Umh — Investor Presentation 2023

Mar 5, 2023

March 2023

UMH PROPERTIES, INC. Investor Presentation

Forward Looking Statements

Statements contained in this presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Also, when we use any of the words "anticipate," "assume," "believe," "estimate," "expect," "intend," or similar expressions, we are making forward-looking statements. These forward-looking statements are not guarantees and are based on our current intentions and current expectations and assumptions. These statements, intentions, expectations and assumptions involve risks and uncertainties, some of which are beyond our control that could cause actual results or events to differ materially from those we anticipate or project, such as: changes in 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 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; the effect of COVID-19 on our business and general economic conditions; our ability to maintain rental rates and occupancy levels; changes in market rates of interest; our ability to repay debt financing obligations; our ability to refinance amounts outstanding under our credit facilities at maturity on terms favorable to us; the loss of any member of our management team; our ability to comply with certain debt covenants; our ability to integrate acquired properties and operations into existing operations; continued availability of debt or equity capital; market conditions affecting our equity capital; changes in interest rates under our current credit facilities and under any additional variable rate debt arrangements that we may enter into in the future; our ability to implement successfully our selective acquisition strategy; our ability to maintain internal controls and procedures to ensure all transactions are accounted for properly, all relevant disclosures and filings are timely made in accordance with all rules and regulations and any potential fraud or embezzlement is thwarted or detected; 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.

You should not place undue reliance on these forward-looking statements, as events described or implied in such statements may not occur. We undertake no obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise.

Recipients are strongly advised to read the Company's filings with the Securities and Exchange Commission because they contain important information.

Company Highlights

UMH Properties, Inc. ("UMH" or "the Company") is a publicly owned Real Estate Investment Trust ("REIT") operating since 1968 and as a public company since 1985.

Leading owner and operator of manufactured home communities – leasing manufactured home sites to private residential homeowners

Robust portfolio of 135 manufactured home communities containing approximately 25,700 developed home sites, an increase of 8 communities totaling approximately 1,600 sites from a year ago, located across NJ, NY, OH, PA, TN, IN, MI, MD, AL, SC & GA

Expanding rental portfolio of approximately 9,100 units, an increase of 392 in the last 12 months; anticipating an additional 700-800 homes per year

Well positioned for growth with 4,000 existing vacant lots to fill, and nearly 2,100 vacant acres on which to build approximately 8,400 future lots

Transformative joint venture with Nuveen Real Estate allowing UMH to pursue accretive development deals while reducing the need for capital

Sales and Finance:	Loan Portfolio:
Wholly-owned taxable REIT subsidiary,	Approximate \$64.3mm portfolio of loans,
selling homes to residents; 301 homes sold	an increase of \$11.3mm from a year ago, an
over past 12 months	increase of \$

Extensive Operating History

Favorable US Housing Trends

UMH is well positioned to participate in the ongoing recovery of the US housing market.

The Cyclicality of Housing

Portfolio Snapshot

Portfolio Statistics

Total Communities	135
Developed Home Sites	25,700
States	11
Portfolio Occupancy	84.2%
Average Monthly Site Rent	\$498
Total Rentals	9,100
Home Rentals as % of Sites	35.4%
Home Rental Occupancy	93.3%
Additional Acreage to Be Developed	Approx. 2,100
Gross Asset Value (\$bn) (1)	\$1.7
Gross Real Estate Book Value (\$bn) (2)	\$1.4
Total Market Capitalization (\$bn)	\$1.9

Financial information as of December 31, 2022. Property information reflects the acquisition of one community in Georgia completed on January 19, 2023.

(1) Gross asset value based on the book value of total real estate and other assets as of December 31, 2022 plus accumulated depreciation. (2) Gross real estate book value is based on the book value of total real estate assets as of December 31, 2022 plus accumulated depreciation. - 7 -

Marcellus & Utica Shale Region Exposure

• The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York.
  • Fields have the potential to be among the largest sources of natural gas in the world.
  • Activity surrounding the development of the shale regions is expected to accelerate over the next few years.
• Economies in the shale region are expected to benefit from increased employment, wealth of landowners and state and local tax revenues.
• UMH is already seeing increased demand for residential units in the region as a result of Marcellus and Utica Shale related activity. Demand for rental homes has increased substantially over the past year. Our portfolio of rental homes increased by 392 homes in 2022.
• With approximately 3,800 acres in existing communities, UMH benefits from significant exposure to the Marcellus and Utica Shale Regions.

