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 (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

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-K.

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

Financial Highlights

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

	Three Months Ended						Year Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
Operating Information
Number of Communities ⁽¹⁾								145			139
Total Sites ⁽¹⁾								27,086			26,259
Rental and Related Income	$	58,203		$	53,259		$	226,713		$	207,019
Community Operating Expenses ⁽²⁾	$	24,843		$	22,151		$	95,253		$	87,354
Community NOI ⁽²⁾	$	33,360		$	31,108		$	131,460		$	119,665
Expense Ratio		42.7	%		41.6	%		42.0	%		42.2	%
Sales of Manufactured Homes	$	8,765		$	8,614		$	35,041		$	33,533
Number of Homes Sold		87			93			360			394
Number of Rentals Added, net		138			80			571			364
Net Income	$	4,575		$	4,980		$	26,275		$	21,441
Net Income (Loss) Attributable to Common Shareholders	$	(506	)	$	28		$	5,966		$	2,472
Adjusted EBITDA excluding Non-Recurring Other Expense	$	33,021		$	29,806		$	127,284		$	113,958
FFO Attributable to Common Shareholders	$	19,349		$	18,369		$	75,967		$	66,259
Normalized FFO Attributable to Common Shareholders	$	20,513		$	19,203		$	80,098		$	69,489

Shares Outstanding and Per Share Data
Weighted Average Shares Outstanding
Basic		85,060			80,112			84,067			74,114
Diluted		85,416			81,235			84,694			74,912
Net Income Attributable to Shareholders per Share-
Basic and Diluted	$	(0.01	)	$	0.00		$	0.07		$	0.03
FFO per Share- ⁽³⁾
Basic	$	0.23		$	0.23		$	0.90		$	0.89
Diluted	$	0.23		$	0.23		$	0.90		$	0.88
Normalized FFO per Share- ⁽³⁾
Basic	$	0.24		$	0.24		$	0.95		$	0.94
Diluted	$	0.24		$	0.24		$	0.95		$	0.93
Dividends per Common Share	$	0.225		$	0.215		$	0.89		$	0.85

Balance Sheet
Total Assets							$	1,699,036		$	1,563,728
Total Liabilities							$	791,840		$	647,819

Market Capitalization
Total Debt, Net of Unamortized Debt Issuance Costs							$	761,227		$	614,722
Equity Market Capitalization							$	1,349,971		$	1,546,449
Series D Preferred Stock							$	322,899		$	320,572
Total Market Capitalization							$	2,434,097		$	2,481,743

	(1)	Includes 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 $64 and $724 for the three months and year ended December 31, 2025, respectively.
	(3)	Please see Definitions on page 15.

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

Consolidated Balance Sheets

(in thousands except per share amounts)

	December 31,			December 31,
	2025			2024
ASSETS
Investment Property and Equipment
Land	$	92,824		$	88,037
Site and Land Improvements		1,093,424			970,053
Buildings and Improvements		51,524			44,782
Rental Homes and Accessories		631,618			566,242
Total Investment Property		1,869,390			1,669,114
Equipment and Vehicles		35,889			31,488
Total Investment Property and Equipment		1,905,279			1,700,602
Accumulated Depreciation		(533,864	)		(471,703	)
Net Investment Property and Equipment		1,371,415			1,228,899

Other Assets
Cash and Cash Equivalents		72,100			99,720
Marketable Securities at Fair Value		23,758			31,883
Inventory of Manufactured Homes		42,370			34,982
Notes and Other Receivables, net		104,587			91,668
Prepaid Expenses and Other Assets		13,778			14,261
Land Development Costs		39,898			33,868
Investment in Joint Ventures		31,130			28,447
Total Other Assets		327,621			334,829

