UMH Properties (UMH) 8-K Results of Operations and Financial Condition

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 Loss to Adjusted EBITDA excluding Non-Recurring Other Expense and Net 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 August 8, 2023	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. | Second Quarter FY 2023 Supplemental Information          2

Financial Highlights
(dollars in thousands except per share amounts) (unaudited)
	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Operating Information
Number of Communities								135			130
Number of Sites								25,729			24,411
Rental and Related Income	$	47,063		$	42,229		$	92,368		$	83,806
Community Operating Expenses	$	20,034		$	18,923		$	40,122		$	36,994
Community NOI	$	27,029		$	23,306		$	52,246		$	46,812
Expense Ratio		42.6	%		44.8	%		43.4	%		44.1	%
Sales of Manufactured Homes	$	8,227		$	6,994		$	15,529		$	11,285
Number of Homes Sold		91			86			174			147
Number of Rentals Added		304			99			534			151
Net Loss	$	(403	)	$	(6,688	)	$	(1,904	)	$	(3,413	)
Net Loss Attributable to Common Shareholders	$	(4,418	)	$	(22,478	)	$	(9,715	)	$	(26,803	)
Adjusted EBITDA excluding Non-Recurring Other Expense	$	25,270		$	22,761		$	48,731		$	44,877
FFO Attributable to Common Shareholders	$	12,043		$	(320	)	$	22,683		$	8,224
Normalized FFO Attributable to Common Shareholders	$	13,049		$	12,026		$	24,769		$	22,439
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic and diluted		61,236			54,215			60,186			53,224
Net Loss Attributable to Common Shareholders per Share –
Basic and Diluted	$	(0.07	)	$	(0.41	)	$	(0.16	)	$	(0.50	)
FFO per Share –
Diluted	$	0.19		$	(0.01	)	$	0.37		$	0.15
Normalized FFO per Share –
Diluted	$	0.21		$	0.22		$	0.41		$	0.41
Dividends per Common Share	$	0.205		$	0.20		$	0.41		$	0.40
Balance Sheet
Total Assets							$	1,393,869		$	1,423,265
Total Liabilities							$	756,002		$	901,370
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs							$	726,862		$	625,997
Equity Market Capitalization							$	1,007,888		$	965,386
Series D Preferred Stock							$	265,032		$	215,219
Total Market Capitalization							$	1,999,782		$	1,806,602

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          3

Consolidated Balance Sheets
(in thousands except per share amounts)
	June 30,			December 31,
	2023			2022
	(unaudited)
ASSETS
Investment Property and Equipment
Land	$	89,604		$	86,619
Site and Land Improvements		862,276			846,218
Buildings and Improvements		35,869			35,933
Rental Homes and Accessories		478,595			422,818
Total Investment Property		1,466,344			1,391,588
Equipment and Vehicles		27,743			26,721
Total Investment Property and Equipment		1,494,087			1,418,309
Accumulated Depreciation		(389,012	)		(363,098	)
Net Investment Property and Equipment		1,105,075			1,055,211
Other Assets
Cash and Cash Equivalents		41,484			29,785
Marketable Securities at Fair Value		36,701			42,178
Inventory of Manufactured Homes		61,054			88,468
Notes and Other Receivables, net		75,491			67,271
Prepaid Expenses and Other Assets		15,033			20,011
Land Development Costs		35,837			23,250
Investment in Joint Venture		23,194			18,422
Total Other Assets		288,794			289,385
TOTAL ASSETS	$	1,393,869		$	1,344,596
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	$	444,797		$	508,938
Other Liabilities
Accounts Payable		6,704			6,387
Loans Payable, net of unamortized debt issuance costs		182,434			153,531
Series A Bonds, net of unamortized debt issuance costs		99,631			99,207
Accrued Liabilities and Deposits		13,318			16,852
Tenant Security Deposits		9,118			8,485
Total Other Liabilities		311,205			284,462
Total Liabilities		756,002			793,400
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Series D- 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share; 13,700 and 9,300 shares authorized as of June 30, 2023 and December 31, 2022, respectively; 10,601 and 9,015 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		265,032			225,379
Common Stock- $0.10 par value per share: 153,714 and 154,048 shares authorized as of June 30, 2023 and December 31, 2022, respectively; 63,072 and 57,595 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively		6,307			5,760
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of June 30, 2023 and December 31, 2022		-0-			-0-
Additional Paid-In Capital		389,736			343,189
Undistributed Income (Accumulated Deficit)		(25,364	)		(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity		635,711			548,964
Non-Controlling Interest in Consolidated Subsidiaries		2,156			2,232
Total Shareholders’ Equity		637,867			551,196
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,393,869		$	1,344,596

