Investment Property and Equipment

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Investment Property and Equipment

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions

On May 30, 2018, the Company acquired two manufactured home communities, Camelot Village and Red Bud Estates, located in Indiana, for approximately $20,500,000. These all-age communities contain a total of 669 developed homesites that are situated on approximately 231 total acres. At the date of acquisition, the average occupancy for these communities was approximately 91%. In conjunction with this acquisition, the Company drew down $20 million on it unsecured line of credit. Additionally, subsequent to quarter end, the Company obtained a mortgage on the properties and reduced its Loans Payable (see Note 11).

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, including transaction costs of approximately $511,000, for the six months ended June 30, 2018:

	At Acquisition Date
Assets Acquired:
Land	$	2,317,100
Depreciable Property		18,065,350
Notes Receivable and Other		628,077
Total Assets Acquired	$	21,010,527

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.