Cover Financial Statements Notes to Financial Statements Accounting Policies Notes Tables Notes Details

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2025	Feb. 24, 2026	Jun. 30, 2025
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2025
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2025
Current Fiscal Year End Date	--12-31
Entity File Number	001-12690
Entity Registrant Name	UMH Properties, Inc.
Entity Central Index Key	0000752642
Entity Tax Identification Number	22-1890929
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	3499 Route 9
Entity Address, Address Line Two	Suite 3C
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	(732)
Local Phone Number	577-9997
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1,400.0
Entity Common Stock, Shares Outstanding		85,016,121
Documents Incorporated by Reference [Text Block]	Part III incorporates certain information by reference from the Registrant’s definitive proxy statement for the 2026 Annual Meeting of Shareholders, which will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2025.
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	127
Auditor Opinion [Text Block]	We have audited the accompanying consolidated balance sheets of UMH Properties, Inc. and subsidiaries (the “Company”) as of December 31, 2025 and 2024, and the related consolidated statements of income (loss), shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 2025, and the related notes and schedule listed in the Index at Item 15(a)(2)(i) (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control–Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated February 25, 2026, expressed an unqualified opinion.
Auditor Name	PKF O’Connor Davies, LLP
Auditor Location	New York, New York
Consolidation, Elimination, Affiliate Group and Not Part of Affiliate Group [Member]
Entity Public Float			$ 1,300.0
Common Stock, $0.10 par value
Title of 12(b) Security	Common Stock, $0.10 par value
Trading Symbol	UMH
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Title of 12(b) Security	6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value
Trading Symbol	UMH PRD
Security Exchange Name	NYSE

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Investment Property and Equipment
Land	$ 92,824	$ 88,037
Site and Land Improvements	1,093,424	970,053
Buildings and Improvements	51,524	44,782
Rental Homes and Accessories	631,618	566,242
Total Investment Property	1,869,390	1,669,114
Equipment and Vehicles	35,889	31,488
Total Investment Property and Equipment	1,905,279	1,700,602
Accumulated Depreciation	(533,864)	(471,703)
Net Investment Property and Equipment	1,371,415	1,228,899
Other Assets
Cash and Cash Equivalents	72,100	99,720
Marketable Securities at Fair Value	23,758	31,883
Inventory of Manufactured Homes	42,370	34,982
Notes and Other Receivables, net	104,587	91,668
Prepaid Expenses and Other Assets	13,778	14,261
Land Development Costs	39,898	33,868
Investment in Joint Ventures	31,130	28,447
Total Other Assets	327,621	334,829
TOTAL ASSETS	1,699,036	1,563,728
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	556,129	485,540
Other Liabilities:
Accounts Payable	5,663	7,979
Loans Payable, net of unamortized debt issuance costs	27,696	28,279
Series A Bonds, net of unamortized debt issuance costs	101,751	100,903
Series B Bonds, net of unamortized debt issuance costs	75,651	0
Accrued Liabilities and Deposits	14,115	15,091
Tenant Security Deposits	10,835	10,027
Total Other Liabilities	235,711	162,279
Total Liabilities	791,840	647,819
Commitments and Contingencies
Shareholders’ Equity:
Series D – 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 18,700 and 13,700 shares authorized as of December 31, 2025 and 2024, respectively; 12,916 and 12,823 shares issued and outstanding as of December 31, 2025 and 2024, respectively	322,899	320,572
Common Stock - $0.10 par value per share, 183,714 and 163,714 shares authorized as of December 31, 2025 and 2024, respectively; 84,850 and 81,909 shares issued and outstanding as of December 31, 2025 and 2024, respectively	8,485	8,191
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of December 31, 2025 and 2024	0	0
Additional Paid-In Capital	599,520	610,630
Accumulated Deficit	(25,364)	(25,364)
Total UMH Properties, Inc. Shareholders’ Equity	905,540	914,029
Non-Controlling Interest in Consolidated Subsidiaries	1,656	1,880
Total Shareholders’ Equity	907,196	915,909
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,699,036	$ 1,563,728

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Dec. 31, 2025	Dec. 31, 2024
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	183,714	163,714
Common stock, shares issued	84,850	81,909
Common stock, shares outstanding	84,850	81,909
Excess stock, par value	$ 0.10	$ 0.10
Excess stock, shares authorized	3,000	3,000
Excess stock, shares issued	0	0
Excess stock, shares outstanding	0	0
Series D Preferred Stock [Member]
Cumulative redeemable preferred stock, percentage	6.375%	6.375%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	18,700	13,700
Cumulative redeemable preferred stock, shares issued	12,916	12,823
Cumulative redeemable preferred stock, shares outstanding	12,916	12,823

Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
INCOME:
Rental and Related Income	$ 226,713	$ 207,019	$ 189,749
Sales of Manufactured Homes	35,041	33,533	31,176
Total Income	261,754	240,552	220,925
EXPENSES:
Community Operating Expenses	95,977	87,354	81,343
Cost of Sales of Manufactured Homes	22,571	21,894	21,089
Selling Expenses	7,302	6,833	6,949
General and Administrative Expenses	21,537	21,772	19,703
Depreciation Expense	66,555	60,239	55,719
Total Expenses	213,942	198,092	184,803
OTHER INCOME (EXPENSE):
Interest Income	8,740	7,122	4,984
Dividend Income	1,477	1,452	2,318
Gain (Loss) on Sales of Marketable Securities, net	(221)	(3,778)	183
Increase (Decrease) in Fair Value of Marketable Securities	(2,259)	1,167	(3,555)
Other Income	912	794	1,082
Loss on Investment in Joint Ventures	(439)	(376)	(808)
Interest Expense	(29,683)	(27,287)	(32,475)
Total Other Income (Expense)	(21,473)	(20,906)	(28,271)
Income Before Loss on Sales of Investment Property and Equipment	26,339	21,554	7,851
Loss on Sales of Investment Property and Equipment	(64)	(113)	0
Net Income	26,275	21,441	7,851
Preferred Dividends	(20,533)	(19,163)	(16,723)
Loss Attributable to Non-Controlling Interest	224	194	158
Net Income (Loss) Attributable to Common Shareholders	$ 5,966	$ 2,472	$ (8,714)
Net Income (Loss) Attributable to Common Shareholders Per Share - Basic	$ 0.07	$ 0.03	$ (0.15)
Net Income (Loss) Attributable to Common Shareholders Per Share - Diluted	$ 0.07	$ 0.03	$ (0.15)
Weighted Average Common Shares Outstanding:
Basic	84,067	74,114	63,068
Diluted	84,694	74,912	63,681

Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Preferred Stock [Member] Series D Preferred Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Non-Controlling Interest in Consolidated Subsidiary [Member]	Total
Balance at Dec. 31, 2022	$ 5,760	$ 225,379	$ 343,189	$ (25,364)	$ 2,232	$ 551,196
Balance, shares at Dec. 31, 2022	57,595
Common Stock Issued with the DRIP	$ 61	0	8,985	0	0	9,046
Common Stock Issued with the DRIP, shares	612
Common Stock Issued through Restricted/ Unrestricted Stock Awards	$ 30	0	(30)	0	0	0
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares	302
Common Stock Issued through Stock Options	$ 7	0	727	0	0	734
Common Stock Issued through Stock Options, shares	71
Common Stock Issued in connection with At-The-Market Offerings, net	$ 940	0	144,849	0	0	145,789
Common Stock Issued in connection with At-The-Market Offerings, net, shares	9,398
Preferred Stock Issued in connection with At-The-Market Offerings, net	$ 0	64,801	(9,072)	0	0	55,729
Distributions	0	0	(60,438)	(8,009)	0	(68,447)
Stock Compensation Expense	0	0	4,896	0	0	4,896
Net Income (Loss)	0	0	0	8,009	(158)	7,851
Balance at Dec. 31, 2023	$ 6,798	290,180	433,106	(25,364)	2,074	706,794
Balance, shares at Dec. 31, 2023	67,978
Common Stock Issued with the DRIP	$ 62	0	10,151	0	0	10,213
Common Stock Issued with the DRIP, shares	623
Common Stock Issued through Restricted/ Unrestricted Stock Awards	$ 50	0	(50)	0	0	0
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares	496
Common Stock Issued through Stock Options	$ 28	0	2,891	0	0	2,919
Common Stock Issued through Stock Options, shares	280
Common Stock Issued in connection with At-The-Market Offerings, net	$ 1,253	0	219,369	0	0	220,622
Common Stock Issued in connection with At-The-Market Offerings, net, shares	12,532
Preferred Stock Issued in connection with At-The-Market Offerings, net	$ 0	30,392	(2,377)	0	0	28,015
Distributions	0	0	(59,817)	(21,635)	0	(81,452)
Stock Compensation Expense	0	0	7,357	0	0	7,357
Net Income (Loss)	0	0	0	21,635	(194)	21,441
Balance at Dec. 31, 2024	$ 8,191	320,572	610,630	(25,364)	1,880	915,909
Balance, shares at Dec. 31, 2024	81,909
Common Stock Issued with the DRIP	$ 59	0	9,275	0	0	9,334
Common Stock Issued with the DRIP, shares	591
Common Stock Issued through Restricted/ Unrestricted Stock Awards	$ 6	0	(6)	0	0	0
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares	65
Common Stock Issued through Stock Options	$ 4	0	531	0	0	535
Common Stock Issued through Stock Options, shares	39
Common Stock Issued in connection with At-The-Market Offerings, net	$ 257	0	43,851	0	0	44,108
Common Stock Issued in connection with At-The-Market Offerings, net, shares	2,566
Preferred Stock Issued in connection with At-The-Market Offerings, net	$ 0	2,327	(376)	0	0	1,951
Distributions	0	0	(68,782)	(26,499)	0	(95,281)
Stock Compensation Expense	0	0	9,183	0	0	9,183
Net Income (Loss)	0	0	0	26,499	(224)	26,275
Repurchase of Common Stock	$ (32)	0	(4,786)	0	0	(4,818)
Repurchase of Common Stock, shares	(320)
Balance at Dec. 31, 2025	$ 8,485	$ 322,899	$ 599,520	$ (25,364)	$ 1,656	$ 907,196
Balance, shares at Dec. 31, 2025	84,850

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income	$ 26,275	$ 21,441	$ 7,851
Non-Cash items included in Net Income:
Depreciation	66,555	60,239	55,719
Amortization of Financing Costs	2,992	2,384	2,135
Stock Compensation Expense	5,364	4,784	4,896
Provision for Uncollectible Notes and Other Receivables	1,603	2,079	2,061
(Gain) Loss on Sales of Marketable Securities, net	221	3,778	(183)
(Increase) Decrease in Fair Value of Marketable Securities	2,259	(1,167)	3,555
Loss on Sales of Investment Property and Equipment	64	113	0
Loss on Investment in Joint Ventures	816	895	1,026
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(7,388)	(2,042)	55,528
Notes and Other Receivables, net of notes acquired with acquisitions	(14,522)	(12,676)	(15,861)
Prepaid Expenses and Other Assets	218	(558)	4,308
Accounts Payable	(2,316)	1,873	(281)
Accrued Liabilities and Deposits	(976)	(26)	(1,735)
Tenant Security Deposits	808	484	1,058
Net Cash Provided by Operating Activities	81,973	81,601	120,077
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of mortgages assumed	(42,791)	0	(3,679)
Purchase of Investment Property and Equipment	(114,373)	(92,101)	(123,860)
Proceeds from Sales of Investment Property and Equipment	4,060	5,282	3,049
Additions to Land Development Costs	(58,242)	(48,567)	(37,928)
Purchase of Marketable Securities through automatic reinvestments	(27)	(24)	(23)
Proceeds from Sales of Marketable Securities	5,672	36	4,323
Investment in Joint Ventures	(3,499)	(4,491)	(7,455)
Net Cash Used in Investing Activities	(209,200)	(139,865)	(165,573)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed	193,235	0	57,743
Net Payments from Short-Term Borrowings	(1,048)	(65,170)	(59,542)
Principal Payments of Mortgages and Loans	(120,410)	(11,864)	(70,317)
Proceeds from Bond Issuance	80,231	0	0
Financing Costs on Debt	(8,495)	(645)	(1,678)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs	1,951	28,015	55,729
Proceeds from At-The-Market Common Equity Program, net of offering costs	44,108	220,622	145,789
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments	5,815	6,999	6,394
Repurchase of Common Stock	(4,818)	0	0
Proceeds from Exercise of Stock Options	535	2,919	734
Preferred Dividends Paid	(20,533)	(19,163)	(16,723)
Common Dividends Paid, net of dividend reinvestments	(71,229)	(59,075)	(49,072)
Net Cash Provided by Financing Activities	99,342	102,638	69,057
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(27,885)	44,374	23,561
Cash, Cash Equivalents and Restricted Cash at Beginning of Year	108,811	64,437	40,876
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR	$ 80,926	$ 108,811	$ 64,437

Insider Trading Arrangements	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2025
Insider Trading Arrangements [Line Items]
No Insider Trading	true

Cybersecurity Risk Management and Strategy Disclosure

12 Months Ended

Dec. 31, 2025

Cybersecurity Risk Management, Strategy, and Governance [Abstract]

Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]

The Company’s Board and its Cybersecurity Subcommittee are responsible for overseeing the Company’s risk management program and cybersecurity is a critical element of this program. Management is responsible for the day-to-day administration of the Company’s risk management program and its cybersecurity policies, processes, and practices. The Company’s cybersecurity policies, standards, processes, and practices are based on recognized frameworks established by the National Institute of Standards and Technology, the International Organization for Standardization and other applicable industry standards and are fully integrated into the Company’s overall risk management system and processes. In general, the Company seeks to address material cybersecurity threats through a company-wide approach that addresses the confidentiality, integrity, and availability of the Company’s information systems or the information that the Company collects and stores, by assessing, identifying and managing cybersecurity issues as they occur.

Cybersecurity Risk Management and Strategy

The Company’s cybersecurity risk management strategy focuses on several areas:

●

Identification and Reporting: The Company has implemented a comprehensive, cross-functional approach to assessing, identifying and managing material cybersecurity threats and incidents. The Company’s program includes controls and procedures to properly identify, classify and escalate certain cybersecurity incidents to provide management visibility and obtain direction from management as to the public disclosure and reporting of material incidents in a timely manner.

●

Technical Safeguards: The Company implements technical safeguards that are designed to protect the Company’s information systems from cybersecurity threats. The company uses a managed antivirus platform to scan for viruses, manage patching and updates, and provide remote support and monitoring tools. Firewalls, web filtration, network intrusion prevention measures, monitoring nodes, and network access controls are evaluated annually and improved through vulnerability assessments. All company accounts have strong passwords and two factor authentication, where available. The Information Technology (“IT”) Department researches emerging cybersecurity threats and keeps employees informed on the best security practices. We have also implemented Threatlocker on our corporate machines, a zero trust program that will prevent unapproved software to run.

●

Incident Response and Recovery Planning: The Company has established and maintains comprehensive incident response, business continuity, and disaster recovery plans designed to address the Company’s response to a cybersecurity incident. The Company conducts regular tabletop exercises to test these plans and ensure personnel are familiar with their roles in a response scenario.

●

Third-Party Risk Management: The Company maintains a comprehensive, risk-based approach to identifying and overseeing material cybersecurity threats presented by third parties, including vendors, service providers, and other external users of the Company’s systems, as well as the systems of third parties that could adversely impact our business in the event of a material cybersecurity incident affecting those third-party systems, including any outside auditors or consultants who advise on the Company’s cybersecurity systems.

●

Education and Awareness: The Company provides regular, mandatory training for all levels of employees regarding cybersecurity threats as a means to equip the Company’s employees with effective tools to address cybersecurity threats, and to communicate the Company’s evolving information security policies, standards, processes, and practices.

The Company conducts periodic assessment and testing of the Company’s policies, standards, processes, and practices in a manner intended to address cybersecurity threats and events. The Company conducts annual reviews of backup logs, access privileges, financial transactions, and application updates. Backups are tested for integrity and functionality. The company regularly conducts seminars on the rollout of new applications and features for employees, as well as administering phishing testing and security awareness training. The results of such assessments, audits, and reviews are evaluated by management and reported to the Cybersecurity Subcommittee and the Board, and the Company adjusts its cybersecurity policies, standards, processes, and practices as necessary based on the information provided by these assessments, audits, and reviews.

Cybersecurity Risk Management Processes Integrated [Flag]

true

Cybersecurity Risk Management Processes Integrated [Text Block]

other applicable industry standards and are fully integrated into the Company’s overall risk management system and processes.

Cybersecurity Risk Management Third Party Engaged [Flag]

true

Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]

true

Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]

false

Cybersecurity Risk Board of Directors Oversight [Text Block]

Cybersecurity Governance

The Board, in coordination with the Cybersecurity Subcommittee, oversees the Company’s risk management program, including the management of cybersecurity threats. The Board and the Cybersecurity Subcommittee each receive regular presentations and reports on developments in the cybersecurity space, including risk management practices, recent developments, evolving standards, vulnerability assessments, third-party and independent reviews, the threat environment, technological trends, and information security issues encountered by the Company’s peers and third parties. The Board and the Cybersecurity Subcommittee also receive prompt and timely information regarding any cybersecurity risk that meets pre-established reporting thresholds, as well as ongoing updates regarding any such risk. On an annual basis, the Board and the Cybersecurity Subcommittee discuss the Company’s approach to overseeing cybersecurity threats with the Company’s IT Department and members of senior management.

The IT Department, in coordination with members of senior management including the Executive Vice President, Chief Financial Officer and Treasurer, the Executive Vice President and Chief Operating Officer and the Executive Vice President, General Counsel and Secretary, works collaboratively across the Company to implement a program designed to protect the Company’s information systems from cybersecurity threats and to promptly respond to any material cybersecurity incidents in accordance with the Company’s incident response and recovery plans. To facilitate the success of the Company’s cybersecurity program, cross-functional teams throughout the Company address cybersecurity threats and respond to cybersecurity incidents. Through ongoing communications with these teams, the IT Department and senior management are informed about and monitor the prevention, detection, mitigation and remediation of cybersecurity threats and incidents in real time and report such threats and incidents to the Cybersecurity Subcommittee when appropriate.

The members of the IT Department have served in various roles in information technology and information security for over six years. The IT Systems Administrators have experience in monitoring arising security threats, creating documented cybersecurity and technology usage policies, and bringing companies into compliance with cybersecurity regulations.

Material Effects of Cybersecurity Incidents

As of the date of this report, we are not aware of any risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, that have materially affected the Company, including its business strategy, results of operations, or financial condition, nor, in our view, are such threats currently reasonably likely to materially affect the Company.

Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]

The Board, in coordination with the Cybersecurity Subcommittee, oversees the Company’s risk management program, including the management of cybersecurity threats

Cybersecurity Risk Role of Management [Text Block]

ORGANIZATION

12 Months Ended

Dec. 31, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION

NOTE 1 – ORGANIZATION

UMH Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F was established to enhance the value of the communities by helping to fill these vacancies through the sales of homes. The Company holds a 77% controlling interest in its qualified opportunity zone fund which it created in 2022 to acquire, develop and redevelop manufactured housing communities located in areas designated as Qualified Opportunity Zones by the U.S. Treasury Department to encourage long-term investment in economically distressed areas. The consolidated financial statements of the Company include S&F and all of its other wholly-owned subsidiaries and its qualified opportunity zone fund. All intercompany transactions and balances have been eliminated in consolidation. Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources.

Description of the Business

As of December 31, 2025, the Company operated a portfolio of 145 manufactured home communities, of which 142 are majority owned and are included in our consolidated operations with the remaining three owned through our joint ventures with Nuveen Real Estate, in which the Company has a 40% interest. Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by the Company’s Opportunity Zone Fund, in which the Company has a 77% interest. The Company’s portfolio of 145 communities contain a total of approximately 27,100 developed homesites, of which 11,000 contain rental homes that are leased to residents. These 145 communities are located in twelve states consisting of New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia.

These manufactured home communities are listed by trade names as follows:

MANUFACTURED HOME COMMUNITY		LOCATION

Albany Dunes		Albany, Georgia
Allentown		Memphis, Tennessee
Arbor Estates		Doylestown, Pennsylvania
Auburn Estates		Orrville, Ohio
Bayshore Estates		Sandusky, Ohio
Birchwood Farms		Birch Run, Michigan
Boardwalk		Elkhart, Indiana
Broadmore Estates		Goshen, Indiana
Brookside Village		Berwick, Pennsylvania
Brookview Village		Greenfield Center, New York
Camelot Village		Anderson, Indiana
Camelot Woods		Altoona, Pennsylvania
Candlewick Court		Owosso, Michigan
Carsons		Chambersburg, Pennsylvania
Catalina		Middletown, Ohio
Cedar Grove		Mantua, New Jersey
Cedarcrest Village		Vineland, New Jersey
Center Manor		Monaca, Pennsylvania
Chambersburg I & II		Chambersburg, Pennsylvania
Chelsea		Sayre, Pennsylvania
Cinnamon Woods		Conowingo, Maryland
City View		Lewistown, Pennsylvania
Clinton Mobile Home Resort		Tiffin, Ohio
Collingwood		Horseheads, New York
Colonial Heights		Wintersville, Ohio
Conowingo Court		Conowingo, Maryland
Countryside Estates		Muncie, Indiana

MANUFACTURED HOME COMMUNITY		LOCATION

Countryside Estates		Ravenna, Ohio
Countryside Village		Columbia, Tennessee
Cranberry Village		Cranberry Township, Pennsylvania
Crestview		Athens, Pennsylvania
Cross Keys Village		Duncansville, Pennsylvania
Crossroads Village		Mount Pleasant, Pennsylvania
Dallas Mobile Home Community		Toronto, Ohio
Deer Meadows		New Springfield, Ohio
Deer Run		Dothan, Alabama
Duck River Estates		Columbia, Tennessee
D & R Village		Clifton Park, New York
Evergreen Estates		Lodi, Ohio
Evergreen Manor		Bedford, Ohio
Evergreen Village		Mantua, Ohio
Fairview Manor		Millville, New Jersey
Fifty-One Estates		Elizabeth, Pennsylvania
Fohl Village		Canton, Ohio
Forest Creek		Elkhart, Indiana
Forest Park Village		Cranberry Township, Pennsylvania
Fox Chapel Village		Cheswick, Pennsylvania
Frieden Manor		Schuylkill Haven, Pennsylvania
Friendly Village		Perrysburg, Ohio
Garden View Estates ⁽¹⁾		Orangeburg, South Carolina
Green Acres		Chambersburg, Pennsylvania
Gregory Courts		Honey Brook, Pennsylvania
Hayden Heights		Dublin, Ohio
Heather Highlands		Inkerman, Pennsylvania
Hidden Creek		Erie, Michigan
High View Acres		Export, Pennsylvania
Highland		Elkhart, Indiana
Highland Estates		Kutztown, Pennsylvania
Hillcrest Crossing		Lower Burrell, Pennsylvania
Hillcrest Estates		Marysville, Ohio
Hillside Estates		Greensburg, Pennsylvania
Holiday Village		Nashville, Tennessee
Holiday Village		Elkhart, Indiana
Holly Acres Estates		Erie, Pennsylvania
Honey Ridge ⁽²⁾		Honey Brook, Pennsylvania
Hudson Estates		Peninsula, Ohio
Huntingdon Pointe		Tarrs, Pennsylvania
Independence Park		Clinton, Pennsylvania
Iris Winds		Sumter, South Carolina
Kinnebrook		Monticello, New York
Lake Erie Estates		Fredonia, New York
Lake Sherman Village		Navarre, Ohio
Lakeview Meadows		Lakeview, Ohio
Laurel Woods		Cresson, Pennsylvania
Little Chippewa		Orrville, Ohio
Mandell Trails		Butler, Pennsylvania
Maple Manor		Taylor, Pennsylvania
Maplewood Village		Mantua, New Jersey
Marysville Estates		Marysville, Ohio
Maybelle Manor		Conowingo, Maryland
Meadowood		New Middletown, Ohio
Meadows		Nappanee, Indiana
Meadows of Perrysburg		Perrysburg, Ohio

MANUFACTURED HOME COMMUNITY		LOCATION

Melrose Village		Wooster, Ohio
Melrose West		Wooster, Ohio
Memphis Blues		Memphis, Tennessee
Mighty Oak ⁽¹⁾		Albany, Georgia
Monroe Valley		Jonestown, Pennsylvania
Moosic Heights		Avoca, Pennsylvania
Mount Pleasant Village		Mount Pleasant, Pennsylvania
Mountaintop		Narvon, Pennsylvania
New Colony		West Mifflin, Pennsylvania
Northtowne Meadows		Erie, Michigan
Oak Ridge Estates		Elkhart, Indiana
Oak Tree		Jackson, New Jersey
Oakwood Lake Village		Tunkhannock, Pennsylvania
Olmsted Falls		Olmsted Falls, Ohio
Oxford Village		West Grove, Pennsylvania
Parke Place		Elkhart, Indiana
Perrysburg Estates		Perrysburg, Ohio
Pikewood Manor		Elyria, Ohio
Pine Ridge Village/Pine Manor		Carlisle, Pennsylvania
Pine Valley Estates		Apollo, Pennsylvania
Pleasant View Estates		Bloomsburg, Pennsylvania
Port Royal Village		Belle Vernon, Pennsylvania
Redbud Estates		Anderson, Indiana
River Bluff Estates		Memphis, Tennessee
River Valley Estates		Marion, Ohio
Rolling Hills Estates		Carlisle, Pennsylvania
Rostraver Estates		Belle Vernon, Pennsylvania
Rum Runner ⁽²⁾		Sebring, Florida
Saddle Creek		Dothan, Alabama
Sandy Valley Estates		Magnolia, Ohio
Sebring Square ⁽²⁾		Sebring, Florida
Shady Hills		Nashville, Tennessee
Somerset Estates/Whispering Pines		Somerset, Pennsylvania
Southern Terrace		Columbiana, Ohio
Southwind Village		Jackson, New Jersey
Spreading Oaks Village		Athens, Ohio
Springfield Meadows		Springfield, Ohio
Suburban Estates		Greensburg, Pennsylvania
Summit Estates		Ravenna, Ohio
Summit Village		Marion, Indiana
Sunny Acres		Somerset, Pennsylvania
Sunnyside		Eagleville, Pennsylvania
Trailmont		Goodlettsville, Tennessee
Twin Oaks I & II		Olmsted Falls, Ohio
Twin Pines		Goshen, Indiana
Valley High		Ruffs Dale, Pennsylvania
Valley Hills		Ravenna, Ohio
Valley Stream		Mountaintop, Pennsylvania
Valley View I		Ephrata, Pennsylvania
Valley View II		Ephrata, Pennsylvania
Valley View – Honey Brook		Honey Brook, Pennsylvania
Voyager Estates		West Newton, Pennsylvania
Waterfalls Village		Hamburg, New York
Wayside		Bellefontaine, Ohio
Weatherly Estates		Lebanon, Tennessee
Wellington Estates		Export, Pennsylvania
Woodland Manor		West Monroe, New York
Woodlawn Village		Eatontown, New Jersey
Woods Edge		West Lafayette, Indiana
Wood Valley		Caledonia, Ohio
Worthington Arms		Lewis Center, Ohio
Youngstown Estates		Youngstown, New York

⁽¹⁾ Community is owned by the OZ Fund.

⁽²⁾ Entities formed under the Company’s joint ventures with Nuveen Real Estate, in which the Company holds a 40% interest and serves as managing member.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All the Company’s subsidiaries are 100% wholly-owned, except for its investment in its qualified opportunity zone fund, which is 77% owned by the Company (see Note 6). As the managing member of the OZ Fund, the Company has control over the operating and financial decisions of the OZ Fund, including power over significant activities. Therefore, the Company consolidates this investment under ASC 810 “Consolidation.” Non-controlling interests are presented accordingly. The consolidated financial statements of the Company include all of these subsidiaries, including its qualified opportunity zone fund. All intercompany transactions and balances have been eliminated in consolidation.

A subsidiary of the Company is the managing member of the Company’s joint ventures with Nuveen Real Estate.

Use of Estimates

In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, accounting for land development, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions.

Investment Property and Equipment and Depreciation

Property and equipment are carried at cost less accumulated depreciation. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of improvements to sites and buildings, rental homes and equipment and vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land development costs are not depreciated until they are put in use, at which time they are capitalized as buildings and improvements or site and land improvements. Interest expense pertaining to land development costs are capitalized. Maintenance and repairs are charged to expense as incurred and improvements are capitalized. The Company uses its professional judgement in determining whether such costs meet the criteria for capitalization or must be expensed as incurred. The Company’s business plan includes the purchase of value-add communities, redevelopment, development and expansion of communities. There were no acquisitions in 2024. During 2025, we acquired five manufactured home communities containing 587 sites and developed 34 expansions sites. The Company capitalizes payroll, benefits and stock compensation expense for those individuals responsible for and who spend their time on the execution and supervision of development activities and capital projects. These amounts capitalized to land development were approximately $8.7 million and $7.5 million for the years ended December 31, 2025 and 2024, respectively. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations.

The Company applies Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 360-10, Property, Plant & Equipment (“ASC 360-10”) to measure impairment in real estate investments. The Company’s primary indicator of potential impairment is based on net operating income trends year over year. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that an other than temporary impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded.

The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2025, no impairment charges were required.

Acquisitions

The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”) and allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase.

In January 2017, the FASB issued Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 was effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company adopted this standard effective January 1, 2017, on a prospective basis. The Company evaluated its acquisitions and has determined that its acquisitions of its manufactured home communities during 2025 should be accounted for as acquisition of assets. As such, transaction costs, primarily consisting of broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. Prior to the adoption of ASU 2017-01, the Company’s acquisitions were considered an acquisition of a business and therefore, the acquisition costs were expensed.

Investment in Joint Ventures

The Company accounts for its investment in entities formed under its joint ventures with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but not control, over the operating and financial decisions of the joint venture entities. Under the equity method of accounting, the cost of an investment is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement. The carrying value of the investment in the joint ventures are reviewed for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors that are considered in evaluation of the existence of impairment indicators (See Note 5).

Cash and Cash Equivalents

Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature.

Marketable Securities

Investments in marketable securities consist of marketable common and preferred stock securities of other REITs. These marketable securities are all publicly traded and purchased on the open market, through private transactions or through dividend reinvestment plans. The Company normally holds REIT securities on a long-term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2025 and 2024, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. As of December 31, 2025, the securities portfolio represented 1.1% of undepreciated assets. Other than purchasing marketable equity securities through automatic dividend reinvestments, the Company has not made any purchases of REIT securities during 2023, 2024 and 2025 and the Company does not intend to increase its investment in the REIT securities portfolio.

Inventory of Manufactured Homes

Inventory of manufactured homes is valued at the lower of cost or net realizable value and is determined by the specific identification method. All inventory is considered finished goods.

Accounts and Notes Receivables

The Company’s accounts, notes and other receivables are stated at their outstanding balance and reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. At December 31, 2025 and 2024, the reserves for uncollectible accounts, notes and other receivables were $2.2 million and $2.5 million, respectively. For the years ended December 31, 2025, 2024 and 2023 the provisions for uncollectible notes and other receivables were $1.6 million, $2.1 million and $2.1 million, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2025, 2024 and 2023 amounted to $1.9 million, $2.3 million and $1.9 million, respectively.

The Company accounts for its receivables in accordance with ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and supportable forecasts that affect the collectability of the reported amount. As of December 31, 2025 and 2024, the Company had notes receivable of $100.0 million and $87.4 million, net of a fair value adjustment of $1.5 million and $1.8 million, respectively. Notes receivables are presented as a component of notes and other receivables, net on our consolidated balance sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes.

The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. As of December 31, 2025, the weighted average interest rate on these loans was approximately 7.0% and the average maturity was approximately 6 years. As of December 31, 2024, the weighted average interest rate on these loans was approximately 7.1% and the average maturity was approximately 6 years.

Unamortized Financing Costs

Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis which approximates the effective interest method over the term of the related obligations, and included as a component of interest expense. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2025 and 2024, accumulated amortization amounted to $16.6 million and $13.6 million, respectively. The Company estimates that aggregate amortization expense will be approximately $3.5 million for 2026, $2.1 million for 2027, $1.9 million for 2028, $1.9 million for 2029, $1.1 million for 2030 and $1.7 million thereafter.

Leases

The Company accounts for its leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute.

The Company is the lessee in other arrangements, primarily for our corporate office expiring April 30, 2027 and a ground lease at one community expiring April 12, 2099, with an option to extend for another 99-year term. As of December 31, 2025 and 2024, the right-of-use assets and corresponding lease liabilities of $2.7 million and $3.0 million, respectively, are included in prepaid expenses and other assets and accrued liabilities and deposits on the consolidated balance sheets.

Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows (in thousands):


2026	$	460
2027		257
2028		111
2029		111
2030		111
Thereafter		18,281

Total Lease Payments	$	19,331

The weighted average remaining lease term for these leases, including renewal options is 165 years. The right of use assets and lease liabilities was calculated using an interest rate of 5%.

Restricted Cash

The Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance sheets.

