Financial Highlights
(unaudited)

Consolidated Balance Sheets

Consolidated Statements of Income (Loss)
(unaudited)

Consolidated Statements of Cash Flows
(unaudited)

Reconciliation of Net Income to EBITDA and Net Loss Attributable
to Common Shareholders to FFO, Core FFO and Normalized FFO
(unaudited)

Market Capitalization, Debt and Coverage Levels
(unaudited)

Debt Maturity

Property Summary and Snapshot
(unaudited)

Same Property Statistics
(unaudited)

2015 Acquisitions

Marcellus and Utica Shale Region Exposure

The Marcellus and Utica Shale Regions are large natural gas fields located beneath much of Pennsylvania, Ohio, West Virginia and New York. These fields have the potential to be among the largest sources of natural gas in the world. It is also expected that the activity surrounding the development of the shale regions is to accelerate over the next few years. With the rise in development, economies in the shale region are expected to benefit from increase employment, wealth of landowners, and state and local tax revenues.

Demand for rental homes has already increased substantially over the past few years, as a result of the Marcellus and Utica shale related activity. We are meeting this demand by adding new rentals homes to our portfolio.

UMH benefits from significant exposures to the Marcellus and Utica Shale Regions with over 2,700 acres in existing communities.

Total Acreage        Total - 5,100

Existing Home Communities

Definitions

Investors and analysts following the real estate industry utilize funds from operations ("FFO"), core funds from operations ("Core FFO"), normalized funds from operations (“Normalized FFO”), community NOI, same property NOI, and earnings before interest, taxes, depreciation and amortization ("EBITDA"), variously defined, as supplemental performance measures. While the Company believes net income available to common stockholders, 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 NOI, EBITDA, FFO, and Core 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. Core FFO reflects the same assumptions as FFO except that is also adjusts for the effects of acquisitions costs. Community NOI and Same Property NOI provides a measure of rental operations, and does not factor in depreciation and amortization and non-property specific expenses such as general and administrative expenses. EBITDA 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 NOI, EBITDA, FFO, and Core FFO are commonly used in various ratios, pricing multiples, yields and returns and valuation of calculations used to measure financial position, performance and value.

As used herein, the Company calculates FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), to be equal to net income (loss) applicable to common shareholders, as defined by U.S. GAAP, excluding extraordinary items as defined by U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. FFO includes gains and losses realized on securities investments.

Core FFO is calculated as FFO plus acquisition costs and cost of early extinguishment of debt.

Normalized FFO is calculated as Core FFO excluding gains and losses realized on securities investments and certain one-time charges.

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. Community NOI excludes realized gains (losses) on securities transactions.

Same Property NOI is calculated as Community NOI, using all properties owned as of January 1, 2014, with the exception of Memphis Mobile City.

EBITDA is calculated as net income plus interest expense, franchise taxes, depreciation expense and amortization of financing costs.

Community NOI, Same Property NOI, EBITDA, FFO, Core 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 NOI, EBITDA, FFO, Core FFO and Normalized FFO should not be considered as substitutes for net income 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 NOI, EBITDA, FFO, Core FFO and Normalized FFO as currently calculated by the Company may not be comparable to similarly titled, but variously calculated, measures of other REITs.

Press Release Dated November 4, 2015

UMH PROPERTIES, INC. REPORTS 3rd QUARTER 2015 EARNINGS

FREEHOLD, NJ, November 4, 2015........ UMH Properties, Inc. (NYSE:UMH) reported Normalized Funds from Operations Attributable to Common Shareholders (Normalized FFO) of $4,049,000 or $0.15 per diluted share for the quarter ended September 30, 2015, as compared to $2,842,000 or $0.12 per diluted share for the quarter ended September 30, 2014. Normalized FFO for the nine months ended September 30, 2015 was $10,371,000 or $0.40 per diluted share as compared to $7,265,000 or $0.33 a year ago. Core Funds from Operations (Core FFO), which includes realized gains on the sale of securities was $4,096,000 or $0.15 per diluted share for the quarter ended September 30, 2015, as compared to $2,899,000 or $0.13 per diluted share for the quarter ended September 30, 2014.

A summary of significant financial information for the three and nine months ended September 30, 2015 and 2014 is as follows:

A summary of significant balance sheet information as of September 30, 2015 and December 31, 2014 is as follows:

Samuel A. Landy, President and CEO, commented on the results of the third quarter of 2015:

“We are pleased with the progress achieved during the quarter. Normalized FFO per diluted share grew 25% over the prior year period from $0.12 to $0.15 currently. For the nine months, normalized FFO per diluted share increased 21.2% from $0.33 a year ago to $0.40 currently.”

“Total Community Net Operating Income (NOI) increased 24% to $9.6 million for the third quarter of 2015, as compared to $7.7 million for the same period in 2014. In addition to community acquisitions, the strength of this growth has been fueled by our rental home operations. Demand for rental homes continues to be strong and over the first three quarters of 2015, we added a total of approximately 700 units to our rental inventory. Our community operating expenses as a percent of rental and related income continues to trend down as we upgrade and integrate our acquisitions. For the current quarter this expense ratio was 49.2%, representing a 340 basis point improvement over the prior year period.”

