Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Investment Property and Equipment
Land	$ 89,604	$ 86,619
Site and Land Improvements	868,123	846,218
Buildings and Improvements	36,012	35,933
Rental Homes and Accessories	504,444	422,818
Total Investment Property	1,498,183	1,391,588
Equipment and Vehicles	28,192	26,721
Total Investment Property and Equipment	1,526,375	1,418,309
Accumulated Depreciation	(402,411)	(363,098)
Net Investment Property and Equipment	1,123,964	1,055,211
Other Assets
Cash and Cash Equivalents	38,646	29,785
Marketable Securities at Fair Value	27,616	42,178
Inventory of Manufactured Homes	38,950	88,468
Notes and Other Receivables, net	78,584	67,271
Prepaid Expenses and Other Assets	14,232	20,011
Land Development Costs	47,560	23,250
Investment in Joint Venture	23,332	18,422
Total Other Assets	268,920	289,385
TOTAL ASSETS	1,392,884	1,344,596
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	442,164	508,938
Other Liabilities:
Accounts Payable	5,978	6,387
Loans Payable, net of unamortized debt issuance costs	144,623	153,531
Series A Bonds, net of unamortized debt issuance costs	99,843	99,207
Accrued Liabilities and Deposits	13,037	16,852
Tenant Security Deposits	9,492	8,485
Total Other Liabilities	272,973	284,462
Total Liabilities	715,137	793,400
Commitments and Contingencies
Shareholders’ Equity:
Series D - 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 13,700 and 9,300 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 11,179 and 9,015 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	279,482	225,379
Common Stock - $0.10 par value per share, 153,714 and 154,048 shares authorized as of September 30, 2023 and December 31, 2022, respectively; 66,172 and 57,595 shares issued and outstanding as of September 30, 2023 and December 31, 2022, respectively	6,617	5,760
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of September 30, 2023 and December 31, 2022	0	0
Additional Paid-In Capital	414,888	343,189
Undistributed Income (Accumulated Deficit)	(25,364)	(25,364)
Total UMH Properties, Inc. Shareholders’ Equity	675,623	548,964
Non-Controlling Interest in Consolidated Subsidiaries	2,124	2,232
Total Shareholders’ Equity	677,747	551,196
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,392,884	$ 1,344,596