The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

	12/31/25		12/31/24		12/31/23		12/31/22

Cash and Cash Equivalents	$	72,100	$	99,720	$	57,320	$	29,785
Restricted Cash		8,826		9,091		7,117		11,091
Cash, Cash Equivalents And Restricted Cash	$	80,926	$	108,811	$	64,437	$	40,876

Revenue Recognition

The Company accounts for its Sales of Manufactured Homes in accordance with Accounting Standards Update (“ASU”) 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services.

Rental and related income is generated primarily from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 842.

Revenue from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we generally do not have any remaining performance obligations.

Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans.

Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606.

Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income. This income is recognized when the transactions are completed and our performance obligations have been fulfilled.

Net Income (Loss) Per Share

Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (84.1 million, 74.1 million and 63.1 million in 2025, 2024 and 2023, respectively). Diluted net income per share is calculated by dividing net income by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the basic loss per share equals the diluted loss per share as all Common Stock equivalents are excluded from the per share calculation because they are anti-dilutive. For the year ended December 31, 2025, Common Stock equivalents resulting from employee stock options to purchase 6.3 million shares of Common Stock amounted to 627,000 shares, which were included in the computation of Diluted Net Income per Share. For the year ended December 31, 2024, Common Stock equivalents resulting from employee stock options to purchase 5.4 million shares of Common Stock amounted to 798,000 shares, which were included in the computation of Diluted Net Income per Share. For the year ended December 31, 2023, employee stock options to purchase 4.7 million shares of Common Stock were excluded from the computation of Diluted Net Loss per Share as their effect would be anti-dilutive.

Stock Compensation Plan

The Company accounts for awards of stock, stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants are determined by using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation cost for restricted stock are recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards are equal to the fair value of the Company’s stock on the grant date. Compensation costs for option grants and restricted stock awards included in general and administrative expenses of $5.4 million, $4.8 million and $4.9 million have been recognized in 2025, 2024 and 2023, respectively. Compensation costs for option grants and restricted stock awards capitalized to land development were $3.8 million, $2.8 million and $0 for 2025, 2024 and 2023, respectively. During 2025, 2024 and 2023, compensation costs included a one-time charge of $337,000, $272,000 and $233,000, respectively, for restricted stock and stock option grants awarded to a participant who was of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 8 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards.

Income Tax

The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiary (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 13).

In December 2017, the Tax Cuts and Jobs Act of 2017 (the TCJA), Code Section 199A, was added to the Code and became effective for tax years beginning after December 31, 2017 and before January 1, 2026. Under the TCJA, subject to certain income limitations, individual taxpayers and trusts and estates may deduct 20% of the aggregate amount of qualified REIT dividends they receive from their taxable income. Qualified REIT dividends do not include any portion of a dividend received from a REIT that is classified as a capital gain dividend or qualified dividend income. While initially scheduled to expire in 2025, recent legislation has made this deduction permanent.

The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2024. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2025, the tax years 2022 through and including 2025 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress.

Reclassifications

Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.

Other Recent Accounting Pronouncements

On November 4, 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2024-03 - Income Statement – Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40). ASU 2024-03 requires disaggregated disclosure of income statement expenses for public business entities (PBEs). The ASU does not change the expense captions an entity presents on the face of the income statement; rather, it requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 and should be applied either (1) prospectively to financial statements issued for reporting periods after the effective date of this ASU or (2) retrospectively to any or all prior periods presented in the financial statements. Early adoption is permitted. The Company anticipates making the required disclosures beginning with its Form 10-K for the year ending December 31, 2027.

Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

INVESTMENT PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions in 2025

On March 24, 2025, the Company acquired two age-restricted communities, Cedar Grove and Maplewood Village, located in Mantua, New Jersey, for approximately $24.6 million. These communities contain a total of 266 developed homesites, which are 100% occupied. They are situated on approximately 38 acres.

On July 2, 2025, the Company acquired two communities, Conowingo Court and Maybelle Manor, located in Conowingo, Maryland, for approximately $14.6 million. These communities contain a total of 191 developed homesites, which are 79% occupied. They are situated on approximately 82 acres.

On October 7, 2025, the Company acquired one community, Albany Dunes, located in Albany, Georgia for approximately $2.6 million. This community contains a total of 130 developed homesites, which are 32% occupied. This community is situated on approximately 40 acres.

The Company has evaluated these acquisitions and has determined that they should be accounted for as acquisitions of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $966,000 for 2025 to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation for the assets acquired for the year ended December 31, 2025 (in thousands):

	2025 Acquisitions
Assets Acquired:
Land	$	3,981
Depreciable Property		38,810
Total Assets Acquired	$	42,791

Total income, community net operating income (“Community NOI”)* and net loss for the communities acquired in 2025, which are included in our consolidated statements of income (loss) for the year ended December 31, 2025, is as follows (in thousands):

	2025

Total Income	$	2,212
Community NOI *	$	1,499
Net Loss	$	(38	)

Community NOI is defined as rental and related income less community operating expenses.

See Note 7 for additional information relating to loans and mortgages payable and Note 18 for the unaudited pro forma financial information relating to these acquisitions.

Accumulated Depreciation

The following is a summary of accumulated depreciation by major classes of assets (in thousands):

	December 31, 2025		December 31, 2024

Site and land improvements	$	322,828	$	287,591
Buildings and improvements		15,953		14,214
Buildings and Improvements [Member]
Rental homes and accessories		167,760		144,768
Equipment and vehicles		27,323		25,130
Total accumulated depreciation	$	533,864	$	471,703

MARKETABLE SECURITIES

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

NOTE 4 – MARKETABLE SECURITIES

The Company’s marketable securities primarily consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest. The REIT securities portfolio provides the Company with additional diversification, liquidity and income. As of December 31, 2025, the securities portfolio represented 1.1% of undepreciated assets. Other than purchasing marketable equity securities through automatic dividend reinvestments, the Company has not made any purchases of REIT securities during 2023, 2024 and 2025 and the Company does not intend to increase its investment in the REIT securities portfolio.

The following is a listing of marketable securities at December 31, 2025 (in thousands):

SUMMARY OF MARKETABLE SECURITIES

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value

Equity Securities:
Preferred Stock:
Cedar Realty Trust, Inc.	B		7.250	%		16	$	331	$	290
Cedar Realty Trust, Inc.	C		6.500	%		20		494		343
Total Preferred Stock								825		633

Common Stock:
Diversified Healthcare Trust						171		2,920		829
Franklin Street Properties Corporation						220		2,219		208
Industrial Logistics Properties Trust						87		1,729		483
Kimco Realty Corporation						880		16,490		17,838
Office Properties Income Trust*						562		36,418		7
Orion Office REIT, Inc.						18		293		42
Realty Income Corporation						45		2,635		2,520
Regency Centers Corporation						17		1,024		1,198
Total Common Stock								63,728		23,125

Total Marketable Securities							$	64,553	$	23,758

*	Delisted from the Nasdaq Stock Market on October 7, 2025 and subsequently moved to the OTC Pink Market.

The following is a listing of marketable securities at December 31, 2024 (in thousands):

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value

Equity Securities:
Preferred Stock:
Cedar Realty Trust, Inc.	B		7.250	%		15	$	304	$	219
Cedar Realty Trust, Inc.	C		6.500	%		20		494		290
Total Preferred Stock								798		509

Common Stock:
Diversified Healthcare Trust						171		2,920		393
Franklin Street Properties Corporation						220		2,219		403
Industrial Logistics Properties Trust						87		1,729		318
Kimco Realty Corporation						880		16,490		20,618
Office Properties Income Trust						562		36,418		561
Orion Office REIT, Inc.						18		293		69
Realty Income Corporation						145		8,527		7,729
Regency Centers Corporation						17		1,024		1,283
Total Common Stock								69,620		31,374

Total Marketable Securities							$	70,418	$	31,883

Gain (loss) on sales of marketable securities, net amounted to a loss of approximately $(221,000) and $(3.8) million for the years ended December 31, 2025 and 2024, respectively, and a gain of approximately $183,000 for the year ended December 31, 2023. As of December 31, 2025, 2024 and 2023, the securities portfolio had net unrealized holding losses of $40.8 million, $38.5 million and $39.7 million, respectively.

INVESTMENT IN JOINT VENTURES

12 Months Ended

Dec. 31, 2025

Investment In Joint Ventures

INVESTMENT IN JOINT VENTURES

NOTE 5- INVESTMENT IN JOINT VENTURES

In December 2021, the Company and Nuveen Real Estate (“Nuveen” or “Nuveen Real Estate”), established a joint venture for the purpose of acquiring manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The terms of the initial joint venture entity were set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “2021 LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The 2021 LLC Agreement provided for the parties to initially fund up to $70 million of equity capital for acquisitions during a 24-month commitment period, with Nuveen having the option, subject to certain conditions, to elect to increase the parties’ total commitments by up to an additional $100 million and to extend the commitment period for up to an additional four years. The 2021 LLC Agreement called for committed capital to be funded 60% by Nuveen and 40% by the Company on a parity basis. The Company serves as managing member of the joint venture entity and is responsible for day-to-day operations of the joint venture entity and management of its properties, subject to obtaining approval of Nuveen Real Estate for major decisions (including investments, dispositions, financings, major capital expenditures and annual budgets). The Company receives property management, asset management and other fees from the joint venture entity. In addition, once each member has recouped its invested capital and received a 7.5% net unlevered internal rate of return, 80% of distributable cash will be allocated pro rata in accordance with the members’ respective percentage interests and the Company and Nuveen will receive a promote percentage equal to 70% (in the case of the Company) and 30% (in the case of Nuveen) of the remaining 20% of distributable cash. After seven years the Company may elect to consummate the crystallization of the promote.

Under the terms of the 2021 LLC Agreement, after December 8, 2024 or, if later, the second anniversary of the acquisition and placing in service of a manufactured housing or recreational vehicle community, Nuveen will have a right to initiate the sale of one or more of the communities owned by the joint venture entity. If Nuveen elects to initiate such a sale process, the Company may exercise a right of first refusal to acquire Nuveen’s interest in the community or communities to be sold for a purchase price corresponding to the greater of the appraised value of such communities or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture entity at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment.

The 2021 LLC Agreement between the Company and Nuveen provided that until the capital contributions to the joint venture are fully funded or the joint venture is terminated, the joint venture will be the exclusive vehicle for the Company to acquire any manufactured housing communities and/or recreational vehicle communities that meet the joint venture’s investment guidelines. These guidelines called for the joint venture to acquire manufactured housing and recreational vehicle communities that have been developed within the previous two years and are less than 20% occupied, are located in certain geographic markets, are projected to meet certain cash flow and internal rate of return targets, and satisfy certain other criteria. The Company agreed to offer Nuveen the opportunity to have the joint venture acquire any manufactured housing community or recreational vehicle community that meets these investment guidelines. Under the terms of the 2021 LLC Agreement, if Nuveen determines not to pursue or approve any such acquisition, the Company would be permitted to acquire the property outside the joint venture. Since the execution of the 2021 LLC Agreement, Nuveen has provided the Company with written waivers of the exclusivity provision of the 2021 LLC Agreement with regard to two property acquisitions that may have fit the investment guidelines of the joint venture, which permitted the Company to acquire them outside of the Nuveen joint venture. Except for investment opportunities that are offered to and declined by Nuveen, the Company is prohibited from developing, owning, operating or managing manufactured housing communities or recreational vehicle communities within a 10-mile radius of any community owned by the joint venture. However, this restriction does not apply with respect to investments by the Company in existing communities operated by the Company.

The 2021 LLC Agreement provides that Nuveen will have the right to remove and replace the Company as managing member of the joint venture and manager of the joint venture’s properties if the Company breaches certain obligations or certain events occur. Upon such removal, Nuveen may elect to buy out the Company’s interest in the joint venture at 98% of the value of the Company’s interest in the joint venture. If Nuveen does not exercise such buy-out right, the Company may, at specified times, elect to initiate a sale of the communities owned by the joint venture, subject to a right of first refusal on the part of Nuveen. The 2021 LLC Agreement contains restrictions on a party’s right to transfer its interest in the joint venture without the approval of the other party.

The 2021 LLC Agreement requires the Company to offer Nuveen the opportunity to have the joint venture acquire a manufactured housing community or recreational vehicle community that meets the investment guidelines. If Nuveen decides not to acquire the community through the joint venture, however, the Company is free to purchase the community on its own outside of the joint venture.

In December 2021, the joint venture entity formed under the 2021 LLC Agreement closed on the acquisition of Sebring Square, a newly developed all-age, manufactured home community located in Sebring, Florida, for a total purchase price of $22.2 million. This community contains 219 developed homesites situated on approximately 39 acres. In December 2022, this joint venture entity closed on the acquisition of Rum Runner, another newly developed all-age, manufactured home community also located in Sebring, Florida for a total purchase price of $15.1 million. This community contains 144 developed homesites situated on approximately 20 acres. The Company manages these communities on behalf of the joint venture entity.

During the time since the joint venture with Nuveen was first established in 2021, the Company and Nuveen have continued to seek opportunities to acquire additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. During 2022, the Company and Nuveen informally agreed that any future acquisitions would be made by one or more new joint venture entities to be formed for that purpose and that the original joint venture entity formed in December 2021 will not consummate additional acquisitions but will maintain its existing property portfolio, consisting of the Sebring Square and Rum Runner communities. The Company and Nuveen also informally agreed that, unless otherwise determined in connection with any specific future investment, capital for any such new joint venture entity would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and that other terms would be similar to those of the 2021 LLC Agreement, except that the amounts of the parties’ respective capital commitments will be determined on a property-by-property basis.

In November 2023, the Company expanded its relationship with Nuveen Real Estate and formed a second joint venture entity with Nuveen. The new joint venture entity was established to, directly or through one or more subsidiaries, identify, source, originate, acquire, hold, operate, sell, lease, mortgage, maintain, own, manage, finance, refinance, reposition, improve, renovate, develop, redevelop, pledge, hedge, exchange, and otherwise deal in and with the rental of manufactured housing and/or recreational vehicle communities that meet other investment guidelines. The terms of the new joint venture entity are set forth in a Limited Liability Company Agreement dated as of November 29, 2023 (the “2023 LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The Company serves as managing member of this new joint venture entity and is responsible for day-to-day operations of the joint venture entity and management of its properties, subject to obtaining approval of Nuveen Real Estate for major decisions (including investments, dispositions, financings, major capital expenditures and annual budgets). The Company receives property management oversight, development and other fees from the joint venture entity. Sixty-one acres of land located in Honey Brook, Pennsylvania, previously owned by the Company, with a carrying value cost basis of $3.8 million, was contributed to the new joint venture entity. The Company was reimbursed by Nuveen for 60% of the carrying value of this land. This new joint venture entity is focused on the development and operation of a new manufactured housing community on this property. The community contains 113 manufactured home sites situated on approximately 61 acres. This community, named Honey Ridge, opened for occupancy in June 2025 with 22 homes on-site of which ten have been sold.

References in this report to the Company’s joint venture relationships with Nuveen are intended to refer to its ongoing relationships with Nuveen.

The Company accounts for its joint ventures with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”.

OPPORTUNITY ZONE FUND

12 Months Ended

Dec. 31, 2025

Opportunity Zone Fund

OPPORTUNITY ZONE FUND

NOTE 6 - OPPORTUNITY ZONE FUND

In July 2022, the Company invested $8.0 million, representing a portion of the capital gain the Company recognized as a result of the Monmouth Real Estate Investment Corp. (“MREIC”) merger, in the UMH OZ Fund, LLC (“OZ Fund”), a new entity formed by the Company. The OZ Fund was created to acquire, develop and redevelop manufactured housing communities requiring substantial capital investment and located in areas designated as Qualified Opportunity Zones by the Treasury Department pursuant to a program authorized under the 2017 Tax Cuts and Jobs Act to encourage long-term investment in economically distressed areas. The OZ Fund was designed to allow the Company and other investors in the OZ Fund to defer the tax on recently realized capital gains reinvested in the OZ Fund until December 31, 2026 and to potentially obtain certain other tax benefits. UMH manages the OZ Fund and will receive certain management fees as well as a 15% carried interest in distributions by the OZ Fund to the other investors when earned and realized (subject to first returning investor capital with a 5% preferred return). UMH will have a right of first offer to purchase the communities from the OZ Fund at the time of sale at their then-current appraised value. On August 10, 2022, the Company, through the OZ Fund, acquired Garden View Estates, located in Orangeburg, South Carolina, for approximately $5.2 million. On January 19, 2023, the Company, through the OZ Fund, acquired Mighty Oak, located in Albany, Georgia, for approximately $3.7 million. As of December 31, 2025, the Company’s investment in the OZ Fund represented 77% of the total capital contributed to the OZ Fund and is consolidated in the Company’s Consolidated Financial Statements. Other investors in the OZ Fund include certain officers, directors and employees of the Company, who invested on the same terms as other investors. See Note 7 for information about a line of credit loan obtained by the OZ Fund during 2025.

LOANS AND MORTGAGES PAYABLE

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

LOANS AND MORTGAGES PAYABLE

NOTE 7 – LOANS AND MORTGAGES PAYABLE

Loans Payable

The following is a summary of our loans payable as of December 31, 2025 and 2024 (in thousands):

SCHEDULE OF LOANS PAYABLE

		December 31, 2025						December 31, 2024
		Amount			Rate			Amount			Rate

Margin loan	(1)	$	229			5.25	%	$	0			N/A
Unsecured line of credit	(2)		0			N/A			0			N/A
Floorplan inventory financing	(3)		4,899			7.53	%		5,479			8.27	%
FirstBank rental home loan	(4)		23,336			6.15	%		24,033			6.15	%
FirstBank rental home line of credit	(5)		0			N/A			0			N/A
Triad rental home loan	(6)		0			N/A			0			N/A
OceanFirst notes receivable financing	(7)		0			N/A			0			N/A
Total Loans Payable			28,464			6.38	%		29,512			6.54	%
Unamortized debt issuance costs			(768	)					(1,233	)
Loans Payable, net of unamortized debt issuance costs		$	27,696			6.56	%	$	28,279			6.83	%

(1)	Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.
(2)	Represents an unsecured revolving credit facility syndicated with three banks, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A, and Wells Fargo, N.A. Total available borrowings under this facility are $260 million. Interest is based on the Company’s overall leverage ratio and is equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.5% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%, and maturity is November 7, 2026.
(3)	Represents revolving credit agreements totaling $98.5 million with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank, Northpoint Commercial Finance and Triad Financial Services (“Triad”) to finance inventory purchases. Interest rates on these agreements range from prime minus 0.75% to SOFR plus 4%. Subsequent to year end, the Company paid off this balance.
(4)	Represents a term loan secured by rental homes and rental home leases, with a fixed interest rate of 6.15% and a maturity date of May 10, 2028.
(5)	Represents a $25 million revolving line of credit secured by rental homes and their leases of which $11 million is secured by rental homes located within the OZ Fund’s communities with $14 million having a maturity date of May 10, 2028 and $11 million having a maturity date of November 7, 2026 with a one-year extension option, both with an interest rate of prime less 0.50%.
(6)	Represents a $30 million revolving line of credit secured by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
(7)	Represents a $35 million revolving line of credit secured by eligible notes receivable, with an interest rate of prime with a floor of 4.75%.

On March 9, 2023, the Company entered into a $30 million revolving line of credit with Triad secured by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.

The Company had a $20 million revolving line of credit with OceanFirst Bank (“OceanFirst Line”) secured by the Company’s eligible notes receivable. Interest was at prime with a floor of 3.25% with a maturity date which was extended to June 1, 2023. On July 19, 2023, the Company amended the OceanFirst Line from $20 million to $35 million. Interest is at prime with a floor of 4.75%. This line is secured by the Company’s eligible notes receivable. The amendment also extended the maturity date to June 1, 2025. On July 8, 2025, the Company amended the OceanFirst Line to extend the maturity date to June 1, 2027.

The Company had a $20 million revolving line of credit with FirstBank secured by rental homes and rental home leases in several of our manufactured home communities, expandable to $30 million with an accordion feature. The facility had a maturity date of November 29, 2022, which was extended to November 29, 2023. Interest was payable at prime plus 25 basis points with a floor of 3.5%, adjusted on the first day of each calendar quarter. On May 12, 2023, the Company entered into a $25 million term loan with FirstBank. The term loan has a 5-year term with a fixed interest rate of 6.15%. The term loan is secured by rental homes, and their leases, in various communities throughout our portfolio.

Additionally, on May 12, 2023, the Company entered into a new $25 million revolving line of credit with FirstBank secured by rental homes and their leases. This line of credit expires in May 2028 and has a variable rate of Prime minus 0.50% per annum, adjusted on the first day of each calendar quarter.

On December 8, 2025, $11 million of the $25 million line of credit with FirstBank was carved out to be secured by rental homes and their leases in the two communities owned by the OZ Fund. The $11 million portion of the line of credit expires in November 2026 with a one-year extension option. This $11 million line of credit has a variable rate equal to the Prime Rate minus 0.50% per annum, adjusted on the first day of each calendar month; provided, however, that the Interest Rate shall never be less than 3.50% per annum. Under the terms of the $11 million line of credit, the OZ Fund is required to maintain a $1.1 million cash security deposit, which is equal to 10% of the line of credit commitment amount, at a FirstBank bank account. No amounts have been drawn down on either the $14 million or the $11 million portion of this $25 million line of credit.

Unsecured Line of Credit

On November 7, 2022, the Company entered into the Second Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. The Second Amended Credit Agreement provides for an increase from $75 million in available borrowings to $100 million in available borrowings with a $400 million accordion feature, bringing the total potential availability up to $500 million, subject to certain conditions including obtaining commitments from additional lenders. The Second Amended Credit Agreement also extends the maturity date of the Facility from November 29, 2022 to November 7, 2026, with a further one-year extension available at the Company’s option, subject to certain conditions including payment of an extension fee. Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base.

On February 24, 2023, the Company amended the Facility to expand available borrowing capacity from $100 million to $180 million. On April 2, 2024, the Company expanded the borrowing capacity on the Facility from $180 million in available borrowings to $260 million in available borrowings. Interest is based on the Company’s overall leverage ratio and is equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.5% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%.

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows (in thousands):

Year Ended December 31,
2026	$	5,870
2027		789
2028		21,805
2029		0
2030		0
Thereafter		0

Total Loans Payable		28,464
Unamortized debt issuance costs		(768	)
Loans Payable, net of unamortized debt issuance costs	$	27,696

Series A Bonds

On February 6, 2022, the Company issued $102.7 million of its new 4.72% Series A Bonds due 2027, or the 2027 Bonds, in an offering to investors in Israel. The Company received $98.7 million, net of offering expenses. The 2027 Bonds are unsecured obligations of the Company denominated in Israeli shekels (NIS) and were issued pursuant to a Deed of Trust dated January 31, 2022 between the Company and Reznik Paz Nevo Trusts Ltd., an Israeli trust company, as trustee. The 2027 Bonds pay interest at a rate of 4.72% per year. Interest on the 2027 Bonds is payable semi-annually on August 31, 2022, and on February 28 and August 31 of the years 2023-2026 (inclusive) and on the final maturity date of February 28, 2027. The principal and interest will be linked to the U.S. Dollar. In the event of a future downgrade by two or more notches in the rating of the 2027 Bonds or a failure by the Company to comply with certain covenants in the Deed of Trust, the interest rate on the 2027 Bonds will be subject to increase. However, any such increases, in the aggregate, would not exceed 1.25% per annum. As of December 31, 2025, the Company is in compliance with these covenants.

Under the Deed of Trust, the Company has the right to redeem the 2027 Bonds, in whole or in part, at any time on or after 60 days from February 9, 2022, the date on which the 2027 Bonds were listed for trading on the Tel Aviv Stock Exchange (the “TASE”). Any such voluntary early redemption by the Company will require payment of the applicable early redemption amount calculated in accordance with the Deed of Trust. The Company does not intend to redeem the 2027 Bonds. Upon the occurrence of an event of default or certain other events, including a delisting of the 2027 Bonds by the TASE, the Company may be required to effect an early repayment or redemption of all or a portion of the 2027 Bonds at their par value plus accrued and unpaid interest. The Deed of Trust permits the Company, subject to certain conditions, to issue additional 2027 Bonds without obtaining approval of the holders of the 2027 Bonds.

The 2027 Bonds are general unsecured obligations of the Company and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness. The Deed of Trust includes certain customary covenants, including financial covenants requiring the Company to maintain certain ratios of debt to net operating income, to shareholders’ equity and to earnings, and customary events of default. The 2027 Bonds were offered solely to investors outside the United States and were not offered to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act of 1933).

Series B Bonds

On July 22, 2025, the Company issued approximately $80.2 million aggregate principal amount of its 5.85% Series B Bonds Due 2030 (the “Series B Bonds”) in an offering to investors in Israel. The Company received $75.1 million, net of offering discounts, fees and other transaction costs. The Series B Bonds were issued pursuant to a Deed of Trust between the Company and Reznik Paz Nevo Trusts Ltd., an Israeli trust company, as trustee (the “Trustee”), dated July 18, 2025 (the “Series B Deed of Trust”). The Series B Bonds are unsecured obligations of the Company denominated in NIS and rank pari passu with the Series A Bonds and all other unsecured obligations of the Company.

Principal of the Series B Bonds will be payable on June 30, 2030. The Company will pay interest on the Series B Bonds at a rate of 5.85% per annum, payable semi-annually on June 30 and December 31 of each year, beginning December 31, 2025 and continuing through the maturity date. Payments of principal and interest will be made in NIS and will be adjusted for changes in the exchange rate of the U.S. Dollar to the NIS as of each payment date. In the event of any future downgrade by two or more notches in the rating of the Series B Bonds (or if the Series B Bonds cease to be rated due to a failure by the Company to comply with certain reporting and other obligations under the Series B Deed of Trust), the interest rate on the Series B Bonds will be subject to increase by up to 1.25% per annum. In addition, the interest rate on the Series B Bonds will be subject to increase by up to 0.5% per annum upon any failure by the Company to comply with certain financial covenants in the Series B Deed of Trust. The maximum aggregate additional interest payable on the Series B Bonds as a result of any such downgrades (or cessation of rating) and/or any such failures to comply with financial covenants would not exceed a rate of 1.5% per annum. Following any such increase in the interest rate, in the event of a subsequent upgrade or reinstatement of rating and/or compliance with such financial covenants, the interest rate will be reduced. As of December 31, 2025, the Company is in compliance with these covenants.

The Series B Deed of Trust includes certain customary covenants, including financial covenants requiring the Company to maintain specified ratios of debt to net operating income, to shareholders’ equity and to earnings, and customary events of default. In addition, if the Company is not in compliance with one or more of the financial covenants, it will be restricted from making dividend payments other than those necessary to comply with the requirements to maintain its status as a REIT for income tax purposes. The covenants and events of default in the Series B Deed of Trust are substantially similar to those in the Series A Deed of Trust except that the threshold amount for an event of default involving the appointment of a receiver over the Company or its assets has been lowered from 50% to 35% of total assets of the Company.

Under the Series B Deed of Trust, the Company has the right to redeem the Series B Bonds, in whole or in part, at any time on or after 60 days from July 22, 2025, the date on which the Series B Bonds were listed for trading on the Tel Aviv Stock Exchange.

The Series B Bonds and the Series B Deed of Trust are in the Hebrew language and are governed by the laws of the State of Israel.

The Series B Bonds were offered solely to investors outside the United States and were not offered to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act).

Mortgages Payable

Mortgages Payable represents the principal amounts outstanding, net of unamortized debt issuance costs. Interest is payable on these mortgages at fixed rates ranging from 2.62% to 6.74%. The weighted average interest rate was 4.8% and 4.2% as of December 31, 2025 and 2024, respectively, including the effect of unamortized debt issuance costs. The weighted average interest rate was 4.7% and 4.2% as of December 31, 2025 and 2024, respectively, not including the effect of unamortized debt issuance costs. The weighted average loan maturity of the mortgages payable was 6.1 and 4.4 years at December 31, 2025 and 2024, respectively.

The following is a summary of mortgages payable at December 31, 2025 and 2024 (in thousands):

SCHEDULE OF MORTGAGES PAYABLE


	At December 31, 2025				Balance at December 31,
Property	Due Date	Interest Rate			2025			2024

Allentown	10/01/25		4.06	%	$	0		$	11,348
Brookview Village	04/01/25		3.92	%		0			2,333
Candlewick Court	09/01/25		4.10	%		0			3,787
Catalina	04/19/26		3.00	%		3,435			3,736
Cedarcrest Village	04/01/25		3.71	%		0			10,042
Clinton Mobile Home Resort	10/01/25		4.06	%		0			2,978
Cranberry Village	04/01/25		3.92	%		0			6,400
D & R Village	03/01/25		3.85	%		0			6,436
Fairview Manor	11/01/26		3.85	%		13,253			13,647
Fohl Village	11/22/32		5.93	%		9,118			9,250
Forest Park Village	09/01/25		4.10	%		0			7,062
Hayden Heights	04/01/25		3.92	%		0			1,758
Highland Estates	06/01/27		4.12	%		13,976			14,360
Holiday Village	09/01/25		4.10	%		0			6,720
Holiday Village- IN	11/01/25		3.96	%		0			7,203
Holly Acres Estates	09/01/31		3.21	%		5,523			5,656
Kinnebrook Village	04/01/25		3.92	%		0			3,399
Lake Erie Estates	07/06/25		5.16	%		0			2,430
Lake Sherman Village	09/01/25		4.10	%		0			4,670
Northtowne Meadows	09/06/26		4.45	%		10,490			10,781
Oak Tree	12/15/32		5.60	%		11,504			11,679
Olmsted Falls	04/01/25		3.98	%		0			1,761
Oxford Village	07/01/29		3.41	%		13,611			13,973
Perrysburg Estates	09/06/25		4.98	%		0			1,422
Pikewood Manor	11/29/28		6.74	%		12,386			12,730
Shady Hills	04/01/25		3.92	%		0			4,192
Suburban Estates	10/01/25		4.06	%		0			4,731
Sunny Acres	10/01/25		4.06	%		0			5,266
Trailmont	04/01/25		3.92	%		0			2,795
Twin Oaks	10/01/29		3.37	%		5,280			5,419
Valley Hills	06/01/26		4.32	%		2,846			2,927
Waterfalls	06/01/26		4.38	%		3,880			3,991
Weatherly Estates	04/01/25		3.92	%		0			6,820
Woods Edge	04/07/26		3.25	%		4,275			4,630
Worthington Arms	09/01/25		4.10	%		0			7,918
Various (2 properties)	02/01/27		4.56	%		11,898			12,213
Various (2 properties)	08/01/28		4.27	%		11,584			11,871
Various (2 properties)	07/01/29		3.41	%		19,898			20,427
Various (4 properties)+	10/01/32		5.24	%		32,259			32,881
Various (6 properties)	08/01/27		4.18	%		11,162			11,471
Various (7 properties)	12/01/34		5.46	%		91,843			0
Various (8 properties)	01/01/34		5.97	%		57,743			57,743
Various (10 properties)	06/01/35		5.855	%		101,392			0
Various (28 properties)*	09/01/30		4.25	%		21,849			22,923
Various (28 properties)	09/01/30		2.62	%		92,890			95,492
Total Mortgages Payable						562,095			489,271
Unamortized debt issuance costs						(5,966	)		(3,731	)
Total Mortgages Payable, net of unamortized debt issuance costs					$	556,129		$	485,540

+	Represents one mortgage payable secured by four properties and one mortgage payable secured by the rental homes therein.

*	Rental home addition to the Fannie Mae credit facility consisting of 28 properties.

At December 31, 2025 and 2024, mortgages were collateralized by real property with a carrying value of $1.0 billion and $1.1 billion, respectively, before accumulated depreciation and amortization. Interest costs amounting to $5.9 million, $6.0 million and $5.0 million were capitalized during 2025, 2024 and 2023, respectively, in connection with the Company’s expansion program. At December 31, 2025, the Company operated 145 communities, 142 of which are communities in which the Company owns either a 100% or majority interest, of which 63 are unencumbered.

Recent Financing Transactions

During the year ended December 31, 2025

On February 28, 2025, the Company paid off one mortgage totaling approximately $6.4 million. On April 1, 2025, the Company paid down nine mortgages totaling approximately $39.3 million. On May 6, 2025, the Company paid off two mortgages totaling approximately $3.8 million. On August 26, 2025, the Company paid off five mortgages totaling approximately $29.6 million. On September 26, 2025, the Company paid off five mortgages totaling approximately $30.9 million.

On May 15, 2025, the Company completed the addition of ten communities to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $101.4 million. This interest only loan is at a fixed rate of 5.855% with a 10-year term.

On November 25, 2025, the Company completed the addition of seven communities to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $91.8 million. This interest only loan is at a fixed rate of 5.46% with a 9-year term.

Including this addition, the total outstanding amount as of December 31, 2025 under the Company’s Fannie Mae credit facility was approximately $398.0 million.

