8-K/A - UMH - Equibles

UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K/A-1

(AmendmentNo. 1)

CURRENT

REPORT

Pursuant

to Section 13 or 15(d) of The Securities Exchange Act of 1934

Dateof Report (Date of earliest event reported): May 1, 2025

UMHProperties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-12690	22-1890929
(State or other jurisdiction	(Commission	(IRS Employer
of incorporation)	File Number)	Identification No.)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ	07728
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(Address of principal executive offices)	(Zip Code)

Registrant’stelephone number, including area code: (732) 577-9997

NotApplicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant<br> to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant<br> to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications<br> pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications<br> pursuant to Rule 13e-4© under the Exchange Act (17 CFR 240.13e-4©)

Securities

registered pursuant to Section 12(b) of the Act:

Title<br> of each class	Trading<br> Symbol(s)	Name<br> of exchange on which registered
Common<br> Stock, $0.10 par value	UMH	New<br> York Stock Exchange
6.375%<br> Series D Cumulative Redeemable Preferred Stock, $0.10 par value	UMH<br> PD	New<br> York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

ExplanatoryNote

On May 1, 2025, UMH Properties, Inc. (the “Company”) furnished a Current Report on Form 8-K (the “Original Form 8-K”), under Items 2.02, 7.01 and 9.01, to furnish a copy of its earnings press release for the first quarter March 31, 2025 and to furnish a copy of the financial supplement containing financial data of the Company for the first quarter March 31, 2025 (“Supplemental Financial Information”) that had been made available on the Company’s website.

Subsequent to the furnishing of the Original Form 8-K, the Company issued a revised version of the press release to correct typographical errors.

Accordingly, the Company is furnishing this Amendment No. 1 on Form 8-K/A to furnish a copy of the revised version of the press release, which was also issued on May 1, 2025. The Exhibit 99.1 to this Amendment No. 1 on Form 8-K/A represents the corrected press release in its entirety and amends and supersedes the press release filed as Exhibit 99 to the Original Form 8-K. The Supplemental Financial Information filed as Exhibit 99 to the Original Form 8-K remains unchanged.

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Item7.01	Regulation FD Disclosure.

On May 1, 2025, UMH Properties, Inc. issued a press release announcing the results for the first quarter March 31, 2025 and disclosed a supplemental information package in connection with its earnings conference call for the first quarter March 31, 2025. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99 and is incorporated herein by reference.

The information in this report and the exhibit attached hereto is being furnished, not filed, for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and pursuant to Item 2.02 and Item 7.01 of Form 8-K will not be incorporated by reference into any filing under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference.

Forward-Looking Statements

Statements contained in this report, including the document that is incorporated by reference, that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended and the Private Securities Litigation Reform Act of 1995 (the “Exchange Act”). All statements, other than statements of historical facts that address activities, events or developments where the Company uses any of the words “anticipates,” “assumes,” “believes,” “estimates,” “expects,” “intends,” or similar expressions, are forward-looking statements. These forward-looking statements are not guaranteed and are based on the Company’s current intentions and on the Company’s current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond the Company’s control that could cause actual results or events to differ materially from those that the Company anticipates or projects, such as:

●	changes<br> in the real estate market conditions and general economic conditions;

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| --- | | ● | the | --- | --- | | ● | increased | ● | our | ● | our | ● | changes | ● | inflation | ● | our | ● | our | ● | our | ● | our | ● | our | ● | the | ● | continued | ● | the | ● | our | ● | the | ● | the | ● | market | ● | changes | ● | our | ● | litigation, | ● | changes | ● | legislative | ● | risks | Item9.01 | --- | --- | inherent risks associated with owning real estate, including local real estate market conditions, governing laws and regulations affecting manufactured housing communities and illiquidity of real estate investments; | competition in the geographic areas in which we own and operate manufactured housing communities; | ability to continue to identify, negotiate and acquire manufactured housing communities and/or vacant land which may be developed into manufactured housing communities on terms favorable to us; | ability to maintain or increase rental rates and occupancy levels; | in market rates of interest; | and increases in costs, including personnel, insurance and the cost of purchasing manufactured homes; | ability to purchase manufactured homes for rental or sale; | ability to repay debt financing obligations; | ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us; | ability to comply with certain debt covenants; | ability to integrate acquired properties and operations into existing operations; | availability of other debt and equity financing alternatives; | ability to access the debt or equity markets; | loss of any member of our management team; | ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are made in a timely manner in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected; | ability of manufactured home buyers to obtain financing; | level of repossessions by manufactured home lenders; | conditions affecting our investment securities; | in federal or state tax rules or regulations that could have adverse tax consequences; | ability to qualify as a real estate investment trust for federal income tax purposes; | judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes; | in real estate and zoning laws and regulations; | or regulatory changes, including changes to laws governing the taxation of REITs; | and uncertainties related to pandemics or other highly infectious or contagious diseases. | | Financial Statements and Exhibits. |

(d) Exhibits.

99.1	Corrected Press Release dated May 1, 2025
99.2	Supplemental information package for the first quarter March 31, 2025
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	UMH Properties, Inc.
Date:<br> May 2, 2025	By:	/s/ Anna T. Chew
	Name:	Anna<br> T. Chew
	Title:	Executive<br> Vice President and<br><br> <br>Chief<br> Financial Officer

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Exhibit99.1

UMHPROPERTIES, INC.

