UMH PROPERTIES, INC.
For the period ended Dec 31, 2025. Filed Feb 25, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 25, 2026
UMH$14.92-1.4%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2024-12-31; filed 2025-02-26.
0001493152-25-008351
Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2025-12-31; filed 2026-02-25.
0001493152-26-008042
Item 7. – Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 81 previous paragraphs and 81 current paragraphs.
35 unchanged; 37 reworded; 8 added; 7 removed; 2 previous and 1 current paragraphs rearranged.
Tables are not compared: 5 previous and 6 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
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. One of these joint ventures owns two communities in Florida (Sebring Square and Rum Runner) and one joint venture owns one community in Pennsylvania (Honey Ridge). 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. In addition, the Company has over 1,000 self-storage units that are available for leasing by residents. UMH has continued to execute our growth strategy of purchasing well-located communities in our target markets, including the energy-rich Marcellus and Utica Shale regions.
Current report
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 net proceeds, after deducting offering discounts, fees and other transaction costs, were approximately $75.1 million.
Current report
Acquisitions in 2025
Current report
Results of Operations
Current report
Community operating expenses increased from $87.4 million for the year ended December 31, 2024 to $96.0 million for the year ended December 31, 2025, or 10%. This increase was due to acquisitions and an increase in payroll costs, real estate taxes, snow removal and water and sewer costs. This increase also includes one-time legal and professional fees of $724,000 for 2025.
Current report
Interest income increased from $7.1 million for the year ended December 31, 2024 to $8.7 million for the year ended December 31, 2025, or 23%. This increase was due to an increase in interest earned from our excess cash and from our notes receivable. The average balance in cash in money market accounts increased from approximately $26.6 million in 2024 to $50.1 million in 2025. The average interest rate earned on this cash was approximately 3.2% and 3.7% in 2025 and 2024, respectively. Additionally, there was an increase in the average balance of notes receivable from $83.9 million in 2024 to $95.4 million in 2025. The weighted average interest rate earned on these notes receivable was approximately 7.0% and 7.1% in 2025 and 2024, respectively.
Current report
Dividend income remained relatively stable at just under $1.5 million for the year ended December 31, 2024 compared to the year ended December 31, 2025.
Current report
On July 22, 2025, the Company issued approximately $80.2 million aggregate principal amount of its 5.85% Series B Bonds due 2030 in an offering to investors in Israel. The net proceeds, after deducting offering discounts, fees and other transaction costs, were approximately $75.1 million.
Removed paragraphs (7)
Previous report
As of December 31, 2024, we operated 139 manufactured home communities, 137 of which are communities in which we own either a 100% or majority interest, containing a total of approximately 26,300 developed homesites, on which approximately 10,300 Company-owned rental homes are situated. The 139 communities include (i) two communities in central Florida owned through a joint venture with Nuveen Real Estate in which the Company has a 40% interest (Sebring Square and Rum Runner), (ii) two communities in Tennessee, the Countryside Village expansion (Duck River Estates) and the Allentown expansion (River Bluff Estates), that were previously part of other Company-owned communities but are now considered separate communities, and (iii) two communities acquired through the Company’s OZ Fund. These 139 communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Maryland, Michigan, Alabama, South Carolina, Florida and Georgia. UMH has continued to execute our growth strategy of purchasing well-located communities in our target markets, including the energy-rich Marcellus and Utica Shale regions. On November 30, 2023, the Company expanded its joint venture relationship with Nuveen Real Estate and formed a new joint venture entity focused on the development of a new manufactured housing community located in Honey Brook, Pennsylvania. As with the original 2021 joint venture entity, UMH has a 40% stake in the new joint venture entity and serves as the managing member, developer and operating member. The Honey Brook community, once complete, is expected to contain 113 manufactured home sites situated on approximately 61 acres. This community is expected to open at the end of the second quarter of 2025 with our first two homes on order currently.
Previous report
Acquisitions in 2024 and 2023
Previous report
There were no acquisitions made during 2024. On January 19, 2023, through our qualified opportunity zone fund, we acquired Mighty Oak, a newly developed manufactured home community located in Albany, GA for approximately $3.65 million, This community contains a total of 118 newly developed homesites that are situated on approximately 26 total acres and was unoccupied at the date of the acquisition.
Previous report
In addition, in November 2023, 61 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 an entity formed under our joint venture with Nuveen for the purpose of developing a new manufactured housing community, which, once complete, is expected to contain 113 sites. The Company was reimbursed by Nuveen for 60% of the carrying value of this land. This community is expected to open at the end of the second quarter of 2025 with our first two homes currently on order.
Previous report
Community operating expenses increased from $75.7 million for the year ended December 31, 2022 to $81.3 million for the year ended December 31, 2023, or 8%. This increase was primarily due to expenses pertaining to recently acquired communities during 2022, as well as increases in payroll, rental home expenses, real estate taxes, waste removal, water expenses and sewer expenses.
Previous report
Interest income increased from $4.1 million for the year ended December 31, 2022 to $5.0 million for the year ended December 31, 2023, or 22%. This increase was primarily due to an increase in the average balance of notes receivable from $58.6 million for the year ended December 31, 2022 to $71.5 million for the year ended December 31, 2023. The weighted average interest rate earned on these notes receivables increased 30 basis points and was 7.0% and 6.7% as of December 31, 2023 and 2022, respectively.
Previous report
The Company recently entered into a preliminary agreement with a leading national homebuilder regarding the potential formation of a joint venture to develop approximately 131 acres of undeveloped land adjacent to one of the Company’s existing manufactured home communities in southern New Jersey. If necessary governmental approvals can be obtained, the purpose of the joint venture would be to construct roads, infrastructure and other site improvements on the property and then sell the improved lots to an affiliate of the Company’s joint venture partner, which would construct luxury single family residential homes to sell to purchasers. It is envisioned that the joint venture partner would fully fund the costs of required site improvements, to the extent not financed by a third-party construction lender, and would obtain all required approvals. The Company would contribute the real property to the joint venture and receive a percentage of the sale price of each home. If the parties elect to proceed, it is anticipated that the joint venture partner would seek preliminary subdivision and site plan approvals over the next two years and, if these approvals are obtained, the joint venture would then be formally established. Pursuit of this project would be contingent upon execution of definitive documentation setting forth the terms of certain agreements between the parties. There can be no assurance that the Company and its potential joint venture partner will reach agreement or proceed with this arrangement or that required governmental approvals can be obtained. The parties are currently engaged in a 90-day due diligence period during which they intend to commence preliminary discussions with the municipality relating to the necessary approvals.
