UMH Properties (UMH) 10-Q 8 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
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	Juniper Business Plaza
Entity Address, Address Line Two	3499 Route 9 North
Entity Address, Address Line Three	Suite 3-C
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 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 Common Stock, Shares Outstanding		55,735,227
Common Stock, $.10 par value [Member]
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	UMH
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value [Member]
Title of 12(b) Security	6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value
Trading Symbol	UMH PRD
Security Exchange Name	NYSE

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Investment Property and Equipment
Land	$ 81,114	$ 74,963
Site and Land Improvements	772,468	716,211
Buildings and Improvements	33,260	30,450
Rental Homes and Accessories	410,531	383,467
Total Investment Property	1,297,373	1,205,091
Equipment and Vehicles	25,916	24,437
Total Investment Property and Equipment	1,323,289	1,229,528
Accumulated Depreciation	(350,762)	(316,073)
Net Investment Property and Equipment	972,527	913,455
Other Assets
Cash and Cash Equivalents	62,512	116,175
Marketable Securities at Fair Value	39,217	113,748
Inventory of Manufactured Homes	57,206	23,659
Notes and Other Receivables, net	65,103	55,359
Prepaid Expenses and Other Assets	20,628	17,135
Land Development Costs	38,949	22,352
Investment in Joint Venture	10,758	8,937
Total Other Assets	294,373	357,365
TOTAL ASSETS	1,266,900	1,270,820
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	499,697	452,567
Other Liabilities:
Accounts Payable	6,768	4,274
Loans Payable, net of unamortized debt issuance costs	127,342	46,757
Series A Bonds, net of unamortized debt issuance costs	99,022	0
Accrued Liabilities and Deposits	14,145	17,162
Tenant Security Deposits	8,374	7,920
Total Other Liabilities	255,651	76,113
Total Liabilities	755,348	528,680
Commitments and Contingencies
Shareholders’ Equity:
Series C – 6.75% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 3,866 and 13,750 shares authorized as of September 30, 2022 and December 31, 2021, respectively; 9,884 shares issued and outstanding as of December 31, 2021	0	247,100
Series D – 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 9,300 shares authorized; 8,616 and 8,609 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	215,407	215,219
Common Stock - $0.10 par value per share; 154,048 and 144,164 shares authorized as of September 30, 2022 and December 31, 2021, respectively; 55,138 and 51,651 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	5,514	5,165
Excess Stock - $0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of September 30, 2022 and December 31, 2021	0	0
Additional Paid-In Capital	313,806	300,020
Undistributed Income (Accumulated Deficit)	(25,364)	(25,364)
Total UMH Properties, Inc. Shareholders’ Equity	509,363	742,140
Non-Controlling Interest in Consolidated Subsidiaries	2,189	0
Total Shareholders’ Equity	511,552	742,140
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,266,900	$ 1,270,820

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands	Sep. 30, 2022	Dec. 31, 2021
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	154,048	144,164
Common stock, shares issued	55,138	51,651
Common stock, shares outstanding	55,138	51,651
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 C Preferred Stock [Member]
Represents the stated rate on redeemable preferred stock as of the balance sheet date	6.75%	6.75%
Preferred Stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	3,866	13,750
Preferred stock, shares issued		9,884
Preferred stock, shares outstanding		9,884
Series D Preferred Stock [Member]
Represents the stated rate on redeemable preferred stock as of the balance sheet date	6.375%	6.375%
Preferred Stock, par value	$ 0.10	$ 0.10
Preferred stock, shares authorized	9,300	9,300
Preferred stock, shares issued	8,616	8,609
Preferred stock, shares outstanding	8,616	8,609

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
INCOME:
Rental and Related Income	$ 42,893	$ 40,248	$ 126,699	$ 118,302
Sales of Manufactured Homes	9,044	7,782	20,329	21,819
Total Income	51,937	48,030	147,028	140,121
EXPENSES:
Community Operating Expenses	19,181	16,833	56,175	51,015
Cost of Sales of Manufactured Homes	6,330	5,826	14,150	16,314
Selling Expenses	1,625	1,324	3,994	3,817
General and Administrative Expenses	5,150	3,165	13,348	9,945
Depreciation Expense	12,302	11,380	36,003	33,572
Total Expenses	44,588	38,528	123,670	114,663
OTHER INCOME (EXPENSE):
Interest Income	1,080	857	3,058	2,466
Dividend Income	699	1,267	2,200	3,856
Gain (Loss) on Sales of Marketable Securities, net	(6,405)	2,636	24,316	2,342
Increase (Decrease) in Fair Value of Marketable Securities	(1,230)	(5,390)	(43,024)	14,120
Other Income	366	189	782	488
Loss on Investment in Joint Venture	(116)	0	(373)	0
Interest Expense	(6,951)	(4,773)	(18,852)	(14,543)
Total Other Income (Expense)	(12,557)	(5,214)	(31,893)	8,729
Income (Loss) before Loss on Sales of Investment Property and Equipment	(5,208)	4,288	(8,535)	34,187
Loss on Sales of Investment Property and Equipment	(10)	(91)	(96)	(109)
Net Income (Loss)	(5,218)	4,197	(8,631)	34,078
Preferred Dividends	(4,588)	(7,600)	(19,788)	(22,239)
Redemption of Preferred Stock	0	0	(8,190)	0
Loss Attributable to Non-Controlling Interest	61	0	61	0
Net Income (Loss) Attributable to Common Shareholders	$ (9,745)	$ (3,403)	$ (36,548)	$ 11,839
Net Income (Loss) Attributable to Common Shareholders Per Share
Basic	$ (0.18)	$ (0.07)	$ (0.68)	$ 0.27
Diluted	$ (0.18)	$ (0.07)	$ (0.68)	$ 0.28
Weighted Average Common Shares Outstanding:
Basic	54,891	47,778	53,746	45,212
Diluted	54,891	47,778	53,746	46,247

