UMH PROPERTIES, INC.

Previous wording

The Company is a Maryland corporation that operates as a self-administered, self-managed REIT with headquarters in Freehold, New Jersey. The Company’s primary business is the ownership and operation of manufactured home communities, which includes leasing manufactured home spaces on an annual or month-to-month basis to residents. The Company also leases manufactured homes to residents and, through its wholly-owned taxable REIT subsidiary, S&F, sells and finances the sale of manufactured homes to residents and prospective residents of our communities and for placement on customers’ privately-owned land. During 2022, the Company also formed a qualified opportunity zone fund to acquire, develop and redevelop manufactured housing communities requiring substantial capital investment and located in areas designated as qualified opportunity zones by the Treasury Department pursuant to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas. The Company currently holds a 77% interest in the qualified opportunity zone fund. The Company also has an ownership interest in and operates two communities in Florida, and one community in Pennsylvania which opened for occupancy in June 2025, through its joint venture relationship with Nuveen Real Estate. The Company has a 40% interest in the Nuveen joint venture entities.

Current wording

The Company is a Maryland corporation that operates as a self-administered, self-managed REIT with headquarters in Freehold, New Jersey. The Company’s primary business is the ownership and operation of manufactured home communities, which includes leasing manufactured home spaces generally on an annual or month-to-month basis to residents. The Company also leases manufactured homes to residents and, through its wholly-owned taxable REIT subsidiary, S&F, sells manufactured homes to residents and prospective residents of our communities and for placement on customers’ privately-owned land. The Company also provides financing to home purchasers through its COP program with Triad Financial. During 2022, the Company also formed a qualified opportunity zone fund to acquire, develop and redevelop manufactured housing communities requiring substantial capital investment and located in areas designated as qualified opportunity zones by the Treasury Department pursuant to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas. The Company currently holds a 77% interest in the qualified opportunity zone fund.

Previous wording

The Company earns income from the operation of its manufactured home communities, leasing of manufactured homesites, the rental of manufactured homes, the sale and finance of manufactured homes and the brokering of home sales, self-storage leases, oil and gas leases, cable service agreements and from appreciation in the values of the manufactured home communities and vacant land owned by the Company. In addition, the Company receives property management and other fees from its joint venture arrangements with Nuveen and from its opportunity zone fund.

Current wording

The Company earns income from the operation of its manufactured home communities which includes leasing of manufactured homesites, the rental of manufactured homes, the sale and finance of manufactured homes, the brokering of third party home sales, self-storage leases, oil and gas leases, cable service agreements and from appreciation in the values of the manufactured home communities and vacant land owned by the Company. In addition, the Company receives property management and other fees from its joint venture arrangements with Nuveen and from its opportunity zone fund.

Previous wording

The primary focus of our business is the operation of our manufactured home communities – leasing of manufactured homesites and manufactured homes in our communities. The sale of homes is integrated with our leasing of these manufactured homes and homesites. Management views the Company’s business as a single segment based on its method of internal reporting in addition to its allocation of capital and resources. Capital and resources are allocated to further the goal of maintaining and increasing occupancy and net operating income in our communities. Our chief executive officer, with the assistance of our chief operating officer, is the principal decision-maker regarding allocation of resources. These decisions are based on the occupancy of the communities and community net operating income. Sales of homes are necessary to maintain and increase occupancy at our communities. We primarily purchase homes to fill vacant sites in the communities. These homes are either rented or sold, based on the needs of the potential residents. Although certain components of the sales operation are tracked (sales, cost of sales, etc.), separate discrete financial information for the entire sales operation is not available. Most of the personnel costs, office expenses, maintenance and other expenses are borne by the community and cannot be allocated. The components of the sales operation play no material role in decisions about resources to be allocated. Resources are allocated to maintaining and increasing occupancy and net operating income in our communities.