Reworded paragraphs (37)
Previous wording
Occupancy in our properties, as well as our ability to increase rental rates, directly affects revenues. In 2024, total income increased 9% from the prior year due to our rental program, rent increases and the growth of our sales business. Community NOI (as defined below) increased 10% from the prior year. Overall occupancy increased 60 basis points from 86.7% as of December 31, 2023 to 87.3% as of December 31, 2024. Same property occupancy, which includes communities owned and operated as of January 1, 2023, increased 70 basis points from 87.1% as of December 31, 2023 to 87.8% as of December 31, 2024. (Unless expressly indicated, information in this report with respect to the Company’s properties, including financial and operating results for the year ended December 31, 2024, does not include the properties owned by the Company’s joint venture with Nuveen.)
Current wording
Occupancy in our properties, as well as our ability to increase rental rates, directly affects revenues. In 2025, total income increased 9% from the prior year due to our rental program, rent increases and the growth of our sales business. Community NOI (as defined below under Non-U.S. GAAP Measures) increased 9% from the prior year. Overall occupancy increased 80 basis points from 87.3% as of December 31, 2024 to 88.1% as of December 31, 2025. Same property occupancy, which includes communities owned and operated as of January 1, 2024, increased 80 basis points from 87.5% as of December 31, 2024 to 88.3% as of December 31, 2025. (Unless expressly indicated, information in this report with respect to the Company’s properties, including financial and operating results for the year ended December 31, 2025, does not include the properties owned by the Company’s joint ventures with Nuveen.)
Previous wording
The macro-economic environment and current housing fundamentals continue to favor home rentals. Due to high mortgage rates and lack of inventory, the higher cost of buying a home versus renting one is at its most extreme since 1996. According to the National Association of Realtors, reported sales of existing homes fell to 4.06 million in 2024, the lowest level in nearly 30 years. We believe rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see strong demand for rental homes. During 2024, our portfolio of rental homes increased by 364 homes, net of rental home sales. Occupied rental homes represent approximately 43.0% of total occupied sites. Occupancy in rental homes continues to be strong and registered at 94.0% as of December 31, 2024. Our manufactured home communities compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates.
Current wording
The macro-economic environment and current housing fundamentals continue to favor home rentals. Although 30-year fixed rate mortgage rates have shown signs of stabilizing, they are still approximately 6%. Housing inventory has improved but affordability remains a challenge for many prospective buyers, especially lower and middle-income households. We believe rental homes in a manufactured home community allow the resident to obtain the efficiencies of factory-built housing and the amenities of community living for less than the cost of other forms of affordable housing. We continue to see strong demand for rental homes. During 2025, our portfolio of rental homes increased by 571 homes, net of rental home sales. Occupied rental homes represent approximately 43.6% of total occupied sites. Occupancy in rental homes continues to be strong and registered at 93.8% as of December 31, 2025. Our manufactured home communities compare favorably with other types of rental housing, including apartments, and we will continue to allocate capital to rental home purchases, as demand dictates.
Previous wording
The Company holds a portfolio of marketable equity securities of other REITs with a fair value of $31.9 million as of December 31, 2024, representing 1.6% of our undepreciated assets (total assets excluding accumulated depreciation). The REIT securities portfolio provides the Company with additional diversification, liquidity and income. As of December 31, 2024, 99% consisted of REIT common stocks and 1% of the Company’s portfolio consisted of REIT preferred stocks. The Company does not intend to increase its investment in the REIT securities portfolio.
Current wording
The Company holds a portfolio of marketable equity securities of other REITs with a fair value of $23.8 million as of December 31, 2025, representing 1.1% of our undepreciated assets (total assets excluding accumulated depreciation). The REIT securities portfolio provides the Company with additional diversification, liquidity and income. As of December 31, 2025, 97% of the Company’s portfolio consisted of REIT common stocks and 3% consisted of REIT preferred stocks. 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.
Previous wording
The Company invests in these REIT securities and, from time to time, may use margin debt when an adequate yield spread can be obtained. The Company’s weighted average yield on the securities portfolio was approximately 4.5% at December 31, 2024. At December 31, 2024, the Company had unrealized losses of $38.5 million in its REIT securities portfolio. During 2024, the Company sold positions in securities, generating a net realized loss of $3.8 million.
Current wording
The Company’s weighted average yield on the securities portfolio was approximately 5.2% at December 31, 2025. At December 31, 2025, the Company had net unrealized losses of $40.8 million in its REIT securities portfolio. During 2025, the Company sold positions in securities, generating a net realized loss of $221,000.
Previous wording
The Company continues to strengthen its balance sheet. During the year ended December 31, 2024, through an at-the-market sale program for our Common Stock that was established in March 2024 (the “March 2024 Common ATM Program”), an at-the-market sale program for our Common Stock that was established in September 2024 (the “September 2024 Common ATM Program”) and a prior at-the-market sale program for our Common Stock established in 2023 (collectively, the “Common ATM Programs”), the Company issued and sold a total of 12.5 million shares of our Common Stock, generating gross proceeds of $224.5 million and net proceeds of $220.6 million, after offering expenses. Additionally, during 2024 the Company raised approximately $10.2 million in new capital through the Dividend Reinvestment and Stock Purchase Plan (“DRIP”).
Current wording
The Company continues to strengthen its balance sheet. During the year ended December 31, 2025, through an at-the-market sale program for our Common Stock that was established in September 2024 (the “September 2024 Common ATM Program”), the Company issued and sold a total of 2.6 million shares of our Common Stock, generating gross proceeds of $45.1 million and net proceeds of $44.1 million, after offering expenses. Additionally, during 2025 the Company raised approximately $9.3 million in new capital through the Dividend Reinvestment and Stock Purchase Plan (“DRIP”).