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Preferred Stock [Member] Series C Preferred 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
Beginning balance, value at Dec. 31, 2020	$ 4,192	$ 247,100	$ 160,854	$ 115,026	$ (25,364)		$ 501,808
Beginning balance, shares at Dec. 31, 2020	41,920
Common Stock Issued with the DRIP	$ 24	0	0	3,838	0		3,862
Common Stock Issued with the DRIP, shares	239
Common Stock Issued through Restricted Stock Awards	$ 30	0	0	(30)	0		0
Common Stock Issued through Restricted Stock Awards, shares	297
Common Stock Issued through Stock Options	$ 21	0	0	2,567	0		2,588
Common Stock Issued through Stock Options, shares	215
Common Stock Issued in connection with At-The-Market Offerings, net	$ 35	0	0	6,550	0		6,585
Common Stock Issued in connection with At-The-Market Offerings, net, shares	352
Distributions	$ 0	0	0	(1,209)	(13,878)		(15,087)
Stock Compensation Expense	0	0	0	750	0		750
Net Income (Loss)	0	0	0	0	13,878		13,878
Preferred Stock Issued in connection with At-The-Market Offerings, net	0	0	31,591	(727)	0		30,864
Ending balance, value at Mar. 31, 2021	$ 4,302	247,100	192,445	126,765	(25,364)		545,248
Ending balance, shares at Mar. 31, 2021	43,023
Beginning balance, value at Dec. 31, 2020	$ 4,192	247,100	160,854	115,026	(25,364)		501,808
Beginning balance, shares at Dec. 31, 2020	41,920
Net Income (Loss)							34,078
Ending balance, value at Sep. 30, 2021	$ 4,866	247,100	215,219	227,814	(25,364)		669,635
Ending balance, shares at Sep. 30, 2021	48,658
Beginning balance, value at Mar. 31, 2021	$ 4,302	247,100	192,445	126,765	(25,364)		545,248
Beginning balance, shares at Mar. 31, 2021	43,023
Common Stock Issued with the DRIP	$ 7	0	0	1,469	0		1,476
Common Stock Issued with the DRIP, shares	70
Common Stock Issued through Stock Options	$ 40	0	0	4,683	0		4,723
Common Stock Issued through Stock Options, shares	400
Common Stock Issued in connection with At-The-Market Offerings, net	$ 390	0	0	77,727	0		78,117
Common Stock Issued in connection with At-The-Market Offerings, net, shares	3,894
Distributions	$ 0	0	0	(226)	(16,003)		(16,229)
Stock Compensation Expense	0	0	0	774	0		774
Net Income (Loss)	0	0	0	0	16,003		16,003
Preferred Stock Issued in connection with At-The-Market Offerings, net	0	0	22,774	(425)	0		22,349
Ending balance, value at Jun. 30, 2021	$ 4,739	247,100	215,219	210,767	(25,364)		652,461
Ending balance, shares at Jun. 30, 2021	47,387
Common Stock Issued with the DRIP	$ 9	0	0	2,037	0		2,046
Common Stock Issued with the DRIP, shares	91
Common Stock Issued through Stock Options	$ 7	0	0	986	0		993
Common Stock Issued through Stock Options, shares	73
Common Stock Issued in connection with At-The-Market Offerings, net	$ 111	0	0	25,708	0		25,819
Common Stock Issued in connection with At-The-Market Offerings, net, shares	1,107
Distributions	$ 0	0	0	(12,419)	(4,197)		(16,616)
Stock Compensation Expense	0	0	0	735	0		735
Net Income (Loss)	0	0	0	0	4,197		4,197
Ending balance, value at Sep. 30, 2021	$ 4,866	247,100	215,219	227,814	(25,364)		669,635
Ending balance, shares at Sep. 30, 2021	48,658
Beginning balance, value at Dec. 31, 2021	$ 5,165	247,100	215,219	300,020	(25,364)	$ 0	742,140
Beginning balance, shares at Dec. 31, 2021	51,651
Common Stock Issued with the DRIP	$ 7	0	0	1,667	0	0	1,674
Common Stock Issued with the DRIP, shares	72
Common Stock Issued through Restricted Stock Awards	$ 11	0	0	(11)	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	114
Common Stock Issued through Stock Options	$ 8	0	0	985	0	0	993
Common Stock Issued through Stock Options, shares	78
Common Stock Issued in connection with At-The-Market Offerings, net	$ 159	0	0	38,210	0	0	38,369
Common Stock Issued in connection with At-The-Market Offerings, net, shares	1,585
Distributions	$ 0	0	0	(14,731)	(3,275)	0	(18,006)
Stock Compensation Expense	0	0	0	1,169	0	0	1,169
Net Income (Loss)	0	0	0	0	3,275	0	3,275
Ending balance, value at Mar. 31, 2022	$ 5,350	247,100	215,219	327,309	(25,364)	0	769,614
Ending balance, shares at Mar. 31, 2022	53,500
Beginning balance, value at Dec. 31, 2021	$ 5,165	247,100	215,219	300,020	(25,364)	0	742,140
Beginning balance, shares at Dec. 31, 2021	51,651
Net Income (Loss)							(8,631)
Ending balance, value at Sep. 30, 2022	$ 5,514	0	215,407	313,806	(25,364)	2,189	511,552
Ending balance, shares at Sep. 30, 2022	55,138
Beginning balance, value at Mar. 31, 2022	$ 5,350	247,100	215,219	327,309	(25,364)	0	769,614
Beginning balance, shares at Mar. 31, 2022	53,500
Common Stock Issued with the DRIP	$ 8	0	0	1,332	0	0	1,340
Common Stock Issued with the DRIP, shares	78
Common Stock Issued through Restricted Stock Awards	$ 0	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	4
Common Stock Issued through Stock Options	$ 23	0	0	2,197	0	0	2,220
Common Stock Issued through Stock Options, shares	226
Common Stock Issued in connection with At-The-Market Offerings, net	$ 86	0	0	19,781	0	0	19,867
Common Stock Issued in connection with At-The-Market Offerings, net, shares	857
Distributions	$ 0	0	0	(33,363)	14,873	0	(18,490)
Stock Compensation Expense	0	0	0	1,132	0	0	1,132
Net Income (Loss)	0	0	0	0	(6,688)	0	(6,688)
Preferred Stock Called for Redemption	0	(247,100)	0	8,185	(8,185)	0	(247,100)
Ending balance, value at Jun. 30, 2022	$ 5,467	0	215,219	326,573	(25,364)	0	521,895
Ending balance, shares at Jun. 30, 2022	54,665
Common Stock Issued with the DRIP	$ 12	0	0	2,331	0	0	2,343
Common Stock Issued with the DRIP, shares	130
Common Stock Issued through Restricted Stock Awards	$ 1	0	0	(1)	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	6
Common Stock Issued through Stock Options	$ 10	0	0	972	0	0	982
Common Stock Issued through Stock Options, shares	100
Common Stock Issued in connection with At-The-Market Offerings, net	$ 24	0	0	4,493	0	0	4,517
Common Stock Issued in connection with At-The-Market Offerings, net, shares	237
Distributions	$ 0	0	0	(22,095)	5,157	0	(16,938)
Stock Compensation Expense	0	0	0	1,611	0	0	1,611
Net Income (Loss)	0	0	0	0	(5,157)	(61)	(5,218)
Preferred Stock Issued in connection with At-The-Market Offerings, net	0	0	188	(78)	0	0	110
Investment from Non-Controlling Interest	0	0	0	0	0	2,250	2,250
Ending balance, value at Sep. 30, 2022	$ 5,514	$ 0	$ 215,407	$ 313,806	$ (25,364)	$ 2,189	$ 511,552
Ending balance, shares at Sep. 30, 2022	55,138

