UNITED

STATES

SECURITIES

AND EXCHANGE COMMISSION

Washington,

D.C. 20549

FORM

8-K

CURRENT

REPORT

Pursuant

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

Dateof Report (Date of earliest event reported): February 28, 2023

UMHProperties, Inc.

(Exact name of registrant as specified in its charter)

Maryland	001-12690	22-1890929
(State<br> or other jurisdiction	(Commission	(IRS<br> Employer
of<br> incorporation)	File<br> Number)	Identification<br> No.)
Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ	07728
---	---
(Address<br> of principal executive offices)	(Zip<br> 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<br> communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting<br> material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement<br> communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement<br> communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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, $.10 par value	UMH	New<br> York Stock Exchange
6.375%<br> Series D Cumulative Redeemable Preferred Stock, $.10 par value	UMH<br> PRD	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. ☐

Item 2.02	Results of Operations and Financial Condition.
Item 7.01	Regulation FD Disclosure.

On February 28, 2022, UMH Properties, Inc. issued a press release announcing the results for the fourth quarter and year ended December 31, 2022 and disclosed a supplemental information package in connection with its earnings conference call for the fourth quarter and year ended December 31, 2022. 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;
●	risks<br> and uncertainties related to the COVID-19 pandemic;
●	the<br> inherent risks associated with owning real estate, including local real estate market conditions,<br> governing laws and regulations affecting manufactured housing communities and illiquidity<br> of real estate investments;
●	increased<br> competition in the geographic areas in which we own and operate manufactured housing communities;
●	our<br> ability to continue to identify, negotiate and acquire manufactured housing communities and/or<br> vacant land which may be developed into manufactured housing communities on terms favorable<br> to us;
●	our<br> ability to maintain rental rates and occupancy levels;
●	changes<br> in market rates of interest;
●	increases<br> in commodity prices and the cost of purchasing manufactured homes;
●	our<br> ability to purchase manufactured homes for rental or sale;
●	our<br> ability to repay debt financing obligations;
●	our<br> ability to refinance amounts outstanding under our credit facilities at maturity on terms<br> favorable to us;
●	our<br> ability to comply with certain debt covenants;
●	our<br> ability to integrate acquired properties and operations into existing operations;

| 2 |

| --- | | ● | the availability of other debt and equity financing alternatives; | | --- | --- | | ● | continued ability to access the debt or equity markets; | | ● | the loss of any member of our management team; | | ● | our ability to maintain internal controls and processes to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in a timely manner in accordance with all rules and regulations, and any potential fraud or embezzlement is thwarted or detected; | | ● | the ability of manufactured home buyers to obtain financing; | | ● | the level of repossessions by manufactured home lenders; | | ● | market conditions affecting our investment securities; | | ● | changes in federal or state tax rules or regulations that could have adverse tax consequences; and | | ● | our ability to qualify as a real estate investment trust for federal income tax purposes. | | Item 9.01 | Financial Statements and Exhibits. | | --- | --- | | (d) | Exhibits. | | --- | --- | | 99 | Supplemental information package for the fourth quarter and year ended December 31, 2022 and press release dated February 28, 2023. | | 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

| 3 |

| --- |

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> February 28, 2023	By:	/s/ Anna T. Chew
	Name:	Anna<br> T. Chew
	Title:	Vice<br> President and<br><br> <br>Chief<br> Financial Officer

| 4 |

| --- |

Exhibit 99

Table of Contents
	Page
Financial Highlights	3
Consolidated Balance Sheets	4
Consolidated Statements of Income (Loss)	5
Consolidated Statements of Cash Flows	6
Reconciliation of Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholders to FFO and Normalized FFO	7
Market Capitalization, Debt and Coverage Ratios	8
Debt Analysis	9
Debt Maturity	10
Securities Portfolio Performance	11
Property Summary and Snapshot	12
Same Property Statistics	13
Acquisition Summary and Property Portfolio	14
Definitions	15
Press Release Dated February 28, 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-K.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 2 |

| --- |

FinancialHighlights

(dollarsin thousands except per share amounts) (unaudited)

	Three Months<br>Ended						Year Ended
	December 31,<br> <br>2022			December 31,<br> <br>2021			December 31,<br> <br>2022			December 31,<br> <br>2021
Operating Information
Number of Communities								134			127
Number of Sites								25,568			24,025
Rental and Related Income	$	43,735		$	40,732		$	170,434		$	159,034
Community Operating Expenses	$	19,485		$	17,031		$	75,660		$	68,046
Community NOI	$	24,250		$	23,701		$	94,774		$	90,988
Expense Ratio		44.6	%		41.8	%		44.4	%		42.8	%
Sales of Manufactured Homes	$	5,013		$	5,270		$	25,342		$	27,089
Number of Homes Sold		65			76			301			370
Number of Rentals Added		99			6			392			454
Net Income (Loss)	$	3,659		$	17,010		$	(4,972	)	$	51,088
Net Income (Loss) Attributable to Common Shareholders	$	283		$	9,410		$	(36,265	)	$	21,249
Adjusted EBITDA without Non-Recurring Other Expense	$	21,807		$	23,233		$	89,926		$	90,312
FFO Attributable to Common Shareholders	$	9,973		$	10,091		$	28,489		$	39,149
Normalized FFO Attributable to Common Shareholders	$	11,321		$	11,016		$	46,840		$	41,144
Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic		56,184			49,713			54,389			46,332
Diluted		56,755			51,128			54,389			47,432
Net Income (Loss) Attributable to Common Shareholders per Share-
Basic	$	0.01		$	0.19		$	(0.67	)	$	0.46
Diluted	$	0.005		$	0.17		$	(0.67	)	$	0.45
FFO per Share-
Diluted	$	0.18		$	0.20		$	0.51		$	0.83
Normalized FFO per Share-
Diluted	$	0.20		$	0.22		$	0.85		$	0.87
Dividends per Common Share	$	0.20		$	0.19		$	0.80		$	0.76
Balance Sheet
Total Assets							$	1,344,596		$	1,270,820
Total Liabilities							$	793,400		$	528,680
Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs							$	761,676		$	499,324
Equity Market Capitalization							$	927,298		$	1,411,624
Series C Preferred Stock							$	-0-		$	247,100
Series D Preferred Stock							$	225,379		$	215,219
Total Market Capitalization							$	1,914,353		$	2,373,267