Juniper Business Plaza

3499 Route 9 North, Suite 3-C

Freehold, NJ 07728

(732) 577-9997

Fax: (732) 577-9980

FOR IMMEDIATE RELEASE	May 1, 2025
	Contact: Nelli Madden
	732-577-9997

UMHPROPERTIES, INC. REPORTS RESULTS FOR THE FIRST QUARTER ENDED MARCH 31, 2025 (UPDATED)

FREEHOLD,NJ, May 1, 2025........ In a release issued under the same headline on May 1, 2025 by UMH Properties, Inc. (NYSE:UMH) (TASE:UMH), please note that for the Full Year Guidance 2025 section in Note 3, “Net Loss Attributable to Common Shareholders per share – fully diluted” should be “Net Income Attributable to Common Shareholders per share – fully diluted” in the range of $0.13-$0.21. Further, Depreciation should be $0.80 instead of $0.08. The corrected release follows.

UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended March 31, 2025 of $61.2 million as compared to $57.7 million for the quarter ended March 31, 2024, representing an increase of 6%. Net Loss Attributable to Common Shareholders amounted to $271,000 or $0.00 per diluted share for the quarter ended March 31, 2025 as compared to a Net Loss of $6.3 million or $0.09 per diluted share for the quarter ended March 31, 2024.

Funds from Operations Attributable to Common Shareholders (“FFO”), was $18.2 million or $0.22 per diluted share for the quarter ended March 31, 2025 as compared to $14.0 million or $0.20 per diluted share for the quarter ended March 31, 2024, representing a 10% per diluted share increase. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $18.8 million or $0.23 per diluted share for the quarter ended March 31, 2025, as compared to $15.0 million or $0.22 per diluted share for the quarter ended March 31, 2024, representing a 5% per diluted share increase.

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A summary of significant financial information for the three months ended March 31, 2025 and 2024 is as follows (in thousands exceptper share amounts):

	For<br> the Three Months Ended
	March<br> 31,
	2025			2024
Total Income	$	61,225		$	57,680
Total Expenses	$	51,651		$	48,408
Net Loss Attributable to<br> Common Shareholders	$	(271	)	$	(6,264	)
Net Loss Attributable to<br> Common Shareholders per Diluted Common Share	$	(0.00	)	$	(0.09	)
FFO ^(1)^	$	18,172		$	14,046
FFO ^(1)^ per<br> Diluted Common Share	$	0.22		$	0.20
Normalized FFO ^(1)^	$	18,820		$	15,017
Normalized FFO ^(1)^per Diluted Common Share	$	0.23		$	0.22
Basic Weighted Average<br> Shares Outstanding		82,391			69,130
Diluted Weighted Average<br> Shares Outstanding		83,335			69,536

A summary of significant balance sheet information as of March 31, 2025 and December 31, 2024 is as follows (in thousands):

	March 31,<br> <br>2025		December<br> 31,<br><br> <br>2024
Gross Real Estate<br> Investments	$	1,712,915	$	1,669,114
Marketable Securities at Fair<br> Value	$	30,328	$	31,883
Total Assets	$	1,549,306	$	1,563,728
Mortgages Payable, net	$	476,372	$	485,540
Loans Payable, net	$	28,814	$	28,279
Bonds Payable, net	$	101,115	$	100,903
Total Shareholders’<br> Equity	$	914,195	$	915,909

Samuel A. Landy, President and CEO, commented on the results of the first quarter of 2025.

“We are pleased to announce another solid quarter of operating results and an excellent start to 2025. During the quarter, we:

●	Increased<br> Rental and Related Income by 8%;
●	Increased<br> Community Net Operating Income (“NOI”) by 8%;
●	Increased<br> Normalized Funds from Operations (“Normalized FFO”) by 25% and Normalized FFO<br> per diluted share by 5%;
●	Increased<br> Same Property Community NOI by 8%;
●	Increased<br> Same Property Occupancy by 70 basis points from 87.2% to 87.9%;
●	Improved<br> our Same Property expense ratio from 39.6% in the first quarter of 2024 to 39.5% at quarter<br> end;
●	Acquired<br> two 100% fully occupied, age-restricted communities in New Jersey containing approximately<br> 266 homesites for a total cost of approximately $24.6 million;
●	Issued<br> and sold approximately 515,000 shares of Common Stock through our At-the-Market Sale Program<br> at a weighted average price of $18.21 per share, generating gross proceeds of $9.4 million<br> and net proceeds of $9.2 million, after offering expenses;

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| --- | | ● | Issued and sold approximately 49,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.03 per share, generating gross proceeds of $1.1 million and net proceeds of $982,000, after offering expenses; | | --- | --- | | ● | Subsequent to quarter end, raised our quarterly common stock dividend by $0.01 representing a 4.7% increase to $0.225 per share or $0.90 annually, representing our fifth consecutive common stock dividend increase within the last five years, resulting in an increase of $0.18 or 25% over this period; and | | ● | Subsequent to quarter end, issued and sold approximately 1.2 million shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $17.89 per share, generating gross proceeds of $21.8 million and net proceeds of $21.5 million, net of offering expenses.” |

Samuel A. Landy, President and CEO, commented, “UMH Properties delivered a solid first quarter in 2025, reflecting the strength and resilience of our long-term business plan. Normalized FFO increased to $0.23 per share, an increase of 5% per share over last year. Our results should continue to improve as we are able to obtain our annual rent increases, invest in additional rental units, increase sales and complete additional acquisitions. Our performance and results over the past few years have allowed us to increase the annual dividend for a 5th consecutive year to $0.90 per share. Over the past five years, we have increased the dividend by $0.18 or 25%.”