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (8,631)	$ 34,078
Non-Cash items included in Net Income (Loss):
Depreciation	36,003	33,572
Amortization of Financing Costs	1,445	725
Stock Compensation Expense	3,912	2,259
Provision for Uncollectible Notes and Other Receivables	979	823
Gain on Sales of Marketable Securities, net	(24,316)	(2,342)
(Increase) Decrease in Fair Value of Marketable Securities	43,024	(14,120)
Loss on Sales of Investment Property and Equipment	96	109
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	(33,547)	5,119
Notes and Other Receivables, net of notes acquired with acquisitions	(10,054)	(8,125)
Prepaid Expenses and Other Assets	(3,759)	(5,492)
Accounts Payable	2,494	295
Accrued Liabilities and Deposits	(3,017)	(1,093)
Tenant Security Deposits	454	442
Net Cash Provided by Operating Activities	5,083	46,250
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities	(44,684)	(19,195)
Purchase of Investment Property and Equipment	(53,677)	(46,527)
Proceeds from Sales of Investment Property and Equipment	2,522	2,023
Additions to Land Development Costs	(16,597)	(17,111)
Purchase of Marketable Securities	(14)	(12)
Proceeds from Sales of Marketable Securities	55,836	16,835
Investment in Joint Venture	(1,821)	0
Net Cash Used in Investing Activities	(58,435)	(63,987)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages	59,801	6,070
Net Proceeds (Payments) from Short-Term Borrowings	80,437	(47,339)
Principal Payments of Mortgages	(11,855)	(10,479)
Proceeds from Bonds Issuance	102,670	0
Financing Costs on Debt	(5,761)	(127)
Investments from Non-Controlling Interest	2,250	0
Proceeds from At-The-Market Preferred Equity Program, net of offering costs	110	53,213
Payments on Redemption of Preferred Stock	(247,100)	0
Proceeds from At-The-Market Common Equity Program, net of offering costs	62,753	110,521
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments	3,210	4,737
Proceeds from Exercise of Stock Options	4,195	8,304
Preferred Dividends Paid	(21,178)	(22,239)
Common Dividends Paid, net of Dividend Reinvestments	(30,109)	(23,047)
Net Cash Provided by (Used in) Financing Activities	(577)	79,614
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(53,929)	61,877
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	125,026	28,593
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 71,097	$ 90,470

ORGANIZATION AND ACCOUNTING POL

ORGANIZATION AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
ORGANIZATION AND ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES 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 owns and operates 132 25,000 15 The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim consolidated financial statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. Use of Estimates In preparing the consolidated financial statements in accordance with 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. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. Investment in Joint Venture The Company accounts for its investment in its joint venture 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. 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 venture is 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). Leases We account for our 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. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.7 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 115 2023 460 2024 460 2025 460 2026 460 Thereafter 18,870 Total Lease Payments $ 20,825 The weighted average remaining lease term for these leases is 159.8 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) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9/30/22 12/31/21 9/30/21 12/31/20 Cash and Cash Equivalents $ 62,512 $ 116,175 $ 82,435 $ 15,336 Restricted Cash 8,585 8,851 8,035 13,257 Cash, Cash Equivalents And Restricted Cash $ 71,097 $ 125,026 $ 90,470 $ 28,593 Revenue On January 1, 2018, the Company adopted 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 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 have no remaining performance obligation. 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. Notes Receivables On January 1, 2020, the Company adopted 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 reasonable and supportable forecasts that affect the collectability of the reported amount. As of September 30, 2022 and 2021, the Company had notes receivable of $ 61.0 50.8 1.2 1.0 Other Recent Accounting Pronouncements 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.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2022
Net Income (Loss) Attributable to Common Shareholders Per Share
NET INCOME (LOSS) PER SHARE	NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted Net Income (Loss) per Share is calculated by dividing Net Income (Loss) less Income Attributable to Non-Controlling Interest by the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. For the three and nine months ended September 30, 2022, common stock equivalents resulting from employee stock options to purchase 3.5 3.3 1.0 , which 3.3

INVESTMENT PROPERTY AND EQUIPME

INVESTMENT PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
INVESTMENT PROPERTY AND EQUIPMENT	NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions On March 31, 2022, the Company acquired Center Manor, located in Monaca, Pennsylvania, for approximately $ 5.8 96 18 83 On May 3, 2022, the Company acquired Mandell Trails, located in Butler, Pennsylvania, for approximately $ 7.4 132 65 70 On May 25, 2022, the Company acquired La Vista Estates, located in Dothan, Alabama, for approximately $ 3.9 139 36 6 On July 14, 2022, the Company acquired Hidden Creek, located in Erie, Michigan, for approximately $ 22 351 88 63 On August 10, 2022, the Company acquired Hammond Estates, located in Orangeburg, South Carolina, for approximately $ 5.2 187 39 42 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 $ 445,000 in thousands SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 4,207 Depreciable Property 39,821 Other 656 Total Assets Acquired $ 44,684 See Note 14 for the Unaudited Pro Forma Financial Information relating to these acquisitions. The Company’s business plan includes the purchase of value-add communities, redevelopment, development and expansion of communities. The Company capitalizes payroll for those individuals responsible for and who spend their time on the execution and supervision of development activities and capital projects. Salaries and benefits capitalized to land development were approximately $ 2.3

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $ 39.2 2.4 15 As of December 31, 2021, the Company’s securities portfolio included 2.7 2.7 21.00 2.7 55.7 25.0 30.7 As of September 30, 2022, the Company had total net unrealized losses of $ 57.3 1.2 43.0

INVESTMENT IN JOINT VENTURE

INVESTMENT IN JOINT VENTURE	9 Months Ended
	Sep. 30, 2022
Investment In Joint Venture
INVESTMENT IN JOINT VENTURE	NOTE 5 - INVESTMENT IN JOINT VENTURE On December 8, 2021, the Company and Teachers Insurance and Annuity Association of America through Nuveen Real Estate (its asset management division) (“Nuveen”), 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 joint venture are set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The LLC Agreement provides for the parties to initially fund up to $ 70 24 100 four years 60 40 On December 22, 2021, the Company, through its joint venture with Nuveen, closed on the acquisition of a newly developed all-age, manufactured home community located in Sebring, Florida for a total purchase price of $ 22.2 219 39 The Company accounts for this joint venture with Nuveen under the equity method of accounting in accordance with ASC 323, “Investments – Equity Method and Joint Ventures” (See Note 11).