Previous wording
During the year ended December 31, 2024, through an at-the-market sale program for our Preferred Stock that was established in January 2023 (the “2023 Preferred ATM Program,” and together with the Common ATM Programs, the “At-the-Market Sale Programs”), the Company issued and sold a total of approximately 1.2 million shares of our Series D Preferred Stock, generating gross proceeds of $28.5 million and net proceeds of $28.0 million, after offering expenses.
Current wording
During the year ended December 31, 2025, through an at-the-market sale program for our Preferred Stock that was established in January 2023 (the “2023 Preferred ATM Program”), and an at-the-market sale program for our Preferred Stock that was established in March 2025 (the “2025 Preferred ATM Program”), the Company issued and sold a total of approximately 93,000 shares of our Series D Preferred Stock, generating gross proceeds of $2.1 million and net proceeds of $2.0 million, after offering expenses.
Previous wording
On December 31, 2024, the Company had approximately $99.7 million in cash and cash equivalents and $260 million available on our credit facility. We also had $138 million available on our revolving lines of credit for the financing of home sales and the purchase of inventory and $55 million available on our lines of credit secured by rental homes and rental home leases.
Current wording
On December 31, 2025, the Company had approximately $72 million in cash and cash equivalents and $260 million available on our credit facility, with a potential total availability of up to $500 million pursuant to an accordion feature. We also had $129 million available on our revolving lines of credit for the financing of home sales and the purchase of inventory and $55 million available on our lines of credit secured by rental homes and rental home leases.
Previous wording
The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. As part of this plan, we intend to seek opportunities, through our OZ Fund, to acquire communities that require substantial capital investment and are located in qualified opportunity zones. In addition, on behalf of our joint venture arrangement with Nuveen Real Estate, we will seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. There is no guarantee that any of these additional opportunities will continue to materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio and success of the joint venture depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are not available, fewer acquisitions will be made.
Current wording
The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. As part of this plan, we intend to continue to seek opportunities, through opportunity zone funds, to acquire communities that require substantial capital investment and are located in qualified opportunity zones. In addition, on behalf of our joint venture arrangements with Nuveen Real Estate, we will continue to seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. There is no guarantee that any of these additional opportunities will continue to materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio and success of the joint ventures depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are not available, fewer acquisitions will be made.
Previous wording
Rental and related income increased from $170.4 million for the year ended December 31, 2022 to $189.7 million for the year ended December 31, 2023, or 11%. This increase was primarily due to the acquisitions made during 2022, as well as increases in rental rates, same property occupancy and additional rental homes. During 2023, the Company raised rental rates by 5% to 6% at most communities. Overall occupancy was 86.7% and 84.6% at December 31, 2023 and 2022, respectively. Overall occupancy includes communities acquired in 2023 and 2022 which had an average occupancy of 60%, at the time of acquisition. As of December 31, 2023, we had approximately 10,000 rental homes with an occupancy rate of 94.0%.
Current wording
Rental and related income increased from $207.0 million for the year ended December 31, 2024 to $226.7 million for the year ended December 31, 2025, or 10%. This increase was due to acquisitions, increases in rental rates and same property occupancy and additional rental homes. Since 2024, the Company has been raising rental rates by approximately 5% to 6% annually at most communities. The Company has been acquiring communities with vacant sites that can potentially be occupied and earn income in the future. Overall occupancy was 88.1% and 87.3% at December 31, 2025 and 2024, respectively. Same property occupancy has increased 80 basis points from 87.5% at December 31, 2024 to 88.3% at December 31, 2025. Demand for rental homes continues to be strong. As of December 31, 2025, we had approximately 10,900 rental homes, not including rental homes in the joint venture communities, with an occupancy rate of 93.8%. We continue to evaluate the demand for rental homes and will invest in additional homes as demand dictates.
Previous wording
Community NOI increased from $108.4 million for the year ended December 31, 2023 to $119.7 million for the year ended December 31, 2024, or 10%. This increase was primarily due to the increases in rental rates, occupancy and rental homes. The operating expense ratio (defined as community operating expenses divided by rental and related income) improved 70 basis points from 42.9% in 2023 to 42.2% for 2024. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the first few years of ownership. Since most of the community expenses consist of fixed costs, as occupancy rates increase, these expense ratios are expected to continue to improve. Due to the Company’s ability to increase its rental rates annually (subject to limitations on rent increases in certain jurisdictions), increasing costs due to inflation and changing prices have generally not had a material effect on revenue and income from continuing operations.
Current wording
Community NOI increased from $119.7 million for the year ended December 31, 2024 to $130.7 million for the year ended December 31, 2025, or 9%. This increase was primarily due to acquisitions, the increases in rental rates, occupancy and rental homes. The operating expense ratio (defined as community operating expenses divided by rental and related income), without the one-time legal and professional fees, improved 20 basis points from 42.2% in 2024 to 42.0% for 2025. Many recently acquired communities have deferred maintenance requiring higher than normal expenditures in the first few years of ownership. Since most of the community expenses consist of fixed costs, as occupancy rates increase, these expense ratios are expected to continue to improve. Due to the Company’s ability to increase its rental rates annually (subject to limitations on rent increases in certain jurisdictions), increasing costs due to inflation and changing prices have generally not had a material effect on revenue and income from continuing operations.
Previous wording
Sales of manufactured homes increased from $31.2 million for the year ended December 31, 2023 to $33.5 million for the year ended December 31, 2024, or 8%. The total number of homes sold increased 16% from 341 homes in 2023 to 394 homes in 2024. Cost of sales of manufactured homes increased from $21.1 million for the year ended December 31, 2023 to $21.9 million for the year ended December 31, 2024, or 4%. The gross profit percentage was 35% and 32% for the years ended December 31, 2024 and 2023, respectively. Selling expenses remained relatively stable for the years ended December 31, 2023 and 2024. Gain from the sales operations, excluding interest on the financing of inventory, increased 53% and amounted to a gain of $4.8 million and $3.1 million for the years ended December 31, 2024 and 2023, respectively. Many of the costs associated with sales, such as salaries, and to an extent, advertising and promotion, are fixed. Despite high mortgage rates, home prices have continued to rise as fewer sellers are listing homes and inventories decline resulting in the inherent relative affordability of our property type becoming more and more apparent, which should result in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produce new rental revenue and represent an investment in the upgrading of our communities.