Portfolio and Rental Capacity by State

	Total Communities	Total Developed Sites No.	%	Average Occupancy	Average Monthly Site Rent	Total Rentals No.	%	Average Rental Occupancy	Average Monthly Home Rent (1)
Pennsylvania	53	7,968	31.0%	85.2%	\$521	2,884	31.7%	92.8%	\$883
Ohio	38	7,247	28.2%	84.3%	\$459	2,643	29.1%	94.5%	\$838
Indiana	14	4,011	15.6%	86.0%	\$452	1,804	19.8%	92.4%	\$863
New York	8	1,355	5.3%	84.6%	\$583	450	5.0%	91.3%	\$1,010
Tennessee	7	1,918	7.5%	90.5%	\$510	855	9.4%	95.9%	\$888
New Jersey	5	1,266	4.9%	96.7%	\$673	44	0.5%	93.2%	\$1,186
Michigan	4	1,089	4.2%	79.0%	\$468	295	3.2%	91.2%	\$861
Alabama	2	330	1.3%	26.7%	\$184	58	0.6%	87.9%	\$950
South Carolina	2	322	1.3%	49.4%	\$210	65	0.7%	86.2%	868
Maryland	1	62	0.2%	100.0%	\$589	-0-	-0-	0.0%	N/A
Total (2)	134	25,568	99.5%	84.6%	\$498	9,098	100.0%	93.3%	\$873
Acquisition (3)	1	118	0.5%	0.0%	N/A	-0-	-0-	0.0%	N/A
Grand Total	135	25,686	100.0%	84.2%	\$498	9,098	100.0%	93.3%	\$873

(1) Includes home and site rent charges.

(2) Information as of December 31, 2022.

(3) Reflects the acquisition of one community in Georgia completed on January 19, 2023.

Portfolio Growth

Total Sites Rental Units

Occupancy

Total Occupancy

Information as of period ending dates. Property information reflects the acquisition of one community in Georgia completed on January 19, 2023.

