UMH · UMH Properties, Inc.

This amendment represents a strategically significant enhancement to UMH’s capital structure, directly addressing key investor concerns around liquidity, refinancing risk, and cost of capital. By extending the maturity to 2030 — four years beyond the prior November 2026 date — the Company eliminates near-term refinancing pressure and gains long-term certainty in its primary funding vehicle. The $340 million accordion option provides scalable capacity for future acquisitions without immediate dilution or market timing risk, contingent only on securing additional lender commitments. The reduction in the capitalization rate used to value unencumbered assets from 6.5% to 6.0% meaningfully increases the borrowing base without requiring new asset purchases or operational improvements — effectively unlocking latent balance sheet capacity. Coupled with a 35–40 basis point reduction in interest spreads, the revised facility lowers both fixed and variable funding costs, improving net interest margins and cash flow predictability. Importantly, all covenant thresholds remain aligned with industry standards for REITs, preserving financial discipline while granting greater operational flexibility. Management’s commentary in Exhibit 99 underscores the intent: strengthening financial flexibility and balance sheet resilience to support continued execution of its manufactured home community growth strategy. Given the centrality of this facility to UMH’s acquisition pipeline, dividend sustainability, and leverage management, the amendment materially de-risks the investment profile and signals strong lender confidence in the Company’s credit quality and operating model.