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

Date of Report (Date of earliest event reported): November 3, 2025

UMH Properties, Inc.

(Exact name of registrant as specified in its charter)

Maryland

001-12690

22-1890929

(State or other jurisdiction

of incorporation)

Commission

File Number)

(IRS Employer

Identification No.)

Juniper Business Plaza, 3499 Route 9 North, Suite 3-C, Freehold, NJ		07728
(Address of principal executive offices)		(Zip Code)

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

Not Applicable

(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 to Rule 425 under the Securities Act (17 CFR 230.425)

☐	Soliciting material pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a-12)

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐	Pre-commencement 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 of each class

Trading Symbol(s)

Name of exchange on which registered

Common Stock, $0.10 par value

UMH

New York Stock Exchange

6.375% Series D Cumulative Redeemable

Preferred Stock, $0.10 par value

UMH PD

New 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 November 3, 2025, UMH Properties, Inc. issued a press release announcing the results for the third quarter September 30, 2025 and disclosed a supplemental information package in connection with its earnings conference call for the third quarter September 30, 2025. A copy of the supplemental information package and press release is furnished with this report as Exhibit 99.1 and Exhibit 99.2 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 in the real estate market conditions and general economic conditions;
	●	the 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;
	●	increased competition in the geographic areas in which we own and operate manufactured housing communities;
	●	our 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;
	●	our ability to maintain or increase rental rates and occupancy levels;
	●	changes in market rates of interest;
	●	inflation and increases in costs, including personnel, insurance and the cost of purchasing manufactured homes;
	●	our ability to purchase manufactured homes for rental or sale;
	●	our ability to repay debt financing obligations;

	●	our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us;
	●	our ability to comply with certain debt covenants;
	●	our ability to integrate acquired properties and operations into existing operations;
	●	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 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;
	●	our ability to qualify as a real estate investment trust for federal income tax purposes;
	●	litigation, judgments or settlements, including costs associated with prosecuting or defending claims and any adverse outcomes;
	●	changes in real estate and zoning laws and regulations;
	●	legislative or regulatory changes, including changes to laws governing the taxation of REITs;
	●	risks and uncertainties related to pandemics or other highly infectious or contagious diseases.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits.

99.1		Press Release dated November 3, 2025
99.2		Supplemental information package for the third quarter September 30, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

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: November 3, 2025	By:	/s/ Anna T. Chew
	Name:	Anna T. Chew
	Title:	Executive Vice President and Chief Financial Officer

Exhibit 99.1

UMH PROPERTIES, INC.

Juniper Business Plaza

3499 Route 9 North, Suite 3-C

Freehold, NJ 07728

(732) 577-9997

Fax: (732) 577-9980

FOR IMMEDIATE RELEASE	November 3, 2025
	Contact: Nelli Madden
	732-577-9997

UMH PROPERTIES, INC. REPORTS RESULTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, 2025

FREEHOLD, NJ, November 3, 2025........ UMH Properties, Inc. (NYSE:UMH) (TASE:UMH) reported Total Income for the quarter ended September 30, 2025 of $66.9 million as compared to $60.7 million for the quarter ended September 30, 2024, representing an increase of 10%. Net Income Attributable to Common Shareholders amounted to $4.2 million or $0.05 per diluted share for the quarter ended September 30, 2025 as compared to Net Income Attributable to Common Shareholders of $8.2 million or $0.11 per diluted share for the quarter ended September 30, 2024. Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), was $21.3 million or $0.25 per diluted share for the quarter ended September 30, 2025, as compared to $18.5 million or $0.24 per diluted share for the quarter ended September 30, 2024.

A summary of significant financial information for the three and nine months ended September 30, 2025 and 2024 is as follows (in thousands except per share amounts):

	For the Three Months Ended
	September 30,
	2025		2024

Total Income	$	66,918	$	60,671
Total Expenses	$	54,103	$	48,911
Net Income Attributable to Common Shareholders	$	4,211	$	8,181
Net Income Attributable to Common Shareholders per Diluted Common Share	$	0.05	$	0.11
FFO ⁽¹⁾	$	19,743	$	17,662
FFO ⁽¹⁾ per Diluted Common Share	$	0.23	$	0.23
Normalized FFO ⁽¹⁾	$	21,313	$	18,462
Normalized FFO ⁽¹⁾ per Diluted Common Share	$	0.25	$	0.24
Basic Weighted Average Shares Outstanding		84,985		75,610
Diluted Weighted Average Shares Outstanding		85,478		76,563