OPPORTUNITY ZONE FUND

OPPORTUNITY ZONE FUND	9 Months Ended
	Sep. 30, 2022
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 MREIC merger, in UMH OZ Fund, LLC (“OZ Fund”), a new entity recently 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 (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 Hammond Estates, located in Orangeburg, South Carolina, for approximately $ 5.2 million (See Note 3). As of September 30, 2022, the Company’s investment in the OZ Fund represented 78 % 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 and directors of the Company.

LOANS AND MORTGAGES PAYABLE AND

LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS	NOTE 7 – LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS Unsecured Line of Credit On November 29, 2018, the Company entered into a First Amendment to the Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The Facility is syndicated with two banks, BMO Capital Markets Corp. (“BMO”) and JPMorgan Chase Bank, N.A (“JPMorgan) with Bank of Montreal as administrative agent. 50 million in available borrowings to $ 75 million in available borrowings with a $ 50 million accordion feature, bringing the total potential availability up to $ 125 million, subject to certain conditions including obtaining commitments from additional lenders. The Amendment also extended the maturity date of the Facility from March 27, 2020 to November 29, 2022, with a one-year extension available at the Company’s option, subject to certain conditions including payment of an extension fee. Availability under the 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 Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. On February 5, 2021, the Company entered into a Second Amendment to the Amended and Restated Credit Agreement with BMO to further reduce the capitalization rate from 7.0% to 6.5% . As of September 30, 2022, the amount outstanding under the Facility was $ 75 million and the interest rate was 4.16 %. On November 7, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the “Second Amended Credit Agreement”) to expand and extend its existing Facility (See Note 13). Loans Payable The following is a summary of our loans payable as of September 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF LOANS PAYABLE 9/30/2022 12/31/2021 Amount Rate Amount Rate Unsecured line of credit $ 75,000 4.16 % $ 25,000 1.60 % Floorplan inventory financing 37,282 6.27 % 10,945 4.38 % FirstBank rental home financing 5,100 5.00 % 5,000 3.50 % OceanFirst notes receivable financing 10,000 6.25 % 6,000 3.25 % Total Loans Payable 127,382 4.97 % 46,945 2.66 % Unamortized debt issuance costs (40 ) (188 ) Loans Payable, net of unamortized debt issuance costs $ 127,342 4.97 % $ 46,757 2.67 % Series A Bonds On February 6, 2022, the Company issued $ 102.7 million of its new 4.72 % Series A Bonds due 2027, (“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. 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. 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 affect 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. As of September 30, 2022, the Company is in compliance with these covenants. Mortgages Payable The following is a summary of our mortgages payable as of September 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 9/30/2022 12/31/2021 Amount Rate Amount Rate Fixed rate mortgages $ 504,647 3.87 % $ 456,702 3.75 % Unamortized debt issuance costs (4,950 ) (4,135 ) Mortgages Payable, net of unamortized debt issuance costs $ 499,697 3.91 % $ 452,567 3.79 % In August 2020, the Company financed 28 of its previously unencumbered communities, containing approximately 4,100 sites, under a Federal National Mortgage Association (“Fannie Mae”) credit facility through Wells Fargo Bank, N.A. for total proceeds of approximately $ 106 1,100 25.6 4.25 On September 26, 2022, the Company completed the addition of two tranches to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $ 34 Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years 5.24 As of September 30, 2022 and December 31, 2021, the weighted average loan maturity of mortgages payable was 5.1 5.2

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 8 - SHAREHOLDERS’ EQUITY 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. On September 15, 2022, the Company paid total cash dividends of $ 11.0 0.20 631,000 0.20 December 15, 2022 November 15, 2022 During the nine months ended September 30, 2022, the Company received, including dividends reinvested of $ 2.1 5.4 280,000 On January 12, 2022, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorizes us to repurchase up to $ 25 Common Stock At-The-Market Sales Programs On August 16, 2021, the Company entered into an Equity Distribution Agreement (the “2021 Common ATM Program”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company was permitted to offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $ 100 300,000 26.82 8.0 7.9 On March 7, 2022, the Company entered into a new Equity Distribution Agreement (the “2022 Common ATM Program”) with the Distribution Agents under which the Company may offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $ 150 2.4 23.51 55.9 54.9 94.1 6.75% Series C Cumulative Redeemable Preferred Stock On July 26, 2022, the Company voluntarily redeemed all 9.9 6.75 25.00 0.2578 25.2578 249.6 8.2 6.375% Series D Cumulative Redeemable Preferred Stock On September 15, 2022, the Company paid $ 3.4 0.3984375 6.375 25.00 1.59375 On October 3, 2022, the Company declared a dividend of $ 0.3984375 December 15, 2022 November 15, 2022 Preferred Stock At-The-Market Sales Program On July 22, 2020, the Company entered into a Preferred Stock At-The-Market Sales Program (“New Preferred ATM Program”) with B. Riley, as distribution agent, under which the Company may offer and sell shares of the Company’s Series C Preferred Stock and/or Series D Preferred Stock, having an aggregate sales price of up to $ 100 7,500 25.00 188,000 110,000 12.0

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Compensation Related Costs [Abstract]
STOCK BASED COMPENSATION	NOTE 9 – STOCK BASED COMPENSATION The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, “Compensation-Stock Compensation.” ASC 718-10 requires that compensation costs 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 is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $ 1.6 3.9 735,000 2.3 On January 12, 2022, the Company awarded a total of 25,000 613,000 5 On January 12, 2022, the Company awarded a total of 5,508 135,000 On March 23, 2022, the Company awarded a total of 5,598 135,000 On March 25, 2022, the Company awarded a total of 78,000 1.9 5 On March 28, 2022, the Company granted options to purchase 470,800 2.1 five years On June 15, 2022, the Company awarded a total of 3,933 68,000 On September 9, 2022, the Company granted options to purchase 100,000 433,000 On September 21, 2022, the Company awarded a total of 6,453 113,000 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 during the nine months ended September 30, 2022: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 Dividend yield 3.47 % Expected volatility 25.09 % Risk-free interest rate 2.63 % Expected lives 10 Estimated forfeitures 0 During the nine months ended September 30, 2022, fourteen participants exercised options to purchase a total of 404,160 10.38 4.2 4.0 As of September 30, 2022, there were options outstanding to purchase 3.5 8.3 1.7