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          4

Consolidated Statements of Income (Loss)
(in thousands except per share amounts) (unaudited)
	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
INCOME:
Rental and Related Income	$	47,063		$	42,229		$	92,368		$	83,806
Sales of Manufactured Homes		8,227			6,994			15,529			11,285
TOTAL INCOME		55,290			49,223			107,897			95,091
EXPENSES:
Community Operating Expenses		20,034			18,923			40,122			36,994
Cost of Sales of Manufactured Homes		5,740			4,837			10,725			7,820
Selling Expenses		1,665			1,214			3,477			2,369
General and Administrative Expenses		5,181			4,300			10,163			8,198
Depreciation Expense		13,751			11,984			27,124			23,701
TOTAL EXPENSES		46,371			41,258			91,611			79,082
OTHER INCOME (EXPENSE):
Interest Income		1,217			1,068			2,355			1,978
Dividend Income		531			721			1,237			1,501
Gain (Loss) on Sales of Marketable Securities, net		(1	)		-0-			(43	)		30,721
Decrease in Fair Value of Marketable Securities		(2,548	)		(10,044	)		(4,943	)		(41,794	)
Other Income		288			196			616			416
Loss on Investment in Joint Venture		(175	)		(136	)		(480	)		(257	)
Interest Expense		(8,639	)		(6,414	)		(16,969	)		(11,901	)
TOTAL OTHER INCOME (EXPENSE)		(9,327	)		(14,609	)		(18,227	)		(19,336	)
Loss before Gain (Loss) on Sales of Investment Property and Equipment		(408	)		(6,644	)		(1,941	)		(3,327	)
Gain (Loss) on Sales of Investment Property and Equipment		5			(44	)		37			(86	)
NET LOSS		(403	)		(6,688	)		(1,904	)		(3,413	)
Preferred Dividends		(4,051	)		(7,600	)		(7,887	)		(15,200	)
Loss Attributable to Non-Controlling Interest		36			-0-			76			-0-
Redemption of Preferred Stock		-0-			(8,190	)		-0-			(8,190	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(4,418	)	$	(22,478	)	$	(9,715	)	$	(26,803	)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted	$	(0.07	)	$	(0.41	)	$	(0.16	)	$	(0.50	)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic and Diluted		61,236			54,215			60,186			53,224

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          5

Consolidated Statements of Cash Flows
(in thousands) (unaudited)
	Six Months Ended
	June 30, 2023			June 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Loss	$	(1,904	)	$	(3,413	)
Non-Cash Items Included in Net Loss:
Depreciation		27,124			23,701
Amortization of Financing Costs		1,056			939
Stock Compensation Expense		2,999			2,301
Provision for Uncollectible Notes and Other Receivables		797			611
(Gain) Loss on Sales of Marketable Securities, net		43			(30,721	)
Decrease in Fair Value of Marketable Securities		4,943			41,794
(Gain) Loss on Sales of Investment Property and Equipment		(37	)		86
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		27,414			(22,333	)
Notes and Other Receivables, net of notes acquired with acquisitions		(9,017	)		(4,912	)
Prepaid Expenses and Other Assets		1,591			(1,555	)
Accounts Payable		317			298
Accrued Liabilities and Deposits		(3,534	)		(1,614	)
Tenant Security Deposits		633			233
Net Cash Provided by Operating Activities		52,425			5,415
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities		(3,679	)		(17,306	)
Purchase of Investment Property and Equipment		(74,604	)		(28,646	)
Proceeds from Sales of Investment Property and Equipment		1,332			1,887
Additions to Land Development Costs		(12,587	)		(8,733	)
Purchase of Marketable Securities		(11	)		(10	)
Proceeds from Sales of Marketable Securities		502			55,752
Investment in Joint Venture		(4,772	)		(2,073	)
Net Cash Provided by (Used in) Investing Activities		(93,819	)		871
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages		-0-			25,643
Net Proceeds from Short-Term Borrowings		29,527			11,493
Principal Payments of Mortgages and Loans		(64,583	)		(8,787	)
Proceeds from Bond Issuance		-0-			102,670
Financing Costs on Debt		(814	)		(5,285	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs		34,600			-0-
Proceeds from At-The-Market Common Equity Program, net of offering costs		78,447			58,236
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments		3,197			1,498
Proceeds from Exercise of Stock Options		550			3,213
Preferred Dividends Paid		(7,887	)		(15,200	)
Common Dividends Paid, net of dividend reinvestments		(23,331	)		(19,780	)
Net Cash Provided by Financing Activities		49,706			153,701
NET INCREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		8,312			159,987
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		40,876			125,026
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	49,188		$	285,013