“Our communities continue to experience strong demand which is resulting in increased sales and higher rental home occupancy. Our same-property occupancy increased by 113 sites from year end 2024 and an increase of 227 occupied sites year-over-year, driving an 8.4%, or $2.5 million, increase in NOI to $32.5 million. Rental home occupancy increased from 94.0% at year end to 94.6% at the end of the first quarter. Additionally, we converted 109 new homes from inventory to revenue-generating rental homes, expanding our rental portfolio to approximately 10,400 homes. Home sales remained robust despite the challenging winter, with gross sales revenue reaching $6.7 million. We anticipate sales growth as we progress into our peak selling seasons and begin selling homes into our newly opened expansions.”

“The acquisition of two fully occupied communities in New Jersey further strengthens our portfolio, and with a solid balance sheet and access to capital, we are well-positioned to continue our external growth initiatives. We currently have two communities in Maryland, containing 191 sites, under contract for a total purchase price of $14.6 million that we hope to close in the second quarter. We continue to evaluate potential acquisitions and hope to increase our pipeline in the coming weeks.”

“Our guidance for full-year 2025 remains unchanged. We expect normalized FFO in the range of $0.96-$1.04 ^(3)^ per diluted share, or $1.00 per diluted share at the midpoint. As we head into the seasonally strong spring and summer months, we anticipate continued growth in occupancy, NOI, and sales, delivering long-term value to our shareholders.”

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UMH Properties, Inc. will host its First Quarter 2025 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Friday, May 2, 2025, at 10:00 a.m. Eastern Time.

The Company’s 2025 first 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 Friday, May 2, 2025, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 3811796. 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 141 manufactured home communities containing approximately 26,500 developed homesites, of which 10,400 contain rental homes, and over 1,000 self-storage units. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. Included in the 141 communities are two communities in Florida, containing 363 sites that UMH has an ownership interest in and operates 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.

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 certain 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.

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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. FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 83.3 million shares for the three months ended March 31, 2025 and 69.5 million shares for the three months ended March 31, 2024. Common stock equivalents resulting from stock options in the amount of 944,000 shares for the three months ended March 31, 2025 and 406,000 shares for the three months ended March 31, 2024 were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

The reconciliation of the Company’s U.S. GAAP net loss to the Company’s FFO and Normalized FFO for the three months ended March 31, 2025 and 2024 are calculated as follows (in thousands):

	ThreeMonths Ended
	March 31, 2025			March 31, 2024
Net<br> Loss Attributable to Common Shareholders	$	(271	)	$	(6,264	)
Depreciation<br> Expense		16,663			14,741
Depreciation<br> Expense from Unconsolidated Joint Venture		217			197
Loss<br> on Sales of Investment Property and Equipment		1			3
Decrease<br> in Fair Value of Marketable Securities		1,562			5,369
FFO<br> Attributable to Common Shareholders		18,172			14,046
Amortization<br> of Financing Costs		599			556
Non-Recurring<br> Other Expense ^(2)^		49			415
Normalized<br> FFO Attributable to Common Shareholders	$	18,820		$	15,017
(2)	Consists<br> of one-time legal and professional fees ($49) for the three months ended March 31, 2025.<br> Consisted of non-recurring expenses for one-time legal fees and fees relating to the OZ Fund<br> ($33), and costs associated with the liquidation/sale of inventory in a particular sales<br> center ($382) for the three months ended March 31, 2024.
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The following are the cash flows provided by (used in) operating, investing and financing activities for the three months ended March 31, 2025 and 2024 (in thousands):

	2025			2024
Operating Activities	$	12,779		$	19,048
Investing Activities		(56,411	)		(25,424	)
Financing Activities		(18,693	)		(8,849	)
(3)	The<br> following table reconciles Net Income Attributable to Common Shareholders per share –<br> fully diluted guidance to FFO Attributable to Common Shareholders per share - fully diluted<br> guidance and Normalized FFO Attributable to Common Shareholders per share - fully diluted<br> guidance:
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	Full<br> Year<br><br> Guidance 2025
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Net Income Attributable<br> to Common Shareholders per share – fully diluted		$0.13-$0.21
Depreciation	$	0.80
FFO Attributable to Common<br> Shareholders per share - fully diluted		$0.93-$1.01
Amortization of Financing<br> Costs and Non- Recurring Other Expenses	$	.03
Normalized FFO Attributable<br> to Common Shareholders per share - fully diluted		$0.96-$1.04

Exhibit99.2

Table of Contents
	Page
Financial<br> Highlights	3
Consolidated<br> Balance Sheets	4
Consolidated<br> Statements of Income (Loss)	5
Consolidated<br> Statements of Cash Flows	6
Reconciliation<br> of Net Income (Loss) to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Loss Attributable to Common Shareholders to<br> FFO and Normalized FFO	7
Market<br> Capitalization, Debt and Coverage Ratios	8
Debt<br> Analysis	9
Debt<br> Maturity	10
Securities<br> Portfolio Performance	11
Property<br> Summary and Snapshot	12
Same<br> Property Statistics	13
Acquisitions<br> Summary and Property Portfolio	14
Definitions	15

