UMH Properties, Inc
(NYSE:UMH)

UMH Properties, Inc., which was organized in 1968, is a public equity REIT that owns and operates 124 manufactured home communities containing approximately 23,400 developed homesites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Marylan...

Website: http://www.umh.reit

Founded: 1968

Full Time Employees: 420

Sector: Real Estate

Industry: REIT-Residential

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Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2014-12-31	2014-06-30	2014-03-31	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2011-12-31	2011-09-30	2011-06-30	2011-03-11	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31

income:
rental and related income	59,469,000	58,203,000	57,771,000	54,574,000	53,259,000	51,937,000	51,494,000	50,329,000	49,246,000	48,135,000	47,063,000	45,305,000	43,735,000	42,893,000	42,229,000	41,577,000		40,248,000	39,341,000	38,713,000	37,577,000	36,358,000	35,051,000	34,358,000	33,631,193	32,947,667	31,388,423	30,643,717	29,596,334	28,728,078	28,237,771	27,270,477	26,122,486	25,854,623	25,293,961	24,530,355	23,366,346	23,103,155	22,423,876	21,786,180			17,937,342	17,215,686		15,768,908	14,846,776	14,087,551	13,992,765	13,755,391	11,642,186	10,508,717	9,836,479	8,529,908	8,482,122	8,047,979	7,930,210	7,314,012	7,087,977	6,771,160	6,704,321	6,690,412	6,620,558	6,624,530	6,556,499	6,504,930	6,421,211	6,362,034	6,254,570
sales of manufactured homes	6,369,000	8,765,000	9,147,000	6,651,000	8,614,000	8,734,000	8,834,000	7,351,000	7,738,000	7,909,000	8,227,000	7,302,000	5,013,000	9,044,000	6,994,000	4,291,000		7,782,000	9,618,000	4,419,000	5,252,000	6,765,000	5,033,000	3,215,000	4,113,448	4,381,223	5,841,615	3,643,714	4,648,731	4,719,036	3,860,779	2,525,487	2,574,099	2,830,314	3,523,887	1,918,194	1,777,351	2,251,896	2,786,831	1,718,194			1,616,101	1,128,400		2,379,824	1,002,405	2,339,370	2,261,201	2,342,534	1,784,109	2,097,404	2,350,189	2,496,735	1,182,455	1,557,701	1,086,244	2,202,701	1,382,362	1,091,480	1,456,951	1,103,994	1,843,341	1,494,118	1,085,800	2,107,495	2,788,360	2,881,014	1,784,043
total income	65,838,000	66,968,000	66,918,000	61,225,000	61,873,000	60,671,000	60,328,000	57,680,000	56,984,000	56,044,000	55,290,000	52,607,000	48,748,000	51,937,000	49,223,000	45,868,000		48,030,000	48,959,000	43,132,000	42,829,000	43,123,000	40,084,000	37,573,000	37,744,641	37,328,890	37,230,038	34,287,431	34,245,065	33,447,114	32,098,550	29,795,964	28,696,585	28,684,937	28,817,848	26,448,549	25,143,697	25,355,051	25,210,707	23,504,374			19,553,443	18,344,086		18,148,732	15,849,181	16,426,921	16,253,966	16,097,925	13,426,295	12,606,121	12,186,668	11,026,643	9,664,577	9,605,680	9,016,454	9,516,713	8,470,339	7,862,640	8,161,272
expenses:
community operating expenses	25,312,000	24,907,000	24,994,000	23,029,000	22,151,000	22,511,000	21,595,000	21,097,000	20,548,000	20,673,000	20,034,000	20,088,000	19,485,000	19,181,000	18,923,000	18,071,000		16,833,000	17,045,000	17,137,000	15,984,000	16,245,000	15,438,000	15,508,000	15,822,440	15,771,602	14,969,705	15,144,253	14,189,799	13,288,715	12,715,180	12,754,816	12,176,772	12,317,856	11,871,578	11,480,359	10,644,368	10,719,289	10,718,738	10,555,938			9,139,539	8,812,489		8,341,946	8,287,609	8,650,865	7,623,566	6,919,124	5,947,365	5,596,335	5,293,777	4,509,377	4,649,061	4,364,918	4,234,976	3,831,505	3,954,578	3,649,910	3,434,701	3,307,154	3,450,419	3,232,626	3,210,686	3,315,137	3,190,263	3,396,383	3,182,176
cost of sales of manufactured homes	4,076,000	5,307,000	5,795,000	4,345,000	5,431,000	5,446,000	5,461,000	5,556,000	5,030,000	5,334,000	5,740,000	4,985,000	3,412,000	6,330,000	4,837,000	2,983,000		5,826,000	7,017,000	3,471,000	3,704,000	4,695,000	3,617,000	2,401,000	2,820,932	3,271,260	4,256,639	2,589,169	3,309,286	3,512,705	2,913,825	1,980,171	2,005,525	2,215,767	2,746,689	1,503,209	1,187,933	1,803,315	2,161,344	1,313,928			1,238,854	880,670		1,944,233	766,379	1,860,179	1,843,231	1,978,468	1,522,532	1,760,041	2,103,234	2,227,989	1,061,969	1,473,634	984,371	2,009,989	1,280,009	1,057,946	1,374,033	902,854	1,729,002	1,426,536	1,002,239	1,937,248	2,383,739	2,419,512	1,484,965
selling expenses	1,867,000	1,617,000	2,223,000	1,615,000	1,656,000	1,787,000	1,744,000	1,646,000	1,680,000	1,792,000	1,665,000	1,812,000	1,288,000	1,625,000	1,214,000	1,155,000		1,324,000	1,362,000	1,131,000	1,184,000	1,381,000	1,279,000	1,097,000	1,276,106	1,374,932	1,336,940	1,091,022	860,921	1,024,188	1,085,244	804,072	633,375	836,939	865,462	759,379	581,544	812,392	674,717	783,752			658,028	685,539		752,136	720,679	496,627	550,345	429,960	508,902	552,125	540,831	589,661	638,649	490,671	385,096	508,583	413,906	397,512	398,718	288,900	293,762	292,629	323,630	255,600	414,358	302,732	408,445
general and administrative expenses	5,092,000	4,999,000	4,283,000	5,999,000	6,424,000	4,474,000	5,506,000	5,368,000	5,049,000	4,491,000	5,181,000	4,982,000	5,631,000	5,150,000	4,300,000	3,898,000		3,165,000	3,339,000	3,441,000	2,794,000	2,934,000	2,742,000	2,586,000	2,135,752	2,579,348	3,156,267	2,174,633	2,679,158	2,559,023	3,282,682	2,358,556	2,455,016	2,354,054	2,634,309	2,202,302	1,483,324.75	2,293,366	1,943,011	1,696,922			1,808,958	1,656,700		1,695,056	1,519,923	1,106,370.75	1,688,095	1,522,152	1,215,236	939,064.25	1,266,191	781,190.25	1,132,796	1,025,912	966,053	602,594.5	800,086	743,564	866,728	616,517.75	867,258	817,175	781,638	690,462.75	864,423	911,541	985,887
depreciation expense	17,976,000	17,345,000	16,808,000	16,663,000	15,804,000	14,693,000	15,001,000	14,741,000	14,448,000	14,147,000	13,751,000	13,373,000	12,766,000	12,302,000	11,984,000	11,717,000		11,380,000	11,184,000	11,008,000	10,716,000	10,492,000	10,272,000	10,227,000	9,801,112	9,390,236	8,868,341	8,751,311	8,280,690	8,051,627	7,764,258	7,594,634	7,297,190	6,980,113	6,740,205	6,540,238	6,121,424	5,887,667	5,679,167	5,525,842			4,451,195	4,228,274		3,672,454	3,437,672	3,213,121	3,069,509	3,009,240	2,389,854	2,125,579	1,930,158	1,590,897	1,580,906	1,394,901	1,395,634	1,258,232	1,168,920	1,070,226	1,018,648	1,013,301	1,016,595	1,021,354	1,030,874	1,022,812	1,017,213	1,017,795	1,014,750
total expenses	54,323,000	54,175,000	54,103,000	51,651,000	51,466,000	48,911,000	49,307,000	48,408,000	46,755,000	46,437,000	46,371,000	45,240,000	42,582,000	44,588,000	41,258,000	37,824,000		38,528,000	39,947,000	36,188,000	34,382,000	35,747,000	33,348,000	31,819,000	31,856,342	32,387,378	32,587,892	29,750,388	29,319,854	28,436,258	27,761,189	25,492,249	24,567,878	24,704,729	24,858,243	22,485,487	20,634,766	21,567,389	21,176,977	19,876,382			17,484,822	16,369,803		16,489,825	15,101,441	16,636,587	14,935,457	14,196,653	12,240,957	11,761,448	11,617,310	10,993,478	9,168,822	8,968,945	8,043,413	8,775,499	7,674,868	7,136,585	7,143,948	2,920,778	8,516,783	7,980,323	7,493,198	8,506,326	9,048,725	8,972,535	8,616,325
other income:
interest income	2,174,000	2,063,000	2,354,000	2,263,000	2,238,000	1,816,000	1,501,000	1,567,000	1,323,000	1,306,000	1,217,000	1,138,000	1,027,000	1,080,000	1,068,000	910,000		857,000	792,000	817,000	773,000	736,000	691,000	717,000	831,610	650,767	621,440	515,183	684,735	563,549	536,176	470,230	527,385	510,358	495,778	473,359	377,727	400,899	397,083	408,876			466,129	478,333		537,771	547,243	546,311	551,750	550,194	538,132	540,067	512,127
dividend income	302,000	355,000	373,000	374,000	373,000	357,000	362,000	360,000	573,000	508,000	531,000	706,000	703,000	699,000	721,000	780,000		1,267,000	1,287,000	1,302,000	1,248,000	1,183,000	1,555,000	1,743,000	1,800,610	1,858,831	1,938,145	1,937,414	2,763,580	2,704,255	2,474,180		2,419,860	2,068,198	1,795,600	1,851,240	1,801,309	1,755,438	1,623,844	1,455,535			1,006,876	1,094,778		1,004,610	1,059,465	987,292	895,577	747,852	850,793	839,547	830,303
loss on marketable securities	-36,418,000
increase in fair value of marketable securities	39,083,000				-2,301,000	5,499,000	3,338,000						21,185,000	-1,230,000	-10,044,000	-31,750,000				10,219,000	17,802,000	-6,739,000	13,411,000	-38,593,000	-562,833	9,234,252		8,595,766
other income	195,000	218,000	265,000	177,000	280,000	150,000	205,000	159,000	232,000	235,000	288,000	328,000	458,000	366,000	196,000	220,000		189,000	152,000	147,000	157,000	232,000	166,000	163,000	164,361	170,593	133,541	119,505	75,704	134,761	132,516	67,463	112,797	126,660	417,487	48,104	109,077	146,469	155,763	93,450			88,692	49,864		191,577	52,687	28,912	64,357	88,702	29,080	36,134	52,195	15,477	36,656	11,348	13,894	24,101	9,261	22,534	12,947	25,763	19,400	22,120	8,889	13,169	14,360	31,448	36,058
loss on investment in joint ventures	-64,000	-129,000	-96,000
interest expense	-9,095,000	-8,451,000	-7,930,000	-5,934,000	-5,918,000	-6,524,000	-7,371,000	-7,474,000	-7,813,000	-7,694,000	-8,639,000	-8,330,000	-7,587,000	-6,951,000	-6,414,000	-5,487,000			-4,972,000	-4,798,000	-5,143,000	-4,524,000	-4,195,000	-4,425,000	-4,516,006	-4,395,806	-4,246,646	-4,646,542	-4,243,270	-4,247,855	-3,966,992	-3,580,468	-3,835,982	-3,871,046	-4,112,214	-4,057,730	-3,828,241	-3,774,341	-3,896,305	-3,933,477			-3,238,109	-2,811,611		-2,530,528	-2,208,125	-2,141,971	-2,136,730	-1,891,325	-1,679,809	-1,447,893	-1,689,112	-1,440,060	-1,374,601	-1,474,200	-1,455,706	-1,373,419	-1,377,702	-1,212,270	-1,219,905	-7,785,853	1,100,227	1,135,033	1,095,261	1,430,219	1,140,359	886,201	1,500,658
total other income	-3,823,000	-8,263,000	-3,458,000	-4,763,000	-5,405,000	1,223,000	-5,830,000	-10,894,000	1,036,000	-11,080,000	-9,327,000	-8,900,000	-2,434,000	-12,557,000	-14,609,000	-4,727,000			6,986,000	6,957,000	14,837,000	-9,112,000	11,628,000	-40,395,000	-2,282,258	7,518,637	-3,905,705	6,521,326	-32,632,068	-11,332,720	15,799,550	-26,496,347	-546,701	-699,309	-383,472	-1,653,136	-1,153,663	-587,077	-937,242	-1,743,611			-1,790,710	-1,260,479		-228,377	-156,907	-524,561	-600,121	-229,785	2,977,034	475,169	846,764	509,858	293,836	-418,259	1,143,259	1,381,156	407,877	755,493	852,569
income before loss on sales of investment property and equipment	7,692,000	4,530,000	9,357,000										3,732,000	-5,208,000		3,317,000		4,288,000		13,901,000	23,284,000	-1,736,000		-34,641,000	3,606,041	12,460,149		11,058,369	-2,094,396.25	-6,321,864		-22,192,632	3,582,006	3,280,899					3,096,488					713,804			590,833	1,638,061.75	718,388	1,671,487
loss on sales of investment property and equipment	-3,000	45,000	-72,000	-1,000									-73,000	-10,000		-42,000				-23,000	-39,000	-31,000		-107,000	-74,945	-27,341		-20,976	-23,018	-27,479		-15,705	-51,390	-18,898					-45,026								-22,644			-52,048															-11,503