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 3 |

| --- |

ConsolidatedBalance Sheets

(in thousands except per share amounts)

			December 31,
			2021
ASSETS
Investment Property and Equipment
Land	86,619		$	74,963
Site and Land Improvements	846,218			716,211
Buildings and Improvements	35,933			30,450
Rental Homes and Accessories	422,818			383,467
Total Investment Property	1,391,588			1,205,091
Equipment and Vehicles	26,721			24,437
Total Investment Property and Equipment	1,418,309			1,229,528
Accumulated Depreciation	(363,098	)		(316,073	)
Net Investment Property and Equipment	1,055,211			913,455
Other Assets
Cash and Cash Equivalents	29,785			116,175
Marketable Securities at Fair Value	42,178			113,748
Inventory of Manufactured Homes	88,468			23,659
Notes and Other Receivables, net	67,271			55,359
Prepaid Expenses and Other Assets	20,011			17,135
Land Development Costs	23,250			22,352
Investment in Joint Venture	18,422			8,937
Total Other Assets	289,385			357,365
TOTAL ASSETS	1,344,596		$	1,270,820
LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	508,938		$	452,567
Other Liabilities
Accounts Payable	6,387			4,274
Loans Payable, net of unamortized debt issuance costs	153,531			46,757
Series A Bonds, net of unamortized debt issuance costs	99,207			-0-
Accrued Liabilities and Deposits	16,852			17,162
Tenant Security Deposits	8,485			7,920
Total Other Liabilities	284,462			76,113
Total Liabilities	793,400			528,680
COMMITMENTS AND CONTINGENCIES
Shareholders’ Equity:
Series C- 6.75% Cumulative Redeemable Preferred Stock, 0.10 par value per share; 3,866 and 13,750 shares authorized as December 31, 2022 and 2021, respectively; 9,884 issued and outstanding as of December 31, 2021	-0-			247,100
Series D- 6.375% Cumulative Redeemable Preferred Stock, 0.10 par value per share; 9,300 shares authorized; 9,015 and 8,609 shares issued and outstanding as of December 31, 2022 and 2021, respectively	225,379			215,219
Common Stock- 0.10 par value per share: 154,048 and 144,164 shares authorized as of December 31, 2022 and 2021, respectively;<br> 57,595 and 51,651 shares issued and outstanding as of December 31, 2022 and 2021, respectively	5,760			5,165
Excess Stock- 0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 31, 2022 and 2021	-0-			-0-
Additional Paid-In Capital	343,189			300,020
Undistributed Income (Accumulated Deficit)	(25,364	)		(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity	548,964			742,140
Non-Controlling Interest in Consolidated Subsidiaries	2,232			-0-
Total Shareholders’ Equity	551,196			742,140
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	1,344,596		$	1,270,820

All values are in US Dollars.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 4 |

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ConsolidatedStatements of Income (Loss)

(inthousands except per share amounts)

	(unaudited)
	Three Months Ended						Year Ended
	December 31,<br> <br>2022			December 31,<br> <br>2021			December 31,<br> <br>2022			December 31,<br> <br>2021
INCOME:
Rental and Related Income	$	43,735		$	40,732		$	170,434		$	159,034
Sales of Manufactured Homes		5,013			5,270			25,342			27,089
TOTAL INCOME		48,748			46,002			195,776			186,123
EXPENSES:
Community Operating Expenses		19,485			17,031			75,660			68,046
Cost of Sales of Manufactured Homes		3,412			3,777			17,562			20,091
Selling Expenses		1,288			990			5,282			4,807
General and Administrative Expenses		5,631			4,150			18,979			14,095
Depreciation Expense		12,766			11,552			48,769			45,124
TOTAL EXPENSES		42,582			37,500			166,252			152,163
OTHER INCOME (EXPENSE):
Interest Income		1,027			896			4,085			3,362
Dividend Income		703			1,242			2,903			5,098
Gain (Loss) on Sales of Marketable Securities, net		(17,922	)		-0-			6,394			2,342
Increase (Decrease) in Fair Value of Marketable Securities		21,185			10,932			(21,839	)		25,052
Other Income		458			138			1,240			626
Loss on Investment in Joint Venture		(298	)		(24	)		(671	)		(24	)
Interest Expense		(7,587	)		(4,615	)		(26,439	)		(19,158	)
TOTAL OTHER INCOME (EXPENSE)		(2,434	)		8,569			(34,327	)		17,298
Income (Loss) before Loss on Sales of Investment Property and Equipment		3,732			17,071			(4,803	)		51,258
Loss on Sales of Investment Property and Equipment		(73	)		(61	)		(169	)		(170	)
NET INCOME (LOSS)		3,659			17,010			(4,972	)		51,088
Preferred Dividends		(3,433	)		(7,600	)		(23,221	)		(29,839	)
Redemption of Preferred Stock		-0-			-0-			(8,190	)		-0-
Loss Attributable to Non-Controlling Interest		57			-0-			118			-0-
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON<br> SHAREHOLDERS	$	283		$	9,410		$	(36,265	)	$	21,249
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic	$	0.01		$	0.19		$	(0.67	)	$	0.46
Diluted	$	0.005		$	0.17		$	(0.67	)	$	0.45
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		56,184			49,713			54,389			46,332
Diluted		56,755			51,128			54,389			47,432