Current wording
Sales of manufactured homes increased from $33.5 million for the year ended December 31, 2024 to $35.0 million for the year ended December 31, 2025, or 4%. Cost of sales of manufactured homes increased from $21.9 million for the year ended December 31, 2024 to $22.6 million for the year ended December 31, 2025, or 3%. The gross profit percentage was 36% and 35% for the years ended December 31, 2025 and 2024, respectively. Selling expenses increased from $6.8 million for the year ended December 31, 2024 to $7.3 million for the year ended December 31, 2025, or 7%. Gain from the sales operations, excluding interest on the financing of inventory, increased 8% and amounted to a gain of $5.2 million and $4.8 million for the years ended December 31, 2025 and 2024, respectively. Conventional home prices have flattened as sellers begin to outnumber buyers. Although the housing market supply has increased in recent months it remains below the available units that prevailed before the COVID-19 pandemic. The inherent relative affordability of our property type has become more and more apparent, which should result in increased demand. The Company continues to be optimistic about future sales and rental prospects given the fundamental need for affordable housing. The Company believes that sales of new homes produce new rental revenue and represent an investment in the upgrading of our communities.
Previous wording
General and administrative expenses increased from $19.0 million for the year ended December 31, 2022 to $19.7 million for the year ended December 31, 2023, or 4%. This increase was due to an increase in payroll, personnel costs and non-cash stock-based compensation. General and administrative expenses, excluding non-recurring expenses, as a percentage of gross revenue (total income plus interest, dividends and other income) was approximately 8.0% and 7.6% for the years ended December 31, 2023 and 2022, respectively.
Current wording
General and administrative expenses remained relatively stable for the year ended December 31, 2024 compared to the year ended December 31, 2025. General and administrative expenses as a percentage of gross revenue (total income plus interest, dividends and other income) was approximately 7.9% and 8.7% for the years ended December 31, 2025 and 2024, respectively.
Previous wording
Depreciation expense increased from $48.8 million for the year ended December 31, 2022 to $55.7 million for the year ended December 31, 2023, or 14%. This increase was primarily due to the acquisitions and the increases in rental homes during 2023 and 2022.
Current wording
Depreciation expense increased from $60.2 million for the year ended December 31, 2024 to $66.6 million for the year ended December 31, 2025, or 10%. This increase was primarily due to acquisitions and the increases in rental homes and expansions during 2025 and 2024.
Previous wording
The Company recognized a realized gain on sales of marketable securities of $183,000 for the year ended December 31, 2023. The Company recognized a realized gain on sales of marketable securities of $6.4 million for the year ended December 31, 2022 primarily as a result of the cash consideration received in the MREIC merger, partially offset by a loss on sale of other marketable securities. The decrease in fair value of marketable securities amounted to $3.6 million and $21.8 million for the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, the Company had total net unrealized losses of $39.7 million in its REIT securities portfolio.
Current wording
The Company recognized a realized loss on sales of marketable securities of $221,000 and $3.8 million for the years ended December 31, 2025 and 2024, respectively. The change in fair value of marketable securities amounted to a decrease of $2.3 million and an increase of $1.2 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025, the Company had total net unrealized losses of $40.8 million in its REIT securities portfolio.
Previous wording
Interest expense, including amortization of financing costs, increased from $26.4 million for the year ended December 31, 2022 to $32.5 million for the year ended December 31, 2023, or 23%. This increase was mainly due to the interest incurred on the $102.7 million of Series A Bonds the Company issued in 2022 in an offering to investors in Israel, an increase in the average balance of total debt and an increase in interest rates. The average balance of our total debt was approximately $734.5 million in 2023 and $637.1 million in 2022.
Current wording
Interest expense, including amortization of financing costs, increased from $27.3 million for the year ended December 31, 2024 to $29.7 million for the year ended December 31, 2025, or 9%. This increase was mainly due to the issuance of the Series B Bonds in July 2025 and the refinancing of mortgage debt at higher rates. The average balance of our total debt increased from $652.4 million at December 31, 2024 to $688.0 million at December 31, 2025. The weighted average interest rate on our total debt increased from 4.4% at December 31, 2024 to 4.9% at December 31, 2025, respectively.
Previous wording
Rental and related income increased from $189.7 million for the year ended December 31, 2023 to $207.0 million for the year ended December 31, 2024, or 9%. This increase was due to increases in rental rates, same property occupancy and additional rental homes. During 2024, the Company raised rental rates by 5% to 6% at most communities. Rent increases vary depending on overall market conditions and demand. Occupancy, as well as the ability to increase rental rates, directly affects revenues. The Company has been acquiring communities with vacant sites that can potentially be occupied and earn income in the future. Overall occupancy was 87.3% and 86.7% at December 31, 2024 and 2023, respectively. Demand for rental homes continues to be strong. As of December 31, 2024, we had approximately 10,300 rental homes with an occupancy rate of 94.0%. We continue to evaluate the demand for rental homes and will invest in additional homes as demand dictates.
Current wording
Rental and related income increased from $189.7 million for the year ended December 31, 2023 to $207.0 million for the year ended December 31, 2024, or 9%. This increase was due to increases in rental rates, same property occupancy and additional rental homes. During 2024, the Company raised rental rates by 5% to 6% at most communities. Rent increases vary depending on overall market conditions and demand. Occupancy, as well as the ability to increase rental rates, directly affects revenues. The Company has been acquiring communities with vacant sites that can potentially be occupied and earn income in the future. Overall occupancy was 87.3% and 86.7% at December 31, 2024 and 2023, respectively. As of December 31, 2024, we had approximately 10,300 rental homes with an occupancy rate of 94.0%.