net income	7,689,000	4,575,000	9,285,000	4,810,000	4,980,000	12,905,000	5,181,000	-1,625,000	11,254,000	-1,499,000	-403,000	-1,501,000	3,659,000	-5,218,000	-6,688,000	3,275,000		4,197,000	16,003,000	13,878,000	23,245,000	-1,767,000	18,325,000	-34,748,000	3,531,096	12,432,808	748,703	11,037,393	-27,729,875	-6,349,343	20,071,984	-22,208,337	3,530,616	3,262,001	3,589,871	2,285,546	3,376,615	3,200,013	3,051,462	1,906,469			203,982	718,517		1,476,725	568,189	-733,004	800,877	1,619,439	4,149,511	1,299,570	1,405,754	542,546	792,877	235,976	2,124,864	2,113,975	1,197,304	1,472,638	1,884,998	2,269,632	1,340,030	1,178,562	-1,098,836	-879,901	1,201,017	1,511,074	-305,040
yoy	54.40%	-64.55%	79.21%	-396.00%	-55.75%	-960.91%	-1385.61%	8.26%	207.57%	-71.27%	-93.97%	-145.83%		-224.33%	-141.79%	-76.40%		-337.52%	-12.67%	-139.94%	558.29%	-114.21%	2347.57%	-414.82%	-112.73%	-295.81%	-96.27%	-149.70%	-885.41%	-294.65%	459.13%	-1071.69%	4.56%	1.94%	17.64%	19.88%			1395.95%	165.33%			-64.10%	-198.02%		-8.81%	-86.31%	-156.40%	-43.03%	198.49%	423.35%	450.72%	-33.84%	-74.34%	-33.78%	-83.98%	12.73%	-6.86%	-10.65%	24.95%	-271.54%	-357.94%	11.57%	-22.01%	260.23%
qoq	68.07%	-50.73%	93.04%	-3.41%	-61.41%	149.08%	-418.83%	-114.44%	-850.77%	271.96%	-73.15%	-141.02%	-170.12%	-21.98%	-304.21%			-73.77%	15.31%	-40.30%	-1415.51%	-109.64%	-152.74%	-1084.06%	-71.60%	1560.58%	-93.22%	-139.80%	336.74%	-131.63%	-190.38%	-729.02%	8.23%	-9.13%	57.07%	-32.31%	5.52%	4.87%	60.06%				-71.61%			159.90%	-177.52%	-191.53%	-50.55%	-60.97%	219.30%	-7.55%	159.10%	-31.57%	236.00%	-88.89%	0.52%	76.56%	-18.70%	-21.88%	-16.95%	69.37%	13.70%	-207.26%	24.88%	-173.26%	-20.52%	-595.37%
net income margin %	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	NaN%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	-Infinity%	-Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	NaN%	NaN%	Infinity%	Infinity%	NaN%	Infinity%	Infinity%	-Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%	35.70%	13.60%	12.85%	-17.15%	-11.51%	11.73%	14.45%	-3.67%
preferred dividends	-5,173,000	-5,146,000	-5,129,000	-5,129,000	-4,995,000	-4,783,000	-4,712,000	-4,673,000	-4,472,000	-4,364,000	-4,051,000	-3,836,000	-3,433,000	-4,588,000
loss attributable to non-controlling interest	64,000	65,000	55,000	48,000	43,000	59,000	58,000	34,000	50,000	32,000	36,000	40,000	57,000	61,000
net income attributable to common shareholders	2,580,000	-506,000	4,211,000		28,000	8,181,000	527,000						283,000	-9,745,000	-22,478,000	-4,325,000			8,403,000	6,839,000	15,591,000	-12,747,000	10,235,000	-42,838,000	-3,433,135	5,622,052	-5,537,053	5,914,136			14,948,727													-1,170,630		-412,422	-1,320,958	-2,622,151	-1,088,270	-269,708	2,260,364	-559,498	161,138	-147,773	102,558	-40,152
per share – basic and diluted	0.03
weighted-average common shares outstanding:
basic	84,998	84,067		82,391	74,114	75,610	71,418		63,068			59,085	54,389	54,891	54,215	52,301	46,332	47,778		42,377	41,395	41,421	41,210	41,173	39,909	40,513,150		38,644,540											27,314,361	27,117,889	25,932,626		25,645,978	24,796,898		22,054,132	21,261,375		19,067,845	18,196,396	17,441,001		16,395,075		14,717,146	14,362,119	13,927,873	12,767,904	12,801,417	12,587,587	12,290,272	11,412,536	11,493,196	11,219,844	11,060,041	10,876,840	10,916,458	10,855,788	10,770,683
diluted	85,371	84,694		83,335	74,912	76,563	71,884		63,068			59,085	54,389	54,891	54,215	52,301	47,432	47,778		43,275	41,395	41,421	41,526	41,173	40,203	40,753,553		38,894,928											27,435,570	27,161,110	25,972,807		25,702,375	24,840,565		22,104,120	21,307,103		19,067,845	18,196,396	17,501,510		16,466,881		14,773,289	14,420,057	13,986,531	12,822,644	12,866,798	12,636,669	12,314,476	11,417,664	11,517,599	11,227,560	11,060,041	10,882,688	10,918,369	10,855,788	10,770,819
loss on sales of marketable securities							-3,778,000													-730,000
increase (decrease) in fair value of marketable securities		-40,250	1,576,000																9,291,000								-2,352,185
net income attributable to common shareholders per share – basic and diluted		-0.01	0.05			0.11	0.01								-0.41	-0.09			0.18	0.16
weighted average common shares outstanding:
basic			84,985																45,476								39,649,318				36,600,643
diluted			85,478																46,628								39,649,318				36,971,345
decrease in fair value of marketable securities				-1,562,000				-5,369,000	-2,609,750	-5,496,000	-2,548,000	-2,395,000
loss on investment in joint venture				-81,000	-77,000	-75,000	-87,000	-137,000	-163,000	-165,000	-175,000	-305,000	-298,000	-116,000	-136,000	-121,000
gain before loss on sales of investment property and equipment				4,811,000
net loss attributable to common shareholders				-271,000				-6,264,000	-3,886,500	-5,831,000	-4,418,000	-5,297,000																	-32,853,132	-11,472,600		-27,154,510	-795,765	-5,179,423	-199,876	-1,504,201	-413,132	-589,734	-682,729	-883,278			-1,685,165
net loss attributable to common shareholders per share – basic and diluted								-0.09	-0.063	-0.09	-0.07	-0.09
gain on sales of marketable securities										226,000	-1,000	-42,000	-17,922,000	-6,405,000		30,721,000		2,636,000
income before gain on sales of investment property and equipment					4,138,000	12,983,000	5,191,000					-1,533,000			-6,644,000								18,364,000												3,576,133	2,309,926	3,355,268	3,200,585		1,884,381			277,911								4,162,372	1,319,842	1,416,122	543,023	789,591	218,476	2,116,300	2,122,370	1,203,348	1,481,548	1,869,893	2,068,078	1,339,997	1,189,039		-864,520	1,191,333	1,486,461	-300,785
gain on sales of investment property and equipment					-22,750	-78,000	-10,000	-3,000	2,750	-26,000	5,000	32,000			-44,000								-39,000												13,738	-24,380	-5,877.5	-572		22,088			-73,929	4,713				1,223	82,489		-12,861	-20,272	-10,368	-477	3,286	17,500	8,564	-8,395	-6,044	-8,910	15,105	201,554	33	-10,477		-15,381	9,684	24,613	-4,255
loss before gain on sales of investment property and equipment								-1,622,000	-853,500	-1,473,000	-408,000
weighted-average common shares outstanding:
basic and diluted								69,130		65,076	61,236																			37,151,432		35,907,090	32,675,650		31,769,287	29,954,773		27,891,370
redemption of preferred stock
net income attributable to common shareholders per share
basic													0.01	-0.18
diluted													0.01	-0.18
less: preferred dividends															-7,600,000	-7,600,000			-7,600,000	-7,039,000	-7,654,000	-8,109,000	-8,090,000	-8,090,000	-43,403,769	6,810,756	6,285,756	-5,123,257	-5,123,257	-5,123,257	5,123,257	-4,946,173	-4,326,381	-4,938,937	3,789,747	-3,789,747	24,417,117	-3,789,747	3,734,191	2,789,747
less: redemption of preferred stock															-8,190,000							-2,871,000												-3,502,487
net income attributable to common shareholders per share:
basic													0.01	-0.18
diluted													0.01	-0.18
gain (loss) on sales of marketable securities																			436,000
income (loss) before gain on sales of investment property and equipment																			15,998,000								736,441				20,136,911
gain (loss) on sales of investment property and equipment																			5,000								12,262				-64,927
basic and diluted income per share:
basic income per share:
diluted income per share:
other investment income																													-4,935,618	-10,487,430	16,623,670
dividend and other investment income																																-23,453,572
acquisition costs																																					27,871	51,360					188,248	106,131			285,179	498,054	94,711	271,709	591,068	109,109	483,119	99,024	25,813	135,626		287,519		160,058
gain on sales of securities																																	229,239	466,521	1,019,877	31,891
weighted average common shares outstanding:
basic and diluted																													36,871,322					34,102,231			27,808,895
gain on sales of securities transactions																																					474,709	884,458	782,373	232,005			21,548	58,200		707,054	508,403
- liabilities and shareholders’ equity -
liabilities:
mortgages payable																																										265,965,805
other liabilities
accounts payable																																										2,726,181
loans payable																																										69,157,832
accrued liabilities and deposits																																										5,284,797
tenant security deposits																																										3,385,024
total other liabilities																																										80,553,834
total liabilities																																										346,519,639
commitments and contingencies
shareholders’ equity:
series a – 8.25% cumulative redeemable preferred stock,
par value 0.10 per share, 3,663,800 shares authorized,
issued and outstanding as of september 30, 2015 and
december 31, 2014, respectively																																										91,595,000
common stock – 0.10 par value per share, 42,000,000 shares
authorized, 26,791,988 and 24,372,083 shares issued and
outstanding as of september 30, 2015 and december 31, 2014,
respectively																																										2,679,199
excess stock - 0.10 par value per share, 3,000,000 shares
authorized; no shares issued or outstanding
additional paid-in capital																																										115,240,854
accumulated other comprehensive income																																										-4,231,633
accumulated deficit																																										-667,793
total shareholders’ equity																																										204,615,627
total liabilities and shareholders’ equity																																										551,135,266
amortization of financing costs																																											-135,846	-130,043		-138,861	-116,580	-206,992	-87,990	-96,190	-71,190	-89,541	-73,413	136,724	79,628	83,283	77,283	44,196	57,369	57,369	51,120	89,660	59,520	54,970	48,870	67,279	38,370	38,371	39,444
income before gain on sales of
investment property and equipment
gain (loss) on sales of investment
property and equipment
less: preferred dividend																																											1,889,147	1,889,147		1,889,147	1,889,147	1,889,147	1,889,147	1,889,147	1,889,147	1,859,068	1,244,616
net loss attributable to
common shareholders
franchise taxes																																														84,000	84,000	101,000	66,000	66,000	66,000
income before income on sales of investment property and equipment																																														1,430,530
income on sales of investment property and equipment																																														46,195
gain on securities transactions																																																948,481.25	112,915	370,982	3,310,028	596,855	1,214,664	664,706	486,087		1,541,856	1,637,338	610,458	702,169	981,915	-538,079.75	297,746	-169,480		-2,275,310	10,043	55,023	-650,560
weighted-average shares outstanding:
basic	84,998	84,067		82,391	74,114	75,610	71,418		63,068			59,085	54,389	54,891	54,215	52,301	46,332	47,778		42,377	41,395	41,421	41,210	41,173	39,909	40,513,150		38,644,540											27,314,361	27,117,889	25,932,626		25,645,978	24,796,898		22,054,132	21,261,375		19,067,845	18,196,396	17,441,001		16,395,075		14,717,146	14,362,119	13,927,873	12,767,904	12,801,417	12,587,587	12,290,272	11,412,536	11,493,196	11,219,844	11,060,041	10,876,840	10,916,458	10,855,788	10,770,683