Page | 2

	For the Nine Months Ended
	September 30,
	2025		2024

Total Income	$	194,786	$	178,679
Total Expenses	$	159,767	$	146,626
Net Income Attributable to Common Shareholders	$	6,472	$	2,444
Net Income Attributable to Common Shareholders per Diluted Common Share	$	0.08	$	0.03
FFO ⁽¹⁾	$	56,618	$	47,890
FFO ⁽¹⁾ per Diluted Common Share	$	0.67	$	0.66
Normalized FFO ⁽¹⁾	$	59,585	$	50,285
Normalized FFO ⁽¹⁾ per Diluted Common Share	$	0.71	$	0.69
Basic Weighted Average Shares Outstanding		83,783		72,173
Diluted Weighted Average Shares Outstanding		84,452		72,971

A summary of significant balance sheet information as of September 30, 2025 and December 31, 2024 is as follows (in thousands):

	September 30, 2025		December 31, 2024

Gross Real Estate Investments	$	1,786,617	$	1,669,114
Marketable Securities at Fair Value	$	31,743	$	31,883
Total Assets	$	1,629,535	$	1,563,728
Mortgages Payable, net	$	467,471	$	485,540
Loans Payable, net	$	28,132	$	28,279
Series A Bond Payable, net	$	101,539	$	100,903
Series B Bond Payable, net	$	75,396	$	-0-
Total Shareholders’ Equity	$	926,413	$	915,909

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

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

●

Increased Rental and Related Income by 11%;

●

Increased Sales of Manufactured Homes by 5%;

●

Increased Community Net Operating Income (“NOI”) by 11%;

●

Increased Normalized Funds from Operations (“Normalized FFO”) by 15% and Normalized FFO per diluted share by 4%;

●

Increased Same Property Community NOI by 12%;

●

Increased Same Property Occupancy by 110 basis points from 87.4% to 88.5%;

●

Improved our Same Property expense ratio from 41.1% in the third quarter of 2024 to 39.7% at quarter end;

Page | 3

●

Acquired two communities in Maryland containing approximately 191 homesites for a total cost of approximately $14.6 million;

●

Issued approximately $80.2 million aggregate principal amount of 5.85% Series B Bonds due 2030 in an offering to investors in Israel;

●

Amended our $35 million revolving line of credit with OceanFirst Bank to extend the maturity date to June 1, 2027;

●

Issued and sold approximately 290,000 shares of Common Stock through our At-the-Market Sale Program at a weighted average price of $16.44 per share, generating gross proceeds of $4.8 million and net proceeds of $4.6 million, after offering expenses;

●

Issued and sold approximately 3,000 shares of Series D Preferred Stock through our At-the-Market Sale Program at a weighted average price of $23.00 per share, generating gross proceeds of $75,000 and net proceeds of $59,000, after offering expenses;

●

Subsequent to quarter end, issued and sold approximately 37,000 shares of Preferred Stock through our At-the-Market Sale Program at a weighted average price of $22.75 per share, generating gross proceeds of $839,000 and net proceeds of $825,000, after offering expenses; and,

●

Subsequent to quarter end, acquired one community in Georgia containing approximately 130 homesites for a total cost of approximately $2.6 million.”

Samuel A. Landy, President and CEO, commented, “We are pleased to report another quarter of robust financial performance, with normalized FFO per diluted share rising 4% year-over-year to $0.25 as compared to $0.24 last year and rising 9% sequentially versus the second quarter. This growth reflects the continued strength of our manufactured housing communities and the success of our long-term business plan. Total income for the quarter increased by 10% over last year. This growth was driven by an increase in rental and related income of 11% and an increase in sales of manufactured homes of 5%. Our long-term business plan has positioned us for further growth as we fill our vacant sites, develop our vacant land and opportunistically acquire communities when they become available.”

“We now own 145 communities containing approximately 27,000 developed homesites. Year-to-date, we have acquired 5 communities, containing 587 sites, for a total purchase price of approximately $42 million. We continue to grow the company through external acquisitions as compelling opportunities become available to us.”

“Same property community NOI for the quarter increased by 12.1% compared to the same quarter last year, driven by a 9.4% increase in rental and related income. This revenue growth was the result of an increase in same property occupancy of 357 units over last year and our annual rent increases. Year-to-date, same property community NOI has increased by 10.1%. Our rental home program continues to drive occupancy and revenue growth. This year we have converted 523 homes from inventory to revenue generating rental homes. We have 100 homes on site and ready for occupancy and another 300 being set up. These homes should allow us to meet our goal of adding 700 to 800 new rental homes to our portfolio.”