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 10 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2022 and December 31, 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2022: Marketable Securities - Preferred stock $ 902 $ 902 $ 0 $ 0 Marketable Securities - Common stock 38,315 38,315 0 0 Total $ 39,217 $ 39,217 $ 0 $ 0 As of December 31, 2021: Marketable Securities - Preferred stock $ 1,740 $ 1,740 $ 0 $ 0 Marketable Securities - Common stock 112,008 112,008 0 0 Total $ 113,748 $ 113,748 $ 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 September 30, 2022, the estimated fair value of fixed rate mortgages payable amounted to $ 484.6 504.6

CONTINGENCIES, COMMITMENTS AND

CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	NOTE 11 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation will have a material adverse effect on the financial position or results of operations. The Company has an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80 95 1.1 55 100 1.2 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. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If a loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad, assigned to S&F and then assigned by S&F to the Company. Included in notes and other receivables is approximately $ 55.8 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, which governs the joint venture between the Company and Nuveen. The LLC 70 24 100 four years 40 60 closing on an acquisition of land through its joint venture for a purchase price totaling 2.8 In addition, the Company anticipates closing on two communities totaling 511 sites, for approximately $42 million, in the next few weeks.

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2022
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 12 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the nine months ended September 30, 2022 and 2021 was $ 18.7 14.9 1.3 1.1 During the nine months ended September 30, 2022 and 2021, the Company had Dividend Reinvestments of $ 2.1 2.6

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13– 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. Since October 1, 2022, the Company issued and sold an additional 558,000 16.26 9.1 8.9 85.0 On October 27, 2022, the Company sold its 12,000 308,000 On November 7, 2022, the Company entered into the Second Amended Credit Agreement to expand and extend its existing 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. 75 100 400 500 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 Borrowing Base.

PROFORMA FINANCIAL INFORMATION

PROFORMA FINANCIAL INFORMATION (UNAUDITED)	9 Months Ended
	Sep. 30, 2022
Proforma Financial Information
PROFORMA FINANCIAL INFORMATION (UNAUDITED)	NOTE 14 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2021 and through 2022. 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 assuming that the acquisitions had occurred as of the first day of the applicable 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) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 9/30/22 9/30/21 9/30/22 9/30/21 Three Months Ended Nine Months Ended 9/30/22 9/30/21 9/30/22 9/30/21 Rental and Related Income $ 42,957 $ 40,757 $ 127,604 $ 120,235 Community Operating Expenses 19,230 17,177 56,794 52,292 Net Income (Loss) Attributable to Common Shareholders (9,799 ) (3,667 ) (37,062 ) 10,999 Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.18 ) $ (0.08 ) $ (0.69 ) $ 0.24

ORGANIZATION AND ACCOUNTING P_2

ORGANIZATION AND ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in accordance with 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.
Reclassifications	Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.
Investment in Joint Venture	Investment in Joint Venture The Company accounts for its investment in its joint venture 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. 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 venture is 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).
Leases	Leases We account for our 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. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.7 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 115 2023 460 2024 460 2025 460 2026 460 Thereafter 18,870 Total Lease Payments $ 20,825 The weighted average remaining lease term for these leases is 159.8 5
Restricted Cash	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) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9/30/22 12/31/21 9/30/21 12/31/20 Cash and Cash Equivalents $ 62,512 $ 116,175 $ 82,435 $ 15,336 Restricted Cash 8,585 8,851 8,035 13,257 Cash, Cash Equivalents And Restricted Cash $ 71,097 $ 125,026 $ 90,470 $ 28,593
Revenue	Revenue On January 1, 2018, the Company adopted 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 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 have no remaining performance obligation. 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.
Notes Receivables	Notes Receivables On January 1, 2020, the Company adopted 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 reasonable and supportable forecasts that affect the collectability of the reported amount. As of September 30, 2022 and 2021, the Company had notes receivable of $ 61.0 50.8 1.2 1.0
Other Recent Accounting Pronouncements	Other Recent Accounting Pronouncements 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.

ORGANIZATION AND ACCOUNTING P_3

ORGANIZATION AND ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS	Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 115 2023 460 2024 460 2025 460 2026 460 Thereafter 18,870 Total Lease Payments $ 20,825
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) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 9/30/22 12/31/21 9/30/21 12/31/20 Cash and Cash Equivalents $ 62,512 $ 116,175 $ 82,435 $ 15,336 Restricted Cash 8,585 8,851 8,035 13,257 Cash, Cash Equivalents And Restricted Cash $ 71,097 $ 125,026 $ 90,470 $ 28,593

INVESTMENT PROPERTY AND EQUIP_2

INVESTMENT PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate [Abstract]
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED	SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 4,207 Depreciable Property 39,821 Other 656 Total Assets Acquired $ 44,684

LOANS AND MORTGAGES PAYABLE A_2

LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
SCHEDULE OF LOANS PAYABLE	The following is a summary of our loans payable as of September 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF LOANS PAYABLE 9/30/2022 12/31/2021 Amount Rate Amount Rate Unsecured line of credit $ 75,000 4.16 % $ 25,000 1.60 % Floorplan inventory financing 37,282 6.27 % 10,945 4.38 % FirstBank rental home financing 5,100 5.00 % 5,000 3.50 % OceanFirst notes receivable financing 10,000 6.25 % 6,000 3.25 % Total Loans Payable 127,382 4.97 % 46,945 2.66 % Unamortized debt issuance costs (40 ) (188 ) Loans Payable, net of unamortized debt issuance costs $ 127,342 4.97 % $ 46,757 2.67 %
SCHEDULE OF MORTGAGES PAYABLE	The following is a summary of our mortgages payable as of September 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 9/30/2022 12/31/2021 Amount Rate Amount Rate Fixed rate mortgages $ 504,647 3.87 % $ 456,702 3.75 % Unamortized debt issuance costs (4,950 ) (4,135 ) Mortgages Payable, net of unamortized debt issuance costs $ 499,697 3.91 % $ 452,567 3.79 %

