UMH PROPERTIES, INC.

Previous wording

As of June 30, 2026, the Company operated 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 in which the Company has a 40% interest. One of these joint ventures owns two communities in Florida (Sebring Square and Rum Runner) and one joint venture owns one community in Pennsylvania (Honey Ridge). Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by the Company’s Opportunity Zone Fund, in which the Company has a 77% interest. The Company’s portfolio of 145 communities contains approximately 27,100 developed homesites, of which 11,200 contain rental homes that are leased to residents. These 145 communities are located in twelve states consisting of New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. In addition, the Company has over 1,000 self-storage units that are available for leasing by residents. UMH has continued to execute our growth strategy of purchasing well-located communities in our target markets, including the energy-rich Marcellus and Utica Shale regions.

Current wording

As of September 30, 2026, the Company operated 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 two joint ventures with Nuveen Real Estate in which the Company has a 42% interest in our first joint venture and a 40% interest in our second joint venture. Our first joint venture owns two communities in Florida (Sebring Square and Rum Runner) and our second joint venture owns one community in Pennsylvania (Honey Ridge). Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by the Company’s Opportunity Zone Fund, in which the Company has a 77% interest. The Company’s portfolio of 145 communities contains approximately 27,300 developed homesites, of which 11,400 contain rental homes that are leased to residents. These 145 communities are located in twelve states consisting of New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. In addition, the Company has over 1,000 self-storage units that are available for leasing by residents. UMH has continued to execute our growth strategy of purchasing well-located communities in our target markets, including the energy-rich Marcellus and Utica Shale regions.

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 six months ended June 30, 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 River Bluff Estates), increased 9% and 8% for the three and six months ended June 30, 2026, respectively, over the prior year period driven by a 110 basis point increase in occupancy, to 89.4%, and rental rate increases of 5.3%. 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 and nine months ended September 30, 2026, rental and related income increased 8% and 9%, respectively, from the prior year period and Community Net Operating Income (“NOI”), as defined below, increased 10% and 9%, respectively. Same property NOI, which includes communities owned and operated as of January 1, 2025 (excluding River Bluff Estates), increased 10% and 9% for the three and nine months ended September 30, 2026, respectively, over the prior year period driven by a 30 basis point increase in occupancy, to 88.8%, and rental rate increases of 5.1%. 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 shown signs of stabilizing, they are still approximately 6.6%. 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 six months ended June 30, 2026, our portfolio of rental homes, including the joint venture entities, increased by 192 homes, net of rental home sales. Occupied rental homes represent approximately 44.8% of total occupied sites. Occupancy in rental homes continues to be strong and registered at 95.3% as of June 30, 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.

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 7.3%. 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 nine months ended September 30, 2026, our portfolio of rental homes, including the joint venture entities, increased by 324 homes, net of rental home sales. Occupied rental homes represent approximately 44.9% of total occupied sites. Occupancy in rental homes continues to be strong and registered at 94.8% as of September 30, 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

A reconciliation of Net Income Attributable to Common Shareholders to Community NOI for the three and six months ended June 30, 2026 and 2025 is calculated as follows*(in thousands)*:

Current wording

A reconciliation of Net Income (Loss) Attributable to Common Shareholders to Community NOI for the three and nine months ended September 30, 2026 and 2025 is calculated as follows*(in thousands)*:

Previous wording

The Company’s Community NOI for the three and six months ended June 30, 2026 and 2025 consists of*(in thousands)*:

Current wording

The Company’s Community NOI for the three and nine months ended September 30, 2026 and 2025 consists of*(in thousands)*:

Previous wording

A reconciliation of Net Income Attributable to Common Shareholders to The Company’s FFO and Normalized FFO, attributable to common shareholders for the three and six months ended June 30, 2026 and 2025 are calculated as follows*(in thousands)*:

Current wording

A reconciliation of Net Income (Loss) Attributable to Common Shareholders to the Company’s FFO and Normalized FFO, attributable to common shareholders for the three and nine months ended September 30, 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 six months ended June 30, 2026 and 2025*(in thousands)*:

Current wording

The following are the cash flows provided by (used in) operating, investing and financing activities for the nine months ended September 30, 2026 and 2025 (in thousands):

