0000752642 2025-01-01 2025-12-31 0000752642 2024-01-01 2024-12-31 0000752642 2023-01-01 2023-12-31 0000752642 2022-01-01 2022-12-31 0000752642 2021-01-01 2021-12-31 0000752642 UMH:DeductionForAmountsReportedUnderTheStockAwardsAndOptionAwardsColumnsInTheSCTForApplicableFYMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatRemainUnvestedAsOfApplicableFYEndDeterminedAsOfApplicableFYEndMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatVestedDuringApplicableFYDeterminedAsOfVestingDateMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreasedDeductionForAwardsGrantedDuringPriorFYThatWereOutstandingAndUnvestedAsOfApplicableFYEndDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYEndMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreasedDeductionForAwardsGrantedDuringPriorFYThatVestedDuringApplicableFYDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYVestingDateMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:DeductionOfASC718FairValueOfAwardsGrantedDuringPriorFYThatWereForfeitedDuringApplicableFYDeterminedAsOfPriorFYEndMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnDividendsOrOtherEarningsPaidDuringApplicableFYPriorToVestingDateMember ecd:PeoMember 2025-01-01 2025-12-31 0000752642 UMH:DeductionForAmountsReportedUnderTheStockAwardsAndOptionAwardsColumnsInTheSCTForApplicableFYMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatRemainUnvestedAsOfApplicableFYEndDeterminedAsOfApplicableFYEndMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatVestedDuringApplicableFYDeterminedAsOfVestingDateMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreasedDeductionForAwardsGrantedDuringPriorFYThatWereOutstandingAndUnvestedAsOfApplicableFYEndDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYEndMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreasedDeductionForAwardsGrantedDuringPriorFYThatVestedDuringApplicableFYDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYVestingDateMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:DeductionOfASC718FairValueOfAwardsGrantedDuringPriorFYThatWereForfeitedDuringApplicableFYDeterminedAsOfPriorFYEndMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 UMH:IncreaseBasedOnDividendsOrOtherEarningsPaidDuringApplicableFYPriorToVestingDateMember ecd:NonPeoNeoMember 2025-01-01 2025-12-31 0000752642 1 2025-01-01 2025-12-31 0000752642 2 2025-01-01 2025-12-31 0000752642 3 2025-01-01 2025-12-31 0000752642 4 2025-01-01 2025-12-31 0000752642 5 2025-01-01 2025-12-31 iso4217:USD false 0000752642 DEF 14A UMH Properties, Inc. true All awards are granted under the Company’s shareholder-approved equity plan and stock options are granted at an exercise price at or above the closing market price of the Company’s common stock on the date of the grant. Equity awards, including stock options, are not granted in anticipation of the release of material non-public information (“MNPI”) and the release of MNPI is not timed on the basis of option or other equity grant dates. During 2025, we did not grant equity awards to our executive officers during the four business days prior to or the one business day following the filing of our periodic reports or the filing or furnishing of a Form 8-K that discloses material nonpublic information. We have not timed the disclosure of MNPI for the purpose of affecting the value of executive compensation for any grants in 2025. Equity awards, including stock options, are not granted in anticipation of the release of material non-public information (“MNPI”) and the release of MNPI is not timed on the basis of option or other equity grant dates. We have not timed the disclosure of MNPI for the purpose of affecting the value of executive compensation for any grants in 2025. false <table cellpadding="0" cellspacing="0" id="xdx_881_eecd--PvpTableTextBlock_zNOr2ta4Zhre" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - Pay vs Performance Disclosure"> <tr style="display: none; vertical-align: bottom"> <td style="display: none; padding-bottom: 1pt; text-align: center"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48A_eecd--PeoTotalCompAmt_ztl0xOiKOUoe" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO ($) (1)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48C_eecd--PeoActuallyPaidCompAmt_zQWSiW6iqLIl" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Compensation Actually Paid to PEO ($) (2)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48D_eecd--NonPeoNeoAvgTotalCompAmt_z66x8qtNgkXc" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs ($) (3)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_486_eecd--NonPeoNeoAvgCompActuallyPaidAmt_zoh2hxgMdt6f" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs ($) (4)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48B_eecd--TotalShareholderRtnAmt_zksx5oXSwr3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Total Shareholder Return ($) (5)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_483_eecd--PeerGroupTotalShareholderRtnAmt_zoSaDVXt06g3" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">MSCI