John Masoka

“Good morning, everyone, and welcome to the 2026 REIT Week presentation for UMH Properties. I am John Masoka, a Senior Research Analyst at B. Riley Securities, and I will be moderating the presentation this morning.”

“So maybe just to clarify on the loan reserve increase, is that being tied to the performance of the borrower? I mean, is there something specific you're seeing there?”

“And then maybe to kind of more big picture as you're thinking about your leasing pipeline and some of the vacancy that's left, and I know a lot of that's been addressed because a lot of it's in Carolina Pavilion, but is there any kind of hesitancy you've seen in retailers and, frankly, in recent weeks around signing…”

“Can you walk right a little more detail on the Denny's transaction? I guess, I mean, how is that sale-leaseback structured? Is everything kind of a maybe uniform distribution in terms of lease maturity, or is there some kind of variance there?”

“So we kind of sticking with the variable rent questions from earlier, with the current season that just closed on pistachios, do you have kind of brackets as to what you think the amount remaining to be collected is, just given you have some color into the bonus payments?”