Previous wording

Net Income Attributable to Common Shareholders increased $1.9 million from net income of $2.5 million for the three months ended June 30, 2025, to net income of $4.4 million for the three months ended June 30, 2026. Net Income Attributable to Common Shareholders increased $4.7 million from net income of $2.3 million for the six months ended June 30, 2025, to net income of $7.0 million for the six months ended June 30, 2026. The increases for both the three and six months ended from June 30, 2025 to June 30, 2026, were due to an increase in Community NOI and a net gain on our securities portfolio, partially offset by increases in interest expense and depreciation expense.

Current wording

Net Income (Loss) Attributable to Common Shareholders decreased $6.4 million from net income of $4.2 million for the three months ended September 30, 2025, to a net loss of $2.1 million for the three months ended September 30, 2026. Net Income Attributable to Common Shareholders decreased $1.6 million from net income of $6.5 million for the nine months ended September 30, 2025, to net income of $4.9 million for the nine months ended September 30, 2026. The decreases for both the three and nine months ended from September 30, 2025 to September 30, 2026, were mainly due to increases in interest expense and depreciation expense and the change in fair value of marketable securities, partially offset by an increase in Community NOI.

Previous wording

Rental and related income increased 9% from $56.2 million for the three months ended June 30, 2025 to $61.1 million for the three months ended June 30, 2026. Rental and related income increased 9% from $110.7 million for the six months ended June 30, 2025 to $120.6 million for the six months ended June 30, 2026. These increases were due to acquisitions in 2025, increases in rental rates and same property occupancy and additional rental homes. Same property occupancy has increased 110 basis points from 88.3% as of June 30, 2025 to 89.4% at June 30, 2026. Occupied rental homes increased 7% from approximately 10,000 homes at June 30, 2025 to 10,700 homes at June 30, 2026.

Current wording

Rental and related income increased 8% from $57.8 million for the three months ended September 30, 2025 to $62.4 million for the three months ended September 30, 2026. Rental and related income increased 9% from $168.5 million for the nine months ended September 30, 2025 to $182.9 million for the nine months ended September 30, 2026. These increases were due to acquisitions in 2025, increases in rental rates and same property occupancy and additional rental homes. Same property occupancy has increased 30 basis points from 88.5% as of September 30, 2025 to 88.8% at September 30, 2026. Occupied rental homes increased 6% from approximately 10,100 homes at September 30, 2025 to 10,800 homes at September 30, 2026.

Previous wording

Community operating expenses increased 10% from $23.0 million for the three months ended June 30, 2025 to $25.3 million for the three months ended June 30, 2026. Community operating expenses increased 10% from $46.1 million for the six months ended June 30, 2025 to $50.6 million for the six months ended June 30, 2026. These increases were due to acquisitions made in 2025 and an increase in payroll and related costs, real estate taxes, insurance and water and sewer costs.

Current wording

Community operating expenses increased 5% from $25.0 million for the three months ended September 30, 2025 to $26.2 million for the three months ended September 30, 2026. Community operating expenses increased 8% from $71.1 million for the nine months ended September 30, 2025 to $76.7 million for the nine months ended September 30, 2026. These increases were due to acquisitions made in 2025 and an increase in payroll and related costs, real estate taxes, insurance and water and sewer costs.

Previous wording

Community NOI increased 8% from $33.1 million for the three months ended June 30, 2025 to $35.8 million for the three months ended June 30, 2026. Community NOI increased 8% from $64.7 million for the six months ended June 30, 2025 to $70.0 million for the six months ended June 30, 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 41.3% and 41.9% for the three and six months ended June 30, 2026, respectively, and 41.0% and 41.6% for the three and six months ended June 30, 2025, 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 10% from $32.8 million for the three months ended September 30, 2025 to $36.2 million for the three months ended September 30, 2026. Community NOI increased 9% from $97.4 million for the nine months ended September 30, 2025 to $106.2 million for the nine months ended September 30, 2026. These increases were primarily due to increases in rental rates, occupancy and rental homes. For the three months ended September 30, 2026 and 2025, the Company’s operating expense ratio (defined as community operating expenses divided by rental and related income), without one-time legal and professional fees, decreased 30 basis points and was 41.9% and 42.2%, respectively and was flat at 41.8% for both the nine months ended September 30, 2026 and 2025. 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

Including sales from our Joint Ventures with Nuveen Real Estate, which includes sales at our Honey Ridge community, sales of manufactured homes increased 10% from $10.5 million for the three months ended June 30, 2025 to $11.5 million for the three months ended June 30, 2026 and increased 8% from $17.1 million for the six months ended June 30, 2025 to $18.6 million for the six months ended June 30, 2026.