US REIT Index (RMS) ($) (5)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_48B_eus-gaap--NetIncomeLoss_pn3n3_zzfVcqLpeena" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Net Income (Loss) to Common Sharehold-ers ($ in thousands) (6)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" id="xdx_489_eecd--CoSelectedMeasureAmt_pn3n3_uUSD_zbuYvO7jbdUi" style="border-bottom: Black 1pt solid; display: none; font-weight: bold; text-align: center">Normalized FFO ($ in thousands) (7)</td><td style="display: none; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Value of Initial Fixed $100 Investment Based on:</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="padding-bottom: 1pt; font-weight: bold; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Summary Compensation Table Total for PEO ($) (1)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Compensation Actually Paid to PEO ($) (2)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Summary Compensation Table Total for Non-PEO NEOs ($) (3)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Average Compensation Actually Paid to Non-PEO NEOs ($) (4)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Total Shareholder Return ($) (5)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">MSCI US REIT Index (RMS) ($) (5)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Net Income (Loss) to Common Sharehold-ers ($ in thousands) (6)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="padding-bottom: 1pt; font-weight: bold"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Normalized FFO ($ in thousands) (7)</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: center"> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td><td> </td> <td colspan="2"> </td><td> </td></tr> <tr id="xdx_414_20250101__20251231_z97TjgV779g3" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 28%; text-align: center">2025</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">2,909,784</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">603,904</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">1,301,020</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">951,539</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">135</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">137</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">5,966</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 5%; text-align: right">80,098</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_418_20240101__20241231_za8sOPcofTHg" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,509,598</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4,617,824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,451,628</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,817,641</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">152</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">133</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,472</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">69,489</td><td style="text-align: left"> </td></tr> <tr id="xdx_413_20230101__20231231_zNBNa4oKNlxl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,441,223</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,388,645</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,446,414</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">554,071</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">122</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(8,714</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">54,533</td><td style="text-align: left"> </td></tr> <tr id="xdx_419_20220101__20221231_zMJweBGmp3vg" style="vertical-align: bottom; background-color: White"> <td style="text-align: center">2022</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,769,554</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">303,708</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,201,168</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">646,627</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">117</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">108</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(36,265</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">46,840</td><td style="text-align: left"> </td></tr> <tr id="xdx_418_20210101__20211231_zI5EsMEycxig" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">5,219,968</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">8,425,139</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,828,776</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3,607,647</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">191</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">143</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">21,249</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">41,144</td><td style="text-align: left"> </td></tr> </table> 2909784 603904 1301020 951539 135 137