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 5 |

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ConsolidatedStatements of Cash Flows

(inthousands)

	Year<br> Ended
	December<br> 31, 2022			December<br> 31, 2021
CASH<br> FLOWS FROM OPERATING ACTIVITIES:
Net<br> Income (Loss)	$	(4,972	)	$	51,088
Non-Cash<br> Items Included in Net Income (Loss):
Depreciation		48,769			45,124
Amortization<br> of Financing Costs		1,956			1,001
Stock<br> Compensation Expense		4,970			3,447
Provision<br> for Uncollectible Notes and Other Receivables		1,497			1,213
Gain<br> on Sales of Marketable Securities, net		(6,394	)		(2,342	)
Decrease<br> (Increase) in Fair Value of Marketable Securities		21,839			(25,052	)
Loss<br> on Sales of Investment Property and Equipment		169			170
Changes<br> in Operating Assets and Liabilities:
Inventory<br> of Manufactured Homes		(64,809	)		1,791
Notes<br> and Other Receivables, net of notes acquired with acquisitions		(12,740	)		(9,957	)
Prepaid<br> Expenses and Other Assets		(636	)		(1,557	)
Accounts<br> Payable		2,113			(116	)
Accrued<br> Liabilities and Deposits		(310	)		(134	)
Tenant<br> Security Deposits		565			487
Net<br> Cash Provided by (Used In) Operating Activities		(7,983	)		65,163
CASH<br> FLOWS FROM INVESTING ACTIVITIES:
Purchase<br> of Manufactured Home Communities, net of mortgages assumed		(65,562	)		(18,405	)
Purchase<br> of Investment Property and Equipment		(81,112	)		(59,270	)
Proceeds<br> from Sales of Investment Property and Equipment		3,098			2,859
Additions<br> to Land Development Costs		(27,185	)		(27,428	)
Purchase<br> of Marketable Securities		(19	)		(18	)
Proceeds<br> from Sales of Marketable Securities		56,144			16,835
Investment<br> in Joint Venture		(9,485	)		(8,937	)
Net<br> Cash Used in Investing Activities		(124,121	)		(94,364	)
CASH<br> FLOWS FROM FINANCING ACTIVITIES:
Proceeds<br> from Mortgages, net of mortgages assumed		59,801			6,070
Net<br> Proceeds (Payments) from Short-Term Borrowings		107,280			(40,448	)
Principal<br> Payments of Mortgages and Loans		(24,294	)		(25,618	)
Proceeds<br> from Bond Issuance		102,670			-0-
Financing<br> Costs on Debt		(6,561	)		(167	)
Investments<br> from Non-Controlling Interest		2,350			-0-
Proceeds<br> from At-The-Market Preferred Equity Program, net of offering costs		9,075			53,213
Payments<br> on Redemption of Preferred Stock		(247,100	)		-0-
Proceeds<br> from At-The-Market Common Equity Program, net of offering costs		100,752			179,069
Proceeds<br> from Issuance of Common Stock in the DRIP, net of dividend reinvestments		5,025			6,267
Proceeds<br> from Exercise of Stock Options		4,195			8,601
Preferred<br> Dividends Paid		(24,611	)		(29,839	)
Common<br> Dividends Paid, net of dividend reinvestments		(40,628	)		(31,514	)
Net<br> Cash Provided by Financing Activities		47,954			125,634
NET<br> INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(84,150	)		96,433
CASH,<br> CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR		125,026			28,593
CASH,<br> CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	$	40,876		$	125,026

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 6 |

| --- |

Reconciliationof Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense and Net Income (Loss) Attributable to Common Shareholdersto FFO and Normalized FFO

(inthousands) (unaudited)