Previous wording
Community NOI increased from $94.8 million for the year ended December 31, 2022 to $108.4 million for the year ended December 31, 2023, or 14%. This increase was primarily due to the acquisitions during 2022, and an increase in rental rates, occupancy and rental homes. The operating expense ratio (defined as community operating expenses divided by rental and related income) improved 150 basis points from 44.4% in 2022 to 42.9% for 2023.
Current wording
Community NOI increased from $108.4 million for the year ended December 31, 2023 to $119.7 million for the year ended December 31, 2024, or 10%. This increase was primarily due to the increases in rental rates, occupancy and rental homes. The operating expense ratio (defined as community operating expenses divided by rental and related income) improved 70 basis points from 42.9% in 2023 to 42.2% for 2024.
Previous wording
Sales of manufactured homes increased from $25.3 million for the year ended December 31, 2022 to $31.2 million for the year ended December 31, 2023, or 23%. The total number of homes sold increased from 301 homes in 2022 to 341 homes in 2023. There was a 14% increase in new homes sold from 144 new homes sold in 2022 to 164 new homes sold in 2023. The Company’s average sales price increased 8% in 2023 and was approximately $91,000 for the year ended December 31, 2023 and $84,000 for the year ended December 31, 2022. Cost of sales of manufactured homes increased from $17.6 million for the year ended December 31, 2022 to $21.1 million for the year ended December 31, 2023, or 20%. The gross profit percentage was 32% and 31% for 2023 and 2022, respectively. Selling expenses increased from $5.3 million for the year ended December 31, 2022 to $6.9 million for the year ended December 31, 2023, or 32%. Gain from the sales operations, excluding interest on the financing of inventory, increased 24% and amounted to a gain of $3.1 million and $2.5 million for the years ended December 31, 2023 and 2022, respectively.
Current wording
Sales of manufactured homes increased from $31.2 million for the year ended December 31, 2023 to $33.5 million for the year ended December 31, 2024, or 8%. The total number of homes sold increased 16% from 341 homes in 2023 to 394 homes in 2024. Cost of sales of manufactured homes increased from $21.1 million for the year ended December 31, 2023 to $21.9 million for the year ended December 31, 2024, or 4%. The gross profit percentage was 35% and 32% for the years ended December 31, 2024 and 2023, respectively. Selling expenses remained relatively stable for the years ended December 31, 2023 and 2024. Gain from the sales operations, excluding interest on the financing of inventory, increased 53% and amounted to a gain of $4.8 million and $3.1 million for the years ended December 31, 2024 and 2023, respectively.
Previous wording
The Company recognized a realized loss on sales of marketable securities of $3.8 million for the year ended December 31, 2024. The Company recognized a realized gain on sales of marketable securities of $183,000 for the year ended December 31, 2023. The increase (decrease) in fair value of marketable securities amounted to an increase of $1.2 million and a decrease of $3.6 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had total net unrealized losses of $38.5 million in its REIT securities portfolio.
Current wording
The Company recognized a realized loss on sales of marketable securities of $3.8 million for the year ended December 31, 2024. The Company recognized a realized gain on sales of marketable securities of $183,000 for the year ended December 31, 2023. The change in fair value of marketable securities amounted to an increase of $1.2 million and a decrease of $3.6 million for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the Company had total net unrealized losses of $38.5 million in its REIT securities portfolio.
Previous wording
In addition to the results reported in accordance with U.S. GAAP, management’s discussion and analysis of financial condition and results of operations include certain non-U.S. GAAP financial measures that in management’s view of the business we believe are meaningful as they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flow of the portfolio. These non-U.S. GAAP financial measures as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies, and include Community Net Operating Income (“Community NOI”), Funds from Operations Attributable to Common Shareholders (“FFO”) and Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”).
Current wording
In addition to the results reported in accordance with U.S. GAAP, management’s discussion and analysis of financial condition and results of operations include certain non-U.S. GAAP financial measures that in management’s view of the business we believe are meaningful as they allow the investor the ability to understand key operating details of our business both with and without regard to certain accounting conventions or items that may not always be indicative of recurring annual cash flows of the portfolio. These non-U.S. GAAP financial measures as determined and presented by us may not be comparable to related or similarly titled measures reported by other companies, and include Community Net Operating Income (“Community NOI”), Funds from Operations Attributable to Common Shareholders (“FFO”) and Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”).
Previous wording
We assess and measure our overall operating results based upon FFO, an industry performance measure which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by Nareit, represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the U.S. (“U.S. GAAP”), excluding gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the Nareit FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of Nareit FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the change in the fair value of marketable securities from our FFO calculation. Nareit created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO, excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.
Current wording
We assess and measure our overall operating results based upon FFO, an industry performance measure which management believes is a useful indicator of our operating performance. FFO is used by industry analysts and investors as a supplemental operating performance measure of a REIT. FFO, as defined by Nareit, represents net income (loss) attributable to common shareholders, as defined by accounting principles generally accepted in the U.S. (“U.S. GAAP”), excluding certain gains or losses from sales of previously depreciated real estate assets, impairment charges related to depreciable real estate assets, the change in the fair value of marketable securities, and the gain or loss on the sale of marketable securities plus certain non-cash items such as real estate asset depreciation and amortization. Included in the Nareit FFO White Paper - 2018 Restatement, is an option pertaining to assets incidental to our main business in the calculation of Nareit FFO to make an election to include or exclude gains and losses on the sale of these assets, such as marketable equity securities, and include or exclude mark-to-market changes in the value recognized on these marketable equity securities. In conjunction with the adoption of the FFO White Paper - 2018 Restatement, for all periods presented, we have elected to exclude the change in the fair value of marketable securities from our FFO calculation. Nareit created FFO as a non-U.S. GAAP supplemental measure of REIT operating performance. We define Normalized Funds from Operations Attributable to Common Shareholders (“Normalized FFO”), as FFO, excluding certain one-time charges. FFO and Normalized FFO should be considered as supplemental measures of operating performance used by REITs. FFO and Normalized FFO exclude historical cost depreciation as an expense and may facilitate the comparison of REITs which have a different cost basis. However, other REITs may use different methodologies to calculate FFO and Normalized FFO and, accordingly, our FFO and Normalized FFO may not be comparable to all other REITs. The items excluded from FFO and Normalized FFO are significant components in understanding the Company’s financial performance.