The aggregate principal payments of all mortgages payable are scheduled as follows (in thousands):

Year Ended December 31,
2026	$	45,875
2027		42,887
2028		29,020
2029		40,954
2030		100,217
Thereafter		303,142

Total	$	562,095

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-Subparagraph (b)
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-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Subparagraph (a)
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
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-Name Accounting Standards Codification
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
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-URI https://asc.fasb.org/470/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

STOCK COMPENSATION PLAN

12 Months Ended

Dec. 31, 2025

STOCK COMPENSATION PLAN

NOTE 8 – STOCK COMPENSATION PLAN

On May 31, 2023, the shareholders approved the UMH Properties, Inc. 2023 Equity Incentive Award Plan (the “2023 Plan”), authorizing the grant of options, restricted stock or other stock-based awards to participants. The maximum number of shares available for grant under the 2023 Plan is 2.2 million shares. The maximum number of shares underlying awards that may be granted in any one year to a participant is 300,000 shares. Option awards are exercisable after one year of continued employment or service to the Company from the date of grant and typically vest over five years, 20% per year on each anniversary date of grant. The option price shall not be below the fair market value at date of grant. On May 28, 2025, the Company’s shareholders approved an amendment to the 2023 Plan which increased the shares of Common Stock available for future awards under the 2023 Plan by 2,250,000 shares.

The 2023 Plan replaced the Company’s Amended and Restated 2013 Incentive Award Plan (“A&R 2013 Plan”), which by its terms terminated with respect to new awards on June 13, 2023. Outstanding grants under the A&R 2013 Plan will continue to be subject to the terms of the A&R 2013 Plan. No future awards will be granted under the A&R 2013 Plan, except for those shares previously reserved for outstanding performance-based grants under the A&R 2013 Plan.

The Compensation Committee has the exclusive authority to administer and construe the 2023 Plan and shall determine, among other things: persons eligible for awards and who shall receive them; the terms and conditions of the awards; the time or times and conditions subject to which awards may become vested, deliverable, exercisable, or as to which any may apply, be accelerated or lapse; and amend or modify the terms and conditions of an award with the consent of the participant.

Generally, the term of any stock option may not be more than 10 years from the date of grant. The option price may not be below the fair market value at date of grant. If and to the extent that an award made under the 2023 Plan is forfeited, expires unexercised, or settled in cash in lieu of Shares, such Shares shall, to the extent of such forfeiture, expiration, or cash settlement, be available for future grants of awards under the 2023 Plan.

The Company accounts for stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period).

Stock Options

During the year ended December 31, 2025, sixty-one employees were granted options to purchase a total of 866,500 shares. During the year ended December 31, 2025, eight Board of Directors were granted options to purchase a total of 96,000 shares. During the year ended December 31, 2024, sixty employees were granted options to purchase a total of 829,500 shares. During the year ended December 31, 2024, nine Board of Directors were granted options to purchase a total of 99,000 shares. During the year ended December 31, 2023, sixty-nine employees were granted options to purchase a total of 1.4 million shares. These grants vest ratably over five years. The fair value of these options for the years ended December 31, 2025, 2024 and 2023 was approximately $3.3 million, $2.5 million and $4.2 million, respectively, based on assumptions noted below and is being amortized over the vesting period. The remaining unamortized stock option expense was $6.5 million as of December 31, 2025, which will be expensed ratably through 2029.

The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows:

	●	The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option.

	●	Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant.

	●	The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards.

	●	Expected life of the options granted is estimated based on historical data reflecting actual hold periods.

	●	Estimated forfeiture is based on historical data reflecting actual forfeitures.

The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years:

	2025			2024			2023

Dividend yield		4.90	%		5.33	%		3.94	%
Expected volatility		27.41	%		27.05	%		27.14	%
Risk-free interest rate		4.36	%		4.22	%		3.59	%
Expected lives		10			10			10
Estimated forfeitures		0			0			0

During the year ended December 31, 2025, options to eleven employees to purchase a total of 39,360 shares were exercised. During the year ended December 31, 2024, options to twenty-four employees to purchase a total of 280,340 shares were exercised. During the year ended December 31, 2023, options to thirteen employees to purchase a total of 71,000 shares were exercised. During the year ended December 31, 2025, options to three employees to purchase a total of 43,660 shares were forfeited. During the year ended December 31, 2024, options to four employees to purchase a total of 18,400 shares were forfeited. During the year ended December 31, 2023, options to two employees to purchase a total of 35,500 shares were expired or forfeited.

A summary of the status of the stock options outstanding under the Company’s stock compensation plans as of December 31, 2025, 2024 and 2023 and changes during the years then ended are as follows (in thousands):

	2025					2024					2023
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price

Outstanding at beginning of year		5,372		$	16.01		4,742		$	15.74		3,490		$	15.96
Granted		963			17.67		928			15.67		1,359			14.36
Exercised		(39	)		13.60		(280	)		10.41		(71	)		10.34
Forfeited		(44	)		16.12		(18	)		15.29		(16	)		18.15
Expired		0			0		0			0		(20	)		9.82
Outstanding at end of year		6,252			16.28		5,372			16.01		4,742			15.74
Options exercisable at end of year		3,402					2,587					2,195
Weighted average fair value of options granted during the year				$	3.44				$	2.72				$	3.10

The following is a summary of stock options outstanding as of December 31, 2025 (in thousands):

SUMMARY OF STOCK OPTIONS OUTSTANDING

Date of Grant	Number of Employees		Number of Shares			Option Price		Expiration Date

01/19/17		2		60			14.25	01/19/27
04/04/17		16		380			15.04	04/04/27
04/02/18		14		271			13.09	04/02/28
07/09/18		4		40			15.75	07/09/28
12/10/18		1		25			12.94	12/10/28
01/02/19		2		60			11.42	01/02/29
04/02/19		15		382			13.90	04/02/29
01/17/20		1		10			16.37	01/17/30
03/25/20		32		532			9.70	03/25/30
05/20/20		1		1			11.80	05/20/30
03/18/21		39		156	*		19.36	03/18/31
07/14/21		44		604	*		22.57	07/14/31
03/28/22		41		464	*		23.81	03/28/32
09/09/22		1		100	*		18.52	09/09/32
03/21/23		61		1,303	*		14.36	03/21/33
01/10/24		8		88	*		15.80	01/10/34
03/26/24		57		816	*		15.66	03/26/34
03/06/25		54		539	*		18.30	03/06/35
06/16/25		14		421	*		16.86	06/16/35
				6,252

From the date of grant, 20% becomes exercisable each year, over 5 years.

The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s Common Stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2025, 2024 and 2023 was $7.9 million, $20.0 million and $7.3 million, respectively, of which $6.5 million, $10.9 million and $4.5 million relate to options exercisable. The intrinsic value of options exercised in 2025, 2024 and 2023 was $172,000, $1.8 million and $418,000, respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 6.2, 6.6 and 6.8 years as of December 31, 2025, 2024 and 2023, respectively. For the years ended December 31, 2025, 2024 and 2023, amounts charged to stock compensation expense relating to stock option grants included in general and administrative expenses, totaled $2.4 million, $2.0 million and $1.8 million, respectively.

Restricted Stock

On January 29, 2021, the Company awarded special restricted stock grants totaling 146,572 shares to five employees for their successful efforts on the August 2020 groundbreaking Federal National Mortgage Association (“Fannie Mae”) financing at 2.62%, the proceeds of which were used to redeem our 8% Series B Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share. The grant date fair value of the restricted stock grants awarded on January 29, 2021 was $4.3 million, which was expensed over the vesting period. Vesting of these grants was subject to both time and performance-based vesting criteria as follows:

Vesting Date	Performance Goal to be Met ⁽¹⁾	Percent of Shares Vested
June 30, 2023	Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater	100%
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 5% or greater	Bonus of 50% of the Restricted Stock (total of 150%)
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 20% or greater	Bonus of 100% of the Restricted Stock (total of 200%)

⁽¹⁾

Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $0.64/share at June 30, 2020.

As of June 30, 2023, the growth in cumulative Normalized FFO per share over the past 3 years was over 20%. The original grant of 146,572 shares vested on August 10, 2023 with a bonus of 100%.

On January 7, 2025, the Company awarded a total of 26,000 shares of restricted stock to six employees. On January 10, 2024, the Company awarded a total of 26,000 shares of restricted stock to six employees. On January 7, 2025, the Company awarded a total of 179,944 shares of restricted stock to four employees, pursuant to their employment agreements, which were subsequently voluntarily surrendered back to the Company. On March 26, 2024, the Company awarded a total of 413,016 shares of restricted stock to four employees, pursuant to their employment agreements. These shares vest based on a combination of time and achievement of certain performance measures. On January 11, 2023, the Company awarded a total of 25,000 shares of restricted stock to five employees. On March 21, 2023, the Company awarded a total of 98,500 shares of restricted stock to two employees, pursuant to their employment agreements. The grant date fair value of the restricted stock grants awarded to participants (other than the performance based awards granted in January 2021) was $473,000, $6.9 million and $1.8 million for the years ended December 31, 2025, 2024 and 2023, respectively. These grants primarily vest ratably over five years. As of December 31, 2025, there remained a total of $2.1 million of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 1.6 years. For the years ended December 31, 2025, 2024 and 2023, amounts charged to stock compensation expense related to restricted stock grants, which is included in general and administrative expenses, totaled $3.0 million, $2.8 million and $3.1 million, respectively.

A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2025, 2024 and 2023, and changes during the year ended December 31, 2025, 2024 and 2023 are presented below (in thousands):

	2025					2024					2023
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant Date					Grant Date					Grant Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value

Non-vested at beginning of year		709		$	16.80		357		$	18.41		471		$	17.58
Granted		26			18.20		439			15.67		124			16.52
Dividend Reinvested Shares		35			15.79		31			16.99		24			14.57
Vested		(163	)		15.36		(118	)		17.52		(262	)		15.65
Non-vested at end of year		607		$	17.18		709		$	16.80		357		$	18.41

Other Stock-Based Awards

Effective June 20, 2018, a portion of our quarterly directors’ fee was paid with our unrestricted Common Stock. During 2025, 38,569 unrestricted shares of Common Stock were granted as directors’ fees with a weighted average fair value on the grant date of $17.01 per share. During 2024, 33,084 unrestricted shares of Common Stock were granted as directors’ fees with a weighted average fair value on the grant date of $16.46 per share. During 2024, 24,275 unrestricted shares of Common Stock were granted to four employees, pursuant to their employment agreements, with a weighted average fair value on the grant date of $15.66 per share. During 2023, 32,346 unrestricted shares of Common Stock were granted as directors’ fees with a weighted average fair value on the grant date of $15.31 per share.

As of December 31, 2025, there were 2.0 million shares available for grant as stock options, restricted stock or other stock-based awards under the 2023 Plan.

Subsequent to year end, on January 21, 2026, the Company awarded 28,000 shares of restricted stock to six employees. These grants vest ratably over five years.

401(k) PLAN

12 Months Ended

Dec. 31, 2025

Retirement Benefits [Abstract]

401(k) PLAN

NOTE 9 – 401(k) PLAN

All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2025, 2024 and 2023, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $1.1 million, $1.1 million and $991,000 in 2025, 2024 and 2023, respectively.

RELATED PARTY TRANSACTIONS AND OTHER MATTERS

12 Months Ended

Dec. 31, 2025

NOTE 10 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS

Employment Agreements

On January 11, 2023, the Company entered into employment agreements with Mr. Samuel A. Landy, Ms. Anna T. Chew, Mr. Craig Koster and Mr. Brett Taft. The agreements are effective as of January 1, 2023 and have initial terms of three years which will be renewed automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary of the effective date unless otherwise terminated pursuant to the terms of each agreement. The agreements provide for base compensation, incentive cash bonuses, long term equity compensation awards, which shall be subject to performance-based and time-based vesting requirements, compensation on termination, including a termination not for cause or voluntary resignation for good reason following a change of control, and certain customary fringe benefits, including vacation, life insurance and health benefits and the right to participate in the Company’s 401(k) retirement plan.

Other Matters

Mr. Eugene W. Landy, the Founder and Chairman of the Board of Directors of the Company, owned a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. As of January 2023, Mr. Eugene Landy transferred this ownership to his son, Mr. Samuel A. Landy, the President and Chief Executive Officer and a director of the Company, and other family members. The lease of the Company’s corporate office space extends through April 30, 2027 and requires monthly lease payments of $23,098 through April 30, 2022 and $23,302 from May 1, 2022 through April 30, 2027. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. Management believes that the aforesaid rents are no more than what the Company would pay for comparable space elsewhere.

Further, Mr. Eugene W. Landy owns a 9.6% interest, Mr. Samuel A. Landy owns a 4.8% interest, Mr. Daniel Landy, who is also an officer of the Company and is Samuel A. Landy’s son, owns a 0.96% interest, and the Samuel Landy Family Limited Partnership (of which Daniel Landy is the sole general partner) owns a 0.96% interest in the OZ Fund. In addition, one of the Company’s independent directors owns a 0.96% interest in the OZ Fund.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

SHAREHOLDERS’ EQUITY

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 11 – SHAREHOLDERS’ EQUITY

On March 5, 2025, the Company filed with the SDAT an amendment (the “2025 Articles of Amendment”) to the Company’s charter to increase the Company’s authorized shares of Common Stock, par value $0.10 per share, by 25 million shares. Also on March 5, 2025, the Company filed with the SDAT Articles Supplementary (the “Articles Supplementary”) reclassifying and designating 5 million shares of the Company’s Common Stock as shares of Series D Preferred Stock. After giving effect to the 2025 Articles of Amendment and the Articles Supplementary, the authorized capital stock of the Company consists of 205,413,800 shares, classified as 183,713,800 shares of Common Stock, 18,700,000 shares of Series D Preferred Stock, and 3,000,000 shares of Excess Stock.

Common Stock

On February 8, 2022, the Company’s Common Stock was approved for listing on the TASE. Trading of the Common Stock on the TASE began on February 9, 2022. The Company’s Common Stock continues to be listed on the NYSE.

The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company’s Common Stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company.

Amounts received in connection with the DRIP for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

	2025			2024			2023

Amounts Received	$	9,334		$	10,213		$	9,046
Less: Dividends Reinvested		(3,519	)		(3,214	)		(2,652	)
Amounts Received, net	$	5,815		$	6,999		$	6,394

Number of Shares Issued		591			623			612

Common Stock At-The-Market Sales Program

On September 16, 2024, the Company terminated the use of its successful then-existing at-the-market sale program for its Common Stock and entered into a new equity distribution agreement (“September 2024 Common ATM Program”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC, as Distribution Agents, under which the Company may offer and sell shares of the Company’s Common Stock, $0.10 par value per share, having an aggregate sales price of up to $150 million from time to time through the Distribution Agents, as agents or principals. Sales of the shares of Common Stock under the Distribution Agreement for the September 2024 Common ATM Program will be in “at the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The Distribution Agents are not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent with their normal trading and sales practices, on mutually agreed terms between the Distribution Agents and the Company. For the year ended December 31, 2025, 2.6 million shares of Common Stock were issued and sold under the September 2024 Common ATM Program at a weighted average price of $17.59 per share, generating gross proceeds of $45.1 million and net proceeds of $44.1 million, after offering expenses.

As of December 31, 2025, $44.6 million of Common Stock remained eligible for sale under the September 2024 Common ATM Program.

Issuer Purchases of Equity Securities

On September 22, 2025, the Board of Directors increased our Common Stock Repurchase Program (the “Repurchase Program”) so that the Company is authorized to repurchase up to $100 million in the aggregate of the Company’s Common Stock. Purchases under the Repurchase Program were permitted to be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases would be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program did not require the Company to acquire any particular amount of Common Stock and may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During 2025, the Company repurchased approximately 320,000 shares of our Common Stock at an aggregate cost of $4.8 million, or a weighted average price of $15.06 per share. The last repurchase was made on December 3, 2025.

Preferred Stock

6.375% Series D Cumulative Redeemable Preferred Stock

On January 22, 2018, the Company issued 2 million shares of its Series D Preferred Stock at an offering price of $25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 2 million shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $48.2 million and has used the net proceeds of the offering for general corporate purposes, which included the purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis.

Dividends on the Series D Preferred Stock shares are cumulative from January 22, 2018 and are payable quarterly in arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share.

The Series D Preferred Stock, par value $0.10 per share, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. On and after January 22, 2023, the Series D Preferred Stock is redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption.

Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series D Preferred Stock were offered, each holder of the Series D Preferred Stock will have the right to convert all or part of the shares of the Series D Preferred Stock held into Common Stock of the Company, unless the Company elects to redeem the Series D Preferred Stock.

Holders of the Series D Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for nine or more quarterly periods, whether or not consecutive, or with respect to certain specified events.

During 2025, 2024 and 2023, the Company sold additional shares of Series D Preferred Stock pursuant to its at-the-market sales programs, and amended its charter in connection therewith, as previously described.

Preferred Stock At-The-Market Sales Programs

On January 10, 2023, the Company entered into an At Market Issuance Sales Agreement (“2023 Preferred ATM Program”) with B. Riley. Under the 2023 Preferred ATM Program, the Company may offer and sell shares of the Company’s 6.375% Series D Cumulative Redeemable Preferred Stock, $0.10 par value per share, with a liquidation preference of $25.00 per share (the “Series D Preferred Stock”), having an aggregate sales price of up to $100 million from time to time through B. Riley, as agent or principal. Sales of the shares of Series D Preferred Stock in the 2023 Preferred ATM Program were made in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made directly on or through the New York Stock Exchange (the “NYSE”) or on any other existing trading market for the Series D Preferred Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. B. Riley was not required to sell any specific number or dollar amount of securities, but agreed to use its commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between B. Riley and the Company. During 2025, the Company issued and sold 49,000 shares of its Series D Preferred Stock under the 2023 Preferred ATM Program at a weighted average price of $23.03 per share, generating gross proceeds of $1.1 million and net proceeds of $982,000, after offering expenses.

On March 5, 2025, the Company terminated the use of the 2023 Preferred ATM Program and entered into an At Market Issuance Sales Agreement (the “2025 Preferred ATM Program”) with B. Riley, as distribution agent, under which the Company may offer and sell shares of the Company’s Series D Preferred Stock having an aggregate sales price of up to $100 million from time to time through B. Riley, as agent or principal. Sales of the shares of Series D Preferred Stock under the 2025 Preferred ATM Program, if any, will be in “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made directly on or through the New York Stock Exchange (the “NYSE”) or on any other existing trading market for the Series D Preferred Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. B. Riley is not required to sell any specific number or dollar amount of securities, but will use commercially reasonable efforts consistent with its normal trading and sales practices, on mutually agreed terms between B. Riley and the Company. At the time of termination of the 2023 Preferred ATM Program, approximately $16.5 million of Series D Preferred Stock remained unsold under the 2023 Preferred ATM Program. During 2025, the Company issued and sold 44,000 shares of its Series D Preferred Stock under the 2025 Preferred ATM Program at a weighted average price of $22.81 per share, generating gross proceeds of $999,000 and net proceeds of $969,000, after offering expenses.

Under the 2023 Preferred ATM Program and the 2025 Preferred ATM Program, during 2025, a total of 93,000 shares of Preferred Stock were issued and sold at a weighted average price of $22.93 per share, generating gross proceeds of $2.1 million and net proceeds of $2.0 million, after offering expenses.

As of December 31, 2025, $99.0 million of Preferred Stock remained eligible for sale under the 2025 Preferred ATM Program.

- Definition

The entire disclosure for equity.

+ References

+ Details

DISTRIBUTIONS

12 Months Ended

Dec. 31, 2025

Distributions

DISTRIBUTIONS

NOTE 12 – DISTRIBUTIONS

Common Stock

The following cash distributions, including dividends reinvested, were paid to common shareholders during the years ended December 31, 2025, 2024 and 2023 (in thousands except per share amounts):

	2025				2024				2023
Quarter Ended	Amount		Per Share		Amount		Per Share		Amount		Per Share

March 31	$	17,691	$	0.215	$	14,215	$	0.205	$	12,226	$	0.205
June 30		18,893		0.225		15,149		0.215		12,460		0.205
September 30		19,077		0.225		15,951		0.215		13,419		0.205
December 31		19,087		0.225		16,974		0.215		13,619		0.205
	$	74,748	$	0.89	$	62,289	$	0.85	$	51,724	$	0.82

These amounts do not include the discount on shares purchased through the Company’s DRIP.

Subsequent to year end, on January 21, 2026, the Board of Directors declared a quarterly dividend of $0.225 per share on the Company’s Common Stock payable March 16, 2026 to shareholders of record as of the close of business on February 17, 2026.

Preferred Stock

The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2025, 2024 and 2023 (in thousands except per share amounts):

Declaration Date	Record Date	Payment Date	Dividend		Dividend per Share

1/7/2025	2/18/2025	3/17/2025	$	5,129	$	0.3984375
4/1/2025	5/15/2025	6/16/2025		5,129		0.3984375
7/1/2025	8/15/2025	9/15/2025		5,129		0.3984375
10/1/2025	11/17/2025	12/15/2025		5,146		0.3984375

			$	20,533	$	1.59375

1/10/2024	2/15/2024	3/15/2024	$	4,673	$	0.3984375
4/1/2024	5/15/2024	6/17/2024		4,712		0.3984375
7/1/2024	8/15/2024	9/16/2024		4,782		0.3984375
10/1/2024	11/15/2024	12/16/2024		4,996		0.3984375

			$	19,163	$	1.59375

1/15/2023	2/15/2023	3/15/2023	$	3,836	$	0.3984375
4/1/2023	5/15/2023	6/15/2023		4,051		0.3984375
7/1/2023	8/15/2023	9/15/2023		4,364		0.3984375
10/3/2023	11/15/2023	12/15/2023		4,472		0.3984375

			$	16,723	$	1.59375

Subsequent to year end, on January 21, 2026, the Board of Directors declared a quarterly dividend of $0.3984375 per share for the period from December 1, 2025 through February 28, 2026, on the Company’s Series D Preferred Stock payable March 16, 2026 to shareholders of record as of the close of business on February 17, 2026.

FEDERAL INCOME TAXES

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

FEDERAL INCOME TAXES

NOTE 13 – FEDERAL INCOME TAXES

Characterization of Distributions

The following table characterizes the distributions paid for the years ended December 31, 2025, 2024 and 2023:

	2025					2024					2023
	Amount		Percent			Amount		Percent			Amount		Percent

Common Stock
Ordinary income	$	0.175857		19.76	%	$	0.16685		19.63	%	$	0.22256		27.14	%
Return of capital		0.714143		80.24	%		0.68315		80.37	%		0.59744		72.86	%

	$	0.89		100.00	%	$	0.85		100.00	%	$	0.82		100.00	%

Preferred Stock - Series D
Ordinary income	$	1.593750		100.0	%	$	1.593750		100.0	%	$	1.593750		100.0	%
Return of capital		0		0	%		0		0	%		0		0	%

	$	1.593750		100.00	%	$	1.593750		100.00	%	$	1.593750		100.00	%

In addition to the above, taxable income from non-REIT activities conducted by S&F, a Taxable REIT Subsidiary (“TRS”), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2025 and December 31, 2024, S&F had operating income for financial reporting purposes of $1.9 million and $1.8 million, respectively. For the year ended December 31, 2023, S&F had an operating loss for financial reporting purposes of $648,000. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2025, 2024 and 2023, S&F recorded $100,000, $112,000 and $68,000, respectively, in federal, state and franchise taxes.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

12 Months Ended

Dec. 31, 2025

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

NOTE 14 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS

The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company.

The Company had an agreement with 21st Mortgage under which 21st Mortgage provided financing for home purchasers in the Company’s communities. The Company did not receive referral fees or other cash compensation under the agreement. If 21st Mortgage made loans to purchasers and those purchasers defaulted on their loans and 21st Mortgage repossessed the homes securing such loans, the Company agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. As of December 31, 2025, the total loan balance under this agreement was approximately $1.9 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of December 31, 2025, the total loan balance owed to 21st Mortgage with respect to homes in these acquired communities was approximately $406,000. This program was terminated on June 22, 2023. The Company’s repurchase obligations for the outstanding loans that were originated by 21st Mortgage remain in effect.

The Company entered into a Manufactured Home Retailer Agreement (the “MHRA”) with 21st Mortgage on January 24, 2023, under which 21st Mortgage provides financing for home purchasers in the Company’s communities. 21st Mortgage has no recourse against the Company under the MHRA except in instances where the Customer defaults before two scheduled monthly payments are paid by the purchaser and the default is based on any dispute between S&F and the purchaser surrounding the terms or execution of the purchase and sale of the home. Upon such a default, S&F is to take assignment of the loan from 21st Mortgage for the unpaid principal balance plus accrued interest. As of December 31, 2025, no loans have been originated under the MHRA.

S&F entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. Neither the Company, nor S&F, receive referral fees or other cash compensation under the agreement. If the loan is approved under the COP Program, then it is originated by Triad, purchased by S&F and then assigned by S&F to the Company. Included in Notes and Other Receivables is approximately $98.2 million of loans that the Company acquired under the COP Program as of December 31, 2025.

The Company and one of its subsidiaries are parties to a Limited Liability Company Agreement dated as of December 8, 2021 with an affiliate of Nuveen (the “2021 LLC Agreement”), which governs the initial joint venture entity between the Company and Nuveen. The 2021 LLC Agreement provided for the parties to initially fund up to $70 million of equity capital for acquisitions during a 24-month commitment period, with Nuveen having the option, subject to certain conditions, to elect to increase the parties’ total commitments by up to an additional $100 million and to extend the commitment period for up to an additional four years. The Company is required to fund 40% of the committed capital and Nuveen is required to fund 60%. All such funding will be on a parity basis. Since the execution of the 2021 LLC Agreement, this joint venture entity has acquired two properties. The Company and Nuveen have continued to seek, and are continuing to seek, opportunities to acquire additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 under the 2021 LLC Agreement will not consummate additional acquisitions but will maintain its existing property portfolio. The Company and Nuveen also informally agreed that, unless otherwise determined in connection with any specific future investment, capital for any such new joint venture entity would continue to be funded 60% by Nuveen and 40% by the Company on a parity basis and that other terms would be similar to those of the LLC Agreement entered into in 2021, except that the amounts of the parties’ respective capital commitments will be determined on a property-by-property basis. In 2023, the Company and Nuveen formed a second joint venture entity, governed by a new Limited Liability Company Agreement dated as of November 29, 2023 (the “2023 LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen, focused on the development and operation of a new manufactured housing community located in Honey Brook, Pennsylvania. The community contains 113 manufactured home sites situated on approximately 61 acres. This community, named Honey Ridge, opened for occupancy in June 2025 with 22 homes on-site, of which ten have been sold. As with the 2021 LLC Agreement, capital contributions to the joint venture entity formed under the 2023 LLC Agreement for this project are funded 60% by Nuveen and 40% by the Company on a parity basis and the other terms (including restrictions on the Company’s right to acquire manufacturing housing communities that meet the 2023 LLC Agreement’s investment guidelines without first offering Nuveen an opportunity to participate in the acquisition) are similar to those set forth in the 2021 LLC Agreement (See Note 5).

FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 15 - FAIR VALUE MEASUREMENTS

The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2025 and 2024 (in thousands):

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

December 31, 2025:
Equity Securities - Preferred Stock	$	633	$	633	$	0	$	0
Equity Securities - Common Stock		23,125		23,125		0		0
Total	$	23,758	$	23,758	$	0	$	0

December 31, 2024:
Equity Securities - Preferred Stock	$	509	$	509	$	0	$	0
Equity Securities - Common Stock		31,374		31,374		0		0
Total	$	31,883	$	31,883	$	0	$	0

In addition to the Company’s investment in marketable securities at fair value, the Company is required to disclose certain information about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s marketable securities have quoted market prices. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates.

The fair value of cash and cash equivalents and notes receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of December 31, 2025, the estimated fair value of fixed rate mortgages payable amounted to $557.5 million and the carrying value of fixed rate mortgages payable amounted to $562.1 million.

SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2025

Supplemental Cash Flow Elements [Abstract]

SUPPLEMENTAL CASH FLOW INFORMATION

NOTE 16 – SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid for interest during the years ended December 31, 2025, 2024 and 2023 was $31.9 million, $30.7 million and $35.5 million, respectively. Interest cost capitalized to land development during the years ended December 31, 2025, 2024 and 2023 was $5.9 million, $6.0 million and $5.0 million, respectively.

During the year ended December 31, 2025, 2024 and 2023, stock compensation of $3.8 million, $2.8 million and $0 was capitalized to land development, respectively.

During the year ended December 31, 2025, 2024 and 2023, compensation for payroll and related benefits of $4.9 million, $4.8 million and $3.4 million was capitalized to land development, respectively.

During the years ended December 31, 2025, 2024 and 2023, land development costs of $56.0 million, $50.6 million and $27.9 million, respectively were transferred to investment property and equipment and placed in service.

During the years ended December 31, 2025, 2024 and 2023, the Company had dividend reinvestments of $3.5 million, $3.2 million and $2.7 million, respectively, which required no cash transfers.

SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2025

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued.

Preferred ATM Program

Since January 1, 2026, the Company issued and sold an additional 66,000 shares of its Preferred Stock under the 2025 Preferred ATM Program at a weighted average price of $22.51 per share, generating gross proceeds and net proceeds of $1.5 million, after offering expenses. As of February 25, 2026, $97.5 million of Preferred Stock remained eligible for sale under the 2025 Preferred ATM Program.

Restricted Stock Awards

On January 21, 2026, the Company awarded 28,000 shares of restricted stock to six employees. The grant date fair value of these grants was $452,200. These grants vest ratably over five years.

On January 30, 2026, the Company awarded 69,843 shares of restricted stock to four employees pursuant their employment agreements. The grant date fair value of these grants was $1.1 million. These grants vest ratably over three years.

PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

12 Months Ended

Dec. 31, 2025

Pro Forma Financial Information

PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

NOTE 18– PRO FORMA FINANCIAL INFORMATION (UNAUDITED)

The following unaudited pro forma condensed financial information reflects the acquisitions during 2025. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during this period, after giving effect to certain adjustments including (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions and (d) depreciation expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in thousands).


	For the years ended December 31,
	2025		2024

Rental and Related Income	$	227,873	$	210,391
Community Operating Expenses		96,466		88,556
Net Income Attributable to Common Shareholders		5,422		979
Net Income Attributable to Common Shareholders per Share:
Basic and Diluted		0.06		0.01

UMH PROPERTIES, INC.

