the three and nine months ended September 30, 2020, respectively, are included in the diluted weighted shares outstanding. Common stock equivalents for the three months ended September 30, 2021 and the three and nine months ended September 30, 2020, were excluded from the computation of the Diluted Net Income (Loss) per Share as their effect would be anti-dilutive.

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          19

The following are the cash flows provided (used) by operating, investing and financing activities for the nine months ended September 30, 2021 and 2020 (in thousands):

	2021			2020
Operating Activities	$	46,250		$	50,341
Investing Activities		(63,987	)		(77,644	)
Financing Activities		79,614			76,994

(2) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which is being expensed over the vesting period.

# # # #

UMH Properties, Inc. | Third Quarter FY 2021 Supplemental Information          20