Current wording

The primary focus of our business is the operation of our manufactured home communities - leasing of manufactured homesites and manufactured homes in our communities to residents. The sales of homes are integrated with the leasing of these manufactured homes and homesites. Management views the Company’s business as a single segment based on its method of internal reporting in addition to its allocation of capital and resources. Capital and resources are allocated to further the goal of maintaining and increasing occupancy and net operating income in our communities. Our chief executive officer, with the assistance of our chief operating officer, is the principal decision-maker regarding allocation of resources. These decisions are based on the occupancy of the communities and community net operating income, not based on the performance of home sales. Sales of homes are necessary to maintain and increase occupancy at our communities. We primarily order homes to fill vacant sites in the communities. These homes are either rented or sold, based on the needs of the potential residents. Although certain components of the sales operation are tracked (sales, cost of sales, etc.), separate discrete financial information for the entire sales operation is not available. Most of the personnel costs, office expenses, maintenance and other expenses are borne by the community and cannot be allocated. The components of the sales operation play no material role in decisions about resources to be allocated. Resources are allocated to maintaining and increasing occupancy and net operating income in our communities.

Previous wording

The Company intends to continue to increase its real estate investments and investments in expansions. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. This has resulted in increased occupancy rates and improved operating results. For the three and nine months ended September 30, 2025, rental and related income increased 11% and 10%, respectively from the prior year periods and Community Net Operating Income (“NOI”), as defined below, increased 11% and 10%, respectively. Same property NOI, which includes communities owned and operated as of January 1, 2024 (excluding Memphis Blues, Duck River Estates and River Bluff Estates), increased 12% and 10% for the three and nine months ended September 30, 2025, respectively, over the prior year period driven by a 110 basis point increase in occupancy, to 88.5%, and rental rate increase of 5.2%. We have been positioning ourselves for future growth and will continue to seek opportunistic investments. In addition, on behalf of our joint venture arrangements with Nuveen Real Estate, we will seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. We will also seek additional opportunities, through our opportunity zone fund, to acquire communities that require substantial capital investment and are located in qualified opportunity zones.

Current wording

The Company intends to continue to increase its real estate investments and investments in expansions. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. This has resulted in increased occupancy rates and improved operating results. For the three months ended March 31, 2026, rental and related income increased 9% from the prior year period and Community Net Operating Income (“NOI”), as defined below, increased 8%. Same property NOI, which includes communities owned and operated as of January 1, 2025 (excluding Memphis Blues, Duck River Estates and River Bluff Estates), increased 7% for the three months ended March 31, 2026 over the prior year period driven by a 110 basis point increase in occupancy, to 89.0%, and rental rate increases of 5.0%. We have been positioning ourselves for future growth and will continue to seek opportunistic investments. In addition, on behalf of our joint venture arrangements with Nuveen Real Estate, we will seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. We will also seek additional opportunities, through our opportunity zone fund, to acquire communities that require substantial capital investment and are located in qualified opportunity zones.

Previous wording

The macro-economic environment and current housing fundamentals continue to favor home rentals. Although 30-year fixed rate mortgage rates have declined to one-year lows, they are still above 6%. Housing inventory has improved but affordability remains a challenge for many prospective buyers, especially lower and middle-income households. We believe rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see strong demand for rental homes. We have added an additional 433 rental homes during the first nine months of 2025, net of rental home sales. This brought the total number of rental homes to approximately 10,800 rental homes, or 40.8% of total sites. Occupied rental homes represented approximately 43.4% of total occupied sites at quarter end. Occupancy in rental homes continues to be strong and was at 94.1% as of September 30, 2025. Our manufactured home communities compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates.

Current wording

The macro-economic environment and current housing fundamentals continue to favor home rentals. Although 30-year fixed rate mortgage rates have shown signs of stabilizing, they are still approximately 6%. Housing inventory has improved but affordability remains a challenge for many prospective buyers, especially lower and middle-income households. We believe rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see strong demand for rental homes. During the three months ended March 31, 2026, our portfolio of rental homes increased by 121 homes, net of rental home sales. Occupied rental homes represent approximately 44.2% of total occupied sites. Occupancy in rental homes continues to be strong and registered at 94.6% as of March 31, 2026. Our manufactured home communities compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates.

Previous wording

The Company’s Community NOI for the three and nine months ended September 30, 2025 and 2024 is calculated as follows*(in thousands)*:

Current wording

The Company’s Community NOI for the three months ended March 31, 2026 and 2025 is calculated as follows*(in thousands)*:

Previous wording

FFO and Normalized FFO (i) do not represent cash flow from operations as defined by U.S. GAAP; (ii) should not be considered as an alternative 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.