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. | First Quarter FY 2025 Supplemental Information | 2 |

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FinancialHighlights

(dollarsin thousands except per share amounts) (unaudited)

	Three<br> Months Ended
	March<br> 31, 2025			March<br> 31, 2024
Operating<br> Information
Number<br> of Communities ^(1)^		141			139
Total<br> Sites ^(1)^		26,508			25,785
Rental<br> and Related Income	$	54,574		$	50,329
Community<br> Operating Expenses	$	23,029		$	21,097
Community<br> NOI	$	31,545		$	29,232
Expense<br> Ratio		42.2	%		41.9	%
Sales<br> of Manufactured Homes	$	6,651		$	7,351
Number<br> of Homes Sold		71			95
Number<br> of Rentals Added, net		109			56
Net<br> Income (Loss)	$	4,810		$	(1,625	)
Net<br> Loss Attributable to Common Shareholders	$	(271	)	$	(6,264	)
Adjusted<br> EBITDA excluding Non-Recurring Other Expense	$	29,385		$	26,685
FFO<br> Attributable to Common Shareholders	$	18,172		$	14,046
Normalized<br> FFO Attributable to Common Shareholders	$	18,820		$	15,017
Shares<br> Outstanding and Per Share Data
Weighted Average<br> Shares Outstanding
Basic		82,391			69,130
Diluted		83,335			69,536
Net<br> Income (Loss) Attributable to Shareholders per Share-
Basic<br> and Diluted	$	(0.00	)	$	(0.09	)
FFO<br> per Share- ^(2)^
Basic<br> and Diluted	$	0.22		$	0.20
Normalized<br> FFO per Share- ^(2)^
Basic<br> and Diluted	$	0.23		$	0.22
Dividends per Common<br> Share	$	0.215		$	0.205
Balance<br> Sheet
Total<br> Assets	$	1,549,306		$	1,416,439
Total<br> Liabilities	$	635,111		$	699,282
Market<br> Capitalization
Total<br> Debt, Net of Unamortized Debt Issuance Costs	$	606,301		$	671,581
Equity<br> Market Capitalization	$	1,548,830		$	1,139,280
Series<br> D Preferred Stock	$	321,804		$	295,035
Total<br> Market Capitalization	$	2,476,935		$	2,105,896
(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square and Rum Runner, two communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest.
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(2)	Please see Definitions on page 15.

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 3 |

| --- | --- | | Consolidated Balance Sheets | | | | | | | --- | --- | --- | --- | --- | --- | | (in thousands except per share amounts) | | | | | | | | | | December 31, | | | | | | | 2024 | | | | | | | | | | | ASSETS | | | | | | | Investment Property and Equipment | | | | | | | Land | 89,588 | | $ | 88,037 | | | Site and Land Improvements | 999,300 | | | 970,053 | | | Buildings and Improvements | 45,618 | | | 44,782 | | | Rental Homes and Accessories | 578,409 | | | 566,242 | | | Total Investment Property | 1,712,915 | | | 1,669,114 | | | Equipment and Vehicles | 31,782 | | | 31,488 | | | Total Investment Property and Equipment | 1,744,697 | | | 1,700,602 | | | Accumulated Depreciation | (487,441 | ) | | (471,703 | ) | | Net Investment Property and Equipment | 1,257,256 | | | 1,228,899 | | | Other Assets | | | | | | | Cash and Cash Equivalents | 35,199 | | | 99,720 | | | Marketable Securities at Fair Value | 30,328 | | | 31,883 | | | Inventory of Manufactured Homes | 41,008 | | | 34,982 | | | Notes and Other Receivables, net | 94,650 | | | 91,668 | | | Prepaid Expenses and Other Assets | 16,016 | | | 14,261 | | | Land Development Costs | 45,815 | | | 33,868 | | | Investment in Joint Venture | 29,034 | | | 28,447 | | | Total Other Assets | 292,050 | | | 334,829 | | | TOTAL ASSETS | 1,549,306 | | $ | 1,563,728 | | | LIABILITIES AND SHAREHOLDERS’ EQUITY | | | | | | | Liabilities | | | | | | | Mortgages Payable, net of unamortized debt issuance costs | 476,372 | | $ | 485,540 | | | Other Liabilities | | | | | | | Accounts Payable | 7,090 | | | 7,979 | | | Loans Payable, net of unamortized debt issuance costs | 28,814 | | | 28,279 | | | Series A Bonds, net of unamortized debt issuance costs | 101,115 | | | 100,903 | | | Accrued Liabilities and Deposits | 11,517 | | | 15,091 | | | Tenant Security Deposits | 10,203 | | | 10,027 | | | Total Other Liabilities | 158,739 | | | 162,279 | | | Total Liabilities | 635,111 | | | 647,819 | | | COMMITMENTS AND CONTINGENCIES | | | | | | | Shareholders’ Equity: | | | | | | | Series D- 6.375% Cumulative Redeemable Preferred Stock, 0.10 par value per share: 18,700 and 13,700 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 12,872 and 12,823 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 321,804 | | | 320,572 | | | Common Stock- 0.10 par value per share: 183,714 and 163,714 shares authorized as of March 31, 2025 and December 31, 2024, respectively; 82,825 and 81,909 shares issued and outstanding as of March 31, 2025 and December 31, 2024, respectively | 8,283 | | | 8,191 | | | Excess Stock- 0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of March 31, 2025 and December 31, 2024 | -0- | | | -0- | | | Additional Paid-In Capital | 607,640 | | | 610,630 | | | Accumulated Deficit | (25,364 | ) | | (25,364 | ) | | Total UMH Properties, Inc. Shareholders’ Equity | 912,363 | | | 914,029 | | | Non-Controlling Interest in Consolidated Subsidiaries | 1,832 | | | 1,880 | | | Total Shareholders’ Equity | 914,195 | | | 915,909 | | | TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | 1,549,306 | | $ | 1,563,728 | |