	Three<br> Months Ended						Year<br> Ended
	December 31,<br> <br>2022			December 31,<br> <br>2021			December 31,<br> <br>2022			December 31,<br> <br>2021
Reconciliation<br> of Net Income (Loss) to Adjusted EBITDA without Non-Recurring Other Expense
Net<br> Income (Loss)	$	3,659		$	17,010		$	(4,972	)	$	51,088
Interest<br> Expense		7,587			4,615			26,439			19,158
Franchise<br> Taxes		107			63			395			342
Depreciation<br> Expense		12,766			11,552			48,769			45,124
Depreciation<br> Expense from Unconsolidated Joint Venture		114			-0-			371			-0-
(Increase)<br> Decrease in Fair Value of Marketable Securities		(21,185	)		(10,932	)		21,839			(25,052	)
(Gain)<br> Loss on Sales of Marketable Securities, net		17,922			-0-			(6,394	)		(2,342	)
Adjusted<br> EBITDA		20,970			22,308			86,447			88,318
Non-Recurring<br> Other Expense ^(3)^		837			925			3,479			1,995
Adjusted<br> EBITDA without Non-Recurring Other Expense	$	21,807		$	23,233		$	89,926		$	90,313
Reconciliation<br> of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations
Net<br> Income (Loss) Attributable to Common Shareholders	$	283		$	9,410		$	(36,265	)	$	21,249
Depreciation<br> Expense		12,766			11,552			48,769			45,124
Depreciation<br> Expense from Unconsolidated Joint Venture		114			-0-			371			-0-
Loss<br> on Sales of Investment Property and Equipment		73			61			169			170
(Increase)<br> Decrease in Fair Value of Marketable Securities		(21,185	)		(10,932	)		21,839			(25,052	)
(Gain)<br> Loss on Sales of Marketable Securities, net		17,922			-0-			(6,394	)		(2,342	)
Funds<br> from Operations Attributable to Common Shareholders (“FFO”)		9,973			10,091			28,489			39,149
Adjustments:
Redemption<br> of Preferred Stock ^(1)^		-0-			-0-			12,916			-0-
Amortization<br> ^(2)^		511			-0-			1,956			-0-
Non-Recurring<br> Other Expense ^(3)^		837			925			3,479			1,995
Normalized<br> Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)	$	11,321		$	11,016		$	46,840		$	41,144

(1)Primarily consists of redemption charges related to the original issuance costs ($8,190) and the carrying costs of excess cash ($4,726)in 2022 from the beginning of the year through the redemption date.

(2)Due to the change in sources of capital, this non-cash expense is expected to become more significant and is therefore included as anadjustment to Normalized FFO for the year ended December 31, 2022. Had a similar adjustment been made in prior years, NormalizedFFO Attributable to Common Shareholders would have been $11,293 or $0.22 and $42,145 or $0.89 for the three months and year ended December31, 2021, respectively.

(3)Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensedover the vesting period ($431 and $1,724, respectively) and non-recurring expenses for the joint venture with Nuveen ($210 and $264,respectively), early extinguishment of debt ($125 and $320, respectively), one-time legal fees ($10 and $197, respectively), fees relatedto the establishment of the Opportunity Zone Fund ($61 and $954, respectively), and costs associated with an acquisition not completed($0 and $20) for the three months and year ended December 31, 2022. Consists of special bonus and restricted stock grants for the August2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($754 and $1,824, respectively) andnon-recurring expenses for the joint venture ($171) for the three months and year ended December 31, 2021.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 7 |

| --- |

MarketCapitalization, Debt and Coverage Ratios

(inthousands except per share amounts) (unaudited)

	Year<br> Ended
	December<br> 31, 2022			December<br> 31, 2021
Shares<br> Outstanding		57,595			51,651
Market<br> Price Per Share	$	16.10		$	27.33
Equity<br> Market Capitalization	$	927,298		$	1,411,624
Total<br> Debt		761,676			499,324
Preferred		225,379			462,319
Total<br> Market Capitalization	$	1,914,353		$	2,373,267
Total<br> Debt	$	761,676		$	499,324
Less:<br> Cash and Cash Equivalents		(29,785	)		(116,175	)
Net<br> Debt		731,891			383,149
Less:<br> Marketable Securities at Fair Value (“Securities”)		(42,178	)		(113,748	)
Net<br> Debt Less Securities	$	689,713		$	269,401
Interest<br> Expense	$	26,439		$	19,158
Capitalized<br> Interest		2,730			1,476
Preferred<br> Dividends		23,221			29,839
Total<br> Fixed Charges	$	52,390		$	50,473
Adjusted<br> EBITDA without Non-Recurring Other Expense	$	89,926		$	90,313
Debt<br> and Coverage Ratios
Net<br> Debt / Total Market Capitalization		38.2	%		16.1	%
Net<br> Debt Plus Preferred / Total Market Capitalization		50.0	%		35.6	%
Net<br> Debt Less Securities / Total Market Capitalization		36.0	%		11.4	%
Net<br> Debt Less Securities Plus Preferred / Total Market Capitalization		47.8	%		30.8	%
Interest<br> Coverage		3.1	x		4.4	x
Fixed<br> Charge Coverage		1.7	x		1.8	x
Net<br> Debt / Adjusted EBITDA without Non-Recurring Other Expense		8.1	x		4.2	x
Net<br> Debt Less Securities / Adjusted EBITDA without Non-Recurring Other Expense		7.7	x		3.0	x
Net<br> Debt Plus Preferred / Adjusted EBITDA without Non-Recurring Other Expense		10.6	x		9.4	x
Net<br> Debt Less Securities Plus Preferred / Adjusted EBITDA without Non-Recurring Other Expense		10.2	x		8.1	x

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 8 |

| --- |

DebtAnalysis

(inthousands) (unaudited)