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          6

Reconciliation of Net Loss to Adjusted EBITDA and Net Loss Attributable to Common Shareholders to FFO and Normalized FFO
(in thousands) (unaudited)
	Three Months Ended						Six Months Ended
	June 30, 2023			June 30, 2022			June 30, 2023			June 30, 2022
Reconciliation of Net Loss to Adjusted EBITDA
Net Loss	$	(403	)	$	(6,688	)	$	(1,904	)	$	(3,413	)
Interest Expense		8,639			6,414			16,969			11,901
Franchise Taxes		100			96			201			192
Depreciation Expense		13,751			11,984			27,124			23,701
Depreciation Expense from Unconsolidated Joint Venture		166			86			325			167
Decrease in Fair Value of Marketable Securities		2,548			10,044			4,943			41,794
(Gain) Loss on Sales of Marketable Securities, net		1			-0-			43			(30,721	)
Adjusted EBITDA		24,802			21,936			47,701			43,621
Non- Recurring Other Expense (2)		468			825			1,030			1,256
Adjusted EBITDA without Non-recurring Other Expense	$	25,270		$	22,761		$	48,731		$	44,877
Reconciliation of Net Loss Attributable to Common Shareholders to Funds from Operations
Net Loss Attributable to Common Shareholders	$	(4,418	)	$	(22,478	)	$	(9,715	)	$	(26,803	)
Depreciation Expense		13,751			11,984			27,124			23,701
Depreciation Expense from Unconsolidated Joint Venture		166			86			325			167
(Gain) Loss on Sales of Investment Property and Equipment		(5	)		44			(37	)		86
Decrease in Fair Value of Marketable Securities		2,548			10,044			4,943			41,794
(Gain) Loss on Sales of Marketable Securities, net		1			-0-			43			(30,721	)
Funds from Operations Attributable to Common Shareholders (“FFO”)		12,043			(320	)		22,683			8,224
Adjustments:
Redemption of Preferred Stock (1)		-0-			10,988			-0-			12,020
Amortization of Financing Costs (1)		538			533			1,056			939
Non- Recurring Other Expense (2)		468			825			1,030			1,256
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”) (1)	$	13,049		$	12,026		$	24,769		$	22,439

(1) Normalized FFO as previously reported for the three and six months ended June 30, 2022, was $8,695 and $17,670, respectively. During 2022, the Company incurred the carrying cost of excess cash for the redemption of preferred stock. Additionally, due to the change in sources of capital, amortization expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the three and six months ended June 30, 2023 and 2022. After making these adjustments for the three and six months ended June 30, 2022, Normalized FFO was $12,026 and $22,439, respectively.

(2) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($3 and $50, respectively), one-time legal fees ($30 and $50, respectively), fees related to the establishment of the UMH OZ Fund, LLC ($4 and $37, respectively), and costs associated with an acquisition that was not completed ($0 and $31, respectively) for the three and six months ended June 30, 2023. Consists of special bonus and restricted stock grants for the August groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($52), early extinguishment of debt ($193) and one-time legal fees ($149) for the three and six months ended June 30, 2022.

