UMH Properties, Inc.

Good morning and welcome to UMH Properties third quarter 2025 earnings conference call. All participants will be in listen only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. It is now my pleasure to introduce your host, Mr. Craig Koster, Executive Vice President and General Counsel. Thank you, Mr. Koster. You may begin.

Thank you very much, Operator. In addition to the 10-Q that we filed with the SEC yesterday, we have filed an unaudited third quarter supplemental information presentation. This supplemental information presentation, along with our 10Q, are available on the company's website at umh.reit. We would like to remind everyone that certain statements made during this conference call, which are not historical facts, may be deemed forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements that we make on this call are based on our 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 that its expectations will be achieved. The risks and uncertainties that could cause actual results to differ materially from expectations are detailed in the company's third quarter 2025 earnings release and filings with the Securities and Exchange Commission. The company disclaims any obligation to update its forward-looking statements. In addition, during today's call, we will be discussing non-GAAP financial metrics. Reconciliations of these non-GAAP financial metrics to the comparable GAAP financial metrics, as well as the explanatory and cautioning language, are included in our earnings release, our supplemental information, and our historical SEC filings. Having said that, I would like to introduce management with us today. Eugene Landy, founder and chairman, Samuel Landy, president and chief executive officer, Anna Chiu, Executive Vice President and Chief Financial Officer, Brett Taft, Executive Vice President and Chief Operating Officer, Jim Mikens, Vice President of Capital Markets, and Daniel Landy, Executive Vice President. It is now my pleasure to turn the call over to UMH's President and Chief Executive Officer, Samuel Landy.

Thank you very much, Craig. We are pleased to report normalized FFO of 25 cents per diluted share for the third quarter of 2025 as compared to 24 cents per diluted share for the same period last year, representing an increase of 4%. Sequentially, normalized FFO per diluted share increased 9% from 23 cents in the second quarter. Normalized FFO of 25 cents per diluted share for the quarter annualizes out to an even $1 and is a significant milestone we are proud of. We continue to execute our long-term business plan, which is resulting in increased occupancy, sales, and ultimately increased net operating income and property values. We now own 145 communities containing approximately 27,000 developed home sites with 10,800 rental homes. Our portfolio is 87.2% occupied, leaving us with 3,500 vacant sites to continue to grow organically as we invest in our rental home program and experience further growth in our sales operation. At any given time, UMH has $100 million or more invested in turnaround acquisitions, expansions, and inventory. These long-term investments provide for a runway to generate strong operating results, grow the company, and increase the value of our communities. For example, over the past five years, we have completed the construction of approximately 1,100 sites. Of these sites, approximately 470 are currently occupied. As we fill the remaining 630 sites, we have the opportunity to earn significant sales profits and increase our overall occupancy rates, revenues, and property values. 630 sites can generate sales profits of $20 million or more and generate recurring site rental revenue of $4 million per year or more. Additionally, we have approximately $33.6 million invested in our joint ventures with Nuveen, which own three recently developed communities containing 471 sites. These communities continue to make progress increasing occupancy and should begin to positively impact earnings in the coming quarters. We have the potential to increase sales profits, occupancy, NOI, and grow our loan portfolio. We have raised the capital to do this because we believe it will result in FFO per share growth in the next few quarters. During the third quarter, we increased total revenue from $60.7 million in the third quarter of last year to $66.9 million in the third quarter of this year. That represents an increase in quarterly total income of 10%. For the nine months ended September 30th, 2025, total income was $194.8 million, an increase of 9% from the prior year period. We are on track to surpass $250 million in total income in 2025. Our company is well positioned with a strong balance sheet and a sound operating environment for earnings per share growth in the quarters to come. During the quarter, we issued $80 million of our new 5.85% Series B Israeli bonds, which will be deployed accretively over time. We have capital needs of $120 million to $150 million annually, which we invest in our capital improvements, new rental homes, expansions, and financing of home sales, most of these uses being accretive uses of capital. Over the past two years, we have relied on our common ATMs to fund our growth initiatives. This year, we are utilizing our ATM less and debt more. In the long term, this debt will be repaid and the equity should increase in value. The objective is to grow earnings per share and ultimately our share price. Over the past five years, normalized FFO per share has increased by 48% and the dividend has increased by 25%. During the quarter, we increased same property occupancy by 132 units over the second quarter and by 357 units over last year. For the three months ended September 30, 2025, same property rental and related income increased by 9%, and same property NOI increased by 12%, or $3.7 million. Year-to-date, same property rental and related income increased by 8%, and same property NOI increased by 10%, or $9.2 million. Our same property operating expense ratio for the quarter fell to 39.7% as compared to 41.1% last year. Our rental home occupancy was 94.1% as compared to 94.4% last year. During the quarter, we converted 227 new homes from inventory to revenue-generating rental homes. Year to date, we have converted 523 new homes from inventory to revenue generating rental homes. We currently have 400 homes on site with 100 homes ready for occupancy and another 300 being set up and additional 200 homes on order that have not yet been delivered. The pipeline of homes on our vacant sites positions us for additional occupancy increases throughout the rest of the year and into next year. We anticipate by the end of 2025, we will have added 700 to 800 new rental homes. Sales of manufactured homes continue to grow, driving additional sales profits. Gross sales for the quarter were $9.1 million as compared to $8.7 million last year, representing an increase of 5%. Not included in these sales results are an additional $800,000 in sales at our recently opened joint venture, which is a greenfield development, Honey Ridge. Including these sales, sales for the quarter were up 14% over last year. For the nine months ending September 30, 2025, sales of manufactured homes increased by 5% from the prior year period. Gain from sales for the quarter were $1.3 million, or 14% of total sales. Gain from the sales for the nine months were $3.2 million, or 12% of total sales. During the quarter, we acquired two Maryland communities consisting of 191 lots, which are 79% occupied, for a total purchase price of $14.6 million. Subsequent to quarter end, we closed on the acquisition of one community located in Georgia consisting of 130 sites, of which 32% are occupied for a total purchase price of $2.6 million. Year-to-date, we closed on five communities containing 587 sites for a total purchase price of $41.8 million. Our Marcellus and Utica shale strategy, which began in 2011, has resulted in substantial appreciation of the land, communities, homes, and approved sites we own in the area. Data centers, the shellcracker plant, pipeline projects, new gas wells, and electric generation plants all generate the need for more quality affordable housing. UMH owns 4,000 acres of land in 78 communities with 12,300 home sites in the Marcellus and Utica shale areas. We are seeing increased interest in leasing our oil and gas rights and anticipate more lease signings in the coming months. UMH is well positioned for future growth through the occupancy of our 3,500 vacant lots, the development or sale of our 2,300 acres of vacant land, infill of our 600 recently constructed expansion lots, the infill of our 329 sites owned through our joint venture, the leasing of our oil and gas rates, and the growing profitability of our sales and finance company. We anticipate that we will achieve our 5% annual rent increase, generating $11 million in new revenue, install and rent 800 new rental homes, generating an additional $10 million in revenue, and a substantial increase in our sales revenue and sales profits. These are valuable opportunities to increase rental revenue, sales revenue, finance and insurance revenue, and increase value and FFO per share that are not currently reflected in the value of the company. Additionally, we have $36 million in inventory that is paid for and actively being sold and rented, which will increase earnings as the homes and lots become occupied. This organic growth should allow us to generate earnings growth and improve operating results for the years to come. We are incredibly optimistic about the future of the company and look forward to driving FFO per share growth. And now I will turn it over to Anna to discuss our third quarter results.