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Compensation Related Costs [Abstract]
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS	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 during the nine months ended September 30, 2022: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 Dividend yield 3.47 % Expected volatility 25.09 % Risk-free interest rate 2.63 % Expected lives 10 Estimated forfeitures 0

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS	In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2022 and December 31, 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2022: Marketable Securities - Preferred stock $ 902 $ 902 $ 0 $ 0 Marketable Securities - Common stock 38,315 38,315 0 0 Total $ 39,217 $ 39,217 $ 0 $ 0 As of December 31, 2021: Marketable Securities - Preferred stock $ 1,740 $ 1,740 $ 0 $ 0 Marketable Securities - Common stock 112,008 112,008 0 0 Total $ 113,748 $ 113,748 $ 0 $ 0

PROFORMA FINANCIAL INFORMATIO_2

PROFORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)	9 Months Ended
	Sep. 30, 2022
Proforma Financial Information
SUMMARY OF PRO FORMA FINANCIAL INFORMATION	The following unaudited pro forma condensed financial information reflects the acquisitions during 2021 and through 2022. 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 assuming that the acquisitions had occurred as of the first day of the applicable 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) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 9/30/22 9/30/21 9/30/22 9/30/21 Three Months Ended Nine Months Ended 9/30/22 9/30/21 9/30/22 9/30/21 Rental and Related Income $ 42,957 $ 40,757 $ 127,604 $ 120,235 Community Operating Expenses 19,230 17,177 56,794 52,292 Net Income (Loss) Attributable to Common Shareholders (9,799 ) (3,667 ) (37,062 ) 10,999 Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.18 ) $ (0.08 ) $ (0.69 ) $ 0.24

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Accounting Policies [Abstract]
2022	$ 115
2023	460
2024	460
2025	460
2026	460
Thereafter	18,870
Total Lease Payments	$ 20,825

SCHEDULE OF CASH, CASH EQUIVALE

SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 62,512	$ 116,175	$ 82,435	$ 15,336
Restricted Cash	8,585	8,851	8,035	13,257
Cash, Cash Equivalents And Restricted Cash	$ 71,097	$ 125,026	$ 90,470	$ 28,593

ORGANIZATION AND ACCOUNTING P_4

ORGANIZATION AND ACCOUNTING POLICIES (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($) Integer	Sep. 30, 2021 USD ($)
Operating lease liability	$ 3.7
Right-of-use asset	$ 3.7
Weighted average remaining lease term	159 years 9 months 18 days
Operating lease, weighted average discount rate, percent	5%
Notes receivable	$ 61	$ 50.8
Fair value adjustment of notes receivable	$ 1.2	$ 1
Real Estate Investment Trusts [Member]
Number of operates manufacture home communites | Integer	132
Number of developed home sites company own and operates | Integer	25,000
Maximum percentage of undepreciated assets	15%

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details Narrative) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Option Indexed to Issuer's Equity [Line Items]
Antidilutive securities included from computation of earnings per share, amount				1
Share-Based Payment Arrangement, Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Options to purchase of common stock	3.5	3.3	3.5	3.3

SCHEDULE OF ESTIMATED FAIR VALU

SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Real Estate [Abstract]
Land	$ 4,207
Depreciable Property	39,821
Other	656
Total Assets Acquired	$ 44,684

INVESTMENT PROPERTY AND EQUIP_3

INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative)						9 Months Ended
	Aug. 10, 2022 USD ($) a Integer	Jul. 14, 2022 USD ($) a Integer	May 25, 2022 USD ($) a Integer	May 03, 2022 USD ($) a Integer	Mar. 31, 2022 USD ($) a Integer	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
Payments to acquire real estate						$ 44,684,000	$ 19,195,000
Transaction costs						445,000
Land Development [Member]
Salaries and benefits						$ 2,300,000
Center Manor [Member] | Monaca, Pennsylvania [Member]
Payments to acquire real estate					$ 5,800,000
Number of developed homesites | Integer					96
Area of land | a					18
Percentage of average occupancy					83%
Mandell Trails [Member] | Butler Pennsylvania [Member]
Payments to acquire real estate				$ 7,400,000
Number of developed homesites | Integer				132
Area of land | a				65
Percentage of average occupancy				70%
La Vista Estates [Member] | Dothan Alabama [Member]
Payments to acquire real estate			$ 3,900,000
Number of developed homesites | Integer			139
Area of land | a			36
Percentage of average occupancy			6%
Hidden Creek [Member] | Erie, Michigan [Member]
Payments to acquire real estate		$ 22,000,000
Number of developed homesites | Integer		351
Area of land | a		88
Percentage of average occupancy		63%
Hammond Estates [Member] | Orangeburg, South Carolina [Member]
Payments to acquire real estate	$ 5,200,000
Number of developed homesites | Integer	187
Area of land | a	39
Percentage of average occupancy	42%

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Feb. 28, 2022	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021
Available marketable securities		$ 39.2	$ 39.2
Percentage of undepreciated assets			2.40%
Increase (decrease) in fair value of marketable securities		$ 1.2	$ 43
Real Estate Investment Trusts [Member]
Percentage of undepreciated assets maximum			15%
Unrealized losses			$ 57.3
Monmouth Real Estate Investment Corporation [Member]
Number of shares owned in affiliate company				2.7
Percentage of shares owned in affiliate company				2.70%
Share price	$ 21
Number of shares merger consideration	2.7
Consideration amount	$ 55.7
Merger related costs	25
Equity Securities, FV-NI, Gain (Loss)	$ 30.7

INVESTMENT IN JOINT VENTURE (De

INVESTMENT IN JOINT VENTURE (Details Narrative) $ in Millions	Dec. 22, 2021 USD ($) a Integer	Dec. 08, 2021 USD ($)
Committed capital percent by related party		40%
Nuveen Global Investments LLC [Member]
Payments to acquire productive assets	$ 22.2
Number of developed homesites | Integer	219
Area of land | a	39
Nuveen Global Investments LLC [Member] | LLC Agreement [Member]
Initial total commitments		$ 70
Initial commitment period for acquisitions		24 months
Additional increase in total commitmnets		$ 100
Extention for commitment period		4 years
Committed capital percent by related party		60%