diluted	85,371	84,694		83,335	74,912	76,563	71,884		63,068			59,085	54,389	54,891	54,215	52,301	47,432	47,778		43,275	41,395	41,421	41,526	41,173	40,203	40,753,553		38,894,928											27,435,570	27,161,110	25,972,807		25,702,375	24,840,565		22,104,120	21,307,103		19,067,845	18,196,396	17,501,510		16,466,881		14,773,289	14,420,057	13,986,531	12,822,644	12,866,798	12,636,669	12,314,476	11,417,664	11,517,599	11,227,560	11,060,041	10,882,688	10,918,369	10,855,788	10,770,819
interest and dividend income																																																						1,269,735	1,145,694	1,044,593	1,043,215	1,093,136	1,165,860	1,243,060	1,077,612	1,275,846	1,075,735	1,198,074	1,035,262	1,291,522	1,006,084	1,129,477	891,429
preferred dividend																																																						241,611.75	690,319	276,128
net income per share
less preferred dividend																																																						0.018	0.05	0.02
weighted-average shares outstanding -
basic	84,998	84,067		82,391	74,114	75,610	71,418		63,068			59,085	54,389	54,891	54,215	52,301	46,332	47,778		42,377	41,395	41,421	41,210	41,173	39,909	40,513,150		38,644,540											27,314,361	27,117,889	25,932,626		25,645,978	24,796,898		22,054,132	21,261,375		19,067,845	18,196,396	17,441,001		16,395,075		14,717,146	14,362,119	13,927,873	12,767,904	12,801,417	12,587,587	12,290,272	11,412,536	11,493,196	11,219,844	11,060,041	10,876,840	10,916,458	10,855,788	10,770,683
diluted	85,371	84,694		83,335	74,912	76,563	71,884		63,068			59,085	54,389	54,891	54,215	52,301	47,432	47,778		43,275	41,395	41,421	41,526	41,173	40,203	40,753,553		38,894,928											27,435,570	27,161,110	25,972,807		25,702,375	24,840,565		22,104,120	21,307,103		19,067,845	18,196,396	17,501,510		16,466,881		14,773,289	14,420,057	13,986,531	12,822,644	12,866,798	12,636,669	12,314,476	11,417,664	11,517,599	11,227,560	11,060,041	10,882,688	10,918,369	10,855,788	10,770,819
net income attributable to common
shareholders
net income per share
basic																																																									0.15	0.16	0.09	0.12	0.15	0.19	0.12	0.11	-0.1	-0.08	0.11	0.14	-0.03
diluted																																																									0.15	0.16	0.09	0.12	0.15	0.19	0.12	0.11	-0.1	-0.08	0.11	0.14	-0.03
revenues:
total revenues																																																														6,358,001.75	9,856,780	9,169,362	6,405,865	7,641,806	10,240,058	10,458,996	8,315,540
yoy																																																														-16.80%	-3.74%	-12.33%	-22.97%
qoq																																																														-35.50%	7.50%	43.14%	-16.17%	-25.37%	-2.09%	25.78%
loss on securities transactions																																																																	-2,280,585
loss before loss on sales of investment property and equipment																																																																	-1,087,333

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-09-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2015-12-31	2015-09-30	2013-12-31	2013-09-30	2013-06-30	2013-03-31	2012-12-31	2012-09-30	2012-06-30	2012-03-31	2011-12-31	2011-09-30	2011-03-11	2010-12-31	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-09-30	2008-06-30	2008-03-31	2007-12-31

- assets -
investment property and equipment
land	92,824,000	91,680,000	89,588,000	88,037,000	87,478,000	87,301,000	86,497,000	86,497,000	89,604,000	89,604,000	87,286,000	86,619,000	81,114,000	79,326,000	76,073,000	74,963,000	74,944,000	74,928,000	74,142,000	73,704,000	73,436,000	72,575,000	45,477,814	42,415,514	33,973,214	32,140,214	32,085,214	30,150,714	22,010,714	20,334,214	18,043,214	18,043,214	17,869,214	17,590,214	15,987,214	15,987,214	13,950,214	13,950,214	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614	13,300,614
site and land improvements	1,099,430,000	1,029,095,000	999,300,000	970,053,000	915,748,000	907,400,000	900,966,000	896,568,000	868,123,000	862,276,000	855,490,000	846,218,000	772,468,000	739,241,000	725,061,000	716,211,000	687,488,000	681,814,000	666,832,000	656,721,000	639,519,000	626,574,000	377,215,400	344,269,874	256,830,234	244,812,246	242,162,280	235,937,193	186,474,330	178,735,227	144,744,435	143,851,232	141,336,346	136,632,208	125,176,487	124,836,496	103,458,733	102,622,802	90,448,848	90,286,589	89,748,932	89,355,553	89,116,249	88,926,418	86,306,798	85,814,689	85,472,211	84,949,200
buildings and improvements	51,538,000	48,647,000	45,618,000	44,782,000	39,795,000	39,749,000	39,709,000	39,506,000	36,012,000	35,869,000	35,956,000	35,933,000	33,260,000	32,627,000	32,377,000	30,450,000	28,531,000	28,480,000	28,407,000	28,153,000	27,584,000	27,403,000	20,307,097	19,434,910	13,273,690	11,408,401	11,189,855	10,870,291	7,176,980	6,997,369	5,593,797	5,567,837	5,436,622	5,302,168	4,676,748	4,658,017	4,099,325	4,077,923	4,056,099	4,046,622	4,007,088	3,996,288	3,996,288	3,990,275	3,980,036	3,978,478	3,940,027	3,924,696
rental homes and accessories	647,028,000	617,195,000	578,409,000	566,242,000	554,034,000	539,746,000	527,229,000	516,470,000	504,444,000	478,595,000	441,535,000	422,818,000	410,531,000	395,988,000	388,189,000	383,467,000	378,505,000	369,054,000	358,147,000	349,905,000	338,887,000	323,641,000	134,708,763	122,561,676	61,747,274	57,821,361	53,253,368	48,830,683	37,828,031	35,290,556	30,404,837	28,311,377	26,610,360	26,806,510	23,388,165	23,108,345	21,068,928	19,372,627	18,159,112	17,684,586	17,301,384	16,729,442	16,198,980	15,814,192	15,708,851	15,437,765	14,997,659	14,206,317
total investment property	1,890,820,000	1,786,617,000	1,712,915,000	1,669,114,000	1,597,055,000	1,574,196,000	1,554,401,000	1,539,041,000	1,498,183,000	1,466,344,000	1,420,267,000	1,391,588,000	1,297,373,000	1,247,182,000	1,221,700,000	1,205,091,000	1,169,468,000	1,154,276,000	1,127,528,000	1,108,483,000	1,079,426,000	1,050,193,000	577,709,074	528,681,974	365,824,412	346,182,222	338,690,717	325,788,881	253,490,055	241,357,366	198,786,283	195,773,660	191,252,542	186,331,100	169,228,614	168,590,072	142,577,200	140,023,566	125,964,673	125,318,411	124,358,018	123,381,897	122,612,131	122,031,499	119,296,299	118,531,546	117,710,511	116,380,827
equipment and vehicles	36,726,000	33,122,000	31,782,000	31,488,000	30,759,000	30,059,000	29,560,000	29,126,000	28,192,000	27,743,000	27,247,000	26,721,000	25,916,000	25,377,000	24,827,000	24,437,000	23,569,000	23,244,000	23,035,000	22,572,000	22,030,000	21,784,000	13,697,460	13,185,098	11,130,719	10,718,300	10,190,124	9,968,261	9,495,379	9,267,333	8,836,775	8,734,044	8,825,662	8,577,705	8,341,841	8,291,216	8,064,736	7,923,487	7,620,648	7,626,801	7,547,224	7,502,050	7,496,326	7,487,571	7,430,858	7,393,158	7,367,002	7,320,666
total investment property and equipment	1,927,546,000	1,819,739,000	1,744,697,000	1,700,602,000	1,627,814,000	1,604,255,000	1,583,961,000	1,568,167,000	1,526,375,000	1,494,087,000	1,447,514,000	1,418,309,000	1,323,289,000	1,272,559,000	1,246,527,000	1,229,528,000	1,193,037,000	1,177,520,000	1,150,563,000	1,131,055,000	1,101,456,000	1,071,977,000	591,406,534	541,867,072	376,955,131	356,900,522	348,880,841	335,757,142	262,985,434	250,624,699	207,623,058	204,507,704	200,078,204	194,908,805	177,570,455	176,881,288	150,641,936	147,947,053	133,585,321	132,945,212	131,905,242	130,883,947	130,108,457	129,519,070	126,727,157	125,924,704	125,077,513	123,701,493
accumulated depreciation	-550,699,000	-517,599,000	-487,441,000	-471,703,000	-456,795,000	-443,448,000	-430,020,000	-416,309,000	-402,411,000	-389,012,000	-375,830,000	-363,098,000	-350,762,000	-338,825,000	-327,339,000	-316,073,000	-304,987,000	-294,118,000	-283,406,000	-272,823,000	-262,524,000	-252,436,000	-117,761,146	-112,634,111	-84,655,017	-81,472,772	-78,436,499	-75,578,048	-73,270,257	-71,278,067	-69,411,779	-67,800,705	-66,555,081	-65,335,662	-62,524,145	-61,142,288	-59,927,166	-58,849,532	-57,862,631	-56,936,558	-55,983,112	-54,990,031	-54,070,552	-53,111,822	-52,238,007	-51,282,224	-50,390,642	-49,449,373
net investment property and equipment	1,376,847,000	1,302,140,000	1,257,256,000	1,228,899,000	1,171,019,000	1,160,807,000	1,153,941,000	1,151,858,000	1,123,964,000	1,105,075,000	1,071,684,000	1,055,211,000	972,527,000	933,734,000	919,188,000	913,455,000	888,050,000	883,402,000	867,157,000	858,232,000	838,932,000	819,541,000	473,645,388	429,232,961	292,300,114	275,427,750	270,444,342	260,179,094	189,715,177	179,346,632	138,211,279	136,706,999	133,523,123	129,573,143	115,046,310	115,739,000	90,714,770	89,097,521	75,722,690	76,008,654	75,922,130	75,893,916	76,037,905	76,407,248	74,489,150	74,642,480	74,686,871	74,252,120
other assets
cash and cash equivalents	37,410,000	34,056,000	35,199,000	99,720,000	66,704,000	39,457,000	39,865,000	57,320,000	38,646,000	41,484,000	32,858,000	29,785,000	62,512,000	275,807,000	292,465,000	116,175,000	82,435,000	90,096,000	24,784,000	15,336,000	54,666,000	10,970,000	6,535,897	7,900,436	7,615,143	7,787,475	14,342,331	8,486,631	11,035,824	4,440,658	20,925,489	8,828,576	8,798,023	7,452,343	10,547,376	5,661,020	2,053,475	3,416,156	6,845,533	4,519,785	3,053,144	4,810,207	2,951,568	2,783,250	2,306,207	2,464,213	1,939,442	2,221,976
marketable securities at fair value	26,430,000	31,743,000	30,328,000	31,883,000	34,178,000	28,673,000	29,143,000	34,506,000	27,616,000	36,701,000	39,285,000	42,178,000	39,217,000	46,932,000	56,971,000	113,748,000	102,811,000	115,429,000	108,155,000	103,172,000	85,161,000	91,694,000
inventory of manufactured homes	44,399,000	35,727,000	41,008,000	34,982,000	31,440,000	31,986,000	29,219,000	32,940,000	38,950,000	61,054,000	88,342,000	88,468,000	57,206,000	45,992,000	34,288,000	23,659,000	20,331,000	23,453,000	27,548,000	25,450,000	27,063,000	27,758,000	14,311,410	13,468,373	13,786,041	14,826,631	14,164,471	11,756,413	11,855,080	12,619,760	11,910,126	9,538,464	10,188,747	10,294,589	10,322,854	10,574,240	11,456,900	9,103,020	7,823,543	8,016,210	7,725,899	8,077,175	9,005,056	9,459,924	8,848,493	9,499,560	10,311,406	10,853,824
notes and other receivables	105,973,000	102,115,000	94,650,000	91,668,000	88,367,000	85,940,000	82,772,000	81,071,000	78,584,000	75,491,000	70,146,000	67,271,000	65,103,000	59,660,000	57,937,000	55,359,000	53,917,000	51,406,000	46,497,000	46,414,000	44,603,000	40,614,000	20,028,574	20,134,541	26,019,725	26,815,127	24,768,065	24,323,361	22,713,864	22,415,328	21,110,507	20,571,739	21,325,854	21,352,827	21,295,658	21,599,080	21,878,658	22,050,324	21,325,654	21,565,242	21,596,453	21,890,052	22,110,336	22,597,670	21,973,416	21,439,816	20,562,873	20,756,996
prepaid expenses and other assets	15,548,000	17,088,000	16,016,000	14,261,000	17,138,000	15,485,000	14,508,000	11,729,000	14,232,000	15,033,000	15,517,000	20,011,000	20,628,000	19,045,000	18,049,000	17,135,000	20,254,000	18,301,000	21,797,000	17,785,000	19,355,000	13,205,000		8,436,630		4,627,934	1,605,636	1,379,033		1,172,507	1,218,232	1,043,330