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          7

Market Capitalization, Debt and Coverage Ratios
(in thousands except per share amounts) (unaudited)
	Six Months Ended						Year Ended
	June 30, 2023			June 30, 2022			December 31, 2022
Shares Outstanding		63,072			54,665			57,595
Market Price Per Share	$	15.98		$	17.66		$	16.10
Equity Market Capitalization	$	1,007,888		$	965,386		$	927,298
Total Debt		726,862			625,997			761,676
Preferred		265,032			215,219			225,379
Total Market Capitalization	$	1,999,782		$	1,806,602		$	1,914,353
Total Debt	$	726,862		$	625,997		$	761,676
Less: Cash and Cash Equivalents		(41,484	)		(275,807	)		(29,785	)
Net Debt		685,378			350,190			731,891
Less: Marketable Securities at Fair Value (“Securities”)		(36,701	)		(46,932	)		(42,178	)
Net Debt Less Securities	$	648,677		$	303,258		$	689,713
Interest Expense	$	16,969		$	11,901		$	26,439
Capitalized Interest		2,699			712			2,730
Preferred Dividends		7,887			15,200			23,221
Total Fixed Charges	$	27,555		$	27,813		$	52,390
Adjusted EBITDA excluding Non-Recurring Other Expense	$	48,731		$	44,877		$	89,926
Debt and Coverage Ratios
Net Debt / Total Market Capitalization		34.3	%		19.4	%		38.2	%
Net Debt Plus Preferred / Total Market Capitalization		47.5	%		31.3	%		50.0	%
Net Debt Less Securities / Total Market Capitalization		32.4	%		16.8	%		36.0	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		45.7	%		28.7	%		47.8	%
Interest Coverage		2.5	x		3.6	x		3.1	x
Fixed Charge Coverage		1.8	x		1.6	x		1.7	x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense		7.0	x		3.9	x		8.1	x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense		6.7	x		3.4	x		7.7	x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		9.8	x		6.3	x		10.6	x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		9.4	x		5.8	x		10.2	x

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          8

Debt Analysis
(dollars in thousands) (unaudited)
	Six Months Ended						Year Ended
	June 30, 2023			June 30, 2022			December 31, 2022
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages	$	449,126		$	473,559		$	513,709
Unamortized Debt Issuance Costs		(4,329	)		(4,748	)		(4,771	)
Mortgages, Net of Unamortized Debt Issuance Costs	$	444,797		$	468,811		$	508,938
Loans Payable:
Unsecured Line of Credit	$	100,000		$	25,000		$	75,000
Other Loans Payable		83,753			33,438			79,226
Total Loans Before Unamortized Debt Issuance Costs		183,753			58,438			154,226
Unamortized Debt Issuance Costs		(1,319	)		(63	)		(695	)
Loans, Net of Unamortized Debt Issuance Costs	$	182,434		$	58,375		$	153,531
Bonds Payable:
Series A Bonds	$	102,670		$	102,670		$	102,670
Unamortized Debt Issuance Costs		(3,039	)		(3,859	)		(3,463	)
Bonds, Net of Unamortized Debt Issuance Costs	$	99,631		$	98,811		$	99,207
Total Debt, Net of Unamortized Debt Issuance Costs	$	726,862		$	625,997		$	761,676
% Fixed/Floating
Fixed		75.0	%		90.8	%		80.0	%
Floating		25.0	%		9.2	%		20.0	%
Total		100.0	%		100.0	%		100.0	%
Weighted Average Interest Rates (1)
Mortgages Payable		3.88	%		3.77	%		3.93	%
Loans Payable		7.42	%		3.69	%		6.76	%
Bonds Payable		4.72	%		4.72	%		4.72	%
Total Average		4.88	%		3.92	%		4.60	%
Weighted Average Maturity (Years)
Mortgages Payable		5.2			4.9			5.1

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

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          9

Debt Maturity

(in thousands) (unaudited)

