Investment Property and Equipment

9 Months Ended

Sep. 30, 2016

Real Estate [Abstract]

Investment Property and Equipment

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

On September 1, 2016, the Company acquired two manufactured home communities located in Ohio for approximately $2,954,000. These all-age communities contain a total of 165 developed homesites that are situated on approximately 71 total acres. At the date of acquisition, the average occupancy for these communities 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 results of the acquired assets are included in the statements of income (loss) from the date of acquisition. The following table summarizes the estimated fair value of the assets acquired for the nine months ended September 30, 2016:

	At Acquisition Date
Assets Acquired:
Land	$	770,000
Depreciable Property		2,183,830
Total Assets Acquired	$	2,953,830

The allocations of the fair value of the assets acquired are subject to further adjustment as final costs and valuations are determined.

See Note 12 for the Unaudited Pro Forma Financial Information relating to these acquisitions.