Investment Property and Equipment

6 Months Ended

Jun. 30, 2015

Investment Property and Equipment [Abstract]

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania for $3,800,000. This all-age community contains a total of 141 developed home sites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021.

On April 23, 2015, the Company acquired Voyager Estates and Huntingdon Pointe for a total purchase price of $5,300,000. These two all-age communities are located in western Pennsylvania and contain a total of 324 developed home sites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%.

On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%.

These acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the result of the acquired assets are included in the statements of income (loss) from the dates of acquisition. The following table summarizes the estimated fair value of the assets acquired for the six months ended June 30, 2015:

			At Acquisition Date
	Assets Acquired:
	Land		$1,658,000
	Notes Receivable		60,000
	Depreciable Property		10,899,000
	Total Assets Acquired		$12,617,000

The purchase price allocations are preliminary and may be adjusted as final costs and valuations are determined.