Change in Rental Revenue

Community	%	\$	Community	%	\$	Community		%	\$	Community	%	\$
Memphis Blues	30%	228,300	Shady Hills		7% 110,800	Melrose Village		5%	98,300	City View	4%	14,700
Wellington Estates	21%	260,300	Somerset Estates		7% 99,000	Voyager Estates		5%	62,400	Port Royal Village	4%	98,600
Oakwood Lake Village	18%	79,600	Pikewood Manor		7% 235,400	Southern Terrace		5%	29,000	Valley Hills	4%	70,600
Summit Village - IN	16%	99,500	Sandy Valley Estates		7% 132,500	Brookside Village		5%	51,800	Chelsea
Fox Chapel Village	14%	124,600	Meadowood		7% 56,900	Mount Pleasant Village		5%	38,400		4%	22,400
Hillcrest Crossing	14%	159,200	Twin Oaks I and II		6% 70,800	Oxford Village		5%	96,000	Highland Estates	3%	91,400
Catalina	13%	337,200	Crestview		6% 47,000	Countryside Village		5%	121,800	Spreading Oaks Village	3%	33,800
New Colony			Fifty One (51) Estates		6% 64,700	Countryside Estates OH		5%	47,900	Maple Manor	3%	74,600
Evergreen Village	12%	64,800	Crossroads Village		6% 13,500	Twin Pines		5%	80,700	Fairview Manor	3%	91,600
	11%	30,000	Woods Edge		6% 174,300	Hillcrest Estates		5%	79,500	Youngstown MHC	3%	12,400
Camelot Village	11%	39,700	Springfield Meadows		6% 49,800	Carsons		5%	39,400	Valley View Ephrata 1	3%	26,600
Brookview Village	11%	146,300	Friendly Village		6% 191,700	Meadows		5%	107,600
Gregory Courts	10%	38,100	Northtowne Meadows		6% 135,000	Cedarcrest Village		5%	106,500	Oak Ridge Estates	3%	56,600
Holiday Village - IN	10%	245,200	Wayside		6% 26,800	Melrose West		4%	7,800	Sunny Acres	3%	37,100
Wood Valley	10%	74,800	Forest Creek		6% 89,900	Mountaintop		4%	13,800	D & R Village	3%	51,700
Perrysburg Estates	9%	94,100	Rolling Hills Estates		6% 38,100	Summit Estates Clinton		4%	39,200	Valley Stream	3%	15,600
Woodland Manor	9%	82,400	Allentown		6% 205,000	Boardwalk		4%	27,100	Lakeview Meadows	3%	13,900
Marysville Estates	9%	151,000	Monroe Valley Olmsted Falls		6% 20,300	Parke Place		4%	42,700	Green Acres	3%	3,400
Trailmont	9%	93,700	Heather Highlands		6% 51,700 6% 156,800	Pine Ridge/Pine Manor		4%	115,000	Highland	2%	39,900
Meadows of Perrysburg	9%	95,100	Arbor Estates		6% 122,200	Cross Keys Village		4% 4%	67,700 42,000	Southwind Village	2%	36,600
Deer Meadows	8%	55,500	High View Acres		6% 40,300	Birchwood Farms		4%	47,900	Woodlawn Village
Huntingdon Pointe	8%	33,200	Little Chippewa		6% 22,900	Redbud Estates		4%	86,200		2%	24,000
Frieden Manor	8%	122,300	Weatherly Estates		6% 106,800	Cinnamon Woods		4%	17,100	Auburn Estates	2%	5,100
Pleasant View Estates	8%	50,800	River Valley Estates		6% 76,300	Cranberry Village Estates		4%	63,900	Suburban Estates	2%	25,400
Colonial Heights	8%	89,000	Hayden Heights		5% 35,500	Countryside Estates IN		4%	39,800	Independence Park	2%	10,500
Hudson Estates	8%	74,300	Worthington Arms		5% 105,700	Valley High		4%	18,200	Rostraver Estates	1%	7,400
Pine Valley Estates	8%	103,600	Valley View Ephrata 2		5% 16,800	Evergreen Estates		4%	11,800	Hillside Estates	1%	9,100
Lake Sherman Village	7%	141,200								Sunnyside	1%	7,300
Holly Acres	7%	54,200				Change by State				Moosic Heights	1%	13,500
Candlewick Court	7%	101,200								Collingwood	1%	8,100
Holiday Village	7%	150,600	Community	%	\$	Community	%	\$		Chambersburg I and II	1%	5,200
Broadmore Estates	7%	219,500								Kinnebrook Estates	1%	18,900
Dallas MHC	7%	54,200	Tennessee	8%		1,017,000 Pennsylvania	6%	2,840,800		Evergreen Manor	0%	1,700
Valley View - Honeybrook	7%	89,700	Ohio	7%	2,718,100 Maryland		4%		17,100	Waterfalls Village	0%	5,400
Laurel Woods	7%	89,000	Michigan	6%		284,100 New York	4%	325,200		Forest Park Village	0%	(3,700)
			Indiana	6%		1,436,600 New Jersey	3%	258,700		Total	6%	8,897,600

• 12 - * From December 2021 to December 2022, fourteen communities increased revenue by 10%, of which two communities increased revenue by 20% or more.

* * The change in revenue is based on 2021 T12 compared to 2022 T12.

Same Property Net Operating Income

(in thousands)	For Three Months Ended							For The Year Ended
		12/31/2022		12/31/2021		Change	% Change		12/31/2022		12/31/2021		Change	% Change
Community Net Operating Income Rental and Related
Income Community Operating Expenses	\$	42,207 18,000	\$	40,022 15,714	\$	2,185 2,286	5.5% 14.5%	\$	166,113 69,553	\$	157,005 63,113	\$	9,108 6,440	5.8% 10.2%
Community NOI	\$	24,207	\$	24,308	\$	(101)	(0.4)%	\$	96,560	\$	93,892	\$	2,668	2.8%

	12/31/2022	12/31/2021	% Change
Community Metrics
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%