As of June 30, 2023:
Year Ended	Mortgages			Loans			Bonds			Total			% of Total
2023	$	-0-		$	38,763		$	-0-		$	38,763			5.3	%
2024		-0-			-0-			-0-			-0-			0.0	%
2025		120,526			20,000			-0-			140,526			19.1	%
2026		37,724			100,000	(1)		-0-			137,724			18.7	%
2027		39,463			-0-			102,670	(2)		142,133			19.3	%
Thereafter		251,413			24,990			-0-			276,403			37.6	%
Total Debt Before Unamortized Debt Issuance Cost		449,126			183,753			102,670			735,549			100.0	%
Unamortized Debt Issuance Cost		(4,329	)		(1,319	)		(3,039	)		(8,687	)
Total Debt, Net of Unamortized Debt Issuance Costs	$	444,797		$	182,434		$	99,631		$	726,862

(1)	Represents $100.0 million balance outstanding on the Company’s Line of Credit due November 7, 2026, with an additional one-year option.
(2)	Represents $102.7 million balance outstanding of the Company’s Series A Bonds due February 28, 2027.

UMH Properties, Inc. | Second Quarter FY 2023 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 (Loss) 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		113,748		5,098		2,342			7,440
2022		42,178		2,903		6,394			9,297
2023*		36,701		1,237		(43	)		1,194
			$	67,105	$	27,362		$	94,467

*For the six months ended June 30, 2023.

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          11

Property Summary and Snapshot

(unaudited)

	June 30, 2023			June 30, 2022			% Change
Communities		135			130			3.8	%
Developed Sites		25,729			24,411			5.4	%
Occupied		22,096			20,852			6.0	%
Occupancy %		85.9	%		85.4	%		50	bps
Total Rentals		9,632			8,857			8.8	%
Occupied Rentals		9,048			8,380			8.0	%
Rental Occupancy %		93.9	%		94.6	%		(70	bps)
Monthly Rent Per Site	$	509		$	489			4.1	%
Monthly Rent Per Home Rental Including Site	$	905		$	844			7.2	%

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		2		69		62		7		330		136		41.2	%	$	187		102		98		96.1	%	$	1,018
Georgia		1		26		26		-0-		118		-0-		0.0	%		N/A		-0-		-0-		N/A			N/A
Indiana		14		1,105		893		212		4,018		3,534		88.0	%	$	466		1,870		1,750		93.6	%	$	895
Maryland		1		77		10		67		63		62		98.4	%	$	590		-0-		-0-		N/A			N/A
Michigan		4		241		222		19		1,081		881		81.5	%	$	481		336		315		93.8	%	$	916
New Jersey		5		390		226		164		1,266		1,220		96.4	%	$	683		46		43		93.5	%	$	1,194
New York		8		698		323		375		1,365		1,159		84.9	%	$	605		466		425		91.2	%	$	1,046
Ohio		38		2,043		1,516		527		7,251		6,257		86.3	%	$	467		2,827		2,667		94.3	%	$	862
Pennsylvania		53		2,409		1,890		519		7,978		6,859		86.0	%	$	536		2,982		2,787		93.5	%	$	913
South Carolina		2		63		55		8		319		196		61.4	%	$	207		119		109		91.6	%	$	940
Tennessee		7		544		316		228		1,940		1,792		92.4	%	$	520		884		854		96.6	%	$	922
Total as of June 30, 2023		135		7,665		5,539		2,126		25,729		22,096		85.9	%	$	509		9,632		9,048		93.9	%	$	905

(1)	Total and Vacant Acreage of 220 for Mountain View Estates and 61 for Struble Ridge are included in the above summary.
(2)	Includes home and site rent charges.

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          12

Same Property Statistics
(in thousands) (unaudited)
	Three Months Ended									Six Months Ended
	June 30, 2023		June 30, 2022		Change		% Change			June 30, 2023		June 30, 2022			Change		% Change
Community Net Operating Income
Rental and Related Income	$	45,488	$	41,716	$	3,772		9.0	%	$	89,303	$	83,008	��	$	6,295		7.6	%
Community Operating Expenses		18,255		17,521		734		4.2	%		36,700		34,799			1,901		5.5	%
Community NOI	$	27,233	$	24,195	$	3,038		12.6	%	$	52,603	$	48,209		$	4,394		9.1	%

	June 30, 2023			June 30, 2022			Change
Total Sites		23,923			23,904			0.1	%
Occupied Sites		21,020			20,568			452 sites, 2.2	%
Occupancy %		87.9	%		86.0	%		190 bps
Number of Properties		126			126			N/A
Total Rentals		9,457			8,756			8.0	%
Occupied Rentals		8,895			8,291			7.3	%
Rental Occupancy		94.1	%		94.7	%		(60bps	)
Monthly Rent Per Site	$	514		$	491			4.7	%
Monthly Rent Per Home Including Site	$	902		$	843			7.0	%

Same Property includes all properties owned as of January 1, 2022, with the exception of Memphis Blues and Duck River Estates.