All values are in US Dollars.

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 4 |

| --- | --- |

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

	Three Months Ended
	March 31, 2025			March 31, 2024
INCOME:
Rental and Related Income	$	54,574		$	50,329
Sales of Manufactured Homes		6,651			7,351
TOTAL INCOME		61,225			57,680
EXPENSES:
Community Operating Expenses		23,029			21,097
Cost of Sales of Manufactured Homes		4,345			5,556
Selling Expenses		1,615			1,646
General and Administrative Expenses		5,999			5,368
Depreciation Expense		16,663			14,741
TOTAL EXPENSES		51,651			48,408
OTHER INCOME (EXPENSE):
Interest Income		2,263			1,567
Dividend Income		374			360
Decrease in Fair Value of Marketable Securities		(1,562	)		(5,369	)
Other Income		177			159
Loss on Investment in Joint Venture		(81	)		(137	)
Interest Expense		(5,934	)		(7,474	)
TOTAL OTHER INCOME (EXPENSE)		(4,763	)		(10,894	)
Gain (Loss) before Loss on Sales of Investment Property and Equipment		4,811			(1,622	)
Loss on Sales of Investment Property and Equipment		(1	)		(3	)
NET INCOME (LOSS)		4,810			(1,625	)
Preferred Dividends		(5,129	)		(4,673	)
Loss Attributable to Non-Controlling Interest		48			34
NET LOSS ATTRIBUTABLE TO COMMON<br> <br>SHAREHOLDERS	$	(271	)	$	(6,264	)
NETLOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE-
Basic and Diluted	$	(0.00	)	$	(0.09	)
WEIGHTEDAVERAGE COMMON SHARES OUTSTANDING:
Basic		82,391			69,130
Diluted		83,335			69,536

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 5 |

| --- | --- | | Consolidated Statements of Cash Flows | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | (in thousands)(unaudited) | | | | | | | | | Three Months Ended | | | | | | | | March 31, 2025 | | | March 31, 2024 | | | | CASH FLOWS FROM OPERATING ACTIVITIES: | | | | | | | | Net Income (Loss) | $ | 4,810 | | $ | (1,625 | ) | | Non-Cash Items Included in Net Income (Loss): | | | | | | | | Depreciation | | 16,663 | | | 14,741 | | | Amortization of Financing Costs | | 599 | | | 556 | | | Stock Compensation Expense | | 1,813 | | | 1,354 | | | Provision for Uncollectible Notes and Other Receivables | | 450 | | | 463 | | | Decrease in Fair Value of Marketable Securities | | 1,562 | | | 5,369 | | | Loss on Sales of Investment Property and Equipment | | 1 | | | 3 | | | Loss on Investment in Joint Venture | | 185 | | | 244 | | | Changes in Operating Assets and Liabilities: | | | | | | | | Inventory of Manufactured Homes | | (6,026 | ) | | 3,721 | | | Notes and Other Receivables, net of notes acquired with acquisitions | | (3,432 | ) | | (2,164 | ) | | Prepaid Expenses and Other Assets | | 441 | | | (549 | ) | | Accounts Payable | | (889 | ) | | (352 | ) | | Accrued Liabilities and Deposits | | (3,574 | ) | | (2,896 | ) | | Tenant Security Deposits | | 176 | | | 183 | | | Net Cash Provided by Operating Activities | | 12,779 | | | 19,048 | | | CASH FLOWS FROM INVESTING ACTIVITIES: | | | | | | | | Purchase of Manufactured Home Communities | | (25,367 | ) | | -0- | | | Purchase of Investment Property and Equipment | | (20,656 | ) | | (17,861 | ) | | Proceeds from Sales of Investment Property and Equipment | | 1,003 | | | 1,034 | | | Additions to Land Development Costs | | (10,611 | ) | | (8,282 | ) | | Purchase of Marketable Securities through automatic reinvestments | | (7 | ) | | (6 | ) | | Investment in Joint Venture | | (773 | ) | | (309 | ) | | Net Cash Used in Investing Activities | | (56,411 | ) | | (25,424 | ) | | CASH FLOWS FROM FINANCING ACTIVITIES: | | | | | | | | Net Proceeds (Payments) from Short-Term Borrowings | | 371 | | | (16,044 | ) | | Principal Payments of Mortgages and Loans | | (9,391 | ) | | (2,946 | ) | | Financing Costs on Debt | | -0- | | | (2 | ) | | Proceeds from At-The-Market Preferred Equity Program, net of offering costs | | 982 | | | 4,399 | | | Proceeds from At-The-Market Common Equity Program, net of offering costs | | 9,237 | | | 20,395 | | | Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments | | 1,776 | | | 1,759 | | | Proceeds from Exercise of Stock Options | | 354 | | | 1,766 | | | Preferred Dividends Paid | | (5,129 | ) | | (4,673 | ) | | Common Dividends Paid, net of dividend reinvestments | | (16,893 | ) | | (13,503 | ) | | Net Cash Used in Financing Activities | | (18,693 | ) | | (8,849 | ) | | NET DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | | (62,325 | ) | | (15,225 | ) | | CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | | 108,811 | | | 64,437 | | | CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 46,486 | | $ | 49,212 | |