	Year<br> Ended
	December<br> 31, 2022			December<br> 31, 2021
Debt<br> Outstanding
Mortgages<br> Payable:
Fixed<br> Rate Mortgages	$	513,709		$	456,702
Unamortized<br> Debt Issuance Costs		(4,771	)		(4,135	)
Mortgages,<br> Net of Unamortized Debt Issuance Costs	$	508,938		$	452,567
Loans<br> Payable:
Unsecured<br> Line of Credit	$	75,000		$	25,000
Other<br> Loans Payable		79,226			21,945
Total<br> Loans Before Unamortized Debt Issuance Costs		154,226			46,945
Unamortized<br> Debt Issuance Costs		(695	)		(188	)
Loans,<br> Net of Unamortized Debt Issuance Costs	$	153,531		$	46,757
Bonds<br> Payable:
Series<br> A Bonds	$	102,670		$	-0-
Unamortized<br> Debt Issuance Costs		(3,463	)		-0-
Bonds,<br> Net of Unamortized Debt Issuance Costs	$	99,207		$	-0-
Total<br> Debt, Net of Unamortized Debt Issuance Costs	$	761,676		$	499,324
%<br> Fixed/Floating
Fixed		80.0	%		90.7	%
Floating		20.0	%		9.3	%
Total		100.0	%		100.0	%
Weighted Average Interest Rates ^(1)^
Mortgages<br> Payable		3.93	%		3.75	%
Loans<br> Payable		6.76	%		2.66	%
Bonds<br> Payable		4.72	%		N/A
Total<br> Average		4.60	%		3.65	%
Weighted<br> Average Maturity (Years) Mortgages Payable		5.1			5.2

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

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 9 |

| --- |

DebtMaturity

(inthousands) (unaudited)

Asof December 31, 2022:

Fiscal<br> Year Ended	Mortgages			Loans			Bonds			Total
2023	$	58,793		$	79,226		$	-0-		$	138,019		17.9	%
2024		-0-			-0-			-0-			-0-		0.0	%
2025		122,260			-0-			-0-			122,260		15.9	%
2026		38,294			75,000	(1)		-0-			113,294		14.7	%
2027		39,927			-0-			102,670	(2)		142,597		18.5	%
Thereafter		254,435			-0-			-0-			254,435		33.0	%
Total<br> Debt Before Unamortized Debt<br> Issuance Cost		513,709			154,226			102,670			770,605		100.0	%
Unamortized<br> Debt Issuance Cost		(4,771	)		(695	)		(3,463	)		(8,929	)
Total Debt, Net of Unamortized Debt Issuance Costs	$	508,938		$	153,531		$	99,207		$	761,676

(1)Represents $75.0 million balance outstanding on the Company’s Line of Credit due November 2026, with an additional one-yearoption.

(2)Represents $102.7 million balance outstanding of the Company’s Series A Bonds due February 28, 2027.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 10 |

| --- |

Securities Portfolio Performance

(in thousands)

Year<br> Ended	Securities<br> Available<br><br> for Sale		Dividend<br> Income		Net<br> Realized Gain on<br><br> Sale of Securities		Net<br> Realized Gain on Sale of Securities & Dividend Income
2010	$	28,757	$	1,763	$	2,028	$	3,791
2011		43,298		2,512		2,693		5,205
2012		57,325		3,244		4,093		7,337
2013		59,255		3,481		4,056		7,537
2014		63,556		4,066		1,543		5,609
2015		75,011		4,399		204		4,603
2016		108,755		6,636		2,285		8,921
2017		132,964		8,135		1,747		9,882
2018		99,596		10,367		20		10,387
2019		116,186		7,535		-0-		7,535
2020		103,172		5,729		-0-		5,729
2021		113,748		5,098		2,342		7,440
2022		42,178		2,903		6,394		9,297
			$	65,868	$	27,405	$	93,273

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 11 |

| --- |

PropertySummary and Snapshot

(unaudited)

	December 31, 2022			December 31, 2021			% Change
Communities		134			127			5.5	%
Developed Sites		25,568			24,025			6.4	%
Occupied		21,626			20,662			4.7	%
Occupancy %		84.6	%		86.0	%		(140	bps)
Total Rentals		9,098			8,706			4.5	%
Occupied Rentals		8,487			8,312			2.1	%
Rental Occupancy %		93.3	%		95.5	%		(220	bps)
Monthly Rent Per Site	$	498		$	480			3.8	%
Monthly Rent Per Home Rental Including Site	$	873		$	824			5.9	%
State	Number		Total Acreage			Developed Acreage		Vacant Acreage			Total Sites		Occupied<br> <br>Sites		Occupancy Percentage			Monthly Rent Per Site		Total Rentals		Occupied Rentals		Rental Occupancy Percentage			Monthly Rent Per<br> <br>Home Rental
---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---	---
				(1	)				(1	)																		(2	)
Alabama		2		69			62		7			330		88		26.7	%	$	184		58		51		87.9	%	$	950
Indiana		14		1,105			893		212			4,011		3,450		86.0	%	$	452		1,804		1,667		92.4	%	$	863
Maryland		1		77			10		67			62		62		100.0	%	$	589		-0-		-0-		0.0	%		N/A
Michigan		4		241			222		19			1,089		860		79.0	%	$	468		295		269		91.2	%	$	861
New Jersey		5		390			226		164			1,266		1,224		96.7	%	$	673		44		41		93.2	%	$	1,186
New York		8		674			323		351			1,355		1,147		84.6	%	$	583		450		411		91.3	%	$	1,010
Ohio		38		2,007			1,516		491			7,247		6,109		84.3	%	$	459		2,643		2,497		94.5	%	$	838
Pennsylvania		53		2,409			1,890		519			7,968		6,791		85.2	%	$	521		2,884		2,675		92.8	%	$	883
South Carolina		2		63			55		8			322		159		49.4	%	$	210		65		56		86.2	%	$	868
Tennessee		7		544			316		228			1,918		1,736		90.5	%	$	510		855		820		95.9	%	$	888
Total as of December 31, 2022		134		7,579			5,513		2,066			25,568		21,626		84.6	%	$	498		9,098		8,487		93.3	%	$	873
Acquisitions ^(3)^		1		26			26		-0-			118		-0-		0.0	%		N/A		-0-		-0-		0.0	%		N/A
Grand Total		135		7,605			5,539		2,066			25,686		21,626		84.2	%	$	498		9,098		8,487		93.3	%	$	873
(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.
(3)	Acquisition of one community completed on January 19, 2023.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 12 |

| --- |

SameProperty Statistics

(dollars**in thousands) (unaudited)