TOTAL ASSETS	$	1,699,036		$	1,563,728

LIABILITIES AND SHAREHOLDERS’ EQUITY
Liabilities
Mortgages Payable, net of unamortized debt issuance costs	$	556,129		$	485,540
Other Liabilities
Accounts Payable		5,663			7,979
Loans Payable, net of unamortized debt issuance costs		27,696			28,279
Series A Bonds, net of unamortized debt issuance costs		101,751			100,903
Series B Bonds, net of unamortized debt issuance costs		75,651			-0-
Accrued Liabilities and Deposits		14,115			15,091
Tenant Security Deposits		10,835			10,027
Total Other Liabilities		235,711			162,279
Total Liabilities		791,840			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 December 31, 2025 and 2024, respectively; 12,916 and 12,823 shares issued and outstanding as of December 31, 2025 and 2024, respectively		322,899			320,572
Common Stock- $0.10 par value per share: 183,714 and 163,714 shares authorized as of December 31, 2025 and 2024, respectively; 84,850 and 81,909 shares issued and outstanding as of December 31, 2025 and 2024, respectively		8,485			8,191
Excess Stock- $0.10 par value per share: 3,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024		-0-			-0-
Additional Paid-In Capital		599,520			610,630
Accumulated Deficit		(25,364	)		(25,364	)
Total UMH Properties, Inc. Shareholders’ Equity		905,540			914,029
Non-Controlling Interest in Consolidated Subsidiaries		1,656			1,880
Total Shareholders’ Equity		907,196			915,909

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	1,699,036		$	1,563,728

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

Consolidated Statements of Income (Loss)

(in thousands except per share amounts)

	(unaudited)
	Three Months Ended						Year Ended
	December 31, 2025			December 31, 2024			December 31, 2025			December 31, 2024
INCOME:
Rental and Related Income	$	58,203		$	53,259		$	226,713		$	207,019
Sales of Manufactured Homes		8,765			8,614			35,041			33,533
TOTAL INCOME		66,968			61,873			261,754			240,552

EXPENSES:
Community Operating Expenses		24,907			22,151			95,977			87,354
Cost of Sales of Manufactured Homes		5,307			5,431			22,571			21,894
Selling Expenses		1,617			1,656			7,302			6,833
General and Administrative Expenses		4,999			6,424			21,537			21,772
Depreciation Expense		17,345			15,804			66,555			60,239
TOTAL EXPENSES		54,175			51,466			213,942			198,092

OTHER INCOME (EXPENSE):
Interest Income		2,063			2,238			8,740			7,122
Dividend Income		355			373			1,477			1,452
Loss on Sales of Marketable Securities, net		(221	)		-0-			(221	)		(3,778	)
Increase (Decrease) in Fair Value of Marketable Securities		(2,098	)		(2,301	)		(2,259	)		1,167
Other Income		218			280			912			794
Loss on Investment in Joint Ventures		(129	)		(77	)		(439	)		(376	)
Interest Expense		(8,451	)		(5,918	)		(29,683	)		(27,287	)
TOTAL OTHER INCOME (EXPENSE)		(8,263	)		(5,405	)		(21,473	)		(20,906	)

Income before Income (Loss) on Sales of Investment Property and Equipment		4,530			5,002			26,339			21,554
Income (Loss) on Sales of Investment Property and Equipment		45			(22	)		(64	)		(113	)
NET INCOME		4,575			4,980			26,275			21,441

Preferred Dividends		(5,146	)		(4,995	)		(20,533	)		(19,163	)
Loss Attributable to Non-Controlling Interest		65			43			224			194

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS	$	(506	)	$	28		$	5,966		$	2,472

NET INCOME (LOSS) ATTRIBUTABLE TO COMMON SHAREHOLDERS PER SHARE –
Basic and Diluted	$	(0.01	)	$	0.00		$	0.07		$	0.03

WEIGHTED AVERAGE COMMON SHARES OUTSTANDING:
Basic		85,060			80,112			84,067			74,114
Diluted		85,416			81,235			84,694			74,912

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

Consolidated Statements of Cash Flows

(in thousands)