Current wording

Including sales from our Joint Ventures with Nuveen Real Estate, which includes sales at our Honey Ridge community, sales of manufactured homes increased 29% from $10.0 million for the three months ended September 30, 2025 to $12.8 million for the three months ended September 30, 2026 and increased 16% from $27.1 million for the nine months ended September 30, 2025 to $31.4 million for the nine months ended September 30, 2026.

Previous wording

Sales of manufactured homes increased 1% from $10.5 million, or 102 homes, for the three months ended June 30, 2025 to $10.6 million, or 101 homes, for the three months ended June 30, 2026. The average sales price was $104,000 and $103,000 for the three months ended June 30, 2026 and 2025, respectively. Cost of sales of manufactured homes amounted to $6.8 million and $7.1 million for the three months ended June 30, 2026 and 2025, respectively. The gross profit percentage was 36% and 32% for the three months ended June 30, 2026 and 2025, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $2.3 million and $1.8 million for the three months ended June 30, 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, less interest on the financing of inventory) amounted to $1.3 million or 13% of total sales for the three months ended June 30, 2026 and 2025. Gain from the sales operations, excluding interest on the financing of inventory, amounted to $1.4 million or 13% of total sales and $1.5 million or 14% of total sales for the three months ended June 30, 2026 and 2025, respectively.

Current wording

Sales of manufactured homes increased 29% from $9.1 million, or 100 homes, for the three months ended September 30, 2025 to $11.8 million, or 109 homes, for the three months ended September 30, 2026. The average sales price was $108,000 and $91,000 for the three months ended September 30, 2026 and 2025, respectively. Cost of sales of manufactured homes amounted to $8.1 million and $5.8 million for the three months ended September 30, 2026 and 2025, respectively. The gross profit percentage was 31% and 37% for the three months ended September 30, 2026 and 2025, respectively. Selling expenses, which includes salaries, commissions, advertising and other miscellaneous expenses, amounted to $2.4 million and $2.2 million for the three months ended September 30, 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, less interest on the financing of inventory) amounted to $1.0 million or 9% of total sales and $1.3 million or 14% of total sales for the three months ended September 30, 2026 and 2025, respectively. Gains from the sales operations, excluding interest on the financing of inventory, amounted to $1.3 million or 11% of total sales and $1.1 million or 12% of total sales for the three months ended September 30, 2026 and 2025, respectively.

Previous wording

Sales of manufactured homes decreased 1% from $17.1 million, or 173 homes, for the six months ended June 30, 2025 to $16.9 million, or 174 homes, for the six months ended June 30, 2026. The average sales price was $97,000 and $99,000 for the six months ended June 30, 2026 and 2025, respectively. Cost of sales of manufactured homes amounted to $10.9 million and $11.5 million for the six months ended June 30, 2026 and 2025, respectively. The gross profit percentage was 36% and 33% for the six months ended June 30, 2026 and 2025, respectively. Selling expenses amounted to $4.2 million and $3.5 million for the six months ended June 30, 2026 and 2025, respectively. Gain from the sales operations amounted to $1.7 million or 10% of total sales and $2.0 million or 11% of total sales for the six months ended June 30, 2026 and 2025, respectively. Gain from the sales operations, excluding interest on the financing of inventory, amounted to $1.8 million or 11% of total sales and $2.2 million or 13% of total sales for the six months ended June 30, 2026 and 2025, respectively. Many of the costs associated with sales, such as salaries, and to an extent, advertising and promotion, are fixed.

