Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | UMH PROPERTIES, INC. | ||
Entity Central Index Key | 752,642 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity a Well-known Seasoned Issuer | No | ||
Entity a Voluntary Filer | No | ||
Entity's Reporting Status Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 0 | ||
Entity Common Stock, Shares Outstanding | 30,089,483 | ||
Trading symbol | UMH | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,016 | ||
Affiliates [Member] | |||
Entity Public Float | $ 310,625,561 | ||
Non Affiliates [Member] | |||
Entity Public Float | $ 282,536,483 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Investment Property and Equipment | ||
Land | $ 47,476,314 | $ 45,477,814 |
Site and Land Improvements | 398,776,390 | 377,215,400 |
Buildings and Improvements | 21,101,836 | 20,307,097 |
Rental Homes and Accessories | 172,862,227 | 134,708,763 |
Total Investment Property | 640,216,767 | 577,709,074 |
Equipment and Vehicles | 14,986,196 | 13,697,460 |
Total Investment Property and Equipment | 655,202,963 | 591,406,534 |
Accumulated Depreciation | (140,255,603) | (117,761,146) |
Net Investment Property and Equipment | 514,947,360 | 473,645,388 |
Other Assets | ||
Cash and Cash Equivalents | 4,216,592 | 6,535,897 |
Securities Available for Sale at Fair Value | 108,755,172 | 75,011,260 |
Inventory of Manufactured Homes | 17,424,574 | 14,311,410 |
Notes and Other Receivables, net | 20,323,191 | 20,028,574 |
Prepaid Expenses and Other Assets | 4,497,937 | 4,062,813 |
Land Development Costs | 10,279,992 | 6,722,048 |
Total Other Assets | 165,497,458 | 126,672,002 |
TOTAL ASSETS | 680,444,818 | 600,317,390 |
Liabilities: | ||
Mortgages Payable, net of unamortized debt issuance costs | 293,025,592 | 283,049,802 |
Other Liabilities: | ||
Accounts Payable | 2,962,037 | 2,816,290 |
Loans Payable, net of unamortized debt issuance costs | 58,285,385 | 57,862,206 |
Accrued Liabilities and Deposits | 4,820,142 | 6,696,577 |
Tenant Security Deposits | 4,319,695 | 3,654,090 |
Total Other Liabilities | 70,387,259 | 71,029,163 |
Total Liabilities | 363,412,851 | 354,078,965 |
Commitments And Contingencies | ||
Shareholders' equity: | ||
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 3,663,800 shares authorized, issued and outstanding as of December 31, 2016 and 2015, respectively | 91,595,000 | 91,595,000 |
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 and 2,000,000 shares authorized; 3,801,200 and 1,801,200 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 95,030,000 | 45,030,000 |
Common Stock - $0.10 par value per share, 75,000,000 and 62,000,000 shares authorized; 29,388,811 and 27,086,838 shares issued and outstanding as of December 31, 2016 and 2015, respectively | 2,938,881 | 2,708,684 |
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2016 and 2015, respectively | 0 | 0 |
Additional Paid-In Capital | 111,422,691 | 109,629,260 |
Accumulated Other Comprehensive Income (Loss) | 16,713,188 | (2,056,726) |
Accumulated Deficit | (667,793) | (667,793) |
Total Shareholders' Equity | 317,031,967 | 246,238,425 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 680,444,818 | $ 600,317,390 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 62,000,000 | |
Common stock, shares issued | 29,388,811 | 27,086,838 |
Common stock, shares outstanding | 29,388,811 | 27,086,838 |
Excess stock, par value | $ 0.10 | $ 0.10 |
Excess stock, shares authorized | 3,000,000 | |
Excess stock, shares issued | ||
Excess stock, shares outstanding | ||
Preferred Stock Series A [Member] | ||
Percentage rate on cumulative redeemable preferred stock | 8.25% | 8.25% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 3,663,800 | 3,663,800 |
Cumulative redeemable preferred stock, shares issued | 3,663,800 | 3,663,800 |
Cumulative redeemable preferred stock, shares outstanding | 3,663,800 | 3,663,800 |
Series B Cumulative Redeemable Preferred Stock [Member] | ||
Percentage rate on cumulative redeemable preferred stock | 8.00% | 8.00% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 4,000,000 | 2,000,000 |
Cumulative redeemable preferred stock, shares issued | 3,801,200 | 1,801,200 |
Cumulative redeemable preferred stock, shares outstanding | 3,801,200 | 1,801,200 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
INCOME: | |||
Rental and Related Income | $ 90,679,557 | $ 74,762,548 | $ 63,886,010 |
Sales of Manufactured Homes | 8,534,272 | 6,754,123 | 7,545,923 |
Total Income | 99,213,829 | 81,516,671 | 71,431,933 |
EXPENSES: | |||
Community Operating Expenses | 42,638,333 | 37,049,462 | 33,592,327 |
Cost of Sales of Manufactured Homes | 6,466,520 | 5,058,350 | 5,832,540 |
Selling Expenses | 2,852,405 | 2,788,360 | 2,983,376 |
General and Administrative | 8,004,925 | 7,345,644 | 6,465,973 |
Acquisition Costs | 79,231 | 957,219 | 483,522 |
Depreciation Expense | 23,214,100 | 18,877,511 | 15,163,420 |
Total Expenses | 83,255,514 | 72,076,546 | 64,521,158 |
OTHER INCOME (EXPENSE): | |||
Interest Income | 1,584,585 | 1,819,567 | 2,098,974 |
Dividend Income | 6,636,126 | 4,399,181 | 4,065,986 |
Gain on Sales of Securities, net | 2,285,301 | 204,230 | 1,542,589 |
Other Income | 504,759 | 435,816 | 328,888 |
Interest Expense | (15,432,364) | (14,074,446) | (10,716,722) |
Total Other Income (Expense) | (4,421,593) | (7,215,652) | (2,680,285) |
Income before Gain (Loss) on Sales of Investment Property and Equipment | 11,536,722 | 2,224,473 | 4,230,490 |
Gain (Loss) on Sales of Investment Property and Equipment | (2,163) | (80,268) | 7,313 |
NET INCOME | 11,534,559 | 2,144,205 | 4,237,803 |
Less: Preferred Dividends | 14,103,432 | 8,267,198 | 7,556,588 |
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS | $ (2,568,873) | $ (6,122,993) | $ (3,318,785) |
Basic and Diluted Income (Loss) Per Share: | |||
Net Income | $ 0.42 | $ 0.08 | $ 0.19 |
Less: Preferred Dividends | (0.51) | (0.32) | (0.34) |
Net Loss Attributable to Common Shareholders | $ (0.09) | $ (0.24) | $ (0.15) |
Weighted Average Common Shares Outstanding: | |||
Basic and Diluted | 27,808,895 | 25,932,626 | 22,496,103 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
Net Income | $ 11,534,559 | $ 2,144,205 | $ 4,237,803 |
Other Comprehensive Income (Loss): | |||
Unrealized Holding Gains (Losses) Arising During the Year | 21,057,498 | (6,930,717) | 5,505,772 |
Reclassification Adjustment for Net Gains Realized in Income | (2,285,301) | (204,230) | (1,542,589) |
Change in Fair Value of Interest Rate Swap Agreements | (2,283) | 37,985 | 155 |
Comprehensive Income (Loss) | 30,304,473 | (4,952,757) | 8,201,141 |
Less: Preferred Dividends | (14,103,432) | (8,267,198) | (7,556,588) |
Comprehensive Income (Loss) Attributable to Common Shareholders | $ 16,201,041 | $ (13,219,955) | $ 644,553 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Preferred Stock Series A [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Undistributed Income (Accumulated Deficit) [Member] | Total | |||||||
Balance at Dec. 31, 2013 | $ 2,076,989 | $ 91,595,000 | $ 0 | $ 96,504,643 | $ 1,076,898 | $ (667,793) | $ 190,585,737 | |||||||
Balance, shares at Dec. 31, 2013 | 20,769,892 | |||||||||||||
Common Stock Issued with the DRIP | $ 355,419 | [1] | 0 | [1] | 0 | [1] | 32,436,820 | [1] | 0 | [1] | 0 | 32,792,239 | [1] | |
Common Stock Issued with the DRIP, shares | [1] | 3,554,191 | ||||||||||||
Common Stock Issued through Restricted Stock Awards | $ 2,500 | 0 | 0 | (2,500) | 0 | 0 | 0 | |||||||
Common Stock Issued through Restricted Stock Awards, shares | 25,000 | |||||||||||||
Common Stock Issued through Stock Options | $ 2,300 | 0 | 0 | 165,160 | 0 | 0 | $ 167,460 | |||||||
Common Stock Issued through Stock Options, shares | 23,000 | (23,000) | ||||||||||||
Distributions | $ 0 | 0 | 0 | (19,604,613) | 0 | (4,237,803) | $ (23,842,416) | |||||||
Stock Compensation Expense | 0 | 0 | 0 | 922,944 | 0 | 0 | 922,944 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 4,237,803 | 4,237,803 | |||||||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 3,963,183 | 0 | 3,963,183 | |||||||
Interest Rate Swaps | 0 | 0 | 0 | 0 | 155 | 0 | 155 | |||||||
Balance at Dec. 31, 2014 | $ 2,437,208 | 91,595,000 | 0 | 110,422,454 | 5,040,236 | (667,793) | 208,827,105 | |||||||
Balance, shares at Dec. 31, 2014 | 24,372,083 | |||||||||||||
Common Stock Issued with the DRIP | [1] | $ 265,726 | 0 | 0 | 24,334,092 | 0 | 0 | 24,599,818 | ||||||
Common Stock Issued with the DRIP, shares | [1] | 2,657,255 | ||||||||||||
Common Stock Issued through Restricted Stock Awards | $ 3,500 | 0 | 0 | (3,500) | 0 | 0 | 0 | |||||||
Common Stock Issued through Restricted Stock Awards, shares | 35,000 | |||||||||||||
Common Stock Issued through Stock Options | $ 2,250 | 0 | 0 | 167,825 | 0 | 0 | $ 170,075 | |||||||
Common Stock Issued through Stock Options, shares | 22,500 | (22,500) | ||||||||||||
Preferred Stock Issued through Direct Placement, net | $ 0 | 0 | 45,030,000 | (1,987,876) | 0 | 0 | $ 43,042,124 | |||||||
Distributions | 0 | 0 | 0 | (24,159,503) | 0 | (2,144,205) | (26,303,708) | |||||||
Stock Compensation Expense | 0 | 0 | 0 | 855,768 | 0 | 0 | 855,768 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 2,144,205 | 2,144,205 | |||||||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | (7,134,947) | 0 | (7,134,947) | |||||||
Interest Rate Swaps | 0 | 0 | 0 | 0 | 37,985 | 0 | 37,985 | |||||||
Balance at Dec. 31, 2015 | $ 2,708,684 | 91,595,000 | 45,030,000 | 109,629,260 | (2,056,726) | (667,793) | 246,238,425 | |||||||
Balance, shares at Dec. 31, 2015 | 27,086,838 | |||||||||||||
Common Stock Issued with the DRIP | [1] | $ 196,613 | 0 | 0 | 22,204,332 | 0 | 0 | 22,400,945 | ||||||
Common Stock Issued with the DRIP, shares | [1] | 1,966,133 | ||||||||||||
Common Stock Issued through Restricted Stock Awards | $ 6,050 | 0 | 0 | (6,050) | 0 | 0 | 0 | |||||||
Common Stock Issued through Restricted Stock Awards, shares | 60,500 | |||||||||||||
Common Stock Issued through Stock Options | $ 27,750 | 0 | 0 | 2,457,310 | 0 | 0 | $ 2,485,060 | |||||||
Common Stock Issued through Stock Options, shares | 277,500 | (277,500) | ||||||||||||
Cancellation of Shares Due to Restricted Stock Forfeitures | $ (216) | 0 | 0 | 216 | 0 | 0 | $ 0 | |||||||
Cancellation of Shares Due to Restricted Stock Forfeitures, shares | (2,160) | |||||||||||||
Preferred Stock Issued through Direct Placement, net | $ 0 | 0 | 50,000,000 | (879,147) | 0 | 0 | 49,120,853 | |||||||
Distributions | 0 | 0 | 0 | (23,047,908) | 0 | (11,534,559) | (34,582,467) | |||||||
Stock Compensation Expense | 0 | 0 | 0 | 1,064,678 | 0 | 0 | 1,064,678 | |||||||
Net Income | 0 | 0 | 0 | 0 | 0 | 11,534,559 | 11,534,559 | |||||||
Unrealized Net Holding Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 18,772,197 | 0 | 18,772,197 | |||||||
Interest Rate Swaps | 0 | 0 | 0 | 0 | (2,283) | 0 | (2,283) | |||||||
Balance at Dec. 31, 2016 | $ 2,938,881 | $ 91,595,000 | $ 95,030,000 | $ 111,422,691 | $ 16,713,188 | $ (667,793) | $ 317,031,967 | |||||||
Balance, shares at Dec. 31, 2016 | 29,388,811 | |||||||||||||
[1] | Dividend Reinvestment and Stock Purchase Plan. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 11,534,559 | $ 2,144,205 | $ 4,237,803 |
Non-cash items included in Net Income: | |||
Depreciation | 23,214,100 | 18,877,511 | 15,163,420 |
Amortization of Financing Costs | 733,485 | 829,017 | 522,250 |
Stock Compensation Expense | 1,064,678 | 855,768 | 922,944 |
Provision for Uncollectible Notes and Other Receivables | 909,397 | 1,123,926 | 1,020,655 |
Gain on Sales of Securities, net | (2,285,301) | (204,230) | (1,542,589) |
(Gain) Loss on Sales of Investment Property & Equipment | 2,163 | 80,268 | (7,313) |
Changes in Operating Assets and Liabilities: | |||
Inventory of Manufactured Homes | (3,113,164) | (2,004,695) | 1,479,326 |
Notes and Other Receivables | (1,204,014) | 840,066 | 279,590 |
Prepaid Expenses and Other Assets | (435,124) | (706,779) | 553,730 |
Accounts Payable | 145,747 | 991,997 | 195,580 |
Accrued Liabilities and Deposits | (1,878,719) | 1,976,958 | 904,960 |
Tenant Security Deposits | 665,605 | 904,200 | 596,105 |
Net Cash Provided by Operating Activities | 29,353,412 | 25,708,212 | 24,326,461 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of Manufactured Home Communities, net of mortgages assumed | (4,081,798) | (78,926,525) | (15,879,551) |
Purchase of Investment Property and Equipment | (58,184,812) | (51,218,338) | (41,858,627) |
Proceeds from Sales of Investment Property and Equipment | 1,114,503 | 777,394 | 768,641 |
Additions to Land Development Costs | (3,728,869) | (921,141) | (268,983) |
Purchase of Securities Available for Sale | (27,518,151) | (23,019,035) | (9,707,038) |
Proceeds from Sales of Securities Available for Sale | 14,831,737 | 4,633,019 | 10,911,791 |
Net Cash Used in Investing Activities | (77,567,390) | (148,674,626) | (56,033,767) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Mortgages, net of mortgages assumed | 31,804,000 | 139,432,000 | 0 |
Net Proceeds (Payments) from Short Term Borrowings | 406,935 | (19,452,727) | 28,320,234 |
Principal Payments of Mortgages and Loans | (25,072,315) | (37,756,234) | (4,639,539) |
Financing Costs on Debt | (668,338) | (2,311,829) | (623,023) |
Proceeds from Issuance of Preferred Stock, net | 49,120,853 | 43,042,124 | 0 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 20,012,393 | 22,593,531 | 30,933,748 |
Proceeds from Exercise of Stock Options | 2,485,060 | 170,075 | 167,460 |
Preferred Dividends Paid | (14,563,645) | (7,556,588) | (7,556,588) |
Common Dividends Paid, net of Dividend Reinvestments | (17,630,270) | (16,740,833) | (14,427,337) |
Net Cash Provided by Financing Activities | 45,894,673 | 121,419,519 | 32,174,955 |
Net Increase (Decrease) in Cash and Cash Equivalents | (2,319,305) | (1,546,895) | 467,649 |
Cash and Cash Equivalents at Beginning of Year | 6,535,897 | 8,082,792 | 7,615,143 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 4,216,592 | $ 6,535,897 | $ 8,082,792 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Organization | NOTE 1 – ORGANIZATION UMH Properties, Inc., a Maryland corporation, and its subsidiaries (the “Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company, through its wholly-owned taxable subsidiary, UMH Sales and Finance, Inc. (“S&F”), also sells manufactured homes to residents and prospective residents in our communities. Inherent in the operations of manufactured home communities are site vacancies. S&F was established to fill these vacancies and enhance the value of the communities. The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets (which is the Company’s total assets excluding accumulated depreciation). Management views the Company as a single segment based on its method of internal reporting in addition to its allocation of capital and resources. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. These manufactured home communities are listed by trade names as follows: MANUFACTURED HOME COMMUNITY LOCATION Allentown Memphis, Tennessee Arbor Estates Doylestown, Pennsylvania Auburn Estates Orrville, Ohio Birchwood Farms Birch Run, Michigan Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania City View Lewistown, Pennsylvania Clinton Mobile Home Resort Tiffin, Ohio Collingwood Horseheads, New York Colonial Heights Wintersville, Ohio Countryside Estates Muncie, Indiana Countryside Estates Ravenna, Ohio Countryside Village Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania Crestview Sayre, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York Evergreen Estates Lodi, Ohio Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio MANUFACTURED HOME COMMUNITY LOCATION Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillside Estates Greensburg, Pennsylvania Holiday Village Nashville, Tennessee Holiday Village Elkhart, Indiana Holly Acres Estates Erie, Pennsylvania Hudson Estates Peninsula, Ohio Huntingdon Pointe Tarrs, Pennsylvania Independence Park Clinton, Pennsylvania Kinnebrook Monticello, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Maple Manor Taylor, Pennsylvania Meadowood New Middletown, Ohio Meadows Nappanee, Indiana Melrose Village Wooster, Ohio Melrose West Wooster, Ohio Memphis Blues Memphis, Tennessee Monroe Valley Ephrata, Pennsylvania Moosic Heights Avoca, Pennsylvania Mountaintop Ephrata, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Falls, Ohio Oxford Village West Grove, Pennsylvania Pine Ridge Village/Pine Manor Carlisle, Pennsylvania Pine Valley Estates Apollo, Pennsylvania Pleasant View Estates Bloomsburg, Pennsylvania Port Royal Village Belle Vernon, Pennsylvania River Valley Estates Marion, Ohio Rolling Hills Estates Carlisle, Pennsylvania Rostraver Estates Belle Vernon, Pennsylvania Sandy Valley Estates Magnolia, Ohio Shady Hills Nashville, Tennessee Somerset Estates/Whispering Pines Somerset, Pennsylvania Southern Terrace Columbiana, Ohio Southwind Village Jackson, New Jersey Spreading Oaks Village Athens, Ohio Springfield Meadows Springfield, Ohio Suburban Estates Greensburg, Pennsylvania Summit Estates Ravenna, Ohio Sunny Acres Somerset, Pennsylvania Sunnyside Eagleville, Pennsylvania Trailmont Goodlettsville, Tennessee Twin Oaks I & II Olmsted Falls, Ohio MANUFACTURED HOME COMMUNITY LOCATION Twin Pines Goshen, Indiana Valley High Ruffs Dale, Pennsylvania Valley Hills Ravenna, Ohio Valley Stream Mountaintop, Pennsylvania Valley View I Ephrata, Pennsylvania Valley View II Ephrata, Pennsylvania Valley View Honeybrook Honey Brook, Pennsylvania Voyager Estates West Newton, Pennsylvania Waterfalls Village Hamburg, New York Wayside Lakeview, Ohio Weatherly Estates Lebanon, Tennessee Woodland Manor West Monroe, New York Woodlawn Village Eatontown, New Jersey Woods Edge West Lafayette, Indiana Wood Valley Caledonia, Ohio Worthington Arms Lewis Center, Ohio Youngstown Estates Youngstown, New York Basis of Presentation and Principles of Consolidation The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. Investment Property and Equipment and Depreciation Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant& Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21 . Acquisitions The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred. Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase. Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. Securities Available for Sale Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company’s Comprehensive Income (loss). The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. b. Any downgrading of the security by a rating agency. c. Whether the financial condition of the issuer has deteriorated. d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. Inventory of Manufactured Homes Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods. Accounts and Notes Receivables The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively. The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years. Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows: Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 12/31/16 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89 % $ 10,625,352 The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits. Revenue Recognition The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful. Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895, 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. Stock Compensation Plan The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives. Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. Recently Adopted Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss). In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows. Other Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". The objective of this amendment is to establish a |
Investment Property and Equipme
Investment Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Investment Property and Equipment | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions in 2016 On September 1, 2016, the Company acquired two manufactured home communities, Lakeview Meadows and Wayside, located in Ohio for approximately $2,954,000. These all-age communities contain a total of 165 developed homesites that are situated on approximately 71 total acres. At the date of acquisition, the average occupancy for these communities was approximately 64%. On December 19, 2016, the Company acquired Springfield Meadows, a manufactured home community located in Springfield, Ohio, for approximately $4,323,000. This all-age community contains a total of 124 developed homesites that are situated on approximately 121 total acres. At the date of acquisition, the average occupancy for this community was approximately 82%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $3,195,000. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025. Acquisitions in 2015 On January 21, 2015, the Company acquired Holly Acres, a manufactured home community located in Erie, Pennsylvania, for $3,800,000. This all-age community contains a total of 141 developed homesites that are situated on approximately 40 total acres. At the date of acquisition, the average occupancy for this community was approximately 96%. The Company assumed a mortgage loan with a balance of approximately $2,300,000. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021. On April 23, 2015, the Company acquired two manufactured home communities, Huntingdon Pointe and Voyager Estates, for $5,300,000. These all-age communities are located in western Pennsylvania and contain a total of 324 developed homesites that are situated on approximately 141 total acres. At the date of acquisition, the average occupancy for these communities was approximately 63%. On May 27, 2015, the Company acquired Valley Stream, a manufactured home community located in northeastern Pennsylvania for $3,517,000. This all-age community contains a total of 158 developed home sites that are situated on approximately 43 total acres. At the date of acquisition, the average occupancy for this community was approximately 64%. On August 19, 2015, the Company completed the first tranche of a six community acquisition for a total purchase price of $68,600,000. This tranche consisted of three manufactured home communities, two located in Ohio and one located in Michigan, for $32,500,000. These three all-age communities contain 897 developed homesites that are situated on approximately 177 total acres. At the date of acquisition, the average occupancy for these communities was approximately 69%. In conjunction with this acquisition, the Company completed the financing of six manufactured home communities, including these three communities, for total proceeds of approximately $43,100,000. On October 16, 2015, the Company completed the second tranche of the six community acquisition. This tranche consisted of three manufactured home communities, located in Indiana, for $36,100,000. These three all-age communities contain 1,254 developed home sites, situated on approximately 316 total acres. At the date of acquisition, the average occupancy for these communities was approximately 56%. In conjunction with this acquisition, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on one of the acquired communities, Holiday Village in Elkhart, Indiana. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule. These acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the result of the acquired assets are included in the statements of income (loss) from the dates of acquisition. The allocations of the fair value of the assets acquired is subject to further adjustment as final costs and valuations are determined. The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015: Fair Value at Acquisition Date 2016 Acquisitions 2015 Acquisitions Assets Acquired: Land $ 2,000,000 $ 6,109,300 Depreciable Property 5,277,000 74,889,775 Other -0- 217,925 Total Assets Acquired $ 7,277,000 $ 81,217,000 Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows: 2016 Acquisitions 2015 Acquisitions 2016 2016 2015 Total Income $ 172,050 $ 10,044,476 $ 3,495,116 Community NOI * $ 103,578 $ 5,315,690 $ 1,935,101 Net Income (Loss) $ 3,051 $ (574,201 ) $ (226,870 ) *Community NOI is defined as rental and related income less community operating expenses. See Note 5 for additional information relating to Loans and Mortgages Payable and Note 16 for the Unaudited Pro Forma Financial Information relating to these acquisitions. Accumulated Depreciation The following is a summary of accumulated depreciation by major classes of assets: December 31, 2016 December 31, 2015 Site and Land Improvements $ 99,161,090 $ 85,654,138 Buildings and Improvements 4,947,543 4,217,886 Rental Homes and Accessories 24,906,990 17,767,602 Equipment and Vehicles 11,239,980 10,121,520 Total Accumulated Depreciation $ 140,255,603 $ 117,761,146 |