OPPORTUNITY ZONE FUND (Details

OPPORTUNITY ZONE FUND (Details Narrative) - USD ($) $ in Thousands		1 Months Ended	9 Months Ended
	Aug. 10, 2022	Jul. 31, 2022	Sep. 30, 2022	Sep. 30, 2021
Payments to acquire real estate			$ 44,684	$ 19,195
OZ Fund [Member]
Investment			78%
Hammond Estates [Member] | Orangeburg, South Carolina [Member]
Payments to acquire real estate	$ 5,200
UMH OZ Fund, LLC [Member]
Payment for investments		$ 8,000

SCHEDULE OF LOANS PAYABLE (Deta

SCHEDULE OF LOANS PAYABLE (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Short-Term Debt [Line Items]
Total Loans Payable	$ 127,382	$ 46,945
Debt instrument, interest rate	4.97%	2.66%
Unamortized debt issuance costs	$ (40)	$ (188)
Loans Payable, net of unamortized debt issuance costs	$ 127,342	$ 46,757
Loans payable, net of unamortized debt issuance costs percentage	4.97%	2.67%
Unsecured Line of Credit [Member]
Short-Term Debt [Line Items]
Total Loans Payable	$ 75,000	$ 25,000
Debt instrument, interest rate	4.16%	1.60%
Floorplan Inventory Financing [Member]
Short-Term Debt [Line Items]
Total Loans Payable	$ 37,282	$ 10,945
Debt instrument, interest rate	6.27%	4.38%
FirstBank Rental Home Financing [Member]
Short-Term Debt [Line Items]
Total Loans Payable	$ 5,100	$ 5,000
Debt instrument, interest rate	5%	3.50%
OceanFirst Notes Receivable Financing [Member]
Short-Term Debt [Line Items]
Total Loans Payable	$ 10,000	$ 6,000
Debt instrument, interest rate	6.25%	3.25%

SCHEDULE OF MORTGAGES PAYABLE (

SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Fixed rate mortgages	$ 504,647	$ 456,702
Mortgages percentage	3.87%	3.75%
Unamortized debt issuance costs	$ (4,950)	$ (4,135)
Mortgages, net of unamortized debt issuance costs	$ 499,697	$ 452,567
Mortgages, net of unamortized debt issuance costs percentage	3.91%	3.79%

LOANS AND MORTGAGES PAYABLE A_3

LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Details Narrative) $ in Millions					1 Months Ended	9 Months Ended	12 Months Ended
	Sep. 26, 2022 USD ($)	Mar. 15, 2022 USD ($) Integer	Feb. 06, 2022 USD ($)	Nov. 29, 2018 USD ($)	Aug. 31, 2020 USD ($)	Sep. 30, 2022 USD ($)	Dec. 31, 2021	Nov. 28, 2018 USD ($)
Debt Instrument [Line Items]
Line of credit facility, description						Availability under the 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 Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. On February 5, 2021, the Company entered into a Second Amendment to the Amended and Restated Credit Agreement with BMO to further reduce the capitalization rate from 7.0% to 6.5%
Line of Credit Facility, Interest Rate During Period						4.97%	2.66%
Debt instrument interest rate	5.24%
Debt Instrument, Interest Rate, Effective Percentage						3.87%	3.75%
Proceeds from line of credit	$ 34
Tranches loan term	Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years
Weighted average loan maturity						5 years 1 month 6 days	5 years 2 months 12 days
Federal National Mortgage Association Mortgages [Member]
Debt Instrument [Line Items]
Debt instrument interest rate		4.25%
Proceeds from lines of credit		$ 25.6			$ 106
Number of developed homesites | Integer		1,100
Series A Bonds [Member]
Debt Instrument [Line Items]
Sale of stock, number of shares issued in transaction, amount			$ 102.7
Debt instrument interest rate			4.72%
Sale of Stock, Consideration Received Per Transaction			$ 98.7
Debt Instrument, Interest Rate, Effective Percentage			4.72%
Debt Instrument, Maturity Date			Feb. 28, 2027
Series A Bonds [Member] | Maximum [Member]
Debt Instrument [Line Items]
Debt instrument interest rate			1.25%
Unsecured Line of Credit [Member]
Debt Instrument [Line Items]
Long-Term Line of Credit						$ 75
Line of Credit Facility, Interest Rate During Period						4.16%	1.60%
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, borrowing capacity, description				The Facility is syndicated with two banks, BMO Capital Markets Corp. (“BMO”) and JPMorgan Chase Bank, N.A (“JPMorgan) with Bank of Montreal as administrative agent.
Line of credit facility, borrowing capacity				$ 75				$ 50
Line of credit accordion feature				50
Line of credit facility, maximum borrowing capacity				$ 125

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)

1 Months Ended

7 Months Ended

9 Months Ended

Oct. 03, 2022

Oct. 02, 2022

Sep. 15, 2022

Jul. 26, 2022

Mar. 07, 2022

Jan. 12, 2022

Aug. 16, 2021

Jul. 22, 2020

Jan. 31, 2022

Sep. 30, 2022

Sep. 30, 2022

Sep. 30, 2021

Nov. 02, 2022

Accumulated Other Comprehensive Income (Loss) [Line Items]

Dividends paid

$ 11,000,000

Dividend paid price per share

$ 0.20

Proceed from dividend reinvestment and stock purchase plan (DRIP)

$ 2,100,000

$ 2,600,000

Common Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Proceed from dividend reinvestment and stock purchase plan (DRIP)

5,400,000

Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 150,000,000

$ 100,000,000

Common Stock [Member] | Subsequent Event [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Dividend paid price per share

$ 0.20

Dividend payable date of record

Dec. 15, 2022

Divided date of record

Nov. 15, 2022

6.75% Series C Cumulative Redeemable Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Preferred stock redemption shares

9,900,000

Dividend rate declared

6.75%

Liquidation preference, per share

$ 25

Dividend paid price per share

0.2578

Preferred Stock, Redemption Price Per Share

$ 25.2578

Preferred Stock, Redemption Amount

$ 249,600,000

$ 8,200,000

8,200,000

6.375% Series D Cumulative Redeemable Preferred Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Dividends paid

$ 3,400,000

Dividend rate declared

6.375%

Liquidation preference, per share

$ 25

Dividend paid price per share

0.3984375

Annual rate of dividend

$ 1.59375

6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Divided date of record

Nov. 15, 2022

Dividend paid price per share

$ 0.3984375

Dividend payable date

Dec. 15, 2022

Preferred Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 100,000,000

Stock Purchase Plan [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Reinvestment of dividend

$ 631,000

$ 2,100,000

DRIP [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Shares issued during the period