Current wording

Sales of manufactured homes increased 9% from $26.3 million, or 273 homes, for the nine months ended September 30, 2025 to $28.7 million, or 283 homes, for the nine months ended September 30, 2026. The average sales price was $101,000 and $96,000 for the nine months ended September 30, 2026 and 2025, respectively. Cost of sales of manufactured homes amounted to $19.0 million and $17.3 million for the nine months ended September 30, 2026 and 2025, respectively. The gross profit percentage was 34% for the nine months ended September 30, 2026 and 2025. Selling expenses amounted to $6.6 million and $5.7 million for the nine months ended September 30, 2026 and 2025, respectively. Gains from the sales operations amounted to $2.7 million or 9% of total sales and $3.2 million or 12% of total sales for the nine months ended September 30, 2026 and 2025, respectively. Gains from the sales operations, excluding interest on the financing of inventory, amounted to $3.1 million or 11% of total sales and $3.3 million or 13% of total sales for the nine months ended September 30, 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

The median price for an existing home in America reached a record high of $440,000 in June 2026, driven by low inventory and high demand. Affordability remains strained as sales slowed down and mortgage rates hover near 6.6%. With approximately 70% of outstanding mortgages having an interest rate below 5%, many homeowners are reluctant to give up their low rate mortgages, resulting in their unwillingness to sell their homes. Therefore, the inherent relative affordability of our property type has become increasingly more apparent, which should result in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produce new rental revenue and represent an investment in the upgrading of our communities.

Current wording

The median price for a single-family home in America has increased year over year for 39 consecutive months and is still near record highs and is currently around $423,000, driven by low inventory and high demand. Affordability remains strained as sales have slowed and mortgage rates currently hover near 7.3%. With approximately 66% of outstanding mortgages having an interest rate below 5%, many homeowners are reluctant to give up low-rate mortgages, resulting in an unwillingness to sell their homes. Therefore, the inherent relative affordability of our property type has become increasingly more apparent, which should result in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produce new rental revenue and represent an investment in the upgrading of our communities. In addition, the recently enacted 21st Century ROAD to Housing Act includes several provisions designed to support and expand the manufactured housing industry by reducing regulatory barriers, improving access to financing and encouraging increased utilization of factory-built housing. The legislation provides greater flexibility in the design and construction of manufactured homes, including eliminating the federal requirement for a permanent chassis. We believe these initiatives should enhance the attractiveness and affordability of manufactured housing, expand homeownership opportunities and increase demand for homes and sites within our communities.

Previous wording

General and administrative expenses decreased 12% from $6.3 million for the three months ended June 30, 2025 to $5.5 million for the three months ended June 30, 2026. General and administrative expenses decreased 13% from $12.3 million for the six months ended June 30, 2025 to $10.6 million for the six months ended June 30, 2026. General and administrative expenses as a percentage of gross revenue (total income plus interest, dividends and other income) was 7.4% for the three and six months ended June 30, 2026, as compared to 9.0% and 9.2% for the three and six months ended June 30, 2025, respectively. These decreases were primarily due to a decrease in stock based compensation expense from $1.9 million and $3.6 million for the three and six months ended June 30, 2025, respectively, to $1.0 million and $2.1 million for the three and six months ended June 30, 2026, respectively.

Current wording

General and administrative expenses increased 25% from $4.3 million for the three months ended September 30, 2025 to $5.4 million for the three months ended September 30, 2026. This increase is primarily due to an increase in meeting costs as a result of our biennial in-person employee training meeting (which was not held last year) and an increase in payroll and related personnel costs. General and administrative expenses decreased 3% from $16.5 million for the nine months ended September 30, 2025 to $16.0 million for the nine months ended September 30, 2026. This decrease is primarily due to a decrease in stock-based compensation expense from $4.3 million for the nine months ended September 30, 2025 to $3.0 million for the nine months ended September 30, 2026. General and administrative expenses as a percentage of gross revenue (total income plus interest, dividends and other income) was 7.0% and 7.3% for the three and nine months ended September 30, 2026, respectively, as compared to 6.1% and 8.1% for the three and nine months ended September 30, 2025, respectively.