SCHEDULE III

12 Months Ended

Dec. 31, 2025

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SCHEDULE III

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)


Column A		Column B			Column C				Column D
Description					Initial Cost
							Site, Land
							& Building		Capitalization
							Improvements		Subsequent to
Name	Location	Encumbrances			Land		and Rental Homes		Acquisition

Albany Dunes	Albany, GA	$	-		$	437	$	2,163	$	75
Allentown	Memphis, TN		91,843	(4)		250		2,569		24,841
Arbor Estates	Doylestown, PA		-			2,650		8,266		5,445
Auburn Estates	Orrville, OH		-			114		1,174		2,000
Bayshore Estates	Sandusky, OH		-			561		9,553		8,610
Birchwood Farms	Birch Run, MI		0	(3)		70		2,797		5,554
Boardwalk	Elkhart, IN		11,898	(7)		1,796		4,768		973
Broadmore Estates	Goshen, IN		-			1,120		11,136		16,554
Brookside Village	Berwick, PA		0	(6)		372		4,776		7,731
Brookview Village	Greenfield Center, NY		-	(2)		38		233		15,849
Camelot Village	Anderson, IN		0	(8)		824		2,480		4,685
Camelot Woods	Altoona, PA		-			573		2,767		5,224
Candlewick Court	Owosso, MI		-	(4)		159		7,087		12,687
Carsons	Chambersburg, PA		21,849	(1)		176		2,411		3,751
Catalina	Middletown, OH		3,435			1,008		11,735		26,760
Cedar Grove	Mantua, NJ		-			909		16,091		611
Cedarcrest Village	Vineland, NJ		101,392	(2)		320		1,866		4,538
Center Manor	Monaca, PA		-			198		5,602		3,994
Chambersburg I & II	Chambersburg, PA		0	(1)		108		2,397		3,495
Chelsea	Sayre, PA		0	(5)		124		2,049		3,889
Cinnamon Woods	Conowingo, MD		0	(1)		1,884		2,116		9,866
City View	Lewistown, PA		-			137		613		1,895
Clinton MH Resort	Tiffin, OH		-	(4)		142		3,302		1,213
Collingwood	Horseheads, NY		0	(1)		196		2,318		5,538
Colonial Heights	Wintersville, OH		0	(3)		67		2,383		9,162
Conowingo Court	Conowingo, MD		-			1,362		5,793		3,602
Countryside Estates	Muncie, IN		-			174		1,926		9,843
Countryside Estates	Ravenna, OH		0	(1)		205		2,896		7,778
Countryside Village	Columbia, TN		92,890	(1)		394		6,917		14,444
Cranberry Village	Cranberry Township, PA		-	(2)		182		1,923		4,986
Crestview	Athens, PA		0	(1)		188		2,258		4,148
Cross Keys Village	Duncansville, PA		-			61		378		5,536
Crossroads Village	Mount Pleasant, PA		0	(1)		183		1,403		198
D & R Village	Clifton Park, NY		-	(2)		392		704		4,710
Dallas Mobile Home	Toronto, OH		0	(1)		276		2,729		5,097
Deer Meadows	New Springfield, OH		0	(1)		226		2,299		5,682
Deer Run	Dothan, AL		-			298		4,242		18,349
Duck River Estates	Columbia, TN		-			416		0		9,014
Evergreen Estates	Lodi, OH		0	(1)		99		1,121		785
Evergreen Manor	Bedford, OH		-			49		2,372		2,056
Evergreen Village	Mantua, OH		0	(1)		105		1,277		3,742
Fairview Manor	Millville, NJ		13,253			216		1,167		13,193
Fifty-One Estates	Elizabeth, PA		0	(1)		1,214		5,746		5,692
Fohl Village	Canton, OH		9,118			1,018		18,052		4,786
Forest Creek	Elkhart, IN		0	(3)		440		7,004		4,517
Forest Park Village	Cranberry Township, PA		-	(4)		75		977		12,857
Fox Chapel Village	Cheswick, PA		-			372		4,082		5,881
Frieden Manor	Schuylkill Haven, PA		11,162	(5)		643		5,294		6,868
Friendly Village	Perrysburg, OH		-			1,215		18,141		39,416
Garden View Estates	Orangeburg, SC		-			156		5,044		10,951
Green Acres	Chambersburg, PA		-			63		584		265
Gregory Courts	Honey Brook, PA		-			370		1,220		1,504

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)

Column A		Column B			Column C				Column D
Description					Initial Cost
							Site, Land
							& Building		Capitalization
							Improvements		Subsequent to
Name	Location	Encumbrances			Land		and Rental Homes		Acquisition

Hayden Heights	Dublin, OH	$	-	(2)		248		2,148		1,983
Heather Highlands	Inkerman, PA		-			573		2,152		20,317
Hidden Creek	Erie, MI		-			614		20,717		13,903
High View Acres	Export, PA		0	(1)		825		4,264		1,415
Highland	Elkhart, IN		-			510		7,084		8,274
Highland Estates	Kutztown, PA		13,976			145		1,695		12,670
Hillcrest Crossing	Lower Burrell, PA		0	(1)		961		1,464		14,388
Hillcrest Estates	Marysville, OH		0	(1)		1,277		3,034		6,509
Hillside Estates	Greensburg, PA		0			484		2,679		8,400
Holiday Village	Nashville, TN		-	(4)		1,632		5,618		21,625
Holiday Village	Elkhart, IN		-			491		13,808		15,381
Holly Acres Estates	Erie, PA		5,523			194		3,591		1,765
Hudson Estates	Peninsula, OH		0	(1)		141		3,516		8,484
Huntingdon Pointe	Tarrs, PA		0	(1)		399		865		4,901
Independence Park	Clinton, PA		0			686		2,784		8,929
Iris Winds	Sumter, SC		-			121		3,324		13,544
Kinnebrook	Monticello, NY		-	(2)		236		1,403		15,591
Lake Erie Estates	Fredonia, NY		-			104		4,391		6,490
Lake Sherman Village	Navarre, OH		-			290		1,458		21,002
Lakeview Meadows	Lakeview, OH		0	(1)		574		1,104		8,840
Laurel Woods	Cresson, PA		-			433		2,070		9,986
Little Chippewa	Orrville, OH		-			113		1,135		2,812
Mandell Trails	Butler, PA		-			2,470		4,905		5,859
Maple Manor	Taylor, PA		32,259	(6)		674		9,433		12,138
Maplewood Village	Mantua, NJ		-			495		7,105		305
Marysville Estates	Marysville, OH		0	(1)		810		4,556		16,057
Maybelle Manor	Conowingo, MD		-			700		4,070		90
Meadowood	New Middletown, OH		0	(3)		152		3,191		7,341
Meadows	Nappanee, IN		-			549		6,721		15,034
Meadows of Perrysburg	Perrysburg, OH		-			2,146		5,541		6,571
Melrose Village	Wooster, OH		-			767		5,429		9,888
Melrose West	Wooster, OH		-			94		1,040		226
Memphis Blues	Memphis, TN		-			78		810		21,515
Mighty Oak	Albany, GA		-			232		3,418		7,457
Monroe Valley	Jonestown, PA		0	(5)		114		994		857
Moosic Heights	Avoca, PA		0	(6)		330		3,794		6,412
Mount Pleasant Village	Mount Pleasant, PA		0	(1)		280		3,502		2,380
Mountaintop	Narvon, PA		0	(5)		134		1,665		2,122
New Colony	West Mifflin, PA		0	(1)		429		4,129		4,595
Northtowne Meadows	Erie, MI		10,490			1,272		23,859		10,394
Oak Ridge Estates	Elkhart, IN		0	(3)		500		7,524		5,079
Oak Tree	Jackson, NJ		11,504			1,134		21,766		2,415
Oakwood Lake Village	Tunkhannock, PA		-			379		1,639		4,221
Olmsted Falls	Olmsted Falls, OH		-	(2)		569		3,031		3,702
Oxford Village	West Grove, PA		13,611			175		991		3,680
Parke Place	Elkhart, IN		0	(7)		4,317		10,341		17,114
Perrysburg Estates	Perrysburg, OH		-			399		4,047		9,228
Pikewood Manor	Elyria, OH		12,386			1,053		22,068		28,539
Pine Ridge/Pine Manor	Carlisle, PA		-			38		198		12,481
Pine Valley Estates	Apollo, PA		-			670		1,337		17,276
Pleasant View Estates	Bloomsburg, PA		0	(6)		282		2,175		4,815
Port Royal Village	Belle Vernon, PA		-			150		2,492		22,220
Redbud Estates	Anderson, IN		11,584	(8)		1,739		15,091		11,031
River Bluff Estates	Memphis, TN		0			230		0		4,263
River Valley Estates	Marion, OH		-			236		785		12,692
Rolling Hills Estates	Carlisle, PA		0	(1)		301		1,419		4,830
Rostraver Estates	Belle Vernon, PA		0			814		2,204		3,493
Saddle Creek	Dothan, AL		-			713		3,165		5,866

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)

Column A		Column B			Column C				Column D
Description					Initial Cost
							Site, Land
							& Building		Capitalization
							Improvements		Subsequent to
Name	Location	Encumbrances			Land		and Rental Homes		Acquisition

Sandy Valley Estates	Magnolia, OH	$	-			270		1,941		18,897
Shady Hills	Nashville, TN		-	(2)		337		3,379		6,972
Somerset/Whispering	Somerset, PA		0	(1)		1,485		2,050		14,866
Southern Terrace	Columbiana, OH		0	(3)		63		3,387		1,172
Southwind Village	Jackson, NJ		19,898	(9)		100		603		4,005
Spreading Oaks Village	Athens, OH		-			67		1,327		5,677
Springfield Meadows	Springfield, OH		-			1,230		3,093		8,621
Suburban Estates	Greensburg, PA		-	(4)		299		5,837		7,825
Summit Estates	Ravenna, OH		0	(1)		198		2,779		6,399
Summit Village	Marion, IN		-			522		2,821		6,131
Sunny Acres	Somerset, PA		-	(4)		287		6,114		5,648
Sunnyside	Eagleville, PA		-			450		2,674		1,498
Trailmont	Goodlettsville, TN		-	(2)		411		1,867		5,355
Twin Oaks I & II	Olmsted Falls, OH		5,280			823		3,527		2,675
Twin Pines	Goshen, IN		57,743	(3)		650		6,307		8,323
Valley High	Ruffs Dale, PA		0			284		2,267		3,387
Valley Hills	Ravenna, OH		2,846			996		6,542		14,163
Valley Stream	Mountaintop, PA		-			323		3,191		1,971
Valley View - HB	Honey Brook, PA		0	(3)		1,380		5,348		8,069
Valley View I	Ephrata, PA		0	(5)		191		4,359		2,877
Valley View II	Ephrata, PA		0	(5)		72		1,746		124
Voyager Estates	West Newton, PA		0	(1)		742		3,143		9,443
Waterfalls Village	Hamburg, NY		3,880			424		3,812		9,720
Wayside	Bellefontaine, OH		0	(1)		196		1,080		4,377
Weatherly Estates	Lebanon, TN		-	(2)		1,184		4,034		5,604
Wellington Estates	Export, PA		-			896		6,179		9,044
Wood Valley	Caledonia, OH		-			260		1,753		10,410
Woodland Manor	West Monroe, NY		0	(1)		77		841		8,350
Woodlawn Village	Eatontown, NJ		0	(9)		157		281		3,099
Woods Edge	West Lafayette, IN		4,275			1,808		13,321		21,905
Worthington Arms	Lewis Center, OH		-			437		12,706		12,101
Youngstown Estates	Youngstown, NY		-			269		1,606		3,217
		$	562,095		$	77,989	$	622,855	$	1,152,160

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)

Column A		Column E (10) (11)						Column F
Description		Gross Amount at Which Carried at 12/31/25
				Site, Land
				& Building
				Improvements				Accumulated
Name	Location	Land		and Rental Homes		Total		Depreciation

Albany Dunes	Albany, GA	$	441	$	2,234	$	2,675	$	(14	)
Allentown	Memphis, TN		1,270		26,390		27,660		(10,437	)
Arbor Estates	Doylestown, PA		2,650		13,711		16,361		(4,821	)
Auburn Estates	Orrville, OH		114		3,174		3,288		(886	)
Bayshore Estates	Sandusky, OH		562		18,162		18,724		(2,398	)
Birchwood Farms	Birch Run, MI		70		8,351		8,421		(2,945	)
Boardwalk	Elkhart, IN		1,796		5,741		7,537		(1,636	)
Broadmore Estates	Goshen, IN		1,120		27,690		28,810		(10,682	)
Brookside Village	Berwick, PA		372		12,507		12,879		(3,997	)
Brookview Village	Greenfield Center, NY		123		15,997		16,120		(5,409	)
Camelot Village	Anderson, IN		828		7,161		7,989		(1,167	)
Camelot Woods	Altoona, PA		766		7,798		8,564		(1,124	)
Candlewick Court	Owosso, MI		159		19,774		19,933		(5,928	)
Carsons	Chambersburg, PA		176		6,162		6,338		(2,077	)
Catalina	Middletown, OH		1,008		38,495		39,503		(10,384	)
Cedar Grove	Mantua, NJ		937		16,674		17,611		(504	)
Cedarcrest Village	Vineland, NJ		408		6,316		6,724		(3,663	)
Center Manor	Monaca, PA		201		9,593		9,794		(961	)
Chambersburg I & II	Chambersburg, PA		925		5,075		6,000		(1,633	)
Chelsea	Sayre, PA		124		5,938		6,062		(1,856	)
Cinnamon Woods	Conowingo, MD		1,884		11,982		13,866		(1,214	)
City View	Lewistown, PA		137		2,508		2,645		(916	)
Clinton MH Resort	Tiffin, OH		142		4,515		4,657		(1,889	)
Collingwood	Horseheads, NY		196		7,856		8,052		(2,422	)
Colonial Heights	Wintersville, OH		67		11,545		11,612		(4,019	)
Conowingo Court	Conowingo, MD		1,381		9,376		10,757		(157	)
Countryside Estates	Muncie, IN		174		11,769		11,943		(3,427	)
Countryside Estates	Ravenna, OH		205		10,674		10,879		(3,475	)
Countryside Village	Columbia, TN		193		21,562		21,755		(9,078	)
Cranberry Village	Cranberry Township, PA		182		6,909		7,091		(4,080	)
Crestview	Athens, PA		362		6,232		6,594		(2,069	)
Cross Keys Village	Duncansville, PA		61		5,914		5,975		(2,608	)
Crossroads Village	Mount Pleasant, PA		183		1,601		1,784		(505	)
D & R Village	Clifton Park, NY		392		5,414		5,806		(2,796	)
Dallas Mobile Home	Toronto, OH		276		7,826		8,102		(2,329	)
Deer Meadows	New Springfield, OH		226		7,981		8,207		(2,397	)
Deer Run	Dothan, AL		301		22,588		22,889		(2,566	)
Duck River Estates	Columbia, TN		416		9,014		9,430		(865	)
Evergreen Estates	Lodi, OH		119		1,886		2,005		(693	)
Evergreen Manor	Bedford, OH		49		4,428		4,477		(1,558	)
Evergreen Village	Mantua, OH		105		5,019		5,124		(1,144	)
Fairview Manor	Millville, NJ		2,535		12,041		14,576		(7,551	)
Fifty-One Estates	Elizabeth, PA		1,330		11,322		12,652		(2,106	)
Fohl Village	Canton, OH		1,023		22,833		23,856		(2,227	)
Forest Creek	Elkhart, IN		440		11,521		11,961		(5,127	)
Forest Park Village	Cranberry Township, PA		75		13,834		13,909		(5,800	)
Fox Chapel Village	Cheswick, PA		372		9,963		10,335		(2,242	)
Frieden Manor	Schuylkill Haven, PA		1,420		11,385		12,805		(4,167	)
Friendly Village	Perrysburg, OH		1,269		57,503		58,772		(8,461	)
Garden View Estates	Orangeburg, SC		158		15,993		16,151		(1,167	)
Green Acres	Chambersburg, PA		63		849		912		(329	)
Gregory Courts	Honey Brook, PA		370		2,724		3,094		(1,117	)
Hayden Heights	Dublin, OH		248		4,131		4,379		(1,280	)
Heather Highlands	Inkerman, PA		573		22,469		23,042		(9,591	)
Hidden Creek	Erie, MI		618		34,616		35,234		(3,575	)

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)

Column A		Column E (10) (11)						Column F
Description		Gross Amount at Which Carried at 12/31/25
				Site, Land
				& Building
				Improvements				Accumulated
Name	Location	Land		and Rental Homes		Total		Depreciation

High View Acres	Export, PA	$	825		5,679		6,504		(1,490	)
Highland	Elkhart, IN		510		15,358		15,868		(6,367	)
Highland Estates	Kutztown, PA		404		14,106		14,510		(9,547	)
Hillcrest Crossing	Lower Burrell, PA		961		15,852		16,813		(3,308	)
Hillcrest Estates	Marysville, OH		1,277		9,543		10,820		(2,475	)
Hillside Estates	Greensburg, PA		484		11,079		11,563		(2,590	)
Holiday Village	Nashville, TN		1,632		27,243		28,875		(7,169	)
Holiday Village	Elkhart, IN		491		29,189		29,680		(9,098	)
Holly Acres Estates	Erie, PA		194		5,356		5,550		(1,842	)
Hudson Estates	Peninsula, OH		141		12,000		12,141		(3,775	)
Huntingdon Pointe	Tarrs, PA		399		5,766		6,165		(1,074	)
Independence Park	Clinton, PA		686		11,713		12,399		(2,821	)
Iris Winds	Sumter, SC		1,135		15,854		16,989		(1,940	)
Kinnebrook	Monticello, NY		509		16,721		17,230		(8,753	)
Lake Erie Estates	Fredonia, NY		140		10,845		10,985		(1,665	)
Lake Sherman Village	Navarre, OH		290		22,460		22,750		(8,217	)
Lakeview Meadows	Lakeview, OH		726		9,792		10,518		(1,276	)
Laurel Woods	Cresson, PA		433		12,056		12,489		(4,595	)
Little Chippewa	Orrville, OH		113		3,947		4,060		(1,248	)
Mandell Trails	Butler, PA		2,537		10,697		13,234		(875	)
Maple Manor	Taylor, PA		674		21,571		22,245		(8,399	)
Maplewood Village	Mantua, NJ		510		7,395		7,905		(222	)
Marysville Estates	Marysville, OH		818		20,605		21,423		(4,101	)
Maybelle Manor	Conowingo, MD		711		4,149		4,860		(75	)
Meadowood	New Middletown, OH		152		10,532		10,684		(3,522	)
Meadows	Nappanee, IN		549		21,755		22,304		(6,504	)
Meadows of Perrysburg	Perrysburg, OH		4,500		9,758		14,258		(1,800	)
Melrose Village	Wooster, OH		767		15,317		16,084		(4,581	)
Melrose West	Wooster, OH		94		1,266		1,360		(499	)
Memphis Blues	Memphis, TN		336		22,067		22,403		(6,230	)
Mighty Oak	Albany, GA		234		10,873		11,107		(661	)
Monroe Valley	Jonestown, PA		114		1,851		1,965		(735	)
Moosic Heights	Avoca, PA		330		10,206		10,536		(3,535	)
Mount Pleasant Village	Mount Pleasant, PA		280		5,882		6,162		(1,782	)
Mountaintop	Narvon, PA		249		3,672		3,921		(1,287	)
New Colony	West Mifflin, PA		448		8,705		9,153		(1,626	)
Northtowne Meadows	Erie, MI		1,310		34,215		35,524		(7,173	)
Oak Ridge Estates	Elkhart, IN		500		12,603		13,103		(5,062	)
Oak Tree	Jackson, NJ		1,150		24,165		25,315		(2,535	)
Oakwood Lake Village	Tunkhannock, PA		379		5,860		6,239		(1,763	)
Olmsted Falls	Olmsted Falls, OH		569		6,733		7,302		(2,345	)
Oxford Village	West Grove, PA		155		4,691		4,846		(2,694	)
Parke Place	Elkhart, IN		4,317		27,455		31,772		(6,247	)
Perrysburg Estates	Perrysburg, OH		407		13,267		13,674		(2,737	)
Pikewood Manor	Elyria, OH		1,071		50,589		51,660		(10,296	)
Pine Ridge/Pine Manor	Carlisle, PA		145		12,572		12,717		(6,271	)
Pine Valley Estates	Apollo, PA		732		18,551		19,283		(5,737	)
Pleasant View Estates	Bloomsburg, PA		307		6,965		7,272		(2,243	)
Port Royal Village	Belle Vernon, PA		505		24,357		24,862		(11,417	)
Redbud Estates	Anderson, IN		1,753		26,108		27,861		(5,873	)
River Bluff Estates	Memphis, TN		230		4,263		4,493		(52	)
River Valley Estates	Marion, OH		236		13,477		13,713		(5,742	)
Rolling Hills Estates	Carlisle, PA		517		6,033		6,550		(1,649	)

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025 (in thousands)

Column A		Column E (10) (11)						Column F
Description		Gross Amount at Which Carried at 12/31/25
				Site, Land
				& Building
				Improvements				Accumulated
Name	Location	Land		and Rental Homes		Total		Depreciation

Rostraver Estates	Belle Vernon, PA	$	814		5,697		6,511		(1,925	)
Saddle Creek	Dothan, AL		718		9,026		9,744		(673	)
Sandy Valley Estates	Magnolia, OH		270		20,838		21,108		(8,052	)
Shady Hills	Nashville, TN		337		10,351		10,688		(3,894	)
Somerset/Whispering	Somerset, PA		1,538		16,863		18,401		(6,718	)
Southern Terrace	Columbiana, OH		63		4,559		4,622		(1,928	)
Southwind Village	Jackson, NJ		100		4,608		4,708		(2,675	)
Spreading Oaks Village	Athens, OH		67		7,004		7,071		(3,079	)
Springfield Meadows	Springfield, OH		1,230		11,714		12,944		(1,728	)
Suburban Estates	Greensburg, PA		299		13,662		13,961		(5,230	)
Summit Estates	Ravenna, OH		198		9,178		9,376		(2,946	)
Summit Village	Marion, IN		522		8,952		9,474		(2,274	)
Sunny Acres	Somerset, PA		287		11,762		12,049		(4,786	)
Sunnyside	Eagleville, PA		662		3,960		4,622		(1,531	)
Trailmont	Goodlettsville, TN		411		7,222		7,633		(2,564	)
Twin Oaks I & II	Olmsted Falls, OH		998		6,027		7,025		(2,538	)
Twin Pines	Goshen, IN		650		14,630		15,280		(5,575	)
Valley High	Ruffs Dale, PA		284		5,654		5,938		(1,819	)
Valley Hills	Ravenna, OH		996		20,705		21,701		(6,554	)
Valley Stream	Mountaintop, PA		323		5,162		5,485		(1,559	)
Valley View - HB	Honey Brook, PA		1,605		13,192		14,797		(4,273	)
Valley View I	Ephrata, PA		280		7,147		7,427		(2,541	)
Valley View II	Ephrata, PA		72		1,870		1,942		(871	)
Voyager Estates	West Newton, PA		742		12,586		13,328		(3,048	)
Waterfalls Village	Hamburg, NY		424		13,532		13,956		(6,567	)
Wayside	Bellefontaine, OH		538		5,115		5,653		(1,074	)
Weatherly Estates	Lebanon, TN		1,184		9,638		10,822		(5,256	)
Wellington Estates	Export, PA		896		15,223		16,119		(3,541	)
Wood Valley	Caledonia, OH		260		12,163		12,423		(4,765	)
Woodland Manor	West Monroe, NY		260		9,008		9,268		(2,925	)
Woodlawn Village	Eatontown, NJ		135		3,402		3,537		(1,371	)
Woods Edge	West Lafayette, IN		1,808		35,226		37,034		(9,111	)
Worthington Arms	Lewis Center, OH		437		24,807		25,244		(6,914	)
Youngstown Estates	Youngstown, NY		269		4,823		5,092		(1,340	)
		$	90,208	$	1,762,796	$	1,853,003	$	(504,634	)

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025

Column A		Column G	Column H	Column I
Description
		Date of	Date	Depreciable
Name	Location	Construction	Acquired	Life

Albany Dunes	Albany, GA	1983	2025	5 to 27.5
Allentown	Memphis, TN	prior to 1980	1986	5 to 27.5
Arbor Estates	Doylestown, PA	1959	2013	5 to 27.5
Auburn Estates	Orrville, OH	1971/1985/1995	2013	5 to 27.5
Bayshore Estates	Sandusky, OH	1969	2021	5 to 27.5
Birchwood Farms	Birch Run, MI	1976-1977	2013	5 to 27.5
Boardwalk	Elkhart, IN	1995-1996	2017	5 to 27.5
Broadmore Estates	Goshen, IN	1950/1990	2013	5 to 27.5
Brookside Village	Berwick, PA	1973-1976	2010	5 to 27.5
Brookview Village	Greenfield Center, NY	prior to 1970	1977	5 to 27.5
Camelot Village	Anderson, IN	1998	2018	5 to 27.5
Camelot Woods	Altoona, PA	1999	2020	5 to 27.5
Candlewick Court	Owosso, MI	1975	2015	5 to 27.5
Carsons	Chambersburg, PA	1963	2012	5 to 27.5
Catalina	Middletown, OH	1968-1976	2015	5 to 27.5
Cedar Grove	Mantua, NJ	1950’s	2025	5 to 27.5
Cedarcrest Village	Vineland, NJ	1973	1986	5 to 27.5
Center Manor	Monaca, PA	1957	2022	5 to 27.5
Chambersburg I & II	Chambersburg, PA	1955	2012	5 to 27.5
Chelsea	Sayre, PA	1972	2012	5 to 27.5
Cinnamon Woods	Conowingo, MD	2005	2017	5 to 27.5
City View	Lewistown, PA	prior to 1980	2011	5 to 27.5
Clinton MH Resort	Tiffin, OH	1968/1987	2011	5 to 27.5
Collingwood	Horseheads, NY	1970	2012	5 to 27.5
Colonial Heights	Wintersville, OH	1972	2012	5 to 27.5
Conowingo Court	Conowingo, MD	1960’s	2025	5 to 27.5
Countryside Estates	Muncie, IN	1996	2012	5 to 27.5
Countryside Estates	Ravenna, OH	1972	2014	5 to 27.5
Countryside Village	Columbia, TN	1988/1992	2011	5 to 27.5
Cranberry Village	Cranberry Township, PA	1974	1986	5 to 27.5
Crestview	Athens, PA	1964	2012	5 to 27.5
Cross Keys Village	Duncansville, PA	1961	1979	5 to 27.5
Crossroads Village	Mount Pleasant, PA	1955/2004	2017	5 to 27.5
D & R Village	Clifton Park, NY	1972	1978	5 to 27.5
Dallas Mobile Home	Toronto, OH	1950-1957	2014	5 to 27.5
Deer Meadows	New Springfield, OH	1973	2014	5 to 27.5
Deer Run	Dothan, AL	1960	2021	5 to 27.5
Duck River Estates	Columbia, TN	2023	2011	5 to 27.5
Evergreen Estates	Lodi, OH	1965	2014	5 to 27.5
Evergreen Manor	Bedford, OH	1960	2014	5 to 27.5
Evergreen Village	Mantua, OH	1960	2014	5 to 27.5
Fairview Manor	Millville, NJ	prior to 1980	1985	5 to 27.5
Fifty-One Estates	Elizabeth, PA	1970’s	2019	5 to 27.5
Fohl Village	Canton, OH	1972	2022	5 to 27.5
Forest Creek	Elkhart, IN	1996-1997	2013	5 to 27.5
Forest Park Village	Cranberry Township, PA	prior to 1980	1982	5 to 27.5
Fox Chapel Village	Cheswick, PA	1975	2017	5 to 27.5
Frieden Manor	Schuylkill Haven, PA	1969	2012	5 to 27.5
Friendly Village	Perrysburg, OH	1970	2019	5 to 27.5
Garden View Estates	Orangeburg, SC	1962	2022	5 to 27.5
Green Acres	Chambersburg, PA	1978	2012	5 to 27.5
Gregory Courts	Honey Brook, PA	1970	2013	5 to 27.5
Hayden Heights	Dublin, OH	1973	2014	5 to 27.5
Heather Highlands	Inkerman, PA	1970	1992	5 to 27.5
Hidden Creek	Erie, MI	1993	2022	5 to 27.5
High View Acres	Export, PA	1984	2017	5 to 27.5

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025

Column A		Column G	Column H	Column I
Description
		Date of	Date	Depreciable
Name	Location	Construction	Acquired	Life

Highland	Elkhart, IN	1969	2013	5 to 27.5
Highland Estates	Kutztown, PA	1971	1979	5 to 27.5
Hillcrest Crossing	Lower Burrell, PA	1971	2017	5 to 27.5
Hillcrest Estates	Marysville, OH	1995	2017	5 to 27.5
Hillside Estates	Greensburg, PA	1980	2014	5 to 27.5
Holiday Village	Nashville, TN	1967	2013	5 to 27.5
Holiday Village	Elkhart, IN	1966	2015	5 to 27.5
Holly Acres Estates	Erie, PA	1977/2007	2015	5 to 27.5
Hudson Estates	Peninsula, OH	1956	2014	5 to 27.5
Huntingdon Pointe	Tarrs, PA	2000	2015	5 to 27.5
Independence Park	Clinton, PA	1987	2014	5 to 27.5
Iris Winds	Sumter, SC	1972	2021	5 to 27.5
Kinnebrook	Monticello, NY	1972	1988	5 to 27.5
Lake Erie Estates	Fredonia, NY	1965-1975	2020	5 to 27.5
Lake Sherman Village	Navarre, OH	prior to 1980	1987	5 to 27.5
Lakeview Meadows	Lakeview, OH	1995	2016	5 to 27.5
Laurel Woods	Cresson, PA	prior to 1980	2001	5 to 27.5
Little Chippewa	Orrville, OH	1968	2013	5 to 27.5
Mandell Trails	Butler, PA	1969	2022	5 to 27.5
Maple Manor	Taylor, PA	1972	2010	5 to 27.5
Maplewood Village	Mantua, NJ	1970’s	2025	5 to 27.5
Marysville Estates	Marysville, OH	1960s to 2015	2017	5 to 27.5
Maybelle Manor	Conowingo, MD	1999	2025	5 to 27.5
Meadowood	New Middletown, OH	1957	2012	5 to 27.5
Meadows	Nappanee, IN	1965-1973	2015	5 to 27.5
Meadows of Perrysburg	Perrysburg, OH	1998	2018	5 to 27.5
Melrose Village	Wooster, OH	1970-1978	2013	5 to 27.5
Melrose West	Wooster, OH	1995	2013	5 to 27.5
Memphis Blues	Memphis, TN	1955	1985	5 to 27.5
Mighty Oak	Albany, GA	2023	2023	5 to 27.5
Monroe Valley	Jonestown, PA	1969	2012	5 to 27.5
Moosic Heights	Avoca, PA	1972	2010	5 to 27.5
Mount Pleasant Village	Mount Pleasant, PA	1977-1986	2017	5 to 27.5
Mountaintop	Narvon, PA	1972	2012	5 to 27.5
New Colony	West Mifflin, PA	1975	2019	5 to 27.5
Northtowne Meadows	Erie, MI	1988, 1995, 1999	2019	5 to 27.5
Oak Ridge Estates	Elkhart, IN	1990	2013	5 to 27.5
Oak Tree	Jackson, NJ	1958	2022	5 to 27.5
Oakwood Lake Village	Tunkhannock, PA	1972	2010	5 to 27.5
Olmsted Falls	Olmsted Falls, OH	1953/1970	2012	5 to 27.5
Oxford Village	West Grove, PA	1971	1974	5 to 27.5
Parke Place	Elkhart, IN	1995-1996	2017	5 to 27.5
Perrysburg Estates	Perrysburg, OH	1972	2018	5 to 27.5
Pikewood Manor	Elyria, OH	1962	2018	5 to 27.5
Pine Ridge/Pine Manor	Carlisle, PA	1961	1969	5 to 27.5
Pine Valley Estates	Apollo, PA	prior to 1980	1995	5 to 27.5
Pleasant View Estates	Bloomsburg, PA	1960’s	2010	5 to 27.5
Port Royal Village	Belle Vernon, PA	1973	1983	5 to 27.5
Redbud Estates	Anderson, IN	1966/1998/2003	2018	5 to 27.5
River Bluff Estates	Memphis, TN	2024	2013	5 to 27.5
River Valley Estates	Marion, OH	1950	1986	5 to 27.5
Rolling Hills Estates	Carlisle, PA	1972-1975	2013	5 to 27.5
Rostraver Estates	Belle Vernon, PA	1970	2014	5 to 27.5
Saddle Creek	Dothan, AL	1972	2022	5 to 27.5
Sandy Valley Estates	Magnolia, OH	prior to 1980	1985	5 to 27.5
Shady Hills	Nashville, TN	1954	2011	5 to 27.5

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025

Column A		Column G	Column H	Column I
Description
		Date of	Date	Depreciable
Name	Location	Construction	Acquired	Life

Somerset/Whispering	Somerset, PA	prior to 1980	2004	5 to 27.5
Southern Terrace	Columbiana, OH	1983	2012	5 to 27.5
Southwind Village	Jackson, NJ	1969	1969	5 to 27.5
Spreading Oaks Village	Athens, OH	prior to 1980	1996	5 to 27.5
Springfield Meadows	Springfield, OH	1970	2016	5 to 27.5
Suburban Estates	Greensburg, PA	1968/1980	2010	5 to 27.5
Summit Estates	Ravenna, OH	1969	2014	5 to 27.5
Summit Village	Marion, IN	2000	2018	5 to 27.5
Sunny Acres	Somerset, PA	1970	2010	5 to 27.5
Sunnyside	Eagleville, PA	1960	2013	5 to 27.5
Trailmont	Goodlettsville, TN	1964	2011	5 to 27.5
Twin Oaks I & II	Olmsted Falls, OH	1952/1997	2012	5 to 27.5
Twin Pines	Goshen, IN	1956/1990	2013	5 to 27.5
Valley High	Ruffs Dale, PA	1974	2014	5 to 27.5
Valley Hills	Ravenna, OH	1960-1970	2014	5 to 27.5
Valley Stream	Mountaintop, PA	1970	2015	5 to 27.5
Valley View - HB	Honey Brook, PA	1970	2013	5 to 27.5
Valley View I	Ephrata, PA	1961	2012	5 to 27.5
Valley View II	Ephrata, PA	1999	2012	5 to 27.5
Voyager Estates	West Newton, PA	1968	2015	5 to 27.5
Waterfalls Village	Hamburg, NY	prior to 1980	1997	5 to 27.5
Wayside	Bellefontaine, OH	1960	2016	5 to 27.5
Weatherly Estates	Lebanon, TN	1997	2006	5 to 27.5
Wellington Estates	Export, PA	1970/1996	2017	5 to 27.5
Wood Valley	Caledonia, OH	prior to 1980	1996	5 to 27.5
Woodland Manor	West Monroe, NY	prior to 1980	2003	5 to 27.5
Woodlawn Village	Eatontown, NJ	1964	1978	5 to 27.5
Woods Edge	West Lafayette, IN	1974	2015	5 to 27.5
Worthington Arms	Lewis Center, OH	1968	2015	5 to 27.5
Youngstown Estates	Youngstown, NY	1963	2013	5 to 27.5

UMH PROPERTIES, INC.

SCHEDULE III

REAL ESTATE AND ACCUMULATED DEPRECIATION

DECEMBER 31, 2025

(1)	Represents one mortgage payable secured by twenty-eight properties and one mortgage payable secured by the rental homes therein.

(2)	Represents one mortgage payable secured by ten properties.

(3)	Represents one mortgage payable secured by eight properties.

(4)	Represents one mortgage payable secured by seven properties.

(5)	Represents one mortgage payable secured by six properties.

(6)	Represents one mortgage payable secured by four properties and one mortgage payable secured by the rental homes therein.

(7)	Represents one mortgage payable secured by two properties.

(8)	Represents one mortgage payable secured by two properties.

(9)	Represents one mortgage payable secured by two properties.

