INVESTMENT PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2021

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions

On January 8, 2021, the Company acquired Deer Run, located in Dothan, Alabama, for approximately $4.6 million. This community contains a total of 195 developed homesites that are situated on approximately 33 total acres. At the date of acquisition, the average occupancy for this community was approximately 37%.

On January 21, 2021, the Company acquired Iris Winds, located in Sumter, South Carolina, for approximately $3.4 million. This community contains a total of 142 developed homesites that are situated on approximately 24 total acres. At the date of acquisition, the average occupancy for this community was approximately 49%.

The Company has evaluated these acquisitions and has determined that they should be accounted for as acquisitions of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $358,000 for the three months ended March 31, 2021, to the individual assets acquired on a relative fair value basis. The following table summarizes our purchase price allocation for the assets acquired for the three months ended March 31, 2021 (in thousands):

	At Acquisition Date
Assets Acquired:
Land	$	438
Depreciable Property		7,906
Other		14
Total Assets Acquired	$	8,358

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