land development costs	49,729,000	76,372,000	45,815,000	33,868,000	65,965,000	52,736,000	42,075,000	33,302,000	47,560,000	35,837,000	28,743,000	23,250,000	38,949,000	31,085,000	25,875,000	22,352,000	37,936,000	29,776,000	24,086,000	20,825,000	24,964,000	19,455,000	6,722,048	6,287,120	5,693,153	5,694,839	5,564,617	5,441,696	5,251,501	5,173,462	5,027,284	4,936,189	4,863,849	4,943,037	4,717,332	4,653,573	4,735,213	4,672,089	4,632,079	4,583,116	4,604,917	4,445,858	4,384,014	3,966,015	5,723,062	5,298,499	4,875,559	3,779,197
investment in joint ventures	31,281,000	30,294,000
total other assets	310,770,000	327,395,000	292,050,000	334,829,000	330,514,000	280,488,000	262,498,000	275,719,000	268,920,000	288,794,000	298,657,000	289,385,000	294,373,000	489,531,000	494,638,000	357,365,000	317,684,000	328,461,000	252,867,000	228,982,000	255,812,000	203,696,000	130,383,593	121,902,305	115,679,860	116,156,970	113,042,869	102,531,730	110,566,038	100,847,283	116,911,465	94,066,959	90,421,413	85,308,281	79,597,784	73,041,515	78,590,636	74,189,201	79,205,777	71,962,886	68,885,053	63,245,753	59,353,777	61,532,077	66,836,523	63,774,898	62,382,524	62,251,343
total assets	1,687,617,000	1,629,535,000	1,549,306,000	1,563,728,000	1,501,533,000	1,441,295,000	1,416,439,000	1,427,577,000	1,392,884,000	1,393,869,000	1,370,341,000	1,344,596,000	1,266,900,000	1,423,265,000	1,413,826,000	1,270,820,000	1,205,734,000	1,211,863,000	1,120,024,000	1,087,214,000	1,094,744,000	1,023,237,000	604,028,981	551,135,266	407,979,974	391,584,720	383,487,211	362,710,824	300,281,215	280,193,915	255,122,744	230,773,958	223,944,536	214,881,424	194,644,094	188,780,515	169,305,406	163,286,722	154,928,467	147,971,540	144,807,183	139,139,669	135,391,682	137,939,325	141,325,673	138,417,378	137,069,395	136,503,463
- liabilities and shareholders’ equity -																							2,015		2,013				2,012				2,011
liabilities:
mortgages payable, net of unamortized debt issuance costs	554,041,000	467,471,000	476,372,000	485,540,000	488,285,000	491,030,000	493,767,000	496,483,000	442,164,000	444,797,000	460,943,000	508,938,000	499,697,000	468,811,000	474,466,000	452,567,000	467,527,000	466,214,000	468,833,000	469,279,000	472,376,000	369,715,000
other liabilities:
accounts payable	6,979,000	8,234,000	7,090,000	7,979,000	5,732,000	5,386,000	5,754,000	6,106,000	5,978,000	6,704,000	6,020,000	6,387,000	6,768,000	4,572,000	4,365,000	4,274,000	4,685,000	5,614,000	4,667,000	4,390,000	5,746,000	4,287,000	2,816,290	2,726,181	1,628,713	2,114,184	1,109,328	1,174,743	1,070,021	1,426,391	1,390,274	223,885	688,672	262,470	835,275	748,477	1,111,371	438,101	588,311	310,165	379,262	343,811	300,271	614,252	489,520	982,845	303,626	613,339
loans payable, net of unamortized debt issuance costs	27,961,000	28,132,000	28,814,000	28,279,000	25,968,000	77,367,000	77,547,000	93,479,000	144,623,000	182,434,000	191,102,000	153,531,000	127,342,000	58,375,000	41,874,000	46,757,000	39,809,000	63,510,000	75,790,000	87,009,000	34,583,000	66,050,000
series a bonds, net of unamortized debt issuance costs	101,963,000	101,539,000	101,115,000	100,903,000	100,691,000	100,479,000	100,267,000	100,055,000	99,843,000	99,631,000	99,419,000	99,207,000	99,022,000	98,811,000	98,821,000
series b bonds, net of unamortized debt issuance costs	75,905,000	75,396,000
accrued liabilities and deposits	13,593,000	11,618,000	11,517,000	15,091,000	12,546,000	13,145,000	12,221,000	15,117,000	13,037,000	13,318,000	12,741,000	16,852,000	14,145,000	15,548,000	16,677,000	17,162,000	16,203,000	16,217,000	17,840,000	17,295,000	14,682,000	11,396,000	6,696,577	5,284,797	3,852,799	3,965,564	3,233,510	3,106,375	3,609,615	2,632,372	2,671,939	2,142,890	2,246,081	2,282,366	2,115,786	2,269,892	2,283,237	2,355,810	2,336,152	2,174,416	2,579,993	2,722,835	2,833,385	2,507,751	2,639,528	2,533,238	2,901,698	2,590,338
tenant security deposits	11,141,000	10,732,000	10,203,000	10,027,000	9,926,000	9,908,000	9,726,000	9,543,000	9,492,000	9,118,000	8,722,000	8,485,000	8,374,000	8,153,000	8,009,000	7,920,000	7,875,000	7,847,000	7,646,000	7,433,000	7,397,000	7,059,000	3,654,090	3,385,024	2,153,785	2,005,252	1,947,057	1,861,258	1,303,374	1,244,063	988,403	958,405	900,737	916,751	789,720	782,453	655,430	632,269	547,501	531,107	526,781	564,673	550,271	531,153	538,056	563,934	543,110	532,200
total other liabilities	237,542,000	235,651,000	158,739,000	162,279,000	154,863,000	206,285,000	205,515,000	224,300,000	272,973,000	311,205,000	318,004,000	284,462,000	255,651,000	432,559,000	169,746,000	76,113,000	68,572,000	93,188,000	105,943,000	116,127,000	157,425,000	88,792,000	71,153,460	80,553,834	56,754,293	51,211,297	43,410,748	18,284,561	16,424,615	29,845,667	14,031,776	20,936,465	27,785,321	22,976,688	20,292,062	26,036,985	27,721,998	25,817,440	21,760,167	21,680,728	24,655,346	25,816,028	26,852,801	27,264,730	27,294,846	24,374,274	19,791,348	20,758,630
total liabilities	791,583,000	703,122,000	635,111,000	647,819,000	643,148,000	697,315,000	699,282,000	720,783,000	715,137,000	756,002,000	778,947,000	793,400,000	755,348,000	901,370,000	644,212,000	528,680,000	536,099,000	559,402,000	574,776,000	585,406,000	629,801,000	458,507,000	357,790,556	346,519,639	217,394,237	205,193,818	198,408,390	180,027,039	125,295,967	136,779,729	109,731,310	117,243,811	118,067,331	113,276,136	120,075,270	116,852,762	104,059,176	102,666,964	91,605,044	91,999,678	93,075,965	94,866,701	92,361,532	93,217,625	91,836,066	89,355,845	85,293,801	82,508,330
commitments and contingencies
shareholders’ equity:
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 18,700 shares authorized as of march 31, 2026 and december 31, 2025; 12,982 and 12,916 shares issued and outstanding as of march 31, 2026 and december 31, 2025, respectively	324,552,000
common stock - 0.10 par value per share, 183,714 shares authorized as of march 31, 2026 and december 31, 2025; 85,137 and 84,850 shares issued and outstanding as of march 31, 2026 and december 31, 2025, respectively	8,514,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of march 31, 2026 and december 31, 2025
additional paid-in capital	586,740,000	619,651,000	607,640,000	610,630,000	567,178,000	464,330,000	438,431,000	433,106,000	414,888,000	389,736,000	361,331,000	343,189,000	313,806,000	326,573,000	327,309,000	300,020,000	227,814,000	210,767,000	126,765,000	115,026,000	103,455,000	116,930,000	109,629,260	115,240,854	96,504,643	100,729,012	91,509,957	82,959,865	76,110,692	81,135,524	78,007,273	74,374,933	69,088,409	73,571,526	69,525,957	64,775,002	61,603,213	57,790,284	56,770,702	53,217,203	54,686,388	52,040,260	50,657,879	49,958,681	56,605,558	56,189,673	55,537,779	54,631,309
accumulated deficit	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000																-667,793	-667,793	-667,793	-9,672,256	-5,127,682	-1,563,036	-667,793	-7,026,245	-4,232,768	-2,418,283	-667,793	-6,022,197	-1,066,493	-667,793	-2,907,201	-1,802,840	-1,005,674	-667,793	-5,327,440	-4,592,317	-3,753,069	-667,793
total umh properties, inc. shareholders’ equity	894,442,000	924,692,000	912,363,000	914,029,000	856,462,000	741,998,000	715,117,000	704,720,000	675,623,000	635,711,000	589,202,000	548,964,000	509,363,000
non-controlling interest in consolidated subsidiaries	1,592,000	1,721,000	1,832,000	1,880,000	1,923,000	1,982,000	2,040,000	2,074,000	2,124,000	2,156,000	2,192,000	2,232,000	2,189,000
total shareholders’ equity	896,034,000	926,413,000	914,195,000	915,909,000	858,385,000	743,980,000	717,157,000	706,794,000	677,747,000	637,867,000	591,394,000	551,196,000	511,552,000	521,895,000	769,614,000	742,140,000	669,635,000	652,461,000	545,248,000	501,808,000	464,943,000	564,730,000	246,238,425	204,615,627	190,585,737	186,390,902	185,078,821	182,683,785	174,985,248	143,414,186	145,391,434	113,530,147	105,877,205	101,605,288	74,568,824	71,927,753	65,246,230	60,619,758	63,323,423	55,971,862	51,731,218	44,272,968	43,030,150	44,721,700	49,489,607	49,061,533	51,775,594	53,995,133
total liabilities and shareholders’ equity	1,687,617,000	1,629,535,000	1,549,306,000	1,563,728,000	1,501,533,000	1,441,295,000	1,416,439,000	1,427,577,000	1,392,884,000	1,393,869,000	1,370,341,000	1,344,596,000	1,266,900,000	1,423,265,000	1,413,826,000	1,270,820,000	1,205,734,000	1,211,863,000	1,120,024,000	1,087,214,000	1,094,744,000	1,023,237,000	604,028,981	551,135,266	407,979,974	391,584,720	383,487,211	362,710,824	300,281,215	280,193,915	255,122,744	230,773,958	223,944,536	214,881,424	194,644,094	188,780,515	169,305,406	163,286,722	154,928,467	147,971,540	144,807,183	139,139,669	135,391,682	137,939,325	141,325,673	138,417,378	137,069,395	136,503,463
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 18,700 and 13,700 shares authorized as of september 30, 2025 and december 31, 2024, respectively; 12,875 and 12,823 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively		321,885,000
common stock - 0.10 par value per share, 183,714 and 163,714 shares authorized as of september 30, 2025 and december 31, 2024, respectively; 85,197 and 81,909 shares issued and outstanding as of september 30, 2025 and december 31, 2024, respectively		8,520,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of september 30, 2025 and december 31, 2024
investment in joint venture			29,034,000	28,447,000	26,722,000	26,211,000	24,916,000	24,851,000	23,332,000	23,194,000	23,766,000	18,422,000	10,758,000	11,010,000	9,053,000	8,937,000
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 18,700 and 13,700 shares authorized as of march 31, 2025 and december 31, 2024, respectively; 12,872 and 12,823 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively			321,804,000
common stock - 0.10 par value per share, 183,714 and 163,714 shares authorized as of march 31, 2025 and december 31, 2024, respectively; 82,825 and 81,909 shares issued and outstanding as of march 31, 2025 and december 31, 2024, respectively			8,283,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of march 31, 2025 and december 31, 2024
-assets-
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 shares authorized as of december 31, 2024 and 2023; 12,823 and 11,607 shares issued and outstanding as of december 31, 2024 and 2023, respectively				320,572,000
common stock - 0.10 par value per share, 163,714 and 153,714 shares authorized as of december 31, 2024 and 2023, respectively; 81,909 and 67,978 shares issued and outstanding as of december 31, 2024 and 2023, respectively				8,191,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of december 31, 2024 and 2023
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 shares authorized as of september 30, 2024 and december 31, 2023; 12,271 and 11,607 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively					306,778,000
