INVESTMENT PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2021

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions in 2021

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%.

On June 1, 2021, the Company acquired Bayshore Estates, located in Sandusky, Ohio, for approximately $10.3 million. This community contains a total of 206 developed homesites that are situated on approximately 56 total acres. At the date of acquisition, the average occupancy for this community was approximately 86%.

Acquisitions in 2020

On July 24, 2020, the Company acquired Camelot Woods, located in Altoona, Pennsylvania, for approximately $3.3 million. This all-age community contains a total of 147 developed homesites that are situated on approximately 27 total acres. At the date of acquisition, the average occupancy for this community was approximately 56%.

On September 21, 2020, the Company acquired Lake Erie Estates, located in Fredonia, New York, for approximately $4.5 million. This community contains a total of 163 developed homesites that are situated on approximately 21 total acres. At the date of acquisition, the average occupancy for this community was approximately 71%. In conjunction with this acquisition, the Company assumed a mortgage of approximately $2.7 million on this property (See Note 5).

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 $109,000 for 2021 and $223,000 for 2020, 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 years ended December 31, 2021 and 2020, respectively (in thousands):

	2021 Acquisitions		2020 Acquisitions
Assets Acquired:
Land	$	986	$	693
Depreciable Property		17,223		7,301
Notes Receivable and Other		197		-0-
Total Assets Acquired	$	18,406	$	7,994

Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2021 and 2020, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2021 and 2020, are as follows (in thousands):

	2021 Acquisitions			2020 Acquisitions
	2021			2021			2020
Total Income	$	1,134		$	1,092		$	374
Community NOI *	$	235		$	474		$	158
Net Income (Loss)	$	(740	)	$	(238	)	$	(73	)

* Community NOI is defined as rental and related income less community operating expenses.

See Note 6 for additional information relating to Loans and Mortgages Payable and Note 17 for the Unaudited Pro Forma Financial Information relating to these acquisitions.

In addition to the acquisitions listed above made by the Company, the Company’s newly-formed joint venture with Nuveen Real Estate consummated its first acquisition in December 2021. (See Note 5.)

Accumulated Depreciation

The following is a summary of accumulated depreciation by major classes of assets (in thousands):

	December 31, 2021		December 31, 2020
Site and Land Improvements	$	199,482	$	175,219
Buildings and Improvements		10,020		8,860
Rental Homes and Accessories		87,104		71,112
Equipment and Vehicles		19,467		17,632
Total Accumulated Depreciation	$	316,073	$	272,823