INVESTMENT PROPERTY AND EQUIPMENT

3 Months Ended

Mar. 31, 2022

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions

On March 31, 2022, the Company acquired Center Manor, located in Monaca, Pennsylvania, for approximately $5.8 million. This community contains a total of 96 developed homesites that are situated on approximately 18 total acres. At the date of acquisition, the average occupancy for this community was approximately 83%.

The Company has evaluated this acquisition and has determined that it should be accounted for as acquisition of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $189,000 for the three months ended March 31, 2022, 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, 2022 (in thousands):

	At Acquisition Date
Assets Acquired:
Land	$	204
Depreciable Property		5,785
Total Assets Acquired	$	5,989

See Note 13 for the Unaudited Pro Forma Financial Information relating to this acquisition.