INVESTMENT PROPERTY AND EQUIPMENT

9 Months Ended

Sep. 30, 2023

Real Estate [Abstract]

INVESTMENT PROPERTY AND EQUIPMENT

NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT

Acquisitions

On January 19, 2023, the Company acquired Mighty Oak, a newly developed manufactured home community located in Albany, Georgia, for approximately $3.7 million, through its qualified opportunity zone fund (See Note 6). This community contains a total of 118 newly developed homesites that are situated on approximately 26 total acres.

The Company has evaluated this acquisition and has determined that it should be accounted for as an acquisition of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $29,000 for the nine months ended September 30, 2023, 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 nine months ended September 30, 2023 (in thousands):

	At Acquisition Date
Assets Acquired:
Land	$	234
Depreciable Property		3,445
Total Assets Acquired	$	3,679

See Note 14 for the Unaudited Pro Forma Financial Information relating to this acquisition.