Current wording

FFO and Normalized FFO (i) do not represent Cash Flow from Operations as defined by U.S. GAAP; (ii) should not be considered as an alternative 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.

Previous wording

The Company’s FFO and Normalized FFO attributable to common shareholders for the three and nine months ended September 30, 2025 and 2024 are calculated as follows*(in thousands)*:

Current wording

The Company’s FFO and Normalized FFO attributable to common shareholders for the three months ended March 31, 2026 and 2025 are calculated as follows*(in thousands)*:

Previous wording

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)*:

Current wording

The following are the cash flows provided by (used in) operating, investing and financing activities for the three months ended March 31, 2026 and 2025*(in thousands)*:

Previous wording

Rental and related income increased 11% from $51.9 million for the three months ended September 30, 2024 to $57.8 million for the three months ended September 30, 2025. Rental and related income increased 10% from $153.8 million for the nine months ended September 30, 2024 to $168.5 million for the nine months ended September 30, 2025. These increases were due to acquisitions, increases in rental rates and same property occupancy and additional rental homes. The Company has been raising rental rates by approximately 5% to 6% annually at most communities. Same property occupancy has increased 110 basis points from 87.4% as of September 30, 2024 to 88.5% at September 30, 2025. Occupied rental homes increased 5% from approximately 9,700 homes at September 30, 2024 to 10,100 homes at September 30, 2025.

Current wording

Rental and related income increased 9% from $54.6 million for the three months ended March 31, 2025 to $59.5 million for the three months ended March 31, 2026. This increase was due to acquisitions made in 2025, increases in rental rates and same property occupancy and additional rental homes. Same property occupancy has increased 110 basis points from 87.9% as of March 31, 2025 to 89.0% at March 31, 2026. Occupied rental homes increased 6% from approximately 9,900 homes at March 31, 2025 to 10,400 homes at March 31, 2026.

Previous wording

Community operating expenses increased 11% from $22.5 million for the three months ended September 30, 2024 to $25.0 million for the three months ended September 30, 2025. Community operating expenses increased 9% from $65.2 million for the nine months ended September 30, 2024 to $71.1 million for the nine months ended September 30, 2025. These increases were due to acquisitions and an increase in payroll costs, real estate taxes, snow removal and water and sewer costs. This increase also includes one-time legal and professional fees of $660,000 for both the three and nine months ended September 30, 2025.

Current wording

Community operating expenses increased 10% from $23.0 million for the three months ended March 31, 2025 to $25.3 million for the three months ended March 31, 2026. These increases were due to acquisitions made in 2025 and an increase in payroll and related costs, real estate taxes and water and sewer costs.

Previous wording

Community NOI increased 11% from $29.4 million for the three months ended September 30, 2024 to $32.8 million for the three months ended September 30, 2025. Community NOI increased 10% from $88.6 million for the nine months ended September 30, 2024 to $97.4 million for the nine months ended September 30, 2025. These increases were primarily due to acquisitions, increases in rental rates, occupancy and rental homes. The Company’s operating expense ratio (defined as community operating expenses divided by rental and related income), without the one-time legal and professional fees, was 42.1% and 41.8% for the three and nine months ended September 30, 2025, respectively, and 43.3% and 42.4% for the three and nine months ended September 30, 2024, respectively. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the first few years of ownership. Since most of the community expenses consist of fixed costs, as occupancy rates increase, these expense ratios are expected to continue to improve. Due to the Company’s ability to increase its rental rates annually (subject to limitations on rent increases in certain jurisdictions), increasing costs due to inflation and changing prices have generally not had a material effect on revenue and income from continuing operations.

Current wording

Community NOI increased 8% from $31.5 million for the three months ended March 31, 2025 to $34.2 million for the three months ended March 31, 2026. These increases were primarily due to increases in rental rates, occupancy and rental homes. The Company’s operating expense ratio (defined as community operating expenses divided by rental and related income) was 42.2% and 42.6% for the three months ended March 31, 2025 and 2026, respectively. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the first few years of ownership. Since most of the community expenses consist of fixed costs, as occupancy rates increase, these expense ratios are expected to continue to improve. Due to the Company’s ability to increase its rental rates annually (subject to limitations on rent increases in certain jurisdictions), increasing costs due to inflation and changing prices have generally not had a material effect on revenue and income from continuing operations.