Potential for Significant Rental Unit Returns

Historical Investments
(\$ in mm except per unit data)	2017	2018	2019	2020	2021	2022
Rental Units	5,600	6,500	7,400	8,300	8,700	9,100
Investment	\$217.0	\$254.6	\$297.4	\$349.9	\$383.5	\$422.8
Average Investment Per Unit	\$38,750	\$39,169	\$40,189	\$42,157	\$44,080	\$46,462
Average Monthly Rent per Unit	\$726	\$742	\$765	\$790	\$824	\$873
End of Period Occupancy	93.0%	92.3%	92.3%	94.6%	95.5%	93.3%

Illustrative Rental Unit Economics - 800 New Units per Year
	Year 1	Year 2	Year 3	Year 4	Year 5
Rental Units	800	1,600	2,400	3,200	4,000
Cost per Unit (1)	\$75,000	\$78,750	\$82,688	\$86,822	\$91,163
Average Monthly Rent per Unit (2)	\$850	\$893	\$937	\$984	\$1,033
Total Investment (\$mm)	\$60.0	\$123.0	\$189.2	\$258.6	\$331.5
Rental Revenue from Units (2)	\$7.8	\$16.3	\$25.6	\$35.9	\$47.1
Incremental Costs (3)	(1.9)	(4.1)	(6.4)	(9.0)	(11.8)
Net Contribution from New Rental Units	\$5.9	\$12.2	\$19.2	\$26.9	\$35.3
Gross Unlevered Return on Investment	9.9%	9.9%	10.2%	10.4%	10.7%

(1) Assumes 5% annual construction cost inflation

(2) Assumes 95% occupancy and 5% annual rent growth

(3) Assumes 25% of revenues

Pace of Opportunistic Acquisitions

Number of Acquired Sites Acquisition Volume (\$mm)

Year of Acquisition	Number of Communities	Sites	Occupied Sites	Occupancy % At Acquisition	Occupancy % Current	(in Price thousands)	Average price per site	Total Acres
2018	6	1,615	1,271	79%	90%	\$59,093	\$36,590	494
2019	4	1,495	935	62%	65%	\$56,237	\$37,617	247
2020	2	310	197	64%	63%	\$7,840	\$25,290	48
2021	3	543	319	59%	54%	\$18,300	\$33,702	113
2022	7	1,486	981	66%	N/A	\$86,223	\$58,024	458
2023 YTD	1	118	0	0%	N/A	\$3,650	\$30,900	26

Value-Add Acquisition

A Case Study – Countryside Village

Located in Columbia, TN, 46 miles south of Nashville, TN

Number of Sites:	349
Date of Acquisition:	June 29, 2011
Purchase Price:	\$7,300,000
Purchase Price per Site:	\$21,000
Capitalization Subsequent to Acquisition (including \$8.9mm in rental homes):	\$12,400,000
Total Capital Investment (\$56,400 per site):	\$19,700,000

	At Acquisition	Today	Increase
Occupancy Percent	55%	95%	40%
Number of Rentals	79	222	143
Weighted Average Site Rent	\$302	\$452	49.7%
Rental and Related Income*	\$953,000	\$2,721,000	185.5%
Net Operating Income*	\$497,000	\$1,616,000	225.2%
Value per site**	N/A	\$92,600	64%***
Value of Community**	N/A	\$32,320,000	64%***

*At acquisition - 2011 annualized; Today – Year Ended December 31, 2022. **Value calculated based on a 5% cap rate.

***Increase from total capital investment.

Value-Add Acquisition

A Case Study – Boardwalk and Parke Place

Located in Elkhart, IN

Number of Sites:	560
Date of Acquisition:	January 20, 2017
Purchase Price:	\$21,222,000
Purchase Price per Site:	\$38,000
Capitalization Subsequent to Acquisition (including \$5.8mm in rental homes):	\$7,478,000
Total Capital Investment (\$51,300 per site):	\$28,700,000

	At Acquisition	Today	Increase
Occupancy Percent	77%	95%	18%
Number of Rentals	43	161	118
Weighted Average Site Rent	\$355	\$447	25.9%
Rental and Related Income*	\$2,379,000	\$3,958,000	66.4%
Net Operating Income*	\$1,557,000	\$2,775,000	78.2%
Value per site**	N/A	\$99,100	93%***
Value of Community**	N/A	\$55,500,000	93%***

*At acquisition - 2017 annualized; Today - Year Ended December 31, 2022.