“Home sales for the quarter grew by 5% to $9.1 million as compared to $8.7 million last year. We anticipate continued growth in sales as we gain momentum at our recently opened expansions. Our gross margin remains strong at 37%.”

Page | 4

“Looking ahead, we remain optimistic about the operating environment and our ability to deliver superior returns. With a strong balance sheet, 3,500 vacant sites, 570 recently developed expansion sites, 2,300 acres to develop and a clear focus on operational excellence, UMH is well-positioned to deliver increased earnings per share and create value for our shareholders.”

UMH Properties, Inc. will host its Third Quarter 2025 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Tuesday, November 4, 2025, at 10:00 a.m. Eastern Time.

The Company’s 2025 third quarter financial results being released herein will be available on the Company’s website at www.umh.reit in the “Financials” section.

To participate in the webcast, select the webcast icon on the homepage of the Company’s website at www.umh.reit, in the Upcoming Events section. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Tuesday, November 4, 2025, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 4344189. 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 currently owns and operates 145 manufactured home communities containing approximately 27,000 developed homesites, of which 10,800 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 145 communities are two communities in Florida, containing 363 sites, and one community in Pennsylvania, containing 113 sites, that UMH has an ownership interest in and operates through its joint ventures 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.

Page | 5

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 85.5 million and 84.5 million shares for the three and nine months ended September 30, 2025, respectively, and 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively. Common stock equivalents resulting from employee stock options to purchase 6.3 million shares of common stock amounted to 493,000 shares and 669,000 shares for the three and nine months ended September 30, 2025, respectively, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from employee stock options to purchase 5.4 million shares of common stock amounted to 953,000 shares 798,000 shares for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share.

The reconciliation of the Company’s U.S. GAAP net loss to the Company’s FFO and Normalized FFO for the three and nine months ended September 30, 2025 and 2024 are calculated as follows (in thousands):

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025		September 30, 2024
Net Income Attributable to Common Shareholders	$	4,211		$	8,181		$	6,472	$	2,444
Depreciation Expense		16,808			14,693			49,210		44,435
Depreciation Expense from Unconsolidated Joint Venture		228			209			666		610
Loss on Sales of Investment Property and Equipment		72			78			109		91
(Increase) Decrease in Fair Value of Marketable Securities		(1,576	)		(5,499	)		161		(3,468	)
Loss on Sales of Marketable Securities, net		-0-			-0-			-0-		3,778
FFO Attributable to Common Shareholders		19,743			17,662			56,618		47,890
Amortization of Financing Costs		877			608			2,123		1,770
Non-Recurring Other Expense ⁽²⁾		693			192			844		625
Normalized FFO Attributable to Common Shareholders	$	21,313		$	18,462		$	59,585	$	50,285

(2)

Consists of one-time legal and professional fees ($693 and $844, respectively) for the three and nine months ended September 30, 2025. Consisted of one-time legal fees ($192 and $243, respectively) and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three and nine months ended September 30, 2024.

The following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 (in thousands):

	2025			2024
Operating Activities	$	60,643		$	54,331
Investing Activities		(164,736	)		(97,014	)
Financing Activities		37,385			52,676

Exhibit 99.2

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 to Adjusted EBITDA excluding Non-Recurring Other Expense and Net Income Attributable to Common Shareholders to FFO and Normalized FFO		7

Market Capitalization, Debt and Coverage Ratios		8

Debt Analysis		9

Debt Maturity		10

Securities Portfolio Performance		11

Property Summary and Snapshot		12

Same Property Statistics		13

Acquisitions Summary and Property Portfolio		14

Definitions		15

Certain information in this Supplemental Information Package contains Non-GAAP financial measures. These Non-GAAP financial measures are REIT industry financial measures that are not calculated in accordance with accounting principles generally accepted in the United States of America. Please see page 15 for a definition of these Non-GAAP financial measures and page 7 for the reconciliation of certain captions in the Supplemental Information Package to the statement of operations as reported in the Company’s filings with the SEC on Form 10-Q.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Financial Highlights