UMH Properties, Inc. | Second Quarter FY 2023 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
2020	2	310		64	%	$	7,840	$	25		48
2021	3	543		59	%	$	18,300	$	34		113
2022	7	1,486		66	%	$	86,223	$	58		461
2023	1	118		-0-	%	$	3,650	$	31		26

2023 Acquisitions
Community	Date of Acquisition	State		Number of Sites		Purchase Price		Number of Acres		Occupancy
Mighty Oak	January 19, 2023		GA		118	$	3,650		26		-0-	%
Total 2023 to Date					118	$	3,650		26		-0-	%

UMH Properties, Inc. | Second Quarter FY 2023 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 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 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 certain one-time charges. Community NOI and Same Property NOI provide a measure of rental operations and do not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. Adjusted EBITDA 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 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 61.8 million and 60.8 million shares for the three and six months ended June 30, 2023, respectively, and 55.2 million and 54.2 million shares for the three and six months ended June 30, 2022, respectively. Common stock equivalents resulting from stock options in the amount of 524,000 and 658,000 for the three and six months ended June 30, 2023, respectively, and 955,000 and 1.0 million shares for the three and six months ended June 30, 2022, 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 NOI is calculated as Community NOI, using all properties owned as of January 1, 2022, with the exception of Memphis Blues and Duck River 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 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 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 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. | Second Quarter FY 2023 Supplemental Information          15

Press Release Dated August 8, 2023

FOR IMMEDIATE RELEASE	August 8, 2023
	Contact: Nelli Madden
	732-577-9997

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

JUNE 30, 2023

FREEHOLD, NJ, August 8, 2023........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended June 30, 2023 of $55.3 million as compared to $49.2 million for the quarter ended June 30, 2022, representing an increase of 12.3%. Net Loss Attributable to Common Shareholders amounted to $4.4 million or $0.07 per diluted share for the quarter ended June 30, 2023 as compared to a Net Loss of $22.5 million or $0.41 per diluted share for the quarter ended June 30, 2022. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $13.0 million or $0.21 per diluted share for the quarter ended June 30, 2023, as compared to $12.0 million or $0.22 per diluted share for the quarter ended June 30, 2022, and $11.7 million or $0.20 for the quarter ended March 31, 2023, representing a 4.5% per diluted share increase sequentially.

A summary of significant financial information for the three and six months ended June 30, 2023 and 2022 is as follows (in thousands except per share amounts):

	Three Months Ended
	June 30,
	2023			2022
Total Income	$	55,290		$	49,223
Total Expenses	$	46,371		$	41,258
Net Loss Attributable to Common Shareholders	$	(4,418	)	$	(22,478	)
Net Loss Attributable to Common Shareholders per Diluted Common Share	$	(0.07	)	$	(0.41	)
FFO (1)	$	12,043		$	(320	)
FFO (1) per Diluted Common Share	$	0.19		$	(0.01	)
Normalized FFO (1)	$	13,049		$	12,026
Normalized FFO (1) per Diluted Common Share	$	0.21		$	0.22
Diluted Weighted Average Shares Outstanding		61,236			54,215

	Six Months Ended
	June 30,
	2023			2022
Total Income	$	107,897		$	95,091
Total Expenses	$	91,611		$	79,082
Net Loss Attributable to Common Shareholders	$	(9,715	)	$	(26,803	)
Net Loss Attributable to Common Shareholders per Diluted Common Share	$	(0.16	)	$	(0.50	)
FFO (1)	$	22,683		$	8,224
FFO (1) per Diluted Common Share	$	0.37		$	0.15
Normalized FFO (1)	$	24,769		$	22,439
Normalized FFO (1) per Diluted Common Share	$	0.41		$	0.41
Diluted Weighted Average Shares Outstanding		60,186			53,224