	Year Ended
	December 31, 2025			December 31, 2024
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$	26,275		$	21,441
Non-Cash Items Included in Net Income:
Depreciation		66,555			60,239
Amortization of Financing Costs		2,992			2,384
Stock Compensation Expense		5,364			4,784
Provision for Uncollectible Notes and Other Receivables		1,603			2,079
Loss on Sales of Marketable Securities, net		221			3,778
(Increase) Decrease in Fair Value of Marketable Securities		2,259			(1,167	)
Loss on Sales of Investment Property and Equipment		64			113
Loss on Investment in Joint Ventures		816			895
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes		(7,388	)		(2,042	)
Notes and Other Receivables, net of notes acquired with acquisitions		(14,522	)		(12,676	)
Prepaid Expenses and Other Assets		218			(558	)
Accounts Payable		(2,316	)		1,873
Accrued Liabilities and Deposits		(976	)		(26	)
Tenant Security Deposits		808			484
Net Cash Provided by Operating Activities		81,973			81,601
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities		(42,791	)		-0-
Purchase of Investment Property and Equipment		(114,373	)		(92,101	)
Proceeds from Sales of Investment Property and Equipment		4,060			5,282
Additions to Land Development Costs		(58,242	)		(48,567	)
Purchase of Marketable Securities through automatic reinvestments		(27	)		(24	)
Proceeds from Sales of Marketable Securities		5,672			36
Investment in Joint Ventures		(3,499	)		(4,491	)
Net Cash Used in Investing Activities		(209,200	)		(139,865	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages		193,235			-0-
Net Payments from Short-Term Borrowings		(1,048	)		(65,170	)
Principal Payments of Mortgages and Loans		(120,410	)		(11,864	)
Proceeds from Bond Issuance		80,231			-0-
Financing Costs on Debt		(8,495	)		(645	)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs		1,951			28,015
Proceeds from At-The-Market Common Equity Program, net of offering costs		44,108			220,622
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments		5,815			6,999
Repurchase of Common Stock		(4,818	)		-0-
Proceeds from Exercise of Stock Options		535			2,919
Preferred Dividends Paid		(20,533	)		(19,163	)
Common Dividends Paid, net of dividend reinvestments		(71,229	)		(59,075	)
Net Cash Provided by Financing Activities		99,342			102,638

NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH		(27,885	)		44,374
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF YEAR		108,811			64,437
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	$	80,926		$	108,811

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

Reconciliation of Net Income to Adjusted EBITDA and Net Income (Loss)

Attributable to Common Shareholders to FFO and Normalized FFO

(in thousands) (unaudited)

	Three Months Ended					Year Ended
	December 31, 2025			December 31, 2024		December 31, 2025		December 31, 2024
Reconciliation of Net Income to Adjusted EBITDA

Net Income	$	4,575		$	4,980	$	26,275	$	21,441
Interest Expense		8,451			5,918		29,683		27,287
Franchise Taxes		(200	)		368		250		710
Depreciation Expense		17,345			15,804		66,555		60,239
Depreciation Expense from Unconsolidated Joint Ventures		236			214		902		824
(Increase) Decrease in Fair Value of Marketable Securities		2,098			2,301		2,259		(1,167	)
Loss on Sales of Marketable Securities, net		221			-0-		221		3,778
Adjusted EBITDA		32,726			29,585		126,145		113,112
Non-Recurring Other Expense ⁽¹⁾		295			221		1,139		846
Adjusted EBITDA excluding Non-Recurring Other Expense	$	33,021		$	29,806	$	127,284	$	113,958

Reconciliation of Net Income (Loss) Attributable to Common Shareholders to Funds from Operations

Net Income (Loss) Attributable to Common Shareholders	$	(506	)	$	28	$	5,966	$	2,472
Depreciation Expense		17,345			15,804		66,555		60,239
Depreciation Expense from Unconsolidated Joint Ventures		236			214		902		824
(Gain) Loss on Sales of Investment Property and Equipment		(45	)		22		64		113
(Increase) Decrease in Fair Value of Marketable Securities		2,098			2,301		2,259		(1,167	)
Loss on Sales of Marketable Securities, net		221			-0-		221		3,778
Funds from Operations Attributable to Common Shareholders (“FFO”)		19,349			18,369		75,967		66,259

Adjustments:
Amortization of Financing Costs		869			613		2,992		2,384
Non-Recurring Other Expense ⁽¹⁾		295			221		1,139		846
Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”)	$	20,513		$	19,203	$	80,098	$	69,489

(1)

Consists of one-time legal and professional fees ($295 and $579, respectively) and costs associated with acquisition not completed ($0 and $560, respectively) for the three months and year ended December 31,2025. Consists of one-time legal and professional fees ($209 and $452, respectively), costs associated with acquisition not completed ($12 and $12, respectively) and costs associated with the liquidation/sale of inventory in a particular sales center ($0 and $382, respectively) for the three months and year ended December 31, 2024.