common stock - 0.10 par value per share, 163,714 and 153,714 shares authorized as of september 30, 2024 and december 31, 2023, respectively; 78,697 and 67,978 shares issued and outstanding as of september 30, 2024 and december 31, 2023, respectively					7,870,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of september 30, 2024 and december 31, 2023
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 shares authorized as of june 30, 2024 and december 31, 2023; 11,830 and 11,607 shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively						295,757,000
common stock - 0.10 par value per share, 153,714 shares authorized as of june 30, 2024 and december 31, 2023; 72,750 and 67,978 shares issued and outstanding as of june 30, 2024 and december 31, 2023, respectively						7,275,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of june 30, 2024 and december 31, 2023
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 shares authorized as of march 31, 2024 and december 31, 2023; 11,801 and 11,607 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively							295,035,000
common stock - 0.10 par value per share, 153,714 shares authorized as of march 31, 2024 and december 31, 2023; 70,153 and 67,978 shares issued and outstanding as of march 31, 2024 and december 31, 2023, respectively							7,015,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of march 31, 2024 and december 31, 2023
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 and 9,300 shares authorized as of december 31, 2023 and 2022, respectively; 11,607 and 9,015 shares issued and outstanding as of december 31, 2023 and 2022, respectively								290,180,000
common stock - 0.10 par value per share, 153,714 and 154,048 shares authorized as of december 31, 2023 and 2022, respectively; 67,978 and 57,595 shares issued and outstanding as of december 31, 2023 and 2022, respectively								6,798,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of december 31, 2023 and 2022
undistributed income								-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000	-25,364,000																									-3,664,857	-667,793
series d - 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 and 9,300 shares authorized as of september 30, 2023 and december 31, 2022, respectively; 11,179 and 9,015 shares issued and outstanding as of september 30, 2023 and december 31, 2022, respectively									279,482,000
common stock - 0.10 par value per share, 153,714 and 154,048 shares authorized as of september 30, 2023 and december 31, 2022, respectively; 66,172 and 57,595 shares issued and outstanding as of september 30, 2023 and december 31, 2022, respectively									6,617,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of september 30, 2023 and december 31, 2022
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 and 9,300 shares authorized as of june 30, 2023 and december 31, 2022, respectively; 10,601 and 9,015 shares issued and outstanding as of june 30, 2023 and december 31, 2022, respectively										265,032,000
common stock - 0.10 par value per share, 153,714 and 154,048 shares authorized as of june 30, 2023 and december 31, 2022, respectively; 63,072 and 57,595 shares issued and outstanding as of june 30, 2023 and december 31, 2022, respectively										6,307,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of june 30, 2023 and december 31, 2022
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 13,700 and 9,300 shares authorized as of march 31, 2023 and december 31, 2022, respectively; 9,889 and 9,015 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively											247,237,000
common stock - 0.10 par value per share, 149,648 and 154,048 shares authorized as of march 31, 2023 and december 31, 2022, respectively; 59,984 and 57,595 shares issued and outstanding as of march 31, 2023 and december 31, 2022, respectively											5,998,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of march 31, 2023 and december 31, 2022
series c – 6.75% cumulative redeemable preferred stock, 0.10 par value per share, 3,866 and 13,750 shares authorized as of december 31, 2022 and 2021, respectively; 9,884 shares issued and outstanding as of december 31, 2021
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 shares authorized; 9,015 and 8,609 shares issued and outstanding as of december 31, 2022 and 2021, respectively												225,379,000
common stock - 0.10 par value per share, 154,048 and 144,164 shares authorized as of december 31, 2022 and 2021, respectively; 57,595 and 51,651 shares issued and outstanding as of december 31, 2022 and 2021, respectively												5,760,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of december 31, 2022 and 2021
series c – 6.75% cumulative redeemable preferred stock, 0.10 par value per share, 3,866 and 13,750 shares authorized as of september 30, 2022 and december 31, 2021, respectively; 9,884 shares issued and outstanding as of december 31, 2021
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 9,300 shares authorized; 8,616 and 8,609 shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively													215,407,000
common stock - 0.10 par value per share; 154,048 and 144,164 shares authorized as of september 30, 2022 and december 31, 2021, respectively; 55,138 and 51,651 shares issued and outstanding as of september 30, 2022 and december 31, 2021, respectively													5,514,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of september 30, 2022 and december 31, 2021
series c preferred stock called for redemption														247,100,000
series c – 6.75% cumulative redeemable preferred stock, 0.10 par value per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of december 31, 2021
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 9,300 shares authorized; 8,609 shares issued and outstanding as of june 30, 2022 and december 31, 2021														215,219,000
common stock - 0.10 par value per share; 144,164 shares authorized; 54,665 and 51,651 shares issued and outstanding as of june 30, 2022 and december 31, 2021, respectively														5,467,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of june 30, 2022 and december 31, 2021
series c – 6.75% cumulative redeemable preferred stock, 0.10 par value per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of march 31, 2022 and december 31, 2021															247,100,000
series d – 6.375% cumulative redeemable preferred stock, 0.10 par value per share, 9,300 shares authorized; 8,609 shares issued and outstanding as of march 31, 2022 and december 31, 2021															215,219,000
common stock - 0.10 par value per share; 144,164 shares authorized; 53,500 and 51,651 shares issued and outstanding as of march 31, 2022 and december 31, 2021, respectively															5,350,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of march 31, 2022 and december 31, 2021
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of december 31, 2021 and 2020																247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 shares authorized; 8,609 and 6,434 shares issued and outstanding as of december 31, 2021 and 2020, respectively																215,219,000
common stock - 0.10 par value per share, 144,164 shares authorized; 51,651 and 41,920 shares issued and outstanding as of december 31, 2021 and 2020, respectively																5,165,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of december 31, 2021 and 2020
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of september 30, 2021 and december 31, 2020																	247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 shares authorized; 8,609 and 6,434 shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively																	215,219,000
common stock - 0.10 par value per share; 144,164 shares authorized; 48,658 and 41,920 shares issued and outstanding as of september 30, 2021 and december 31, 2020, respectively																	4,866,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of september 30, 2021 and december 31, 2020
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of june 30, 2021 and december 31, 2020																		247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 shares authorized; 8,609 and 6,434 shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively																		215,219,000
common stock - 0.10 par value per share; 140,364 shares authorized; 47,387 and 41,920 shares issued and outstanding as of june 30, 2021 and december 31, 2020, respectively																		4,739,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of june 30, 2021 and december 31, 2020
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of march 31, 2021 and december 31, 2020																			247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 shares authorized; 7,698 and 6,434 shares issued and outstanding as of march 31, 2021 and december 31, 2020, respectively																			192,445,000
common stock - 0.10 par value per share; 140,364 shares authorized; 43,023 and 41,920 shares issued and outstanding as of march 31, 2021 and december 31, 2020, respectively																			4,302,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of march 31, 2021 and december 31, 2020
series b – 8.0% cumulative redeemable preferred stock, par value 0.10 per share, 4,000 shares authorized; 3,801 shares issued and outstanding as of december 31, 2019
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 and 9,750 shares issued and outstanding as of december 31, 2020 and 2019, respectively																				247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 and 6,000 shares authorized; 6,434 and 2,651 shares issued and outstanding as of december 31, 2020 and 2019, respectively																				160,854,000
common stock - 0.10 par value per share,140,364 and 123,664 shares authorized; 41,919 and 41,130 shares issued and outstanding as of december 31, 2020 and 2019, respectively																				4,192,000
excess stock - 0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of december 31, 2020 and 2019
series b preferred stock called for redemption																					95,017,000
series b – 8.0% cumulative redeemable preferred stock, par value 0.10 per share; 4,000 shares authorized; 3,801 shares issued and outstanding as of december 31, 2019
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,884 and 9,750 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively																					247,100,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 9,300 and 6,000 shares authorized; 5,424 and 2,651 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively																					135,589,000
common stock - 0.10 par value per share; 140,364 and 123,664 shares authorized; 41,627 and 41,130 shares issued and outstanding as of september 30, 2020 and december 31, 2019, respectively																					4,163,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of september 30, 2020 and december 31, 2019