	For Three Months Ended										For the Year Ended
	December 31,<br> <br>2022		December 31,<br> <br>2021		Change			% <br> Change			December 31,<br> <br>2022		December 31,<br> <br>2021		Change		% <br> Change
Community Net Operating Income
Rental and Related Income	$	42,207	$	40,022	$	2,185			5.5	%	$	166,113	$	157,005	$	9,108		5.8	%
Community Operating Expenses		18,000		15,714		2,286			14.5	%		69,553		63,113		6,440		10.2	%
Community NOI	$	24,207	$	24,308	$	(101	)		(0.4	)%	$	96,560	$	93,892	$	2,668		2.8	%
	December 31, 2022			December 31, 2021			Change
---	---	---	---	---	---	---	---	---	---
Total Sites		23,349			23,365			(0.1	)%
Occupied Sites		20,230			20,270			(0.2	)%
Occupancy %		86.6	%		86.8	%		(20	bps)
Number of Properties		124			124			N/A
Total Rentals		8,861			8,541			3.7	%
Occupied Rentals		8,285			8,182			1.3	%
Rental Occupancy		93.5	%		95.8	%		(230	bps)
Monthly Rent Per Site	$	506		$	483			4.8	%
Monthly Rent Per Home Including Site	$	872		$	824			5.8	%

Same Property includes all properties owned as of January 1, 2021, with the exception of Memphis Blues and Duck River Estates.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 13 |

| --- |

AcquisitionsSummary

(dollarsin thousands)

Year of<br><br> <br>Acquisition					Purchase<br> <br>Price		Price<br> <br>Per Site
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

2022Acquisitions

Community	Date of Acquisition	State		Purchase Price
Center Manor	March 31, 2022	PA	96	$	5,800	18	83	%
Mandell Trails	May 3, 2022	PA	132		7,375	69	70	%
La Vista Estates	May 25, 2022	AL	139		3,878	36	6	%
Hidden Creek	July 14, 2022	MI	351		22,000	88	63	%
Garden View	August 10, 2022	SC	187		5,200	39	42	%
Fohl Village	November 22, 2022	OH	321		19,070	170	77	%
Oak Tree	December 15, 2022	NJ	260		22,900	41	98	%
Total 2022			1,486	$	86,223	461	66	%

2023Acquisitions

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. **|** Fourth Quarter FY 2022 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 without 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 without 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 without 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 without 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.

As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities and change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-GAAP supplemental measure of REIT operating performance.

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

NormalizedFFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 56.8 million and 54.4 million shares for the three months and year ended December 31, 2022, respectively, and 51.1 million and 47.4 million shares for the three months and year ended December 31, 2021, respectively. Common stock equivalents resulting from stock options in the amount of 936,000 shares for the year ended December 31, 2022 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive. Common stock equivalents resulting from stock options in the amount of 571,000 for the three months ended December 31, 2022, and 1.4 million and 1.1 million shares for the three months and year ended December 31, 2021, respectively, were included in the computation of Diluted Net Income (Loss) per share.

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 NOI is calculated as Community NOI, using all properties owned as of January 1, 2021, with the exception of Memphis Blues and Duck River Estates.

AdjustedEBITDA without 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 NOI, Adjusted EBITDA without 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 without 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 without 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. **|** Fourth Quarter FY 2022 Supplemental Information 15 |

| --- |

PressRelease Dated February 28, 2023

FOR IMMEDIATE RELEASE	February 28, 2023
	Contact: Nelli Madden
	732-577-9997

UMHPROPERTIES, INC. REPORTS RESULTS FOR THE FOURTH QUARTER AND YEAR ENDED

DECEMBER31, 2022

FREEHOLD,NJ, February 28, 2023…….. UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income of $195.8 million for the year ended December 31, 2022 as compared to $186.1 million for the year ended December 31, 2021, representing an increase of 5%. Total Income for the quarter ended December 31, 2022 was $48.7 million as compared to $46.0 million for the quarter ended December 31, 2021, representing an increase of 6%. Net Income (Loss) Attributable to Common Shareholders amounted to a loss of $36.3 million or $0.67 per diluted share for the year ended December 31, 2022 as compared to income of $21.2 million or $0.45 per diluted share for the year ended December 31, 2021. Net Income Attributable to Common Shareholders amounted to $283,000 or $0.005 per diluted share for the quarter ended December 31, 2022 as compared to $9.4 million or $0.17 per diluted share for the quarter ended December 31, 2021.

Funds from Operations Attributable to Common Shareholders (“FFO”) was $28.5 million or $0.51 per diluted share for the year ended December 31, 2022 as compared to $39.1 million or $0.83 per diluted share for the year ended December 31, 2021. FFO was $10.0 million or $0.18 per diluted share for the quarter ended December 31, 2022 as compared to $10.1 million or $0.20 per diluted share for the quarter ended December 31, 2021. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $46.8 million or $0.85 per diluted share for the year ended December 31, 2022, as compared to $41.1 million or $0.87 per diluted share for the year ended December 31, 2021. Normalized FFO was $11.3 million or $0.20 per diluted share for the quarter ended December 31, 2022, as compared to $11.0 million or $0.22 per diluted share for the quarter ended December 31, 2021.