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

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
Operating Information
Number of Communities ⁽¹⁾								144			139
Total Sites ⁽¹⁾								26,871			26,189
Rental and Related Income	$	57,771		$	51,937		$	168,510		$	153,760
Community Operating Expenses ⁽²⁾	$	24,334		$	22,511		$	70,410		$	65,203
Community NOI ⁽²⁾	$	33,437		$	29,426		$	98,100		$	88,557
Expense Ratio		42.1	%		43.3	%		41.8	%		42.4	%
Sales of Manufactured Homes	$	9,147		$	8,734		$	26,276		$	24,919
Number of Homes Sold		100			100			273			300
Number of Rentals Added, net		196			117			433			284
Net Income	$	9,285		$	12,905		$	21,700		$	16,461
Net Income Attributable to Common Shareholders	$	4,211		$	8,181		$	6,472		$	2,444
Adjusted EBITDA excluding Non-Recurring Other Expense	$	33,518		$	29,138		$	94,263		$	84,152
FFO Attributable to Common Shareholders	$	19,743		$	17,662		$	56,618		$	47,890
Normalized FFO Attributable to Common Shareholders	$	21,313		$	18,462		$	59,585		$	50,285

Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic		84,985			75,610			83,783			72,173
Diluted		85,478			76,563			84,452			72,971
Net Income Attributable to Shareholders per Share-
Basic and Diluted	$	0.05		$	0.11		$	0.08		$	0.03
FFO per Share- ⁽³⁾
Basic	$	0.23		$	0.23		$	0.68		$	0.66
Diluted	$	0.23		$	0.23		$	0.67		$	0.66
Normalized FFO per Share- ⁽³⁾
Basic	$	0.25		$	0.24		$	0.71		$	0.70
Diluted	$	0.25		$	0.24		$	0.71		$	0.69
Dividends per Common Share	$	0.225		$	0.215		$	0.665		$	0.635

Balance Sheet
Total Assets							$	1,629,535		$	1,501,533
Total Liabilities							$	703,122		$	643,148

Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs							$	672,538		$	614,944
Equity Market Capitalization							$	1,265,188		$	1,547,969
Series D Preferred Stock							$	321,885		$	306,778
Total Market Capitalization							$	2,259,611		$	2,469,691

	(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024, and Sebring Square, Rum Runner and Honey Ridge, three communities owned in joint ventures with Nuveen Real Estate in which the company has a 40% interest.
	(2)	Excludes non-recurring legal and professional fees of $660 for both the three and nine months ended September 30, 2025.
	(3)	Please see Definitions on page 15.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Consolidated Balance Sheets

(in thousands except per share amounts)

	September 30, 2025			December 31, 2024
	(unaudited)
ASSETS
Investment Property and Equipment
Land	$	91,680		$	88,037
Site and Land Improvements		1,029,095			970,053
Buildings and Improvements		48,647			44,782
Rental Homes and Accessories		617,195			566,242
Total Investment Property		1,786,617			1,669,114
Equipment and Vehicles		33,122			31,488
Total Investment Property and Equipment		1,819,739			1,700,602
Accumulated Depreciation		(517,599	)		(471,703	)
Net Investment Property and Equipment		1,302,140			1,228,899

Other Assets
Cash and Cash Equivalents		34,056			99,720
Marketable Securities at Fair Value		31,743			31,883
Inventory of Manufactured Homes		35,727			34,982
Notes and Other Receivables, net		102,115			91,668
Prepaid Expenses and Other Assets		17,088			14,261
Land Development Costs		76,372			33,868
Investment in Joint Ventures		30,294			28,447
Total Other Assets		327,395			334,829

TOTAL ASSETS	$	1,629,535		$	1,563,728

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	$	467,471		$	485,540
Other Liabilities
Accounts Payable		8,234			7,979
Loans Payable, net of unamortized debt issuance costs		28,132			28,279
Series A Bonds, net of unamortized debt issuance costs		101,539			100,903
Series B Bonds, net of unamortized debt issuance costs		75,396			-0-
Accrued Liabilities and Deposits		11,618			15,091
Tenant Security Deposits		10,732			10,027
Total Other Liabilities		235,651			162,279
Total Liabilities		703,122			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 September 30, 2025 and December 31, 2024, respectively; 12,875 and 12,823 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		321,885			320,572
Common Stock- $0.10 par value per share: 183,714 and 163,714 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 85,197 and 81,909 shares issued and outstanding as of September 30, 2025 and December 31, 2024, respectively		8,520			8,191
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of September 30, 2025 and December 31, 2024		-0-			-0-
Additional Paid-In Capital		619,651			610,630
Accumulated Deficit		(25,364	)		(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity		924,692			914,029
Non-Controlling Interest in Consolidated Subsidiaries		1,721			1,880
Total Shareholders’ Equity		926,413			915,909

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,629,535		$	1,563,728

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Consolidated Statements of Income (Loss)

(in thousands except per share amounts) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025			September 30, 2024
INCOME:
Rental and Related Income	$	57,771		$	51,937		$	168,510		$	153,760
Sales of Manufactured Homes		9,147			8,734			26,276			24,919
TOTAL INCOME		66,918			60,671			194,786			178,679