series b – 8.0% cumulative redeemable preferred stock, par value 0.10 per share; 4,000 shares authorized; 3,801 shares issued and outstanding as of june 30, 2020 and december 31, 2019																						95,017,000
series c – 6.75% cumulative redeemable preferred stock, par value 0.10 per share, 13,750 shares authorized; 9,750 shares issued and outstanding as of june 30, 2020 and december 31, 2019																						243,750,000
series d – 6.375% cumulative redeemable preferred stock, par value 0.10 per share, 6,000 shares authorized; 5,211 and 2,651 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively																						130,267,000
common stock - 0.10 par value per share; 143,664 and 123,664 shares authorized; 41,301 and 41,130 shares issued and outstanding as of june 30, 2020 and december 31, 2019, respectively																						4,130,000
excess stock - 0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of june 30, 2020 and december 31, 2019
securities available for sale at fair value																							75,011,260	61,436,212	59,254,942				57,325,440
unamortized financing costs																							3,711,591	4,238,993	2,128,006	2,212,267	2,275,257	2,106,454	1,473,454	1,458,135	1,448,253	1,487,726	1,319,119	1,165,704	1,218,377	1,060,052	812,877	865,333	779,841	805,961	652,813	682,333	622,060	670,783	637,765	666,459	684,543	541,360
prepaid expenses																							4,062,813		1,182,850				910,875				627,607	1,254,349	951,435	736,073	1,078,145	606,970	821,060	648,295	788,740	426,507	702,998	479,363	737,815	490,130	612,403	574,759
mortgages payable																							286,637,096	265,965,805	160,639,944	153,982,521	154,997,642	161,742,478	108,871,352	106,934,062	95,699,534	96,307,346	90,282,010	90,299,448	99,783,208	90,815,777	76,337,178	76,849,524	69,844,877	70,318,950	68,420,619	69,050,673	65,508,731	65,952,895	64,541,220	64,981,571	65,502,453	61,749,700
loans payable																							57,986,503	69,157,832	49,118,996	43,126,297	37,120,853	12,142,185	10,441,605	24,542,841	8,981,160	17,611,285	23,949,831	19,515,101	16,551,281	22,236,163	23,671,960	22,391,260	18,288,203	18,665,040	21,169,310	22,184,709	23,168,874	23,611,574	23,627,742	20,294,257	16,042,914	17,022,753
series a – 8.25% cumulative redeemable preferred
stock, par value 0.10 per share, 3,663,800 shares authorized,
issued and outstanding as of december 31, 2015 and 2014																							91,595,000
series b – 8.0% cumulative redeemable preferred
stock, par value 0.10 per share, 2,000,000 shares authorized;
1,801,200 and -0- shares issued and outstanding as of
december 31, 2015 and 2014, respectively																							45,030,000
common stock - 0.10 par value per share, 62,000,000 and
42,000,000 shares authorized; 27,086,838 and 24,372,083
shares issued and outstanding as of december 31, 2015 and
2014, respectively																							2,708,684
excess stock - 0.10 par value per share, 3,000,000 shares
authorized; no shares issued or outstanding as of
december 31, 2015 and 2014
accumulated other comprehensive income																							-2,056,726	-4,231,633	1,076,898	1,781,843	5,239,406	7,911,573	6,236,161	7,300,856	9,645,827	6,522,002	2,461,305	-898,115	4,691,249	6,450,381	5,240,399	3,367,188	6,304,250	2,214,307	1,204,632			-5,671,361	-3,338,440		-1,179,793	-1,042,104
other liabilities
series a – 8.25% cumulative redeemable preferred stock,
par value 0.10 per share, 3,663,800 shares authorized,
issued and outstanding as of september 30, 2015 and
december 31, 2014, respectively																								91,595,000
common stock – 0.10 par value per share, 42,000,000 shares
authorized, 26,791,988 and 24,372,083 shares issued and
outstanding as of september 30, 2015 and december 31, 2014,
respectively																								2,679,199
authorized; no shares issued or outstanding
series a – 8.25% cumulative redeemable preferred stock, par value .10 per share, 3,663,800 shares authorized, issued and outstanding as of december 31, 2013 and 2012																									91,595,000
common stock - .10 par value per share, 42,000,000 shares authorized; 20,769,892 and 17,111,882 shares issued and outstanding as of december 31, 2013 and 2012, respectively																									2,076,989
excess stock - .10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding
securities available for sale																										54,192,697	50,322,492	49,038,142		53,567,433	55,271,574	47,660,935	43,298,214	38,845,432	30,544,752	28,757,477	36,575,368	33,475,309	36,978,067	31,824,277	30,463,087	22,913,621	19,577,745	21,575,072	26,609,765	23,916,221	23,396,298	23,523,231
series a – 8.25% cumulative redeemable preferred stock, par value 0.10 per share, 3,663,800 shares authorized, issued and outstanding as of september 30, 2013 and december 31, 2012, respectively																										91,595,000
common stock – 0.10 par value per share, 42,000,000 shares authorized, 19,573,027 and 17,111,882 shares issued and outstanding as of september 30, 2013 and december 31, 2012, respectively																										1,957,303
excess stock - 0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding
series a – 8.25% cumulative redeemable preferred stock, par value 0.10 per share, 3,663,800 shares authorized, issued and outstanding as of june 30, 2013 and december 31, 2012, respectively																											91,595,000
common stock – 0.10 par value per share, 42,000,000 shares authorized, 18,621,404 and 17,111,882 shares issued and outstanding as of june 30, 2013 and december 31, 2012, respectively																											1,862,140
series a – 8.25% cumulative redeemable preferred stock, par value 0.10 per share, 3,663,800 shares authorized, issued and outstanding as of march 31, 2013 and december 31, 2012, respectively																												91,595,000
common stock – .10 par value per share, 42,000,000 shares authorized, 17,803,826 and 17,111,882 shares issued and outstanding as of march 31, 2013 and december 31, 2012, respectively																												1,780,383
series a – 8.25% cumulative redeemable preferred stock, par value .10 per share, 3,663,800 and 1,380,000 shares authorized, 3,663,800 and 1,338,800 shares issued and outstanding as of december 31, 2012 and 2011, respectively																													91,595,000
common stock - .10 par value per share, 42,000,000 and 28,000,000 shares authorized; 17,111,882 and 15,252,839 shares issued and outstanding as of december 31, 2012 and 2011, respectively																													1,711,188
series a – 8.25% cumulative redeemable preferred stock, 60,345,000 and 33,470,000 liquidation value, 2,488,800 and 1,380,000 shares authorized, 2,413,800 and 1,338,800 shares issued and outstanding as of september 30, 2012 and december 31, 2011, respectively																														60,345,000
common stock – .10 par value per share, 35,000,000 and 28,000,000 shares authorized, 16,590,505 and 15,252,839 shares issued and outstanding as of september 30, 2012 and december 31, 2011, respectively																														1,659,051
series a – 8.25% cumulative redeemable preferred stock, 60,345,000 and 33,470,000 liquidation value, 2,488,800 and 1,380,000 shares authorized, 2,413,800 and 1,338,800 shares issued and outstanding as of june 30, 2012 and december 31, 2011, respectively																															60,345,000
common stock – .10 par value per share, 35,000,000 and 28,000,000 shares authorized, 16,261,015 and 15,252,839 shares issued and outstanding as of june 30, 2012 and december 31, 2011, respectively																															1,626,102
series a – 8.25% cumulative redeemable preferred stock, 33,470,000 liquidation value, 1,380,000 shares authorized; 1,338,800 shares issued and outstanding as of march 31, 2012 and december 31, 2011																																33,470,000
common stock – .10 par value per share, 28,000,000 and 20,000,000 shares authorized; 15,814,945 and 15,252,839 shares issued and outstanding as of march 31, 2012 and december 31, 2011, respectively																																1,581,495
series a – 8.25% cumulative redeemable preferred stock, par value .10 per share, 33,470,000 liquidation value, 1,380,000 shares authorized, 1,338,800 shares issued and outstanding as of december 31, 2011																																	33,470,000
common stock - .10 par value per share, 28,000,000 and 20,000,000 shares authorized; 15,252,839 and 13,701,625 shares issued and outstanding as of december 31, 2011 and 2010, respectively																																	1,525,284
series a – 8.25% cumulative redeemable preferred stock, 33,470,000 liquidation value, 1,380,000 shares authorized; 1,338,800 shares issued and outstanding as of september 30, 2011																																		33,470,000
common stock – .10 par value per share, 28,000,000 and 20,000,000 shares authorized; 14,840,740 and 13,701,625 shares issued and outstanding as of september 30, 2011 and december 31, 2010, respectively																																		1,484,074
common stock - .10 par value per share, 20,000,000 shares authorized; 14,181,108 and 13,701,625 shares issued and outstanding as of march 31, 2011 and december 31, 2010, respectively																																			1,418,111
common stock - .10 par value per share, 20,000,000 shares authorized; 13,701,625 and 12,081,452 shares issued and outstanding as of december 31, 2010 and 2009, respectively																																				1,370,163
common stock - .10 par value per share, 20,000,000 shares authorized; 13,098,192 and 12,081,452 shares issued and outstanding as of september 30, 2010 and december 31, 2009, respectively																																					1,309,819
common stock - .10 par value per share, 20,000,000 shares authorized; 12,651,256 and 12,081,452 shares issued and outstanding as of june 30, 2010 and december 31, 2009, respectively																																						1,265,126
common stock - .10 par value per share, 20,000,000 shares authorized; 12,541,449 and 12,081,452 shares issued and outstanding as of march 31, 2010 and december 31, 2009, respectively																																							1,254,145
common stock - .10 par value per share, 20,000,000 shares authorized; 12,081,452 and 11,021,734 shares issued and outstanding as of december 31, 2009 and 2008, respectively																																								1,208,145
common stock - .10 par value per share, 20,000,000 shares authorized; 11,676,381 and 11,021,734 shares issued and outstanding as of september 30, 2009 and december 31, 2008, respectively																																									1,167,638
common stock - .10 par value per share, 20,000,000 shares authorized; 11,338,669 and 11,021,734 shares issued and outstanding as of june 30, 2009 and december 31, 2008, respectively																																										1,133,867