280,000

Common Stock Repurchase Program [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Authorized Stock Repurchase, value

$ 25,000,000

New Common ATM Program [Member] | 2020 Registration Statement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 7,900,000

Number of shares issued in transaction

300,000

Sale of Stock, Price Per Share

$ 26.82

Gross proceeds from sale of equity

$ 8,000,000

2022 Common ATM Program [Member] | 2022 Distribution Agents [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 54,900,000

Number of shares issued in transaction

2,400,000

Sale of Stock, Price Per Share

$ 23.51

$ 23.51

Gross proceeds from sale of equity

$ 55,900,000

Common stock available for sale value

$ 94,100,000

$ 94,100,000

2022 Common ATM Program [Member] | Subsequent Event [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 8,900,000

Number of shares issued in transaction

558,000

Sale of Stock, Price Per Share

$ 16.26

Gross proceeds from sale of equity

$ 9,100,000

Common stock available for sale value

$ 85,000,000

New Preferred ATM Program [Member] | 2020 Registration Statement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Net proceeds from sale of equity after offering expenses

$ 110,000

Number of shares issued in transaction

7,500

Sale of Stock, Price Per Share

$ 25

$ 25

Gross proceeds from sale of equity

$ 188,000

Common stock available for sale value

$ 12,000,000

$ 12,000,000

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Compensation Related Costs [Abstract]
Dividend yield	3.47%
Expected volatility	25.09%
Risk-free interest rate	2.63%
Expected lives	10 years
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Forfeitures	$ 0

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($)								3 Months Ended						9 Months Ended
	Sep. 21, 2022	Sep. 09, 2022	Jun. 15, 2022	Mar. 28, 2022	Mar. 25, 2022	Mar. 23, 2022	Jan. 12, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Compensation costs								$ 1,600,000			$ 735,000			$ 3,900,000	$ 2,300,000
Number of restricted stock award, value								0	$ 0	$ 0			$ 0
Common stock issued through stock options								$ 982,000	$ 2,220,000	$ 993,000	$ 993,000	$ 4,723,000	$ 2,588,000
Options outstanding								3,500,000						3,500,000
Aggregate intrinsic value								$ 8,300,000						$ 8,300,000
Number of shares available for grant								1,700,000						1,700,000
Five Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of restricted stock award							25,000
Number of restricted stock award, value							$ 613,000
Grants vest term							5 years
Nine Members of Board of Directors [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of common stock award	6,453		3,933			5,598	5,508
Fair value of grant options	$ 113,000		$ 68,000			$ 135,000	$ 135,000
Two Employees [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Number of restricted stock award					78,000
Number of restricted stock award, value					$ 1,900,000
Grants vest term					5 years
Forty-Five Participants [Member] | Stock Options [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Grants vest term				5 years
Fair value of grant options				$ 2,100,000
Option to purchase common stock				470,800
One Participants [Member] | Stock Options [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Fair value of grant options		$ 433,000
Option to purchase common stock		100,000
Fourteen Participants [Member] | Stock Options [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Common stock issued through stock options, shares														404,160
Weighted-average exercise price														$ 10.38
Common stock issued through stock options														$ 4,200,000
Aggregate intrinsic value of options exercised														$ 4,000,000

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 39,217	$ 113,748
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	39,217	113,748
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	39,217	113,748
Preferred Stock [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	902	1,740
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	902	1,740
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Common Stock [Member] | Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	38,315	112,008
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	38,315	112,008
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	0	0
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions	Sep. 30, 2022 USD ($)
Fair Value Disclosures [Abstract]
Estimate fair value of fixed rate mortgages payable	$ 484.6
Carrying value of fixed rate mortgages payable	$ 504.6

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND OTHER MATTERS (Details Narrative) - USD ($) $ in Millions		9 Months Ended
	Dec. 08, 2021	Sep. 30, 2022
Loss Contingencies [Line Items]
Committed capital percent by related party	40%
21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Investment owned balance, principal amount		$ 1.1
Investment owned, balance		1.2
Notes and other receivables		$ 55.8
Nuveen Global Investments LLC [Member] | LLC Agreement [Member]
Loss Contingencies [Line Items]
Initial total commitments	$ 70
Initial commitment period for acquisitions	24 months
Additional increase in total commitmnets	$ 100
Extention for commitment period	4 years
Committed capital percent by related party	60%
Closing amount on land joint venture	$ 2.8
Other commitments description	In addition, the Company anticipates closing on two communities totaling 511 sites, for approximately $42 million, in the next few weeks.
Minimum [Member] | 21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed		80%
Minimum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed		55%
Maximum [Member] | 21st Mortgage Corporation [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed		95%
Maximum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member]
Loss Contingencies [Line Items]
Range of purchase price repossessed		100%

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 18.7	$ 14.9
Interest cost capitalized to land development	1.3	1.1
Reinvestment of dividends	$ 2.1	$ 2.6

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)				9 Months Ended
	Nov. 07, 2022	Oct. 27, 2022	Oct. 02, 2022	Sep. 30, 2022	Nov. 06, 2022	Nov. 02, 2022
Subsequent Event [Line Items]
Line of credit facility, description				Availability under the 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 Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. On February 5, 2021, the Company entered into a Second Amendment to the Amended and Restated Credit Agreement with BMO to further reduce the capitalization rate from 7.0% to 6.5%
Subsequent Event [Member] | CBL [Member]
Subsequent Event [Line Items]
Number of shares issued in transaction		12,000
Number of shares issued in transaction		$ 308,000
2022 Common ATM Program [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number of shares issued in transaction			558,000
Sale of Stock, Price Per Share			$ 16.26
Gross proceeds from sale of equity			$ 9,100,000
Net proceeds from sale of equity after offering expenses			$ 8,900,000
Common stock available for sale value						$ 85,000,000
Second Credit Agreement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
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, borrowing capacity	$ 100,000,000				$ 75,000,000
Line of credit accordion feature	400,000,000
Line of credit facility, maximum borrowing capacity	$ 500,000,000
Line of credit facility, description	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 Borrowing Base.

SUMMARY OF PRO FORMA FINANCIAL

SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Proforma Financial Information
Rental and Related Income	$ 42,957	$ 40,757	$ 127,604	$ 120,235
Community Operating Expenses	19,230	17,177	56,794	52,292
Net Income (Loss) Attributable to Common Shareholders	$ (9,799)	$ (3,667)	$ (37,062)	$ 10,999
Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted	$ (0.18)	$ (0.08)	$ (0.69)	$ 0.24