EXPENSES:
Community Operating Expenses		24,994			22,511			71,070			65,203
Cost of Sales of Manufactured Homes		5,795			5,446			17,264			16,463
Selling Expenses		2,223			1,787			5,685			5,177
General and Administrative Expenses		4,283			4,474			16,538			15,348
Depreciation Expense		16,808			14,693			49,210			44,435
TOTAL EXPENSES		54,103			48,911			159,767			146,626

OTHER INCOME (EXPENSE):
Interest Income		2,354			1,816			6,677			4,884
Dividend Income		373			357			1,122			1,079
Loss on Sales of Marketable Securities, net		-0-			-0-			-0-			(3,778	)
Increase (Decrease) in Fair Value of Marketable Securities		1,576			5,499			(161	)		3,468
Other Income		265			150			694			514
Loss on Investment in Joint Ventures		(96	)		(75	)		(310	)		(299	)
Interest Expense		(7,930	)		(6,524	)		(21,232	)		(21,369	)
TOTAL OTHER INCOME (EXPENSE)		(3,458	)		1,223			(13,210	)		(15,501	)

Income before Loss on Sales of Investment Property and Equipment		9,357			12,983			21,809			16,552
Loss on Sales of Investment Property and Equipment		(72	)		(78	)		(109	)		(91	)
NET INCOME		9,285			12,905			21,700			16,461

Preferred Dividends		(5,129	)		(4,783	)		(15,387	)		(14,168	)
Loss Attributable to Non-Controlling Interest		55			59			159			151

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	4,211		$	8,181		$	6,472		$	2,444

NET INCOME ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted	$	0.05		$	0.11		$	0.08		$	0.03

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		84,985			75,610			83,783			72,173
Diluted		85,478			76,563			84,452			72,971

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Consolidated Statements of Cash Flows

(in thousands)(unaudited)

	Nine Months Ended
	September 30, 2025			September 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	21,700		$	16,461
Non-Cash Items Included in Net Income:
Depreciation		49,210			44,435
Amortization of Financing Costs		2,123			1,770
Stock Compensation Expense		4,320			3,732
Provision for Uncollectible Notes and Other Receivables		1,289			1,302
Loss on Sales of Marketable Securities, net		-0-			3,778
(Increase) Decrease in Fair Value of Marketable Securities		161			(3,468	)
Loss on Sales of Investment Property and Equipment		109			91
Loss on Investment in Joint Ventures		596			690
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		(745	)		1,500
Notes and Other Receivables, net of notes acquired with acquisitions		(11,736	)		(8,598	)
Prepaid Expenses and Other Assets		(3,871	)		(4,800	)
Accounts Payable		255			(374	)
Accrued Liabilities and Deposits		(3,473	)		(2,571	)
Tenant Security Deposits		705			383
Net Cash Provided by Operating Activities		60,643			54,331
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities		(40,166	)		-0-
Purchase of Investment Property and Equipment		(85,471	)		(67,575	)
Proceeds from Sales of Investment Property and Equipment		3,077			3,888
Additions to Land Development Costs		(39,712	)		(30,784	)
Purchase of Marketable Securities through automatic reinvestments		(21	)		(18	)
Proceeds from Sales of Marketable Securities		-0-			36
Investment in Joint Ventures		(2,443	)		(2,561	)
Net Cash Used in Investing Activities		(164,736	)		(97,014	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed		101,392			-0-
Net Payments from Short-Term Borrowings		(582	)		(67,363	)
Principal Payments of Mortgages and Loans		(118,179	)		(8,887	)
Proceeds from Bond Issuance		80,229			-0-
Financing Costs on Debt		(7,167	)		(593	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs		1,041			15,260
Proceeds from At-The-Market Common Equity Program, net of offering costs		44,197			163,194
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments		4,486			5,258
Proceeds from Exercise of Stock Options		535			2,919
Preferred Dividends Paid		(15,387	)		(14,168	)
Common Dividends Paid, net of dividend reinvestments		(53,180	)		(42,944	)
Net Cash Provided by Financing Activities		37,385			52,676

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(66,708	)		9,993
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD		108,811			64,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$	42,103		$	74,430

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Reconciliation of Net Income to Adjusted EBITDA and Net Income Attributable

to Common Shareholders to FFO and Normalized FFO

(in thousands) (unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2025			September 30, 2024			September 30, 2025		September 30, 2024
Reconciliation of Net Income to Adjusted EBITDA