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 6 |

| --- | --- |

Reconciliationof Net Income (Loss) to Adjusted EBITDA and Net Loss Attributable to Common

Shareholdersto FFO and Normalized FFO

(inthousands) (unaudited)

	Three<br> Months Ended
	March<br> 31, 2025			March<br> 31, 2024
Net<br> Income (Loss)	$	4,810		$	(1,625	)
Interest<br> Expense		5,934			7,474
Franchise<br> Taxes		150			114
Depreciation<br> Expense		16,663			14,741
Depreciation<br> Expense from Unconsolidated Joint Venture		217			197
Decrease<br> in Fair Value of Marketable Securities		1,562			5,369
Adjusted<br> EBITDA		29,336			26,270
Non-<br> Recurring Other Expense ^(1)^		49			415
Adjusted EBITDA without Non-recurring Other Expense	$	29,385		$	26,685
Net<br> Loss Attributable to Common Shareholders	$	(271	)	$	(6,264	)
Depreciation<br> Expense		16,663			14,741
Depreciation<br> Expense from Unconsolidated Joint Venture		217			197
Loss<br> on Sales of Investment Property and Equipment		1			3
Decrease<br> in Fair Value of Marketable Securities		1,562			5,369
Funds from Operations Attributable to Common Shareholders (“FFO”)		18,172			14,046
Adjustments:
Amortization<br> of Financing Costs		599			556
Non-<br> Recurring Other Expense ^(1)^		49			415
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)	$	18,820		$	15,017
(1)	Consists of one-time legal and professional fees ($49) for the three months ended March 31, 2025. Consists of non-recurring expenses for one-time legal fees and fees relating to the OZ Fund ($33), and costs associated with the liquidation/sale of inventory in a particular sales center ($382) for the three months ended March 31, 2024.
---	---

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 7 |

| --- | --- |

MarketCapitalization, Debt and Coverage Ratios

(inthousands) (unaudited)

	Three<br> Months Ended						Year<br> Ended
	March<br> 31,<br><br> <br>2025			March<br> 31,<br><br> <br>2024			December<br> 31,<br><br> <br>2024
Shares<br> Outstanding		82,825			70,153			81,909
Market Price Per<br> Share	$	18.70		$	16.24		$	18.88
Equity<br> Market Capitalization	$	1,548,830		$	1,139,280		$	1,546,449
Total<br> Debt		606,301			671,581			614,722
Preferred		321,804			295,035			320,572
Total Market Capitalization	$	2,476,935		$	2,105,896		$	2,481,743
Total<br> Debt	$	606,301		$	671,581		$	614,722
Less:<br> Cash and Cash Equivalents		(35,199	)		(39,865	)		(99,720	)
Net Debt		571,102			631,716			515,002
Less:<br> Marketable Securities at Fair Value (“Securities”)		(30,328	)		(29,143	)		(31,883	)
Net Debt Less Securities	$	540,774		$	602,573		$	483,119
Interest<br> Expense	$	5,934		$	7,474		$	27,287
Capitalized<br> Interest		1,291			1,082			5,976
Preferred<br> Dividends		5,129			4,673			19,163
Total<br> Fixed Charges	$	12,354		$	13,229		$	52,426
Adjusted<br> EBITDA excluding Non-Recurring Other Expense	$	29,385		$	26,685		$	113,958
Debt<br> and Coverage Ratios
Net<br> Debt / Total Market Capitalization		23.1	%		30.0	%		20.8	%
Net<br> Debt Plus Preferred / Total Market Capitalization		36.0	%		44.0	%		33.7	%
Net<br> Debt Less Securities / Total Market Capitalization		21.8	%		28.6	%		19.5	%
Net<br> Debt Less Securities Plus Preferred / Total <br>Market Capitalization		34.8	%		42.6	%		32.4	%
Interest<br> Coverage		4.1	x		3.1	x		3.4	x
Fixed<br> Charge Coverage		2.4	x		2.0	x		2.2	x
Net<br> Debt / Adjusted EBITDA excluding Non-Recurring <br>Other Expense		4.9	x		5.9	x		4.5	x
Net<br> Debt Less Securities / Adjusted EBITDA excluding <br>Non-Recurring Other Expense		4.6	x		5.6	x		4.3	x
Net<br> Debt Plus Preferred / Adjusted EBITDA excluding <br>Non-Recurring Other Expense		7.6	x		8.7	x		7.4	x
Net<br> Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		7.3	x		8.4	x		7.1	x