Securities Available For Sale
Securities Available For Sale | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities Available For Sale | NOTE 4 – SECURITIES AVAILABLE FOR SALE The Company’s securities available for sale consist of common and preferred stock of other REITs. The Company does not own more than 10% of the outstanding shares of any of these securities, nor does it have controlling financial interest. As of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale. See Note 13 for Fair Value Measurements. The following is a listing of securities available for sale at December 31, 2016: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Ashford Hospitality Trust, Inc. A 8.550 % 10,000 $ 251,205 $ 253,800 CBL & Associates Properties, Inc. D 7.375 % 2,000 50,269 48,900 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,440,789 Cedar Realty Trust, Inc. B 7.250 % 58,577 1,411,846 1,426,126 Chesapeake Lodging Trust A 7.750 % 20,000 500,000 507,806 Corporate Office Properties Trust L 7.375 % 26,000 650,330 656,760 Kilroy Realty Corporation G 6.875 % 34,948 844,770 885,932 LaSalle Hotel Properties H 7.500 % 40,000 982,589 1,002,000 Pennsylvania Real Estate Investment Trust A 8.250 % 68,800 1,720,885 1,739,952 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,000,000 Retail Properties of America, Inc. A 7.000 % 20,000 481,949 500,000 Stag Industrial, Inc. B 6.625 % 20,100 470,007 501,495 Summit Hotel Properties, Inc. B 7.875 % 20,000 500,000 514,780 Sun Communities, Inc. A 7.125 % 45,000 1,117,377 1,133,550 Terreno Realty Corporation A 7.750 % 20,300 507,791 512,575 Urstadt Biddle Properties, Inc. F 7.125 % 30,421 756,304 775,735 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 128,000 Total Preferred Stock 12,857,467 13,028,200 Common Stock: CBL & Associates Properties, Inc. 1,000,000 11,785,016 11,500,000 Cousins Properties, Inc. 105,950 820,348 901,635 Gladstone Commercial Corporation 180,000 3,199,933 3,618,000 Government Properties Income Trust 810,000 15,520,076 15,442,650 Monmouth Real Estate Investment Corporation (1) 2,237,588 19,231,411 34,100,835 Nobility Homes Inc. 20,000 158,200 315,000 Parkway Properties Inc. 33,243 628,819 739,657 Select Income Real Estate Investment Trust 740,000 17,802,516 18,648,000 Senior Housing Properties Trust 220,911 3,760,406 4,181,845 Urstadt Biddle Properties, Inc. 85,000 1,761,151 2,049,350 Vereit, Inc. 500,000 4,512,658 4,230,000 Total Common Stock 79,180,534 95,726,972 Total Securities Available for Sale $ 92,038,001 $ 108,755,172 (1) Related entity – See Note 8. The following is a listing of securities available for sale at December 31, 2015: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Ashford Hospitality Trust, Inc. A 8.550 % 10,000 $ 251,205 $ 252,480 CBL & Associates Properties, Inc. D 7.375 % 2,000 50,269 50,580 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,144 1,564,963 Cedar Realty Trust, Inc. B 7.250 % 54,596 1,310,210 1,348,510 Chesapeake Lodging Trust A 7.750 % 20,000 500,000 516,600 Corporate Office Properties Trust L 7.375 % 26,000 650,330 670,280 CubeSmart A 7.750 % 2,000 52,153 52,280 Dupont Fabros Technology, Inc. A 7.875 % 26,412 657,703 668,224 Dupont Fabros Technology, Inc. B 7.625 % 10,000 250,000 252,100 Kilroy Realty Corporation G 6.875 % 34,948 844,770 902,008 LaSalle Hotel Properties H 7.500 % 40,000 982,589 1,006,000 Pennsylvania Real Estate Investment Trust A 8.250 % 68,800 1,720,885 1,775,728 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,008,400 Retail Properties of America, Inc. A 7.000 % 20,000 481,949 513,000 Stag Industrial, Inc. B 6.625 % 20,100 470,007 509,334 Summit Hotel Properties, Inc. B 7.875 % 20,000 500,000 515,998 Sun Communities, Inc. A 7.125 % 45,000 1,117,377 1,179,000 Terreno Realty Corporation A 7.750 % 20,300 507,791 516,840 Urstadt Biddle Properties, Inc. F 7.125 % 30,421 756,305 786,687 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 130,700 Total Preferred Stock 13,715,687 14,219,712 Common Stock: CBL & Associates Properties, Inc. 135,000 2,295,133 1,669,951 Getty Realty Corporation 135,000 2,544,483 2,315,250 Gladstone Commercial Corporation 55,000 946,184 802,450 Government Properties Income Trust 550,000 11,244,317 8,728,500 Mack-Cali Realty Corporation 135,000 3,095,616 3,152,250 Monmouth Real Estate Investment Corporation (1) 2,125,270 17,855,054 22,230,328 Nobility Homes Inc. 20,000 158,200 242,000 Parkway Properties Inc. 55,000 959,887 859,650 RMR Group, Inc. 19,712 256,256 284,050 Select Income Real Estate Investment Trust 700,000 16,909,351 13,874,000 Senior Housing Properties Trust 175,911 3,032,483 2,610,519 Urstadt Biddle Properties, Inc. 55,000 1,103,323 1,058,200 Vereit, Inc. 25,000 202,787 198,000 Weingarten Realty Investors 80,000 2,747,526 2,766,400 Total Common Stock 63,350,600 60,791,548 Total Securities Available for Sale $ 77,066,287 $ 75,011,260 (1) Related entity – See Note 8. As of December 31, 2016, the Company held five securities that the Company determined were temporarily impaired investments. The Company considers many factors in determining whether a security is other than temporarily impaired, including the nature of the security and the cause, severity and duration of the impairment. The following is a summary of temporarily impaired securities at December 31, 2016: Less than 12 Months 12 Months or Longer Fair Value Unrealized Loss Fair Value Unrealized Loss Preferred Stock $ 1,489,689 $ (47,724 ) $ -0- $ -0- Common Stock 31,172,650 (645,100 ) -0- -0- Total $ 32,662,339 $ (692,824 ) $ -0- $ -0- The following is a summary of the range of the losses: Number of Individual Securities Fair Value Unrealized Loss Range of Loss 4 $ 28,432,339 $ (410,166 ) Less than or equal to 3% 1 4,230,000 (282,658 ) 6% 5 $ 32,662,339 $ (692,824 ) The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2016, 2015 and 2014, the securities portfolio had net unrealized holding gains (losses) of $16,717,171, $(2,055,027) and $5,079,921, respectively. During the years ended December 31, 2016, 2015 and 2014, the Company received proceeds of $14,831,737, $4,633,019 and $10,911,791, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities, net: 2016 2015 2014 Gross realized gains $ 2,287,454 $ 208,200 $ 1,555,656 Gross realized losses (2,153 ) (3,970 ) (13,067 ) Total Realized Gain on Sales of Securities, net $ 2,285,301 $ 204,230 $ 1,542,589 The Company had margin loan balances of $22,727,458 and $15,766,573 at December 31, 2016 and 2015, respectively, which were collateralized by the Company’s securities portfolio. |
Loans and Mortgages Payable
Loans and Mortgages Payable | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Loans and Mortgages Payable | NOTE 5 – LOANS AND MORTGAGES PAYABLE Loans Payable The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2016 and 2015 was 2.0%. These margin loans are due on demand. At December 31, 2016 and 2015, respectively, the margin loans amounted to $22,727,458 and $15,766,573, respectively, and are collateralized by the Company’s securities portfolio. The Company must maintain a coverage ratio of approximately 2 times. The Company has revolving credit agreements totaling $28,500,000 with 21 st st The Company has a revolving line of credit with OceanFirst Bank (“OceanFirst Line”) secured by the Company’s eligible notes receivable. The maximum availability on this line is $10.0 million. Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. As of December 31, 2016 and 2015, the amount outstanding on this revolving line of credit was $4,000,000, and the interest rate was 4.25% and 4.0%, respectively. The Company has an agreement with 21 st The Company has a $4,000,000 loan from Two River Community Bank, secured by 1,000,000 shares of Monmouth Real Estate Investment Corporation common stock. This loan is at an interest rate of 4.625%, with interest only payments through October 2017, and matures on October 30, 2019. The amount outstanding on this loan was $4,000,000 as of December 31, 2016 and 2015, respectively. The Company also has $884,528 in automotive loans with a weighted average interest rate of 3.8%. Unsecured Lines of Credit On March 29, 2013, the Company entered into a $35 million Unsecured Revolving Credit Facility with Bank of Montreal (“Credit Facility”). The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement. The maturity date of the Credit Facility was extended to March 29, 2017. The Company is in the process of renewing this Credit Facility. The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows: Year Ended December 31, 2017 $ 30,566,256 2018 255,164 2019 255,955 2020 4,245,631 2021 136,771 Thereafter 22,933,662 Total Loans Payable 58,393,439 Unamortized Debt Issuance Costs (108,054 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 58,285,385 Mortgages Payable Mortgages Payable represents the principal amounts outstanding as of December 31, 2016. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.83% and variable rates ranging from Prime plus 1.0% to LIBOR plus 3.0%. The weighted average interest rate as of December 31, 2016 was 4.4%, compared to 4.6% as of December 31, 2015. As of December 31, 2016, the weighted average loan maturity of the Mortgage Notes Payable was 6.9 years. This compares to a weighted average loan maturity of the Mortgage Notes Payable of 7.1 years as of December 31, 2015. The following is a summary of mortgages payable at December 31, 2016 and 2015: At December 31, 2016 Balance at December 31, Property Due Date Interest Rate 2016 2015 Allentown 10/01/25 4.06 % $ 13,637,719 $ 13,873,376 Brookview Village 04/01/25 3.92 % 2,832,889 2,884,660 Candlewick Court 09/01/25 4.10 % 4,551,134 4,629,572 Catalina 08/19/25 4.20 % 5,739,657 5,936,296 Cedarcrest 04/01/25 3.71 % 12,268,266 12,501,441 Clinton Mobile Home Resort 10/01/25 4.06 % 3,579,289 3,641,139 Cranberry Village 04/01/25 3.92 % 7,769,600 7,911,589 D & R Village 03/01/25 3.85 % 7,837,828 7,983,634 Fairview Manor 11/01/26 3.85 % 16,299,292 9,921,261 Forest Park Village 09/01/25 4.10 % 8,486,324 8,632,586 Hayden Heights 04/01/25 3.92 % 2,134,846 2,173,861 Heather Highlands 08/28/18 Prime + 1.0% 354,529 678,288 Highland Estates 09/01/17 6.175 % 9,035,246 9,226,700 Holiday Village 09/01/25 4.10 % 8,075,696 8,214,880 Holiday Village- IN 11/01/25 3.96 % 8,674,151 8,826,242 Holly Acres Estates 10/05/21 6.50 % 2,228,629 2,260,360 Kinnebrook Village 04/01/25 3.92 % 4,127,176 4,202,600 Lake Sherman Village 09/01/25 4.10 % 5,611,924 5,708,646 Olmsted Falls 04/01/25 3.98 % 2,133,656 2,172,210 Oxford Village 01/01/20 5.94 % 6,963,586 7,162,128 Shady Hills 04/01/25 3.92 % 5,089,892 5,182,910 Somerset Estates and Whispering Pines 02/26/19 4.89 % 395,886 566,425 Springfield Meadows 10/06/25 4.83 % 3,191,381 -0- Suburban Estates 10/01/25 4.06 % 5,686,136 5,784,391 Sunny Acres 10/01/25 4.06 % 6,329,351 6,438,720 Southwind Village 01/01/20 5.94 % 5,562,311 5,720,900 Trailmont 04/01/25 3.92 % 3,393,262 3,455,273 Twin Oaks 12/01/19 5.75 % 2,494,084 2,567,451 Valley Hills 06/01/26 4.32 % 3,466,014 -0- Waterfalls 06/01/26 4.38 % 4,716,994 -0- Weatherly Estates 04/01/25 3.92 % 8,279,558 8,430,867 Woods Edge 01/07/26 4.30 % 6,969,958 -0- Worthington Arms 09/01/25 4.10 % 9,514,851 9,678,840 Various (3 properties) 05/01/16 6.66% (1) -0- 8,618,982 Various (4 properties) 07/01/23 4.975 % 8,226,015 8,363,756 Various (5 properties) 01/01/22 4.25 % 14,072,987 14,382,719 Various (5 properties) 12/06/22 4.75 % 7,294,460 7,426,995 Various (5 properties) 02/01/18 6.83 % 8,818,862 8,954,713 Various (11 properties) 08/01/17 LIBOR + 3.0% 10,625,352 11,416,309 Various (13 properties) 03/01/23 4.065 % 50,095,192 51,106,376 Total Mortgages Payable 296,563,983 286,637,096 Unamortized Debt Issuance Costs (3,538,391 ) (3,587,294 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 293,025,592 $ 283,049,802 (1) Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%. At December 31, 2016 and 2015, mortgages were collateralized by real property with a carrying value of $488,623,061 and $444,098,037, respectively, before accumulated depreciation and amortization. Interest costs amounting to $359,906, $277,944 and $280,354 were capitalized during 2016, 2015 and 2014, respectively, in connection with the Company’s expansion program. Recent Transactions During the year ended December 31, 2016 On January 7, 2016, the Company obtained a $7,200,000 mortgage loan on Woods Edge from OceanFirst Bank. This mortgage is at a fixed rate of 4.3% and matures on January 7, 2026. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.5%. On May 2, 2016, the Company obtained a $4,760,000 Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage through Wells Fargo Bank, N.A. (“Wells Fargo”) on Waterfalls Village with an interest rate that is fixed at 4.38%. The Company also obtained a $3,498,000 Freddie Mac mortgage through Wells Fargo on Valley Hills with an interest rate that is fixed at 4.32%. These mortgages mature on June 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay existing mortgages on three communities with an average interest rate of 6.66%. On October 31, 2016, the Company obtained a $16,346,000 Freddie Mac mortgage through Wells Fargo on Fairview Manor. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures November 1, 2026, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing mortgage with a principal balance of approximately $9,700,000 and an interest rate of 5.785%. On December 19, 2016, the Company assumed a mortgage loan with a balance of approximately $3,195,000, in conjunction with its acquisition of Springfield Meadows. The interest rate on this mortgage is fixed at 4.83%. This mortgage matures on October 6, 2025. During the year ended December 31, 2015 On January 21, 2015, the Company assumed a mortgage loan of $2,300,000 in conjunction with its acquisition of Holly Acres. The interest rate on this mortgage is fixed at 6.5%. This mortgage matures on October 5, 2021. On February 27, 2015, the Company obtained an $8,100,000 Freddie Mac mortgage through Wells Fargo on D&R Village. The interest rate on this mortgage is fixed at 3.85%. This mortgage matures on March 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing D&R Village and Waterfalls Village mortgage of approximately $6.8 million, which had a variable rate of LIBOR plus 2.25%. On March 6, 2015, the Company obtained a $2,200,000 Freddie Mac mortgage through Wells Fargo on Olmsted Falls. The interest rate on this mortgage is fixed at 3.98%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. On March 20, 2015, the Company obtained seven Freddie Mac mortgages totaling $34,685,000 through Wells Fargo on the following communities: Brookview Village, Cranberry Village, Hayden Heights, Kinnebrook, Shady Hills, Trailmont and Weatherly Estates. The interest rates on these mortgages are fixed at 3.92%. These mortgages mature on April 1, 2025, with principal repayments based on a 30-year amortization schedule. On April 1, 2015, the Company obtained a $12,670,000 Freddie Mac mortgage through Wells Fargo on Cedarcrest. The interest rate on this mortgage is fixed at 3.71%. This mortgage matures on April 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from this mortgage were used to repay the existing Cedarcrest Village mortgage of approximately $8.9 million, which had an interest rate of 5.125%. The Company incurred a prepayment penalty of approximately $89,000 on this repayment. On August 19, 2015, the Company obtained five Freddie Mac mortgages totaling $37,067,000 through Wells Fargo for the following communities: Candlewick Court, Forest Park Village, Holiday Village, Lake Sherman Village and Worthington Arms. The interest rate on these mortgages is fixed at 4.1%. These mortgages mature on September 1, 2025, with principal repayment based on a 30-year amortization schedule. On August 19, 2015, the Company obtained a $6,000,000 mortgage loan on Catalina from OceanFirst Bank. This mortgage is at a fixed rate of 4.2% and matures on August 19, 2025. The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%. On October 1, 2015, the Company obtained four Freddie Mac mortgages totaling $29,859,000 through Wells Fargo for the following communities: Allentown, Clinton Mobile Home Resort, Suburban Estates and Sunny Acres. The interest rates on these mortgages are fixed at 4.06%. These mortgages mature October 1, 2025, with principal repayments based on a 30-year amortization schedule. Proceeds from these mortgages were used to repay the existing mortgages of approximately $16.6 million, with a weighted average interest rate of 4.24%. The Company incurred total prepayment fees and penalties of approximately $154,000 on these repayments. On October 16, 2015, the Company obtained an $8,851,000 Freddie Mac mortgage through Wells Fargo on Holiday Village. The interest rate on this mortgage is fixed at 3.96%. This mortgage matures on November 1, 2025, with principal repayments based on a 30-year amortization schedule. The aggregate principal payments of all mortgages payable are scheduled as follows: Year Ended December 31, 2017 $ 25,905,661 2018 14,701,232 2019 19,675,147 2020 5,779,756 2021 20,396,125 Thereafter 210,106,062 Total $ 296,563,983 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation Related Costs [Abstract] | |
Stock Compensation Plan | NOTE 6 – STOCK COMPENSATION PLAN On June 13, 2013, the shareholders approved and ratified the Company’s 2013 Stock Option and Stock Award Plan (the “2013 Plan”) authorizing the grant of stock options or restricted stock awards to directors, officers and key employees of options to purchase up to 3,000,000 shares of common stock. The option price shall not be below the fair market value at date of grant. If and to the extent that an award made under the 2013 Plan is forfeited, terminated, expires or is canceled unexercised, the number of shares associated with the forfeited, terminated, expired or canceled portion of the award shall again become available for additional awards under the 2013 Plan. The 2013 Plan replaced the Company’s 2003 Stock Option Plan (the “2003 Plan”), which, pursuant to its terms, terminated in 2013. The outstanding options under the 2003 Stock Option and Award Plan, as amended, remain outstanding until exercised, forfeited or expired. Not more than 200,000 shares of the Company’s common stock may be granted as options in any one fiscal year to a participant under the 2013 Plan. In general, each option may be exercised only after one year of continued service with the Company. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant is 100,000 shares. The Compensation Committee determines the recipients of restricted stock awards; the number of restricted shares to be awarded; the length of the restricted period of the award; the restrictions applicable to the award including, without limitation, the employment or retirement status of the participant; rules governing forfeiture and restrictions applicable to any sale, assignment, transfer, pledge or other encumbrance of the restricted stock during the restricted period; and the eligibility to share in dividends and other distributions paid to the Company’s stockholders during the restricted period. The maximum number of shares underlying restricted stock awards that may be granted in any one fiscal year to a participant shall be 100,000 shares. Unless otherwise provided for in an underlying restricted stock award agreement, if a participant’s status as an employee or director of the Company is terminated by reason of death or disability, the restrictions will lapse on such date. Unless otherwise provided for in an underlying restricted stock award agreement, the Plan provides that if an individual’s status as an employee or director is terminated by reason of retirement following an involuntary termination (other than for “cause” as defined in the 2013 Plan), the restrictions will generally lapse, unless the restricted stock award is intended to constitute “performance based” compensation for purposes of Section 162(m) of the Internal Revenue Code. If a participant’s status as an employee or director terminates for any other reason, the Plan provides that a participant will generally forfeit any outstanding restricted stock awards, unless otherwise indicated in the applicable award agreement. Shares of restricted stock that are forfeited become available again for issuance under the 2013 Plan. The Compensation Committee has the authority to accelerate the time at which the restrictions may lapse whenever it considers that such action is in the best interests of the Company and of its stockholders, whether by reason of changes in tax laws, a “change in control” as defined in the 2013 Plan or otherwise. The Company accounts for stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). Stock Options During the year ended December 31, 2016, thirty-four employees were granted options to purchase a total of 527,000 shares. During the year ended December 31, 2015, twenty-four employees were granted options to purchase a total of 425,000 shares. During the year ended December 31, 2014, twenty-five employees were granted options to purchase a total of 339,000 shares. The fair value of these options for the years ended December 31, 2016, 2015 and 2014 was approximately $425,000, $393,000 and $332,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $85,997 as of December 31, 2016, which will be expensed in 2017. The Company calculates the fair value of each option grant on the grant date using the Black-Scholes option-pricing model which requires the Company to provide certain inputs, as follows: ● The assumed dividend yield is based on the Company’s expectation of an annual dividend rate for regular dividends over the estimated life of the option. ● Expected volatility is based on the historical volatility of the Company’s stock over a period relevant to the related stock option grant. ● The risk-free interest rate utilized is the interest rate on U.S. Government Bonds and Notes having the same life as the estimated life of the Company’s option awards. ● Expected life of the options granted is estimated based on historical data reflecting actual hold periods. ● Estimated forfeiture is based on historical data reflecting actual forfeitures. The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years: 2016 2015 2014 Dividend yield 7.32 % 7.37 % 7.14 % Expected volatility 26.30 % 27.17 % 27.12 % Risk-free interest rate 1.49 % 2.12 % 2.23 % Expected lives 8 8 8 Estimated forfeitures -0- -0- -0- During the year ended December 31, 2016, options to twenty employees to purchase a total of 277,500 shares were exercised. During the year ended December 31, 2015, options to five employees to purchase a total of 22,500 shares were exercised. During the year ended December 31, 2014, options to two employees to purchase a total of 23,000 shares were exercised. During the year ended December 31, 2016, options to one employee to purchase a total of 50,000 shares expired. During the year ended December 31, 2015, options to sixteen employees to purchase a total of 143,000 shares expired or were forfeited. During the year ended December 31, 2014, options to eleven employees to purchase a total of 108,000 shares expired. A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows: 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,560,500 $ 9.92 1,301,000 $ 10.34 1,093,000 $ 10.86 Granted 527,000 9.77 425,000 9.82 339,000 9.85 Exercised (277,500 ) 8.96 (22,500 ) 7.56 (23,000 ) 7.28 Forfeited -0- -0- (37,000 ) 10.63 -0- -0- Expired (50,000 ) 11.97 (106,000 ) 14.84 (108,000 ) 14.52 Outstanding at end of year 1,760,000 9.97 1,560,500 9.92 1,301,000 10.34 Options exercisable at end of year 1,233,000 1,135,500 962,000 Weighted average fair value of options granted during the year $ 0.81 $ 0.93 $ 0.98 The following is a summary of stock options outstanding as of December 31, 2016: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/22/09 5 18,500 7.57 06/22/17 01/08/10 1 10,900 9.13 01/08/18 01/08/10 1 14,100 8.30 01/08/18 07/27/10 6 52,000 11.40 07/27/18 07/05/11 7 58,000 11.16 07/05/19 08/29/12 10 70,000 11.29 08/29/20 02/28/13 1 10,000 10.02 02/28/21 06/26/13 18 343,000 10.08 06/26/21 06/11/14 19 276,000 9.85 06/11/22 06/24/15 19 380,500 9.82 06/24/23 04/05/16 34 527,000 * 9.77 04/05/24 1,760,000 * Unexercisable The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying awards and the quoted price of the Company’s common stock for the options that were in-the-money. The aggregate intrinsic value of options outstanding as of December 31, 2016, 2015 and 2014 was $8,939,488, $669,098 and $395,243, respectively, of which $6,156,928, $541,598 and $395,243 relate to options exercisable. The intrinsic value of options exercised in 2016, 2015 and 2014 was $1,018,730, $62,230 and $57,250 respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 5.6, 5.4 and 4.3 years as of December 31, 2016, 2015 and 2014, respectively. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $463,864, $365,560 and $437,063, respectively. Restricted Stock On April 5, 2016, the Company awarded 40,500 shares of restricted stock to two participants. On September 14, 2016, the Company awarded 20,000 shares of restricted stock to one participant. On February 5, 2015, the Company awarded 25,000 shares of restricted stock to one participant. On September 16, 2015, the Company awarded 10,000 shares to ten participants. During 2014, the Company awarded 25,000 shares of restricted stock to one participant. The grant date fair value of restricted stock grants awarded to participants was $627,085, $334,450 and $232,750 for the years ended December 31, 2016, 2015 and 2014, respectively. These grants vest in equal installments over five years. As of December 31, 2016, there remained a total of $685,925 of unrecognized restricted stock compensation related to outstanding non-vested restricted stock grants awarded and outstanding at that date. Restricted stock compensation is expected to be expensed over a remaining weighted average period of 3.3 years. For the years ended December 31, 2016, 2015 and 2014, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $600,814, $490,208 and $485,881, respectively. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below: 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year 121,242 $ 9.83 137,346 $ 10.37 152,292 $ 10.77 Granted 60,500 10.37 35,000 9.56 25,000 9.31 Dividend Reinvested Shares 8,430 10.82 10,736 9.09 12,194 9.22 Forfeited (2,160 ) 9.83 -0- -0- -0- -0- Vested (54,697 ) 10.07 (61,840 ) 9.63 (52,140 ) 10.77 Non-vested at end of year 133,315 $ 10.04 121,242 $ 9.83 137,346 $ 10.37 As of December 31, 2016, there were 1,235,500 shares available for grant as stock options or restricted stock under the 2013 Plan. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) Plan | NOTE 7 – 401(k) PLAN All full-time employees who are over 21 years old are eligible for the Company’s 401(k) Plan (“Plan”). Under this Plan, an employee may elect to defer his/her compensation, subject to certain maximum amounts, and have it contributed to the Plan. Employer contributions to the Plan are at the discretion of the Company. During 2016, 2015 and 2014, the Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. The total expense relating to the Plan, including matching contributions amounted to $245,057, $167,971 and $226,953 in 2016, 2015 and 2014, respectively. |
Related Party Transactions and
Related Party Transactions and Other Matters | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Other Matters | NOTE 8 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS Transactions with Monmouth Real Estate Investment Corporation There are six Directors of the Company who are also Directors and shareholders of Monmouth Real Estate Investment Corporation (“MREIC”). The Company holds common stock of MREIC in its securities portfolio. As of December 31, 2016, the Company owns a total of 2,237,588 shares of MREIC common stock, representing 3.2% of the total shares outstanding at December 31, 2016 (See Note 4). The Company shares 1 officer (Chairman of the Board) with MREIC. Employment Agreements and Compensation The Company has three year employment agreements with Mr. Eugene W. Landy, Mr. Samuel A. Landy and Ms. Anna T. Chew. The agreements provide for base compensation aggregating approximating $1 million. In addition, the agreements call for incentive bonuses, and an extension of services and severance payments upon certain future events, such as a change in control. Other Matters Mr. Eugene W. Landy, the Founder and Chairman of the Board of the Company, owns a 24% interest in the entity that is the landlord of the property where the Company’s corporate office space is located. The Company is also responsible for its proportionate share of real estate taxes and common area maintenance. On May 1, 2015, the Company renewed this lease for additional space and an additional seven-year term with monthly lease payments of $14,900 through April 30, 2020 and $15,300 through April 30, 2022. Management believes that the aforesaid rent is no more than what the Company would pay for comparable space elsewhere. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | NOTE 9 – SHAREHOLDERS’ EQUITY Common Stock The Company has a Dividend Reinvestment and Stock Purchase Plan (“DRIP”), as amended. Under the terms of the DRIP, shareholders who participate may reinvest all or part of their dividends in additional shares of the Company at a discounted price (approximately 95% of market value) directly from the Company, from authorized but unissued shares of the Company common stock. Shareholders may also purchase additional shares at this discounted price by making optional cash payments monthly. Optional cash payments must be not less than $500 per payment nor more than $1,000 unless a request for waiver has been accepted by the Company. Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Amounts Received $ 22,400,945 $ 24,599,818 $ 32,792,239 Less: Dividends Reinvested (2,388,552 ) (2,006,287 ) (1,858,491 ) Amounts Received, net $ 20,012,393 $ 22,593,531 $ 30,933,748 Number of Shares Issued 1,966,133 2,657,255 3,554,191 Preferred Stock As of December 31, 2016, the Company had a total of 3,663,800 shares of Series A Preferred Stock outstanding representing an aggregate liquidation preference of $91,595,000. The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15. The Series A Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Effective May 26, 2016, at any time and, from time to time, the Series A Preferred Stock can be redeemed in whole or in part, at the Company’s option, at a cash redemption price of $25.00 per share, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series A Preferred Stock will have the right to convert all or part of the shares of the Series A Preferred Stock held, unless the Company elects to redeem the Series A Preferred Stock. Holders of the Series A Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. On October 20, 2015, the Company issued and sold 1,801,200 shares of its 8.0% Series B Cumulative Redeemable Preferred Stock (“Series B Preferred Stock”) in a registered direct placement at a sale price of $25.00 per share. The Company received net proceeds from the offering of approximately $43 million, after deducting offering related expenses. Dividends on the Series B Preferred Stock are cumulative from October 20, 2015 at an annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. The first quarterly dividend payment date for the Series B Preferred Stock was payable March 15, 2016 and was for the dividend period from October 20, 2015 to February 29, 2016. A portion of the dividend to be paid on March 15, 2016, covering the period October 20, 2015 to December 31, 2015, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements. The Series B Preferred Stock, par value $0.10, has no maturity and will remain outstanding indefinitely unless redeemed or otherwise repurchased. Except in limited circumstances relating to the Company’s qualification as a REIT, and as described below, the Series B Preferred Stock is not redeemable prior to October 20, 2020. On and after October 20, 2020, the Series B Preferred Stock will be redeemable at the Company’s option for cash, in whole or, from time to time, in part, at a price per share equal to $25.00, plus all accrued and unpaid dividends (whether or not declared) to the date of redemption. The Series B Preferred shares ranks on a parity with the Company’s Series A Preferred shares with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, as defined in the Prospectus of the Preferred Offering, each holder of the Series B Preferred Stock will have the right to convert all or part of the shares of the Series B Preferred Stock held, unless the Company elects to redeem the Series B Preferred Stock. Holders of the Series B Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for six or more quarterly periods, whether or not consecutive, or with respect to certain specified events. In conjunction with the issuance of the Company’s Series B Preferred Stock, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 22,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 48,663,800 shares (classified as 42,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock) to 70,663,800 shares (classified as 64,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series B Preferred Stock and reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred Stock. After the reclassification, the Company’s authorized stock consisted of 62,000,000 shares of common stock, 3,663,800 shares of 8.25% Series A Cumulative Redeemable Preferred Stock, 2,000,000 shares of 8% Series B Cumulative Redeemable Preferred Stock and 3,000,000 shares of excess stock. On April 5, 2016, the Company issued an additional 2,000,000 shares of its Series B Preferred stock in a registered direct placement at a sale price of $25.50 per share, including accrued dividends. The Company received net proceeds from the offering after expenses of approximately $49.1 million and used the net proceeds for general corporate purposes, which included purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, acquisitions of additional properties and repayment of indebtedness on a short-term basis. In conjunction with the issuance of the Company’s Series B Preferred shares, on April 4, 2016, the Company filed with the Maryland State Department of Assessments and Taxation (the “Maryland SDAT”), an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 11,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 70,663,800 shares (classified as 62,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 81,663,800 shares (classified as 73,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 2,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Immediately following this amendment, the Company filed with the Maryland SDAT Articles Supplementary reclassifying 2,000,000 shares of Common Stock as shares of Series B Preferred stock. After the reclassification, the Company’s authorized stock consisted of 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock. On August 11, 2016, the Company filed with the MSAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 4,000,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 81,663,800 shares (classified as 71,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock) to 85,663,800 shares (classified as 75,000,000 shares of common stock, 3,663,800 shares of Series A Preferred stock, 4,000,000 shares of Series B Preferred stock and 3,000,000 shares of excess stock). Issuer Purchases of Equity Securities On January 19, 2017, the Board of Directors reaffirmed its Share Repurchase Program (the “Repurchase Program”) that authorizes the Company to purchase up to $10,000,000 in the aggregate of the Company’s common stock. The Repurchase Program was originally created in June 2008 and is intended to be implemented through purchases made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program does not require the Company to acquire any particular amount of common stock, and the Repurchase Program may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. There have been no purchases under the Repurchase Program to date. |
Distributions
Distributions | 12 Months Ended |
Dec. 31, 2016 | |
Distributions [Abstract] | |
Distributions | NOTE 10 – DISTRIBUTIONS Common Stock The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 4,879,009 $ 0.18 $ 4,481,730 $ 0.18 $ 3,853,595 $ 0.18 June 30 4,903,286 0.18 4,633,318 0.18 3,991,110 0.18 September 30 5,031,818 0.18 4,767,312 0.18 4,125,060 0.18 December 31 5,204,709 0.18 4,864,760 0.18 4,316,063 0.18 $ 20,018,822 $ 0.72 $ 18,747,120 $ 0.72 $ 16,285,828 $ 0.72 These amounts do not include the discount on shares purchased through the Company’s DRIP. On January 19, 2017, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2017 to common shareholders of record as of the close of business on February 15, 2017. Preferred Stock The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2016 2/16/2016 3/15/2016 $ 1,889,147 $ 0.515625 4/4/2016 5/16/2016 6/15/2016 1,889,147 0.515625 7/1/2016 8/15/2016 9/15/2016 1,889,147 0.515625 10/3/2016 11/17/2016 12/15/2016 1,889,147 0.515625 $ 7,556,588 $ 2.0625 1/15/2015 2/17/2015 3/16/2015 $ 1,889,147 $ 0.515625 4/1/2015 5/15/2015 6/16/2015 1,889,147 0.515625 7/1/2015 8/15/2015 9/15/2015 1,889,147 0.515625 10/1/2015 11/17/2015 12/15/2015 1,889,147 0.515625 $ 7,556,588 $ 2.0625 1/15/2014 2/18/2014 3/17/2014 $ 1,889,147 $ 0.515625 4/1/2014 5/15/2014 6/16/2014 1,889,147 0.515625 7/1/2014 8/15/2014 9/15/2014 1,889,147 0.515625 10/1/2014 11/17/2014 12/15/2014 1,889,147 0.515625 $ 7,556,588 $ 2.0625 On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.515625 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.25% Series A Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series A preferred share dividends are cumulative and payable quarterly at an annual rate of $2.0625 per share. The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2016 2/16/2016 3/15/2016 $ 1,305,257 $ 0.72466 4/4/2016 5/16/2016 6/15/2016 1,900,600 0.50 7/1/2016 8/15/2016 9/15/2016 1,900,600 0.50 10/3/2016 11/17/2016 12/15/2016 1,900,600 0.50 $ 7,007,057 $ 2.22466 On January 19, 2017, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2016 through February 28, 2017, on the Company’s 8.0% Series B Cumulative Redeemable Preferred Stock payable March 15, 2017 to preferred shareholders of record as of the close of business on February 15, 2017. Series B preferred share dividends are cumulative and payable quarterly at an annual rate of $2.00 per share. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Federal Income Taxes | NOTE 11 – FEDERAL INCOME TAXES Characterization of Distributions The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014: 2016 2015 2014 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.09549 13.26 % $ 0.00000 0.00 % $ 0.01114 1.55 % Capital gains 0.01425 1.98 % 0.00000 0.00 % 0.00265 0.37 % Return of capital 0.61026 84.76 % 0.72000 100.00 % 0.70621 98.08 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 % For the year ended December 31, 2016, total distributions paid by the Company for its Series A Preferred Stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.79472 characterized as ordinary income and $0.26778 characterized as capital gains). For the year ended December 31, 2015, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.36264 characterized as ordinary income, $0.03439 characterized as capital gains and $0.66547 characterized as a return of capital). For the year ended December 31, 2014, total distributions paid by the Company for preferred stock, amounted to $7,556,588 or $2.0625 per share (for income tax purposes, $1.66551 characterized as ordinary income and $0.39699 characterized as capital gains). For the year ended December 31, 2016, total distributions paid by the Company for its Series B preferred stock, amounted to $7,007,057 or $2.22466 per share (for income tax purposes, $1.93582 characterized as ordinary income and $0.28884 characterized as capital gains). In addition to the above, taxable income from non-REIT activities conducted by S&F, a Taxable REIT Subsidiary (“TRS”), is subject to federal, state and local income taxes. Deferred income taxes pertaining to S&F are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. For the years ended December 31, 2016, 2015 and 2014, S&F had operating losses for financial reporting purposes of $2,307,104, $3,550,961 and $3,946,571, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2016, 2015 and 2014, S&F recorded $5,000, $15,000 and $15,000, respectively, in federal, state and franchise taxes. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Matters | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Legal Matters | NOTE 12 – COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS The Company is subject to claims and litigation in the ordinary course of business. Management does not believe that any such claim or litigation will have a material adverse effect on the business, assets, or results of operations of the Company. Included in the Company’s Community Operating Expenses for the year ended December 31, 2015 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is in the process of completing a new manufactured home community at this location, which is expected to open in the first quarter of 2017. Once fully developed, the community will contain a total of 134 developed homesites. In November 2013, the Company entered into an agreement with 21st Mortgage under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80% to 95% of the amount under each such loan, subject to certain adjustments. This agreement may be terminated by either party with 30 days written notice. As of December 31, 2016, the total loan balance was approximately $5 million. Additionally, 21st Mortgage previously made loans to purchasers in certain communities we acquired. In conjunction with these acquisitions, the Company has agreed to purchase from 21st Mortgage each repossessed home, if those purchasers default on their loans. The purchase price ranges from 55% to 100% of the amount under each such loan, subject to certain adjustments. As of December 31, 2016, the total loan balance was approximately $4 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing. The Company entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. The Company does not receive referral fees or other cash compensation under the agreement. Customer loan applications are initially submitted to Triad for consideration by Triad’s portfolio of outside lenders. If the loan application does not meet the criteria for outside financing, the application is then considered for financing under the COP Program. If the loan is approved under the COP Program, then it is originated by Triad and subsequently purchased by the Company. Included in Notes and Other Receivables is approximately $3,495,000 of loans that the Company purchased under the COP Program during the year ended December 31, 2016. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 13 - FAIR VALUE MEASUREMENTS The Company follows ASC 825, Fair Value Measurements, for financial assets and liabilities recognized at fair value on a recurring basis. The Company measures certain financial assets and liabilities at fair value on a recurring basis, including securities available for sale. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016: Equity Securities - Preferred Stock $ 13,028,200 $ 13,028,200 $ -0- $ -0- Equity Securities - Common Stock 95,726,972 95,726,972 -0- -0- Interest Rate Swap (1) (3,983 ) -0- (3,983 ) -0- Total $ 108,751,189 $ 108,755,172 $ (3,983 ) $ -0- December 31, 2015: Equity Securities - Preferred Stock $ 14,219,712 $ 14,219,712 $ -0- $ -0- Equity Securities - Common Stock 60,791,548 60,791,548 -0- -0- Interest Rate Swap (1) (1,700 ) -0- (1,700 ) -0- Total $ 75,009,560 $ 75,011,260 $ (1,700 ) $ -0- (1) Included in accrued liabilities and deposits In addition to the Company’s investment in Securities Available for Sale at Fair Value, the Company is required to disclose certain information about fair values of its other financial instruments, as defined in ASC 825-10, Financial Instruments. Estimates of fair value are made at a specific point in time, based upon, where available, relevant market prices and information about the financial instrument. Such estimates do not include any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. All of the Company’s securities available for sale have quoted market prices. However, for a portion of the Company’s other financial instruments, no quoted market value exists. Therefore, estimates of fair value are necessarily based on a number of significant assumptions (many of which involve events outside the control of management). Such assumptions include assessments of current economic conditions, perceived risks associated with these financial instruments and their counterparties, future expected loss experience and other factors. Given the uncertainties surrounding these assumptions, the reported fair values represent estimates only and, therefore, cannot be compared to the historical accounting model. Use of different assumptions or methodologies is likely to result in significantly different fair value estimates. The fair value of cash and cash equivalents and notes receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of securities available for sale is primarily based upon quoted market values. The fair value of variable rate mortgages payable and loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted average current market rate of interest. The estimated fair value of fixed rate mortgage notes payable is based on discounting the future cash flows at a year-end risk adjusted borrowing rate currently available to the Company for issuance of debt with similar terms and remaining maturities. These fair value measurements fall within level 2 of the fair value hierarchy. As of December 31, 2016, the fair and carrying value of fixed rate mortgages payable amounted to $282,369,063 and $285,584,102, respectively. As of December 31, 2015, the fair and carrying value of fixed rate mortgages payable amounted to $276,657,074 and $274,542,499, respectively. When the Company acquires a property, it is required to fair value all of the assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fall within level 3 of the fair value hierarchy. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | NOTE 14 – SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the years ended December 31, 2016, 2015 and 2014 was $15,406,689, $12,497,858 and $10,832,747, respectively. During the years ended December 31, 2016 and 2015, the Company assumed mortgages totaling approximately $3.2 million and $2.3 million for the acquisition of communities. During the years ended December 31, 2016, 2015 and 2014, land development costs of $170,925, $60,857 and $100,372, respectively were transferred to investment property and equipment and placed in service. During the years ended December 31, 2016, 2015 and 2014, the Company had dividend reinvestments of $2,388,552, $2,006,287 and $1,858,491, respectively which required no cash transfers. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS Material subsequent events have been evaluated and are disclosed herein. On January 18, 2017, the Company drew down the remaining $15,000,000 on our Credit Facility in anticipation of community acquisitions. On January 20, 2017, the Company acquired two manufactured home communities, Hillcrest Estates and Marysville Estates, located in Ohio for approximately $9,588,000. These all-age communities contain a total of 532 developed homesites that are situated on approximately 149 total acres. At the date of acquisition, the average occupancy for these communities was approximately 57%. On January 20, 2017, the Company acquired two manufactured home communities located in Osolo, Indiana for approximately $24,437,000. This acquisition consists of Boardwalk, an age restricted community containing 195 homesites and Parke Place, an all-age community containing 364 homesites. These communities are situated on approximately 155 total acres. At the date of acquisition, the average occupancy for these communities was approximately 77%. In conjunction with this acquisition, the Company obtained a $14,250,000 Freddie Mac mortgage with Wells Fargo. The mortgage has an interest rate of 4.56% and a 10-year term with a 30-year amortization. On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in Lower Burrell, Pennsylvania for approximately $2,485,000. This all-age community contains a total of 200 developed homesites that are situated on approximately 78 total acres. At the date of acquisition, the average occupancy for these communities was approximately 40%. |
Proforma Financial Information
Proforma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Proforma Financial Information (Unaudited) | NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the 2016 and 2015 acquisitions that have closed. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional revenue and expenses from the properties acquired during 2016 and 2015 assuming that the acquisitions had occurred as of January 1, 2015, after giving effect to certain adjustments including (a) rental and related income; (b) community operating expenses; (c) interest expense resulting from the assumed increase in mortgages and loans payable related to the new acquisitions and (d) depreciation expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future. For the years ended December 31, 2016 2015 Rental and Related Income $ 100,038,000 $ 88,769,000 Community Operating Expenses 42,818,000 40,166,000 Net Loss Attributable to Common Shareholders (2,440,000 ) (6,371,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (0.09 ) (0.25 ) |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | NOTE 17 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) THREE MONTHS ENDED 2016 March 31 June 30 September 30 December 31 Total Income $ 23,504,374 $ 25,210,707 $ 25,355,051 $ 25,143,697 Total Expenses 19,876,382 21,176,977 21,567,389 20,634,766 Other Income (Expense) (1,743,611 ) (937,242 ) (587,077 ) (1,153,663 ) Net Income 1,906,469 3,051,462 3,200,013 3,376,615 Net Loss Attributable to Common Shareholders (883,278 ) (682,729 ) (589,734 ) (413,132 ) Net Loss Attributable to Common Shareholders per Share – (0.03 ) (0.03 ) (0.02 ) (0.01 ) 2015 March 31 June 30 September 30 December 31 Total Income $ 18,344,086 $ 19,553,443 $ 21,694,999 $ 21,924,143 Total Expenses 16,369,803 17,484,822 18,965,700 19,256,221 Other Income (Expense) (1,260,479 ) (1,790,710 ) (1,684,881 ) (2,479,582 ) Net Income 718,517 203,982 1,047,245 174,461 Net Loss Attributable to Common Shareholders (1,170,630 ) (1,685,165 ) (841,902 ) (2,425,296 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.06 ) (0.03 ) (0.10 ) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2016 Column A Column B Column C Column D Description Initial Cost Site, Land & Building Capitalization Improvements Subsequent to Name Location Encumbrances Land and Rental Homes Acquisition Allentown Memphis, TN $ 13,637,719 $ 250,000 $ 2,569,101 $ 9,843,420 Arbor Estates Doylestown, PA (3) 2,650,000 8,266,000 969,266 Auburn Estates Orrville, OH (4) 114,000 1,174,000 355,280 Birchwood Farms Birch Run, MI (3) 70,000 2,797,000 1,686,954 Broadmore Estates Goshen, IN 50,095,192 (3) 1,120,000 11,136,000 6,206,691 Brookside Village Berwick, PA (1) 372,000 4,776,000 1,221,426 Brookview Village Greenfield Ctr, NY 2,832,889 37,500 232,547 4,369,792 Candlewick Court Owosso, MI 4,551,134 159,200 7,087,221 1,188,057 Carsons Chambersburg, PA (2) 176,000 2,411,000 935,152 Catalina Middletown, OH 5,739,657 1,008,000 11,734,640 1,993,004 Cedarcrest Vineland, NJ 12,268,266 320,000 1,866,323 2,628,346 Chambersburg I & II Chambersburg, PA 10,625,352 (2) 108,000 2,397,000 373,954 Chelsea Sayre, PA (2) 124,000 2,049,000 758,722 City View Lewistown, PA -0- 137,000 613,000 1,241,302 Clinton Tiffin, OH 3,579,289 142,000 3,301,800 199,155 Collingwood Horseheads, NY (2) 196,000 2,317,500 1,202,057 Colonial Heights Wintersville, OH (3) 67,000 2,383,000 3,772,898 Countryside Estates Muncie, IN -0- 174,000 1,926,000 2,635,057 Countryside Estates Ravenna, OH 8,818,862 (5) 205,000 2,895,997 2,616,020 Countryside Village Columbia, TN -0- 394,000 6,916,500 7,961,498 Cranberry Village Cranberry Twp, PA 7,769,600 181,930 1,922,931 3,501,615 Crestview Sayre, PA (2) 188,000 2,258,000 1,148,016 Cross Keys Village Duncansville, PA -0- 60,774 378,093 3,178,652 Dallas Mobile Home Toronto, OH -0- 275,600 2,728,503 916,762 Deer Meadows New Springfield, OH (5) 226,000 2,299,275 1,081,149 D&R Village Clifton Park, NY 7,837,828 391,724 704,021 3,202,804 Evergreen Estates Lodi, OH (5) 99,000 1,121,300 330,820 Evergreen Manor Bedford, OH (5) 49,000 2,372,258 526,753 Evergreen Village Mantua, OH (5) 105,000 1,277,001 692,114 Fairview Manor Millville, NJ 16,299,292 216,000 1,166,517 9,483,856 Forest Creek Elkhart, IN (3) 440,000 7,004,000 1,685,875 Forest Park Village Cranberry Twp, PA 8,486,324 75,000 977,225 6,914,108 Frieden Manor Schuylkill Haven, PA (2) 643,000 5,293,500 1,713,786 Green Acres Chambersburg, PA (2) 63,000 584,000 105,105 Gregory Courts Honey Brook, PA (3) 370,000 1,220,000 346,398 Hayden Heights Dublin, OH 2,134,846 248,100 2,147,700 519,943 Heather Highlands Inkerman, PA (3) 510,000 7,084,000 1,884,592 Highland Elkhart, IN 354,529 572,500 2,151,569 8,228,321 Highland Estates Kutztown, PA 9,035,246 145,000 1,695,041 11,631,628 Hillside Estates Greensburg, PA (6) 483,600 2,678,525 1,437,008 Holiday Village Nashville, TN 8,075,696 1,632,000 5,618,000 6,519,687 Holiday Village Elkhart, IN 8,674,151 490,600 13,808,269 1,599,404 Holly Acres Estates Erie, PA 2,228,629 194,000 3,591,000 247,768 Hudson Estates Peninsula, OH -0- 141,000 3,515,878 3,250,757 Huntingdon Pointe Tarrs, PA -0- 399,000 865,450 442,514 Independence Park Clinton, PA 8,226,015 (6) 686,400 2,783,633 1,834,765 Kinnebrook Monticello, NY 4,127,176 235,600 1,402,572 10,328,190 Lake Sherman Navarre, OH 5,611,924 290,000 1,457,673 8,936,710 Lakeview Meadows Lakeview, OH -0- 574,000 1,103,600 59,348 Laurel Woods Cresson, PA -0- 432,700 2,070,426 3,141,475 Little Chippewa Orrville, OH (4) 113,000 1,135,000 854,599 Maple Manor Taylor, PA 14,072,989 (1) 674,000 9,432,800 3,971,321 Column A Column B Column C Column D Description Initial Cost Site, Land & Building Capitalization Improvements Subsequent to Name Location Encumbrances Land and Rental Homes Acquisition Meadowood New Middletown, OH $ (3) $ 152,000 $ 3,191,000 $ 2,027,873 Meadows Nappanee, IN -0- 548,600 6,720,900 1,278,258 Melrose Village Wooster, OH 7,294,460 (4) 767,000 5,429,000 3,652,118 Melrose West Wooster, OH (4) 94,000 1,040,000 48,618 Memphis Blues Memphis, TN -0- 78,435 810,477 1,612,983 Monroe Valley Ephrata, PA (2) 114,000 994,000 428,713 Moosic Heights Avoca, PA (1) 330,000 3,794,100 1,437,446 Mountaintop Ephrata, PA (2) 134,000 1,665,000 479,395 Oak Ridge Estates Elkhart, IN (3) 500,000 7,524,000 1,560,097 Oakwood Lake Tunkhannock, PA (1) 379,000 1,639,000 740,354 Olmsted Falls Olmsted Falls, OH 2,133,656 569,000 3,031,000 969,391 Oxford Village West Grove, PA 6,963,586 175,000 990,515 1,988,629 Pine Ridge/Manor Carlisle, PA -0- 37,540 198,321 7,770,336 Pine Valley Estates Apollo, PA -0- 670,000 1,336,600 4,894,957 Pleasant View Estates Bloomsburg, PA (1) 282,000 2,174,800 986,050 Port Royal Village Belle Vernon, PA -0- 150,000 2,491,796 11,533,104 River Valley Estates Marion, OH -0- 236,000 785,293 5,994,421 Rolling Hills Estates Carlisle, PA -0- 301,000 1,419,013 1,416,113 Rostraver Estates Belle Vernon, PA (6) 813,600 2,203,506 1,227,696 Sandy Valley Estates Magnolia, OH -0- 270,000 1,941,430 6,844,079 Shady Hills Nashville, TN 5,089,892 337,000 3,379,000 3,443,837 Somerset/Whispering Somerset, PA 395,886 1,485,000 2,050,400 6,644,002 Southern Terrace Columbiana, OH (3) 63,000 3,387,000 383,118 Southwind Village Jackson, NJ 5,562,310 100,095 602,820 2,528,575 Spreading Oaks Athens, OH -0- 67,000 1,326,800 2,759,056 Springfield Meadows Springfield, OH 3,191,381 1,230,000 3,092,706 -0- Suburban Estates Greensburg, PA 5,686,136 299,000 5,837,272 2,431,158 Summit Estates Ravenna, OH -0- 198,000 2,779,260 1,609,677 Sunny Acres Somerset, PA 6,329,350 287,000 6,113,528 958,253 Sunnyside Eagleville, PA (3) 450,000 2,674,000 201,512 Trailmont Goodlettsville, TN 3,393,262 411,000 1,867,000 3,431,368 Twin Oaks I & II Olmsted Twp, OH 2,494,084 823,000 3,527,000 1,387,658 Twin Pines Goshen, IN (3) 650,000 6,307,000 2,470,027 Valley High Ruffs Dale, PA (6) 284,000 2,266,750 841,848 Valley Hills Ravenna, OH 3,466,014 996,000 6,542,178 4,822,424 Valley Stream Mountaintop, PA -0- 323,000 3,190,550 556,089 Valley View-I Ephrata, PA (2) 191,000 4,359,000 958,252 Valley View-II Ephrata, PA (2) 72,000 1,746,000 2,508 Valley View-HB Honey Brook, PA (3) 1,380,000 5,348,000 1,249,830 Voyager Estates West Newton, PA -0- 742,000 3,142,725 1,390,989 Waterfalls Village Hamburg, NY 4,716,994 424,000 3,812,000 3,390,639 Wayside Lakeview, OH -0- 196,000 1,080,050 14,093 Weatherly Estates Lebanon, TN 8,279,558 1,184,000 4,034,480 4,497,402 Woodland Manor West Monroe, NY -0- 77,000 841,000 2,393,082 Woodlawn Village Eatontown, NJ -0- 157,421 280,749 1,383,879 Woods Edge West Lafayette, IN 6,969,958 1,808,100 13,321,318 849,953 Wood Valley Caledonia, OH -0- 260,000 1,753,206 3,897,202 Worthington Arms Lewis Center, OH 9,514,851 436,800 12,705,530 836,527 Youngstown Estates Youngstown, NY (4) 269,000 1,606,000 598,191 $ 296,563,983 $ 40,830,819 $ 331,050,462 $ 264,695,674 Column A Column E (6) (7) Column F Description Gross Amount at Which Carried at 12/31/15 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Allentown Memphis, TN $ 480,000 $ 12,182,521 $ 12,662,521 $ 5,187,063 Arbor Estates Doylestown, PA 2,650,000 9,235,266 11,885,266 1,197,142 Auburn Estates Orrville, OH 114,000 1,529,280 1,643,280 163,398 Birchwood Farms Birch Run, MI 70,000 4,483,954 4,553,954 629,232 Broadmore Estates Goshen, IN 1,120,000 17,342,691 18,462,691 2,186,065 Brookside Village Berwick, PA 372,000 5,997,426 6,369,426 1,160,539 Brookview Village Greenfield Ctr, NY 122,865 4,516,974 4,639,839 2,209,561 Candlewick Court Owosso, MI 159,200 8,275,278 8,434,478 441,471 Carsons Chambersburg, PA 176,000 3,346,152 3,522,152 461,349 Catalina Middletown, OH 1,008,000 13,727,644 14,735,644 728,492 Cedarcrest Vineland, NJ 408,206 4,406,463 4,814,669 2,730,868 Chambersburg I & II Chambersburg, PA 108,000 2,770,954 2,878,954 424,733 Chelsea Sayre, PA 124,000 2,807,722 2,931,722 384,891 City View Lewistown, PA 137,000 1,854,302 1,991,302 246,952 Clinton Tiffin, OH 142,000 3,500,955 3,642,955 659,270 Collingwood Horseheads, NY 196,000 3,519,557 3,715,557 481,544 Colonial Heights Wintersville, OH 67,000 6,155,898 6,222,898 772,241 Countryside Estates Muncie, IN 174,000 4,561,057 4,735,057 582,843 Countryside Estates Ravenna, OH 205,000 5,512,017 5,717,017 434,912 Countryside Village Columbia, TN 609,000 14,662,998 15,271,998 2,326,197 Cranberry Village Cranberry Twp, PA 181,930 5,424,546 5,606,476 2,733,960 Crestview Sayre, PA 361,500 3,232,516 3,594,016 425,472 Cross Keys Village Duncansville, PA 60,774 3,556,745 3,617,519 1,199,569 Dallas Mobile Home Toronto, OH 275,600 3,645,265 3,920,865 296,191 Deer Meadows New Springfield, OH 226,000 3,380,424 3,606,424 291,027 D&R Village Clifton Park, NY 391,724 3,906,825 4,298,549 1,955,811 Evergreen Estates Lodi, OH 119,000 1,432,120 1,551,120 129,557 Evergreen Manor Bedford, OH 49,000 2,899,011 2,948,011 257,836 Evergreen Village Mantua, OH 105,000 1,969,115 2,074,115 174,552 Fairview Manor Millville, NJ 2,534,892 8,331,481 10,866,373 4,775,026 Forest Creek Elkhart, IN 440,000 8,689,875 9,129,875 1,343,487 Forest Park Village Cranberry Twp, PA 75,000 7,891,333 7,966,333 2,890,114 Frieden Manor Schuylkill Haven, PA 643,000 7,007,286 7,650,286 1,032,959 Green Acres Chambersburg, PA 63,000 689,105 752,105 99,847 Gregory Courts Honey Brook, PA 370,000 1,566,398 1,936,398 192,436 Hayden Heights Dublin, OH 248,100 2,667,643 2,915,743 225,356 Heather Highlands Inkerman, PA 510,000 8,968,592 9,478,592 1,296,725 Highland Elkhart, IN 572,500 10,379,890 10,952,390 4,592,021 Highland Estates Kutztown, PA 404,239 13,067,430 13,471,669 6,261,207 Hillside Estates Greensburg, PA 483,600 4,115,533 4,599,133 318,242 Holiday Village Nashville, TN 1,632,000 12,137,687 13,769,687 1,302,883 Holiday Village Elkhart, IN 490,600 15,407,673 15,898,273 694,801 Holly Acres Estates Erie, PA 194,000 3,838,768 4,032,768 271,745 Hudson Estates Peninsula, OH 141,000 6,766,635 6,907,635 519,837 Huntingdon Pointe Tarrs, PA 399,000 1,307,964 1,706,964 66,588 Independence Park Clinton, PA 686,400 4,618,398 5,304,798 323,859 Kinnebrook Monticello, NY 352,972 11,613,390 11,966,362 4,536,547 Lake Sherman Navarre, OH 290,000 10,394,383 10,684,383 3,538,456 Lakeview Meadows Lakeview, OH 574,000 1,162,948 1,736,948 15,339 Laurel Woods Cresson, PA 432,700 5,211,901 5,644,601 1,847,290 Little Chippewa Orrville, OH 113,000 1,989,599 2,102,599 181,674 Maple Manor Taylor, PA 674,000 13,404,121 14,078,121 2,470,919 Column A Column E (6) (7) Column F Description Gross Amount at Which Carried at 12/31/16 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Meadowood New Middletown, OH $ 152,000 $ 5,218,873 $ 5,370,873 $ 749,139 Meadows Nappanee, IN 548,600 7,999,158 8,547,758 387,480 Melrose Village Wooster, OH 767,000 9,081,118 9,848,118 836,307 Melrose West Wooster, OH 94,000 1,088,618 1,182,618 119,131 Memphis Blues Memphis, TN 335,935 2,165,960 2,501,895 1,212,347 Monroe Valley Ephrata, PA 114,000 1,422,713 1,536,713 204,572 Moosic Heights Avoca, PA 330,000 5,231,546 5,561,546 967,745 Mountaintop Ephrata, PA 134,000 2,144,395 2,278,395 320,795 Oak Ridge Estates Elkhart, IN 500,000 9,084,097 9,584,097 1,424,232 Oakwood Lake Tunkhannock, PA 379,000 2,379,354 2,758,354 440,784 Olmsted Falls Olmsted Falls, OH 569,000 4,000,391 4,569,391 558,463 Oxford Village West Grove, PA 155,000 2,999,144 3,154,144 1,974,506 Pine Ridge/Manor Carlisle, PA 145,473 7,860,724 8,006,197 2,715,002 Pine Valley Estates Apollo, PA 732,089 6,169,468 6,901,557 2,373,531 Pleasant View Estates Bloomsburg, PA 282,000 3,160,850 3,442,850 587,530 Port Royal Village Belle Vernon, PA 505,000 13,669,900 14,174,900 6,019,395 River Valley Estates Marion, OH 236,000 6,779,714 7,015,714 3,205,477 Rolling Hills Estates Carlisle, PA 301,000 2,835,126 3,136,126 400,518 Rostraver Estates Belle Vernon, PA 813,600 3,431,202 4,244,802 285,378 Sandy Valley Estates Magnolia, OH 270,000 8,785,509 9,055,509 4,356,449 Shady Hills Nashville, TN 337,000 6,822,837 7,159,837 1,061,745 Somerset/Whispering Somerset, PA 1,488,600 8,690,802 10,179,402 2,819,604 Southern Terrace Columbiana, OH 63,000 3,770,118 3,833,118 568,089 Southwind Village Jackson, NJ 100,095 3,131,395 3,231,490 1,919,130 Spreading Oaks Athens, OH 67,000 4,085,856 4,152,856 1,543,619 Springfield Meadows Springfield, OH 1,230,000 3,092,706 4,322,706 9,599 Suburban Estates Greensburg, PA 299,000 8,268,430 8,567,430 1,532,384 Summit Estates Ravenna, OH 198,000 4,388,937 4,586,937 362,907 Sunny Acres Somerset, PA 287,000 7,071,781 7,358,781 1,564,458 Sunnyside Eagleville, PA 450,000 2,875,512 3,325,512 381,052 Trailmont Goodlettsville, TN 411,000 5,298,368 5,709,368 786,338 Twin Oaks I & II Olmsted Twp, OH 998,000 4,739,658 5,737,658 693,329 Twin Pines Goshen, IN 650,000 8,777,027 9,427,027 1,160,152 Valley High Ruffs Dale, PA 284,000 3,108,598 3,392,598 252,991 Valley Hills Ravenna, OH 996,000 11,364,602 12,360,602 966,118 Valley Stream Mountaintop, PA 323,000 3,746,639 4,069,639 219,935 Valley View-I Ephrata, PA 191,000 5,317,252 5,508,252 808,807 Valley View-II Ephrata, PA 72,000 1,748,508 1,820,508 281,190 Valley View-HB Honey Brook, PA 1,380,000 6,597,830 7,977,830 891,195 Voyager Estates West Newton, PA 742,000 4,533,714 5,275,714 264,698 Waterfalls Village Hamburg, NY 424,000 7,202,639 7,626,639 3,390,559 Wayside Lakeview, OH 196,000 1,094,143 1,290,143 16,411 Weatherly Estates Lebanon, TN 1,184,000 8,531,882 9,715,882 2,697,726 Woodland Manor West Monroe, NY 77,000 3,234,082 3,311,082 885,408 Woodlawn Village Eatontown, NJ 135,421 1,686,628 1,822,049 733,269 Woods Edge West Lafayette, IN 1,808,100 14,171,271 15,979,371 684,613 Wood Valley Caledonia, OH 260,000 5,650,408 5,910,408 2,582,955 Worthington Arms Lewis Center, OH 436,800 13,542,057 13,978,857 691,591 Youngstown Estates Youngstown, NY 269,000 2,204,191 2,473,191 201,752 $ 45,257,515 $ 591,319,440 $ 636,576,955 $ 128,780,501 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Allentown Memphis, TN prior to 1980 1986 5 to 27.5 Arbor Estates Doylestown, PA 1959 2013 5 to 27.5 Auburn Estates Orrville, OH 1971/1985/1995 2013 5 to 27.5 Birchwood Farms Birch Run, MI 1976-1977 2013 5 to 27.5 Broadmore Estates Goshen, IN 1950/1990 2013 5 to 27.5 Brookside Village Berwick, PA 1973-1976 2010 5 to 27.5 Brookview Village Greenfield Ctr, NY prior to 1970 1977 5 to 27.5 Candlewick Court Owosso, MI 1975 2015 5 to 27.5 Carsons Chambersburg, PA 1963 2012 5 to 27.5 Catalina Middletown, OH 1968-1976 2015 5 to 27.5 Cedarcrest Vineland, NJ 1973 1986 5 to 27.5 Chambersburg I & II Chambersburg, PA 1955 2012 5 to 27.5 Chelsea Sayre, PA 1972 2012 5 to 27.5 City View Lewistown, PA prior to 1980 2011 5 to 27.5 Clinton Tiffin, OH 1968/1987 2011 5 to 27.5 Collingwood Horseheads, NY 1970 2012 5 to 27.5 Colonial Heights Wintersville, OH 1972 2012 5 to 27.5 Countryside Estates Muncie, IN 1996 2012 5 to 27.5 Countryside Estates Ravenna, OH 1972 2014 5 to 27.5 Countryside Village Columbia, TN 1988/1992 2011 5 to 27.5 Cranberry Village Cranberry Twp, PA 1974 1986 5 to 27.5 Crestview Sayre, PA 1964 2012 5 to 27.5 Cross Keys Village Duncansville, PA 1961 1979 5 to 27.5 Dallas Mobile Home Toronto, OH 1950-1957 2014 5 to 27.5 Deer Meadows New Springfield, OH 1973 2014 5 to 27.5 D&R Village Clifton Park, NY 1972 1978 5 to 27.5 Evergreen Estates Lodi, OH 1965 2014 5 to 27.5 Evergreen Manor Bedford, OH 1960 2014 5 to 27.5 Evergreen Village Mantua, OH 1960 2014 5 to 27.5 Fairview Manor Millville, NJ prior to 1980 1985 5 to 27.5 Forest Creek Elkhart, IN 1996-1997 2013 5 to 27.5 Forest Park Village Cranberry Twp, PA prior to 1980 1982 5 to 27.5 Frieden Manor Schuylkill Haven, PA 1969 2012 5 to 27.5 Green Acres Chambersburg, PA 1978 2012 5 to 27.5 Gregory Courts Honey Brook, PA 1970 2013 5 to 27.5 Hayden Heights Dublin, OH 1973 2014 5 to 27.5 Heather Highlands Inkerman, PA 1969 2013 5 to 27.5 Highland Elkhart, IN 1970 1992 5 to 27.5 Highland Estates Kutztown, PA 1971 1979 5 to 27.5 Hillside Estates Greensburg, PA 1980 2014 5 to 27.5 Holiday Village Nashville, TN 1967 2013 5 to 27.5 Holiday Village Elkhart, IN 1966 2015 5 to 27.5 Holly Acres Estates Erie, PA 1977/2007 2015 5 to 27.5 Hudson Estates Peninsula, OH 1956 2014 5 to 27.5 Huntingdon Pointe Tarrs, PA 2000 2015 5 to 27.5 Independence Park Clinton, PA 1987 2014 5 to 27.5 Kinnebrook Monticello, NY 1972 1988 5 to 27.5 Lake Sherman Navarre, OH prior to 1980 1987 5 to 27.5 Lakeview Meadows Lakeview, OH 1995 2016 5 to 27.5 Laurel Woods Cresson, PA prior to 1980 2001 5 to 27.5 Little Chippewa Orrville, OH 1968 2013 5 to 27.5 Maple Manor Taylor, PA 1972 2010 5 to 27.5 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Meadowood New Middletown, OH 1957 2012 5 to 27.5 Meadows Nappanee, IN 1965-1973 2015 5 to 27.5 Melrose Village Wooster, OH 1970-1978 2013 5 to 27.5 Melrose West Wooster, OH 1995 2013 5 to 27.5 Memphis Blues Memphis, TN 1955 1985 5 to 27.5 Monroe Valley Ephrata, PA 1969 2012 5 to 27.5 Moosic Heights Avoca, PA 1972 2010 5 to 27.5 Mountaintop Ephrata, PA 1972 2012 5 to 27.5 Oak Ridge Estates Elkhart, IN 1990 2013 5 to 27.5 Oakwood Lake Tunkhannock, PA 1972 2010 5 to 27.5 Olmsted Falls Olmsted Falls, OH 1953/1970 2012 5 to 27.5 Oxford Village West Grove, PA 1971 1974 5 to 27.5 Pine Ridge/Manor Carlisle, PA 1961 1969 5 to 27.5 Pine Valley Estates Apollo, PA prior to 1980 1995 5 to 27.5 Pleasant View Estates Bloomsburg, PA 1960’s 2010 5 to 27.5 Port Royal Village Belle Vernon, PA 1973 1983 5 to 27.5 River Valley Estates Marion, OH 1950 1986 5 to 27.5 Rolling Hills Estates Carlisle, PA 1972-1975 2013 5 to 27.5 Rostraver Estates Belle Vernon, PA 1970 2014 5 to 27.5 Sandy Valley Estates Magnolia, OH prior to 1980 1985 5 to 27.5 Shady Hills Nashville, TN 1954 2011 5 to 27.5 Somerset/Whispering Somerset, PA prior to 1980 2004 5 to 27.5 Southern Terrace Columbiana, OH 1983 2012 5 to 27.5 Southwind Village Jackson, NJ 1969 1969 5 to 27.5 Spreading Oaks Athens, OH prior to 1980 1996 5 to 27.5 Springfield Meadows Springfield, OH 1970 2016 5 to 27.5 Suburban Estates Greensburg, PA 1968/1980 2010 5 to 27.5 Summit Estates Ravenna, OH 1969 2014 5 to 27.5 Sunny Acres Somerset, PA 1970 2010 5 to 27.5 Sunnyside Eagleville, PA 1960 2013 5 to 27.5 Trailmont Goodlettsville, TN 1964 2011 5 to 27.5 Twin Oaks I & II Olmsted Twp, OH 1952/1997 2012 5 to 27.5 Twin Pines Goshen, IN 1956/1990 2013 5 to 27.5 Valley High Ruffs Dale, PA 1974 2014 5 to 27.5 Valley Hills Ravenna, OH 1960-1970 2014 5 to 27.5 Valley Stream Mountaintop, PA 1970 2015 5 to 27.5 Valley View-I Ephrata, PA 1961 2012 5 to 27.5 Valley View-II Ephrata, PA 1999 2012 5 to 27.5 Valley View-HB Honey Brook, PA 1970 2013 5 to 27.5 Voyager Estates West Newton, PA 1968 2015 5 to 27.5 Waterfalls Village Hamburg, NY prior to 1980 1997 5 to 27.5 Wayside Lakeview, OH 1960’s 2016 5 to 27.5 Weatherly Estates Lebanon, TN 1997 2006 5 to 27.5 Woodland Manor West Monroe, NY prior to 1980 2003 5 to 27.5 Woodlawn Village Eatontown, NJ 1964 1978 5 to 27.5 Woods Edge West Lafayette, IN 1974 2015 5 to 27.5 Wood Valley Caledonia, OH prior to 1980 1996 5 to 27.5 Worthington Arms Lewis Center, OH 1968 2015 5 to 27.5 Youngstown Estates Youngstown, NY 1963 2013 5 to 27.5 (1) Represents one mortgage note payable secured by five properties. (2) Represents one mortgage note payable secured by eleven properties. (3) Represents one mortgage note payable secured by thirteen properties. (4) Represents one mortgage note payable secured by five properties. (5) Represents one mortgage note payable secured by five properties. (6) Represents one mortgage note payable secured by four properties. (7) Reconciliation /————FIXED ASSETS————/ 12/31/16 12/31/15 12/31/14 Balance – Beginning of Year $ 574,283,574 $ 444,908,976 $ 362,707,205 Additions: Acquisitions 7,276,356 82,276,902 42,422,064 Improvements 56,417,927 48,263,233 40,659,958 Total Additions 63,694,283 130,540,135 83,082,022 Deletions (1,400,902 ) (1,165,537 ) (880,251 ) Balance – End of Year $ 636,576,955 $ 574,283,574 $ 444,908,976 /——ACCUMULATED DEPRECIATION——/ 12/31/16 12/31/15 12/31/14 Balance – Beginning of Year $ 107,453,972 $ 90,277,082 $ 76,328,213 Additions: Depreciation 21,625,264 17,481,811 14,306,274 Total Additions 21,625,264 17,481,811 14,306,274 Deletions (298,735 ) (304,921 ) (357,405 ) Balance – End of Year $ 128,780,501 $ 107,453,972 $ 90,277,082 (8) The aggregate cost for Federal tax purposes approximates historical cost. |