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          16

A summary of significant balance sheet information as of June 30, 2023 and December 31, 2022 is as follows (in thousands):

	June 30, 2023		December 31, 2022
Gross Real Estate Investments	$	1,466,344	$	1,391,588
Total Assets	$	1,393,869	$	1,344,596
Mortgages Payable, net	$	444,797	$	508,938
Loans Payable, net	$	182,434	$	153,531
Bonds Payable, net	$	99,631	$	99,207
Total Shareholders’ Equity	$	637,867	$	551,196

Samuel A. Landy, President and CEO, commented on the results of the second quarter of 2023.

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

● Increased Rental and Related Income by 11.4%;

● Increased Sales of Manufactured Homes by 17.6%;

● Increased Community Net Operating Income (“NOI”) by 16.0%;

● Increased Same Property NOI by 12.6%;

● Increased Same Property Occupancy by 190 basis points from 86.0% to 87.9%;

● Improved our Same Property expense ratio from 42.0% in the second quarter of 2022 to 40.1% at quarter end;

● Increased our rental home portfolio by 304 homes from March 31, 2023 and 534 homes from yearend 2022 to approximately 9,600 total rental homes, representing an increase of 5.9%;

● Entered into a $25 million term loan and a $25 million line of credit secured by rental homes and their leases;

● Issued and sold approximately 2.9 million shares of Common Stock through our At-the-Market Sale Programs at a weighted average price of $15.61 per share, generating gross proceeds of $45.1 million and net proceeds of $44.2 million, after offering expenses;

● Issued and sold approximately 712,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $21.85 per share, generating gross proceeds of $15.6 million and net proceeds of $15.3 million, after offering expenses;

● Subsequent to quarter end, expanded our revolving line of credit from $20 million to $35 million;

● Subsequent to quarter end, paid down approximately $35 million on our floorplan inventory financing revolving lines of credit;

● Subsequent to quarter end, issued and sold approximately 2.1 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $16.23 per share, generating gross proceeds of $34.8 million and net proceeds of $34.3 million, after offering expenses; and

● Subsequent to quarter end, issued and sold approximately 351,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $21.55 per share, generating gross proceeds of $7.6 million and net proceeds of $7.5 million, after offering expenses.”

Mr. Landy stated, “UMH occupancy and revenue growth are meeting our expectations. Our communities are experiencing strong demand which is translating to increased occupancy, revenue, and NOI growth. The strength of our operating results has increased our bottom line results as evidenced by our sequential Normalized FFO growth. Normalized FFO for the second quarter of 2023 was $0.21 per share as compared to $0.20 per share in the first quarter.”

During 2023, same property NOI increased by 12.6% for the quarter and 9.1% for the first six months, compared to the corresponding prior year periods. This increase was driven by an increase in rental and related income of 9.0% and 7.6% for the three and six months, respectively, partially offset by an increase in same property expenses of 4.2% and 5.5%, respectively. The growth in rental and related income is primarily attributed to a strong increase in occupancy of 452 units and rental rate increases of 4.7%. Same property occupancy is now 87.9% as compared to 86.0% last year, representing an increase of 190 basis points.”

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          17

“We have made substantial progress obtaining, setting up and filling our inventory homes. Our inventory levels were higher than usual which resulted in increased carrying costs, including the high rate interest expense associated with our floorplan lines. We have been reducing the balance on the floorplan lines and subsequent to quarter end, we have paid down approximately $35.0 million on these lines, the current balance is approximately $4.1 million. We continued to reduce our inventory and year to date, we have sold 82 new homes versus 59 in the prior year and converted over 600 new homes to occupied rentals. This has contributed to a $47.0 million increase in cash flows from operating activities for the six months ended June 30, 2023.”

“Our sales for the quarter increased from $7.0 million to $8.2 million, representing an increase of 17.6%. Year to date, sales have increased from $11.3 million to $15.5 million, representing an increase of 37.6%.”

