UMH Properties added 170 new homes in the fourth quarter and 717 for the full year 2025, bringing its total rental home count to approximately 11,000 with an overall occupancy rate of 93.8%. Same property occupancy rose by 33 units in Q4 and by 354 units year-over-year to reach 88.3%. These gains supported a 12% increase in same property net operating income and an 11% uplift in rental income compared to the prior year. Normalized funds from operations per share grew by 4% year-over-year, underscoring the REIT’s ability to convert occupancy improvements into cash flow growth. During the quarter UMH closed on a manufactured home community in Albany, GA for $2.6 million (130 sites, 32% occupied). Over the year it acquired five additional communities for $41.8 million (587 sites, 78% occupied) across approximately 161 acres. To support growth, the company completed a private placement of $80.2 million in 5.85% Series B Bonds due 2030 and refinanced 17 communities, generating $193.2 million of proceeds at a weighted average interest rate of 5.67%. UMH deployed capital to repay existing debt, fund its rental home program, execute capital improvements, acquire new communities and repurchase common stock. During Q4, the REIT repurchased 300,000 shares at an average price of $14.97 for $4.5 million and monetized 100,000 shares of its Realty Income position for $5.7 million of gross proceeds. Fourth quarter rental and related income rose 8% to $57.7 million, while full year rental income increased 9% to $226.2 million. Gross home sales revenue totaled $9.2 million in Q4 (up 7%) and $36.3 million for the year (up 8%). Same property rental and related income grew 7% in Q4 to $56.2 million and 8% for the year to $221.1 million. UMH trades at a valuation below its peer group average and offers a 5.7% dividend yield, positioning the REIT as a compelling buy for investors seeking income, total return potential and inflation hedging through a sizable land bank and demonstrated occupancy and cash flow growth.