accumulated other comprehensive loss																																										-4,308,842	-4,989,976			-4,108,381
common stock - .10 par value per share, 20,000,000 shares authorized; 11,153,164 and 11,021,734 shares issued and outstanding as of march 31, 2009 and december 31, 2008, respectively																																											1,115,316
common stock - .10 par value per share, 20,000,000 shares authorized; 11,021,734 and 10,737,206 shares issued and outstanding as of december 31, 2008 and 2007, respectively																																												1,102,173
common stock - .10 par value per share, 20,000,000 shares authorized; 10,951,439 and 10,737,206 shares issued and outstanding as of september 30, 2008 and december 31, 2007, respectively																																													1,095,144
cumulative distributions in excess of net income																																													-4,872,655	-4,109,564
common stock - .10 par value per share, 20,000,000 shares authorized; 10,898,054 and 10,737,206 shares issued and outstanding as of june 30, 2008 and december 31, 2007, respectively																																														1,089,805
common stock - .10 par value per share, 20,000,000 shares authorized; 10,824,652 and 10,737,206 shares issued and outstanding as of march 31, 2008 and december 31, 2007, respectively																																															1,082,465
common stock - .10 par value per share, 20,000,000 shares authorized; 10,737,206 and 10,318,940 shares issued and outstanding as of december 31, 2007 and 2006, respectively																																																1,073,721

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-09-30	2017-06-30	2017-03-31	2016-09-30	2016-06-30	2016-03-31	2015-06-30	2015-03-31	2014-06-30	2014-03-31	2013-09-30	2013-06-30

cash flows from operating activities:
net income	7,689,000	4,810,000	4,980,000	12,905,000						-1,501,000	3,659,000	-5,218,000	-6,688,000	3,275,000	17,010,000	4,197,000	16,003,000	13,878,000	23,245,000			-34,748,000	3,531,096	12,432,808	748,703	11,037,393	-27,729,875	-6,349,343	20,071,984	-22,208,337	9,137,418	5,875,417	2,285,546	8,157,944	4,957,931	1,906,469	922,499	718,517	2,044,914	568,189	6,569,827	5,768,950
non-cash items included in net income:
depreciation	17,976,000	16,663,000	15,804,000	14,693,000	15,001,000	14,741,000	14,448,000	14,147,000	13,751,000	13,373,000	12,766,000	12,302,000	11,984,000	11,717,000	11,552,000	11,380,000	11,184,000	11,008,000	10,716,000			10,227,000	9,801,112	9,390,236	8,868,341	8,751,311	8,280,690	8,051,627	7,764,258	7,594,634	20,260,556	13,280,443	6,540,238	17,092,676	11,205,009	5,525,842	8,679,469	4,228,274	7,110,126	3,437,672	8,468,603	5,399,094
amortization of financing costs	881,000	599,000	614,000	607,000	607,000	556,000	543,000	536,000	538,000	518,000	511,000	506,000	533,000	406,000	276,000	275,000	274,000	176,000	373,000			205,000	198,675	194,794	177,872	186,659	162,841	155,642	152,081	154,881	496,225	326,614	174,787	580,335	384,813	186,087	265,889	130,043	255,441	116,580	255,370	167,380
stock compensation expense	1,152,000	1,813,000	1,052,000	1,189,000	1,189,000	1,354,000	886,000	1,011,000	1,471,000	1,528,000	1,058,000	1,611,000	1,132,000	1,169,000	1,188,000	735,000	774,000	750,000	223,000			574,000	447,290	432,837	668,190	390,683	365,388	394,168	571,492	282,062	998,059	670,057	169,377	896,519	476,773	157,745	453,678	177,801	562,896	223,797	637,079	409,377
provision for uncollectible notes and other receivables	407,000	450,000	777,000	507,000	332,000	463,000	729,000	535,000	439,000	358,000	518,000	368,000	428,000	183,000	390,000	192,000	397,000	234,000	490,000			378,000	436,127	349,198	382,347	240,328					-934,794	550,728	218,530	650,382	546,363	222,737
loss on marketable securities	36,418,000
decrease in fair value of marketable securities	-39,083,000	1,562,000	2,301,000	-5,499,000	-3,338,000	5,369,000	-6,884,000	5,496,000	2,548,000	2,395,000	-21,185,000	1,230,000	10,044,000	31,750,000				-10,219,000	-17,802,000			38,593,000	562,833			-8,595,766	31,912,817	10,487,430	-16,623,670	25,898,819
loss on sales of investment property and equipment	3,000	1,000	22,000	78,000	10,000	3,000		26,000	-5,000	-32,000	73,000	10,000	44,000	42,000	61,000	91,000	-5,000	23,000	39,000			107,000	74,945	27,341	-12,262	20,976	23,018	27,479	64,927	15,705	29,540	10,642	24,380	23,510	22,938		69,216	-4,713	-23,551	22,644	-17,580	64,909
loss on investment in joint ventures	158,000
changes in operating assets and liabilities:
inventory of manufactured homes	-2,029,000	-6,026,000	-3,542,000	546,000	-2,767,000	3,721,000	6,010,000	22,104,000	27,288,000	126,000	-31,262,000	-11,214,000	-11,704,000	-10,629,000	-3,328,000	3,122,000	4,095,000	-2,098,000	1,613,000			910,000	-1,451,624	-2,225,890	-5,605,237	1,018,751	1,387,846	-1,925,488	-4,183,983	-1,412,332	-68,599	-3,508,325	-555,802	-2,024,369	-3,522,102	-1,082,086	-1,810,611	1,742,190	-3,141,207	1,679,688	-2,971,551	-2,309,391
notes and other receivables, net of notes acquired with acquisitions	-1,793,000	-3,432,000	-4,078,000	-2,934,000	-3,500,000	-2,164,000	-3,216,000	-3,628,000	-5,785,000	-3,232,000	-2,686,000	-5,142,000	-2,151,000	-2,761,000			-5,120,000	-302,000					-1,160,658	-2,197,396			-3,157,371	-1,355,752	-1,861,279	-63,850	167,229	-902,475	-46,954
prepaid expenses and other assets	-2,035,000	441,000	4,242,000	-5,352,000	1,101,000	-549,000	2,696,000	21,000	-2,015,000	3,606,000	3,123,000	-2,204,000	-3,037,000	1,482,000			2,589,000	-2,000,000	806,000			72,000	-2,954	2,458,815	-3,285,368	-2,987,493	1,867,487	-70,691	-2,194,507	270,173	-1,137,782	-258,857	174,097	-875,188			-1,793,057	-696,099	300,138	309,527	-3,717,059	-694,761
accounts payable	1,316,000	-889,000	2,247,000	346,000	-368,000	-352,000	128,000	-726,000	684,000	-367,000	-381,000	2,196,000	207,000	91,000	-411,000	-929,000	947,000	277,000	-1,356,000			-79,000	-443,361	683,179	-333,227	792,409	190,362	-239,038	802,875	158,507	747,791	1,639,370	802,082	977,426	535,204	720,879	932,400	249,084	894,012	128,093	1,044,163	39,307
accrued liabilities and deposits	-522,000	-3,574,000	2,545,000	-599,000	924,000	-2,896,000	2,080,000	-281,000	577,000	-4,111,000	2,707,000	-1,403,000	-1,129,000	-485,000			-1,624,000	545,000	2,614,000			1,204,000	635,088	1,419,536	-1,476,033	2,585,409	-150,537	1,285,689	-414,082	-205,094	262,499	-480,463	218,439	-1,189,041	-1,327,397	-260,441	523,496	33,559	231,913	-16,065	636,934	15,167
tenant security deposits	306,000	176,000	101,000	18,000	182,000	183,000	51,000	374,000	396,000	237,000	111,000	221,000	144,000	89,000	45,000	28,000	201,000	213,000	36,000			179,000	25,522	482,506	140,603	132,369	228,822	87,665	278,878	119,163	650,335	494,521	366,593	554,962	411,956	229,220	319,327	111,523	354,608	264,285	701,878	643,683
net cash from operating activities	20,844,000	12,779,000		16,726,000	18,557,000	19,048,000	29,762,000	37,890,000	39,485,000	12,940,000	-13,066,000	-332,000	-193,000	5,608,000	18,913,000	13,047,000			18,696,000			17,295,000			-526,399	12,174,596	15,447,702	10,282,635	4,155,030	10,289,819	29,090,188	16,645,904		21,403,450	11,688,823	7,659,150	10,246,793	7,244,878	7,946,692	5,834,055	3,712,476	3,768,504
capital expenditures	-24,394,000	-20,656,000		-26,523,000	-23,191,000	-17,861,000	-15,244,000	-34,012,000	-47,837,000	-26,767,000	-27,435,000	-25,031,000	-16,406,000	-12,240,000	0	0			-17,334,000			-16,866,000			-15,221,787	-12,104,430	-14,407,779	-15,003,217	-13,090,998	-10,468,059	-48,095,917	-29,400,897		-44,239,188	-26,353,180	-10,478,716	-20,349,094	-6,844,617	-15,126,286	-6,564,391	-20,252,444	-12,018,348
free cash flows	-3,550,000	-7,877,000		-9,797,000	-4,634,000	1,187,000	14,518,000	3,878,000	-8,352,000	-13,827,000	-40,501,000	-25,363,000	-16,599,000	-6,632,000	18,913,000	13,047,000			1,362,000			429,000			-15,748,186	70,166	1,039,923	-4,720,582	-8,935,968	-178,240	-19,005,729	-12,754,993		-22,835,738	-14,664,357	-2,819,566	-10,102,301	400,261	-7,179,594	-730,336	-16,539,968	-8,249,844
cash flows from investing activities:
purchase of manufactured home communities		-25,367,000						0	0	-3,679,000		-27,378,000	-11,317,000	-5,989,000			-10,568,000	-8,358,000										-3,538,871			-40,877,655	-40,877,655	-36,824,379								-74,750,000	-74,750,000
purchase of investment property and equipment	-24,394,000	-20,656,000	-24,526,000	-26,523,000	-23,191,000	-17,861,000	-15,244,000	-34,012,000	-47,837,000	-26,767,000	-27,435,000	-25,031,000	-16,406,000	-12,240,000			-17,719,000	-12,189,000	-17,334,000			-16,866,000	-15,191,138	-22,017,645	-15,221,787	-12,104,430	-14,407,779	-15,003,217	-13,090,998	-10,468,059	-48,095,917	-29,400,897	-11,846,814	-44,239,188	-26,353,180	-10,478,716	-20,349,094	-6,844,617	-15,126,286	-6,564,391	-20,252,444	-12,018,348
proceeds from sales of investment property and equipment	983,000	1,003,000	1,394,000	1,540,000	1,314,000	1,034,000	767,000	950,000	700,000	632,000	576,000	635,000	1,149,000	738,000	836,000	770,000	677,000	576,000	738,000			531,000	615,617	729,095	711,297	688,991	797,723	815,628	605,230	535,927	1,651,685	1,221,672	522,436	844,097	635,264	316,668
additions to land development costs	-9,460,000	-10,611,000	-17,783,000	-12,535,000	-9,967,000	-8,282,000	-13,618,000	-11,723,000	-7,094,000	-5,493,000	-10,588,000	-7,864,000	-5,210,000	-3,523,000			-5,690,000	-3,261,000	-7,805,000			-3,656,000	-6,354,542	-6,127,778	-4,791,282	-2,812,398	-4,715,974	-4,809,913	-2,412,821	-1,281,690	-2,263,009	-1,618,152	-692,389	-2,484,948	-1,316,797	-747,675
purchase of marketable securities through automatic reinvestments	-7,000	-7,000
investment in joint ventures	-309,000
net cash from investing activities	-33,187,000	-56,411,000	-42,851,000	-38,256,000	-33,334,000	-25,424,000	-30,646,000	-41,108,000	-53,624,000	-40,195,000	-65,686,000	-59,306,000	-33,746,000	34,617,000					-26,126,000			-20,477,000			-19,726,597	-14,736,584	-50,233,809	-25,892,630	-44,004,691	-17,472,030	-115,409,261	-75,852,494		-59,957,952	-36,518,383	-18,538,126	-37,153,552	-12,153,616	-19,545,351	-11,003,958	-92,415,569	-77,210,353
cash flows from financing activities:
net proceeds from short-term borrowings	126,000	371,000			207,000	-16,044,000		-37,865,000	-8,457,000	37,984,000		68,944,000
principal payments of mortgages and loans	-2,340,000	-9,391,000	-2,977,000	-2,972,000	-2,969,000	-2,946,000	-2,888,000	-2,846,000	-16,369,000	-48,214,000																								-13,629,215	-11,946,213	-1,696,752			-2,268,260	-1,111,615	-8,648,831	-7,633,710
financing costs on debt	-24,000		-52,000	-41,000	-550,000	-2,000	-807,000	-57,000	-313,000	-501,000	-800,000	-476,000	-245,000	-5,040,000					-810,000				34,735	-771,831	-9,963	-4,941	-458,074	-255,320	-532	-35,000	-595,124	-439,982	-109,868	-390,961	-370,392	-124,464	-1,211,513	-1,143,512	-241,177	-241,177	-994,183	-969,183