Net Income	$	9,285		$	12,905		$	21,700	$	16,461
Interest Expense		7,930			6,524			21,232		21,369
Franchise Taxes		150			114			450		342
Depreciation Expense		16,808			14,693			49,210		44,435
Depreciation Expense from Unconsolidated Joint Ventures		228			209			666		610
(Increase) Decrease in Fair Value of Marketable Securities		(1,576	)		(5,499	)		161		(3,468	)
Loss on Sales of Marketable Securities, net		-0-			-0-			-0-		3,778
Adjusted EBITDA		32,825			28,946			93,419		83,527
Non-Recurring Other Expense ⁽¹⁾		693			192			844		625
Adjusted EBITDA excluding Non-Recurring Other Expense	$	33,518		$	29,138		$	94,263	$	84,152

Reconciliation of Net Income Attributable to Common Shareholders to Funds from Operations

Net Income Attributable to Common Shareholders	$	4,211		$	8,181		$	6,472	$	2,444
Depreciation Expense		16,808			14,693			49,210		44,435
Depreciation Expense from Unconsolidated Joint Ventures		228			209			666		610
Loss on Sales of Investment Property and Equipment		72			78			109		91
(Increase) Decrease in Fair Value of Marketable Securities		(1,576	)		(5,499	)		161		(3,468	)
Loss on Sales of Marketable Securities, net		-0-			-0-			-0-		3,778
Funds from Operations Attributable to Common Shareholders (“FFO”)		19,743			17,662			56,618		47,890

Adjustments:
Amortization of Financing Costs		877			608			2,123		1,770
Non-Recurring Other Expense ⁽¹⁾		693			192			844		625
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)	$	21,313		$	18,462		$	59,585	$	50,285

(1)

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Market Capitalization, Debt and Coverage Ratios

(in thousands except per share data) (unaudited)

	Nine Months Ended						Year Ended
	September 30, 2025			September 30, 2024			December 31, 2024
Shares Outstanding		85,197			78,697			81,909
Market Price Per Share	$	14.85		$	19.67		$	18.88
Equity Market Capitalization	$	1,265,188		$	1,547,969		$	1,546,449
Total Debt		672,538			614,944			614,722
Preferred		321,885			306,778			320,572
Total Market Capitalization	$	2,259,611		$	2,469,691		$	2,481,743

Total Debt	$	672,538		$	614,944		$	614,722
Less: Cash and Cash Equivalents		(34,056	)		(66,704	)		(99,720	)
Net Debt		638,482			548,240			515,002
Less: Marketable Securities at Fair Value (“Securities”)		(31,743	)		(34,178	)		(31,883	)
Net Debt Less Securities	$	606,739		$	514,062		$	483,119

Interest Expense	$	21,232		$	21,369		$	27,287
Capitalized Interest		4,354			4,119			5,976
Preferred Dividends		15,387			14,168			19,163
Total Fixed Charges	$	40,973		$	39,656		$	52,426

Adjusted EBITDA excluding Non-Recurring Other Expense	$	94,263		$	84,152		$	113,958

Debt and Coverage Ratios

Net Debt / Total Market Capitalization	28.3	%	22.2	%	20.8	%

Net Debt Plus Preferred / Total Market Capitalization	42.5	%	34.6	%	33.7	%

Net Debt Less Securities / Total Market Capitalization	26.9	%	20.8	%	19.5	%

Net Debt Less Securities Plus Preferred / Total Market Capitalization	41.1	%	33.2	%	32.4	%

Interest Coverage	3.7	x	3.3	x	3.4	x

Fixed Charge Coverage	2.3	x	2.1	x	2.2	x

Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense	5.1	x	4.9	x	4.5	x

Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense	4.8	x	4.6	x	4.3	x

Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense	7.6	x	7.6	x	7.4	x

Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense	7.4	x	7.3	x	7.1	x

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Debt Analysis
(in thousands) (unaudited)	Nine Months Ended						Year Ended
	September 30, 2025			September 30, 2024			December 31, 2024
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages	$	472,484			492,248			489,271
Unamortized Debt Issuance Costs		(5,013	)		(3,963	)		(3,731	)
Mortgages, Net of Unamortized Debt Issuance Costs	$	467,471		$	488,285		$	485,540
Loans Payable:
Unsecured Line of Credit	$	-0-		$	-0-		$	-0-
Other Loans Payable		28,930			27,320			29,512
Total Loans Before Unamortized Debt Issuance Costs		28,930			27,320			29,512
Unamortized Debt Issuance Costs		(798	)		(1,352	)		(1,233	)
Loans, Net of Unamortized Debt Issuance Costs	$	28,132		$	25,968		$	28,279
Series A Bonds Payable:
Series A Bonds	$	102,670		$	102,670		$	102,670
Unamortized Debt Issuance Costs		(1,131	)		(1,979	)		(1,767	)
Series A Bonds, Net of Unamortized Debt Issuance Costs	$	101,539		$	100,691		$	100,903
Series B Bonds Payable:
Series B Bonds	$	80,230		$	-0-		$	-0-
Unamortized Debt Issuance Costs		(4,834	)		-0-			-0-
Series B Bonds, Net of Unamortized Debt Issuance Costs	$	75,396		$	-0-		$	-0-