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

Market Capitalization, Debt and Coverage Ratios

(in thousands except per share data) (unaudited)

	Year Ended
	December 31, 2025			December 31, 2024
Shares Outstanding		84,850			81,909
Market Price Per Share	$	15.91		$	18.88
Equity Market Capitalization	$	1,349,971		$	1,546,449
Total Debt		761,227			614,722
Preferred		322,899			320,572
Total Market Capitalization	$	2,434,097		$	2,481,743

Total Debt	$	761,227		$	614,722
Less: Cash and Cash Equivalents		(72,100	)		(99,720	)
Net Debt		689,127			515,002
Less: Marketable Securities at Fair Value (“Securities”)		(23,758	)		(31,883	)
Net Debt Less Securities	$	665,369		$	483,119

Interest Expense	$	29,683		$	27,287
Capitalized Interest		5,928			5,976
Preferred Dividends		20,533			19,163
Total Fixed Charges	$	56,144		$	52,426

Adjusted EBITDA excluding Non-Recurring Other Expense	$	127,284		$	113,958

Debt and Coverage Ratios
Net Debt / Total Market Capitalization		28.3	%		20.8	%
Net Debt Plus Preferred / Total Market Capitalization		41.6	%		33.7	%
Net Debt Less Securities / Total Market Capitalization		27.3	%		19.5	%
Net Debt Less Securities Plus Preferred / Total Market Capitalization		40.6	%		32.4	%
Interest Coverage		3.6	x		3.4	x
Fixed Charge Coverage		2.3	x		2.2	x
Net Debt / Adjusted EBITDA excluding Non-Recurring Other Expense		5.4	x		4.5	x
Net Debt Less Securities / Adjusted EBITDA excluding Non-Recurring Other Expense		5.2	x		4.3	x
Net Debt Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		8.0	x		7.4	x
Net Debt Less Securities Plus Preferred / Adjusted EBITDA excluding Non-Recurring Other Expense		7.8	x		7.1	x

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

Debt Analysis

(in thousands) (unaudited)

	Year Ended
	December 31, 2025			December 31, 2024
Debt Outstanding
Mortgages Payable:
Fixed Rate Mortgages	$	562,095			489,271
Unamortized Debt Issuance Costs		(5,966	)		(3,731	)
Mortgages, Net of Unamortized Debt Issuance Costs	$	556,129		$	485,540
Loans Payable:
Unsecured Line of Credit	$	-0-		$	-0-
Other Loans Payable		28,464			29,512
Total Loans Before Unamortized Debt Issuance Costs		28,464			29,512
Unamortized Debt Issuance Costs		(768	)		(1,233	)
Loans, Net of Unamortized Debt Issuance Costs	$	27,696		$	28,279
Series A Bonds Payable:
Series A Bonds	$	102,670		$	102,670
Unamortized Debt Issuance Costs		(919	)		(1,767	)
Series A Bonds, Net of Unamortized Debt Issuance Costs	$	101,751		$	100,903
Series B Bonds Payable:
Series B Bonds	$	80,230		$	-0-
Unamortized Debt Issuance Costs		(4,579	)		-0-
Series B Bonds, Net of Unamortized Debt Issuance Costs	$	75,651		$	-0-

Total Debt, Net of Unamortized Debt Issuance Costs	$	761,227		$	614,722

% Fixed/Floating
Fixed		99.3	%		99.1	%
Floating		0.7	%		0.9	%
Total		100.0	%		100.0	%

Weighted Average Interest Rates ⁽¹⁾
Mortgages Payable		4.73	%		4.18	%
Loans Payable		6.38	%		6.54	%
Series A Bonds Payable		4.72	%		4.72	%
Series B Bonds Payable		5.85	%		N/A
Total Average		4.90	%		4.38	%

Weighted Average Maturity (Years)
Mortgages Payable		6.1			4.4

(1)

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

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

Debt Maturity

(in thousands) (unaudited)

As of December 31, 2025:

Year Ended	Mortgages			Loans			Bonds			Total			% of Total
2026	$	38,179		$	5,128		$	-0-		$	43,307			5.6	%
2027		37,037			-0-			102,670	(1)		139,707			18.1	%
2028		23,970			23,336			-0-			47,306			6.1	%
2029		38,790			-0-			-0-			38,790			5.0	%
2030		114,739			-0-			80,230	(2)		194,969			25.2	%
Thereafter		309,380			-0-			-0-			309,380			40.0	%

Total Debt Before Unamortized Debt Issuance Costs		562,095			28,464			182,900			773,459			100.0	%

Unamortized Debt Issuance Costs		(5,966	)		(768	)		(5,498	)		(12,232	)

Total Debt, Net of Unamortized Debt Issuance Costs	$	556,129		$	27,696		$	177,402		$	761,227