A summary of significant financial information for the three months and year ended December 31, 2022 and 2021 is as follows (in thousandsexcept per share amounts):

	For the Three Months Ended
	December 31,
	2022		2021
Total Income	$	48,748	$	46,002
Total Expenses	$	42,582	$	37,500
Net Income Attributable to Common Shareholders	$	283	$	9,410
Net Income Attributable to Common Shareholders per Diluted Common Share	$	0.005	$	0.17
FFO ^(1)^	$	9,973	$	10,091
FFO ^(1)^ per Diluted Common Share	$	0.18	$	0.20
Normalized FFO ^(1)^	$	11,321	$	11,016
Normalized FFO ^(1)^ per Diluted Common Share	$	0.20	$	0.22
Weighted Average Shares Outstanding		56,755		51,128

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 16 |

| --- | | | For the Year Ended | | | | | | --- | --- | --- | --- | --- | --- | | | December 31, | | | | | | | 2022 | | | 2021 | | | Total Income | $ | 195,776 | | $ | 186,123 | | Total Expenses | $ | 166,252 | | $ | 152,163 | | Net Income (Loss) Attributable to Common Shareholders | $ | (36,265 | ) | $ | 21,249 | | Net Income (Loss) Attributable to Common Shareholders per Diluted Common Share | $ | (0.67 | ) | $ | 0.45 | | FFO ^(1)^ | $ | 28,489 | | $ | 39,149 | | FFO ^(1)^ per Diluted Common Share | $ | 0.51 | | $ | 0.83 | | Normalized FFO ^(1)^ | $ | 46,840 | | $ | 41,144 | | Normalized FFO ^(1)^ per Diluted Common Share | $ | 0.85 | | $ | 0.87 | | Weighted Average Shares Outstanding | | 54,389 | | | 47,432 |

A summary of significant balance sheet information as of December 31, 2022 and 2021 is as follows (in thousands):

	December 31,<br> <br>2022		December 31,<br> <br>2021
Gross Real Estate Investments	$	1,391,588	$	1,205,091
Marketable Securities at Fair Value	$	42,178	$	113,748
Total Assets	$	1,344,596	$	1,270,820
Mortgages Payable, net	$	508,938	$	452,567
Loans Payable, net	$	153,531	$	46,757
Bonds Payable, net	$	99,207	$	-0-
Total Shareholders’ Equity	$	551,196	$	742,140

Samuel A. Landy, President and CEO, commented on the 2022 results.

“During 2022, UMH made substantial progress on multiple fronts – generating solid operating results, achieving strong growth and improving our financial position. We have:

●	Increased<br> Rental and Related Income by 7%;
●	Increased<br> Community Net Operating Income (“NOI”) by 4%;
●	Increased<br> our rental home portfolio by 392 homes from year end 2021 to approximately 9,100 total rental<br> homes, representing an increase of 5% from year end 2021;
●	Acquired<br> seven communities containing 1,486 homesites for a total cost of $86.2 million;
●	Issued<br> $102.7 million of 4.72% Series A Bonds due 2027 in an offering to investors in Israel, for<br> total proceeds of $98.7 million, net of offering expenses;
●	Completed<br> the addition of approximately 1,100 homes to our Fannie Mae credit facility, for total proceeds<br> of approximately $25.6 million;
●	Financed<br> four communities and approximately 250 rental homes within those communities for total proceeds<br> of approximately $34.2 million;
●	Issued<br> and sold approximately 5.0 million shares of Common Stock through an At-the-Market Sale Program<br> at a weighted average price of $20.58 per share, generating gross proceeds of $102.6 million<br> and net proceeds of $100.8 million, after offering expenses;
●	Issued<br> and sold approximately 406,000 shares of Series D Preferred Stock through an At-the-Market<br> Sale Program at a weighted average price of $22.90 per share, generating gross proceeds of<br> $9.3 million and net proceeds of $9.1 million, after offering expenses;
●	Redeemed<br> all 9.9 million issued and outstanding shares of our 6.75% Series C Preferred Stock for $247.1<br> million;
●	Invested<br> $8.0 million in the UMH qualified opportunity zone fund to acquire, develop and redevelop<br> manufactured housing communities located in Qualified Opportunity Zones;

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 17 |

| --- | | ● | Entered into a Second Amended and Restated Credit Agreement to expand available borrowings from $75 million to $100 million with a $400 million accordion feature, subject to certain conditions, and to extend the maturity date to November 7, 2026, with a one-year extension available at our option; and subsequent to year end, further expanded this line from $100 million to $180 million; | | --- | --- | | ● | Subsequent to year end, acquired our first community in Georgia, containing 118 developed homesites, for a total cost of $3.7 million through our qualified opportunity zone fund; | | ● | Subsequent to year end, issued and sold approximately 1.9 million shares of Common Stock through an At-the-Market Sale Program at a weighted average price of $16.99 per share, generating gross proceeds of $32.7 million and net proceeds of $32.2 million, after offering expenses; and | | ● | Subsequent to year end, issued and sold approximately 640,000 shares of Series D Preferred Stock through an At-the-Market Sale Program at a weighted average price of $22.77 per share, generating gross proceeds of $14.6 million and net proceeds of $14.4 million, after offering expenses.” |

“UMH is well positioned for future earnings growth. We have invested a considerable amount of capital in existing acquisitions, expanding our communities and into our joint venture. This capital has been deployed, but value-add acquisitions and expansions take time to generate returns. The communities and expansions we have invested in are well-located and are experiencing strong demand for sales and rentals which will result in increased occupancy and revenue.”