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 8 |

| --- | --- | | Debt Analysis | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | (in thousands) (unaudited) | | | | | | | | | | | | Three Months Ended | | | | | | Year Ended | | | | | March 31, 2025 | | | March 31, 2024 | | | December 31, 2024 | | | | Debt Outstanding | | | | | | | | | | | Mortgages Payable: | | | | | | | | | | | Fixed Rate Mortgages | $ | 479,879 | | $ | 498,188 | | $ | 489,271 | | | Unamortized Debt Issuance Costs | | (3,507 | ) | | (4,421 | ) | | (3,731 | ) | | Mortgages, Net of Unamortized Debt Issuance Costs | $ | 476,372 | | $ | 493,767 | | $ | 485,540 | | | Loans Payable: | | | | | | | | | | | Unsecured Line of Credit | $ | -0- | | $ | 50,000 | | $ | -0- | | | Other Loans Payable | | 29,883 | | | 28,638 | | | 29,512 | | | Total Loans Before | | | | | | | | | | | Unamortized Debt Issuance Costs | | 29,883 | | | 78,638 | | | 29,512 | | | Unamortized Debt Issuance Costs | | (1,069 | ) | | (1,091 | ) | | (1,233 | ) | | Loans, Net of Unamortized Debt Issuance Costs | $ | 28,814 | | $ | 77,547 | | $ | 28,279 | | | Bonds Payable: | | | | | | | | | | | Series A Bonds | $ | 102,670 | | $ | 102,670 | | $ | 102,670 | | | Unamortized Debt Issuance Costs | | (1,555 | ) | | (2,403 | ) | | (1,767 | ) | | Bonds, Net of Unamortized Debt Issuance Costs | $ | 101,115 | | $ | 100,267 | | $ | 100,903 | | | Total Debt, Net of Unamortized Debt Issuance Costs | $ | 606,301 | | $ | 671,581 | | $ | 614,722 | | | % Fixed/Floating | | | | | | | | | | | Fixed | | 99.0 | % | | 92.0 | % | | 99.1 | % | | Floating | | 1.0 | % | | 8.0 | % | | 0.9 | % | | Total | | 100.0 | % | | 100.0 | % | | 100.0 | % | | Weighted Average Interest Rates ^(1)^ | | | | | | | | | | | Mortgages Payable | | 4.18 | % | | 4.17 | % | | 4.18 | % | | Loans Payable | | 6.50 | % | | 6.79 | % | | 6.54 | % | | Bonds Payable | | 4.72 | % | | 4.72 | % | | 4.72 | % | | Total Average | | 4.39 | % | | 4.56 | % | | 4.38 | % | | Weighted Average Maturity (Years) | | | | | | | | | | | Mortgages Payable | | 4.2 | | | 5.1 | | | 4.4 | |

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

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 9 |

| --- | --- |

DebtMaturity

(inthousands) (unaudited)

As<br> of March 31, 2025:
Year<br> Ended	Mortgages		Loans		Bonds			Total		%<br> of Total
2025	$	107,988	$	6,025	$	-0-		$	114,013		18.6	%
2026		35,667		-0-		-0-			35,667		5.8	%
2027		37,791		-0-		102,670	(1)		140,461		22.9	%
2028		24,442		23,858		-0-			48,300		7.9	%
2029		39,561		-0-		-0-			39,561		6.5	%
Thereafter		234,430		-0-		-0-			234,430		38.3	%
Total<br> Debt Before Unamortized Debt Issuance Costs		479,879		29,883		102,670			612,432		100.0	%
Unamortized<br> Debt Issuance Costs		3,507		1,069		1,555			6,131
Total Debt, Net of Unamortized Debt Issuance Costs	$	476,372	$	28,814	$	101,115		$	606,301
(1)	Represents $102.7 million balance outstanding of the Company’s Series A Bonds due February 28, 2027.
---	---

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 10 |

| --- | --- |

SecuritiesPortfolio Performance

(inthousands) (unaudited)

Year<br> Ended		Dividend<br> Income		Net<br> Realized Gain<br><br> <br>(Loss)<br> on Sale of<br><br> <br>Securities			Net<br> Realized Gain<br><br> <br>(Loss)<br> on Sale of<br><br> <br>Securities<br> & Dividend Income
2010-2015	75,011	$	19,465	$	14,618		$	34,083
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	34,506		2,318		183			2,501
2024	31,883		1,452		(3,778	)		(2,326	)
2025*	30,328		374		-0-			374
		$	70,012	$	23,811		$	93,823

*For the three months ended March 31, 2025.

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 11 |

| --- | --- |

PropertySummary and Snapshot

(unaudited)

