UMH PROPERTIES, INC.

Development of Business UMH Properties, Inc. ( UMH ), together with its predecessors and consolidated subsidiaries, are referred to herein as we , us , our , or the Company , unless the context requires otherwise. UMH is a Maryland corporation that operates as a self-administered and self-managed qualified real estate investment trust ( REIT ) under Sections 856-860 of the Internal Revenue Code (the Code ). The Company elected REIT status effective January 1, 1992 and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under Federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. UMH was incorporated in the state of New Jersey in 1968. On September 29, 2003, UMH changed its state of incorporation from New Jersey to Maryland by merging with and into a Maryland corporation. Our executive office is located in Freehold, New Jersey. Description of Business The Company’s primary business is the ownership and operation of manufactured home communities leasing manufactured homesites to residents. The Company also leases manufactured homes to residents and, through its wholly-owned taxable REIT subsidiary, UMH Sales and Finance, Inc. ( 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.