(10)	Reconciliation


	/———-FIXED ASSETS————/
	(in thousands)
	12/31/25			12/31/24			12/31/23

Balance – Beginning of Year	$	1,655,964		$	1,527,479		$	1,379,527

Additions:
Acquisitions		39,125			0			3,650
Improvements		167,210			139,528			151,495
Total Additions		206,335			139,528			155,145

Deletions		(9,296	)		(11,043	)		(7,193	)

Balance – End of Year	$	1,853,003		$	1,655,964		$	1,527,479


	/——ACCUMULATED DEPRECIATION——/
	(in thousands)
	12/31/25			12/31/24			12/31/23

Balance – Beginning of Year	$	445,077		$	391,920		$	340,776

Additions:
Depreciation		63,860			57,765			53,685
Total Additions		63,860			57,765			53,685

Deletions		(4,303	)		(4,608	)		(2,541	)

Balance – End of Year	$	504,634		$	445,077		$	391,920

(11)	The aggregate cost for Federal tax purposes approximates historical cost.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

A subsidiary of the Company is the managing member of the Company’s joint ventures with Nuveen Real Estate.

Use of Estimates

Investment Property and Equipment and Depreciation

Acquisitions

Investment in Joint Ventures

Cash and Cash Equivalents

Marketable Securities

Inventory of Manufactured Homes

Inventory of manufactured homes is valued at the lower of cost or net realizable value and is determined by the specific identification method. All inventory is considered finished goods.

Accounts and Notes Receivables

Unamortized Financing Costs

Leases

Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows (in thousands):


2026	$	460
2027		257
2028		111
2029		111
2030		111
Thereafter		18,281

Total Lease Payments	$	19,331

The weighted average remaining lease term for these leases, including renewal options is 165 years. The right of use assets and lease liabilities was calculated using an interest rate of 5%.

Restricted Cash

The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

	12/31/25		12/31/24		12/31/23		12/31/22

Cash and Cash Equivalents	$	72,100	$	99,720	$	57,320	$	29,785
Restricted Cash		8,826		9,091		7,117		11,091
Cash, Cash Equivalents And Restricted Cash	$	80,926	$	108,811	$	64,437	$	40,876

Revenue Recognition

Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606.

Net Income (Loss) Per Share

Stock Compensation Plan

Income Tax

Reclassifications

Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year.

Other Recent Accounting Pronouncements

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2025

Accounting Policies [Abstract]

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS

Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows (in thousands):


2026	$	460
2027		257
2028		111
2029		111
2030		111
Thereafter		18,281

Total Lease Payments	$	19,331

SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands):

	12/31/25		12/31/24		12/31/23		12/31/22

Cash and Cash Equivalents	$	72,100	$	99,720	$	57,320	$	29,785
Restricted Cash		8,826		9,091		7,117		11,091
Cash, Cash Equivalents And Restricted Cash	$	80,926	$	108,811	$	64,437	$	40,876

INVESTMENT PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2025

Real Estate [Abstract]

SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED

	2025 Acquisitions
Assets Acquired:
Land	$	3,981
Depreciable Property		38,810
Total Assets Acquired	$	42,791

SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED

	2025

Total Income	$	2,212
Community NOI *	$	1,499
Net Loss	$	(38	)

Community NOI is defined as rental and related income less community operating expenses.

SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS

The following is a summary of accumulated depreciation by major classes of assets (in thousands):

	December 31, 2025		December 31, 2024

Site and land improvements	$	322,828	$	287,591
Buildings and improvements		15,953		14,214
Buildings and Improvements [Member]
Rental homes and accessories		167,760		144,768
Equipment and vehicles		27,323		25,130
Total accumulated depreciation	$	533,864	$	471,703

MARKETABLE SECURITIES (Tables)

12 Months Ended

Dec. 31, 2025

Investments, Debt and Equity Securities [Abstract]

SUMMARY OF MARKETABLE SECURITIES

The following is a listing of marketable securities at December 31, 2025 (in thousands):

SUMMARY OF MARKETABLE SECURITIES

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value

Equity Securities:
Preferred Stock:
Cedar Realty Trust, Inc.	B		7.250	%		16	$	331	$	290
Cedar Realty Trust, Inc.	C		6.500	%		20		494		343
Total Preferred Stock								825		633

Common Stock:
Diversified Healthcare Trust						171		2,920		829
Franklin Street Properties Corporation						220		2,219		208
Industrial Logistics Properties Trust						87		1,729		483
Kimco Realty Corporation						880		16,490		17,838
Office Properties Income Trust*						562		36,418		7
Orion Office REIT, Inc.						18		293		42
Realty Income Corporation						45		2,635		2,520
Regency Centers Corporation						17		1,024		1,198
Total Common Stock								63,728		23,125

Total Marketable Securities							$	64,553	$	23,758

*	Delisted from the Nasdaq Stock Market on October 7, 2025 and subsequently moved to the OTC Pink Market.

The following is a listing of marketable securities at December 31, 2024 (in thousands):

		Interest			Number				Market
	Series	Rate			of Shares		Cost		Value

Equity Securities:
Preferred Stock:
Cedar Realty Trust, Inc.	B		7.250	%		15	$	304	$	219
Cedar Realty Trust, Inc.	C		6.500	%		20		494		290
Total Preferred Stock								798		509

Common Stock:
Diversified Healthcare Trust						171		2,920		393
Franklin Street Properties Corporation						220		2,219		403
Industrial Logistics Properties Trust						87		1,729		318
Kimco Realty Corporation						880		16,490		20,618
Office Properties Income Trust						562		36,418		561
Orion Office REIT, Inc.						18		293		69
Realty Income Corporation						145		8,527		7,729
Regency Centers Corporation						17		1,024		1,283
Total Common Stock								69,620		31,374

Total Marketable Securities							$	70,418	$	31,883

LOANS AND MORTGAGES PAYABLE (Tables)

12 Months Ended

Dec. 31, 2025

Debt Disclosure [Abstract]

SCHEDULE OF LOANS PAYABLE

The following is a summary of our loans payable as of December 31, 2025 and 2024 (in thousands):

SCHEDULE OF LOANS PAYABLE

		December 31, 2025						December 31, 2024
		Amount			Rate			Amount			Rate

Margin loan	(1)	$	229			5.25	%	$	0			N/A
Unsecured line of credit	(2)		0			N/A			0			N/A
Floorplan inventory financing	(3)		4,899			7.53	%		5,479			8.27	%
FirstBank rental home loan	(4)		23,336			6.15	%		24,033			6.15	%
FirstBank rental home line of credit	(5)		0			N/A			0			N/A
Triad rental home loan	(6)		0			N/A			0			N/A
OceanFirst notes receivable financing	(7)		0			N/A			0			N/A
Total Loans Payable			28,464			6.38	%		29,512			6.54	%
Unamortized debt issuance costs			(768	)					(1,233	)
Loans Payable, net of unamortized debt issuance costs		$	27,696			6.56	%	$	28,279			6.83	%

(1)	Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.
(2)	Represents an unsecured revolving credit facility syndicated with three banks, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A, and Wells Fargo, N.A. Total available borrowings under this facility are $260 million. Interest is based on the Company’s overall leverage ratio and is equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.5% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%, and maturity is November 7, 2026.
(3)	Represents revolving credit agreements totaling $98.5 million with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank, Northpoint Commercial Finance and Triad Financial Services (“Triad”) to finance inventory purchases. Interest rates on these agreements range from prime minus 0.75% to SOFR plus 4%. Subsequent to year end, the Company paid off this balance.
(4)	Represents a term loan secured by rental homes and rental home leases, with a fixed interest rate of 6.15% and a maturity date of May 10, 2028.
(5)	Represents a $25 million revolving line of credit secured by rental homes and their leases of which $11 million is secured by rental homes located within the OZ Fund’s communities with $14 million having a maturity date of May 10, 2028 and $11 million having a maturity date of November 7, 2026 with a one-year extension option, both with an interest rate of prime less 0.50%.
(6)	Represents a $30 million revolving line of credit secured by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
(7)	Represents a $35 million revolving line of credit secured by eligible notes receivable, with an interest rate of prime with a floor of 4.75%.

SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY

The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows (in thousands):

Year Ended December 31,
2026	$	5,870
2027		789
2028		21,805
2029		0
2030		0
Thereafter		0

Total Loans Payable		28,464
Unamortized debt issuance costs		(768	)
Loans Payable, net of unamortized debt issuance costs	$	27,696

SCHEDULE OF MORTGAGES PAYABLE

The following is a summary of mortgages payable at December 31, 2025 and 2024 (in thousands):

SCHEDULE OF MORTGAGES PAYABLE


	At December 31, 2025				Balance at December 31,
Property	Due Date	Interest Rate			2025			2024

Allentown	10/01/25		4.06	%	$	0		$	11,348
Brookview Village	04/01/25		3.92	%		0			2,333
Candlewick Court	09/01/25		4.10	%		0			3,787
Catalina	04/19/26		3.00	%		3,435			3,736
Cedarcrest Village	04/01/25		3.71	%		0			10,042
Clinton Mobile Home Resort	10/01/25		4.06	%		0			2,978
Cranberry Village	04/01/25		3.92	%		0			6,400
D & R Village	03/01/25		3.85	%		0			6,436
Fairview Manor	11/01/26		3.85	%		13,253			13,647
Fohl Village	11/22/32		5.93	%		9,118			9,250
Forest Park Village	09/01/25		4.10	%		0			7,062
Hayden Heights	04/01/25		3.92	%		0			1,758
Highland Estates	06/01/27		4.12	%		13,976			14,360
Holiday Village	09/01/25		4.10	%		0			6,720
Holiday Village- IN	11/01/25		3.96	%		0			7,203
Holly Acres Estates	09/01/31		3.21	%		5,523			5,656
Kinnebrook Village	04/01/25		3.92	%		0			3,399
Lake Erie Estates	07/06/25		5.16	%		0			2,430
Lake Sherman Village	09/01/25		4.10	%		0			4,670
Northtowne Meadows	09/06/26		4.45	%		10,490			10,781
Oak Tree	12/15/32		5.60	%		11,504			11,679
Olmsted Falls	04/01/25		3.98	%		0			1,761
Oxford Village	07/01/29		3.41	%		13,611			13,973
Perrysburg Estates	09/06/25		4.98	%		0			1,422
Pikewood Manor	11/29/28		6.74	%		12,386			12,730
Shady Hills	04/01/25		3.92	%		0			4,192
Suburban Estates	10/01/25		4.06	%		0			4,731
Sunny Acres	10/01/25		4.06	%		0			5,266
Trailmont	04/01/25		3.92	%		0			2,795
Twin Oaks	10/01/29		3.37	%		5,280			5,419
Valley Hills	06/01/26		4.32	%		2,846			2,927
Waterfalls	06/01/26		4.38	%		3,880			3,991
Weatherly Estates	04/01/25		3.92	%		0			6,820
Woods Edge	04/07/26		3.25	%		4,275			4,630
Worthington Arms	09/01/25		4.10	%		0			7,918
Various (2 properties)	02/01/27		4.56	%		11,898			12,213
Various (2 properties)	08/01/28		4.27	%		11,584			11,871
Various (2 properties)	07/01/29		3.41	%		19,898			20,427
Various (4 properties)+	10/01/32		5.24	%		32,259			32,881
Various (6 properties)	08/01/27		4.18	%		11,162			11,471
Various (7 properties)	12/01/34		5.46	%		91,843			0
Various (8 properties)	01/01/34		5.97	%		57,743			57,743
Various (10 properties)	06/01/35		5.855	%		101,392			0
Various (28 properties)*	09/01/30		4.25	%		21,849			22,923
Various (28 properties)	09/01/30		2.62	%		92,890			95,492
Total Mortgages Payable						562,095			489,271
Unamortized debt issuance costs						(5,966	)		(3,731	)
Total Mortgages Payable, net of unamortized debt issuance costs					$	556,129		$	485,540

+	Represents one mortgage payable secured by four properties and one mortgage payable secured by the rental homes therein.

*	Rental home addition to the Fannie Mae credit facility consisting of 28 properties.

SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE

The aggregate principal payments of all mortgages payable are scheduled as follows (in thousands):

Year Ended December 31,
2026	$	45,875
2027		42,887
2028		29,020
2029		40,954
2030		100,217
Thereafter		303,142

Total	$	562,095

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 6: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

STOCK COMPENSATION PLAN (Tables)

12 Months Ended

Dec. 31, 2025

SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS

	2025			2024			2023

Dividend yield		4.90	%		5.33	%		3.94	%
Expected volatility		27.41	%		27.05	%		27.14	%
Risk-free interest rate		4.36	%		4.22	%		3.59	%
Expected lives		10			10			10
Estimated forfeitures		0			0			0

SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS

	2025					2024					2023
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Exercise					Exercise					Exercise
	Shares			Price		Shares			Price		Shares			Price

Outstanding at beginning of year		5,372		$	16.01		4,742		$	15.74		3,490		$	15.96
Granted		963			17.67		928			15.67		1,359			14.36
Exercised		(39	)		13.60		(280	)		10.41		(71	)		10.34
Forfeited		(44	)		16.12		(18	)		15.29		(16	)		18.15
Expired		0			0		0			0		(20	)		9.82
Outstanding at end of year		6,252			16.28		5,372			16.01		4,742			15.74
Options exercisable at end of year		3,402					2,587					2,195
Weighted average fair value of options granted during the year				$	3.44				$	2.72				$	3.10

SUMMARY OF STOCK OPTIONS OUTSTANDING

The following is a summary of stock options outstanding as of December 31, 2025 (in thousands):

SUMMARY OF STOCK OPTIONS OUTSTANDING

Date of Grant	Number of Employees		Number of Shares			Option Price		Expiration Date

01/19/17		2		60			14.25	01/19/27
04/04/17		16		380			15.04	04/04/27
04/02/18		14		271			13.09	04/02/28
07/09/18		4		40			15.75	07/09/28
12/10/18		1		25			12.94	12/10/28
01/02/19		2		60			11.42	01/02/29
04/02/19		15		382			13.90	04/02/29
01/17/20		1		10			16.37	01/17/30
03/25/20		32		532			9.70	03/25/30
05/20/20		1		1			11.80	05/20/30
03/18/21		39		156	*		19.36	03/18/31
07/14/21		44		604	*		22.57	07/14/31
03/28/22		41		464	*		23.81	03/28/32
09/09/22		1		100	*		18.52	09/09/32
03/21/23		61		1,303	*		14.36	03/21/33
01/10/24		8		88	*		15.80	01/10/34
03/26/24		57		816	*		15.66	03/26/34
03/06/25		54		539	*		18.30	03/06/35
06/16/25		14		421	*		16.86	06/16/35
				6,252

From the date of grant, 20% becomes exercisable each year, over 5 years.

SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA

Vesting Date	Performance Goal to be Met ⁽¹⁾	Percent of Shares Vested
June 30, 2023	Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater	100%
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 5% or greater	Bonus of 50% of the Restricted Stock (total of 150%)
June 30, 2023	Growth in cumulative Normalized FFO over the past 3 years is 20% or greater	Bonus of 100% of the Restricted Stock (total of 200%)

⁽¹⁾

SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS

	2025					2024					2023
				Weighted-					Weighted-					Weighted-
				Average					Average					Average
				Grant Date					Grant Date					Grant Date
	Shares			Fair Value		Shares			Fair Value		Shares			Fair Value

Non-vested at beginning of year		709		$	16.80		357		$	18.41		471		$	17.58
Granted		26			18.20		439			15.67		124			16.52
Dividend Reinvested Shares		35			15.79		31			16.99		24			14.57
Vested		(163	)		15.36		(118	)		17.52		(262	)		15.65
Non-vested at end of year		607		$	17.18		709		$	16.80		357		$	18.41

SHAREHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2025

Equity [Abstract]

SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP

Amounts received in connection with the DRIP for the years ended December 31, 2025, 2024 and 2023 were as follows (in thousands):

	2025			2024			2023

Amounts Received	$	9,334		$	10,213		$	9,046
Less: Dividends Reinvested		(3,519	)		(3,214	)		(2,652	)
Amounts Received, net	$	5,815		$	6,999		$	6,394

Number of Shares Issued		591			623			612

DISTRIBUTIONS (Tables)

12 Months Ended

Dec. 31, 2025

Distributions

SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS

The following cash distributions, including dividends reinvested, were paid to common shareholders during the years ended December 31, 2025, 2024 and 2023 (in thousands except per share amounts):

	2025				2024				2023
Quarter Ended	Amount		Per Share		Amount		Per Share		Amount		Per Share

March 31	$	17,691	$	0.215	$	14,215	$	0.205	$	12,226	$	0.205
June 30		18,893		0.225		15,149		0.215		12,460		0.205
September 30		19,077		0.225		15,951		0.215		13,419		0.205
December 31		19,087		0.225		16,974		0.215		13,619		0.205
	$	74,748	$	0.89	$	62,289	$	0.85	$	51,724	$	0.82

SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS

The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2025, 2024 and 2023 (in thousands except per share amounts):

Declaration Date	Record Date	Payment Date	Dividend		Dividend per Share

1/7/2025	2/18/2025	3/17/2025	$	5,129	$	0.3984375
4/1/2025	5/15/2025	6/16/2025		5,129		0.3984375
7/1/2025	8/15/2025	9/15/2025		5,129		0.3984375
10/1/2025	11/17/2025	12/15/2025		5,146		0.3984375

			$	20,533	$	1.59375

1/10/2024	2/15/2024	3/15/2024	$	4,673	$	0.3984375
4/1/2024	5/15/2024	6/17/2024		4,712		0.3984375
7/1/2024	8/15/2024	9/16/2024		4,782		0.3984375
10/1/2024	11/15/2024	12/16/2024		4,996		0.3984375

			$	19,163	$	1.59375

1/15/2023	2/15/2023	3/15/2023	$	3,836	$	0.3984375
4/1/2023	5/15/2023	6/15/2023		4,051		0.3984375
7/1/2023	8/15/2023	9/15/2023		4,364		0.3984375
10/3/2023	11/15/2023	12/15/2023		4,472		0.3984375

			$	16,723	$	1.59375

FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE

The following table characterizes the distributions paid for the years ended December 31, 2025, 2024 and 2023:

	2025					2024					2023
	Amount		Percent			Amount		Percent			Amount		Percent

Common Stock
Ordinary income	$	0.175857		19.76	%	$	0.16685		19.63	%	$	0.22256		27.14	%
Return of capital		0.714143		80.24	%		0.68315		80.37	%		0.59744		72.86	%

	$	0.89		100.00	%	$	0.85		100.00	%	$	0.82		100.00	%

Preferred Stock - Series D
Ordinary income	$	1.593750		100.0	%	$	1.593750		100.0	%	$	1.593750		100.0	%
Return of capital		0		0	%		0		0	%		0		0	%

	$	1.593750		100.00	%	$	1.593750		100.00	%	$	1.593750		100.00	%

FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS

	Fair Value Measurements at Reporting Date Using
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)

December 31, 2025:
Equity Securities - Preferred Stock	$	633	$	633	$	0	$	0
Equity Securities - Common Stock		23,125		23,125		0		0
Total	$	23,758	$	23,758	$	0	$	0

December 31, 2024:
Equity Securities - Preferred Stock	$	509	$	509	$	0	$	0
Equity Securities - Common Stock		31,374		31,374		0		0
Total	$	31,883	$	31,883	$	0	$	0

PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)

12 Months Ended

Dec. 31, 2025

Pro Forma Financial Information

SUMMARY OF PRO FORMA FINANCIAL INFORMATION


	For the years ended December 31,
	2025		2024

Rental and Related Income	$	227,873	$	210,391
Community Operating Expenses		96,466		88,556
Net Income Attributable to Common Shareholders		5,422		979
Net Income Attributable to Common Shareholders per Share:
Basic and Diluted		0.06		0.01

ORGANIZATION (Details Narrative)	12 Months Ended
ORGANIZATION (Details Narrative)	Dec. 31, 2025 Integer
Real Estate Investment Trusts [Member]
Number of operates manufacture home communities	145
Description of business majority owned communities	Of the 142 majority owned communities, 140 are owned 100% by the Company with the remaining two owned by the Company’s Opportunity Zone Fund, in which the Company has a 77% interest.
Number of developed sites	27,100
Number of developed sites, contain rental homes	11,000
OZ Fund [Member]
Investment ownership percentage	77.00%

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Accounting Policies [Abstract]
2026	$ 460
2027	257
2028	111
2029	111
2030	111
Thereafter	18,281
Total Lease Payments	$ 19,331

SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 72,100	$ 99,720	$ 57,320	$ 29,785
Restricted Cash	8,826	9,091	7,117	11,091
Cash, Cash Equivalents And Restricted Cash	$ 80,926	$ 108,811	$ 64,437	$ 40,876

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2025 USD ($) Integer shares	Dec. 31, 2024 USD ($) shares	Dec. 31, 2023 USD ($) shares
Property, Plant and Equipment [Line Items]
Amount capitalized to land development	$ 8,700,000	$ 7,500,000
Asset Impairment Charges	0
Reserves for uncollectible accounts, notes and other receivables	2,200,000	2,500,000
Provisions for uncollectible notes and other receivables	1,603,000	2,079,000	$ 2,061,000
Charge-offs and other adjustments related to repossessed homes, amount	1,900,000	2,300,000	$ 1,900,000
Notes receivable	100,000,000.0	87,400,000
Fair value adjustment of notes receivable	$ 1,500,000	$ 1,800,000
Weighted average interest rate	7.00%	7.10%
Average maturity, term	6 years	6 years
Financing costs, accumulated amortization	$ 16,600,000	$ 13,600,000
Financing costs, amortization expense for 2026	3,500,000
Financing costs, amortization expense for 2027	2,100,000
Financing costs, amortization expense for 2028	1,900,000
Financing costs, amortization expense for 2029	1,900,000
Financing costs, amortization expense for 2030	1,100,000
Financing costs, amortization expense thereafter	$ 1,700,000
Weighted average remaining lease term, including renewal options	165 years
Operating lease, weighted average interest rate, percent	5.00%
Weighted average number of common shares outstanding \| shares	84,067,000	74,114,000	63,068,000
Compensation costs	$ 5,364,000	$ 4,784,000	$ 4,896,000
Description for applicable income tax provisions	The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate or cash-type investments and meets certain other requirements for qualification as a REIT.
General and Administrative Expense [Member]
Property, Plant and Equipment [Line Items]
Compensation costs	$ 5,400,000	4,800,000	4,900,000
Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Compensation costs	3,800,000	2,800,000	0
One-time Charge [Member]
Property, Plant and Equipment [Line Items]
Compensation costs	$ 337,000	$ 272,000	$ 233,000
Share-Based Payment Arrangement, Option [Member]
Property, Plant and Equipment [Line Items]
Options to purchase of common stock \| shares	6,300,000	5,400,000
Common stock included in computation of diluted net income per share \| shares	627,000	798,000
Anti-dilutive options to purchase common stock \| shares			4,700,000
Real Estate Investment Trusts [Member]
Property, Plant and Equipment [Line Items]
Securities percentage of undepreciated assets	1.10%
5 Communities [Member]
Property, Plant and Equipment [Line Items]
Number of sites acquired \| Integer	587
Expansion [Member]
Property, Plant and Equipment [Line Items]
Number of developed homesites \| Integer	34
Sites and Buildings [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	15 years
Sites and Buildings [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	27 years 6 months
Improvements of Investment Property and Equipment [Member] \| Minimum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	3 years
Improvements of Investment Property and Equipment [Member] \| Maximum [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful lives	27 years 6 months
Corporate Office Lease [Member]
Property, Plant and Equipment [Line Items]
Lease expiration date	Apr. 30, 2027
Ground Lease [Member]
Property, Plant and Equipment [Line Items]
Lease expiration date	Apr. 12, 2099
Corporate Office and Ground Lease [Member]
Property, Plant and Equipment [Line Items]
Lease, option to extend	an option to extend for another 99-year term
Operating lease right-of-use assets	$ 2,700,000	$ 3,000,000.0
Operating lease liabilities	$ 2,700,000	$ 3,000,000.0
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Prepaid Expenses and Other Assets	Prepaid Expenses and Other Assets
All Subsidiaries [Member]
Property, Plant and Equipment [Line Items]
Investment ownership percentage	100.00%
OZ Fund [Member]
Property, Plant and Equipment [Line Items]
Investment ownership percentage	77.00%

INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative)				12 Months Ended
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative)	Oct. 07, 2025 USD ($) a Integer	Jul. 02, 2025 USD ($) a Integer	Mar. 24, 2025 USD ($) a Integer	Dec. 31, 2025 USD ($)
Transaction costs				$ 966,000
Two Age-restricted Communities [Member] \| Mantua New Jersey [Member]
Purchase price			$ 24,600,000
Number of property sites \| Integer			266
Percentage of occupied			100.00%
Area of land \| a			38
Two Communities [Member] \| Conowingo, MD [Member]
Purchase price		$ 14,600,000
Percentage of occupied		79.00%
Area of land \| a		82
Number of manufactured home sites \| Integer		191
One Communities [Member] \| GEORGIA
Purchase price	$ 2,600,000
Percentage of occupied	32.00%
Area of land \| a	40
Number of manufactured home sites \| Integer	130

SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) $ in Thousands	Dec. 31, 2025 USD ($)
Real Estate [Abstract]
Land	$ 3,981
Depreciable Property	38,810
Total Assets Acquired	$ 42,791

SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED (Details) - 2023 Acquisitions [Member]
$ in Thousands

12 Months Ended

Dec. 31, 2025

USD ($)

Asset Acquisition [Line Items]

Total Income

$ 2,212

Community NOI

1,499

^[1]

Net Loss

$ (38)

[1]	Community NOI is defined as rental and related income less community operating expenses.

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

- Definition

The net result for the period of deducting operating expenses from operating revenues.

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+ Details

SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total accumulated depreciation	$ 533,864	$ 471,703
Site and Land Improvements [Member]
Property, Plant and Equipment [Line Items]
Total accumulated depreciation	322,828	287,591
Buildings and Improvements [Member]
Property, Plant and Equipment [Line Items]
Total accumulated depreciation	15,953	14,214
Rental Homes and Accessories [Member]
Property, Plant and Equipment [Line Items]
Total accumulated depreciation	167,760	144,768
Equipment and Vehicles [Member]
Property, Plant and Equipment [Line Items]
Total accumulated depreciation	$ 27,323	$ 25,130

SUMMARY OF MARKETABLE SECURITIES (Details) - USD ($)
shares in Thousands, $ in Thousands

Dec. 31, 2025

Dec. 31, 2024

Marketable Securities [Line Items]

Cost

$ 64,553

$ 70,418

Market Value

$ 23,758

$ 31,883

Cedar Realty Trust, Inc Series B [Member]

Marketable Securities [Line Items]

Interest Rate

7.25%

Number of Shares

Cost

$ 331

$ 304

Market Value

$ 290

$ 219

Cedar Realty Trust Inc Series C [Member]

Marketable Securities [Line Items]

6.50%

$ 494

343

290

Preferred Stock [Member]

Marketable Securities [Line Items]

Cost

825

798

Market Value

$ 633

$ 509

Diversified Healthcare Trust [Member]

Marketable Securities [Line Items]

Number of Shares

171

Cost

$ 2,920

Market Value

$ 829

$ 393

Franklin Street Properties Corporation [Member]

Marketable Securities [Line Items]

Number of Shares

220

Cost

$ 2,219

Market Value

$ 208

$ 403

Industrial Logistics Properties Trust [Member]

Marketable Securities [Line Items]

Number of Shares

Cost

$ 1,729

Market Value

$ 483

$ 318

Kimco Realty Corporation [Member]

Marketable Securities [Line Items]

Number of Shares

880

Cost

$ 16,490

Market Value

$ 17,838

$ 20,618

Office Properties Income Trust [Member]

Marketable Securities [Line Items]

Number of Shares

562

^[1]

562

Cost

$ 36,418

^[1]

$ 36,418

Market Value

$ 7

^[1]

$ 561

Orion Office REIT Inc [Member]

Marketable Securities [Line Items]

Number of Shares

Cost

$ 293

Market Value

$ 42

$ 69

Realty Income Corporation [Member]

Marketable Securities [Line Items]

Number of Shares

145

Cost

$ 2,635

$ 8,527

Market Value

$ 2,520

$ 7,729

Regency Centers Corporation [Member]

Marketable Securities [Line Items]

Number of Shares

Cost

$ 1,024

Market Value

1,198

1,283

Common Stock [Member]

Marketable Securities [Line Items]

Cost

63,728

69,620

Market Value

$ 23,125

$ 31,374

[1]	Delisted from the Nasdaq Stock Market on October 7, 2025 and subsequently moved to the OTC Pink Market.

MARKETABLE SECURITIES (Details Narrative) - USD ($)	12 Months Ended
MARKETABLE SECURITIES (Details Narrative) - USD ($)	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Percentage of undepreciated assets	1.10%
Gain (loss) on sales of marketable securities	$ (221,000)	$ (3,800,000)	$ 183,000
Net unrealized holding losses	$ 40,800,000	$ 38,500,000	$ 39,700,000

INVESTMENT IN JOINT VENTURES (Details Narrative) $ in Millions			1 Months Ended			12 Months Ended
	Nov. 30, 2023 USD ($) a Integer	Dec. 08, 2021 USD ($)	Jun. 30, 2025 Integer	Dec. 31, 2022 USD ($) a Integer	Dec. 31, 2021 USD ($) a Integer	Dec. 31, 2025	Dec. 31, 2023 a Integer
Committed capital percent by related party		40.00%
Investment of cost basis	$ 3.8
Reimburse of carrying value of land	60.00%
2021 LLC Agreement [Member]
Pro rata interest percentage		70.00%
Nuveen Global Investments LLC [Member]
Investment company internal rate, description						In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture entity at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment.
Percentage of share elect to buy out in joint venture						98.00%
Payments to acquire productive assets				$ 15.1	$ 22.2
Nuveen Global Investments LLC [Member] \| Sebring Square [Member]
Number of developed homesites \| Integer					219
Area of land \| a					39
Nuveen Global Investments LLC [Member] \| Rum Runner [Member]
Number of developed homesites \| Integer				144
Area of land \| a				20
Nuveen Global Investments LLC [Member] \| Nuveen Real Estate [Member]
Number of developed homesites \| Integer	113		22				113
Area of land \| a	61						61
Nuveen Global Investments LLC [Member] \| 2021 LLC Agreement [Member]
Initial commitment gross		$ 70.0
Initial commitment period for acquisitions		24 months
Additional increase in total commitments		$ 100.0
Extention for commitment period		4 years
Committed capital percent by related party		60.00%			60.00%
Unlevered internal rate of return		7.50%
Allocated pro rata interest percentage		80.00%
Pro rata interest percentage		30.00%
Remaining promote percentage		20.00%
Consummate promote period		7 years
Joint venture to acquired manufactured housing and recreational vehicle communities						2 years

OPPORTUNITY ZONE FUND (Details Narrative) - USD ($) $ in Millions			1 Months Ended
	Jan. 19, 2023	Aug. 10, 2022	Jul. 31, 2022	Dec. 31, 2025
Management fee description			UMH manages the OZ Fund and will receive certain management fees as well as a 15% carried interest in distributions by the OZ Fund to the other investors when earned and realized (subject to first returning investor capital with a 5% preferred return). UMH will have a right of first offer to purchase the communities from the OZ Fund at the time of sale at their then-current appraised value.
OZ Fund [Member]
Investment				77.00%
Garden View Estates [Member] \| Orangeburg, South Carolina [Member]
Payments to acquire real estate		$ 5.2
Mighty Oak [Member] \| Albany Georgia [Member]
Payments to acquire real estate	$ 3.7
UMH OZ Fund, LLC [Member]
Payment for investments			$ 8.0

SCHEDULE OF LOANS PAYABLE (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Short-Term Debt [Line Items]

Total Loans Payable

$ 28,464

$ 29,512

Debt instrument, interest rate

6.38%

6.54%

Unamortized debt issuance costs

$ (768)

$ (1,233)

Loans Payable, net of unamortized debt issuance costs

$ 27,696

$ 28,279

Loans payable, net of unamortized debt issuance costs percentage

6.56%

6.83%

Margin Loan [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[1]

$ 229

$ 0

Debt instrument, interest rate

^[1]

5.25%

Unsecured Line of Credit [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[2]

$ 0

Floorplan Inventory Financing [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[3]

$ 4,899

$ 5,479

Debt instrument, interest rate

^[3]

7.53%

8.27%

FirstBank Rental Home Loan [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[4]

$ 23,336

$ 24,033

Debt instrument, interest rate

^[4]

6.15%

FirstBank Rental Home Line of Credit [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[5]

$ 0

Triad Rental Home Loan [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[6]

OceanFirst Notes Receivable Financing [Member]

Short-Term Debt [Line Items]

Total Loans Payable

^[7]

$ 0

[1]	Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.
[2]	Represents an unsecured revolving credit facility syndicated with three banks, BMO Capital Markets Corp., JPMorgan Chase Bank, N.A, and Wells Fargo, N.A. Total available borrowings under this facility are $260 million. Interest is based on the Company’s overall leverage ratio and is equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.5% to 2.20%, or BMO’s prime lending rate plus 0.50% to 1.20%, and maturity is November 7, 2026.
[3]	Represents revolving credit agreements totaling $98.5 million with 21st Mortgage Corporation (“21st Mortgage”), Customers Bank, Northpoint Commercial Finance and Triad Financial Services (“Triad”) to finance inventory purchases. Interest rates on these agreements range from prime minus 0.75% to SOFR plus 4%. Subsequent to year end, the Company paid off this balance.
[4]	Represents a term loan secured by rental homes and rental home leases, with a fixed interest rate of 6.15% and a maturity date of May 10, 2028.
[5]	Represents a $25 million revolving line of credit secured by rental homes and their leases of which $11 million is secured by rental homes located within the OZ Fund’s communities with $14 million having a maturity date of May 10, 2028 and $11 million having a maturity date of November 7, 2026 with a one-year extension option, both with an interest rate of prime less 0.50%.
[6]	Represents a $30 million revolving line of credit secured by rental homes and rental home leases, with an interest rate of prime plus 0.25%, with a minimum of 5%.
[7]	Represents a $35 million revolving line of credit secured by eligible notes receivable, with an interest rate of prime with a floor of 4.75%.