Previous wording

Depreciation expense increased 16% from $15.7 million for the three months ended June 30, 2025 to $18.3 million for the three months ended June 30, 2026. Depreciation expense increased 12% from $32.4 million for the six months ended June 30, 2025 to $36.2 million for the six months ended June 30, 2026. This increase was primarily due to the increase in rental homes, acquisitions in 2025 and expansions during 2025 and 2026.

Current wording

Depreciation expense increased 10% from $16.8 million for the three months ended September 30, 2025 to $18.5 million for the three months ended September 30, 2026. Depreciation expense increased 11% from $49.2 million for the nine months ended September 30, 2025 to $54.8 million for the nine months ended September 30, 2026. This increase was primarily due to the increase in depreciation for rental homes, acquisitions in 2025 and expansions during 2025 and 2026.

Previous wording

Interest income decreased 5% from $2.1 million for the three months ended June 30, 2025 to $2.0 million for the three months ended June 30, 2026. Interest income decreased 4% from $4.3 million for the six months ended June 30, 2025 to $4.1 million for the six months ended June 30, 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 million and $92.3 million at June 30, 2026 and 2025, respectively.

Current wording

Interest income decreased 14% from $2.4 million for the three months ended September 30, 2025 to $2.0 million for the three months ended September 30, 2026. Interest income decreased 8% from $6.7 million for the nine months ended September 30, 2025 to $6.2 million for the nine months ended September 30, 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 $107.1 million and $94.4 million at September 30, 2026 and 2025, respectively.

Previous wording

Dividend income remained relatively stable for the three and six months ended June 30, 2026 compared to the three and six months ended June 30, 2025.

Current wording

Dividend income remained relatively stable for the three and nine months ended September 30, 2026 compared to the three and nine months ended September 30, 2025.

Previous wording

For the three months ended June 30, 2026, the Company had a net gain of $3.2 million on our securities portfolio. For the six months ended June 30, 2026, the Company had a net gain of $5.9 million on our securities portfolio consisting of an increase in fair value of marketable securities of $42.3 million partially offset by a loss on sales of marketable securities of $36.4 million. The Company had a decrease in the fair value of marketable securities of $175,000 and $1.7 million for the three and six months ended June 30, 2025, respectively. As of June 30, 2026, the Company had total net unrealized gains of $1.5 million in its REIT securities portfolio.

Current wording

For the three months ended September 30, 2026, the Company had a net loss of $3.8 million on our securities portfolio consisting of a decrease in fair value of marketable securities of $3.6 million and a loss on sales of marketable securities of $130,000. For the nine months ended September 30, 2026, the Company had a net gain of $2.1 million on our securities portfolio consisting of an increase in fair value of marketable securities of $38.7 million partially offset by a loss on sales of marketable securities of $36.5 million. The Company had an increase in the fair value of marketable securities of $1.6 million and a decrease of $161,000 for the three and nine months ended September 30, 2025, respectively. As of September 30, 2026, the Company had total net unrealized losses of $2.1 million in its REIT securities portfolio.

Previous wording

Interest expense, including amortization of financing costs, increased 31% from $7.4 million for the three months ended June 30, 2025 to $9.7 million for the three months ended June 30, 2026. Interest expense, including amortization of financing costs, increased 41% from $13.3 million for the six months ended June 30, 2025 to $18.8 million for the six months ended June 30, 2026. The average balance of our total debt increased from $636.9 million at June 30, 2025 to $775.4 million at June 30, 2026. The weighted average interest rate on our total debt increased from 4.5% at June 30, 2025 to 4.9% at June 30, 2026, respectively.

Current wording

Interest expense, including amortization of financing costs, increased 17% from $7.9 million for the three months ended September 30, 2025 to $9.3 million for the three months ended September 30, 2026. Interest expense, including amortization of financing costs, increased 32% from $21.2 million for the nine months ended September 30, 2025 to $28.1 million for the nine months ended September 30, 2026. The average balance of our total debt increased from $643.6 million at September 30, 2025 to $805.8 million at September 30, 2026. The weighted average interest rate on our total debt increased from 4.8% at September 30, 2025 to 5.0% at September 30, 2026, respectively.