	March<br> 31, 2025			March<br> 31, 2024			%<br> Change
UMH<br> Communities ^(1)^		139			137			1.5	%
Total<br> Sites		26,150			25,785			1.4	%
Occupied<br> Sites		22,996			22,462			534<br> sites, 2.4	%
Occupancy %		87.9	%		87.1	%		80<br> bps
Total<br> Rentals		10,442			10,025			4.2	%
Occupied<br> Rentals		9,873			9,531			3.6	%
Rental<br> Occupancy %		94.6	%		95.1	%		(50	bps)
Monthly<br> Rent Per Site	$	554		$	528			4.9	%
Monthly<br> Rent Per Home Rental Including Site	$	1,007		$	951			5.9	%
State	Number		Total Acreage		Developed Acreage		Vacant Acreage		Total Sites		Occupied<br> <br>Sites		Occupancy Percentage			Monthly Rent<br> <br>Per Site		Total Rentals		Occupied Rentals		Rental Occupancy Percentage			Monthly<br> <br>Rent Per<br> <br>Home Rental ^(3)^
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
Alabama		2		69		62		7		299		146		48.8	%	$	215		131		116		88.5	%	$	1,108
Georgia		1		26		26		-0-		118		29		24.6	%	$	450		38		29		76.3	%	$	1,176
Indiana		14		1,105		908		197		4,067		3,589		88.2	%	$	515		1,974		1,851		93.8	%	$	1,002
Maryland		1		77		29		48		69		64		92.8	%	$	656		-0-		-0-		N/A			N/A
Michigan		4		241		222		19		1,089		926		85.0	%	$	517		396		372		93.9	%	$	1,054
New<br> Jersey		7		428		264		164		1,530		1,480		96.7	%	$	713		45		36		80.0	%	$	1,332
New<br> York ^(2)^		8		819		327		492		1,369		1,192		87.1	%	$	645		502		471		93.8	%	$	1,171
Ohio		38		2,050		1,521		529		7,292		6,459		88.6	%	$	511		3,038		2,904		95.6	%	$	960
Pennsylvania		53		2,392		1,894		498		7,975		7,016		88.0	%	$	579		3,199		3,028		94.7	%	$	997
South<br> Carolina		2		134		55		79		322		216		67.1	%	$	253		176		156		88.6	%	$	1,118
Tennessee<br> ^(1)^		9		710		368		342		2,020		1,879		93.0	%	$	572		943		910		96.5	%	$	1,044
Total UMH ^(1)^		139		8,051		5,676		2,375		26,150		22,996		87.9	%	$	554		10,442		9,873		94.6	%	$	1,007
(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024. Excludes two Florida communities owned in a joint venture with Nuveen Real Estate in which the company has a 40% interest for 2025.
---	---
(2)	Total and Vacant Acreage of 220 acres for Mountain View Estates property is included in the above summary.
(3)	Includes home and site rent charges.

| UMH Properties, Inc. | First Quarter FY 2025 Supplemental Information | 12 |

| --- | --- |

SameProperty Statistics

(inthousands) (unaudited)

	For<br> Three Months Ended
	March<br> 31, 2025		March<br> 31, 2024		Change		%<br> <br>Change
Same<br> Property Community Net Operating Income (“NOI”)
Rental<br> and Related Income	$	53,760	$	49,714	$	4,046		8.1	%
Community<br> Operating Expenses		21,223		19,695		1,528		7.8	%
Same<br> Property Community NOI	$	32,537	$	30,019	$	2,518		8.4	%

	March<br> 31, 2025			March<br> 31, 2024
Total<br> Sites		25,608			25,577		0.1	%
Occupied<br> Sites		22,518			22,291		227<br> sites, 1.0	%
Occupancy %		87.9	%		87.2	%	70<br> bps
Number of Properties		134			134		N/A
Total<br> Rentals		10,283			9,889		4.0	%
Occupied<br> Rentals		9,718			9,402		3.4	%
Rental<br> Occupancy		94.5	%		95.1	%	(60<br> bps	)
Monthly<br> Rent Per Site	$	553		$	530		4.3	%
Monthly<br> Rent Per Home Rental Including Site	$	1,004		$	952		5.5	%

SameProperty includes all UMH communities owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and RiverBluff Estates.

| UMH Properties, Inc. | First Quarter FY 2025 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 | | 2021 | 3 | 543 | 59 | % | $ | 18,300 | $ | 34 | 113 | | 2022 | 7 | 1,480 | 65 | % | $ | 86,223 | $ | 58 | 461 | | 2023 | 1 | 118 | -0- | % | $ | 3,650 | $ | 31 | 26 | | 2025 | 2 | 266 | 100 | % | $ | 24,600 | $ | 93 | 38 |

2025<br> Acquisitions
Community	Date<br> of Acquisition		State		Number<br> <br>of Sites		Purchase<br> Price		Number<br> <br>of Acres		Occupancy
Cedar<br> Grove		March<br> 24, 2025		NJ		186	$	17,000		25		100	%
Maplewood		March<br> 24, 2025		NJ		80		7,600		13		100	%
Total<br> 2025 to Date						266	$	24,600		38		100	%

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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 Community 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 Community 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 amortization of financing costs and certain one-time charges. Community NOI and Same Property Community 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 Community 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 certain 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.

NormalizedFFO is calculated as FFO excluding amortization and certain one-time charges.

NormalizedFFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 83.3 million shares for the three months March 31, 2025, and 69.5 million shares for the three months March 31, 2024. Common stock equivalents resulting from stock options in the amount of 944,000 shares for the three months ended March 31, 2025, and 406,000 shares for the three months ended March 31, 2024 were excluded from the computation of Diluted Net Loss per Share as their effect would have been anti-dilutive.

CommunityNOI 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.

SameProperty Community NOI is calculated as Community NOI, using all properties owned as of January 1, 2024, with the exception of Memphis Blues, Duck River Estates and River Bluff Estates.

AdjustedEBITDA 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.

CommunityNOI, Same Property Community 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 Community 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 Community 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.

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