Previous wording

Sales of manufactured homes increased 5% from $8.7 million, or 100 homes, for the three months ended September 30, 2024 to $9.1 million, or 100 homes, for the three months ended September 30, 2025. The average sales price was $91,000 and $87,000 for the three months ended September 30, 2025 and 2024, respectively. Cost of sales of manufactured homes amounted to $5.8 million and $5.4 million for the three months ended September 30, 2025 and 2024, respectively. The gross profit percentage was 37% and 38% for the three months ended September 30, 2025 and 2024, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $2.2 million and $1.8 million for the three months ended September 30, 2025 and 2024, respectively. Gain from the sales operations (defined as sales of manufactured homes, less cost of sales of manufactured homes, less selling expenses, less interest on the financing of inventory) amounted to $1.3 million or 14% of total sales and $1.8 million or 20% of total sales for the three months ended September 30, 2025 and 2024, respectively. Gain from the sales operations, excluding interest on the financing of inventory, amounted to $1.1 million or 12% of total sales and $1.5 million or 17% of total sales for the three months ended September 30, 2025 and 2024, respectively.

Current wording

Sales of manufactured homes decreased 4% from $6.7 million, or 71 homes, for the three months ended March 31, 2025 to $6.4 million, or 73 homes, for the three months ended March 31, 2026. The average sales price was $87,000 and $94,000 for the three months ended March 31, 2026 and 2025, respectively. Cost of sales of manufactured homes amounted to $4.1 million and $4.3 million for the three months ended March 31, 2026 and 2025, respectively. The gross profit percentage was 36% and 35% for the three months ended March 31, 2026 and 2025, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $1.9 and $1.6 million million for the three months ended March 31, 2026 and 2025, respectively. Gain from the sales operations (defined as sales of manufactured homes, less cost of sales of manufactured homes, less selling expenses), excluding interest on the financing of inventory, amounted to $426,000 or 7% of total sales and $691,000 or 10% of total sales for the three months ended March 31, 2026 and 2025, respectively. Many of the costs associated with sales, such as salaries, and to an extent, advertising and promotion, are fixed.

Previous wording

Depreciation expense increased 14% from $14.7 million for the three months ended September 30, 2024 to $16.8 million for the three months ended September 30, 2025. Depreciation expense increased 11% from $44.4 million for the nine months ended September 30, 2024 to $49.2 million for the nine months ended September 30, 2025. This increase was primarily due to acquisitions and the increase in rental homes and expansions during 2024 and 2025.

Current wording

Depreciation expense increased 8% from $16.7 million for the three months ended March 31, 2025 to $18.0 million for the three months ended March 31, 2026. This increase was primarily due to the increase in rental homes and expansions during 2025 and 2026.

Previous wording

Interest income increased 30% from $1.8 million for the three months ended September 30, 2024 to $2.4 million for the three months ended September 30, 2025. Interest income increased 37% from $4.9 million for the nine months ended September 30, 2024 to $6.7 million for the nine months ended September 30, 2025. This increase was due to an increase in interest earned from our excess cash as well as an increase in the average balance of notes receivable from $79.2 million at September 30, 2024 to $94.4 million at September 30, 2025. The weighted average interest rate earned on these notes receivable was approximately 7.1% as of September 30, 2025 and 2024.

Current wording

Interest income decreased 4% from $2.3 million for the three months ended March 31, 2025 to $2.2 million for the three months ended March 31, 2026. This decrease was primarily due to the decreased interest earned on our excess cash, partially offset by an increase in the average balance of notes receivable. The average balance of notes receivable was $102.7 and $90.4 million at March 31, 2026 and 2025, respectively.

Previous wording

The increase in fair value of marketable securities amounted to $1.6 million and $5.5 million for the three months ended September 30, 2025 and 2024, respectively. The increase (decrease) in fair value of marketable securities amounted to a decrease of $161,000 and an increase of $3.5 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had total net unrealized losses of $38.7 million in its REIT securities portfolio.

Current wording

For the three months ended March 31, 2026, the Company had a net gain of $2.7 million on our securities portfolio consisting of an increase in fair value of marketable securities of $39.1 million partially offset by a loss on marketable securities of $36.4 million. The Company had a decrease in the fair value of marketable securities of $1.6 million for the three months ended March 31, 2025. As of March 31, 2026, the Company had total net unrealized losses of $1.7 million in its REIT securities portfolio.