“The backlogs from our manufacturers are now back to pre-pandemic levels, and we have over 1,000 homes being set up and ready for occupancy. As these homes come online, we anticipate revenue growth in the 8-9% range which will more than offset the expense growth resulting in high single or low double digit NOI growth.”

“During the year, we completed the acquisition of seven communities containing approximately 1,500 developed homesites for a total purchase price of approximately $86 million. These value-add acquisitions provide a runway for long-term NOI and earnings accretion but impacted our earnings in the short term. We also completed the development of 225 expansion sites which will generate sales profits, strong yields and property appreciation in the future.”

“We are proud of the company that we have built and the mission we are on to provide the Nation with needed affordable housing. Our results and future growth prospects allowed us to raise our dividend for three consecutive years. We believe we are on track for earnings and dividend growth in the future. We look forward to continuing to execute on our business plan and building long-term value for our dedicated shareholders.”

UMH Properties, Inc. will host its Fourth Quarter and Year Ended December 31, 2022 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Wednesday, March 1, 2023 at 10:00 a.m. Eastern Time.

The Company’s fourth quarter and year ended December 31, 2022 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 microphone icon found on the homepage www.umh.reit to access the call. 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, March 1, 2023 and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 7936826. 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, Michigan, Maryland, 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.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 18 |

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Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. The risks and uncertainties that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Note:

(1)

Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds from Operations Attributable to Common Shareholders (“FFO”), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (“NAREIT”), represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the United States of America (“U.S. GAAP”), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the NAREIT FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of NAREIT FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the gains and losses realized on marketable securities investments and the change in the fair value of marketable securities from our FFO calculation. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as alternatives to net income (loss) as a measure of operating performance or to cash flows from operating, investing and financing activities; and (iii) are not alternatives to cash flow as a measure of liquidity.

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO and Normalized FFO for the three months and year ended December 31, 2022 and 2021 are calculated as follows (in thousands):

	Three Months Ended						Year Ended
	12/31/22			12/31/21			12/31/22			12/31/21
Net Income (Loss) Attributable to Common Shareholders	$	283		$	9,410		$	(36,265	)	$	21,249
Depreciation Expense		12,766			11,552			48,769			45,124
Depreciation Expense from Unconsolidated Joint Venture		114			-0-			371			-0-
Loss on Sales of Investment Property and Equipment		73			61			169			170
(Increase) Decrease in Fair Value of Marketable Securities		(21,185	)		(10,932	)		21,839			(25,052	)
Gain on Sales of Marketable Securities, net		17,922			-0-			(6,394	)		(2,342	)
FFO Attributable to Common Shareholders		9,973			10,091			28,489			39,149
Redemption of Preferred Stock ^(2)^		-0-			-0-			12,916			-0-
Amortization ^(3)^		511			-0-			1,956			-0-
Non-Recurring Other Expense ^(4)^		837			925			3,479			1,995
Normalized FFO Attributable to Common Shareholders	$	11,321		$	11,016		$	46,840		$	41,144

The diluted weighted shares outstanding used in the calculation of FFO per Diluted Common Share and Normalized FFO per Diluted Common Share were 56.8 million and 55.3 million shares for the three months and year ended December 31, 2022, respectively, and 51.1 million and 47.4 million shares for the three months and year ended December 31, 2021, respectively. Common stock equivalents resulting from stock options in the amount of 571,000 and 936,000 shares for the three months and year ended December 31, 2022, respectively, were excluded from the diluted weighted shares outstanding as they would have been anti-dilutive. Common stock equivalents resulting from stock options in the amount of 1.4 million and 1.1 million shares for the three months and year ended December 31, 2021, respectively, are included in the diluted weighted shares outstanding.

(2)	Primarily<br> consists of redemption charges related to the original issuance costs ($8,190) and the carrying<br> costs of excess cash ($4,726) in 2022 from the beginning of the year through the redemption<br> date.

| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 19 |

| --- | | (3) | Due to the change in sources of capital, this non-cash expense is expected to become more significant and is therefore included as an adjustment to Normalized FFO for the year ended December 31, 2022. Had a similar adjustment been made in prior years, Normalized FFO Attributable to Common Shareholders would have been $11,293 or $0.22 and $42,145 or $0.89 for the three months and year ended December 31, 2021, respectively. | | --- | --- | | (4) | 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 $1,724, respectively) and non-recurring expenses for the joint venture with Nuveen ($210 and $264, respectively), early extinguishment of debt ($125 and $320, respectively), one-time legal fees ($10 and $197, respectively), fees related to the establishment of the Opportunity Zone Fund ($61 and $954, respectively) and costs associated with acquisition not completed ($0 and $20, respectively) for the three months and year ended December 31, 2022. Consists of special bonus and restricted stock grants for the August 2020 groundbreaking Fannie Mae financing, which are being expensed over the vesting period ($754 and $1,824, respectively) and non-recurring expenses for the joint venture ($171) for the three months and year ended December 31, 2021. | | --- | --- |

The following are the cash flows provided by (used in) operating, investing and financing activities for the year ended December 31, 2022 and 2021 (in thousands):

	2022			2021
Operating Activities	$	(7,983	)	$	65,163
Investing Activities		(124,121	)		(94,364	)
Financing Activities		47,954			125,634

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| UMH Properties, Inc. **|** Fourth Quarter FY 2022 Supplemental Information 20 |

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