**Value calculated based on a 5% cap rate.

***Increase from total capital investment.

Vacant Land to Expand

• UMH has approximately 2,066 vacant acres available for future development.
• Potential for 4 sites per vacant acre at an estimated cost of \$75,000 per site.

Information as of December 31, 2022. Vacant acreage information reflects the acquisition of one community in Georgia completed on January 19, 2023.

Value-Add Expansion

A Case Study – Fairview Manor

Located in Vineland, NJ, 35 miles west of Atlantic City, NJ

Number of Sites (at Acquisition/Today): 148/317 Date of Acquisition: November 15, 1985 Purchase Price: \$1,350,000 Purchase Price per Site: \$9,000 Capitalization Subsequent to Acquisition: \$12,050,000 Total Capital Investment (\$42,300 per site): \$13,400,000 Net sales during expansion period: \$2,932,000

	Before Expansion	Today	Increase
Occupancy Percent	91%	95%	4%
Number of Sites	148	317	169
Weighted Average Site Rent	\$315	\$767	143.5%
Rental and Related Income*	\$617,000	\$2,893,000	368.9%
Net Operating Income*	\$289,000	\$1,752,000	506.2%
Value per site**	N/A	\$110,500	161%***
Value of Community**	N/A	\$35,040,000	161%***

*Before expansion - 1996; annualized; Today – Year Ended December 31, 2022.

**Value calculated based on a 5% cap rate.

***Increase from total capital investment.

Value-Add Expansion

A Case Study – Highland Estates

Located in Kutztown, PA, located 70 miles outside of Philadelphia, PA

Number of Sites (at Acquisition/Today):	186/317
Date of Acquisition:	August 29, 1988
Purchase Price:	\$2,040,000
Purchase Price per Site:	\$11,000
Capitalization Subsequent to Acquisition:	\$13,860,000
Total Capital Investment (\$50,200 per site):	\$15,900,000
Net sales during expansion period:	\$1,886,000

	Before Expansion	Today	Increase/Decrease
Occupancy Percent	97%	98%	1%
Number of Sites	186	317	131
Weighted Average Site Rent	\$302	\$677	124.2%
Rental and Related Income*	\$683,000	\$2,743,000	301.6%
Net Operating Income*	\$450,000	\$1,686,000	274.7%
Value per site**	N/A	\$106,400	112%***
Value of Community**	N/A	\$33,720,000	112%***

*Before expansion - 1996; Today – Year Ended December 31, 2022.

**Value calculated based on a 5% cap rate. ***Increase from total capital investment.

UMH Sales & Finance, Inc. ("S&F")

• Commenced operations in 2001 as a taxable REIT subsidiary.
• Sales reached \$25.3mm in 2022, with a sales price per unit of approximately \$84k.
• Sold approximately 5,200 homes since 1996.
• \$64.3mm loan portfolio with a weighted average interest rate of approximately 6.7%, generating approximately \$10.4mm in principal and interest payments annually.
• Portfolio comprised of approximately 1,600 homes located throughout 111 communities.
• Most loans require a 10% down payment and principal amortization ranging from 15-25 years.

Financial Highlights

Over the past 5 years, UMH:

• Increased Total Revenue by 65%;
• Increased Community NOI by 76%;
• Increased Normalized FFO by 116% and Normalized FFO per share by 29%.

Information as of period ending dates. (1) We define Normalized Funds from Operations (Normalized FFO) as net income (loss) attributable to common shareholders 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 and certain non-recurring charges.

Community NOI Growth (\$mm) Normalized Funds from Operations(1) (\$mm)

Company Growth

Strong Record of Regular Distributions

Annual Dividend per Share (2000 – 2023) (1)

Balance Sheet Metrics

Net Debt / Total Market Capitalization Net Debt - Securities / Total Market Capitalization

Information as of period ending dates.

(1) Fixed charges include interest expense, capitalized interest and preferred distributions.

