SUBSEQUENT EVENTS

3 Months Ended

Mar. 31, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 12– SUBSEQUENT EVENTS

Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued.

Since April 1, 2022, the Company issued and sold an additional 739,000 shares of its Common Stock under the 2022 Common ATM Program at a weighted average price of $24.32 per share, generating gross proceeds of $18.0 million and net proceeds of $17.7 million, after offering expenses. As of May 4, 2022, $101.1 million of common stock remained eligible for sale under the 2022 Common ATM Program.

On May 3, 2022, the Company acquired Mandell Trails, located in Butler, Pennsylvania, for approximately $7.4 million. This community contains a total of 132 developed homesites that are situated on approximately 65 total acres. There are also 18 sites that are owned by the residents that pay an HOA fee for the maintenance of the common areas. Additionally there are 38 sites available for future development. At the date of acquisition, the average occupancy for this community was approximately 70%.