SCHEDULE OF LOANS PAYABLE (Details) (Parenthetical) - USD ($)
$ in Millions

12 Months Ended

Apr. 02, 2024

Dec. 31, 2025

Dec. 31, 2024

Nov. 25, 2025

May 15, 2025

Apr. 01, 2024

Debt Instrument [Line Items]

Debt instrument, interest rate

6.38%

6.54%

Revolving line of credit

$ 30.0

Interest rate description

interest rate of prime plus 0.25%, with a minimum of 5%.

Minimum [Member]

Debt Instrument [Line Items]

Interest rate percentage

2.62%

Maximum [Member]

Debt Instrument [Line Items]

Interest rate percentage

6.74%

Prime Rate [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

4.75%

Revolving line of credit

$ 35.0

Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Line of credit borrowing capacity

$ 260.0

$ 180.0

Debt instrument, interest rate

0.75%

Line of credit facility, maturity date

Nov. 07, 2026

Revolving line of credit

$ 98.5

Interest rate percentage

5.46%

5.855%

Revolving Credit Facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

1.50%

Revolving Credit Facility [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

2.20%

Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

4.00%

Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

1.50%

Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

2.20%

Unsecured Revolving Credit Facility [Member] | Minimum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

0.50%

Unsecured Revolving Credit Facility [Member] | Maximum [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

1.20%

Margin Loan [Member]

Debt Instrument [Line Items]

Description for collateralized by companies securities

Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.

Debt instrument, interest rate

^[1]

5.25%

FirstBank Rental Home Loan [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

^[2]

6.15%

Revolving line of credit

$ 25.0

Interest rate percentage

6.15%

Maturity date

May 10, 2028

Secured by rental homes

$ 11.0

Secured by rental homes communities

$ 14.0

FirstBank Rental Home Loan [Member] | One Year Extension Option [Member]

Debt Instrument [Line Items]

Maturity date

Nov. 07, 2026

Secured by rental homes communities

$ 11.0

FirstBank Rental Home Loan [Member] | Revolving Credit Facility [Member]

Debt Instrument [Line Items]

Debt instrument, interest rate

0.50%

[1]	Collateralized by the Company’s securities portfolio and is due on demand. The Company must maintain a coverage ratio of approximately 2 times.
[2]	Represents a term loan secured by rental homes and rental home leases, with a fixed interest rate of 6.15% and a maturity date of May 10, 2028.

SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Debt Instrument [Line Items]
Unamortized debt issuance costs	$ (768)	$ (1,233)
Loans Payable, net of unamortized debt issuance costs	27,696	$ 28,279
Loans Payable [Member]
Debt Instrument [Line Items]
2026	5,870
2027	789
2028	21,805
2029	0
2030	0
Thereafter	0
Total Loans Payable	28,464
Unamortized debt issuance costs	(768)
Loans Payable, net of unamortized debt issuance costs	$ 27,696

SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 562,095

$ 489,271

Unamortized Debt Issuance Costs

(5,966)

(3,731)

Total Mortgages Payable, net of Unamortized Debt Issuance Costs

556,129

485,540

Allentown [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

11,348

Debt Instrument, Maturity Date

Oct. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.06%

Brookview Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

2,333

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Candlewick Court [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

3,787

Debt Instrument, Maturity Date

Sep. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Catalina [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 3,435

3,736

Debt Instrument, Maturity Date

Apr. 19, 2026

Debt Instrument, Interest Rate, Stated Percentage

3.00%

Cedarcrest Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

10,042

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.71%

Clinton Mobile Home Resort [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

2,978

Debt Instrument, Maturity Date

Oct. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.06%

Cranberry Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

6,400

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

D & R Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

6,436

Debt Instrument, Maturity Date

Mar. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.85%

Fairview Manor [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 13,253

13,647

Debt Instrument, Maturity Date

Nov. 01, 2026

Debt Instrument, Interest Rate, Stated Percentage

3.85%

Fohl Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 9,118

9,250

Debt Instrument, Maturity Date

Nov. 22, 2032

Debt Instrument, Interest Rate, Stated Percentage

5.93%

Forest Park Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

7,062

Debt Instrument, Maturity Date

Sep. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Hayden Heights [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

1,758

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Highland Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 13,976

14,360

Debt Instrument, Maturity Date

Jun. 01, 2027

Debt Instrument, Interest Rate, Stated Percentage

4.12%

Holiday Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

6,720

Debt Instrument, Maturity Date

Sep. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Holiday Village IN [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

7,203

Debt Instrument, Maturity Date

Nov. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.96%

Holly Acres Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 5,523

5,656

Debt Instrument, Maturity Date

Sep. 01, 2031

Debt Instrument, Interest Rate, Stated Percentage

3.21%

Kinnebrook Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

3,399

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Lake Erie Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

2,430

Debt Instrument, Maturity Date

Jul. 06, 2025

Debt Instrument, Interest Rate, Stated Percentage

5.16%

Lake Sherman Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

4,670

Debt Instrument, Maturity Date

Sep. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Northtowne Meadows [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 10,490

10,781

Debt Instrument, Maturity Date

Sep. 06, 2026

Debt Instrument, Interest Rate, Stated Percentage

4.45%

Oak Tree [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 11,504

11,679

Debt Instrument, Maturity Date

Dec. 15, 2032

Debt Instrument, Interest Rate, Stated Percentage

5.60%

Olmsted Falls [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

1,761

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.98%

Oxford Village [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 13,611

13,973

Debt Instrument, Maturity Date

Jul. 01, 2029

Debt Instrument, Interest Rate, Stated Percentage

3.41%

Perrysburg Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

1,422

Debt Instrument, Maturity Date

Sep. 06, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.98%

Pikewood Manor [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 12,386

12,730

Debt Instrument, Maturity Date

Nov. 29, 2028

Debt Instrument, Interest Rate, Stated Percentage

6.74%

Shady Hills [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

4,192

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Suburban Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

4,731

Debt Instrument, Maturity Date

Oct. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.06%

Sunny Acres [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

5,266

Debt Instrument, Maturity Date

Oct. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.06%

Trailmont [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

2,795

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Twin Oaks [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 5,280

5,419

Debt Instrument, Maturity Date

Oct. 01, 2029

Debt Instrument, Interest Rate, Stated Percentage

3.37%

Valley Hills [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 2,846

2,927

Debt Instrument, Maturity Date

Jun. 01, 2026

Debt Instrument, Interest Rate, Stated Percentage

4.32%

Waterfalls [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 3,880

3,991

Debt Instrument, Maturity Date

Jun. 01, 2026

Debt Instrument, Interest Rate, Stated Percentage

4.38%

Weatherly Estates [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

6,820

Debt Instrument, Maturity Date

Apr. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

3.92%

Woods Edge [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 4,275

4,630

Debt Instrument, Maturity Date

Apr. 07, 2026

Debt Instrument, Interest Rate, Stated Percentage

3.25%

Worthington Arms [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 0

7,918

Debt Instrument, Maturity Date

Sep. 01, 2025

Debt Instrument, Interest Rate, Stated Percentage

4.10%

Various (2 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 11,898

12,213

Debt Instrument, Maturity Date

Feb. 01, 2027

Debt Instrument, Interest Rate, Stated Percentage

4.56%

Various (2 Properties) 1 [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 11,584

11,871

Debt Instrument, Maturity Date

Aug. 01, 2028

Debt Instrument, Interest Rate, Stated Percentage

4.27%

Various (2 Properties) 2 [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 19,898

20,427

Debt Instrument, Maturity Date

Jul. 01, 2029

Debt Instrument, Interest Rate, Stated Percentage

3.41%

Various (4 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

^[1]

$ 32,259

32,881

Debt Instrument, Maturity Date

^[1]

Oct. 01, 2032

Debt Instrument, Interest Rate, Stated Percentage

^[1]

5.24%

Various (6 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 11,162

11,471

Debt Instrument, Maturity Date

Aug. 01, 2027

Debt Instrument, Interest Rate, Stated Percentage

4.18%

Various (7 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 91,843

Debt Instrument, Maturity Date

Dec. 01, 2034

Debt Instrument, Interest Rate, Stated Percentage

5.46%

Various (8 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 57,743

57,743

Debt Instrument, Maturity Date

Jan. 01, 2034

Debt Instrument, Interest Rate, Stated Percentage

5.97%

Various (10 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 101,392

Debt Instrument, Maturity Date

Jun. 01, 2035

Debt Instrument, Interest Rate, Stated Percentage

5.855%

Various (28 Properties) [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

^[2]

$ 21,849

22,923

Debt Instrument, Maturity Date

^[2]

Sep. 01, 2030

Debt Instrument, Interest Rate, Stated Percentage

^[2]

4.25%

Various (28 Properties) 1 [Member]

Property, Plant and Equipment [Line Items]

Total Mortgages Payable

$ 92,890

$ 95,492

Debt Instrument, Maturity Date

Sep. 01, 2030

Debt Instrument, Interest Rate, Stated Percentage

2.62%

[1]	Represents one mortgage payable secured by four properties and one mortgage payable secured by the rental homes therein.
[2]	Rental home addition to the Fannie Mae credit facility consisting of 28 properties.

SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE (Details) - Mortgages [Member] $ in Thousands	Dec. 31, 2025 USD ($)
Debt Instrument [Line Items]
2026	$ 45,875
2027	42,887
2028	29,020
2029	40,954
2030	100,217
Thereafter	303,142
Total Loans Payable	$ 562,095

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
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+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References

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+ Details

LOANS AND MORTGAGES PAYABLE (Details Narrative) $ in Thousands												12 Months Ended
	Dec. 08, 2025 USD ($)	Nov. 25, 2025 USD ($)	Jul. 22, 2025 USD ($)	Jul. 08, 2025	May 15, 2025 USD ($)	Apr. 02, 2024 USD ($)	Jul. 19, 2023 USD ($)	May 12, 2023 USD ($)	Mar. 09, 2023 USD ($)	Nov. 07, 2022 USD ($)	Feb. 06, 2022 USD ($)	Dec. 31, 2025 USD ($) Integer	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Sep. 26, 2025 USD ($)	Aug. 26, 2025 USD ($)	May 06, 2025 USD ($)	Apr. 01, 2025 USD ($)	Feb. 28, 2025 USD ($)	Apr. 01, 2024 USD ($)	Jul. 18, 2023 USD ($)	Feb. 24, 2023 USD ($)	Feb. 23, 2023 USD ($)	Nov. 06, 2022 USD ($)
Line of Credit Facility [Line Items]
Line of credit facility, interest rate												6.38%	6.54%
Line of credit facility												$ 30,000
Line of credit facility, interest rate description												interest rate of prime plus 0.25%, with a minimum of 5%.
Mortgage on real property												$ 1,000,000	$ 1,100,000
Accumulated capitalized interest costs												$ 5,900	6,000	$ 5,000
Number of unencumbered \| Integer												63
Secured Debt												$ 556,129	485,540
Proceeds from secured debt												$ 193,235	$ 0	$ 57,743
Series A Bonds [Member]
Line of Credit Facility [Line Items]
Debt instrument maturity date											Feb. 28, 2027
Sale of stock number of value issued in transaction											$ 102,700
Interest rate											4.72%
Sale of stock consideration received on transaction											$ 98,700
Unsecured Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit facility, available borrowings																						$ 180,000	$ 100,000
Series B Bonds [Member]
Line of Credit Facility [Line Items]
Aggregate principal amount			$ 80,200
Percentage of aggregate principal amount			5.85%
Net proceeds from sale of bonds			$ 75,100
Interest rate			5.85%
Increase in interest rate			1.25%
Mortgage Payable [Member]
Line of Credit Facility [Line Items]
Debt instrument, term												6 years 1 month 6 days	4 years 4 months 24 days
Weighted average interest rate including effect of unamortized debt issuance costs												4.80%	4.20%
Weighted average interest rate, not including effect of unamortized debt issuance costs												4.70%	4.20%
One Mortgage [Member]
Line of Credit Facility [Line Items]
Secured Debt																			$ 6,400
Nine Mortgage [Member]
Line of Credit Facility [Line Items]
Secured Debt																		$ 39,300
Two Mortgage [Member]
Line of Credit Facility [Line Items]
Secured Debt																	$ 3,800
Five Mortgages [Member]
Line of Credit Facility [Line Items]
Secured Debt															$ 30,900	$ 29,600
New Line of Credit [Member]
Line of Credit Facility [Line Items]
Line of credit facility								$ 25,000
Unsecured Revolving Credit Facility [Member] \| Amended and Restated Credit Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit borrowing capacity										$ 500,000
Line of credit facility, description														Availability under the amended Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base.
Line of credit facility, borrowing capacity, description										The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent.
Line of credit facility, available borrowings										$ 100,000														$ 75,000
Line of credit accordion feature										$ 400,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit borrowing capacity						$ 260,000						$ 260,000								$ 180,000
Line of credit facility, interest rate												0.75%
Line of credit facility												$ 98,500
Line of credit facility, expiration date												Nov. 07, 2026
Debt instrument, term		9 years			10 years
Interest rate		5.46%			5.855%
Proceeds from secured debt		$ 91,800			$ 101,400
Fannie Mae [Member]
Line of Credit Facility [Line Items]
Line of credit facility												$ 398,000
First Bank [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate								6.15%
Aggregate principal amount								$ 25,000
Debt instrument, term								5 years
First Bank [Member]
Line of Credit Facility [Line Items]
Line of credit facility							$ 20,000
Line of credit expandable							$ 30,000
Line of credit facility, expiration date							Nov. 29, 2022
Line of credit facility, extended date							Nov. 29, 2023
Line of credit facility, interest rate description							Interest was payable at prime plus 25 basis points with a floor of 3.5%, adjusted on the first day of each calendar quarter.
Line of credit facility, description	The $11 million portion of the line of credit expires in November 2026 with a one-year extension option. This $11 million line of credit has a variable rate equal to the Prime Rate minus 0.50% per annum, adjusted on the first day of each calendar month; provided, however, that the Interest Rate shall never be less than 3.50% per annum. Under the terms of the $11 million line of credit, the OZ Fund is required to maintain a $1.1 million cash security deposit, which is equal to 10% of the line of credit commitment amount, at a FirstBank bank account. No amounts have been drawn down on either the $14 million or the $11 million portion of this $25 million line of credit
OZ Fund [Member]
Line of Credit Facility [Line Items]
Line of credit facility	$ 25,000
Line of Credit Facility, Average Outstanding Amount	$ 11,000
Real Estate Investment Trusts [Member]
Line of Credit Facility [Line Items]
Number of operates manufacture home communities \| Integer												145
Number of owned manufacture home communities \| Integer												142
Ocean First Bank [Member]
Line of Credit Facility [Line Items]
Line of credit borrowing capacity									$ 20,000
Prime interest percentage									3.25%
Line of credit initiation date									Jun. 01, 2023
Minimum [Member]
Line of Credit Facility [Line Items]
Interest rate												2.62%	2.62%
Threshold percentage			35.00%
Minimum [Member] \| Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate						0.50%						0.50%
Minimum [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate						1.50%
Maximum [Member]
Line of Credit Facility [Line Items]
Interest rate												6.74%	6.74%
Threshold percentage			50.00%
Maximum [Member] \| Series A Bonds [Member]
Line of Credit Facility [Line Items]
Interest rate											1.25%
Maximum [Member] \| Series B Bonds [Member]
Line of Credit Facility [Line Items]
Interest rate			0.50%
Maximum interest payable percentage			1.50%
Maximum [Member] \| Unsecured Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate						1.20%						1.20%
Maximum [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate						2.20%
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member]
Line of Credit Facility [Line Items]
Line of credit borrowing capacity									$ 30,000
Line of credit facility, interest rate									0.25%
Triad Financial Services Secured by Rental Homes and Rental Home Leases [Member] \| Minimum [Member]
Line of Credit Facility [Line Items]
Line of credit facility, interest rate									5.00%
Ocean First Bank [Member]
Line of Credit Facility [Line Items]
Line of credit borrowing capacity							$ 35,000														$ 20,000
Line of credit facility, interest rate							4.75%
Debt instrument maturity date				Jun. 01, 2027			Jun. 01, 2025

SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Compensation Related Costs [Abstract]
Dividend yield	4.90%	5.33%	3.94%
Expected volatility	27.41%	27.05%	27.14%
Risk-free interest rate	4.36%	4.22%	3.59%
Expected lives	10 years	10 years	10 years
Estimated forfeitures	$ 0	$ 0	$ 0

SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS (Details) - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at end of year, Shares	6,252
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Outstanding at beginning of year, Shares	5,372	4,742	3,490
Outstanding at beginning of year, Weighted Average Exercise Price	$ 16.01	$ 15.74	$ 15.96
Granted, Shares	963	928	1,359
Weighted Average Exercise Price, Granted	$ 17.67	$ 15.67	$ 14.36
Exercised, Shares	(39)	(280)	(71)
Weighted Average Exercise Price, Exercised	$ 13.60	$ 10.41	$ 10.34
Forfeited, Shares	(44)	(18)	(16)
Weighted Average Exercise Price, Forfeited	$ 16.12	$ 15.29	$ 18.15
Expired, Shares	0	0	(20)
Weighted Average Exercise Price, Expired	$ 0	$ 0	$ 9.82
Outstanding at end of year, Shares	6,252	5,372	4,742
Outstanding at end of year, Weighted Average Exercise Price	$ 16.28	$ 16.01	$ 15.74
Options exercisable at end of year, Shares	3,402	2,587	2,195
Weighted average fair value of options granted during the year	$ 3.44	$ 2.72	$ 3.10

SUMMARY OF STOCK OPTIONS OUTSTANDING (Details)
shares in Thousands, Integer in Thousands

12 Months Ended

Dec. 31, 2025

Integer

$ / shares

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Number of Shares

6,252

Stock Option Grant One [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jan. 19, 2017

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 14.25

Expiration Date

Jan. 19, 2027

Stock Option Grant Two [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Apr. 04, 2017

Number of Employees | Integer

Number of Shares

380

Option Price | $ / shares

$ 15.04

Expiration Date

Apr. 04, 2027

Stock Option Grant Three [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Apr. 02, 2018

Number of Employees | Integer

Number of Shares

271

Option Price | $ / shares

$ 13.09

Expiration Date

Apr. 02, 2028

Stock Option Grant Four [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jul. 09, 2018

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 15.75

Expiration Date

Jul. 09, 2028

Stock Option Grant Five [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Dec. 10, 2018

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 12.94

Expiration Date

Dec. 10, 2028

Stock Option Grant Six [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jan. 02, 2019

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 11.42

Expiration Date

Jan. 02, 2029

Stock Option Grant Seven [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Apr. 02, 2019

Number of Employees | Integer

Number of Shares

382

Option Price | $ / shares

$ 13.90

Expiration Date

Apr. 02, 2029

Stock Option Grant Eight [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jan. 17, 2020

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 16.37

Expiration Date

Jan. 17, 2030

Stock Option Grant Nine [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 25, 2020

Number of Employees | Integer

Number of Shares

532

Option Price | $ / shares

$ 9.70

Expiration Date

Mar. 25, 2030

Stock Option Grant Ten [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

May 20, 2020

Number of Employees | Integer

Number of Shares

Option Price | $ / shares

$ 11.80

Expiration Date

May 20, 2030

Stock Option Grant Eleven [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 18, 2021

Number of Employees | Integer

Number of Shares

156

^[1]

Option Price | $ / shares

$ 19.36

Expiration Date

Mar. 18, 2031

Stock Option Grant Twelve [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jul. 14, 2021

Number of Employees | Integer

Number of Shares

604

^[1]

Option Price | $ / shares

$ 22.57

Expiration Date

Jul. 14, 2031

Stock Option Grant Thirteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 28, 2022

Number of Employees | Integer

Number of Shares

464

^[1]

Option Price | $ / shares

$ 23.81

Expiration Date

Mar. 28, 2032

Stock Option Grant Fourteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Sep. 09, 2022

Number of Employees | Integer

Number of Shares

100

^[1]

Option Price | $ / shares

$ 18.52

Expiration Date

Sep. 09, 2032

Stock Option Grant Fifteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 21, 2023

Number of Employees | Integer

Number of Shares

1,303

^[1]

Option Price | $ / shares

$ 14.36

Expiration Date

Mar. 21, 2033

Stock Option Grant Sixteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jan. 10, 2024

Number of Employees | Integer

Number of Shares

^[1]

Option Price | $ / shares

$ 15.80

Expiration Date

Jan. 10, 2034

Stock Option Grant Seventeen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 26, 2024

Number of Employees | Integer

Number of Shares

816

^[1]

Option Price | $ / shares

$ 15.66

Expiration Date

Mar. 26, 2034

Stock Option Grant Eighteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Mar. 06, 2025

Number of Employees | Integer

Number of Shares

539

^[1]

Option Price | $ / shares

$ 18.30

Expiration Date

Mar. 06, 2035

Stock Option Grant Nineteen [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Date of Grant

Jun. 16, 2025

Number of Employees | Integer

Number of Shares

421

^[1]

Option Price | $ / shares

$ 16.86

Expiration Date

Jun. 16, 2035

[1]	From the date of grant, 20% becomes exercisable each year, over 5 years.

SUMMARY OF STOCK OPTIONS OUTSTANDING (Details) (Parenthetical)	12 Months Ended
	Dec. 31, 2025
Compensation Related Costs [Abstract]
Exercisable, contractual term	5 years

SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA (Details)

12 Months Ended

Aug. 10, 2023

Jun. 30, 2023

Dec. 31, 2025

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Percent of Shares Vested

100.00%

20.00%

Share-Based Payment Arrangement, Tranche One [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting Date

Jun. 30, 2023

Performance Goal to be Met

^[1]

Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater

Percent of Shares Vested

100.00%

Share-Based Payment Arrangement, Tranche Two [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting Date

Jun. 30, 2023

Performance Goal to be Met

^[1]

Growth in cumulative Normalized FFO over the past 3 years is 5% or greater

Percent of Shares Vested

150.00%

Percent of Shares Vested, Description

Bonus of 50% of the Restricted Stock (total of 150%)

Share-Based Payment Arrangement, Tranche Three [Member]

Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]

Vesting Date

Jun. 30, 2023

Performance Goal to be Met

^[1]

Growth in cumulative Normalized FFO over the past 3 years is 20% or greater

Percent of Shares Vested

200.00%

Percent of Shares Vested, Description

Bonus of 100% of the Restricted Stock (total of 200%)

[1]	Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $0.64/share at June 30, 2020.

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Paragraph 2
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA (Details) (Parenthetical)	Jun. 30, 2020 $ / shares
Share-Based Payment Arrangement, Tranche One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares issued, price per share	$ 0.64

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS (Details) - Restricted Stock [Member] - $ / shares shares in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Non-vested at Beginning of year, Shares	709	357	471
Non-vested at Beginning of year, Weighted Average Grant Date Fair Value	$ 16.80	$ 18.41	$ 17.58
Granted, Shares	26	439	124
Weighted Average Grant Date Fair Value, Granted	$ 18.20	$ 15.67	$ 16.52
Dividend Reinvested Shares, Shares	35	31	24
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares	$ 15.79	$ 16.99	$ 14.57
Vested, Shares	(163)	(118)	(262)
Weighted Average Grant Date Fair Value, Vested	$ 15.36	$ 17.52	$ 15.65
Non-vested at end of year, Shares	607	709	357
Non-vested at end of year, Weighted Average Grant Date Fair Value	$ 17.18	$ 16.80	$ 18.41

STOCK COMPENSATION PLAN (Details Narrative) - USD ($)											1 Months Ended	12 Months Ended
STOCK COMPENSATION PLAN (Details Narrative) - USD ($)	Jan. 30, 2026	Jan. 21, 2026	Jan. 07, 2025	Mar. 26, 2024	Jan. 10, 2024	Aug. 10, 2023	Jun. 30, 2023	Mar. 21, 2023	Jan. 11, 2023	Jan. 29, 2021	Jan. 21, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	May 28, 2025
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Maximum number of shares to be granted												2,200,000
Vesting period							3 years
Fair value of stock options granted												$ 3,300,000	$ 2,500,000	$ 4,200,000
Intrinsic value of options outstanding												7,900,000	20,000,000.0	7,300,000
Exercisable, intrinsic value												6,500,000	10,900,000	4,500,000
Options, exercises in period, intrinsic value												$ 172,000	$ 1,800,000	$ 418,000
Options, weighted average remaining contractual term												6 years 2 months 12 days	6 years 7 months 6 days	6 years 9 months 18 days
General and administrative expenses												$ 2,400,000	$ 2,000,000.0	$ 1,800,000
Percent of shares vested						100.00%	20.00%
Share based compensation arrangement by share based payment award vested rights							146,572
Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Unrecognized restricted stock compensation												2,100,000
General and administrative expenses												3,000,000.0	2,800,000	3,100,000
Restricted stock grants												$ 473,000	$ 6,900,000	$ 1,800,000
Remaining contractual terms												1 year 7 months 6 days
Restricted stock awards, shares												26,000	439,000	124,000
Weighted average fair value												$ 18.20	$ 15.67	$ 16.52
Unrestricted Common Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock awards, shares												38,569	33,084	32,346
Weighted average fair value												$ 17.01	$ 16.46	$ 15.31
Four Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock award			179,944	413,016
Four Employees [Member] \| Restricted Stock [Member] \| Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Vesting period	3 years
Restricted stock awards, shares	69,843
Four Employees [Member] \| Unrestricted Common Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock awards, shares													24,275
Weighted average fair value													$ 15.66
Two Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock award								98,500
Five Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock award									25,000	146,572
Redeem percentage description										August 2020 groundbreaking Federal National Mortgage Association (“Fannie Mae”) financing at 2.62%, the proceeds of which were used to redeem our 8% Series B Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share.
Liquidation preference, per shares										$ 25.00
Restricted stock grants										$ 4,300,000
Six Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Restricted stock award			26,000		26,000
Six Employees [Member] \| Restricted Stock [Member] \| Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Vesting period		5 years									5 years
Restricted stock awards, shares		28,000									28,000
Stock Options [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Vesting period												5 years
Unrecognized restricted stock compensation												$ 6,500,000
Stock Options [Member] \| 61 Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted												866,500
Stock Options [Member] \| Eight Board of Directors [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted												96,000
Stock Options [Member] \| Sixty Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted													829,500
Stock Options [Member] \| Nine Board of Directors [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted													99,000
Stock Options [Member] \| Sixty Nine Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted														1,400,000
Stock Options [Member] \| Eleven Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option exercised												39,360
Stock Options [Member] \| Twenty Four Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option exercised													280,340
Stock Options [Member] \| Thirteen Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option exercised														71,000
Stock Options [Member] \| Three Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share-based compensation arrangement by share-based payment award, options, forfeitures in period												43,660
Stock Options [Member] \| Four Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share-based compensation arrangement by share-based payment award, options, forfeitures in period													18,400
Stock Options [Member] \| Two Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Share-based compensation arrangement by share-based payment award, options, forfeitures in period														35,500
2023 Equity Incentive Award Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Maximum number of shares to be granted												300,000			2,250,000
2013 Stock Option and Stock Award Plan [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Stock option granted period												10 years
2023 Stock Option and Stock Award Plan [Member] \| Restricted Stock [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Maximum number of shares to be granted												2,000,000.0

401(k) PLAN (Details Narrative) - 401(k) Plan [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Eligibility age of employees for plan	21 years
Defined contribution plan, description	the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary.
Defined contribution plan, cost	$ 1,100,000	$ 1,100,000	$ 991,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

RELATED PARTY TRANSACTIONS AND OTHER MATTERS (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2025	Jan. 30, 2023
April 30, 2022 [Member]
Operating lease, payments	$ 23,098
May 1, 2022 Through April 30, 2027 [Member]
Operating lease, payments	$ 23,302
Mr.Eugene W. Landy [Member]
Noncontrolling interest, ownership percentage by parent			24.00%
Ownership, interest rate		9.60%
Mr.Samuel A. Landy [Member]
Noncontrolling interest, ownership percentage by parent	24.00%
Ownership, interest rate		4.80%
Mr.Daniel Landy [Member]
Ownership, interest rate		0.96%
Samuel Landy Family Limited Partnership [Member]
Ownership, interest rate		0.96%
Independent Directors [Member]
Ownership, interest rate		0.96%

SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP (Details) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amounts Received	$ 9,334	$ 10,213	$ 9,046
Dividend Reinvestment Stock Purchase Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Amounts Received	9,334	10,213	9,046
Less: Dividends Reinvested	(3,519)	(3,214)	(2,652)
Amounts Received, net	$ 5,815	$ 6,999	$ 6,394
Number of Shares Issued	591	623	612

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)							12 Months Ended
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)	Sep. 22, 2025	Mar. 05, 2025	Sep. 16, 2024	Jan. 10, 2023	Jan. 22, 2018	Jan. 22, 2018	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Class of Stock [Line Items]
Common stock par value							$ 0.10	$ 0.10
Common stock, shares authorized							183,714,000	163,714,000
Excess stock, shares authorized							3,000,000	3,000,000
Proceeds from Issuance of common stock in the DRIP, net of dividend reinvestments							$ 5,815,000	$ 6,999,000	$ 6,394,000
Stock repurchase, value							$ 4,818,000
Common Stock Repurchase Program [Member]
Class of Stock [Line Items]
Weighted average price							$ 15.06
Stock repurchase, value	$ 100,000,000
2023 Preferred ATM Program [Member]
Class of Stock [Line Items]
Gross proceeds from sale of equity after offering expenses							$ 1,100,000
Dividend Reinvestment Stock Purchase Plan [Member]
Class of Stock [Line Items]
Percentage of discount on purchase price under dividend reinvestment plan							95.00%
Dividend Reinvestment Stock Purchase Plan [Member] \| Minimum [Member]
Class of Stock [Line Items]
Amount of optional cash payments							$ 500
Dividend Reinvestment Stock Purchase Plan [Member] \| Maximum [Member]
Class of Stock [Line Items]
Amount of optional cash payments							1,000
Common Stock [Member]
Class of Stock [Line Items]
Stock repurchase, value							$ 32,000
Stock repurchase, shares							320,000
Common Stock [Member] \| Common Stock Repurchase Program [Member]
Class of Stock [Line Items]
Stock repurchase, value							$ 4,800,000
Stock repurchase, shares							320,000
Common Stock [Member] \| ATM Program [Member] \| B. Riley FBR, Inc [Member]
Class of Stock [Line Items]
Common stock par value			$ 0.10
Common Stock [Member] \| Maximum [Member] \| ATM Program [Member] \| B. Riley FBR, Inc [Member]
Class of Stock [Line Items]
Proceeds from Issuance of common stock in the DRIP, net of dividend reinvestments			$ 150,000,000
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock par value					$ 0.10	$ 0.10	$ 0.10	$ 0.10
6.375% Series D Cumulative Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Number of shares issued or sold						2,000,000
Net proceeds from sale of equity after offering expenses					$ 48,200,000
Preferred stock, redemption price per share					$ 25.00	$ 25.00
Description of preferred stock dividend					arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share.
Series D Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, redemption price per share					$ 25.00	$ 25.00
2025 Preferred ATM Program [Member]
Class of Stock [Line Items]
Common stock par value		$ 0.10
Common stock, shares authorized		25,000,000
Authorized capital stock		205,413,800
Excess stock, shares authorized		3,000,000
Preferred stock available for sale value							$ 99,000,000.0
2025 Preferred ATM Program [Member] \| Common Stock [Member]
Class of Stock [Line Items]
Authorized capital stock		183,713,800
2025 Preferred ATM Program [Member] \| Series D Preferred Stock [Member]
Class of Stock [Line Items]
Common stock, shares authorized		5,000,000
Authorized capital stock		18,700,000
Number of shares issued or sold							44,000
2025 Preferred ATM Program [Member] \| Series D Preferred Stock [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Weighted average price							$ 22.81
Proceeds from issuance of preferred stock							$ 999,000
Net proceeds from issuance of preferred stock							$ 969,000
2025 Preferred ATM Program [Member] \| Series D Preferred Stock [Member] \| Maximum [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Proceeds from issuance of preferred stock		$ 100,000,000
2024 Distribution Agents [Member] \| September 2024 Common ATM Program [Member]
Class of Stock [Line Items]
Number of shares issued or sold							2,600,000
Weighted average price							$ 17.59
Gross proceeds from sale of equity after offering expenses							$ 45,100,000
Net proceeds from sale of equity after offering expenses							44,100,000
September 2024 Common ATM Program [Member]
Class of Stock [Line Items]
Common stock available for sale value							$ 44,600,000
2023 Preferred ATM Program [Member] \| Series D Preferred Stock [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Number of shares issued or sold							49,000
Weighted average price							$ 23.03
Net proceeds from sale of equity after offering expenses							$ 982,000
Preferred stock remained unsold		$ 16,500,000
2023 Preferred ATM Program [Member] \| Series D Preferred Stock [Member] \| Maximum [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Proceeds from issuance of preferred stock				$ 100,000,000
2023 Preferred ATM Program [Member] \| Series D Cumulative Redeemable Preferred Stock [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Preferred stock par value				$ 0.10
Liquidation preference, per share				$ 25.00
2023 Preferred ATM Program [Member] \| Series D Cumulative Redeemable Preferred Stock [Member] \| Maximum [Member] \| B. Riley Securities, Inc. [Member]
Class of Stock [Line Items]
Cumulative redeemable preferred stock, percentage				6.375%
2023 and 2025 Preferred ATM Program [Member]
Class of Stock [Line Items]
Number of shares issued or sold							93,000
Weighted average price							$ 22.93
Proceeds from issuance of preferred stock							$ 2,100,000
Net proceeds from issuance of preferred stock							$ 2,000,000.0

SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Distributions
Distributions including dividends reinvested paid to common shareholders	$ 19,087	$ 19,077	$ 18,893	$ 17,691	$ 16,974	$ 15,951	$ 15,149	$ 14,215	$ 13,619	$ 13,419	$ 12,460	$ 12,226	$ 74,748	$ 62,289	$ 51,724
Dividend declared per share, paid	$ 0.225	$ 0.225	$ 0.225	$ 0.215	$ 0.215	$ 0.215	$ 0.215	$ 0.205	$ 0.205	$ 0.205	$ 0.205	$ 0.205	$ 0.89	$ 0.85	$ 0.82

SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS (Details) - Series D Preferred Stock [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Amount of distributions paid for preferred stock	$ 20,533	$ 19,163	$ 16,723
Preferred stock, dividend declared per share, paid	$ 1.59375	$ 1.59375	$ 1.59375
O 2025 Q1 Dividends [Member]
Declaration Date	Jan. 07, 2025
Record Date	Feb. 18, 2025
Payment Date	Mar. 17, 2025
Amount of distributions paid for preferred stock	$ 5,129
Preferred stock, dividend declared per share, paid	$ 0.3984375
O 2025 Q2 Dividends [Member]
Declaration Date	Apr. 01, 2025
Record Date	May 15, 2025
Payment Date	Jun. 16, 2025
Amount of distributions paid for preferred stock	$ 5,129
Preferred stock, dividend declared per share, paid	$ 0.3984375
O 2025 Q3 Dividends [Member]
Declaration Date	Jul. 01, 2025
Record Date	Aug. 15, 2025
Payment Date	Sep. 15, 2025
Amount of distributions paid for preferred stock	$ 5,129
Preferred stock, dividend declared per share, paid	$ 0.3984375
O 2025 Q4 Dividends [Member]
Declaration Date	Oct. 01, 2025
Record Date	Nov. 17, 2025
Payment Date	Dec. 15, 2025
Amount of distributions paid for preferred stock	$ 5,146
Preferred stock, dividend declared per share, paid	$ 0.3984375
O 2024 Q1 Dividends [Member]
Declaration Date		Jan. 10, 2024
Record Date		Feb. 15, 2024
Payment Date		Mar. 15, 2024
Amount of distributions paid for preferred stock		$ 4,673
Preferred stock, dividend declared per share, paid		$ 0.3984375
O 2024 Q2 Dividends [Member]
Declaration Date		Apr. 01, 2024
Record Date		May 15, 2024
Payment Date		Jun. 17, 2024
Amount of distributions paid for preferred stock		$ 4,712
Preferred stock, dividend declared per share, paid		$ 0.3984375
O 2024 Q3 Dividends [Member]
Declaration Date		Jul. 01, 2024
Record Date		Aug. 15, 2024
Payment Date		Sep. 16, 2024
Amount of distributions paid for preferred stock		$ 4,782
Preferred stock, dividend declared per share, paid		$ 0.3984375
O 2024 Q4 Dividends [Member]
Declaration Date		Oct. 01, 2024
Record Date		Nov. 15, 2024
Payment Date		Dec. 16, 2024
Amount of distributions paid for preferred stock		$ 4,996
Preferred stock, dividend declared per share, paid		$ 0.3984375
O 2023 Q1 Dividends [Member]
Declaration Date			Jan. 15, 2023
Record Date			Feb. 15, 2023
Payment Date			Mar. 15, 2023
Amount of distributions paid for preferred stock			$ 3,836
Preferred stock, dividend declared per share, paid			$ 0.3984375
O 2023 Q2 Dividends [Member]
Declaration Date			Apr. 01, 2023
Record Date			May 15, 2023
Payment Date			Jun. 15, 2023
Amount of distributions paid for preferred stock			$ 4,051
Preferred stock, dividend declared per share, paid			$ 0.3984375
O 2023 Q3 Dividends [Member]
Declaration Date			Jul. 01, 2023
Record Date			Aug. 15, 2023
Payment Date			Sep. 15, 2023
Amount of distributions paid for preferred stock			$ 4,364
Preferred stock, dividend declared per share, paid			$ 0.3984375
O 2023 Q4 Dividends [Member]
Declaration Date			Oct. 03, 2023
Record Date			Nov. 15, 2023
Payment Date			Dec. 15, 2023
Amount of distributions paid for preferred stock			$ 4,472
Preferred stock, dividend declared per share, paid			$ 0.3984375

DISTRIBUTIONS (Details Narrative) - Subsequent Event [Member]	Jan. 21, 2026 $ / shares
O 2025 A Dividends [Member]
Subsequent Event [Line Items]
Common stock dividends per share declared	$ 0.225
Payment date	Mar. 16, 2026
Record date	Feb. 17, 2026
O 2026 A Dividends [Member] \| Series D Preferred Shares [Member]
Subsequent Event [Line Items]
Payment date	Mar. 16, 2026
Record date	Feb. 17, 2026
Preferred stock, dividend declared per share, paid	$ 0.3984375

SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE (Details) - $ / shares	3 Months Ended												12 Months Ended
	Dec. 31, 2025	Sep. 30, 2025	Jun. 30, 2025	Mar. 31, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Common stock, dividends, per share, cash paid	$ 0.225	$ 0.225	$ 0.225	$ 0.215	$ 0.215	$ 0.215	$ 0.215	$ 0.205	$ 0.205	$ 0.205	$ 0.205	$ 0.205	$ 0.89	$ 0.85	$ 0.82
Percentage of distributions paid per common share													100.00%	100.00%	100.00%
Series D Preferred Shares [Member]
Preferred stock, dividends, per share, cash paid													$ 1.593750	$ 1.593750	$ 1.593750
Percentage of distributions paid per preferred stock													100.00%	100.00%	100.00%
Ordinary Income [Member]
Common stock, dividends, per share, cash paid													$ 0.175857	$ 0.16685	$ 0.22256
Percentage of distributions paid per common share													19.76%	19.63%	27.14%
Ordinary Income [Member] \| Series D Preferred Shares [Member]
Preferred stock, dividends, per share, cash paid													$ 1.593750	$ 1.593750	$ 1.593750
Percentage of distributions paid per preferred stock													100.00%	100.00%	100.00%
Return of Capital [Member]
Common stock, dividends, per share, cash paid													$ 0.714143	$ 0.68315	$ 0.59744
Percentage of distributions paid per common share													80.24%	80.37%	72.86%
Return of Capital [Member] \| Series D Preferred Shares [Member]
Preferred stock, dividends, per share, cash paid													$ 0	$ 0	$ 0
Percentage of distributions paid per preferred stock													0.00%	0.00%	0.00%

FEDERAL INCOME TAXES (Details Narrative) - Federal State and Local Income Taxes [Member] - USD ($)	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]
Net income of taxable reit subsidiary	$ 1,900,000	$ 1,800,000
Net loss of taxable reit subsidiary			$ 648,000
Federal state and franchise taxes included in general and administrative expenses	$ 100,000	$ 112,000	$ 68,000

COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS (Details Narrative)			1 Months Ended	12 Months Ended
	Nov. 30, 2023 a Integer	Dec. 08, 2021 USD ($)	Jun. 30, 2025 Integer	Dec. 31, 2025 USD ($)	Dec. 31, 2023 a Integer	Dec. 31, 2021
Loss Contingencies [Line Items]
Committed capital percent by related party		40.00%
Committed capital percent by the Company						40.00%
21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Investment owned balance principal amount				$ 1,900,000
Investment owned balance				406,000
Triad Financial Services [Member]
Loss Contingencies [Line Items]
Notes and other receivables				$ 98,200,000
Nuveen Global Investments LLC [Member] \| Nuveen Real Estate [Member]
Loss Contingencies [Line Items]
Number of developed homesites \| Integer	113		22		113
Area of land \| a	61				61
Nuveen Global Investments LLC [Member] \| 2021 LLC Agreement [Member]
Loss Contingencies [Line Items]
Initial total commitments		$ 70,000,000
Initial commitment period for acquisitions		24 months
Additional increase in total commitments		$ 100,000,000
Extention for commitment period		4 years
Committed capital percent by related party		60.00%				60.00%
Minimum [Member] \| 21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed				80.00%
Minimum [Member] \| 21st Mortgage Corporation [Member] \| Purchase Price [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed				55.00%
Maximum [Member] \| 21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed				95.00%
Maximum [Member] \| 21st Mortgage Corporation [Member] \| Purchase Price [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed				100.00%

FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Dec. 31, 2025	Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	$ 23,758	$ 31,883
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	23,758	31,883
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	0	0
Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	23,758	31,883
Preferred Stock [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	633	509
Preferred Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	633	509
Preferred Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	0	0
Preferred Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	0	0
Common Stock [Member] \| Fair Value, Recurring [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	23,125	31,374
Common Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	23,125	31,374
Common Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	0	0
Common Stock [Member] \| Fair Value, Recurring [Member] \| Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Marketable Securities	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions	Dec. 31, 2025 USD ($)
Fair Value Disclosures [Abstract]
Estimate fair value of fixed rate mortgages payable	$ 557.5
Carrying value of fixed rate mortgages payable	$ 562.1

- Definition

Fair value portion of notes payable.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(20))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 11
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-11

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482907/825-10-50-10

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(19))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

+ Details

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 31.9	$ 30.7	$ 35.5
Interest cost capitalized to land development	5.9	6.0	5.0
Stock compensation - capitalized	3.8	2.8	0.0
Capitalized costs payroll and benefits	4.9	4.8	3.4
Land development costs	56.0	50.6	27.9
Reinvestment of dividends	$ 3.5	$ 3.2	$ 2.7

SUBSEQUENT EVENTS (Details Narrative) - USD ($)					1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details Narrative) - USD ($)	Jan. 30, 2026	Jan. 21, 2026	Jan. 01, 2026	Jun. 30, 2023	Jan. 21, 2026	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023	Feb. 26, 2026
Subsequent Event [Line Items]
Vesting period				3 years
Restricted Stock [Member]
Subsequent Event [Line Items]
Restricted stock awards, shares						26,000	439,000	124,000
Subsequent Event [Member] \| Restricted Stock [Member] \| Six Employees [Member]
Subsequent Event [Line Items]
Restricted stock awards, shares		28,000			28,000
Number of restricted stock award, value		$ 452,200
Vesting period		5 years			5 years
Subsequent Event [Member] \| Restricted Stock [Member] \| Four Employees [Member]
Subsequent Event [Line Items]
Restricted stock awards, shares	69,843
Number of restricted stock award, value	$ 1,100,000
Vesting period	3 years
Subsequent Event [Member] \| 2025 Preferred ATM Program [Member] \| Preferred Stock [Member]
Subsequent Event [Line Items]
Issued and sale of shares			66,000
Share price			$ 22.51
Gross proceeds from sale of equity			$ 1,500,000
Net proceeds from sale of equity after offering expenses			$ 1,500,000
Preferred stock eligible for sale									$ 97,500,000

SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024
Pro Forma Financial Information
Rental and Related Income	$ 227,873	$ 210,391
Community Operating Expenses	96,466	88,556
Net Income Attributable to Common Shareholders	$ 5,422	$ 979
Net Income (Loss) Attributable to Common Shareholders per Share: Basic	$ 0.06	$ 0.01
Net Income (Loss) Attributable to Common Shareholders per Share: Diluted	$ 0.06	$ 0.01

REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands

12 Months Ended

Dec. 31, 2025

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Total

$ 1,853,003

$ 1,655,964

$ 1,527,479

$ 1,379,527

Accumulated Depreciation

(504,634)

$ (445,077)

$ (391,920)

$ (340,776)

Albany Dunes [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

437

Site, Land & Building Improvements and Rental Homes

2,163

Capitalization Subsequent to Acquisition

Land, gross

^[1],[2]

441

Site, Land & Building Improvements and Rental Homes

^[1],[2]

2,234

Total

^[1],[2]

2,675

Accumulated Depreciation

$ (14)

Albany, GA

1983

2025

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

$ 91,843

Land

250

Site, Land & Building Improvements and Rental Homes

2,569

Capitalization Subsequent to Acquisition

24,841

Land, gross

^[1],[2]

1,270

Site, Land & Building Improvements and Rental Homes

^[1],[2]

26,390

Total

^[1],[2]

27,660

Accumulated Depreciation

$ (10,437)

Memphis, TN

prior to 1980

1986

5 to 27.5

Arbor Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

2,650

Site, Land & Building Improvements and Rental Homes

8,266

Capitalization Subsequent to Acquisition

5,445

Land, gross

^[1],[2]

2,650

Site, Land & Building Improvements and Rental Homes

^[1],[2]

13,711

Total

^[1],[2]

16,361

Accumulated Depreciation

$ (4,821)

Doylestown, PA

1959

2013

5 to 27.5

Auburn Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

114

Site, Land & Building Improvements and Rental Homes

1,174

Capitalization Subsequent to Acquisition

2,000

Land, gross

^[1],[2]

114

Site, Land & Building Improvements and Rental Homes

^[1],[2]

3,174

Total

^[1],[2]

3,288

Accumulated Depreciation

^[1],[2]

$ (886)

Orrville, OH

1971/1985/1995

2013

5 to 27.5

Bayshore Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

561

Site, Land & Building Improvements and Rental Homes

9,553

Capitalization Subsequent to Acquisition

8,610

Land, gross

^[1],[2]

562

Site, Land & Building Improvements and Rental Homes

^[1],[2]

18,162

Total

^[1],[2]

18,724

Accumulated Depreciation

^[1],[2]

$ (2,398)

Sandusky, OH

1969

2021

5 to 27.5

Birchwood Farms [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

2,797

Capitalization Subsequent to Acquisition

5,554

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

8,351

Total

^[1],[2]

8,421

Accumulated Depreciation

^[1],[2]

$ (2,945)

Birch Run, MI

1976-1977

2013

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[5]

$ 11,898

Land

1,796

Site, Land & Building Improvements and Rental Homes

4,768

Capitalization Subsequent to Acquisition

973

Land, gross

^[1],[2]

1,796

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,741

Total

^[1],[2]

7,537

Accumulated Depreciation

^[1],[2]

$ (1,636)

Elkhart, IN

1995-1996

2017

5 to 27.5

Broadmore Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

1,120

Site, Land & Building Improvements and Rental Homes

11,136

Capitalization Subsequent to Acquisition

16,554

Land, gross

^[1],[2]

1,120

Site, Land & Building Improvements and Rental Homes

^[1],[2]

27,690

Total

^[1],[2]

28,810

Accumulated Depreciation

^[1],[2]

$ (10,682)

Goshen, IN

1950/1990

2013

5 to 27.5

Brookside Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[6]

$ 0

Land

372

Site, Land & Building Improvements and Rental Homes

4,776

Capitalization Subsequent to Acquisition

7,731

Land, gross

^[1],[2]

372

Site, Land & Building Improvements and Rental Homes

^[1],[2]

12,507

Total

^[1],[2]

12,879

Accumulated Depreciation

^[1],[2]

$ (3,997)

Berwick, PA

1973-1976

2010

5 to 27.5

Brookview Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

Site, Land & Building Improvements and Rental Homes

233

Capitalization Subsequent to Acquisition

15,849

Land, gross

^[1],[2]

123

Site, Land & Building Improvements and Rental Homes

^[1],[2]

15,997

Total

^[1],[2]

16,120

Accumulated Depreciation

^[1],[2]

$ (5,409)

Location

Greenfield Center, NY

Date of Construction

prior to 1970

Date acquired

1977

Depreciable Life

5 to 27.5

Camelot Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[8]

$ 0

Land

824

Site, Land & Building Improvements and Rental Homes

2,480

Capitalization Subsequent to Acquisition

4,685

Land, gross

^[1],[2]

828

Site, Land & Building Improvements and Rental Homes

^[1],[2]

7,161

Total

^[1],[2]

7,989

Accumulated Depreciation

^[1],[2]

$ (1,167)

Anderson, IN

1998

2018

5 to 27.5

Camelot Woods [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

573

Site, Land & Building Improvements and Rental Homes

2,767

Capitalization Subsequent to Acquisition

5,224

Land, gross

^[1],[2]

766

Site, Land & Building Improvements and Rental Homes

^[1],[2]

7,798

Total

^[1],[2]

8,564

Accumulated Depreciation

^[1],[2]

$ (1,124)

Altoona, PA

1999

2020

5 to 27.5

Candlewick Court [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

159

Site, Land & Building Improvements and Rental Homes

7,087

Capitalization Subsequent to Acquisition

12,687

Land, gross

^[1],[2]

159

Site, Land & Building Improvements and Rental Homes

^[1],[2]

19,774

Total

^[1],[2]

19,933

Accumulated Depreciation

^[1],[2]

$ (5,928)

Owosso, MI

1975

2015

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 21,849

Land

176

Site, Land & Building Improvements and Rental Homes

2,411

Capitalization Subsequent to Acquisition

3,751

Land, gross

^[1],[2]

176

Site, Land & Building Improvements and Rental Homes

^[1],[2]

6,162

Total

^[1],[2]

6,338

Accumulated Depreciation

^[1],[2]

$ (2,077)

Chambersburg, PA

1963

2012

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 3,435

Land

1,008

Site, Land & Building Improvements and Rental Homes

11,735

Capitalization Subsequent to Acquisition

26,760

Land, gross

^[1],[2]

1,008

Site, Land & Building Improvements and Rental Homes

^[1],[2]

38,495

Total

^[1],[2]

39,503

Accumulated Depreciation

^[1],[2]

$ (10,384)

Middletown, OH

1968-1976

2015

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

909

Site, Land & Building Improvements and Rental Homes

16,091

Capitalization Subsequent to Acquisition

611

Land, gross

^[1],[2]

937

Site, Land & Building Improvements and Rental Homes

^[1],[2]

16,674

Total

^[1],[2]

17,611

Accumulated Depreciation

^[1],[2]

$ (504)

Mantua, NJ

1950’s

2025

5 to 27.5

Cedarcrest Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

$ 101,392

Land

320

Site, Land & Building Improvements and Rental Homes

1,866

Capitalization Subsequent to Acquisition

4,538

Land, gross

^[1],[2]

408

Site, Land & Building Improvements and Rental Homes

^[1],[2]

6,316

Total

^[1],[2]

6,724

Accumulated Depreciation

^[1],[2]

$ (3,663)

Vineland, NJ

1973

1986

5 to 27.5

Center Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

198

Site, Land & Building Improvements and Rental Homes

5,602

Capitalization Subsequent to Acquisition

3,994

Land, gross

^[1],[2]

201

Site, Land & Building Improvements and Rental Homes

^[1],[2]

9,593

Total

^[1],[2]

9,794

Accumulated Depreciation

^[1],[2]

$ (961)

Monaca, PA

1957

2022

5 to 27.5

Chambersburg I & II [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

108

Site, Land & Building Improvements and Rental Homes

2,397

Capitalization Subsequent to Acquisition

3,495

Land, gross

^[1],[2]

925

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,075

Total

^[1],[2]

6,000

Accumulated Depreciation

$ (1,633)

Chambersburg, PA

1955

2012

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 0

Land

124

Site, Land & Building Improvements and Rental Homes

2,049

Capitalization Subsequent to Acquisition

3,889

Land, gross

^[1],[2]

124

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,938

Total

^[1],[2]

6,062

Accumulated Depreciation

$ (1,856)

Sayre, PA

1972

2012

5 to 27.5

Cinnamon Woods [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

1,884

Site, Land & Building Improvements and Rental Homes

2,116

Capitalization Subsequent to Acquisition

9,866

Land, gross

^[1],[2]

1,884

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,982

Total

^[1],[2]

13,866

Accumulated Depreciation

$ (1,214)

Conowingo, MD

2005

2017

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

137

Site, Land & Building Improvements and Rental Homes

613

Capitalization Subsequent to Acquisition

1,895

Land, gross

^[1],[2]

137

Site, Land & Building Improvements and Rental Homes

^[1],[2]

2,508

Total

^[1],[2]

2,645

Accumulated Depreciation

$ (916)

Lewistown, PA

prior to 1980

2011

5 to 27.5

Clinton MH Resort [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

142

Site, Land & Building Improvements and Rental Homes

3,302

Capitalization Subsequent to Acquisition

1,213

Land, gross

^[1],[2]

142

Site, Land & Building Improvements and Rental Homes

^[1],[2]

4,515

Total

^[1],[2]

4,657

Accumulated Depreciation

$ (1,889)

Tiffin, OH

1968/1987

2011

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

196

Site, Land & Building Improvements and Rental Homes

2,318

Capitalization Subsequent to Acquisition

5,538

Land, gross

^[1],[2]

196

Site, Land & Building Improvements and Rental Homes

^[1],[2]

7,856

Total

^[1],[2]

8,052

Accumulated Depreciation

$ (2,422)

Horseheads, NY

1970

2012

5 to 27.5

Colonial Heights [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

2,383

Capitalization Subsequent to Acquisition

9,162

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,545

Total

^[1],[2]

11,612

Accumulated Depreciation

$ (4,019)

Wintersville, OH

1972

2012

5 to 27.5

Conowingo Court [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

1,362

Site, Land & Building Improvements and Rental Homes

5,793

Capitalization Subsequent to Acquisition

3,602

Land, gross

^[1],[2]

1,381

Site, Land & Building Improvements and Rental Homes

^[1],[2]

9,376

Total

^[1],[2]

10,757

Accumulated Depreciation

$ (157)

Conowingo, MD

1960’s

2025

5 to 27.5

Countryside Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

174

Site, Land & Building Improvements and Rental Homes

1,926

Capitalization Subsequent to Acquisition

9,843

Land, gross

^[1],[2]

174

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,769

Total

^[1],[2]

11,943

Accumulated Depreciation

$ (3,427)

Muncie, IN

1996

2012

5 to 27.5

Countryside Estates One [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

205

Site, Land & Building Improvements and Rental Homes

2,896

Capitalization Subsequent to Acquisition

7,778

Land, gross

^[1],[2]

205

Site, Land & Building Improvements and Rental Homes

^[1],[2]

10,674

Total

^[1],[2]

10,879

Accumulated Depreciation

$ (3,475)

Ravenna, OH

1972

2014

5 to 27.5

Countryside Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 92,890

Land

394

Site, Land & Building Improvements and Rental Homes

6,917

Capitalization Subsequent to Acquisition

14,444

Land, gross

^[1],[2]

193

Site, Land & Building Improvements and Rental Homes

^[1],[2]

21,562

Total

^[1],[2]

21,755

Accumulated Depreciation

$ (9,078)

Columbia, TN

1988/1992

2011

5 to 27.5

Cranberry Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

182

Site, Land & Building Improvements and Rental Homes

1,923

Capitalization Subsequent to Acquisition

4,986

Land, gross

^[1],[2]

182

Site, Land & Building Improvements and Rental Homes

^[1],[2]

6,909

Total

^[1],[2]

7,091

Accumulated Depreciation

$ (4,080)

Location

Cranberry Township, PA

1974

1986

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

188

Site, Land & Building Improvements and Rental Homes

2,258

Capitalization Subsequent to Acquisition

4,148

Land, gross

^[1],[2]

362

Site, Land & Building Improvements and Rental Homes

^[1],[2]

6,232

Total

^[1],[2]

6,594

Accumulated Depreciation

$ (2,069)

Athens, PA

1964

2012

5 to 27.5

CrossKeys Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

378

Capitalization Subsequent to Acquisition

5,536

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,914

Total

^[1],[2]

5,975

Accumulated Depreciation

$ (2,608)

Duncansville, PA

1961

1979

5 to 27.5

Crossroads Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

183

Site, Land & Building Improvements and Rental Homes

1,403

Capitalization Subsequent to Acquisition

198

Land, gross

^[1],[2]

183

Site, Land & Building Improvements and Rental Homes

^[1],[2]

1,601

Total

^[1],[2]

1,784

Accumulated Depreciation

$ (505)

Mount Pleasant, PA

1955/2004

2017

5 to 27.5

D & R Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

392

Site, Land & Building Improvements and Rental Homes

704

Capitalization Subsequent to Acquisition

4,710

Land, gross

^[1],[2]

392

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,414

Total

^[1],[2]

5,806

Accumulated Depreciation

$ (2,796)

Clifton Park, NY

1972

1978

5 to 27.5

Dallas Mobile Home [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

276

Site, Land & Building Improvements and Rental Homes

2,729

Capitalization Subsequent to Acquisition

5,097

Land, gross

^[1],[2]

276

Site, Land & Building Improvements and Rental Homes

^[1],[2]

7,826

Total

^[1],[2]

8,102

Accumulated Depreciation

$ (2,329)

Toronto, OH

1950-1957

2014

5 to 27.5

Deer Meadows [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

226

Site, Land & Building Improvements and Rental Homes

2,299

Capitalization Subsequent to Acquisition

5,682

Land, gross

^[1],[2]

226

Site, Land & Building Improvements and Rental Homes

^[1],[2]

7,981

Total

^[1],[2]

8,207

Accumulated Depreciation

$ (2,397)

New Springfield, OH

1973

2014

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

298

Site, Land & Building Improvements and Rental Homes

4,242

Capitalization Subsequent to Acquisition

18,349

Land, gross

^[1],[2]

301

Site, Land & Building Improvements and Rental Homes

^[1],[2]

22,588

Total

^[1],[2]

22,889

Accumulated Depreciation

$ (2,566)

Dothan, AL

1960

2021

5 to 27.5

Duck River Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

416

Site, Land & Building Improvements and Rental Homes

Capitalization Subsequent to Acquisition

9,014

Land, gross

^[1],[2]

416

Site, Land & Building Improvements and Rental Homes

^[1],[2]

9,014

Total

^[1],[2]

9,430

Accumulated Depreciation

$ (865)

Columbia, TN

2023

2011

5 to 27.5

Evergreen Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

1,121

Capitalization Subsequent to Acquisition

785

Land, gross

^[1],[2]

119

Site, Land & Building Improvements and Rental Homes

^[1],[2]

1,886

Total

^[1],[2]

2,005

Accumulated Depreciation

$ (693)

Lodi, OH

1965

2014

5 to 27.5

Evergreen Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

2,372

Capitalization Subsequent to Acquisition

2,056

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

4,428

Total

^[1],[2]

4,477

Accumulated Depreciation

$ (1,558)

Bedford, OH

1960

2014

5 to 27.5

Evergreen Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

105

Site, Land & Building Improvements and Rental Homes

1,277

Capitalization Subsequent to Acquisition

3,742

Land, gross

^[1],[2]

105

Site, Land & Building Improvements and Rental Homes

^[1],[2]

5,019

Total

^[1],[2]

5,124

Accumulated Depreciation

$ (1,144)

Mantua, OH

1960

2014

5 to 27.5

Fairview Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 13,253

Land

216

Site, Land & Building Improvements and Rental Homes

1,167

Capitalization Subsequent to Acquisition

13,193

Land, gross

^[1],[2]

2,535

Site, Land & Building Improvements and Rental Homes

^[1],[2]

12,041

Total

^[1],[2]

14,576

Accumulated Depreciation

$ (7,551)

Millville, NJ

prior to 1980

1985

5 to 27.5

Fifty-One Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

1,214

Site, Land & Building Improvements and Rental Homes

5,746

Capitalization Subsequent to Acquisition

5,692

Land, gross

^[1],[2]

1,330

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,322

Total

^[1],[2]

12,652

Accumulated Depreciation

$ (2,106)

Elizabeth, PA

1970’s

2019

5 to 27.5

Fohl Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 9,118

Land

1,018

Site, Land & Building Improvements and Rental Homes

18,052

Capitalization Subsequent to Acquisition

4,786

Land, gross

^[1],[2]

1,023

Site, Land & Building Improvements and Rental Homes

^[1],[2]

22,833

Total

^[1],[2]

23,856

Accumulated Depreciation

$ (2,227)

Canton, OH

1972

2022

5 to 27.5

Forest Creek [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

440

Site, Land & Building Improvements and Rental Homes

7,004

Capitalization Subsequent to Acquisition

4,517

Land, gross

^[1],[2]

440

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,521

Total

^[1],[2]

11,961

Accumulated Depreciation

$ (5,127)

Elkhart, IN

1996-1997

2013

5 to 27.5

Forest Park Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

Site, Land & Building Improvements and Rental Homes

977

Capitalization Subsequent to Acquisition

12,857

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

13,834

Total

^[1],[2]

13,909

Accumulated Depreciation

$ (5,800)

Location

Cranberry Township, PA

Date of Construction

prior to 1980

Date acquired

1982

Depreciable Life

5 to 27.5

Fox Chapel Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

372

Site, Land & Building Improvements and Rental Homes

4,082

Capitalization Subsequent to Acquisition

5,881

Land, gross

^[1],[2]

372

Site, Land & Building Improvements and Rental Homes

^[1],[2]

9,963

Total

^[1],[2]

10,335

Accumulated Depreciation

$ (2,242)

Cheswick, PA

1975

2017

5 to 27.5

Frieden Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 11,162

Land

643

Site, Land & Building Improvements and Rental Homes

5,294

Capitalization Subsequent to Acquisition

6,868

Land, gross

^[1],[2]

1,420

Site, Land & Building Improvements and Rental Homes

^[1],[2]

11,385

Total

^[1],[2]

12,805

Accumulated Depreciation

$ (4,167)

Schuylkill Haven, PA

1969

2012

5 to 27.5

Friendly Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

1,215

Site, Land & Building Improvements and Rental Homes

18,141

Capitalization Subsequent to Acquisition

39,416

Land, gross

^[1],[2]

1,269

Site, Land & Building Improvements and Rental Homes

^[1],[2]

57,503

Total

^[1],[2]

58,772

Accumulated Depreciation

$ (8,461)

Perrysburg, OH

1970

2019

5 to 27.5

Garden View Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

156

Site, Land & Building Improvements and Rental Homes

5,044

Capitalization Subsequent to Acquisition

10,951

Land, gross

^[1],[2]

158

Site, Land & Building Improvements and Rental Homes

^[1],[2]

15,993

Total

^[1],[2]

16,151

Accumulated Depreciation

$ (1,167)

Orangeburg, SC

1962

2022

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

584

Capitalization Subsequent to Acquisition

265

Land, gross

^[1],[2]

Site, Land & Building Improvements and Rental Homes

^[1],[2]

849

Total

^[1],[2]

912

Accumulated Depreciation

$ (329)

Chambersburg, PA

1978

2012

5 to 27.5

Gregory Courts [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

370

Site, Land & Building Improvements and Rental Homes

1,220

Capitalization Subsequent to Acquisition

1,504

Land, gross

^[1],[2]

370

Site, Land & Building Improvements and Rental Homes

^[1],[2]

2,724

Total

^[1],[2]

3,094

Accumulated Depreciation

$ (1,117)

Honey Brook, PA

1970

2013

5 to 27.5

Hayden Heights [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

248

Site, Land & Building Improvements and Rental Homes

2,148

Capitalization Subsequent to Acquisition

1,983

Land, gross

^[1],[2]

248

Site, Land & Building Improvements and Rental Homes

^[1],[2]

4,131

Total

^[1],[2]

4,379

Accumulated Depreciation

$ (1,280)

Dublin, OH

1973

2014

5 to 27.5

Heather Highlands [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

573

Site, Land & Building Improvements and Rental Homes

2,152

Capitalization Subsequent to Acquisition

20,317

Land, gross

^[1],[2]

573

Site, Land & Building Improvements and Rental Homes

^[1],[2]

22,469

Total

^[1],[2]

23,042

Accumulated Depreciation

$ (9,591)

Inkerman, PA

1970

1992

5 to 27.5

Hidden Creek [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

614

Site, Land & Building Improvements and Rental Homes

20,717

Capitalization Subsequent to Acquisition

13,903

Land, gross

^[1],[2]

618

Site, Land & Building Improvements and Rental Homes

^[1],[2]

34,616

Total

^[1],[2]

35,234

Accumulated Depreciation

$ (3,575)

Erie, MI

1993

2022

5 to 27.5

High View Acres [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

825

Site, Land & Building Improvements and Rental Homes

4,264

Capitalization Subsequent to Acquisition

1,415

Land, gross

^[1]

825

Site, Land & Building Improvements and Rental Homes

^[1]

5,679

Total

^[1]