Previous wording
The Company operates as a REIT deriving its income primarily from real estate rental operations. The Company’s principal liquidity demands have historically been, and are expected to continue to be, distributions to the Company’s shareholders, acquisitions, capital improvements, development and expansions of properties, debt service, purchases of manufactured home inventory and rental homes, financing of manufactured home sales and payments of expenses relating to real estate operations. The Company’s ability to generate cash adequate to meet these demands is dependent primarily on income from its real estate investments and marketable securities portfolio, the sale of real estate investments and marketable securities, refinancing of mortgage debt, leveraging of real estate investments, availability of bank borrowings, lines of credit, and other incurrence of indebtedness, proceeds from the DRIP, and access to the capital markets, including sales of Common Stock and Series D Preferred Stock through its At-the-Market Sale Programs. In addition to cash generated through operations, the Company uses a variety of sources to fund its cash needs, including acquisitions. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit, incur other indebtedness, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including through the Company’s At-the-Market Sale Programs. In order to provide continued financial flexibility to opportunistically access the capital markets, on March 12, 2024, the Company implemented its March 2024 Common ATM Program which allowed the Company to offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $150 million, from time to time through the distribution agents. In addition, on September 16, 2024, the Company terminated the use of its successful March 2024 Common ATM Program and implemented a new September 2024 Common ATM Program which allows the Company to offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $150 million, from time to time through the distribution agents. Additionally, during 2024 the Company expanded the borrowing capacity on its unsecured revolving credit facility from $180 million in available borrowings to $260 million in available borrowings.
Current wording
The Company operates as a REIT deriving its income primarily from real estate rental operations. The Company’s principal liquidity demands have historically been, and are expected to continue to be, distributions to the Company’s shareholders, acquisitions, capital improvements, development and expansions of properties, debt service, purchases of manufactured home inventory and rental homes, financing of manufactured home sales and payments of expenses relating to real estate operations. The Company’s ability to generate cash adequate to meet these demands is dependent primarily on income from its real estate investments and marketable securities portfolio, the sale of real estate investments and marketable securities, refinancing of mortgage debt, leveraging of real estate investments, availability of bank borrowings, lines of credit, and other incurrence of indebtedness, proceeds from the DRIP, and access to the capital markets, including sales of Common Stock and Series D Preferred Stock through its At-the-Market Sale Programs. The Company’s operating cash flows are expected to be sufficient to fund recurring operating expenses and required distributions to maintain REIT qualification. Access to the capital markets, including the Company’s at-the-market programs, is primarily utilized to fund growth initiatives, acquisitions, development, and balance sheet management rather than to support recurring operating expenses. The Company may sell marketable securities from its investment portfolio, borrow on its unsecured credit facility or lines of credit, incur other indebtedness, finance and refinance its properties, and/or raise capital through the DRIP and capital markets, including through the Company’s At-the-Market Sale Programs. In order to provide continued financial flexibility to opportunistically access the capital markets, on September 16, 2024, the Company terminated its successful then-existing at-the-market Common Stock program and implemented a new September 2024 Common ATM Program, which allows the Company to offer and sell shares of Common Stock, having an aggregate sales price of up to $150 million, from time to time through the distribution agents thereunder. Additionally, on March 5, 2025, the Company terminated its successful then-existing 2023 Preferred ATM Program and implemented a new 2025 Preferred ATM Program which allows the Company to offer and sell shares of Series D Preferred Stock having an aggregate sales price of up to $100 million from time to time through B. Riley, as distribution agent.
Previous wording
The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. As part of this plan, we intend to continue to seek opportunities, through our opportunity zone fund, to acquire communities that require substantial capital investment and are located in qualified opportunity zones. In addition, on behalf of our joint venture with Nuveen Real Estate, we will continue to seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. There is no guarantee that any of these additional opportunities will materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio and success of our joint venture depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are not available, fewer acquisitions will be made.
Current wording
The Company intends to continue to increase its real estate investments. Our business plan includes acquiring communities that over time are expected to yield in excess of our cost of funds and then investing in physical improvements, including adding rental homes onto otherwise vacant sites. As part of this plan, we intend to continue to seek opportunities, through opportunity zone funds, to acquire communities that require substantial capital investment and are located in qualified opportunity zones. In addition, on behalf of our joint ventures with Nuveen Real Estate, we will continue to seek opportunities to acquire manufactured home communities that are under development and/or newly developed and meet certain other investment guidelines. There is no guarantee that any of these additional opportunities will materialize or that the Company will be able to take advantage of such opportunities. The growth of our real estate portfolio and success of our joint venture depends on the availability of suitable properties which meet the Company’s investment criteria and appropriate financing. Competition in the market areas in which the Company operates is significant. To the extent that funds or appropriate communities are not available, fewer acquisitions will be made.
Previous wording
The Company continues to strengthen its capital and liquidity positions. During the year ended December 31, 2024, the Company issued and sold 12.5 million shares of Common Stock through our Common ATM Programs at a weighted average price of $17.92 per share, generating gross proceeds of $224.5 million and net proceeds of $220.6 million, after offering expenses.
Current wording
The Company continues to strengthen its capital and liquidity positions. During the year ended December 31, 2025, the Company issued and sold 2.6 million shares of Common Stock through our 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.
Previous wording
Through our 2023 Preferred ATM Program, the Company issued and sold a total of 1.2 million shares of our Series D Preferred Stock generating gross proceeds of $28.5 million and net proceeds after offering expenses of $28.0 million during the year ended December 31, 2024.
Current wording
Through our Preferred ATM Programs, the Company issued and sold a total of 93,000 shares of our Series D Preferred Stock generating gross proceeds of $2.1 million and net proceeds after offering expenses of $2.0 million during the year ended December 31, 2025.
Previous wording
As of December 31, 2024, $89.8 million of Common Stock remained available for sale under the September 2024 Common ATM Program and $17.6 million in shares of Series D Preferred Stock remained available for sale under the 2023 Preferred ATM Program. Subsequent to year end, the Company issued and sold 270,000 shares of Common Stock under the September 2024 Common ATM Program for gross proceeds of $4.9 million. Subsequent to year end, the Company issued and sold a total of 49,000 shares of Preferred Stock under the 2023 Preferred ATM Program for gross proceeds of $1.1 million.