Debt Analysis

(in thousands)		Year to Date
		12/31/22		12/31/21
DEBT OUTSTANDING
Mortgages Payable:
Fixed Rate Mortgages	\$	513,709	\$	456,702
Unamortized Debt Issuance Costs		(4,771)		(4,135)
Mortgages, Net of Unamortized
Debt Issuance Costs		508,938		452,567
Loans Payable:
Unsecured Line of Credit		75,000		25,000
Other Loans Payable		79,226		21,945
Unamortized Debt Issuance Costs		(695)		(188)
Loans, Net of Unamortized
Debt Issuance Costs		153,531		46,757
Bonds Payable:
Series A Bonds		102,670		-0-
Unamortized Debt Issuance Costs		(3,463)		-0-
Bonds, Net of Unamortized
Debt Issuance Costs		99,207		-0-
Total Debt, Net of Unamortized Debt
Issuance Costs	\$	761,676	\$	499,324
% FIXED/FLOATING
Fixed		80.0%		90.7%
Floating		20.0%		9.3%
Total		100.0%		100.0%
WEIGHTED AVERAGE INTEREST RATES (1)
Mortgages Payable		3.93%		3.75%
Loans Payable		6.76%		2.66%
Bonds Payable		4.72%		N/A
Total Average		4.60%		3.65%
WEIGHTED AVERAGE MATURITY (YEARS)
Mortgages Payable		5.1		5.2
Weighted average interest rates do not include the effect		of unamortized
debt issuance costs.				- 26 -

Information as of December 31, 2022.

(1)

Compelling Valuation with Significant Upside

Equity Market Capitalization	48.4%	\$927.3
Preferred Stock	11.8%	225.4
Total Equity Capitalization		60.2% \$1,152.7
Debt Outstanding	39.8%	761.7
Total Market Capitalization		100.0% \$1,914.4
Less: Cash & Cash Equivalents		\$(29.8)
Less: Securities Available for Sale		(42.2)
Less: Inventory		(88.5)
Less: Notes Receivable		(64.3)
Less: Rental Homes & Accessories (1)		(422.8)
Total Non-Site Related Adjustments		\$(647.6)
Adjusted Market Capitalization		\$1,266.8
Owned Sites (2)		25,700
Implied Public Market Value per Site		\$49,292

Financial Information as of December 31, 2022.

(1) Represents approximately \$46,000 investment for each of the Company's 9,100 rental units at December 31, 2022. (2) Property information reflects the acquisition of one community in Georgia completed on January 19, 2023.

Environmental, Social & Governance

Environmental, social & corporate governance ("ESG") responsibilities have become hot button topics and are at the forefront of the minds of many people. UMH is pleased to report that these attributes have been among our core principles for decades and a part of our DNA since inception. Our ability to provide a true social benefit in the form of housing low-income citizens can attain; is a proven solution to a systemic housing affordability crisis. We also recognize our obligation, as well as that of the industry, to reduce our impact on the environment and to conserve our natural resources. UMH believes in enriching the lives of the people impacted by our Company, including our employees, residents, neighbors and the rest of society. We are also committed to integrating strong corporate governance practices across our Company. We are proud of all our efforts. For more information, we encourage investors to review the Environmental, Social & Governance Report posted on the Company's website at www.umh.reit.

Environmental, Social & Governance

• (1) The company has been heavily investing in our communities by submetering 64% of our portfolio, significantly reducing water consumption by promoting water conservation. We also continually upgrade our communities' infrastructures by replacing water lines to eliminate leakage and conserve water.
• (2) Many of the homes in our communities are Energy Star Certified and/or contain Energy Star appliances which reduce energy consumption and help our residents save on expenses.
• (3) Currently, 104 of our communities have been retrofitted with LED streetlights, and office lights, saving hundreds of thousands of kWh usage. We have also upgraded those communities' office buildings with smart thermostats for better control of heating and cooling.
• (4) MSCI Business Involvement Screen Research stated that UMH derived 100% of revenues from affordable housing real estate.

Investment Highlights

• Long-term track record of profitability
• Strong history of dividend payments, with 2.5% and 5.3% increases announced in January 2023 and January 2022, respectively
• Well positioned for future growth
• Proven ability to add value through acquisitions and expansions
• Greenfield development initiative that enhances acquisition pipeline
• Significant upside in real estate portfolio 84.2% occupancy
• Significant potential growth through adding rental units
• Well positioned to benefit from the expanding energy sector investments being made in our region
• Proven access to institutional capital
• Strong balance sheet and stable credit metrics
• Compelling value relative to implied net asset value
• Experienced management team
• Inside Ownership of 6.2%

Total Return Performance

For additional information including all SEC filings please visit: WWW.UMH.REIT