(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. | Fourth 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		23,758		1,477		(221	)		1,256

			$	71,115	$	23,590		$	94,705

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

Property Summary and Snapshot

(unaudited)

	December 31, 2025			December 31, 2024			% Change
UMH Communities ⁽¹⁾		142			137			3.6%
Total Sites		26,610			25,896			2.8%
Occupied Sites		23,435			22,611			824 sites, 3.6%
Occupancy %		88.1	%		87.3	%		80 bps
Total Rentals		10,904			10,333			5.5%
Occupied Rentals		10,227			9,715			5.3%
Rental Occupancy %		93.8	%		94.0	%		(20 bps)
Monthly Rent Per Site	$	572		$	544			5.1%
Monthly Rent Per Home Rental Including Site	$	1,044		$	990			5.5%

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		7,994		7,033		88.0	%	$	595		3,322		3,097		93.2	%	$	1,031
Ohio		38		2,069		1,557		512		7,381		6,538		88.6	%	$	529		3,204		2,996		93.5	%	$	1,000
Indiana		14		1,111		929		182		4,091		3,662		89.5	%	$	532		2,049		1,926		94.0	%	$	1,034
Tennessee		9		733		419		314		2,038		1,893		92.9	%	$	597		961		928		96.6	%	$	1,097
New York ⁽²⁾		8		819		327		492		1,369		1,194		87.2	%	$	664		512		469		91.6	%	$	1,201
New Jersey		7		428		264		164		1,530		1,463		95.6	%	$	746		40		36		90.0	%	$	1,336
Michigan		4		241		222		19		1,090		947		86.9	%	$	532		422		402		95.3	%	$	1,102
Maryland		3		159		124		35		259		218		84.2	%	$	650		-0-		-0-		N/A			N/A
Alabama		2		69		62		7		292		161		55.1	%	$	243		145		137		94.5	%	$	1,131
South Carolina		2		157		55		102		321		243		75.7	%	$	312		190		187		98.4	%	$	1,145
Georgia		2		66		66		-0-		245		83		33.9	%	$	389		59		49		83.1	%	$	1,181
Total UMH as of December 31, 2025 ⁽¹⁾		142		8,244		5,934		2,310		26,610		23,435		88.1	%	$	572		10,904		10,227		93.8	%	$	1,044

(1)	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.

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

Same Property Statistics

(in thousands) (unaudited)

	For Three Months Ended									For the Year Ended
	December 31, 2025		December 31, 2024		Change		% Change			December 31, 2025		December 31, 2024		Change		% Change
Same Property Community Net Operating Income (“NOI”)

Rental and Related Income	$	56,615	$	52,623	$	3,992		7.6	%	$	221,542	$	204,678	$	16,864		8.2	%
Community Operating Expenses		22,496		20,370		2,126		10.4	%		87,018		81,245		5,773		7.1	%

Same Property Community NOI	$	34,119	$	32,253	$	1,866		5.8	%	$	134,524	$	123,433	$	11,091		9.0	%

	December 31, 2025			December 31, 2024			Change

Total Sites		25,765			25,619			0.6%
Occupied Sites		22,759			22,405			354 sites, 1.6%
Occupancy %		88.3	%		87.5	%		80 bps
Number of Properties		134			134			N/A
Total Rentals		10,731			10,183			5.4%
Occupied Rentals		10,064			9,570			5.2%
Rental Occupancy		93.8	%		94.0	%		(20 bps)
Monthly Rent Per Site	$	571		$	544			5.0%
Monthly Rent Per Home Rental Including Site	$	1,041		$	987			5.5%

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. | Fourth 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		160

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		54		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				587	$	41,825		160		78	%

UMH Properties, Inc. | Fourth 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 85.4 million and 84.7 million shares for the three months and year ended December 31, 2025, respectively, and 81.2 million and 74.9 million shares for the three months and year ended December 31, 2024, respectively. Common stock equivalents resulting from stock options in the amount of 627,000 for the year ended December 31, 2025, and 1.1 million and 798,000 for the three months and year ended December 31, 2024, respectively, were included in the computation of Diluted Net Income per share. Common stock equivalents resulting from stock options in the amount 356,000 shares for the three months ended December 31, 2025 were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would have been anti-dilutive.

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. | Fourth Quarter FY 2025 Supplemental Information

UMH PROPERTIES, INC. 8-K