Previous wording

Total investment property increased 7% or $117.5 million during the nine months ended September 30, 2025. In addition to adding 433 rental homes, net of 123 rental homes sold, to its communities during the nine months ended September 30, 2025, the Company is preparing sites for additional homes to be added during the year. The Company also purchased four communities for a total of approximately $40.2 million during the nine months ended September 30, 2025. Occupied rentals increased by 411 rental homes from December 31, 2024 to September 30, 2025. The Company’s occupancy rate on its rental homes portfolio increased 10 basis points and was 94.1% at September 30, 2025 as compared to 94.0% at December 31, 2024.

Current wording

Total investment property increased 1% or $21.4 million during the three months ended March 31, 2026. In addition to adding 121 rental homes, net of 40 rental homes sold, to its communities during the most recent quarter, the Company is preparing sites for additional homes to be added during the year. Occupied rentals increased by 203 rental homes from December 31, 2025 to March 31, 2026. The Company’s occupancy rate on its rental homes portfolio increased 80 basis points and was 94.6% at March 31, 2026 as compared to 93.8% at December 31, 2025.

Previous wording

Land development costs increased 125% or $42.5 million during the nine months ended September 30, 2025 due to an increase in expansion projects. Since 2018, the Company has built 1,056 expansion sites in 16 communities. Occupancy at these sites are at approximately 44%. Once fully occupied, these sites will contribute to increased community operating income. The Company currently has approximately 1,010 expansion sites in the approval process, including one greenfield development in Coxsackie, NY for approximately 360 sites.

Current wording

Land development costs increased 25% or $9.8 million during the three months ended March 31, 2026 due to an increase in expansion projects. Since 2018, the Company has built 1,056 expansion sites in 16 communities. Occupancy levels at these sites are at approximately 54%. Once fully occupied, these sites will contribute to increased community operating income. The Company currently has approximately 1,044 expansion sites in the approval process, including one greenfield development in Coxsackie, NY for approximately 360 sites.

Previous wording

Loans payable, net of unamortized debt issuance costs, decreased 1% or $147,000 during the nine months ended September 30, 2025.

Current wording

Loans payable, net of unamortized debt issuance costs, remained relatively stable during the three months ended March 31, 2026.

Previous wording

In addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit, incur other indebtedness, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including through the Company’s ATM Programs. In order to provide financial flexibility to opportunistically access the capital markets, on September 16, 2024, the Company terminated its successful then-existing at-the-market Common Stock ATM Program and implemented a new September 2024 Common ATM Program which allows the Company to offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $150 million, from time to time through the Distribution Agents. As of September 30, 2025, $44.6 million of common stock remained eligible for sale under the September 2024 Common ATM Program. Additionally, on March 5, 2025, the Company terminated its then-existing 2023 Preferred ATM Program and implemented a new 2025 Preferred ATM Program which allows the Company to offer and sell shares of the Company’s Series D Preferred Stock having an aggregate sales price of up to $100 million from time to time through B. Riley, as Distribution Agent. As of September 30, 2025, $99.9 million of common stock remained eligible for sale under the 2025 Preferred ATM Program.

Current wording

In addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit, incur other indebtedness, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including through the Company’s ATM Programs. In order to provide financial flexibility to opportunistically access the capital markets, the Company implemented a September 2024 Common ATM Program which allows the Company to offer and sell shares of the Company’s common stock, having an aggregate sales price of up to $150 million, from time to time through the Distribution Agents. As of March 31, 2026, $44.6 million of common stock remained eligible for sale under the September 2024 Common ATM Program. Additionally, the Company implemented a 2025 Preferred ATM Program which allows the Company to offer and sell shares of the Company’s Series D Preferred Stock having an aggregate sales price of up to $100 million from time to time through B. Riley, as Distribution Agent. As of March 31, 2026, $97.5 million of Series D Preferred Stock remained eligible for sale under the 2025 Preferred ATM Program.

Previous wording

The Company continues to strengthen its capital and liquidity positions. During the nine months ended September 30, 2025, the Company issued and sold 2.6 million shares of Common Stock through our September 2024 Common ATM Program, at a weighted average price of $17.59 per share, generating gross proceeds of $45.1 million and net proceeds of $44.2 million, after offering expenses.