Current wording
As of December 31, 2025, $44.6 million of Common Stock remained available for sale under the September 2024 Common ATM Program and $99.0 million in shares of Series D Preferred Stock remained available for sale under the 2025 Preferred ATM Program. Subsequent to year end, the Company issued and sold a total of 66,000 shares of Preferred Stock under the 2025 Preferred ATM Program for gross proceeds of $1.5 million.
Previous wording
In addition, the Company has a DRIP in which participants can purchase original issue shares of Common Stock from the Company at a price of approximately 95% of market. During 2024, amounts received under the DRIP, including dividends reinvested of $3.2 million, totaled $10.2 million. The Company issued a total of 623,000 shares under the DRIP during 2024.
Current wording
In addition, the Company has a DRIP in which participants can purchase original issue shares of Common Stock from the Company at a price of approximately 95% of market. During 2025, amounts received under the DRIP, including dividends reinvested of $3.5 million, totaled $9.3 million. The Company issued a total of 591,000 shares under the DRIP during 2025.
Previous wording
The Company also has the ability to finance home sales, inventory purchases and rental home purchases. The Company has a $35 million revolving line of credit for the financing of homes that was not utilized at December 31, 2024, revolving credit facilities totaling $103.0 million to finance inventory purchases, that were not utilized at December 31, 2024 and $55.0 million available on our lines of credit secured by rental homes and rental homes leases.
Current wording
The Company also has the ability to finance home sales, inventory purchases and rental home purchases. The Company has a $35 million revolving line of credit for the financing of homes that was not utilized at December 31, 2025, revolving credit facilities totaling $93.6 million to finance inventory purchases, that were not utilized at December 31, 2025 and $44.0 million available on our lines of credit secured by rental homes and rental homes leases.
Previous wording
As of December 31, 2024, the Company had $99.7 million of cash and cash equivalents and marketable securities of $31.9 million. The Company operated 139 communities (including 137 communities in which the Company owned either a 100% interest or a majority interest and two communities owned by the Company’s joint venture with Nuveen), of which 52 are unencumbered. Except for communities in the borrowing base for our unsecured credit facility, these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity. The Company holds a 40% equity interest in the entities formed under its joint venture with Nuveen, which owns two newly developed communities that are unencumbered and one community in the process of being developed that is also unencumbered.
Current wording
As of December 31, 2025, the Company had $72.1 million of cash and cash equivalents and marketable securities of $23.8 million. The Company operated 145 communities (including 142 communities in which the Company owned either a 100% interest or a majority interest and three communities owned by the Company’s joint ventures with Nuveen), of which 63 are unencumbered. Except for the 30 communities in the borrowing base for our unsecured credit facility, these unencumbered communities can be used to raise additional funds. Our marketable securities, unencumbered properties, and lines of credit provide the Company with additional liquidity. The Company holds a 40% equity interest in the entities formed under its joint ventures with Nuveen, which owns three newly developed communities that are unencumbered.
Previous wording
The Company’s focus is on real estate investments. The Company has historically financed purchases of real estate primarily through mortgages. During 2024, total investment property, including rental homes, increased 8% or $130.1 million. We have also expanded three communities for a total of 190 additional home sites. See Note 3 of the Notes to Consolidated Financial Statements for additional information on our acquisitions and Note 7 of the Notes to Consolidated Financial Statements for related debt transactions. The Company continues to evaluate acquisition opportunities. The funds for these acquisitions (including the Company’s 40% share of acquisition costs that may be incurred pursuant to its joint venture with Nuveen Real Estate) may come from bank borrowings, proceeds from the DRIP, and private placements or public offerings of debt, Common Stock or Preferred Stock, including under the September 2024 Common ATM Program or the 2023 Preferred ATM Program or any other at-the-market sale programs that the Company may commence. To the extent that funds or appropriate properties are not available, fewer acquisitions will be made.
Current wording
The Company’s focus is on real estate investments. The Company has historically financed purchases of real estate primarily through mortgages. During 2025, total investment property, including rental homes, increased 12% or $200.3 million. See Note 3 of the Notes to Consolidated Financial Statements for additional information on our acquisitions and Note 7 of the Notes to Consolidated Financial Statements for related debt transactions. The Company continues to evaluate acquisition opportunities. The funds for these acquisitions (including the Company’s 40% share of acquisition costs that may be incurred pursuant to its joint ventures with Nuveen Real Estate) may come from bank borrowings, proceeds from the DRIP, and private placements or public offerings of debt, Common Stock or Preferred Stock, including under the September 2024 Common ATM Program or the 2025 Preferred ATM Program or any other at-the-market sale programs that the Company may commence. To the extent that funds or appropriate properties are not available, fewer acquisitions will be made.
Previous wording
The Company owned approximately 10,300 rental homes, or approximately 40% of our total homesites as of December 31, 2024. During 2024, our rental home portfolio increased by 565 homes and we sold 201 rental homes, representing a net increase of $49.8 million. The Company markets these rental homes for sale to existing residents. The Company estimates that in 2025 it will order approximately 700 to 800 manufactured homes to use as rental units at its properties for a total invoice cost of approximately $55 million to $60 million. Rental home rates on new homes range from approximately $850 to $2,000 per month, including lot rent, depending on size, location and market conditions. During 2024, the Company also invested approximately $42 million in other improvements to its communities.
Current wording
The Company owned approximately 10,900 rental homes, not including rental homes in the joint venture communities, or approximately 41% of our total homesites as of December 31, 2025. During 2025, our rental home portfolio increased by a net of 571 homes and we sold 163 rental homes, representing a net increase of $65.4 million. The Company markets these rental homes for sale to existing residents. The Company estimates that in 2026 it will order approximately 800 manufactured homes to use as rental units at its properties for a total invoice cost of approximately $60 million. Rental home rates on new homes range from approximately $850 to $2,000 per month, including lot rent, depending on size, location and market conditions. During 2025, the Company also invested approximately $49 million in other improvements to its communities.