5966000

80098000 3509598 4617824 1451628 1817641 152 133

2472000

69489000 3441223 3388645 1446414 554071 117 122

-8714000

54533000 2769554 303708 1201168 646627 117 108

-36265000

46840000 5219968 8425139 1828776 3607647 191 143

21249000

41144000 Represents the total compensation of Mr. A. Landy, our PEO for each applicable fiscal year. Amounts shown are as calculated in the Summary Compensation Table (“SCT”) for each of the years shown. Mr. A. Landy Mr. A. Landy Mr. A. Landy Mr. A. Landy Mr. A. Landy <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Adjustments</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zCGE5UXESRK9" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Summary Compensation Table Total</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_983_eecd--PeoTotalCompAmt_c20250101__20251231_zcvzMTXnrzCl" style="width: 16%; text-align: right">2,909,784</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--DeductionForAmountsReportedUnderTheStockAwardsAndOptionAwardsColumnsInTheSCTForApplicableFYMember_zRySz0kTyQQd" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the SCT for Applicable FY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,600,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatRemainUnvestedAsOfApplicableFYEndDeterminedAsOfApplicableFYEndMember_zPWSsLZ3PyX7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatVestedDuringApplicableFYDeterminedAsOfVestingDateMember_zgMW2LCjvDNb" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--IncreasedDeductionForAwardsGrantedDuringPriorFYThatWereOutstandingAndUnvestedAsOfApplicableFYEndDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYEndMember_zd2ndLTEBUti" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Increased/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(660,398</td><td style="text-align: left">)</td></tr> <tr id="xdx_400_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--IncreasedDeductionForAwardsGrantedDuringPriorFYThatVestedDuringApplicableFYDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYVestingDateMember_zNfYpQFL4R5e" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increased/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(45,482</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--DeductionOfASC718FairValueOfAwardsGrantedDuringPriorFYThatWereForfeitedDuringApplicableFYDeterminedAsOfPriorFYEndMember_zUGmI4bUjQ33" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_400_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--PeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnDividendsOrOtherEarningsPaidDuringApplicableFYPriorToVestingDateMember_zc8MAjPAMlp7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">COMPENSATION ACTUALLY PAID</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_eecd--PeoActuallyPaidCompAmt_c20250101__20251231_zIf9M6BH6gA5" style="text-align: right">603,904</td><td style="text-align: left"> </td></tr> </table> 2909784 -1600000 -660398 -45482 603904 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; text-align: center">Adjustments</td><td style="padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49A_20250101__20251231__ecd--IndividualAxis__ecd--PeoMember_zjDooV4d4Xu6" style="border-bottom: Black 1pt solid; text-align: center">2025</td><td style="padding-bottom: 1pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: justify">Summary Compensation Table Total</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_989_eecd--NonPeoNeoAvgTotalCompAmt_c20250101__20251231_ztsuqBLEaQB1" style="width: 16%; text-align: right">1,301,020</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_401_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--DeductionForAmountsReportedUnderTheStockAwardsAndOptionAwardsColumnsInTheSCTForApplicableFYMember_zlX3GskeqTD7" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Deduction for Amounts Reported under the “Stock Awards” and “Option Awards” Columns in the SCT for Applicable FY</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(629,375</td><td style="text-align: left">)</td></tr> <tr id="xdx_405_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatRemainUnvestedAsOfApplicableFYEndDeterminedAsOfApplicableFYEndMember_z7wIOxV2Ykyc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Remain Unvested as of Applicable FY End, determined as of Applicable FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">210,928</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnASC718FairValueOfAwardsGrantedDuringApplicableFYThatVestedDuringApplicableFYDeterminedAsOfVestingDateMember_zTfepxp2Fmw6" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase based on ASC 718 Fair Value of Awards Granted during Applicable FY that Vested during Applicable FY, determined as of Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreasedDeductionForAwardsGrantedDuringPriorFYThatWereOutstandingAndUnvestedAsOfApplicableFYEndDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYEndMember_zNAaQAulq9gc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Increased/deduction for Awards Granted during Prior FY that were Outstanding and Unvested as of Applicable FY End, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">81,693</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreasedDeductionForAwardsGrantedDuringPriorFYThatVestedDuringApplicableFYDeterminedBasedOnChangeInASC718FairValueFromPriorFYEndToApplicableFYVestingDateMember_zLQIAkxbaW1a" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increased/deduction for Awards Granted during Prior FY that Vested During Applicable FY, determined based on change in ASC 718 Fair Value from Prior FY End to Applicable FY Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(12,728</td><td style="text-align: left">)</td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--DeductionOfASC718FairValueOfAwardsGrantedDuringPriorFYThatWereForfeitedDuringApplicableFYDeterminedAsOfPriorFYEndMember_z7mXlCzTcvXc" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">Deduction of ASC 718 Fair Value of Awards Granted during Prior FY that were Forfeited during Applicable FY, determined as of Prior FY End</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">- </td><td style="text-align: left"> </td></tr> <tr id="xdx_406_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnDividendsOrOtherEarningsPaidDuringApplicableFYPriorToVestingDateMember_zwoAcOOFlsFi" style="vertical-align: bottom; background-color: White"> <td style="text-align: justify">Increase based on Dividends or Other Earnings Paid during Applicable FY prior to Vesting Date</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eecd--AdjToCompAmt_hecd--IndividualAxis__ecd--NonPeoNeoMember__ecd--AdjToCompAxis__custom--IncreaseBasedOnDividendsOrOtherEarningsPaidDuringApplicableFYPriorToVestingDateMember_zbk6boaiARSb" style="display: none; vertical-align: bottom; background-color: White"> <td style="display: none; text-align: justify">Adjustment to Compensation Amount</td><td style="display: none"> </td> <td style="display: none; text-align: left"> </td><td style="display: none; text-align: right">-</td><td style="display: none; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: justify">COMPENSATION ACTUALLY PAID</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98C_eecd--NonPeoNeoAvgCompActuallyPaidAmt_c20250101__20251231_zzZxmkCtXb9d" style="text-align: right">951,539</td><td style="text-align: left"> </td></tr> </table> 1301020 -629375 210928 81693 -12728 951539 “TSR” stands for Total Shareholder Return. The TSR figures assume an initial investment of $100 on December 31, 2021. As permitted by SEC rules, the index referenced for the purpose of TSR comparison is the group of companies included in the MSCI US REIT Index (RMS), which is the peer group used for purposes of Item 201(e) of Regulation S-K. Normalized FFO per Share Total Shareholder Return NOI Growth Acquisitions Development of sites (including the joint venture) Compensation Actually Paid and Total Shareholder Return Company TSR and MSCI US REIT Index (RMS) are computed in accordance with Item 402(v) of Regulation S-K. These metrics are based on dividends and stock prices for each period presented. While the Company’s TSR exceeded or was slightly below the TSR for the MSCI US REIT Index (RMS) for each of the five years in the chart, the Company did not use this metric in determining executive compensation for the years 2021 through 2022. The 2023 employment agreements entered into by the NEOs incorporate Total Shareholder Return as compared to the MSCI US REIT Index (RMS) as a metric to be used when determining the STIP and LTIP compensation awarded under the agreements. Compensation Actually Paid and Net Income The amount of compensation actually paid to our executive officers is not directly linked to net income. The Company is a REIT with its real estate portfolio as its largest asset. Though real estate over the long-term generally increases in value, the assets are depreciated over the useful life of each asset on our consolidated financial statements in accordance with generally accepted accounting principles. Consequently, depreciation expense continues to grow as our real estate portfolio grows which significantly reduces the Company’s net income. Compensation Actually Paid and Normalized FFO The Company considers Normalized FFO to be an important measure of an equity REIT’s operating performance. Normalized FFO excludes historical cost depreciation as an expense and may facilitate the comparison of REITs that have a different cost basis. The Company considers Normalized FFO to be a meaningful measure of operating performance primarily because it excludes the assumption that the value of its real estate assets diminishes predictably over time and because industry analysts have accepted it as a performance measure. Normalized FFO has increased each year from 2021 through 2025. This metric has been utilized by the Committee in determining executive compensation. Represents the total compensation of Mr. A. Landy, our PEO for each applicable fiscal year. Amounts shown are as calculated in the Summary Compensation Table (“SCT”) for each of the years shown. Represents the CAP to Mr. A. Landy, calculated in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or paid to the PEO for the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the PEO’s total compensation, for the applicable fiscal year, to determine the compensation actually paid: Represents the average total compensation of Messrs. W. Landy, Koster, Taft, and Ms. Chew, our Non-PEO Neo’s for each applicable fiscal year. Amounts shown are calculated in the SCT for each of the years shown. Represents the average CAP to the Non-PEO NEOs, calculated in accordance with Item 402(v) of Regulation S-K. The dollar amounts do not reflect the actual amount of compensation earned or paid to the Non-PEO NEOs for the applicable fiscal year. In accordance with the requirements of Item 402(v) of Regulation S-K, the following adjustments were made to the Non-PEO NEOs’ average total compensation, for the applicable fiscal year, to determinate the average compensation actually paid: “TSR” stands for Total Shareholder Return. The TSR figures assume an initial investment of $100 on December 31, 2021. As permitted by SEC rules, the index referenced for the purpose of TSR comparison is the group of companies included in the MSCI US REIT Index (RMS), which is the peer group used for purposes of Item 201(e) of Regulation S-K. The dollar amounts reported represent the net income (loss), as reflected in the Company’s audited financial statement for the applicable year. “Normalized FFO” is a Non-GAAP measure and defined above in the section entitled “”.