Total Debt, Net of Unamortized Debt Issuance Costs	$	672,538		$	614,944		$	614,722

% Fixed/Floating
Fixed		99.2	%		99.5	%		99.1	%
Floating		0.8	%		0.5	%		0.9	%
Total		100.0	%		100.0	%		100.0	%

Weighted Average Interest Rates ⁽¹⁾
Mortgages Payable		4.58	%		4.17	%		4.18	%
Loans Payable		6.49	%		6.47	%		6.54	%
Series A Bonds Payable		4.72	%		4.72	%		4.72	%
Series B Bonds Payable		5.85	%		0.00	%		0.00	%
Total Average		4.83	%		4.36	%		4.38	%

Weighted Average Maturity (Years)
Mortgages Payable		5.8			4.6			4.4

(1)

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

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Debt Maturity

(in thousands) (unaudited)

As of September 30, 2025:
Year Ended	Mortgages			Loans			Bonds			Total			% of Total
2025	$	3,511		$	5,419		$	-0-		$	8,930			1.3	%
2026		35,053			-0-			-0-			35,053			5.1	%
2027		37,289			-0-			102,670	(1)		139,959			20.5	%
2028		24,130			23,511			-0-			47,641			7.0	%
2029		39,048			-0-			-0-			39,048			5.7	%
Thereafter		333,453			-0-			80,230	(2)		413,683			60.5	%

Total Debt Before Unamortized Debt Issuance Costs		472,484			28,930			182,900			684,314			100.0	%

Unamortized Debt Issuance Costs		(5,013	)		(798	)		(5,965	)		(11,776	)

Total Debt, Net of Unamortized Debt Issuance Costs	$	467,471		$	28,132		$	176,935		$	672,538

(1)

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

(2)

Represents $80.2 million balance outstanding of the Company’s Series B Bonds due June 30, 2030.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Securities Portfolio Performance

(in thousands) (unaudited)

Year Ended	Securities Available for Sale		Dividend Income		Net Realized Gain (Loss) on Sale of Securities			Net Realized Gain (Loss) on Sale of Securities & Dividend Income
2010-2015		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*		31,743		1,122		-0-			1,122

			$	70,760	$	23,811		$	94,571

* For the nine months ended September 30, 2025.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Property Summary and Snapshot

(unaudited)

	September 30, 2025			September 30, 2024			% Change
UMH Communities ⁽¹⁾		141			137			2.9	%
Total Sites		26,400			25,826			2.2	%
Occupied Sites		23,353			22,565			788 sites, 3.5%
Occupancy %		88.5	%		87.4	%		110 bps
Total Rentals		10,766			10,253			5.0	%
Occupied Rentals		10,126			9,683			4.6	%
Rental Occupancy %		94.1	%		94.4	%		(30 bps	)
Monthly Rent Per Site	$	566		$	534			6.0	%
Monthly Rent Per Home Rental Including Site	$	1,027		$	969			6.0	%

State	Number		Total Acreage		Developed Acreage		Vacant Acreage		Total Sites		Occupied Sites		Occupancy Percentage			Monthly Rent Per Site		Total Rentals		Occupied Rentals		Rental Occupancy Percentage			Monthly Rent Per Home Rental ⁽³⁾