6,504

Accumulated Depreciation

$ (1,490)

Export, PA

1984

2017

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

510

Site, Land & Building Improvements and Rental Homes

7,084

Capitalization Subsequent to Acquisition

8,274

Land, gross

^[1]

510

Site, Land & Building Improvements and Rental Homes

^[1]

15,358

Total

^[1]

15,868

Accumulated Depreciation

$ (6,367)

Elkhart, IN

1969

2013

5 to 27.5

Highland Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 13,976

Land

145

Site, Land & Building Improvements and Rental Homes

1,695

Capitalization Subsequent to Acquisition

12,670

Land, gross

^[1]

404

Site, Land & Building Improvements and Rental Homes

^[1]

14,106

Total

^[1]

14,510

Accumulated Depreciation

$ (9,547)

Kutztown, PA

1971

1979

5 to 27.5

Hillcrest Crossing [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

961

Site, Land & Building Improvements and Rental Homes

1,464

Capitalization Subsequent to Acquisition

14,388

Land, gross

^[1]

961

Site, Land & Building Improvements and Rental Homes

^[1]

15,852

Total

^[1]

16,813

Accumulated Depreciation

$ (3,308)

Lower Burrell, PA

1971

2017

5 to 27.5

Hillcrest Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

1,277

Site, Land & Building Improvements and Rental Homes

3,034

Capitalization Subsequent to Acquisition

6,509

Land, gross

^[1]

1,277

Site, Land & Building Improvements and Rental Homes

^[1]

9,543

Total

^[1]

10,820

Accumulated Depreciation

$ (2,475)

Marysville, OH

1995

2017

5 to 27.5

Hillside Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 0

Land

484

Site, Land & Building Improvements and Rental Homes

2,679

Capitalization Subsequent to Acquisition

8,400

Land, gross

^[1]

484

Site, Land & Building Improvements and Rental Homes

^[1]

11,079

Total

^[1]

11,563

Accumulated Depreciation

$ (2,590)

Greensburg, PA

1980

2014

5 to 27.5

Holiday Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

1,632

Site, Land & Building Improvements and Rental Homes

5,618

Capitalization Subsequent to Acquisition

21,625

Land, gross

^[1]

1,632

Site, Land & Building Improvements and Rental Homes

^[1]

27,243

Total

^[1]

28,875

Accumulated Depreciation

$ (7,169)

Nashville, TN

1967

2013

5 to 27.5

Holiday Village One [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

491

Site, Land & Building Improvements and Rental Homes

13,808

Capitalization Subsequent to Acquisition

15,381

Land, gross

^[1]

491

Site, Land & Building Improvements and Rental Homes

^[1]

29,189

Total

^[1]

29,680

Accumulated Depreciation

$ (9,098)

Elkhart, IN

1966

2015

5 to 27.5

Holly Acres Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 5,523

Land

194

Site, Land & Building Improvements and Rental Homes

3,591

Capitalization Subsequent to Acquisition

1,765

Land, gross

^[1]

194

Site, Land & Building Improvements and Rental Homes

^[1]

5,356

Total

^[1]

5,550

Accumulated Depreciation

$ (1,842)

Erie, PA

1977/2007

2015

5 to 27.5

Hudson Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

141

Site, Land & Building Improvements and Rental Homes

3,516

Capitalization Subsequent to Acquisition

8,484

Land, gross

^[1]

141

Site, Land & Building Improvements and Rental Homes

^[1]

12,000

Total

^[1]

12,141

Accumulated Depreciation

$ (3,775)

Peninsula, OH

1956

2014

5 to 27.5

Huntingdon Pointe [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

399

Site, Land & Building Improvements and Rental Homes

865

Capitalization Subsequent to Acquisition

4,901

Land, gross

^[1]

399

Site, Land & Building Improvements and Rental Homes

^[1]

5,766

Total

^[1]

6,165

Accumulated Depreciation

$ (1,074)

Tarrs, PA

2000

2015

5 to 27.5

Independence Park [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 0

Land

686

Site, Land & Building Improvements and Rental Homes

2,784

Capitalization Subsequent to Acquisition

8,929

Land, gross

^[1]

686

Site, Land & Building Improvements and Rental Homes

^[1]

11,713

Total

^[1]

12,399

Accumulated Depreciation

$ (2,821)

Clinton, PA

1987

2014

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

121

Site, Land & Building Improvements and Rental Homes

3,324

Capitalization Subsequent to Acquisition

13,544

Land, gross

^[1]

1,135

Site, Land & Building Improvements and Rental Homes

^[1]

15,854

Total

^[1]

16,989

Accumulated Depreciation

$ (1,940)

Sumter, SC

1972

2021

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

236

Site, Land & Building Improvements and Rental Homes

1,403

Capitalization Subsequent to Acquisition

15,591

Land, gross

^[1]

509

Site, Land & Building Improvements and Rental Homes

^[1]

16,721

Total

^[1]

17,230

Accumulated Depreciation

$ (8,753)

Monticello, NY

1972

1988

5 to 27.5

Lake Erie Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

104

Site, Land & Building Improvements and Rental Homes

4,391

Capitalization Subsequent to Acquisition

6,490

Land, gross

^[1]

140

Site, Land & Building Improvements and Rental Homes

^[1]

10,845

Total

^[1]

10,985

Accumulated Depreciation

$ (1,665)

Fredonia, NY

1965-1975

2020

5 to 27.5

Lake Sherman Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

290

Site, Land & Building Improvements and Rental Homes

1,458

Capitalization Subsequent to Acquisition

21,002

Land, gross

^[1]

290

Site, Land & Building Improvements and Rental Homes

^[1]

22,460

Total

^[1]

22,750

Accumulated Depreciation

$ (8,217)

Navarre, OH

prior to 1980

1987

5 to 27.5

Lakeview Meadows [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

574

Site, Land & Building Improvements and Rental Homes

1,104

Capitalization Subsequent to Acquisition

8,840

Land, gross

^[1]

726

Site, Land & Building Improvements and Rental Homes

^[1]

9,792

Total

^[1]

10,518

Accumulated Depreciation

$ (1,276)

Lakeview, OH

1995

2016

5 to 27.5

Laurel Woods [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

433

Site, Land & Building Improvements and Rental Homes

2,070

Capitalization Subsequent to Acquisition

9,986

Land, gross

^[1]

433

Site, Land & Building Improvements and Rental Homes

^[1]

12,056

Total

^[1]

12,489

Accumulated Depreciation

$ (4,595)

Cresson, PA

prior to 1980

2001

5 to 27.5

Little Chippewa [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

113

Site, Land & Building Improvements and Rental Homes

1,135

Capitalization Subsequent to Acquisition

2,812

Land, gross

^[1]

113

Site, Land & Building Improvements and Rental Homes

^[1]

3,947

Total

^[1]

4,060

Accumulated Depreciation

$ (1,248)

Orrville, OH

1968

2013

5 to 27.5

Mandell Trails [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

2,470

Site, Land & Building Improvements and Rental Homes

4,905

Capitalization Subsequent to Acquisition

5,859

Land, gross

^[1]

2,537

Site, Land & Building Improvements and Rental Homes

^[1]

10,697

Total

^[1]

13,234

Accumulated Depreciation

$ (875)

Butler, PA

1969

2022

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[6]

$ 32,259

Land

674

Site, Land & Building Improvements and Rental Homes

9,433

Capitalization Subsequent to Acquisition

12,138

Land, gross

^[1]

674

Site, Land & Building Improvements and Rental Homes

^[1]

21,571

Total

^[1]

22,245

Accumulated Depreciation

$ (8,399)

Taylor, PA

1972

2010

5 to 27.5

Maplewood Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

495

Site, Land & Building Improvements and Rental Homes

7,105

Capitalization Subsequent to Acquisition

305

Land, gross

^[1]

510

Site, Land & Building Improvements and Rental Homes

^[1]

7,395

Total

^[1]

7,905

Accumulated Depreciation

$ (222)

Mantua, NJ

1970’s

2025

5 to 27.5

Marysville Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

810

Site, Land & Building Improvements and Rental Homes

4,556

Capitalization Subsequent to Acquisition

16,057

Land, gross

^[1]

818

Site, Land & Building Improvements and Rental Homes

^[1]

20,605

Total

^[1]

21,423

Accumulated Depreciation

$ (4,101)

Marysville, OH

1960s to 2015

2017

5 to 27.5

Maybelle Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

700

Site, Land & Building Improvements and Rental Homes

4,070

Capitalization Subsequent to Acquisition

Land, gross

^[1]

711

Site, Land & Building Improvements and Rental Homes

^[1]

4,149

Total

^[1]

4,860

Accumulated Depreciation

$ (75)

Conowingo, MD

1999

2025

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

152

Site, Land & Building Improvements and Rental Homes

3,191

Capitalization Subsequent to Acquisition

7,341

Land, gross

^[1]

152

Site, Land & Building Improvements and Rental Homes

^[1]

10,532

Total

^[1]

10,684

Accumulated Depreciation

$ (3,522)

New Middletown, OH

1957

2012

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

549

Site, Land & Building Improvements and Rental Homes

6,721

Capitalization Subsequent to Acquisition

15,034

Land, gross

^[1]

549

Site, Land & Building Improvements and Rental Homes

^[1]

21,755

Total

^[1]

22,304

Accumulated Depreciation

$ (6,504)

Nappanee, IN

1965-1973

2015

5 to 27.5

Meadows of Perrysburg [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

2,146

Site, Land & Building Improvements and Rental Homes

5,541

Capitalization Subsequent to Acquisition

6,571

Land, gross

^[1]

4,500

Site, Land & Building Improvements and Rental Homes

^[1]

9,758

Total

^[1]

14,258

Accumulated Depreciation

$ (1,800)

Perrysburg, OH

1998

2018

5 to 27.5

Melrose Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

767

Site, Land & Building Improvements and Rental Homes

5,429

Capitalization Subsequent to Acquisition

9,888

Land, gross

^[1]

767

Site, Land & Building Improvements and Rental Homes

^[1]

15,317

Total

^[1]

16,084

Accumulated Depreciation

$ (4,581)

Wooster, OH

1970-1978

2013

5 to 27.5

Melrose West [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

1,040

Capitalization Subsequent to Acquisition

226

Land, gross

^[1]

Site, Land & Building Improvements and Rental Homes

^[1]

1,266

Total

^[1]

1,360

Accumulated Depreciation

$ (499)

Wooster, OH

1995

2013

5 to 27.5

Memphis Blues [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

810

Capitalization Subsequent to Acquisition

21,515

Land, gross

^[1]

336

Site, Land & Building Improvements and Rental Homes

^[1]

22,067

Total

^[1]

22,403

Accumulated Depreciation

$ (6,230)

Memphis, TN

1955

1985

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

232

Site, Land & Building Improvements and Rental Homes

3,418

Capitalization Subsequent to Acquisition

7,457

Land, gross

^[1]

234

Site, Land & Building Improvements and Rental Homes

^[1]

10,873

Total

^[1]

11,107

Accumulated Depreciation

$ (661)

Albany, GA

2023

2023

5 to 27.5

Monroe Valley [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 0

Land

114

Site, Land & Building Improvements and Rental Homes

994

Capitalization Subsequent to Acquisition

857

Land, gross

^[1]

114

Site, Land & Building Improvements and Rental Homes

^[1]

1,851

Total

^[1]

1,965

Accumulated Depreciation

$ (735)

Jonestown, PA

1969

2012

5 to 27.5

Moosic Heights [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[6]

$ 0

Land

330

Site, Land & Building Improvements and Rental Homes

3,794

Capitalization Subsequent to Acquisition

6,412

Land, gross

^[1]

330

Site, Land & Building Improvements and Rental Homes

^[1]

10,206

Total

^[1]

10,536

Accumulated Depreciation

$ (3,535)

Avoca, PA

1972

2010

5 to 27.5

Mount Pleasant Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

280

Site, Land & Building Improvements and Rental Homes

3,502

Capitalization Subsequent to Acquisition

2,380

Land, gross

^[1]

280

Site, Land & Building Improvements and Rental Homes

^[1]

5,882

Total

^[1]

6,162

Accumulated Depreciation

$ (1,782)

Mount Pleasant, PA

1977-1986

2017

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 0

Land

134

Site, Land & Building Improvements and Rental Homes

1,665

Capitalization Subsequent to Acquisition

2,122

Land, gross

^[1]

249

Site, Land & Building Improvements and Rental Homes

^[1]

3,672

Total

^[1]

3,921

Accumulated Depreciation

$ (1,287)

Narvon, PA

1972

2012

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

429

Site, Land & Building Improvements and Rental Homes

4,129

Capitalization Subsequent to Acquisition

4,595

Land, gross

^[1]

448

Site, Land & Building Improvements and Rental Homes

^[1]

8,705

Total

^[1]

9,153

Accumulated Depreciation

$ (1,626)

West Mifflin, PA

1975

2019

5 to 27.5

Northtowne Meadows [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 10,490

Land

1,272

Site, Land & Building Improvements and Rental Homes

23,859

Capitalization Subsequent to Acquisition

10,394

Land, gross

^[1]

1,310

Site, Land & Building Improvements and Rental Homes

^[1]

34,215

Total

^[1]

35,524

Accumulated Depreciation

$ (7,173)

Erie, MI

1988, 1995, 1999

2019

5 to 27.5

Oak Ridge Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

500

Site, Land & Building Improvements and Rental Homes

7,524

Capitalization Subsequent to Acquisition

5,079

Land, gross

^[1]

500

Site, Land & Building Improvements and Rental Homes

^[1]

12,603

Total

^[1]

13,103

Accumulated Depreciation

$ (5,062)

Elkhart, IN

1990

2013

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 11,504

Land

1,134

Site, Land & Building Improvements and Rental Homes

21,766

Capitalization Subsequent to Acquisition

2,415

Land, gross

^[1]

1,150

Site, Land & Building Improvements and Rental Homes

^[1]

24,165

Total

^[1]

25,315

Accumulated Depreciation

$ (2,535)

Jackson, NJ

1958

2022

5 to 27.5

Oakwood Lake Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

379

Site, Land & Building Improvements and Rental Homes

1,639

Capitalization Subsequent to Acquisition

4,221

Land, gross

^[1]

379

Site, Land & Building Improvements and Rental Homes

^[1]

5,860

Total

^[1]

6,239

Accumulated Depreciation

$ (1,763)

Tunkhannock, PA

1972

2010

5 to 27.5

Olmsted Falls [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

569

Site, Land & Building Improvements and Rental Homes

3,031

Capitalization Subsequent to Acquisition

3,702

Land, gross

^[1]

569

Site, Land & Building Improvements and Rental Homes

^[1]

6,733

Total

^[1]

7,302

Accumulated Depreciation

$ (2,345)

Olmsted Falls, OH

1953/1970

2012

5 to 27.5

Oxford Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 13,611

Land

175

Site, Land & Building Improvements and Rental Homes

991

Capitalization Subsequent to Acquisition

3,680

Land, gross

^[1]

155

Site, Land & Building Improvements and Rental Homes

^[1]

4,691

Total

^[1]

4,846

Accumulated Depreciation

$ (2,694)

West Grove, PA

1971

1974

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[5]

$ 0

Land

4,317

Site, Land & Building Improvements and Rental Homes

10,341

Capitalization Subsequent to Acquisition

17,114

Land, gross

^[1]

4,317

Site, Land & Building Improvements and Rental Homes

^[1]

27,455

Total

^[1]

31,772

Accumulated Depreciation

$ (6,247)

Elkhart, IN

1995-1996

2017

5 to 27.5

Perrysburg Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

399

Site, Land & Building Improvements and Rental Homes

4,047

Capitalization Subsequent to Acquisition

9,228

Land, gross

^[1]

407

Site, Land & Building Improvements and Rental Homes

^[1]

13,267

Total

^[1]

13,674

Accumulated Depreciation

$ (2,737)

Perrysburg, OH

1972

2018

5 to 27.5

Pikewood Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 12,386

Land

1,053

Site, Land & Building Improvements and Rental Homes

22,068

Capitalization Subsequent to Acquisition

28,539

Land, gross

^[1]

1,071

Site, Land & Building Improvements and Rental Homes

^[1]

50,589

Total

^[1]

51,660

Accumulated Depreciation

$ (10,296)

Elyria, OH

1962

2018

5 to 27.5

Pine Ridge/Pine Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

198

Capitalization Subsequent to Acquisition

12,481

Land, gross

^[1]

145

Site, Land & Building Improvements and Rental Homes

^[1]

12,572

Total

^[1]

12,717

Accumulated Depreciation

$ (6,271)

Carlisle, PA

1961

1969

5 to 27.5

Pine Valley Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

670

Site, Land & Building Improvements and Rental Homes

1,337

Capitalization Subsequent to Acquisition

17,276

Land, gross

^[1]

732

Site, Land & Building Improvements and Rental Homes

^[1]

18,551

Total

^[1]

19,283

Accumulated Depreciation

$ (5,737)

Apollo, PA

prior to 1980

1995

5 to 27.5

Pleasant View Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[6]

$ 0

Land

282

Site, Land & Building Improvements and Rental Homes

2,175

Capitalization Subsequent to Acquisition

4,815

Land, gross

^[1]

307

Site, Land & Building Improvements and Rental Homes

^[1]

6,965

Total

^[1]

7,272

Accumulated Depreciation

$ (2,243)

Bloomsburg, PA

1960’s

2010

5 to 27.5

Port Royal Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

150

Site, Land & Building Improvements and Rental Homes

2,492

Capitalization Subsequent to Acquisition

22,220

Land, gross

^[1]

505

Site, Land & Building Improvements and Rental Homes

^[1]

24,357

Total

^[1]

24,862

Accumulated Depreciation

$ (11,417)

Belle Vernon, PA

1973

1983

5 to 27.5

Redbud Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[8]

$ 11,584

Land

1,739

Site, Land & Building Improvements and Rental Homes

15,091

Capitalization Subsequent to Acquisition

11,031

Land, gross

^[1]

1,753

Site, Land & Building Improvements and Rental Homes

^[1]

26,108

Total

^[1]

27,861

Accumulated Depreciation

$ (5,873)

Anderson, IN

1966/1998/2003

2018

5 to 27.5

River Bluff Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 0

Land

230

Site, Land & Building Improvements and Rental Homes

Capitalization Subsequent to Acquisition

4,263

Land, gross

^[1]

230

Site, Land & Building Improvements and Rental Homes

^[1]

4,263

Total

^[1]

4,493

Accumulated Depreciation

$ (52)

Memphis, TN

2024

2013

5 to 27.5

River Valley Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

236

Site, Land & Building Improvements and Rental Homes

785

Capitalization Subsequent to Acquisition

12,692

Land, gross

^[1]

236

Site, Land & Building Improvements and Rental Homes

^[1]

13,477

Total

^[1]

13,713

Accumulated Depreciation

$ (5,742)

Marion, OH

1950

1986

5 to 27.5

Rolling Hills Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

301

Site, Land & Building Improvements and Rental Homes

1,419

Capitalization Subsequent to Acquisition

4,830

Land, gross

^[1]

517

Site, Land & Building Improvements and Rental Homes

^[1]

6,033

Total

^[1]

6,550

Accumulated Depreciation

$ (1,649)

Carlisle, PA

1972-1975

2013

5 to 27.5

Rostraver Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 0

Land

814

Site, Land & Building Improvements and Rental Homes

2,204

Capitalization Subsequent to Acquisition

3,493

Land, gross

^[1]

814

Site, Land & Building Improvements and Rental Homes

^[1]

5,697

Total

^[1]

6,511

Accumulated Depreciation

$ (1,925)

Belle Vernon, PA

1970

2014

5 to 27.5

Saddle Creek [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

713

Site, Land & Building Improvements and Rental Homes

3,165

Capitalization Subsequent to Acquisition

5,866

Land, gross

^[1]

718

Site, Land & Building Improvements and Rental Homes

^[1]

9,026

Total

^[1]

9,744

Accumulated Depreciation

$ (673)

Dothan, AL

1972

2022

5 to 27.5

Sandy Valley Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

270

Site, Land & Building Improvements and Rental Homes

1,941

Capitalization Subsequent to Acquisition

18,897

Land, gross

^[1]

270

Site, Land & Building Improvements and Rental Homes

^[1]

20,838

Total

^[1]

21,108

Accumulated Depreciation

$ (8,052)

Magnolia, OH

prior to 1980

1985

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

337

Site, Land & Building Improvements and Rental Homes

3,379

Capitalization Subsequent to Acquisition

6,972

Land, gross

^[1]

337

Site, Land & Building Improvements and Rental Homes

^[1]

10,351

Total

^[1]

10,688

Accumulated Depreciation

$ (3,894)

Nashville, TN

1954

2011

5 to 27.5

Somerset/Whispering [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

1,485

Site, Land & Building Improvements and Rental Homes

2,050

Capitalization Subsequent to Acquisition

14,866

Land, gross

^[1]

1,538

Site, Land & Building Improvements and Rental Homes

^[1]

16,863

Total

^[1]

18,401

Accumulated Depreciation

$ (6,718)

Somerset, PA

prior to 1980

2004

5 to 27.5

Southern Terrace [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

3,387

Capitalization Subsequent to Acquisition

1,172

Land, gross

^[1]

Site, Land & Building Improvements and Rental Homes

^[1]

4,559

Total

^[1]

4,622

Accumulated Depreciation

$ (1,928)

Columbiana, OH

1983

2012

5 to 27.5

Southwind Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[2]

$ 19,898

Land

100

Site, Land & Building Improvements and Rental Homes

603

Capitalization Subsequent to Acquisition

4,005

Land, gross

^[1]

100

Site, Land & Building Improvements and Rental Homes

^[1]

4,608

Total

^[1]

4,708

Accumulated Depreciation

$ (2,675)

Jackson, NJ

1969

1969

5 to 27.5

Spreading Oaks Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

Site, Land & Building Improvements and Rental Homes

1,327

Capitalization Subsequent to Acquisition

5,677

Land, gross

^[1]

Site, Land & Building Improvements and Rental Homes

^[1]

7,004

Total

^[1]

7,071

Accumulated Depreciation

$ (3,079)

Athens, OH

prior to 1980

1996

5 to 27.5

Springfield Meadows [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

1,230

Site, Land & Building Improvements and Rental Homes

3,093

Capitalization Subsequent to Acquisition

8,621

Land, gross

^[1]

1,230

Site, Land & Building Improvements and Rental Homes

^[1]

11,714

Total

^[1]

12,944

Accumulated Depreciation

$ (1,728)

Springfield, OH

1970

2016

5 to 27.5

Suburban Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

299

Site, Land & Building Improvements and Rental Homes

5,837

Capitalization Subsequent to Acquisition

7,825

Land, gross

^[1]

299

Site, Land & Building Improvements and Rental Homes

^[1]

13,662

Total

^[1]

13,961

Accumulated Depreciation

$ (5,230)

Greensburg, PA

1968/1980

2010

5 to 27.5

Summit Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

198

Site, Land & Building Improvements and Rental Homes

2,779

Capitalization Subsequent to Acquisition

6,399

Land, gross

^[1]

198

Site, Land & Building Improvements and Rental Homes

^[1]

9,178

Total

^[1]

9,376

Accumulated Depreciation

$ (2,946)

Ravenna, OH

1969

2014

5 to 27.5

Summit Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[2]

Land

522

Site, Land & Building Improvements and Rental Homes

2,821

Capitalization Subsequent to Acquisition

6,131

Land, gross

^[1]

522

Site, Land & Building Improvements and Rental Homes

^[1]

8,952

Total

^[1]

9,474

Accumulated Depreciation

$ (2,274)

Marion, IN

2000

2018

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[3]

Land

287

Site, Land & Building Improvements and Rental Homes

6,114

Capitalization Subsequent to Acquisition

5,648

Land, gross

^[1]

287

Site, Land & Building Improvements and Rental Homes

^[1]

11,762

Total

^[1]

12,049

Accumulated Depreciation

$ (4,786)

Somerset, PA

1970

2010

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

450

Site, Land & Building Improvements and Rental Homes

2,674

Capitalization Subsequent to Acquisition

1,498

Land, gross

^[1]

662

Site, Land & Building Improvements and Rental Homes

^[1]

3,960

Total

^[1]

4,622

Accumulated Depreciation

$ (1,531)

Eagleville, PA

1960

2013

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

411

Site, Land & Building Improvements and Rental Homes

1,867

Capitalization Subsequent to Acquisition

5,355

Land, gross

^[1]

411

Site, Land & Building Improvements and Rental Homes

^[1]

7,222

Total

^[1]

7,633

Accumulated Depreciation

$ (2,564)

Goodlettsville, TN

1964

2011

5 to 27.5

Twin Oaks I & II [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 5,280

Land

823

Site, Land & Building Improvements and Rental Homes

3,527

Capitalization Subsequent to Acquisition

2,675

Land, gross

^[1]

998

Site, Land & Building Improvements and Rental Homes

^[1]

6,027

Total

^[1]

7,025

Accumulated Depreciation

$ (2,538)

Olmsted Falls, OH

1952/1997

2012

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 57,743

Land

650

Site, Land & Building Improvements and Rental Homes

6,307

Capitalization Subsequent to Acquisition

8,323

Land, gross

^[1]

650

Site, Land & Building Improvements and Rental Homes

^[1]

14,630

Total

^[1]

15,280

Accumulated Depreciation

$ (5,575)

Goshen, IN

1956/1990

2013

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 0

Land

284

Site, Land & Building Improvements and Rental Homes

2,267

Capitalization Subsequent to Acquisition

3,387

Land, gross

^[1]

284

Site, Land & Building Improvements and Rental Homes

^[1]

5,654

Total

^[1]

5,938

Accumulated Depreciation

$ (1,819)

Ruffs Dale, PA

1974

2014

5 to 27.5

Valley Hills [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 2,846

Land

996

Site, Land & Building Improvements and Rental Homes

6,542

Capitalization Subsequent to Acquisition

14,163

Land, gross

^[1]

996

Site, Land & Building Improvements and Rental Homes

^[1]

20,705

Total

^[1]

21,701

Accumulated Depreciation

$ (6,554)

Ravenna, OH

1960-1970

2014

5 to 27.5

Valley Stream [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

323

Site, Land & Building Improvements and Rental Homes

3,191

Capitalization Subsequent to Acquisition

1,971

Land, gross

^[1]

323

Site, Land & Building Improvements and Rental Homes

^[1]

5,162

Total

^[1]

5,485

Accumulated Depreciation

$ (1,559)

Mountaintop, PA

1970

2015

5 to 27.5

Valley View HB [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[4]

$ 0

Land

1,380

Site, Land & Building Improvements and Rental Homes

5,348

Capitalization Subsequent to Acquisition

8,069

Land, gross

^[1]

1,605

Site, Land & Building Improvements and Rental Homes

^[1]

13,192

Total

^[1]

14,797

Accumulated Depreciation

$ (4,273)

Honey Brook, PA

1970

2013

5 to 27.5

Valley View I [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 0

Land

191

Site, Land & Building Improvements and Rental Homes

4,359

Capitalization Subsequent to Acquisition

2,877

Land, gross

^[1]

280

Site, Land & Building Improvements and Rental Homes

^[1]

7,147

Total

^[1]

7,427

Accumulated Depreciation

$ (2,541)

Ephrata, PA

1961

2012

5 to 27.5

Valley View II [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[10]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

1,746

Capitalization Subsequent to Acquisition

124

Land, gross

^[1]

Site, Land & Building Improvements and Rental Homes

^[1]

1,870

Total

^[1]

1,942

Accumulated Depreciation

$ (871)

Ephrata, PA

1999

2012

5 to 27.5

Voyager Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

742

Site, Land & Building Improvements and Rental Homes

3,143

Capitalization Subsequent to Acquisition

9,443

Land, gross

^[1]

742

Site, Land & Building Improvements and Rental Homes

^[1]

12,586

Total

^[1]

13,328

Accumulated Depreciation

$ (3,048)

West Newton, PA

1968

2015

5 to 27.5

Waterfalls Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 3,880

Land

424

Site, Land & Building Improvements and Rental Homes

3,812

Capitalization Subsequent to Acquisition

9,720

Land, gross

^[1]

424

Site, Land & Building Improvements and Rental Homes

^[1]

13,532

Total

^[1]

13,956

Accumulated Depreciation

$ (6,567)

Hamburg, NY

prior to 1980

1997

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

196

Site, Land & Building Improvements and Rental Homes

1,080

Capitalization Subsequent to Acquisition

4,377

Land, gross

^[1]

538

Site, Land & Building Improvements and Rental Homes

^[1]

5,115

Total

^[1]

5,653

Accumulated Depreciation

$ (1,074)

Bellefontaine, OH

1960

2016

5 to 27.5

Weatherly Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[7]

Land

1,184

Site, Land & Building Improvements and Rental Homes

4,034

Capitalization Subsequent to Acquisition

5,604

Land, gross

^[1]

1,184

Site, Land & Building Improvements and Rental Homes

^[1]

9,638

Total

^[1]

10,822

Accumulated Depreciation

$ (5,256)

Lebanon, TN

1997

2006

5 to 27.5

Wellington Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

896

Site, Land & Building Improvements and Rental Homes

6,179

Capitalization Subsequent to Acquisition

9,044

Land, gross

^[1]

896

Site, Land & Building Improvements and Rental Homes

^[1]

15,223

Total

^[1]

16,119

Accumulated Depreciation

$ (3,541)

Export, PA

1970/1996

2017

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

260

Site, Land & Building Improvements and Rental Homes

1,753

Capitalization Subsequent to Acquisition

10,410

Land, gross

^[1]

260

Site, Land & Building Improvements and Rental Homes

^[1]

12,163

Total

^[1]

12,423

Accumulated Depreciation

$ (4,765)

Caledonia, OH

prior to 1980

1996

5 to 27.5

Woodland Manor [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[9]

$ 0

Land

Site, Land & Building Improvements and Rental Homes

841

Capitalization Subsequent to Acquisition

8,350

Land, gross

^[1]

260

Site, Land & Building Improvements and Rental Homes

^[1]

9,008

Total

^[1]

9,268

Accumulated Depreciation

$ (2,925)

West Monroe, NY

prior to 1980

2003

5 to 27.5

Woodlawn Village [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

^[2]

$ 0

Land

157

Site, Land & Building Improvements and Rental Homes

281

Capitalization Subsequent to Acquisition

3,099

Land, gross

^[1]

135

Site, Land & Building Improvements and Rental Homes

^[1]

3,402

Total

^[1]

3,537

Accumulated Depreciation

$ (1,371)

Eatontown, NJ

1964

1978

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 4,275

Land

1,808

Site, Land & Building Improvements and Rental Homes

13,321

Capitalization Subsequent to Acquisition

21,905

Land, gross

^[1]

1,808

Site, Land & Building Improvements and Rental Homes

^[1]

35,226

Total

^[1]

37,034

Accumulated Depreciation

$ (9,111)

West Lafayette, IN

1974

2015

5 to 27.5

Worthington Arms [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

437

Site, Land & Building Improvements and Rental Homes

12,706

Capitalization Subsequent to Acquisition

12,101

Land, gross

^[1]

437

Site, Land & Building Improvements and Rental Homes

^[1]

24,807

Total

^[1]

25,244

Accumulated Depreciation

$ (6,914)

Lewis Center, OH

1968

2015

5 to 27.5

Youngstown Estates [Member]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

Land

269

Site, Land & Building Improvements and Rental Homes

1,606

Capitalization Subsequent to Acquisition

3,217

Land, gross

^[1]

269

Site, Land & Building Improvements and Rental Homes

^[1]

4,823

Total

^[1]

5,092

Accumulated Depreciation

$ (1,340)

Youngstown, NY

1963

2013

5 to 27.5

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items]

Encumbrances

$ 562,095

Land

77,989

Site, Land & Building Improvements and Rental Homes

622,855

Capitalization Subsequent to Acquisition

1,152,160

Land, gross

^[1]

90,208

Site, Land & Building Improvements and Rental Homes

^[1]

1,762,796

Total

^[1]

1,853,003

Accumulated Depreciation

$ (504,634)

[1]	Reconciliation
[2]	Represents one mortgage payable secured by two properties.
[3]	Represents one mortgage payable secured by seven properties.
[4]	Represents one mortgage payable secured by eight properties.
[5]	Represents one mortgage payable secured by two properties.
[6]	Represents one mortgage payable secured by four properties and one mortgage payable secured by the rental homes therein.
[7]	Represents one mortgage payable secured by ten properties.
[8]	Represents one mortgage payable secured by two properties.
[9]	Represents one mortgage payable secured by twenty-eight properties and one mortgage payable secured by the rental homes therein.
[10]	Represents one mortgage payable secured by six properties.

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF REAL ESTATE INVESTMENT (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance – Beginning of Year	$ 1,655,964	$ 1,527,479	$ 1,379,527
Acquisitions	39,125	0	3,650
Improvements	167,210	139,528	151,495
Total Additions	206,335	139,528	155,145
Deletions	(9,296)	(11,043)	(7,193)
Balance – End of Year	$ 1,853,003	$ 1,655,964	$ 1,527,479

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
Balance – Beginning of Year	$ 445,077	$ 391,920	$ 340,776
Depreciation	63,860	57,765	53,685
Total Additions	63,860	57,765	53,685
Deletions	(4,303)	(4,608)	(2,541)
Balance – End of Year	$ 504,634	$ 445,077	$ 391,920