INVESTMENT PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions in 2022

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%.

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 69 total acres. At the date of acquisition, the average occupancy for this community was approximately 70%.

On May 25, 2022, the Company acquired La Vista Estates, located in Dothan, Alabama, for approximately $3.9 million. This community contains a total of 139 developed homesites that are situated on approximately 36 total acres. At the date of acquisition, the average occupancy for this community was approximately 6%.

On July 14, 2022, the Company acquired Hidden Creek, located in Erie, Michigan, for approximately $22.0 million. This community contains a total of 351 developed homesites that are situated on approximately 88 total acres. At the date of acquisition, the average occupancy for this community was approximately 63%.

On August 10, 2022, the Company acquired Garden View, located in Orangeburg, South Carolina, for approximately $5.2 million, through its qualified opportunity zone fund (See Note 6). This community contains a total of 187 developed homesites that are situated on approximately 39 total acres. At the date of acquisition, the average occupancy for this community was approximately 42%.

On November 22, 2022, the Company acquired Fohl Village, located in Canton, Ohio, for approximately $19.1 million. This community contains a total of 321 developed homesites that are situated on approximately 170 total acres. At the date of acquisition, the average occupancy for this community was approximately 77%.

On December 15, 2022, the Company acquired Oak Tree, located in Jackson, New Jersey, for approximately $22.9 million. This community contains a total of 260 developed homesites that are situated on approximately 41 total acres. At the date of acquisition, the average occupancy for this community was approximately 98%.

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%.

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 $852,000 for 2022 and $109,000 for 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 years ended December 31, 2022 and 2021, respectively (in thousands):

	2022 Acquisitions		2021 Acquisitions
Assets Acquired:
Land	$	6,379	$	986
Depreciable Property		80,027		17,223
Notes Receivable and Other		656		197
Total Assets Acquired	$	87,062	$	18,406

Total Income, Community Net Operating Income (“Community NOI”)* and Net Loss for communities acquired in 2022 and 2021, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2022 and 2021, are as follows (in thousands):

	2022 Acquisitions			2021 Acquisitions
	2022			2022			2021
Total Income	$	1,376		$	1,685		$	1,134
Community NOI *	$	610		$	497		$	235
Net Loss	$	(781	)	$	(1,078	)	$	(740	)

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

See Note 7 for additional information relating to Loans and Mortgages Payable and Note 18 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 joint venture with Nuveen Real Estate consummated its second acquisition in December 2022. (See Note 5.)

Accumulated Depreciation

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

	December 31, 2022		December 31, 2021
Site and Land Improvements	$	225,926	$	199,482
Buildings and Improvements		11,294		10,020
Rental Homes and Accessories		104,481		87,104
Equipment and Vehicles		21,397		19,467
Total Accumulated Depreciation	$	363,098	$	316,073