Pennsylvania		53		2,392		1,909		483		7,976		7,041		88.3	%	$	587		3,302		3,090		93.6	%	$	1,019
Ohio		38		2,069		1,557		512		7,325		6,525		89.1	%	$	516		3,155		2,959		93.8	%	$	973
Indiana		14		1,111		929		182		4,085		3,634		89.0	%	$	524		2,013		1,893		94.0	%	$	1,019
Tennessee ⁽¹⁾		9		733		419		314		2,031		1,894		93.3	%	$	584		956		921		96.3	%	$	1,068
New York ⁽²⁾		8		819		327		492		1,369		1,192		87.1	%	$	656		512		473		92.4	%	$	1,189
New Jersey		7		428		264		164		1,530		1,471		96.1	%	$	778		41		35		85.4	%	$	1,352
Michigan		4		241		222		19		1,090		946		86.8	%	$	530		421		404		96.0	%	$	1,095
Maryland		3		159		124		35		257		217		84.4	%	$	650		-0-		-0-		N/A			N/A
Alabama		2		69		62		7		297		158		53.2	%	$	238		139		133		95.7	%	$	1,128
South Carolina		2		134		55		79		322		238		73.9	%	$	306		187		181		96.8	%	$	1,145
Georgia		1		26		26		-0-		118		37		31.4	%	$	450		40		37		92.5	%	$	1,211
Total UMH as of September 30, 2025 ⁽¹⁾		141		8,181		5,894		2,287		26,400		23,353		88.5	%	$	566		10,766		10,126		94.1	%	$	1,027

Acquisition ⁽⁴⁾		1		40		40		-0-		130		42		32.3	%	$	316		21		7		33.3	%	$	613
Grand Total UMH 2025 to Date		142		8,221		5,934		2,287		26,530		23,395		88.2	%	$	565		10,787		10,133		93.9	%	$	1,026

(1)	Includes Duck River Estates and River Bluff Estates, two newly constructed communities in 2024. Excludes two Florida communities and one Pennsylvania community owned through joint ventures 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.
(4)	Acquisition of one community completed on October 7, 2025.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

Same Property Statistics

(in thousands) (unaudited)

	For Three Months Ended									For Nine Months Ended
	September 30, 2025		September 30, 2024		Change		% Change			September 30, 2025		September 30, 2024		Change		% Change

Same Property Community Net Operating Income (“NOI”)

Rental and Related Income	$	56,210	$	51,374	$	4,836		9.4	%	$	164,926	$	152,055	$	12,871		8.5	%
Community Operating Expenses		22,304		21,123		1,181		5.6	%		64,522		60,875		3,647		6.0	%

Same Property Community NOI	$	33,906	$	30,251	$	3,655		12.1	%	$	100,404	$	91,180	$	9,224		10.1	%

	September 30, 2025			September 30, 2024			Change

Total Sites		25,684			25,601			0.3	%
Occupied Sites		22,726			22,369			357 sites, 1.6	%
Occupancy %		88.5	%		87.4	%		110 bps
Number of Properties		134			134			N/A
Total Rentals		10,607			10,103			5.0	%
Occupied Rentals		9,977			9,539			4.6	%
Rental Occupancy		94.1	%		94.4	%		(30	bps)
Monthly Rent Per Site	$	565		$	537			5.2	%
Monthly Rent Per Home Rental Including Site	$	1,024		$	970			5.6	%

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

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

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		5		587		78	%	$	41,825	$	71		161

2025 Acquisitions
Community	Date of Acquisition	State	Number of Sites		Purchase Price		Number of Acres		Occupancy
Cedar Grove	March 24, 2025	NJ		186	$	17,000		25		100	%
Maplewood	March 24, 2025	NJ		80		7,600		13		100	%
Conowingo Court	July 2, 2025	MD		142		9,855		55		70	%
Maybelle Manor	July 2, 2025	MD		49		4,770		28		100	%
Albany Dunes	October 7, 2025	GA		130		2,600		40		32	%
Total 2025 to Date				587	$	41,825		161		78	%

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information

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.

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

Normalized FFO per Diluted Common Share is calculated using diluted weighted shares outstanding of 85.5 million and 84.5 million shares for the three and nine months ended September 30, 2025, respectively, and 76.6 million and 73.0 million shares for the three and nine months ended September 30, 2024, respectively. Common stock equivalents resulting from employee stock options to purchase 6.3 million shares of common stock amounted to 493,000 shares and 669,000 shares, respectively, for the three and nine months ended September 30, 2025, were included in the computation of Diluted Net Income per Share. Common stock equivalents resulting from stock options to purchase 5.4 million shares of common stock amounted to 953,000 and 798,000 shares, for the three and nine months ended September 30, 2024, respectively, were included in the computation of Diluted Net Income per Share.

Community NOI is calculated as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses.

Same Property 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.

Adjusted EBITDA excluding Non-Recurring Other Expense is calculated as net income (loss) plus interest expense, franchise taxes, depreciation, the change in the fair value of marketable securities and the gain (loss) on sales of marketable securities, adjusted for non-recurring other expenses.

Community NOI, Same Property 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.

UMH Properties, Inc. | Third Quarter FY 2025 Supplemental Information