Summary of Significant Accoun26
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of the Business | Description of the Business As of December 31, 2016, the Company owns and operates 101 manufactured home communities containing approximately 18,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana and Michigan. These manufactured home communities are listed by trade names as follows: MANUFACTURED HOME COMMUNITY LOCATION Allentown Memphis, Tennessee Arbor Estates Doylestown, Pennsylvania Auburn Estates Orrville, Ohio Birchwood Farms Birch Run, Michigan Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania City View Lewistown, Pennsylvania Clinton Mobile Home Resort Tiffin, Ohio Collingwood Horseheads, New York Colonial Heights Wintersville, Ohio Countryside Estates Muncie, Indiana Countryside Estates Ravenna, Ohio Countryside Village Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania Crestview Sayre, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York Evergreen Estates Lodi, Ohio Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio MANUFACTURED HOME COMMUNITY LOCATION Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillside Estates Greensburg, Pennsylvania Holiday Village Nashville, Tennessee Holiday Village Elkhart, Indiana Holly Acres Estates Erie, Pennsylvania Hudson Estates Peninsula, Ohio Huntingdon Pointe Tarrs, Pennsylvania Independence Park Clinton, Pennsylvania Kinnebrook Monticello, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Maple Manor Taylor, Pennsylvania Meadowood New Middletown, Ohio Meadows Nappanee, Indiana Melrose Village Wooster, Ohio Melrose West Wooster, Ohio Memphis Blues Memphis, Tennessee Monroe Valley Ephrata, Pennsylvania Moosic Heights Avoca, Pennsylvania Mountaintop Ephrata, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Falls, Ohio Oxford Village West Grove, Pennsylvania Pine Ridge Village/Pine Manor Carlisle, Pennsylvania Pine Valley Estates Apollo, Pennsylvania Pleasant View Estates Bloomsburg, Pennsylvania Port Royal Village Belle Vernon, Pennsylvania River Valley Estates Marion, Ohio Rolling Hills Estates Carlisle, Pennsylvania Rostraver Estates Belle Vernon, Pennsylvania Sandy Valley Estates Magnolia, Ohio Shady Hills Nashville, Tennessee Somerset Estates/Whispering Pines Somerset, Pennsylvania Southern Terrace Columbiana, Ohio Southwind Village Jackson, New Jersey Spreading Oaks Village Athens, Ohio Springfield Meadows Springfield, Ohio Suburban Estates Greensburg, Pennsylvania Summit Estates Ravenna, Ohio Sunny Acres Somerset, Pennsylvania Sunnyside Eagleville, Pennsylvania Trailmont Goodlettsville, Tennessee Twin Oaks I & II Olmsted Falls, Ohio MANUFACTURED HOME COMMUNITY LOCATION Twin Pines Goshen, Indiana Valley High Ruffs Dale, Pennsylvania Valley Hills Ravenna, Ohio Valley Stream Mountaintop, Pennsylvania Valley View I Ephrata, Pennsylvania Valley View II Ephrata, Pennsylvania Valley View Honeybrook Honey Brook, Pennsylvania Voyager Estates West Newton, Pennsylvania Waterfalls Village Hamburg, New York Wayside Lakeview, Ohio Weatherly Estates Lebanon, Tennessee Woodland Manor West Monroe, New York Woodlawn Village Eatontown, New Jersey Woods Edge West Lafayette, Indiana Wood Valley Caledonia, Ohio Worthington Arms Lewis Center, Ohio Youngstown Estates Youngstown, New York |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The Company prepares its financial statements under the accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Company’s subsidiaries are all 100% wholly-owned. The consolidated financial statements of the Company include all of these subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. The Company does not have a majority or minority interest in any other company, either consolidated or unconsolidated. |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and revenue and expenses for the years then ended. These estimates and assumptions include the allowance for doubtful accounts, valuation of inventory, depreciation, valuation of securities, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. |
Investment Property and Equipment and Depreciation | Investment Property and Equipment and Depreciation Property and equipment are carried at cost. Depreciation for Sites and Buildings is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 15 to 27.5 years). Depreciation of Improvements to Sites and Buildings, Rental Homes and Equipment and Vehicles is computed principally on the straight-line method over the estimated useful lives of the assets (ranging from 3 to 27.5 years). Land Development Costs are not depreciated until they are put in use, at which time they are capitalized as Site and Land Improvements. Interest Expense pertaining to Land Development Costs are capitalized. Maintenance and Repairs are charged to expense as incurred and improvements are capitalized. The costs and related accumulated depreciation of property sold or otherwise disposed of are removed from the financial statements and any gain or loss is reflected in the current year’s results of operations. The Company applies Financial Accounting Standards Board Accounting Standards Codification (“ASC”) 360-10, Property, Plant& Equipment (“ASC 360-10”) to measure impairment in real estate investments. Rental properties are individually evaluated for impairment when conditions exist which may indicate that it is probable that the sum of expected future cash flows (on an undiscounted basis without interest) from a rental property is less than the carrying value under its historical net cost basis. These expected future cash flows consider factors such as future operating income, trends and prospects as well as the effects of leasing demand, competition and other factors. Upon determination that a permanent impairment has occurred, rental properties are reduced to their fair value. For properties to be disposed of, an impairment loss is recognized when the fair value of the property, less the estimated cost to sell, is less than the carrying amount of the property measured at the time there is a commitment to sell the property and/or it is actively being marketed for sale. A property to be disposed of is reported at the lower of its carrying amount or its estimated fair value, less its cost to sell. Subsequent to the date that a property is held for disposition, depreciation expense is not recorded. The Company conducted a comprehensive review of all real estate asset classes in accordance with ASC 360-10-35-21 . |
Acquisitions | Acquisitions The Company accounts for acquisitions in accordance with ASC 805, Business Combinations (“ASC 805”). ASC 805 requires that transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions be expensed as incurred. Upon acquisition of a property, the Company allocates the purchase price of the property based upon the fair value of the assets acquired, which generally consist of land, site and land improvements, buildings and improvements and rental homes. The Company generally allocates the purchase price of an acquired property determined by internal evaluation as well as a third-party appraisal of the property obtained in conjunction with the purchase. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and investments with an original maturity of three months or less. The Company maintains its cash in bank accounts in amounts that may exceed federally insured limits. The Company has not experienced any losses in these accounts in the past. The fair value of cash and cash equivalents approximates their current carrying amounts since all such items are short-term in nature. |
Securities Available for Sale | Securities Available for Sale Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. These marketable securities are all publicly-traded and purchased on the open market, through private transactions or through dividend reinvestment plans. These securities may be classified among three categories: held-to-maturity, trading, and available-for-sale. The Company normally holds REIT securities on a long term basis and has the ability and intent to hold securities to recovery, therefore as of December 31, 2016 and 2015, the Company’s securities are all classified as available-for-sale and are carried at fair value based upon quoted market prices in active markets. Gains or losses on the sale of securities are based on average cost and are accounted for on a trade date basis. Unrealized holding gains and losses are excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) is reflected in the Company’s Comprehensive Income (loss). The Company individually reviews and evaluates our marketable securities for impairment on a quarterly basis or when events or circumstances occur. The Company considers, among other things, credit aspects of the issuer, amount of decline in fair value over cost and length of time in a continuous loss position. The Company has developed a general policy of evaluating whether an unrealized loss is other than temporary. On a quarterly basis, the Company makes an initial review of every individual security in its portfolio. If the security is impaired, the Company first determines our intent and ability to hold this investment for a period of time sufficient to allow for any anticipated recovery in market value. Next, the Company determines the length of time and the extent of the impairment. Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. Otherwise, the Company reviews additional information to determine whether the impairment is other than temporary. The Company discusses and analyzes any relevant information known about the security, such as: a. Whether the decline is attributable to adverse conditions related to the security or to specific conditions in an industry or in a geographic area. b. Any downgrading of the security by a rating agency. c. Whether the financial condition of the issuer has deteriorated. d. Status of dividends – Whether dividends have been reduced or eliminated, or scheduled interest payments have not been made. e. Analysis of the underlying assets (including NAV analysis) using independent analysis or recent transactions. The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. If a decline in fair value is determined to be other than temporary, an impairment charge is recognized in earnings and the cost basis of the individual security is written down to fair value as the new cost basis. |
Inventory of Manufactured Homes | Inventory of Manufactured Homes Inventory of manufactured homes is valued at the lower of cost or market value and is determined by the specific identification method. All inventory is considered finished goods. |
Accounts and Notes Receivables | Accounts and Notes Receivables The Company’s accounts, notes and other receivables are stated at their outstanding balance reduced by an allowance for uncollectible accounts. The Company evaluates the recoverability of its receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the notes receivable or lease agreements. The collectability of notes receivable is measured based on the present value of the expected future cash flow discounted at the notes receivable effective interest rate or the fair value of the collateral if the notes receivable is collateral dependent. Total notes receivables at December 31, 2016 and 2015 was $18,361,298 and $18,281,392, respectively. At December 31, 2016 and 2015, the reserves for uncollectible accounts, notes and other receivables were $1,138,282 and $1,040,415, respectively. For the years ended December 31, 2016, 2015 and 2014, the provisions for uncollectible notes and other receivables were $909,397, $1,123,926 and $1,020,655, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2016, 2015 and 2014 amounted to $811,530, $1,151,976 and $1,049,577, respectively. The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The average interest rate on these loans is approximately 9.4% and the average maturity is approximately 10 years. |
Unamortized Financing Costs | Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and are amortized on a straight-line basis over the term of the related obligations, which is not materially different than the effective interest method. Unamortized costs are charged to expense upon prepayment of the obligation. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing fees are accounted for in accordance with ASC 470-50-40, Modifications and Extinguishments. As of December 31, 2016 and 2015, accumulated amortization amounted to $3,085,952 and $2,455,392, respectively. The Company estimates that aggregate amortization expense will be approximately $588,000 for 2017, $482,000 for 2018, $475,000 for 2019, $439,000 for 2020 and $439,000 for 2021. |
Derivative Instruments and Hedging Activities | Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on our variable rate debt. We attempt to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company does enter into various interest rate swap agreements that have the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows: Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 12/31/16 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89 % $ 10,625,352 The Company’s interest rate swap agreement is based upon 30-day LIBOR. The re-pricing and scheduled maturity dates, payment dates, index and the notional amounts of the interest rate swap agreement coincides with those of the underlying mortgage. The interest rate swap agreement is net settled monthly. The Company has designated this derivative as a cash flow hedge and has recorded the fair value on the balance sheet in accordance with ASC 815, Derivatives and Hedging (See Note 13 for information on the determination of fair value). The effective portion of the gain or loss on this hedge will be reported as a component of Accumulated Other Comprehensive Income (Loss) in our Consolidated Balance Sheets. To the extent that the hedging relationship is not effective or does not qualify as a cash flow hedge, the ineffective portion is recorded in interest expense. Hedges that received designated hedge accounting treatment are evaluated for effectiveness at the time that they are designated as well as through the hedging period. As of December 31, 2016, the Company has determined that this interest rate swap agreement is highly effective as a cash flow hedge. As a result, the fair value of this derivative of $(3,983) and $(1,700) as of December 31, 2016 and 2015, respectively, was recorded as a component of Accumulated Other Comprehensive Income (Loss), with the corresponding liability included in Accrued Liabilities and Deposits. |
Revenue Recognition | Revenue Recognition The Company derives its income primarily from the rental of manufactured home sites. The Company also owns approximately 4,700 rental units which are rented to residents. Rental and related income is recognized on the accrual basis over the term of the lease, which is typically one year or less. Sale of manufactured homes is recognized on the full accrual basis when certain criteria are met. These criteria include the following: (a) initial and continuing payment by the buyer must be adequate: (b) the receivable, if any, is not subject to future subordination; (c) the benefits and risks of ownership are substantially transferred to the buyer; and (d) the Company does not have a substantial continued involvement with the home after the sale. Alternatively, when the foregoing criteria are not met, the Company recognizes gains by the installment method. Interest income on loans receivable is not accrued when, in the opinion of management, the collection of such interest appears doubtful. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding during the period (27,808,895; 25,932,626 and 22,496,103 in 2016, 2015 and 2014, respectively). Diluted net income (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding plus the weighted average number of net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. For the years ended December 31, 2016, 2015 and 2014, employee stock options to purchase 1,760,000, 1,560,500 and 1,301,000, respectively, shares of common stock were excluded from the computation of Diluted Net Income (Loss) per Share as their effect would be anti-dilutive. |
Stock Compensation Plan | Stock Compensation Plan The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs, which is included in General and Administrative Expenses, of $1,064,678, $855,768 and $922,944 have been recognized in 2016, 2015 and 2014, respectively. During 2016, 2015 and 2014, compensation costs included a one-time charge of $312,400, $102,000, and $98,000, respectively, for restricted stock and stock option grants awarded to one participant who is of retirement age and therefore the entire amount of measured compensation cost has been recognized at grant date. Included in Note 6 to these consolidated financial statements are the assumptions and methodology used to calculate the fair value of stock options and restricted stock awards. |
Income Tax | Income Tax The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. The Company has and intends to continue to distribute all of its income currently, and therefore no provision has been made for income or excise taxes. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. The Company is also subject to certain state and local income, excise or franchise taxes. In addition, the Company has a taxable REIT Subsidiaries (“TRS”) which is subject to federal and state income taxes at regular corporate tax rates (See Note 11). The Company follows the provisions of ASC Topic 740, Income Taxes, that, among other things, defines a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. ASC Topic 740 also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Based on its evaluation, the Company determined that it has no uncertain tax positions and no unrecognized tax benefits as of December 31, 2016. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2016, the tax years 2013 through and including 2016 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) is comprised of net income and other comprehensive income (loss). Other comprehensive income (loss) consists of the change in unrealized gains or losses on securities available for sale and the change in the fair value of derivatives. |
Reclassifications | Reclassifications Certain amounts in the consolidated financial statements for the prior years have been reclassified to conform to the financial statement presentation for the current year. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In September 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2015-16, “Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments.” ASU 2015-16 eliminates the requirement to restate prior period financial statements for measurement period adjustments. The new guidance requires that the cumulative impact of a measurement period adjustment (including the impact on prior periods) be recognized in the reporting period in which the adjustment is identified. In addition, separate presentation on the face of the income statement or disclosure in the notes is required regarding the portion of the adjustment recorded in the current period earnings, by line item, that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is to be applied prospectively for measurement period adjustments that occur after the effective date. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows. In April 2015, the FASB issued ASU No. 2015-03, “Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs.” ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU 2015-15, “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” ASU 2015-15 expands guidance provided in ASU 2015-03 and states that presentation of costs associated with securing a revolving line of credit as an asset is permitted, regardless of whether a balance is outstanding. The Company adopted these standards effective January 1, 2016. This adoption resulted in the reclassification of deferred debt issuance costs of $3,711,591 from other assets ($3,587,294 to mortgages payable and $124,297 to loans payable) in our December 31, 2015 Consolidated Balance Sheet and reclassification of amortization of financing costs of $829,017 and $522,250 for the years ended December 31, 2015 and 2014, respectively, to interest expense in our Consolidated Statement of Income (Loss). In February 2015, the FASB issued ASU 2015-02, “Consolidation (Topic 810): Amendments to the Consolidation Analysis.” ASU 2015-02 focuses to minimize situations under previously existing guidance in which a reporting entity was required to consolidate another legal entity in which that reporting entity did not have: (1) the ability through contractual rights to act primarily on its own behalf; (2) ownership of the majority of the legal entity’s voting rights; or (3) the exposure to a majority of the legal entity’s economic benefits. ASU 2015-02 affects reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The Company adopted this standard effective January 1, 2016, and it did not have a material impact on our financial position, results of operations or cash flows. |