Current wording

The Company continues to strengthen its capital and liquidity positions. During the three months ended March 31, 2026, the Company issued and sold 66,000 shares of Series D Preferred Stock through our 2025 Preferred ATM Program, at a weighted average price of $22.51 per share, generating gross proceeds and net proceeds, after offering expenses, of $1.5 million. During the three months ended March 31, 2026, the Company did not sell any shares of common stock under our September 2024 Common ATM Program.

Previous wording

The Company also raised $7.1 million from the issuance of common stock in the DRIP during the nine months ended September 30, 2025, which included dividend reinvestments of $2.6 million. Dividends paid on the common stock for the nine months ended September 30, 2025 were $55.8 million, including the $2.6 million reinvested. Dividends paid on the Series D Preferred Stock for the nine months ended September 30, 2025 totaled $15.4 million.

Current wording

The Company also raised $2.4 million from the issuance of common stock in the DRIP during the three months ended March 31, 2026, which included dividend reinvestments of $1.1 million. Dividends paid on the common stock for the three months ended March 31, 2026 were $19.1 million, including the $1.1 million reinvested. Dividends paid on the Series D Preferred Stock for the three months ended March 31, 2026 totaled $5.2 million.

Previous wording

Net cash provided by operating activities amounted to $60.6 million and $54.3 million for the nine months ended September 30, 2025 and 2024, respectively. As of September 30, 2025, the Company had cash and cash equivalents of $34.1 million, marketable securities of $31.7 million and $260 million available on our credit facility, with a potential total availability of up to $500 million pursuant to an accordion feature. We also had approximately $128.1 million available on our revolving lines of credit for the financing of home sales and purchases of inventory and $55 million available on our line of credit secured by rental homes and rental homes leases.

Current wording

Net cash provided by operating activities amounted to $20.8 million and $12.8 million for the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had cash and cash equivalents of $37.4 million, marketable securities of $26.4 million and $260 million available on our credit facility, with a potential total availability of up to $500 million pursuant to an accordion feature. We also had approximately $128 million available on our revolving lines of credit for the financing of home sales and purchases of inventory and $55 million available on our line of credit secured by rental homes and rental homes leases.

Previous wording

As of quarter end, the Company owned and operated 144 communities (including three communities owned by the Company’s joint venture with Nuveen, in which the Company has a minority interest), of which 69 are unencumbered. Subsequent to quarter end, the Company acquired one additional manufactured home community in Georgia which is also unencumbered. Except for communities in the borrowing base for our unsecured credit facility, these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity. The Company holds a 40% equity interest in the entities formed under its joint ventures with Nuveen, which owns three newly developed communities that are unencumbered.

Current wording

The Company owns a portfolio of 145 manufactured home communities, of which 142 are majority owned and are included in our consolidated operations with the remaining three owned through our joint ventures with Nuveen Real Estate. Of the 142 majority owned communities, 60 are unencumbered. Except for communities in the borrowing base for our unsecured credit facility, these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity. The Company holds a 40% equity interest in the entities formed under its joint ventures with Nuveen, which owns three newly developed communities that are unencumbered.

Previous wording

As of September 30, 2025, the Company had total assets of $1.6 billion and total liabilities of $703.1 million. The Company’s net debt (net of unamortized debt issuance costs and cash and cash equivalents) to total market capitalization as of September 30, 2025 was approximately 28% and the Company’s net debt, less securities to total market capitalization as of September 30, 2025 was approximately 27%. As of September 30, 2025, the Company had five mortgages totaling $25.2 million due within the next 12 months and seven mortgages totaling $50.5 million within the next 18 months. The Company believes that it has the ability to meet its obligations and to generate funds for new investments.

Current wording

As of March 31, 2026, the Company had total assets of $1.7 billion and total liabilities of $791.6 million. The Company’s net debt (net of unamortized debt issuance costs and cash and cash equivalents) to total market capitalization as of March 31, 2026 was approximately 31% and the Company’s net debt, less securities to total market capitalization as of March 31, 2026 was approximately 30%. As of March 31, 2026, the Company had seven mortgages totaling $49.6 million due within the next 12 months. The Company believes that it has the ability to meet its obligations and to generate funds for new investments.