CONTINGENCIES AND COMMITMENTS

3 Months Ended

Mar. 31, 2012

Commitments and Contingencies Disclosure [Abstract]

CONTINGENCIES AND COMMITMENTS

NOTE 8 - CONTINGENCIES AND COMMITMENTS

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 claim or litigation will have a material adverse effect on the financial position or results of operations.

On March 21, 2012, the Company entered into a definitive agreement to acquire eleven manufactured home communities, ten located in Pennsylvania and one located in New York. These all-age communities total 966 developed homesites situated on 200 acres. The average occupancy for these communities is approximately 92%. The aggregate purchase price to be paid in this transaction is approximately $28.25 million. The transaction is expected to be completed during the third quarter of 2012. This acquisition is subject to due diligence and other customary closing conditions and therefore there can be no assurance that this acquisition will take place by the end of the third quarter 2012 or at all.