Other Recent Accounting Pronouncements | Other Recent Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business.” ASU 2017-01 seeks to clarify the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, intangible assets and consolidation. The adoption of ASU 2017-01 is effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The amendments should be applied prospectively on or after the effective dates. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments.” ASU 2016-15 will make eight targeted changes to how cash receipts and cash payments are presented and classified in the statement of cash flows. ASU 2016-15 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017. Early adoption is permitted. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, “Compensation—Stock Compensation.” ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions, including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification in the statement of cash flows. ASU 2016-09 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, “Leases.” ASU 2016-02 amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. ASU 2016-02 will be effective for annual reporting periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In January 2016, the FASB issued ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities.” ASU 2016-01 requires equity investments (except those accounted for under the equity method of accounting, or those that result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes, requires separate presentation of financial assets and financial liabilities by measurement category and form of financial asset, and eliminates the requirement for public business entities to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost. ASU 2016-01 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2017, and early adoption is permitted. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements and the timing of adoption. In July 2015, the FASB issued ASU No. 2015-11, “Simplifying the Measurement of Inventory.” ASU 2015-11 applies to inventory that is measured using first-in, first-out (“FIFO”) or average cost. An entity should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonable predictable costs of completion, disposal and transportation. The amendments in ASU 2015-11 more closely align the measurement of inventory in GAAP with the measurement of inventory in International Financial Reporting Standards (“IFRS”). ASU 2015-11 is effective for fiscal years beginning after December 15, 2016. The Company believes that the adoption of this standard will not have a material impact on our financial position, results of operations or cash flows. In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers (Topic 606)". The objective of this amendment is to establish a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most of the existing revenue recognition guidance, including industry-specific guidance. The core principle is that a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In applying this amendment, companies will perform a five-step analysis of transactions to determine when and how revenue is recognized. This amendment applies to all contracts with customers except those that are within the scope of other topics in the FASB ASC. An entity should apply the amendments using either the full retrospective approach or retrospectively with a cumulative effect of initially applying the amendments recognized at the date of initial application. In July 2015, the FASB issued ASU 2015-14 which deferred the effective date of ASU 2014-09 by one year to annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period. The Company is currently evaluating the potential impact this standard may have on the consolidated financial statements. Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Interest Rate Swap Agreement | As of December 31, 2016, the Company has an interest rate swap agreement that has the effect of fixing interest rates relative to a specific mortgage loan as follows: Mortgage Due Date Mortgage Interest Rate Effective Fixed Rate Balance 12/31/16 Various – 11 properties 8/1/2017 LIBOR + 3.00% 3.89 % $ 10,625,352 |
Investment Property and Equip28
Investment Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate [Abstract] | |
Schedule of Estimated Fair Value of Assets Acquired | The following table summarizes the estimated fair value of the assets acquired for the year ended December 31, 2016 and 2015: Fair Value at Acquisition Date 2016 Acquisitions 2015 Acquisitions Assets Acquired: Land $ 2,000,000 $ 6,109,300 Depreciable Property 5,277,000 74,889,775 Other -0- 217,925 Total Assets Acquired $ 7,277,000 $ 81,217,000 |
Schedule of Community Net Operating Income and Net Income (Loss) Acquired | Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2016 and 2015, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2016 and 2015, are as follows: 2016 Acquisitions 2015 Acquisitions 2016 2016 2015 Total Income $ 172,050 $ 10,044,476 $ 3,495,116 Community NOI * $ 103,578 $ 5,315,690 $ 1,935,101 Net Income (Loss) $ 3,051 $ (574,201 ) $ (226,870 ) *Community NOI is defined as rental and related income less community operating expenses. |
Summary of Accumulated Depreciation By Major Classes of Assets | The following is a summary of accumulated depreciation by major classes of assets: December 31, 2016 December 31, 2015 Site and Land Improvements $ 99,161,090 $ 85,654,138 Buildings and Improvements 4,947,543 4,217,886 Rental Homes and Accessories 24,906,990 17,767,602 Equipment and Vehicles 11,239,980 10,121,520 Total Accumulated Depreciation $ 140,255,603 $ 117,761,146 |
Securities Available For Sale (
Securities Available For Sale (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Securities | The following is a listing of securities available for sale at December 31, 2016: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Ashford Hospitality Trust, Inc. A 8.550 % 10,000 $ 251,205 $ 253,800 CBL & Associates Properties, Inc. D 7.375 % 2,000 50,269 48,900 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,440,789 Cedar Realty Trust, Inc. B 7.250 % 58,577 1,411,846 1,426,126 Chesapeake Lodging Trust A 7.750 % 20,000 500,000 507,806 Corporate Office Properties Trust L 7.375 % 26,000 650,330 656,760 Kilroy Realty Corporation G 6.875 % 34,948 844,770 885,932 LaSalle Hotel Properties H 7.500 % 40,000 982,589 1,002,000 Pennsylvania Real Estate Investment Trust A 8.250 % 68,800 1,720,885 1,739,952 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,000,000 Retail Properties of America, Inc. A 7.000 % 20,000 481,949 500,000 Stag Industrial, Inc. B 6.625 % 20,100 470,007 501,495 Summit Hotel Properties, Inc. B 7.875 % 20,000 500,000 514,780 Sun Communities, Inc. A 7.125 % 45,000 1,117,377 1,133,550 Terreno Realty Corporation A 7.750 % 20,300 507,791 512,575 Urstadt Biddle Properties, Inc. F 7.125 % 30,421 756,304 775,735 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 128,000 Total Preferred Stock 12,857,467 13,028,200 Common Stock: CBL & Associates Properties, Inc. 1,000,000 11,785,016 11,500,000 Cousins Properties, Inc. 105,950 820,348 901,635 Gladstone Commercial Corporation 180,000 3,199,933 3,618,000 Government Properties Income Trust 810,000 15,520,076 15,442,650 Monmouth Real Estate Investment Corporation (1) 2,237,588 19,231,411 34,100,835 Nobility Homes Inc. 20,000 158,200 315,000 Parkway Properties Inc. 33,243 628,819 739,657 Select Income Real Estate Investment Trust 740,000 17,802,516 18,648,000 Senior Housing Properties Trust 220,911 3,760,406 4,181,845 Urstadt Biddle Properties, Inc. 85,000 1,761,151 2,049,350 Vereit, Inc. 500,000 4,512,658 4,230,000 Total Common Stock 79,180,534 95,726,972 Total Securities Available for Sale $ 92,038,001 $ 108,755,172 (1) Related entity – See Note 8. The following is a listing of securities available for sale at December 31, 2015: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Ashford Hospitality Trust, Inc. A 8.550 % 10,000 $ 251,205 $ 252,480 CBL & Associates Properties, Inc. D 7.375 % 2,000 50,269 50,580 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,144 1,564,963 Cedar Realty Trust, Inc. B 7.250 % 54,596 1,310,210 1,348,510 Chesapeake Lodging Trust A 7.750 % 20,000 500,000 516,600 Corporate Office Properties Trust L 7.375 % 26,000 650,330 670,280 CubeSmart A 7.750 % 2,000 52,153 52,280 Dupont Fabros Technology, Inc. A 7.875 % 26,412 657,703 668,224 Dupont Fabros Technology, Inc. B 7.625 % 10,000 250,000 252,100 Kilroy Realty Corporation G 6.875 % 34,948 844,770 902,008 LaSalle Hotel Properties H 7.500 % 40,000 982,589 1,006,000 Pennsylvania Real Estate Investment Trust A 8.250 % 68,800 1,720,885 1,775,728 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,008,400 Retail Properties of America, Inc. A 7.000 % 20,000 481,949 513,000 Stag Industrial, Inc. B 6.625 % 20,100 470,007 509,334 Summit Hotel Properties, Inc. B 7.875 % 20,000 500,000 515,998 Sun Communities, Inc. A 7.125 % 45,000 1,117,377 1,179,000 Terreno Realty Corporation A 7.750 % 20,300 507,791 516,840 Urstadt Biddle Properties, Inc. F 7.125 % 30,421 756,305 786,687 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 130,700 Total Preferred Stock 13,715,687 14,219,712 Common Stock: CBL & Associates Properties, Inc. 135,000 2,295,133 1,669,951 Getty Realty Corporation 135,000 2,544,483 2,315,250 Gladstone Commercial Corporation 55,000 946,184 802,450 Government Properties Income Trust 550,000 11,244,317 8,728,500 Mack-Cali Realty Corporation 135,000 3,095,616 3,152,250 Monmouth Real Estate Investment Corporation (1) 2,125,270 17,855,054 22,230,328 Nobility Homes Inc. 20,000 158,200 242,000 Parkway Properties Inc. 55,000 959,887 859,650 RMR Group, Inc. 19,712 256,256 284,050 Select Income Real Estate Investment Trust 700,000 16,909,351 13,874,000 Senior Housing Properties Trust 175,911 3,032,483 2,610,519 Urstadt Biddle Properties, Inc. 55,000 1,103,323 1,058,200 Vereit, Inc. 25,000 202,787 198,000 Weingarten Realty Investors 80,000 2,747,526 2,766,400 Total Common Stock 63,350,600 60,791,548 Total Securities Available for Sale $ 77,066,287 $ 75,011,260 (1) Related entity – See Note 8. |
Summary of Temporarily Impaired Securities | The following is a summary of temporarily impaired securities at December 31, 2016: Less than 12 Months 12 Months or Longer Fair Value Unrealized Loss Fair Value Unrealized Loss Preferred Stock $ 1,489,689 $ (47,724 ) $ -0- $ -0- Common Stock 31,172,650 (645,100 ) -0- -0- Total $ 32,662,339 $ (692,824 ) $ -0- $ -0- |
Summary of Range of Losses | The following is a summary of the range of the losses: Number of Individual Securities Fair Value Unrealized Loss Range of Loss 4 $ 28,432,339 $ (410,166 ) Less than or equal to 3% 1 4,230,000 (282,658 ) 6% 5 $ 32,662,339 $ (692,824 ) |
Summary of Gain (loss) on Securities Transactions | The Company recorded the following Gain (Loss) on Sale of Securities, net: 2016 2015 2014 Gross realized gains $ 2,287,454 $ 208,200 $ 1,555,656 Gross realized losses (2,153 ) (3,970 ) (13,067 ) Total Realized Gain on Sales of Securities, net $ 2,285,301 $ 204,230 $ 1,542,589 |
Loans and Mortgages Payable (Ta
Loans and Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Aggregate Principal Payments of All Loans Payable Including Credit Facility | The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows: Year Ended December 31, 2017 $ 30,566,256 2018 255,164 2019 255,955 2020 4,245,631 2021 136,771 Thereafter 22,933,662 Total Loans Payable 58,393,439 Unamortized Debt Issuance Costs (108,054 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 58,285,385 |
Summary of Mortgages Payable | The following is a summary of mortgages payable at December 31, 2016 and 2015: At December 31, 2016 Balance at December 31, Property Due Date Interest Rate 2016 2015 Allentown 10/01/25 4.06 % $ 13,637,719 $ 13,873,376 Brookview Village 04/01/25 3.92 % 2,832,889 2,884,660 Candlewick Court 09/01/25 4.10 % 4,551,134 4,629,572 Catalina 08/19/25 4.20 % 5,739,657 5,936,296 Cedarcrest 04/01/25 3.71 % 12,268,266 12,501,441 Clinton Mobile Home Resort 10/01/25 4.06 % 3,579,289 3,641,139 Cranberry Village 04/01/25 3.92 % 7,769,600 7,911,589 D & R Village 03/01/25 3.85 % 7,837,828 7,983,634 Fairview Manor 11/01/26 3.85 % 16,299,292 9,921,261 Forest Park Village 09/01/25 4.10 % 8,486,324 8,632,586 Hayden Heights 04/01/25 3.92 % 2,134,846 2,173,861 Heather Highlands 08/28/18 Prime + 1.0% 354,529 678,288 Highland Estates 09/01/17 6.175 % 9,035,246 9,226,700 Holiday Village 09/01/25 4.10 % 8,075,696 8,214,880 Holiday Village- IN 11/01/25 3.96 % 8,674,151 8,826,242 Holly Acres Estates 10/05/21 6.50 % 2,228,629 2,260,360 Kinnebrook Village 04/01/25 3.92 % 4,127,176 4,202,600 Lake Sherman Village 09/01/25 4.10 % 5,611,924 5,708,646 Olmsted Falls 04/01/25 3.98 % 2,133,656 2,172,210 Oxford Village 01/01/20 5.94 % 6,963,586 7,162,128 Shady Hills 04/01/25 3.92 % 5,089,892 5,182,910 Somerset Estates and Whispering Pines 02/26/19 4.89 % 395,886 566,425 Springfield Meadows 10/06/25 4.83 % 3,191,381 -0- Suburban Estates 10/01/25 4.06 % 5,686,136 5,784,391 Sunny Acres 10/01/25 4.06 % 6,329,351 6,438,720 Southwind Village 01/01/20 5.94 % 5,562,311 5,720,900 Trailmont 04/01/25 3.92 % 3,393,262 3,455,273 Twin Oaks 12/01/19 5.75 % 2,494,084 2,567,451 Valley Hills 06/01/26 4.32 % 3,466,014 -0- Waterfalls 06/01/26 4.38 % 4,716,994 -0- Weatherly Estates 04/01/25 3.92 % 8,279,558 8,430,867 Woods Edge 01/07/26 4.30 % 6,969,958 -0- Worthington Arms 09/01/25 4.10 % 9,514,851 9,678,840 Various (3 properties) 05/01/16 6.66% (1) -0- 8,618,982 Various (4 properties) 07/01/23 4.975 % 8,226,015 8,363,756 Various (5 properties) 01/01/22 4.25 % 14,072,987 14,382,719 Various (5 properties) 12/06/22 4.75 % 7,294,460 7,426,995 Various (5 properties) 02/01/18 6.83 % 8,818,862 8,954,713 Various (11 properties) 08/01/17 LIBOR + 3.0% 10,625,352 11,416,309 Various (13 properties) 03/01/23 4.065 % 50,095,192 51,106,376 Total Mortgages Payable 296,563,983 286,637,096 Unamortized Debt Issuance Costs (3,538,391 ) (3,587,294 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 293,025,592 $ 283,049,802 (1) Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%. |
Schedule of Aggregate Principal Payments of All Mortgages Payable | The aggregate principal payments of all mortgages payable are scheduled as follows: Year Ended December 31, 2017 $ 25,905,661 2018 14,701,232 2019 19,675,147 2020 5,779,756 2021 20,396,125 Thereafter 210,106,062 Total $ 296,563,983 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Fair Value of Option Grant of Weighted-average Assumptions | The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted average assumptions used for grants in the following years: 2016 2015 2014 Dividend yield 7.32 % 7.37 % 7.14 % Expected volatility 26.30 % 27.17 % 27.12 % Risk-free interest rate 1.49 % 2.12 % 2.23 % Expected lives 8 8 8 Estimated forfeitures -0- -0- -0- |
Schedule of Stock Option Plans and Changes in Stock Options | A summary of the status of the Company’s stock option plans as of December 31, 2016, 2015 and 2014 and changes during the years then ended are as follows: 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,560,500 $ 9.92 1,301,000 $ 10.34 1,093,000 $ 10.86 Granted 527,000 9.77 425,000 9.82 339,000 9.85 Exercised (277,500 ) 8.96 (22,500 ) 7.56 (23,000 ) 7.28 Forfeited -0- -0- (37,000 ) 10.63 -0- -0- Expired (50,000 ) 11.97 (106,000 ) 14.84 (108,000 ) 14.52 Outstanding at end of year 1,760,000 9.97 1,560,500 9.92 1,301,000 10.34 Options exercisable at end of year 1,233,000 1,135,500 962,000 Weighted average fair value of options granted during the year $ 0.81 $ 0.93 $ 0.98 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding as of December 31, 2016: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/22/09 5 18,500 7.57 06/22/17 01/08/10 1 10,900 9.13 01/08/18 01/08/10 1 14,100 8.30 01/08/18 07/27/10 6 52,000 11.40 07/27/18 07/05/11 7 58,000 11.16 07/05/19 08/29/12 10 70,000 11.29 08/29/20 02/28/13 1 10,000 10.02 02/28/21 06/26/13 18 343,000 10.08 06/26/21 06/11/14 19 276,000 9.85 06/11/22 06/24/15 19 380,500 9.82 06/24/23 04/05/16 34 527,000 * 9.77 04/05/24 1,760,000 * Unexercisable |
Schedule of Nonvested Restricted Stock Awards | A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2016, 2015 and 2014, and changes during the year ended December 31, 2016, 2015 and 2014 are presented below: 2016 2015 2014 Weighted- Weighted- Weighted- Average Average Average Grant Date Grant Date Grant Date Shares Fair Value Shares Fair Value Shares Fair Value Non-vested at beginning of year 121,242 $ 9.83 137,346 $ 10.37 152,292 $ 10.77 Granted 60,500 10.37 35,000 9.56 25,000 9.31 Dividend Reinvested Shares 8,430 10.82 10,736 9.09 12,194 9.22 Forfeited (2,160 ) 9.83 -0- -0- -0- -0- Vested (54,697 ) 10.07 (61,840 ) 9.63 (52,140 ) 10.77 Non-vested at end of year 133,315 $ 10.04 121,242 $ 9.83 137,346 $ 10.37 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Amount Received in Connection With DRIP | Amounts received in connection with the DRIP for the years ended December 31, 2016, 2015 and 2014 were as follows: 2016 2015 2014 Amounts Received $ 22,400,945 $ 24,599,818 $ 32,792,239 Less: Dividends Reinvested (2,388,552 ) (2,006,287 ) (1,858,491 ) Amounts Received, net $ 20,012,393 $ 22,593,531 $ 30,933,748 Number of Shares Issued 1,966,133 2,657,255 3,554,191 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Distributions Tables | |
Summary of Payment of Distributions to Shareholders | The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 4,879,009 $ 0.18 $ 4,481,730 $ 0.18 $ 3,853,595 $ 0.18 June 30 4,903,286 0.18 4,633,318 0.18 3,991,110 0.18 September 30 5,031,818 0.18 4,767,312 0.18 4,125,060 0.18 December 31 5,204,709 0.18 4,864,760 0.18 4,316,063 0.18 $ 20,018,822 $ 0.72 $ 18,747,120 $ 0.72 $ 16,285,828 $ 0.72 |
Summary of Payment of Dividends to Preferred Shareholders | The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2016, 2015 and 2014: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2016 2/16/2016 3/15/2016 $ 1,889,147 $ 0.515625 4/4/2016 5/16/2016 6/15/2016 1,889,147 0.515625 7/1/2016 8/15/2016 9/15/2016 1,889,147 0.515625 10/3/2016 11/17/2016 12/15/2016 1,889,147 0.515625 $ 7,556,588 $ 2.0625 1/15/2015 2/17/2015 3/16/2015 $ 1,889,147 $ 0.515625 4/1/2015 5/15/2015 6/16/2015 1,889,147 0.515625 7/1/2015 8/15/2015 9/15/2015 1,889,147 0.515625 10/1/2015 11/17/2015 12/15/2015 1,889,147 0.515625 $ 7,556,588 $ 2.0625 1/15/2014 2/18/2014 3/17/2014 $ 1,889,147 $ 0.515625 4/1/2014 5/15/2014 6/16/2014 1,889,147 0.515625 7/1/2014 8/15/2014 9/15/2014 1,889,147 0.515625 10/1/2014 11/17/2014 12/15/2014 1,889,147 0.515625 $ 7,556,588 $ 2.0625 The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2016 2/16/2016 3/15/2016 $ 1,305,257 $ 0.72466 4/4/2016 5/16/2016 6/15/2016 1,900,600 0.50 7/1/2016 8/15/2016 9/15/2016 1,900,600 0.50 10/3/2016 11/17/2016 12/15/2016 1,900,600 0.50 $ 7,007,057 $ 2.22466 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Characterized Distributions Paid per Common Share | The following table characterizes the distributions paid per common share for the years ended December 31, 2016, 2015, and 2014: 2016 2015 2014 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.09549 13.26 % $ 0.00000 0.00 % $ 0.01114 1.55 % Capital gains 0.01425 1.98 % 0.00000 0.00 % 0.00265 0.37 % Return of capital 0.61026 84.76 % 0.72000 100.00 % 0.70621 98.08 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Recognized at Fair Value on a Recurring Basis | The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2016 and 2015: Fair Value Measurements at Reporting Date Using Total Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) December 31, 2016: Equity Securities - Preferred Stock $ 13,028,200 $ 13,028,200 $ -0- $ -0- Equity Securities - Common Stock 95,726,972 95,726,972 -0- -0- Interest Rate Swap (1) (3,983 ) -0- (3,983 ) -0- Total $ 108,751,189 $ 108,755,172 $ (3,983 ) $ -0- December 31, 2015: Equity Securities - Preferred Stock $ 14,219,712 $ 14,219,712 $ -0- $ -0- Equity Securities - Common Stock 60,791,548 60,791,548 -0- -0- Interest Rate Swap (1) (1,700 ) -0- (1,700 ) -0- Total $ 75,009,560 $ 75,011,260 $ (1,700 ) $ -0- (1) Included in accrued liabilities and deposits |
Proforma Financial Informatio36
Proforma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Summary of Pro Forma Financial Information | The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future. For the years ended December 31, 2016 2015 Rental and Related Income $ 100,038,000 $ 88,769,000 Community Operating Expenses 42,818,000 40,166,000 Net Loss Attributable to Common Shareholders (2,440,000 ) (6,371,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (0.09 ) (0.25 ) |
Selected Quarterly Financial 37
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | 2016 March 31 June 30 September 30 December 31 Total Income $ 23,504,374 $ 25,210,707 $ 25,355,051 $ 25,143,697 Total Expenses 19,876,382 21,176,977 21,567,389 20,634,766 Other Income (Expense) (1,743,611 ) (937,242 ) (587,077 ) (1,153,663 ) Net Income 1,906,469 3,051,462 3,200,013 3,376,615 Net Loss Attributable to Common Shareholders (883,278 ) (682,729 ) (589,734 ) (413,132 ) Net Loss Attributable to Common Shareholders per Share – (0.03 ) (0.03 ) (0.02 ) (0.01 ) 2015 March 31 June 30 September 30 December 31 Total Income $ 18,344,086 $ 19,553,443 $ 21,694,999 $ 21,924,143 Total Expenses 16,369,803 17,484,822 18,965,700 19,256,221 Other Income (Expense) (1,260,479 ) (1,790,710 ) (1,684,881 ) (2,479,582 ) Net Income 718,517 203,982 1,047,245 174,461 Net Loss Attributable to Common Shareholders (1,170,630 ) (1,685,165 ) (841,902 ) (2,425,296 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.06 ) (0.03 ) (0.10 ) |
Organization (Details Narrative
Organization (Details Narrative) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Investment Trusts [Member] | |
Maximum percentage of undepreciated assets | 20.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2016USD ($)HomeSitesHomeCommunityshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Number of operates manufacture home communities | HomeCommunity | 101 | ||
Number of developed home sites company own and operates | HomeSites | 18,000 | ||
Ownership percentage in subsidiaries | 100.00% | ||
Portfolio of gross assets | Investments in securities available for sale primarily consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 20% of its undepreciated assets. | ||