“Same property metrics continue to improve. Same property occupancy increased 70 basis points over the prior year period from 83.1% to 83.8% currently. Same property revenue increased 10.0% for the quarter, while expenses only increased 1.5%. This resulted in an increase in same property NOI for the quarter of 18.5% over the prior year period. For the nine months, same property NOI increased 18.0%.”

“On the acquisition front, during the first three quarters, we acquired seven manufactured home communities for an aggregate cost of $45.1 million. Subsequent to quarter-end, we acquired an additional three communities for a purchase price of $36.1 million. With the communities acquired subsequent to quarter-end, we have continued to generate substantial portfolio growth of 18% year to date. Our overall occupancy rate at quarter end was 81.7%, down 50 basis points from the prior year period. This decrease is due to our large acquisition activity which had a weighted average occupancy rate of only 70%. These communities were acquired at a going-in cap rate of approximately 7%. As we improve these communities and drive occupancy growth, our returns will be substantially higher.”

“On the mortgage front, we have obtained $101 million of new mortgage loans, $85 million net after the retirement of existing mortgages, reducing our weighted average interest rate on mortgage debt to 4.5%. Subsequent to quarter-end, we completed the financing of an additional five communities for total proceeds of approximately $39 million at a weighted average interest rate of 4.0%.”

“With respect to our capital markets activity, subsequent to quarter-end, we issued 1.8 million shares of 8% Series B Cumulative Redeemable Perpetual Preferred Stock at a purchase price of $25.00 per share. As a result, the Company received net proceeds of approximately $43.3 million which well positions us to continue our growth strategy while issuing fewer common shares going forward.”

UMH Properties, Inc. will host its Third Quarter 2015 Financial Results Webcast and Conference Call. Senior management will discuss the results, current market conditions and future outlook on Thursday, November 5, 2015 at 10:00 a.m. Eastern Time.

The Company’s 2015 third quarter financial results being released herein will be available on the Company’s website at www.umh.com in the “Financial Information and Filings” section under the “Investors” tab.

To participate in the webcast, select the “Investors” tab at the top of the Company’s website at www.umh.com, then select the microphone icon. Interested parties can also participate via conference call by calling toll free 877-513-1898 (domestically) or 412-902-4147 (internationally).

The replay of the conference call will be available at 12:00 p.m. Eastern Time on Thursday, November 5, 2015. It will be available until February 1, 2016, and can be accessed by dialing toll free 877-344-7529 (domestically) and 412-317-0088 (internationally) and entering the passcode 10071981. A transcript of the call and the webcast replay will be available at the Company’s website, www.umh.com under the “Investors” tab.

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates ninety-eight manufactured home communities containing approximately 17,800 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. In addition, the Company owns a portfolio of REIT securities.

Certain statements included in this press release which are not historical facts may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on the Company’s current expectations and involve various risks and uncertainties. Although the Company believes the expectations reflected in any forward-looking statements are based on reasonable assumptions, the Company can provide no assurance those expectations will be achieved. Factors and risks that could cause actual results or events to differ materially from expectations are contained in the Company’s annual report on Form 10-K and described from time to time in the Company’s other filings with the SEC. The Company undertakes no obligation to publicly update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

(1) Non-GAAP Information: We assess and measure our overall operating results based upon an industry performance measure referred to as Funds From Operations (FFO), which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by The National Association of Real Estate Investment Trusts (NAREIT), represents Net Income (Loss) Attributable to Common Shareholders, as defined by accounting principles generally accepted in the United States of America (U.S. GAAP), excluding extraordinary items, as defined under U.S. GAAP, gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, plus certain non-cash items such as real estate asset depreciation and amortization. NAREIT created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Core Funds From Operations (Core FFO) as FFO plus acquisition costs and costs of early extinguishment of debt. We define Normalized Funds From Operations (Normalized FFO) as Core FFO excluding gains and losses realized on securities investments and certain non-recurring charges. FFO, Core FFO and Normalized FFO, as well as Community NOI should be considered as supplemental measures of operating performance used by REITs. FFO, Core FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. The items excluded from FFO, Core FFO and Normalized FFO are significant components in understanding the Company’s financial performance. We define Community NOI as rental and related income less community operating expenses such as real estate taxes, repairs and maintenance, community salaries, utilities, insurance and other expenses. Community NOI excludes realized gains (losses) on securities transactions.

FFO, Core 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, Core FFO and Normalized FFO, as calculated by the Company, may not be comparable to similarly titled measures reported by other REITs.

The reconciliation of the Company’s U.S. GAAP net income (loss) to the Company’s FFO, Core FFO and Normalized FFO for the three and nine months ended September 30, 2015 and 2014 are calculated as follows:

The following are the cash flows provided (used) by operating, investing and financing activities for the nine months ended September 30, 2015 and 2014:

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