Previous wording
Net cash provided by (used in) operating activities decreased by $38.5 million in 2024 primarily due to an increase in Community NOI and an increase in inventory. Net cash provided by (used in) operating activities increased by $127.3 million in 2023 primarily due to a decrease in inventory.
Current wording
Net cash provided by operating activities remained relatively stable from 2025 compared to 2024. Net cash provided by operating activities decreased by $38.5 million in 2024 primarily due to an increase in Community NOI and an increase in inventory.
Previous wording
Net cash used in investing activities decreased by $25.7 million in 2024, primarily due to the decrease in purchase of investment property and equipment. Net cash used in investing activities increased by $40.7 million in 2023, primarily due to the purchase of investment property and equipment and additions to land development and the decrease in proceeds from sales of marketable securities.
Current wording
Net cash used in investing activities increased by $69.3 million in 2025, primarily due to the purchase of five communities, investment property and equipment and additions to land development. Net cash used in investing activities decreased by $25.7 million in 2024, primarily due to the decrease in purchase of investment property and equipment.
Previous wording
Net cash provided by financing activities increased by $21.1 million in 2023 to $69.1 million. The Company issued and sold 9.4 million shares of its Common Stock during 2023 through its then-current Common Stock at-the-market sale programs, raising net proceeds of approximately $145.8 million. The Company also received $9.0 million, including dividends reinvested, through the DRIP. In addition, the Company issued and sold 2.6 million shares of its Series D Preferred Stock during 2023 through the 2023 Preferred ATM Program, raising net proceeds of approximately $55.7 million. During 2023, the Company distributed to our common shareholders a total of $51.7 million, including dividends reinvested. In addition, the Company also paid $16.7 million in preferred dividends during 2023. The Company also made principal payments on its mortgages and loans, net of new debt financing, totaling $73.8 million.
Current wording
Net cash provided by financing activities decreased by $3.3 million in 2025 to $99.3 million. The Company issued and sold 2.6 million shares of its Common Stock during 2025 through the September 2024 Common ATM Program, raising net proceeds of approximately $44.1 million. The Company also received $9.3 million, including dividends reinvested, through the DRIP. In addition, the Company issued and sold 93,000 shares of its Series D Preferred Stock during 2025 through the Preferred ATM Programs, raising net proceeds of approximately $2.0 million. During 2025, the Company distributed to our common shareholders a total of $74.8 million, including dividends reinvested. In addition, the Company also paid $20.5 million in preferred dividends during 2025. The Company also made principal payments on its mortgages and loans, net of new debt financing, totaling $120.4 million.
Previous wording
Cash flows were primarily used for capital improvements, payment of dividends, purchase of inventory and rental homes, loans to customers for the sales of manufactured homes, and expansion of existing communities. The Company meets maturing mortgage obligations by using a combination of positive cash flows and refinancing. The dividend payments were primarily made from cash flows from operations.
Current wording
Cash flows were primarily used for capital improvements, payment of dividends, purchase of inventory and rental homes, loans to customers for the sales of manufactured homes, and expansion of existing communities. The Company meets maturing mortgage obligations by using a combination of positive cash flows and refinancing. The dividend payments were primarily made from cash flows from operations. Excluding expansions and rental home purchases, the Company is budgeting approximately $30 to $40 million in capital improvements for 2026.
Previous wording
As of December 31, 2024, the Company had total assets of $1.6 billion and total liabilities of $647.8 million. Our net debt (net of cash and cash equivalents) to total market capitalization decreased 32% and as of December 31, 2024 and 2023 was approximately 21% and 31%, respectively. Our net debt, less securities (net of cash and cash equivalents and marketable securities) to total market capitalization decreased 37% and as of December 31, 2024 and 2023 was approximately 19% and 30%, respectively. As of December 31, 2024, the Company has 23 mortgages totaling $115.2 million due within the next 12 months, of which 10 mortgages totaling $45.9 million are due in the first and second quarters of 2025. We are in the process of refinancing these mortgages with Fannie Mae. We believe that proceeds from these refinancings will exceed their current balances.
Current wording
As of December 31, 2025, the Company had total assets of $1.7 billion and total liabilities of $791.8 million. Our net debt (net of cash and cash equivalents) to total market capitalization as of December 31, 2025 and 2024 was approximately 28% and 21%, respectively. Our net debt, less securities (net of cash and cash equivalents and marketable securities) to total market capitalization as of December 31, 2025 and 2024 was approximately 27% and 19%, respectively. As of December 31, 2025, the Company had six mortgages totaling $38.2 million due within the next 12 months.
Previous wording
The Company has investments in entities formed under its joint venture relationship with Nuveen Real Estate which are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control, over the operating and financial decisions for the joint venture entities. The terms of the joint venture arrangements require the Company to fund 40% and Nuveen to fund 60% of the total capital contributions made by the members. See Item 2 – “Properties” and Note 5, “Investment in Joint Venture,” of the Notes to Consolidated Financial Statements for additional information.
Current wording
The Company has investments in entities formed under its joint venture relationship with Nuveen Real Estate which are accounted for under the equity method of accounting as we have the ability to exercise significant influence, but not control, over the operating and financial decisions for the joint venture entities. The terms of the joint venture arrangements require the Company to fund 40% and Nuveen to fund 60% of the total capital contributions made by the members. See Item 2 – “Properties” and Note 5, “Investment in Joint Ventures,” of the Notes to Consolidated Financial Statements for additional information.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
Item 7 – Management’s Discussion and Analysis of Financial Condition and Results of Operations
Rearranged previous paragraphs (2)
Previous report — wording carried elsewhere
Dividend income decreased from $2.9 million for the year ended December 31, 2022 to $2.3 million for the year ended December 31, 2023, or 20%. This decrease was due to reduced dividends from a combination of our smaller securities portfolio and the weighted average yield on our dividends received from our marketable securities investments decreasing 90 basis points from 7.6% in 2022 to 6.7% in 2023.
Previous report — wording carried elsewhere
Excluding expansions and rental home purchases, the Company is budgeting approximately $20 to $30 million in capital improvements for 2025.