Description of temporarily impairment security | Barring other factors, including the downgrading of the security or the cessation of dividends, if the fair value of the security is below cost by less than 20% for less than 6 months and the Company has the intent and ability to hold the security, the security is deemed to be temporarily impaired. | ||
Note receivables | $ 18,361,298 | $ 18,281,392 | |
Reserves for uncollectible accounts, notes and other receivables | 1,138,282 | 1,040,415 | |
Provisions for uncollectible notes and other receivables | 909,397 | 1,123,926 | $ 1,020,655 |
Charge-offs and other adjustments related to repossessed homes | $ 811,530 | 1,151,976 | $ 1,049,577 |
Average interest rate on loan | 9.40% | ||
Average maturity of loan | 10 years | ||
Accumulated amortization of deferred finance cost | $ 3,085,952 | $ 2,455,392 | |
Estimated amortization expense of finance cost for 2017 | 588,000 | ||
Estimated amortization expense of finance cost for 2018 | 482,000 | ||
Estimated amortization expense of finance cost for 2019 | 475,000 | ||
Estimated amortization expense of finance cost for 2020 | 439,000 | ||
Estimated amortization expense of finance cost for 2021 | $ 439,000 | ||
Number of rental units owned | HomeCommunity | 4,700 | ||
Weighted average common shares outstanding basic and diluted | shares | 27,808,895 | 25,932,626 | 22,496,103 |
Compensation costs | $ 1,064,678 | $ 855,768 | $ 922,944 |
Description for applicable income tax provisions | The Company has elected to be taxed as a REIT under the applicable provisions of Sections 856 to 860 of the Internal Revenue Code. Under such provisions, the Company will not be taxed on that portion of its income which is distributed to shareholders, provided it distributes at least 90% of its taxable income, has at least 75% of its assets in real estate investments and meets certain other requirements for qualification as a REIT. | ||
Mortgages payable | $ 488,623,061 | 444,098,037 | |
Amortization of Financing Costs | $ 733,485 | 829,017 | $ 522,250 |
Other Assets [Member] | |||
Deferred debt issuance costs | 3,711,591 | ||
Mortgages payable | 3,587,294 | ||
Loans payable | $ 124,297 | ||
Stock Option [Member] | |||
Number of employee stock option to purchase shares | shares | 1,760,000 | 1,560,500 | 1,301,000 |
Compensation costs | $ 312,400 | $ 102,000 | $ 98,000 |
Real Estate Investment Trusts [Member] | |||
Maximum percentage of undepreciated assets | 20.00% | ||
Sites and Buildings [Member] | Minimum [Member] | |||
Investment property and equipment, estimated useful lives | 15 years | ||
Sites and Buildings [Member] | Maximum [Member] | |||
Investment property and equipment, estimated useful lives | 27 years 6 months | ||
Improvements of Investment Property and Equipment [Member] | Minimum [Member] | |||
Investment property and equipment, estimated useful lives | 3 years | ||
Improvements of Investment Property and Equipment [Member] | Maximum [Member] | |||
Investment property and equipment, estimated useful lives | 27 years 6 months |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Summary of Interest Rate Swap Agreement (Details) - Swap Agreements [Member] | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Mortgage | Various - 11 properties |
Due Date | Aug. 1, 2017 |
Mortgage Interest Rate | LIBOR + 3.00% |
Effective Fixed Rate | 3.89% |
Balance 12/31/16 | $ 10,625,352 |
Investment Property and Equip41
Investment Property and Equipment (Details Narrative) | Dec. 19, 2016USD ($)aHomeSites | Sep. 01, 2016USD ($)aHomeSitesHomeCommunity | May 02, 2016 | Oct. 16, 2015USD ($)aHomeSites | Aug. 19, 2015USD ($)aHomeSites | May 27, 2015USD ($)aHomeSites | Apr. 23, 2015USD ($)aHomeSitesHomeCommunity | Jan. 21, 2015USD ($)aHomeSites | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Mortgage loan | $ 293,025,592 | $ 283,049,802 | ||||||||
Maturity Date | Jun. 1, 2026 | |||||||||
Amortization of principal repayments term | 30 years | |||||||||
Ohio Manufactured Home Communities [Member] | ||||||||||
Number of manufactured home communities acquired | HomeCommunity | 2 | |||||||||
Purchase price of acquired entity | $ 2,954,000 | |||||||||
Number of property sites | HomeSites | 165 | |||||||||
Area of acquired real estate property | a | 71 | |||||||||
Percentage of average occupancy | 64.00% | |||||||||
Springfield Meadows [Member] | ||||||||||
Purchase price of acquired entity | $ 4,323,000 | |||||||||
Number of property sites | HomeSites | 124 | |||||||||
Area of acquired real estate property | a | 121 | |||||||||
Percentage of average occupancy | 82.00% | |||||||||
Mortgage loan | $ 3,195,000 | |||||||||
Interest rate on mortgage | 4.83% | |||||||||
Maturity Date | Oct. 6, 2025 | |||||||||
Holly Acres [Member] | ||||||||||
Purchase price of acquired entity | $ 3,800,000 | |||||||||
Number of property sites | HomeSites | 141 | |||||||||
Area of acquired real estate property | a | 40 | |||||||||
Percentage of average occupancy | 96.00% | |||||||||
Mortgage loan | $ 2,300,000 | |||||||||
Interest rate on mortgage | 6.50% | |||||||||
Maturity Date | Oct. 5, 2021 | |||||||||
Huntingdon Pointe and Voyager Estates [Member] | ||||||||||
Number of manufactured home communities acquired | HomeCommunity | 2 | |||||||||
Purchase price of acquired entity | $ 5,300,000 | |||||||||
Number of property sites | HomeSites | 324 | |||||||||
Area of acquired real estate property | a | 141 | |||||||||
Percentage of average occupancy | 63.00% | |||||||||
Valley Stream [Member] | ||||||||||
Purchase price of acquired entity | $ 3,517,000 | |||||||||
Number of property sites | HomeSites | 158 | |||||||||
Area of acquired real estate property | a | 43 | |||||||||
Percentage of average occupancy | 64.00% | |||||||||
Six Community Acquisition [Member] | Tranche One [Member] | ||||||||||
Purchase price of acquired entity | $ 68,600,000 | |||||||||
Three Manufactured Home Communities [Member] | Tranche One [Member] | ||||||||||
Purchase price of acquired entity | $ 32,500,000 | |||||||||
Number of property sites | HomeSites | 897 | |||||||||
Area of acquired real estate property | a | 177 | |||||||||
Percentage of average occupancy | 69.00% | |||||||||
Mortgage loan | $ 43,100,000 | |||||||||
Three Manufactured Home Communities [Member] | Tranche Two [Member] | ||||||||||
Purchase price of acquired entity | $ 36,100,000 | |||||||||
Number of property sites | HomeSites | 1,254 | |||||||||
Area of acquired real estate property | a | 316 | |||||||||
Percentage of average occupancy | 56.00% | |||||||||
Mortgage loan | $ 8,851,000 | |||||||||
Interest rate on mortgage | 3.96% | |||||||||
Maturity Date | Nov. 1, 2025 | |||||||||
Amortization of principal repayments term | 30 years |
Investment Property and Equip42
Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Real Estate [Abstract] | ||
Land | $ 2,000,000 | $ 6,109,300 |
Depreciable Property | 5,277,000 | 74,889,775 |
Other | 0 | 217,925 |
Total Assets Acquired | $ 7,277,000 | $ 81,217,000 |
Investment Property and Equip43
Investment Property and Equipment - Schedule of Community Net Operating Income and Net Income (Loss) Acquired (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Net Income (Loss) | $ 3,376,615 | $ 3,200,013 | $ 3,051,462 | $ 1,906,469 | $ 174,461 | $ 1,047,245 | $ 203,982 | $ 718,517 | $ 11,534,559 | $ 2,144,205 | $ 4,237,803 | |
2016 Acquisitions [Member] | ||||||||||||
Total Income | 172,050 | |||||||||||
Community NOI * | [1] | 103,578 | ||||||||||
Net Income (Loss) | 3,051 | |||||||||||
2015 Acquisitions [Member] | ||||||||||||
Total Income | 10,044,476 | 3,495,116 | ||||||||||
Community NOI * | [1] | 5,315,690 | 1,935,101 | |||||||||
Net Income (Loss) | $ (574,201) | $ (226,870) | ||||||||||
[1] | Community NOI is defined as rental and related income less community operating expenses. |
Investment Property and Equip44
Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Total Accumulated Depreciation | $ 140,255,603 | $ 117,761,146 |
Site and Land Improvements [Member] | ||
Total Accumulated Depreciation | 99,161,090 | 85,654,138 |
Buildings and Improvements [Member] | ||
Total Accumulated Depreciation | 4,947,543 | 4,217,886 |
Rental Homes and Accessories [Member] | ||
Total Accumulated Depreciation | 24,906,990 | 17,767,602 |
Equipment and Vehicles [Member] | ||
Total Accumulated Depreciation | $ 11,239,980 | $ 10,121,520 |
Securities Available For Sale45
Securities Available For Sale (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Total net unrealized gains in REIT securities portfolio | $ 16,717,171 | $ (2,055,027) | $ 5,079,921 |
Proceeds from sales of securities available for sale | 14,831,737 | 4,633,019 | $ 10,911,791 |
Margin loan outstanding | $ 22,727,458 | $ 15,766,573 | |
Real Estate Investment Trusts [Member] | |||
Maximum percentage of available for sale securities | 10.00% |
Securities Available For Sale -
Securities Available For Sale - Summary of Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost | $ 92,038,001 | $ 77,066,287 | |
Market Value | $ 108,755,172 | $ 75,011,260 | |
Ashford Hospitality Trust, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 8.55% | 8.55% | |
Number of Shares | 10,000 | 10,000 | |
Cost | $ 251,205 | $ 251,205 | |
Market Value | $ 253,800 | $ 252,480 | |
CBL & Associates Properties, Inc Preferred Stock Series D [Member] | |||
Interest Rate | 7.375% | 7.375% | |
Number of Shares | 2,000 | 2,000 | |
Cost | $ 50,269 | $ 50,269 | |
Market Value | $ 48,900 | $ 50,580 | |
CBL & Associates Properties, Inc Preferred Stock Series E [Member] | |||
Interest Rate | 6.625% | 6.625% | |
Number of Shares | 62,724 | 62,724 | |
Cost | $ 1,487,145 | $ 1,487,144 | |
Market Value | $ 1,440,789 | $ 1,564,963 | |
Cedar Realty Trust, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 7.25% | 7.25% | |
Number of Shares | 58,577 | 54,596 | |
Cost | $ 1,411,846 | $ 1,310,210 | |
Market Value | $ 1,426,126 | $ 1,348,510 | |
Chesapeake Lodging Trust Preferred Stock Series A [Member] | |||
Interest Rate | 7.75% | 7.75% | |
Number of Shares | 20,000 | 20,000 | |
Cost | $ 500,000 | $ 500,000 | |
Market Value | $ 507,806 | $ 516,600 | |
Corporate Office Properties Trust Preferred Stock Series L [Member] | |||
Interest Rate | 7.375% | 7.375% | |
Number of Shares | 26,000 | 26,000 | |
Cost | $ 650,330 | $ 650,330 | |
Market Value | $ 656,760 | $ 670,280 | |
Kilroy Realty Corporation Preferred Stock Series G [Member] | |||
Interest Rate | 6.875% | 6.875% | |
Number of Shares | 34,948 | 34,948 | |
Cost | $ 844,770 | $ 844,770 | |
Market Value | $ 885,932 | $ 902,008 | |
LaSalle Hotel Properties Preferred Stock Series H [Member] | |||
Interest Rate | 7.50% | 7.50% | |
Number of Shares | 40,000 | 40,000 | |
Cost | $ 982,589 | $ 982,589 | |
Market Value | $ 1,002,000 | $ 1,006,000 | |
Pennsylvania Real Estate Investment Trust Preferred Stock Series A [Member] | |||
Interest Rate | 8.25% | 8.25% | |
Number of Shares | 68,800 | 68,800 | |
Cost | $ 1,720,885 | $ 1,720,885 | |
Market Value | $ 1,739,952 | $ 1,775,728 | |
Pennsylvania Real Estate Investment Trust Preferred Stock Series B [Member] | |||
Interest Rate | 7.375% | 7.375% | |
Number of Shares | 40,000 | 40,000 | |
Cost | $ 1,000,000 | $ 1,000,000 | |
Market Value | $ 1,000,000 | $ 1,008,400 | |
Retail Properties of America, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 7.00% | 7.00% | |
Number of Shares | 20,000 | 20,000 | |
Cost | $ 481,949 | $ 481,949 | |
Market Value | $ 500,000 | $ 513,000 | |
Stag Industrial, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 6.625% | 6.625% | |
Number of Shares | 20,100 | 20,100 | |
Cost | $ 470,007 | $ 470,007 | |
Market Value | $ 501,495 | $ 509,334 | |
Summit Hotel Properties, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 7.875% | 7.875% | |
Number of Shares | 20,000 | 20,000 | |
Cost | $ 500,000 | $ 500,000 | |
Market Value | $ 514,780 | $ 515,998 | |
Sun Communities, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 7.125% | 7.125% | |
Number of Shares | 45,000 | 45,000 | |
Cost | $ 1,117,377 | $ 1,117,377 | |
Market Value | $ 1,133,550 | $ 1,179,000 | |
Terreno Realty Corporation Preferred Stock Series A [Member] | |||
Interest Rate | 7.75% | 7.75% | |
Number of Shares | 20,300 | 20,300 | |
Cost | $ 507,791 | $ 507,791 | |
Market Value | $ 512,575 | $ 516,840 | |
Urstadt Biddle Properties, Inc Preferred Stock Series F [Member] | |||
Interest Rate | 7.125% | 7.125% | |
Number of Shares | 30,421 | 30,421 | |
Cost | $ 756,304 | $ 756,305 | |
Market Value | $ 775,735 | $ 786,687 | |
Urstadt Biddle Properties, Inc Preferred Stock Series G [Member] | |||
Interest Rate | 6.75% | 6.75% | |
Number of Shares | 5,000 | 5,000 | |
Cost | $ 125,000 | $ 125,000 | |
Market Value | 128,000 | 130,700 | |
Preferred Stock [Member] | |||
Cost | 12,857,467 | 13,715,687 | |
Market Value | $ 13,028,200 | $ 14,219,712 | |
CBL & Associates Properties, Inc [Member] | |||
Number of Shares | 1,000,000 | 135,000 | |
Cost | $ 11,785,016 | $ 2,295,133 | |
Market Value | $ 11,500,000 | $ 1,669,951 | |
Cousins Properties, Inc [Member] | |||
Number of Shares | 105,950 | ||
Cost | $ 820,348 | ||
Market Value | $ 901,635 | ||
Gladstone Commercial Corporation [Member] | |||
Number of Shares | 180,000 | 55,000 | |
Cost | $ 3,199,933 | $ 946,184 | |
Market Value | $ 3,618,000 | $ 802,450 | |
Government Properties Income Trust [Member] | |||
Number of Shares | 810,000 | 550,000 | |
Cost | $ 15,520,076 | $ 11,244,317 | |
Market Value | $ 15,442,650 | $ 8,728,500 | |
Monmouth Real Estate Investment Corporation [Member] | |||
Number of Shares | [1] | 2,237,588 | 2,125,270 |
Cost | [1] | $ 19,231,411 | $ 17,855,054 |
Market Value | [1] | $ 34,100,835 | $ 22,230,328 |
Nobility Homes Inc [Member] | |||
Number of Shares | 20,000 | 20,000 | |
Cost | $ 158,200 | $ 158,200 | |
Market Value | $ 315,000 | $ 242,000 | |
Parkway Properties Inc [Member] | |||
Number of Shares | 33,243 | 55,000 | |
Cost | $ 628,819 | $ 959,887 | |
Market Value | $ 739,657 | $ 859,650 | |
Select Income Real Estate Investment Trust [Member] | |||
Number of Shares | 740,000 | 700,000 | |
Cost | $ 17,802,516 | $ 16,909,351 | |
Market Value | $ 18,648,000 | $ 13,874,000 | |
Senior Housing Properties Trust [Member] | |||
Number of Shares | 220,911 | 175,911 | |
Cost | $ 3,760,406 | $ 3,032,483 | |
Market Value | $ 4,181,845 | $ 2,610,519 | |
Urstadt Biddle Properties, Inc [Member] | |||
Number of Shares | 85,000 | 55,000 | |
Cost | $ 1,761,151 | $ 1,103,323 | |
Market Value | $ 2,049,350 | $ 1,058,200 | |
Vereit, Inc [Member] | |||
Number of Shares | 500,000 | 25,000 | |
Cost | $ 4,512,658 | $ 202,787 | |
Market Value | 4,230,000 | 198,000 | |
Common Stock [Member] | |||
Cost | 79,180,534 | 63,350,600 | |
Market Value | $ 95,726,972 | $ 60,791,548 | |
CubeSmart Preferred Stock Series A [Member] | |||
Interest Rate | 7.75% | ||
Number of Shares | 2,000 | ||
Cost | $ 52,153 | ||
Market Value | $ 52,280 | ||
Dupont Fabros Technology, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 7.875% | ||
Number of Shares | 26,412 | ||
Cost | $ 657,703 | ||
Market Value | $ 668,224 | ||
Dupont Fabros Technology, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 7.625% | ||
Number of Shares | 10,000 | ||
Cost | $ 250,000 | ||
Market Value | $ 252,100 | ||
Getty Realty Corporation [Member] | |||
Number of Shares | 135,000 | ||
Cost | $ 2,544,483 | ||
Market Value | $ 2,315,250 | ||
Mack-Cali Realty Corporation [Member] | |||
Number of Shares | 135,000 | ||
Cost | $ 3,095,616 | ||
Market Value | $ 3,152,250 | ||
RMR Group, Inc [Member] | |||
Number of Shares | 19,712 | ||
Cost | $ 256,256 | ||
Market Value | $ 284,050 | ||
Weingarten Realty Investors [Member] | |||
Number of Shares | 80,000 | ||
Cost | $ 2,747,526 | ||
Market Value | $ 2,766,400 | ||
[1] | Related entity. |
Securities Available For Sale47
Securities Available For Sale - Summary of Temporarily Impaired Securities (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Less Than 12 Months, Fair Value | $ 32,662,339 |
Less Than 12 Months, Unrealized Loss | (692,824) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | 0 |
Preferred Stock [Member] | |
Less Than 12 Months, Fair Value | 1,489,689 |
Less Than 12 Months, Unrealized Loss | (47,724) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | 0 |
Common Stock [Member] | |
Less Than 12 Months, Fair Value | 31,172,650 |
Less Than 12 Months, Unrealized Loss | (645,100) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | $ 0 |
Securities Available For Sale48
Securities Available For Sale - Summary of Range of Losses (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)Security | |
Number of Individual Securities | Security | 5 |
Fair Value | $ 32,662,339 |
Unrealized Loss | $ (692,824) |
Securities Group One [Member] | |
Number of Individual Securities | Security | 4 |
Fair Value | $ 28,432,339 |
Unrealized Loss | $ (410,166) |
Range of Loss description | Less than or equal to 3% |
Securities Group Two [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 4,230,000 |
Unrealized Loss | $ (282,658) |
Range of Loss | 6.00% |
Securities Available For Sale49
Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 2,287,454 | $ 208,200 | $ 1,555,656 |
Gross realized losses | (2,153) | (3,970) | (13,067) |
Total Realized Gain on Sales of Securities, net | $ 2,285,301 | $ 204,230 | $ 1,542,589 |
Loans and Mortgages Payable (De
Loans and Mortgages Payable (Details Narrative) - USD ($) | Dec. 19, 2016 | Oct. 31, 2016 | May 02, 2016 | Jan. 07, 2016 | Oct. 16, 2015 | Oct. 02, 2015 | Aug. 19, 2015 | Apr. 02, 2015 | Mar. 20, 2015 | Mar. 06, 2015 | Feb. 27, 2015 | Jan. 21, 2015 | Mar. 29, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Percentage of margin loan interest rate | 2.00% | 2.00% | ||||||||||||||
Outstanding on margin loan | $ 22,727,458 | $ 15,766,573 | ||||||||||||||
Number of coverage ratio, description | The Company must maintain a coverage ratio of approximately 2 times. | |||||||||||||||
Weighted average interest rate | 4.40% | 4.60% | ||||||||||||||
Mortgage loans term | 6 years 10 months 24 days | 7 years 1 month 6 days | ||||||||||||||
Mortgage loan | $ 293,025,592 | $ 283,049,802 | ||||||||||||||
Mortgage loans on real estate, carrying amount | 488,623,061 | 444,098,037 | ||||||||||||||
Accumulated Capitalized Interest Costs | $ 359,906 | $ 277,944 | $ 280,354 | |||||||||||||
Maturity Date | Jun. 1, 2026 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Interest rate on mortgage that was paid off | 6.66% | |||||||||||||||
Holly Acres [Member] | ||||||||||||||||
Interest rate on mortgage | 6.50% | |||||||||||||||
Mortgage loan | $ 2,300,000 | |||||||||||||||
Maturity Date | Oct. 5, 2021 | |||||||||||||||
Automotive Loans [Member] | ||||||||||||||||
Weighted average interest rate | 3.80% | |||||||||||||||
Bank automotive loans | $ 884,528 | |||||||||||||||
Wells Fargo On Waterfalls Village [Member] | ||||||||||||||||
Interest rate on mortgage | 4.38% | |||||||||||||||
Mortgage loan | $ 4,760,000 | |||||||||||||||
Wells Fargo On Valley Hills [Member] | ||||||||||||||||
Interest rate on mortgage | 4.32% | |||||||||||||||
Mortgage loan | $ 3,498,000 | |||||||||||||||
Wells Fargo On Fairview Manor [Member] | ||||||||||||||||
Interest rate on mortgage | 3.85% | |||||||||||||||
Mortgage loan | $ 16,346,000 | |||||||||||||||
Maturity Date | Nov. 1, 2026 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Interest rate on mortgage that was paid off | 5.785% | |||||||||||||||
Proceeds from repayment of mortgage loan | $ 9,700,000 | |||||||||||||||
Wells Fargo On D&R Village [Member] | ||||||||||||||||
Interest rate on mortgage | 3.85% | |||||||||||||||
Mortgage loan | $ 8,100,000 | |||||||||||||||
Maturity Date | Mar. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
D&R Village And Waterfalls Village [Member] | ||||||||||||||||
Mortgage loan | $ 6,800,000 | |||||||||||||||
Mortgage loan variable rate, description | LIBOR plus 2.25% | |||||||||||||||
Wells Fargo On Olmsted Falls [Member] | ||||||||||||||||
Interest rate on mortgage | 3.98% | |||||||||||||||
Mortgage loan | $ 2,200,000 | |||||||||||||||
Maturity Date | Apr. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Wells Fargo On Seven Freddie Mac Mortgages [Member] | ||||||||||||||||
Interest rate on mortgage | 3.92% | |||||||||||||||
Mortgage loan | $ 34,685,000 | |||||||||||||||
Maturity Date | Apr. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Wells Fargo On Cedarcrest [Member] | ||||||||||||||||
Interest rate on mortgage | 3.71% | |||||||||||||||
Mortgage loan | $ 12,670,000 | |||||||||||||||
Maturity Date | Apr. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Interest rate on mortgage that was paid off | 5.125% | |||||||||||||||
Amount of prior loan paid off | $ 8,900,000 | |||||||||||||||
Repayment of penalty amount | $ 89,000 | |||||||||||||||
Wells Fargo On Five Freddie Mac Mortgages [Member] | ||||||||||||||||
Interest rate on mortgage | 4.10% | |||||||||||||||
Mortgage loan | $ 37,067,000 | |||||||||||||||
Maturity Date | Sep. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Wells Fargo On Four Freddie Mac Mortgages [Member] | ||||||||||||||||
Weighted average interest rate | 4.24% | |||||||||||||||
Interest rate on mortgage | 4.06% | |||||||||||||||
Mortgage loan | $ 29,859,000 | |||||||||||||||
Maturity Date | Oct. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Amount of prior loan paid off | $ 16,600,000 | |||||||||||||||
Repayment of penalty amount | $ 154,000 | |||||||||||||||
Wells Fargo On Holiday Village [Member] | ||||||||||||||||
Interest rate on mortgage | 3.96% | |||||||||||||||
Mortgage loan | $ 8,851,000 | |||||||||||||||
Maturity Date | Nov. 1, 2025 | |||||||||||||||
Amortization of principal repayments term | 30 years | |||||||||||||||
Ocean First Bank [Member] | ||||||||||||||||
Maximum revolving credit agreement | $ 10,000,000 | |||||||||||||||
Line of credit facility interest rate, description | The interest rate will be reset after five years to the rate the Federal Home Loan Bank of New York charges to its members plus 2.15%. | Interest is at a variable rate of prime plus 50 basis points (0.5%) and matures on June 1, 2017. | ||||||||||||||
Interest rate of line of credit | 4.25% | 4.00% | ||||||||||||||
Lines of credit, outstanding amount | $ 4,000,000 | |||||||||||||||
Line of credit facility, maturity date | Jun. 1, 2017 | |||||||||||||||
Interest rate on mortgage | 4.20% | |||||||||||||||
Mortgage loan | $ 6,000,000 | |||||||||||||||
Maturity Date | Jan. 7, 2026 | Aug. 19, 2025 | ||||||||||||||
Interest rate description | members plus 2.5%. | members plus 2.15% | ||||||||||||||
Minimum [Member] | ||||||||||||||||
Line of credit facility interest rate, description | Prime plus 1.0% | |||||||||||||||
Interest rate on mortgage | 3.71% | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Line of credit facility interest rate, description | LIBOR plus 3.0% | |||||||||||||||
Interest rate on mortgage | 6.83% | |||||||||||||||
Prime Rate [Member] | Ocean First Bank [Member] | ||||||||||||||||
Interest rate of line of credit | (0.50%) | |||||||||||||||
21st Mortgage Corporation [Member] | ||||||||||||||||
Interest rate on mortgage | 6.99% | |||||||||||||||
Mortgage loans term | 10 years | |||||||||||||||
Loans outstanding | $ 467,101 | $ 671,717 | ||||||||||||||
21st Mortgage Corporation [Member] | New Units [Member] | ||||||||||||||||