Previous wording

Total investment property increased 3% or $51.8 million during the six months ended June 30, 2026. In addition to adding 180 rental homes, net of 84 rental homes sold to its communities during the six months ended June 30, 2026, the Company is preparing sites for additional homes to be added during the year. Occupied rentals increased by 481 rental homes from December 31, 2025 to June 30, 2026. The Company’s occupancy rate on its rental homes portfolio increased 150 basis points and was 95.3% at June 30, 2026 as compared to 93.8% at December 31, 2025.

Current wording

Total investment property increased 4% or $81.9 million during the nine months ended September 30, 2026. In addition to adding 324 rental homes, net of 128 rental homes sold to its communities during the nine months ended September 30, 2026, the Company is preparing sites for additional homes to be added during the year. Occupied rentals increased by 544 rental homes from December 31, 2025 to September 30, 2026. The Company’s occupancy rate on its rental homes portfolio increased 100 basis points and was 94.8% at September 30, 2026 as compared to 93.8% at December 31, 2025.

Previous wording

Land development costs increased 59% or $23.5 million during the six months ended June 30, 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 55%. 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.

Current wording

Land development costs increased 105% or $41.8 million during the nine months ended September 30, 2026 due to an increase in expansion projects. Since 2018, the Company has built 1,192 expansion sites in 16 communities. Occupancy levels at these sites are approximately 51%. Once fully occupied, these sites will contribute to increased community operating income. The Company currently has approximately 1,184 expansion sites in the approval process, including one greenfield development in Coxsackie, NY for approximately 360 sites.

Previous wording

Mortgages payable, net of unamortized debt issuance costs, decreased 2% or $10.8 million during the six months ended June 30, 2026, due to mortgage payoffs of approximately $6.7 million and principal payments.

Current wording

Mortgages payable, net of unamortized debt issuance costs, decreased 2% or $13.0 million during the nine months ended September 30, 2026, primarily due to a new mortgage of $10.2 million offset by mortgage payoffs of approximately $17.0 million and principal payments of approximately $6.8 million.

Previous wording

Loans payable, net of unamortized debt issuance costs, increased 137% or $38.1 million during the six months ended June 30, 2026. This increase was due to $40 million being drawn down on our unsecured line of credit, plus an increase due to the amortization of debt issuance costs of $622,000, offset by the paydown of $617,000 on our revolving lines of credit used to purchase home inventory and $1.9 million of debt issuance costs incurred to expand and extend our existing unsecured line of credit.

Current wording

Loans payable, net of unamortized debt issuance costs, increased 364% or $100.7 million during the nine months ended September 30, 2026. This increase was due to $100 million being drawn down on our unsecured line of credit, an increase of $2.7 million on our line of credit for financing home sales, plus an increase due to the amortization of debt issuance costs of $782,000, offset by the paydown of $555,000 on our revolving lines of credit used to purchase home inventory and $1.9 million of debt issuance costs incurred to expand and extend our existing unsecured line of credit.

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, 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 June 30, 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. On May 11, 2026, the Company amended and restated its existing at-market issuance sale agreement for the 2025 Preferred ATM Program with B. Riley Securities, Inc. to add Cantor Fitzgerald & Co. and Maxim Group LLC (each, a “Distribution Agent” and, collectively with B. Riley Securities, Inc., the “Distribution Agents”). The Distribution Agents are not required to sell any specific number or dollar amount of securities, but will use their commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company.

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 September 30, 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. On May 11, 2026, the Company amended and restated its existing at-the-market issuance sale agreement for the 2025 Preferred ATM Program with B. Riley Securities, Inc. to add Cantor Fitzgerald & Co. and Maxim Group LLC (each, a “Distribution Agent” and, collectively with B. Riley Securities, Inc., the “Distribution Agents”). The Distribution Agents are not required to sell any specific number or dollar amount of securities but will use their commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company.

Previous wording

As of June 30, 2026, $89.9 million of Series D Preferred Stock remained eligible for sale under the 2025 Preferred ATM Program.