proceeds from at-the-market preferred equity program, net of offering costs	1,464,000	982,000	12,755,000	10,202,000	659,000	4,399,000	8,937,000	12,192,000	15,309,000	19,291,000	8,965,000				0	0	22,349,000	30,864,000	24,668,000			63,132,000
proceeds from at-the-market common equity program, net of offering costs		9,237,000	57,428,000	106,716,000	36,083,000	20,395,000	23,825,000	43,517,000	44,159,000	34,288,000	37,999,000	4,517,000	19,867,000	38,369,000	68,548,000	25,819,000	78,117,000	6,585,000	266,000
proceeds from issuance of common stock in the drip, net of dividend reinvestments	1,306,000	1,776,000	1,741,000	1,755,000	1,744,000	1,759,000	1,587,000	1,610,000	1,335,000	1,862,000	1,815,000	1,712,000	735,000	763,000	1,530,000				2,778,000				217,397			8,867,710	8,746,163			9,357,099	46,565,672	28,659,238	13,772,576
proceeds from exercise of stock options	97,000	354,000	0	840,000	313,000	1,766,000	0	184,000	413,000	137,000	0	982,000	2,220,000	993,000	297,000	993,000	4,723,000	2,588,000	37,000			306,000	1,839,020	329,320			0	549,880	701,200	133,920	5,435,634	5,435,634	2,231,032	1,081,380	591,225	71,725	151,200	52,910
preferred dividends paid	-5,173,000	-5,129,000	-4,995,000	-4,783,000	-4,712,000	-4,673,000	-4,472,000	-4,364,000	-4,051,000	-3,836,000	-3,433,000	-5,978,000	-7,600,000	-7,600,000			-7,600,000	-7,039,000	-7,654,000			-8,090,000	-6,964,229	-6,810,757	-6,810,757	-5,123,257	-5,123,257	-5,123,257	-5,123,258	-4,680,547	-12,339,553	-7,579,494	-3,789,747	-10,773,898	-6,595,262	-3,194,404	-3,778,294	-1,889,147	-3,778,294	-1,889,147	-5,667,441	-3,778,294
common dividends paid, net of dividend reinvestments	-18,068,000	-16,893,000	-16,131,000	-15,113,000	-14,328,000	-13,503,000	-12,970,000	-12,771,000	-11,760,000	-11,571,000	-10,519,000	-10,329,000	-10,285,000	-9,495,000			-7,764,000	-7,128,000	-6,698,000			-6,513,000	-5,296,969	-5,373,646	-5,273,327	-5,176,058	-4,673,948	-5,358,246	-5,704,522	-5,798,374	-15,124,760	-9,730,543	-4,735,323	-13,075,166
net cash from financing activities	-22,612,000	-18,693,000	49,962,000	45,078,000	16,447,000	-8,849,000	19,751,000	-400,000	20,266,000	29,440,000	48,531,000	-154,278,000	15,240,000	138,461,000	46,020,000	-10,422,000			-32,664,000			6,387,000			15,652,240	3,681,456	32,789,703	10,417,485	27,902,337	11,204,611	96,943,425	63,156,400		35,728,502	27,884,204	12,257,797	27,854,800	7,902,111	14,991,649	5,315,521	85,454,744	76,748,356
net decrease in cash, cash equivalents and restricted cash	-34,955,000	-62,325,000
cash, cash equivalents and restricted cash at beginning of period	80,926,000	108,811,000		0	0	64,437,000		0	0	40,876,000		0	0	125,026,000		0	0	28,593,000				18,996,000		0	0	12,777,411		0	0	27,891,249
cash, cash equivalents and restricted cash at end of period	45,971,000	46,486,000		23,548,000	1,670,000	49,212,000		-3,618,000	6,127,000	43,061,000		-213,916,000	-18,699,000	303,712,000		-11,789,000	62,206,000	40,053,000				22,201,000		8,871,314	-4,600,756	13,896,879		-5,192,510	-11,947,324	31,913,649
loss on sales of marketable securities			0	0					1,000	42,000			0	-30,721,000			-436,000	730,000
(increase) decrease in fair value of marketable securities
proceeds from sales of marketable securities			0	0			0	3,821,000	40,000	462,000	308,000	84,000	0	55,752,000	0	9,867,000	2,459,000	4,509,000									0	0	0	268,675
proceeds from mortgages, net of mortgages assumed															0				0				0											15,458,000	15,458,000	7,200,000	57,655,000	44,985,000
net payments from short-term borrowings														-4,951,000
proceeds from bond issuance
net increase in cash, cash equivalents and restricted cash			34,381,000	23,548,000	1,670,000	-15,225,000	18,867,000	-3,618,000	6,127,000	2,185,000	-30,221,000	-213,916,000	-18,699,000	178,686,000	34,556,000	-11,789,000	62,206,000	11,460,000	-40,094,000			3,205,000	828,974			1,119,468	-1,996,404	-5,192,510	-11,947,324	4,022,400
loss on investment in joint venture		185,000	205,000	221,000	225,000	244,000
investment in joint venture		-773,000	-1,930,000	-732,000	-1,520,000	-309,000	-2,545,000	-138,000	572,000	-5,344,000	-7,664,000	252,000	-1,957,000	-116,000
net cash from (used in) operating activities
purchase of manufactured home communities, net of mortgages assumed																			-1,516,000				-1,490,715											-2,954,000			-10,326,524	-1,509,524	-6,837,261	-6,837,261
investments from non-controlling interest											100,000
payments on redemption of preferred stock											0
cash, cash equivalents and restricted cash at beginning of year
cash, cash equivalents and restricted cash at end of year
purchase of marketable securities				-6,000	-6,000	-6,000	-6,000	-6,000	-5,000	-6,000	-5,000	-4,000	-5,000	-5,000			-6,000	-3,000	-209,000			-486,000	-436,092	-430,336	-424,825	-508,747	-576,709	-3,356,257	-8,095,575	-6,526,883
net loss						-1,625,000		-1,499,000
non-cash items included in net loss:
gain on sales of marketable securities							0				17,922,000																0	0	0	-20,107
loss from joint venture
net proceeds from short term borrowings
proceeds from mortgages												34,158,000	0	25,643,000																	44,420,000	31,050,000	14,250,000								53,760,000	53,760,000
proceeds from bonds issuance												0	0	102,670,000
proceeds from issuance of common stock in the drip, net of
dividend reinvestments
repurchase of preferred stock																			0			-12,000
repurchase of common stock																			0			-1,604,000	314
principal payments of mortgages												-3,068,000	-5,896,000	-2,891,000			-5,033,000	-564,000				-2,118,000		-15,800,903	-1,856,896	-1,908,904		-1,701,190	-1,678,886	-1,714,549	-24,543,481	-12,659,812	-1,852,336				-18,304,724	-7,982,550
proceeds from issuance of preferred stock, net of offering costs																							-218	0			0	0	0	48,247,280	138,983,808
redemption of 8.0% series b preferred stock
net payments on short-term borrowings																	-12,338,000	-11,277,000
proceeds from issuance of common stock in the drip, net of dividend reinvestments reinvestments																	611,000	2,942,000				697,000												9,267,775
non-cash items included in net income
net cash provided by operating activities																		13,215,000					12,654,091										10,339,422
net cash used in investing activities																		-18,726,000															-49,617,525
net cash provided by financing activities																		16,971,000					10,906,753										43,368,136
proceeds from sales/ redemption of marketable securities
notes and other receivables																						-327,000				-1,398,433								-1,542,870	-596,916	622,710	1,231,705	347,490	116,946	-605,728	-4,543,346	-2,341,396
net payments on short term borrowings																															-16,791,278			-1,330,266	-12,531,013
net proceeds on short term borrowings																						-39,411,000				7,026,906		2,389,060	34,247,989	-34,305,218		5,893,852	23,601,802			14,118,911		-29,809,084
redemption of 8.25% series a preferred stock																															-91,595,000
proceeds from registered direct placement of common stock, net of offering costs																															22,527,507	22,527,507
net (payments) proceeds on short term borrowings
benefit for uncollectible notes and other receivables
provision (benefit) for uncollectible notes and other receivables																													-273,944	-294,405
gain on sales of securities																															-1,518,289	-1,051,768	-31,891
loss on sales of investment property & equipment
purchase of securities available for sale																															-38,002,778	-13,699,545	-2,145,267	-23,453,933	-17,193,903	-8,116,664	-7,528,787	-4,566,259	-5,018,926	-1,153,766	-15,041,535	-7,681,655
proceeds from sales of securities available for sale																															12,178,413	8,522,083	1,368,888	12,330,020	7,710,233	488,261	1,051,503	688,200	7,088,440	3,538,309	17,232,900	16,977,586
net increase in cash and cash equivalents																															10,624,352	3,949,810	4,090,033		3,054,644	1,378,821	948,041	2,993,373	3,392,990	145,618	-3,248,349	3,306,507
cash and cash equivalents at beginning of year
cash and cash equivalents at end of year
cash and cash equivalents at beginning of period																															4,216,592	4,216,592	4,216,592	6,535,897	6,535,897	6,535,897	8,082,792	8,082,792
cash and cash equivalents at end of period																															14,840,944	8,166,402	8,306,625	3,709,897	9,590,541	7,914,718		11,076,165
proceeds from issuance of preferred stock																																		49,120,853	49,120,853
(gain) loss on sales of investment property & equipment
gain on sales of securities transactions																																		-1,898,836	-1,014,378	-232,005	-79,748	-58,200	-1,215,457	-508,403
net decrease in cash and cash equivalents																																		-2,826,000
prepaid expenses																																			-391,371	-315,919
proceeds from issuance of common stock, net of reinvestments																																			2,830,263	225,458	13,973,648	7,680,628	14,336,379	7,454,456	22,831,429	14,267,230
common dividends paid, net of reinvestments																																			-8,673,257	-4,342,677	-8,127,627	-3,992,134	-6,931,849	-3,401,283
gain on sales of investment property and equipment																																				-22,088
gain on sale of securities transactions
purchase of manufactured home communities,
net of mortgages assumed
net cash used by investing activities
proceeds from registered direct placement of preferred stock,
net of offering costs
non-cash adjustments:
increase in provision for uncollectible notes and other receivables																																					532,530	265,409	455,913	213,776	442,083	287,195
proceeds from sales of assets																																					262,578	140,659	511,514	112,650	838,848	575,180
additions to land development																																					-263,228	-62,075	-162,832	-99,499	-443,338	-313,116
net proceeds on short term borrowing																																					-12,502,890		13,874,850	4,504,287	32,684,692	26,679,248
cash and cash equivalents-end of period																																					9,030,833		11,008,133	7,760,761	7,787,475	14,342,331
cash and cash equivalents-beginning of period																																							7,615,143	7,615,143	11,035,824	11,035,824
changes in operating assets and liabilities -
gain on securities transactions																																									-3,793,925	-3,681,010
common dividends paid, net of amount reinvested																																									-8,510,922	-5,576,935
increase in benefit from uncollectible notes and other receivables
dividends paid, net of amount reinvested
cash and cash equivalents-beginning
cash and cash equivalents-ending
loss on securities transactions
proceeds from issuance of common stock
dividends paid, net of reinvestments
net cash provided (used) by financing activities

UMH Properties, Inc(NYSE:UMH)

UMH Properties, Inc
(NYSE:UMH)