“UMH continues to execute on our long-term business plan. We maintain a strong balance sheet to ensure that we can execute our plan. We raise capital by issuing a combination of equity, debt and perpetual preferred equity to invest in value-add acquisitions, expansions, and greenfield development. These investments take time to become accretive but allow us to generate excellent long-term returns, in excess of what is available in the stabilized acquisition market. We analyze every investment with a long-term view. This strategy has allowed us to build a first-class portfolio of manufactured housing communities that deliver shareholders a resilient and growing dividend, greater scale, and improved net asset value per share.”

UMH Properties, Inc. will host its Second Quarter 2023 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, August 9, 2023, at 10:00 a.m. Eastern Time.

The Company’s 2023 second 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 Wednesday, August 9, 2023, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 2526307. 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 135 manufactured home communities containing approximately 25,700 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina and Georgia. UMH also has an ownership interest in and operates two communities in Florida, containing 363 sites, through its joint venture with Nuveen Real Estate.

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. | Second Quarter FY 2023 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 amortization and 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 diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 61.8 million and 60.8 million shares for the three and six months ended June 30, 2023, respectively, and 55.2 million and 54.2 million shares for the three and six months ended June 30, 2022, respectively. Common stock equivalents resulting from stock options in the amount of 524,000 and 658,000 shares for the three and six months ended June 30, 2023, respectively, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive. Common stock equivalents resulting from stock options in the amount of 955,000 and 1.0 million shares for the three and six months ended June 30, 2022, respectively, were excluded from the computation of the Diluted Net Loss per Share as their effect would be anti-dilutive.

The reconciliation of the Company’s U.S. GAAP net loss to the Company’s FFO and Normalized FFO for the three and six months ended June 30, 2023 and 2022 are calculated as follows (in thousands):

	Three Months Ended						Six Months Ended
	6/30/23			6/30/22			6/30/23			6/30/22
Net Loss Attributable to Common Shareholders	$	(4,418	)	$	(22,478	)	$	(9,715	)	$	(26,803	)
Depreciation Expense		13,751			11,984			27,124			23,701
Depreciation Expense from Unconsolidated Joint Venture		166			86			325			167
(Gain) Loss on Sales of Depreciable Assets		(5	)		44			(37	)		86
Decrease in Fair Value of Marketable Securities		2,548			10,044			4,943			41,794
(Gain) Loss on Sales of Marketable Securities, net		1			-0-			43			(30,721	)
FFO Attributable to Common Shareholders		12,043			(320	)		22,683			8,224
Redemption of Preferred Stock (2)		-0-			10,988			-0-			12,020
Amortization of Financing Costs(2)		538			533			1,056			939
Non-Recurring Other Expense (3)		468			825			1,030			1,256
Normalized FFO Attributable to Common Shareholders (2)	$	13,049		$	12,026		$	24,769		$	22,439

(2) Normalized FFO as previously reported for the three and six months ended June 30, 2022, was $8,695, or $0.16 per diluted share and $17,670, or $0.33 per diluted share, respectively. During 2022, the Company incurred the carrying cost of excess cash for the redemption of preferred stock. Additionally, due to the change in sources of capital, amortization expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the three and six months ended June 30, 2023 and 2022. After making these adjustments for the three and six months ended June 30, 2022, Normalized FFO was $12,026, or $0.22 per diluted share and $22,439, or $0.41 per diluted share, respectively.

(3) Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($3 and $50, respectively), one-time legal fees ($30 and $50, respectively), fees related to the establishment of the UMH OZ Fund, LLC ($4 and $37, respectively), and costs associated with an acquisition that was not completed ($0 and $31, respectively) for the three and six months ended June 30, 2023. Consists of special bonus and restricted stock grants for the August groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($431 and $862, respectively) and non-recurring expenses for the joint venture with Nuveen ($52), early extinguishment of debt ($193) and one-time legal fees ($149) for the three and six months ended June 30, 2022.

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          19

The following are the cash flows provided by (used in) operating, investing and financing activities for the six months ended June 30, 2023 and 2022 (in thousands):

	2023			2022
Operating Activities	$	52,425		$	5,415
Investing Activities		(93,819	)		871
Financing Activities		49,706			153,701

# # # #

UMH Properties, Inc. | Second Quarter FY 2023 Supplemental Information          20