Current wording

As of September 30, 2026, $84.6 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 six months ended June 30, 2026, the Company issued and sold 419,000 shares of Series D Preferred Stock through our 2025 Preferred ATM Program, at a weighted average price of $21.75 per share, generating gross proceeds of $9.1 million and net proceeds of $8.6 million, after offering expenses. During the six months ended June 30, 2026, the Company did not sell any shares of common stock under our September 2024 Common ATM Program. Furthermore, the Company has not sold any shares under the September 2024 Common ATM Program since September 2025.

Current wording

The Company continues to strengthen its capital and liquidity positions. During the nine months ended September 30, 2026, the Company issued and sold 664,000 shares of Series D Preferred Stock through our 2025 Preferred ATM Program, at a weighted average price of $21.73 per share, generating gross proceeds of $14.4 million and net proceeds of $13.8 million, after offering expenses. During the nine months ended September 30, 2026, the Company did not sell any shares of common stock under our September 2024 Common ATM Program. Furthermore, the Company has not sold any shares under the September 2024 Common ATM Program since September 2025.

Previous wording

The Company also raised $4.6 million from the issuance of common stock in the DRIP during the six months ended June 30, 2026, which included dividend reinvestments of $2.0 million. Dividends paid on the common stock for the six months ended June 30, 2026 were $38.3 million, including $2.0 million reinvested. Dividends paid on the Series D Preferred Stock for the six months ended June 30, 2026 totaled $10.4 million.

Current wording

The Company also raised $7.0 million from the issuance of common stock in the DRIP during the nine months ended September 30, 2026, which included dividend reinvestments of $3.1 million. Dividends paid on the common stock for the nine months ended September 30, 2026 were $57.5 million, including $3.1 million reinvested. Dividends paid on the Series D Preferred Stock for the nine months ended September 30, 2026 totaled $15.7 million.

Previous wording

Net cash provided by operating activities amounted to $45.6 million and $37.2 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the Company had cash and cash equivalents of $28.6 million, marketable securities of $29.7 million and $220 million available on our credit facility, with a potential total availability of up to $600 million pursuant to an accordion feature. We also had approximately $129 million available on our revolving lines of credit for the financing of home sales and purchases of inventory and $55 million available on our lines of credit secured by rental homes and rental homes leases.

Current wording

Net cash provided by operating activities amounted to $62.1 million and $60.6 million for the nine months ended September 30, 2026 and 2025, respectively. As of September 30, 2026, the Company had cash and cash equivalents of $38.2 million, marketable securities of $25.6 million and $160 million available on our credit facility, with a potential total availability of up to $600 million pursuant to an accordion feature. We also had approximately $126 million available on our revolving lines of credit for the financing of home sales and purchases of inventory and $55 million available on our lines of credit secured by rental homes and rental homes leases.

Previous 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, 140 are owned 100% by the Company, of which 60 are unencumbered and are eligible to be included in the unencumbered asset pool under our unsecured revolving credit facility. We may choose to exclude any of these communities from the unencumbered asset pool so that we can raise additional funds by obtaining community level mortgage debt on these communities. 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, 140 are owned 100% by the Company, of which 60 are unencumbered and are eligible to be included in the unencumbered asset pool under our unsecured revolving credit facility. We may choose to exclude any of these communities from the unencumbered asset pool so that we can raise additional funds by obtaining community level mortgage debt on these communities. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity. The Company holds a 42% interest in our first joint venture with Nuveen, which owns two newly developed communities that are unencumbered, and a 40% interest in our second joint venture with Nuveen, which owns one newly developed community that is unencumbered.

Previous wording

As of June 30, 2026, the Company had total assets of $1.7 billion and total liabilities of $821.0 million. The Company’s net debt (net of unamortized debt issuance costs and cash and cash equivalents) to total market capitalization as of June 30, 2026 was approximately 32% and the Company’s net debt, less securities to total market capitalization as of June 30, 2026 was approximately 30%. As of June 30, 2026, the Company had six mortgages totaling $56.3 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.

Current wording

As of September 30, 2026, the Company had total assets of $1.8 billion and total liabilities of $884.5 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, 2026 was approximately 32% and the Company’s net debt, less securities to total market capitalization as of September 30, 2026 was approximately 31%. As of September 30, 2026, the Company had six mortgages totaling $56.5 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.