Origination fee | 2.00% | |||||||||||||||
21st Mortgage Corporation [Member] | Existing Units [Member] | ||||||||||||||||
Origination fee | 3.00% | |||||||||||||||
21st Mortgage Corporation [Member] | Prime Rate [Member] | Minimum [Member] | ||||||||||||||||
Interest rate of line of credit | 6.00% | |||||||||||||||
21st Mortgage Corporation [Member] | Prime Rate [Member] | Minimum [Member] | After 18 Months [Member] | ||||||||||||||||
Interest rate of line of credit | 8.00% | |||||||||||||||
21st Mortgage Corporation [Member] | Prime Rate Plus [Member] | Maximum [Member] | ||||||||||||||||
Interest rate of line of credit | 2.00% | |||||||||||||||
Two River Community Bank [Member] | ||||||||||||||||
Lines of credit, outstanding amount | $ 4,000,000 | $ 4,000,000 | ||||||||||||||
Interest rate on mortgage | 4.625% | |||||||||||||||
Loans outstanding | $ 4,000,000 | |||||||||||||||
Shares of monmouth real estate investment corporation pledged as collateral | 1,000,000 | |||||||||||||||
Bank of Montreal [Member] | ||||||||||||||||
Maximum revolving credit agreement | $ 50,000,000 | |||||||||||||||
Line of credit facility interest rate, description | Borrowings will bear interest at the Companys option of LIBOR plus 1.75% to 2.50% or BMOs prime lending rate plus 0.75% to 1.50%, based on the Companys overall leverage. | LIBOR plus 200 basis points or 2.69% | LIBOR plus 250 basis points or 2.79% | |||||||||||||
Lines of credit, outstanding amount | $ 20,000,000 | |||||||||||||||
Line of credit facility, maturity date | Mar. 29, 2017 | |||||||||||||||
Unsecured line of credit | $ 35,000,000 | |||||||||||||||
Borrowing capacity, description | The Company has the ability to increase the borrowing capacity by an amount not to exceed $15 million, representing a maximum aggregate borrowing capacity of $50 million, subject to various conditions, as defined in the agreement | |||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 15,000,000 | |||||||||||||||
Percentage of unused commitment amount to be paid per annum | 0.35% | |||||||||||||||
Ocean First Bank [Member] | ||||||||||||||||
Interest rate on mortgage | 4.30% | |||||||||||||||
Mortgage loan | $ 7,200,000 | |||||||||||||||
Springfield Meadows [Member] | ||||||||||||||||
Interest rate on mortgage | 4.83% | |||||||||||||||
Mortgage loan | $ 3,195,000 | |||||||||||||||
Maturity Date | Oct. 6, 2025 | |||||||||||||||
Credit Agreements to Finance Inventory Purchases [Member] | ||||||||||||||||
Maximum revolving credit agreement | 28,500,000 | |||||||||||||||
Revolving Credit Facility [Member] | ||||||||||||||||
Lines of credit, outstanding amount | $ 6,314,352 | $ 12,112,039 | ||||||||||||||
Weighted average interest rate | 5.90% | 6.50% |
Loans and Mortgages Payable - S
Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Loans Payable Including the Credit Facility (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Loans And Mortgages Payable - Schedule Of Aggregate Principal Payments Of All Loans Payable Including Credit Facility Details | ||
2,017 | $ 30,566,256 | |
2,018 | 255,164 | |
2,019 | 255,955 | |
2,020 | 4,245,631 | |
2,021 | 136,771 | |
Thereafter | 22,933,662 | |
Total Loans Payable | 58,393,439 | |
Unamortized Debt Issuance Costs | (108,054) | |
Total Loans Payable, net of Unamortized Debt Issuance Costs | $ 58,285,385 | $ 57,862,206 |
Loans and Mortgages Payable -52
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($) | May 02, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | |
Due Date | Jun. 1, 2026 | |||
Total Mortgages Payable | $ 296,563,983 | $ 286,637,096 | ||
Unamortized debt issuance costs | (3,538,391) | (3,587,294) | ||
Total Mortgages Payable, net of Unamortized Debt Issuance Costs | $ 293,025,592 | 283,049,802 | ||
Allentown [Member] | ||||
Due Date | Oct. 1, 2025 | |||
Interest Rate | 4.06% | |||
Total Mortgages Payable | $ 13,637,719 | 13,873,376 | ||
Brookview Village [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 2,832,889 | 2,884,660 | ||
Candlewick Court [Member] | ||||
Due Date | Sep. 1, 2025 | |||
Interest Rate | 4.10% | |||
Total Mortgages Payable | $ 4,551,134 | 4,629,572 | ||
Catalina [Member] | ||||
Due Date | Aug. 19, 2025 | |||
Interest Rate | 4.20% | |||
Total Mortgages Payable | $ 5,739,657 | 5,936,296 | ||
Cedarcrest [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.71% | |||
Total Mortgages Payable | $ 12,268,266 | 12,501,441 | ||
Clinton Mobile Home Resort [Member] | ||||
Due Date | Oct. 1, 2025 | |||
Interest Rate | 4.06% | |||
Total Mortgages Payable | $ 3,579,289 | 3,641,139 | ||
Cranberry Village [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 7,769,600 | 7,911,589 | ||
D & R Village [Member] | ||||
Due Date | Mar. 1, 2025 | |||
Interest Rate | 3.85% | |||
Total Mortgages Payable | $ 7,837,828 | 7,983,634 | ||
Fairview Manor [Member] | ||||
Due Date | Nov. 1, 2026 | |||
Interest Rate | 3.85% | |||
Total Mortgages Payable | $ 16,299,292 | 9,921,261 | ||
Forest Park Village [Member] | ||||
Due Date | Sep. 1, 2025 | |||
Interest Rate | 4.10% | |||
Total Mortgages Payable | $ 8,486,324 | 8,632,586 | ||
Hayden Heights [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 2,134,846 | 2,173,861 | ||
Heather Highlands [Member] | ||||
Due Date | Aug. 28, 2018 | |||
Interest Rate, description | Prime + 1.0% | |||
Total Mortgages Payable | $ 354,529 | 678,288 | ||
Highland Estates [Member] | ||||
Due Date | Sep. 1, 2017 | |||
Interest Rate | 6.175% | |||
Total Mortgages Payable | $ 9,035,246 | 9,226,700 | ||
Holiday Village [Member] | ||||
Due Date | Sep. 1, 2025 | |||
Interest Rate | 4.10% | |||
Total Mortgages Payable | $ 8,075,696 | 8,214,880 | ||
Holiday Village- IN [Member] | ||||
Due Date | Nov. 1, 2025 | |||
Interest Rate | 3.96% | |||
Total Mortgages Payable | $ 8,674,151 | 8,826,242 | ||
Holly Acres Estates [Member] | ||||
Due Date | Oct. 5, 2021 | |||
Interest Rate | 6.50% | |||
Total Mortgages Payable | $ 2,228,629 | 2,260,360 | ||
Kinnebrook Village [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 4,127,176 | 4,202,600 | ||
Lake Sherman Village [Member] | ||||
Due Date | Sep. 1, 2025 | |||
Interest Rate | 4.10% | |||
Total Mortgages Payable | $ 5,611,924 | 5,708,646 | ||
Olmsted Falls [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.98% | |||
Total Mortgages Payable | $ 2,133,656 | 2,172,210 | ||
Oxford Village [Member] | ||||
Due Date | Jan. 1, 2020 | |||
Interest Rate | 5.94% | |||
Total Mortgages Payable | $ 6,963,586 | 7,162,128 | ||
Shady Hills [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 5,089,892 | 5,182,910 | ||
Somerset Estates And Whispering Pines [Member] | ||||
Due Date | Feb. 26, 2019 | |||
Interest Rate | 4.89% | |||
Total Mortgages Payable | $ 395,886 | 566,425 | ||
Springfield Meadows [Member] | ||||
Due Date | Oct. 6, 2025 | |||
Interest Rate | 4.83% | |||
Total Mortgages Payable | $ 3,191,381 | 0 | ||
Suburban Estates [Member] | ||||
Due Date | Oct. 1, 2025 | |||
Interest Rate | 4.06% | |||
Total Mortgages Payable | $ 5,686,136 | 5,784,391 | ||
Sunny Acres [Member] | ||||
Due Date | Oct. 1, 2025 | |||
Interest Rate | 4.06% | |||
Total Mortgages Payable | $ 6,329,351 | 6,438,720 | ||
Southwind Village [Member] | ||||
Due Date | Jan. 1, 2020 | |||
Interest Rate | 5.94% | |||
Total Mortgages Payable | $ 5,562,311 | 5,720,900 | ||
Trailmont [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 3,393,262 | 3,455,273 | ||
Twin Oaks [Member] | ||||
Due Date | Dec. 1, 2019 | |||
Interest Rate | 5.75% | |||
Total Mortgages Payable | $ 2,494,084 | 2,567,451 | ||
Valley Hills [Member] | ||||
Due Date | Jun. 1, 2026 | |||
Interest Rate | 4.32% | |||
Total Mortgages Payable | $ 3,466,014 | 0 | ||
Waterfalls [Member] | ||||
Due Date | Jun. 1, 2026 | |||
Interest Rate | 4.38% | |||
Total Mortgages Payable | $ 4,716,994 | 0 | ||
Weatherly Estates [Member] | ||||
Due Date | Apr. 1, 2025 | |||
Interest Rate | 3.92% | |||
Total Mortgages Payable | $ 8,279,558 | 8,430,867 | ||
Woods Edge [Member] | ||||
Due Date | Jan. 7, 2026 | |||
Interest Rate | 4.30% | |||
Total Mortgages Payable | $ 6,969,958 | 0 | ||
Worthington Arms [Member] | ||||
Due Date | Sep. 1, 2025 | |||
Interest Rate | 4.10% | |||
Total Mortgages Payable | $ 9,514,851 | 9,678,840 | ||
Various (3 Properties) [Member] | ||||
Due Date | May 1, 2016 | |||
Interest Rate | [1] | 6.66% | ||
Total Mortgages Payable | $ 0 | 8,618,982 | ||
Various (4 Properties) [Member] | ||||
Due Date | Jul. 1, 2023 | |||
Interest Rate | 4.975% | |||
Total Mortgages Payable | $ 8,226,015 | 8,363,756 | ||
Various (5 Properties) [Member] | ||||
Due Date | Jan. 1, 2022 | |||
Interest Rate | 4.25% | |||
Total Mortgages Payable | $ 14,072,987 | 14,382,719 | ||
Various (5 Properties) [Member] | ||||
Due Date | Dec. 6, 2022 | |||
Interest Rate | 4.75% | |||
Total Mortgages Payable | $ 7,294,460 | 7,426,995 | ||
Various (5 Properties) [Member] | ||||
Due Date | Feb. 1, 2018 | |||
Interest Rate | 6.83% | |||
Total Mortgages Payable | $ 8,818,862 | 8,954,713 | ||
Various (11 Properties) [Member] | ||||
Due Date | Aug. 1, 2017 | |||
Interest Rate, description | LIBOR + 3.0% | |||
Total Mortgages Payable | $ 10,625,352 | 11,416,309 | ||
Various (13 Properties) [Member] | ||||
Due Date | Mar. 1, 2023 | |||
Interest Rate | 4.065% | |||
Total Mortgages Payable | $ 50,095,192 | $ 51,106,376 | ||
[1] | Represents the weighted- average interest rate of one mortgage with two notes with interest rates of 6.23% and 12.75%. |
Loans and Mortgages Payable -53
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) (Parenthetical) | Dec. 31, 2016 | Dec. 31, 2015 |
Weighted average interest rate | 4.40% | 4.60% |
Note One [Member] | ||
Weighted average interest rate | 6.23% | |
Note Two [Member] | ||
Weighted average interest rate | 12.75% |
Loans and Mortgages Payable -54
Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details) | Dec. 31, 2016USD ($) |
2,017 | $ 30,566,256 |
2,018 | 255,164 |
2,019 | 255,955 |
2,020 | 4,245,631 |
2,021 | 136,771 |
Thereafter | 22,933,662 |
Total | 58,393,439 |
Mortgages [Member] | |
2,017 | 25,905,661 |
2,018 | 14,701,232 |
2,019 | 19,675,147 |
2,020 | 5,779,756 |
2,021 | 20,396,125 |
Thereafter | 210,106,062 |
Total | $ 296,563,983 |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) | Sep. 14, 2016Participantsshares | Apr. 05, 2016Participantsshares | Sep. 16, 2015Participantsshares | Feb. 05, 2015Participantsshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)Participantsshares | Jun. 13, 2013shares |
Number of granted options to purchase, shares | 1,760,000 | |||||||
Stock option vested term | 1 year | |||||||
Unamortized stock option expense | $ | $ 85,997 | |||||||
Number of exercised shares | (277,500) | (22,500) | (23,000) | |||||
Number of shares expired or forfeited | (37,000) | 0 | ||||||
Aggregate intrinsic value of outstanding | $ | $ 8,939,488 | $ 669,098 | $ 395,243 | |||||
Aggregate intrinsic value of options exercised | $ | 6,156,928 | 541,598 | 395,243 | |||||
Intrinsic value of options exercised | $ | $ 1,018,730 | $ 62,230 | $ 57,250 | |||||
Weighted-average remaining contractual term | 5 years 7 months 6 days | 5 years 4 months 24 days | 4 years 3 months 18 days | |||||
Stock compensation expense of general and administrative expenses | $ | $ 463,864 | $ 365,560 | $ 437,063 | |||||
Stock Options [Member] | ||||||||
Fair value of stock options granted | $ | $ 425,000 | $ 393,000 | $ 332,000 | |||||
Stock Options [Member] | Thirty Four Employees [Member] | ||||||||
Number of granted options to purchase, shares | 527,000 | |||||||
Stock Options [Member] | Twenty Four Employees [Member] | ||||||||
Number of granted options to purchase, shares | 425,000 | |||||||
Stock Options [Member] | Twenty Five Employees [Member] | ||||||||
Number of granted options to purchase, shares | 339,000 | |||||||
Stock Options [Member] | Twenty Employees [Member] | ||||||||
Number of exercised shares | 277,500 | |||||||
Stock Options [Member] | Five Employees [Member] | ||||||||
Number of exercised shares | 22,500 | |||||||
Stock Options [Member] | Two Employees [Member] | ||||||||
Number of exercised shares | 23,000 | |||||||
Stock Options [Member] | One Employee [Member] | ||||||||
Number of shares expired or forfeited | 50,000 | |||||||
Stock Options [Member] | Sixteen Employees [Member] | ||||||||
Number of shares expired or forfeited | 143,000 | |||||||
Stock Options [Member] | Eleven Employees [Member] | ||||||||
Number of shares expired or forfeited | 108,000 | |||||||
Restricted Stock [Member] | ||||||||
Stock option vested term | 5 years | |||||||
Unamortized stock option expense | $ | $ 685,925 | |||||||
Weighted-average remaining contractual term | 3 years 3 months 18 days | |||||||
Stock compensation expense of general and administrative expenses | $ | $ 600,814 | $ 490,208 | $ 485,881 | |||||
Number of granted, shares | 20,000 | 40,500 | 10,000 | 25,000 | 60,500 | 35,000 | 25,000 | |
Number of participants in restricted stock grants awarded | Participants | 1 | 2 | 10 | 1 | 1 | |||
Fair value of restricted stock grants | $ | $ 627,085 | $ 334,450 | $ 232,750 | |||||
2013 Stock Option and Stock Award Plan [Member] | ||||||||
Stock option authorized to grant to officers and key employees | 3,000,000 | |||||||
Available for grant under plan | 200,000 | |||||||
2013 Stock Option and Stock Award Plan [Member] | Restricted Stock [Member] | ||||||||
Available for grant under plan | 1,235,500 | |||||||
2013 Stock Option and Stock Award Plan [Member] | Maximum [Member] | Restricted Stock [Member] | ||||||||
Available for grant under plan | 100,000 |
Stock Compensation Plan - Sched
Stock Compensation Plan - Schedule of Fair Value of Option Grant of Weighted-average Assumptions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 7.32% | 7.37% | 7.14% |
Expected volatility | 26.30% | 27.17% | 27.12% |
Risk-free interest rate | 1.49% | 2.12% | 2.23% |
Expected lives | 8 years | 8 years | 8 years |
Estimated forfeitures | $ 0 | $ 0 | $ 0 |
Stock Compensation Plan - Sch57
Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Compensation Plan - Schedule Of Stock Option Plans And Changes In Stock Options Details | |||
Outstanding at beginning of year, Shares | 1,560,500 | 1,301,000 | 1,093,000 |
Granted, Shares | 527,000 | 425,000 | 339,000 |
Exercised, Shares | (277,500) | (22,500) | (23,000) |
Forfeited, shares | 0 | (37,000) | 0 |
Expired, Shares | (50,000) | (106,000) | (108,000) |
Outstanding at end of year, Shares | 1,760,000 | 1,560,500 | 1,301,000 |
Options exercisable at end of year | 1,233,000 | 1,135,500 | 962,000 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 9.92 | $ 10.34 | $ 10.86 |
Weighted Average Exercise Price, Granted | 9.77 | 9.82 | 9.85 |
Weighted Average Exercise Price, Exercised | 8.96 | 7.56 | 7.28 |
Weighted Average Exercise Price, Forfeited | 0 | 10.63 | 0 |
Weighted Average Exercise Price, Expired | 11.97 | 14.84 | 14.52 |
Outstanding at end of year, Weighted Average Exercise Price | 9.97 | 9.92 | 10.34 |
Weighted-average fair value of options granted during the year | $ 0.81 | $ 0.93 | $ 0.98 |
Stock Compensation Plan - Summa
Stock Compensation Plan - Summary of Stock Options Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2016Employees$ / sharesshares | ||
Number of Shares | 1,760,000 | |
Stock Option Grant One [Member] | ||
Date of Grant | Jun. 22, 2009 | |
Number of Employees | Employees | 5 | |
Number of Shares | 18,500 | |
Option Price | $ / shares | $ 7.57 | |
Expiration Date | Jun. 22, 2017 | |
Stock Option Grant Two [Member] | ||
Date of Grant | Jan. 8, 2010 | |
Number of Employees | Employees | 1 | |
Number of Shares | 10,900 | |
Option Price | $ / shares | $ 9.13 | |
Expiration Date | Jan. 8, 2018 | |
Stock Option Grant Three [Member] | ||
Date of Grant | Jan. 8, 2010 | |
Number of Employees | Employees | 1 | |
Number of Shares | 14,100 | |
Option Price | $ / shares | $ 8.30 | |
Expiration Date | Jan. 8, 2018 | |
Stock Option Grant Four [Member] | ||
Date of Grant | Jul. 27, 2010 | |
Number of Employees | Employees | 6 | |
Number of Shares | 52,000 | |
Option Price | $ / shares | $ 11.40 | |
Expiration Date | Jul. 27, 2018 | |
Stock Option Grant Five [Member] | ||
Date of Grant | Jul. 5, 2011 | |
Number of Employees | Employees | 7 | |
Number of Shares | 58,000 | |
Option Price | $ / shares | $ 11.16 | |
Expiration Date | Jul. 5, 2019 | |
Stock Option Grant Six [Member] | ||
Date of Grant | Aug. 29, 2012 | |
Number of Employees | Employees | 10 | |
Number of Shares | 70,000 | |
Option Price | $ / shares | $ 11.29 | |
Expiration Date | Aug. 29, 2020 | |
Stock Option Grant Seven [Member] | ||
Date of Grant | Feb. 28, 2013 | |
Number of Employees | Employees | 1 | |
Number of Shares | 10,000 | |
Option Price | $ / shares | $ 10.02 | |
Expiration Date | Feb. 28, 2021 | |
Stock Option Grant Eight [Member] | ||
Date of Grant | Jun. 26, 2013 | |
Number of Employees | Employees | 18 | |
Number of Shares | 343,000 | |
Option Price | $ / shares | $ 10.08 | |
Expiration Date | Jun. 26, 2021 | |
Stock Option Grant Nine [Member] | ||
Date of Grant | Jun. 11, 2014 | |
Number of Employees | Employees | 19 | |
Number of Shares | 276,000 | |
Option Price | $ / shares | $ 9.85 | |
Expiration Date | Jun. 11, 2022 | |
Stock Option Grant Ten [Member] | ||
Date of Grant | Jun. 24, 2015 | |
Number of Employees | Employees | 19 | |
Number of Shares | 380,500 | |
Option Price | $ / shares | $ 9.82 | |
Expiration Date | Jun. 24, 2023 | |
Stock Option Grant Eleven [Member] | ||
Date of Grant | Apr. 5, 2016 | |
Number of Employees | Employees | 34 | |
Number of Shares | 527,000 | [1] |
Option Price | $ / shares | $ 9.77 | |
Expiration Date | Apr. 5, 2024 | |
[1] | Unexercisable |
Stock Compensation Plan - Sch59
Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | Sep. 14, 2016 | Apr. 05, 2016 | Sep. 16, 2015 | Feb. 05, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Non-vested at beginning of year, Shares | 121,242 | 137,346 | 152,292 | ||||
Granted, Shares | 20,000 | 40,500 | 10,000 | 25,000 | 60,500 | 35,000 | 25,000 |
Dividend Reinvested Shares, Shares | 8,430 | 10,736 | 12,194 | ||||
Forfeited, Shares | (2,160) | 0 | 0 | ||||
Vested, Shares | (54,697) | (61,840) | (52,140) | ||||
Non-vested at end of year, Shares | 133,315 | 121,242 | 137,346 | ||||
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $ 9.83 | $ 10.37 | $ 10.77 | ||||
Weighted Average Grant Date Fair Value, Granted | 10.37 | 9.56 | 9.31 | ||||
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares | 10.82 | 9.09 | 9.22 | ||||
Weighted Average Grant Date Fair Value, Forfeited | 9.83 | 0 | 0 | ||||
Weighted Average Grant Date Fair Value, Vested | 10.07 | 9.63 | 10.77 | ||||
Non-vested at end of year, Weighted Average Grant Date Fair Value | $ 10.04 | $ 9.83 | $ 10.37 |
401(k) Plan (Details Narrative)
401(k) Plan (Details Narrative) - 401(k) Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Eligibility age of employees | 21 years | ||
Description of contribution | Company made matching contributions to the Plan of up to 100% of the first 3% of employee salary and 50% of the next 2% of employee salary. | ||
Total expense of contributions amount | $ 245,057 | $ 167,971 | $ 226,953 |
Related Party Transactions an61
Related Party Transactions and Other Matters (Details Narrative) | May 02, 2015 | Dec. 31, 2016USD ($)DirectorsAndShareholdersshares |
Renewed lease term | 7 years | |
April 30, 2020 [Member] | ||
Lease payment through April 30, 2020 | $ 14,900 | |
April 30, 2022 [Member] | ||
Lease payment through April 30, 2022 | $ 15,300 | |
Mr. Eugene W. Landy, Mr. Samuel A. Landy And Ms. Anna T. Chew [Member] | ||
Employment agreements term | 3 years | |
Approximate value of compensation | $ 1,000,000 | |
Mr. Eugene and W. Landy [Member] | ||
Interest in the entity of landlord of the property | 24.00% | |
Monmouth Real Estate Investment Corporation [Member] | ||
Number of directors and shareholders | DirectorsAndShareholders | 6 | |
Number of shares owned in affiliate company | shares | 2,237,588 | |
Percentage of shares owned in affiliate company | 3.20% |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | Aug. 11, 2016 | Apr. 05, 2016 | Apr. 04, 2016 | Oct. 20, 2015 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Discount rate on purchase price under dividend reinvestment plan | 95.00% | |||||||
Proceeds from issuance of preferred stock | $ 49,120,853 | $ 43,042,124 | $ 0 | |||||
Dividends payment | $ 710,610 | |||||||
Paid on dividend date | Mar. 15, 2016 | |||||||
Common stock shares authorized | 75,000,000 | 62,000,000 | 62,000,000 | 62,000,000 | ||||
Excess stock, shares authorized | 3,000,000 | 3,000,000 | 3,000,000 | |||||
Shares authorized | 81,663,800 | |||||||
January 19, 2017 [Member] | ||||||||
Number of share authorized to repurchase under Share Repurchase Program | 10,000,000 | |||||||
Common Stock [Member] | ||||||||
Common stock shares authorized | 75,000,000 | 73,000,000 | ||||||
Common Stock [Member] | Amendment [Member] | ||||||||
Common stock shares authorized | 71,000,000 | |||||||
Maryland State Department of Assessments and Taxation [Member] | ||||||||
Common stock shares authorized | 71,000,000 | 48,663,800 | ||||||
Increase in authorized number of shares | 22,000,000 | |||||||
Shares authorized | 85,663,800 | |||||||
Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member] | ||||||||
Common stock shares authorized | 62,000,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Preferred stock, shares outstanding | 3,663,800 | |||||||
Aggregate liquidation preference, value | $ 91,595,000 | |||||||
Annual rate on dividend per share payable quarterly | $ 2.0625 | |||||||
Shares issued price per share | $ 25 | |||||||
Description of preferred stock dividend | The annual dividend of the Series A Preferred Stock is $2.0625 per share, or 8.25%, of the $25.00 per share liquidation value and is payable quarterly in arrears on March 15, June 15, September 15, and December 15. | |||||||
Preferred stock par value | $ 0.10 | |||||||
Cumulative redemption price per share | $ 25 | |||||||
Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||
Preferred stock, shares outstanding | 1,801,200 | 3,801,200 | 1,801,200 | |||||
Shares issued price per share | $ 25 | |||||||
Description of preferred stock dividend | annual rate of $2.00 per share and will be payable quarterly in arrears at March 15, June 15, September 15, and December 15. | |||||||
Preferred stock par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Cumulative redeemable preferred stock, shares issued | 1,801,200 | 1,801,200 | 3,801,200 | 1,801,200 | ||||
Percentage rate on cumulative redeemable preferred stock | 8.00% | 8.00% | 8.00% | 8.00% | ||||
Proceeds from issuance of preferred stock | $ 43,000,000 | |||||||
Number of shares issued and sold during period | 2,000,000 | |||||||
Sale price per share | $ 25.50 | |||||||
Proceeds from sale of common stock | $ 49,100,000 | |||||||
Cumulative redeemable preferred stock, shares authorized | 4,000,000 | 2,000,000 | 2,000,000 | 4,000,000 | 2,000,000 | |||
Series B Cumulative Redeemable Preferred Stock [Member] | Amendment [Member] | ||||||||
Cumulative redeemable preferred stock, shares authorized | 4,000,000 | 4,000,000 | ||||||
Series B Cumulative Redeemable Preferred Stock [Member] | Common Stock [Member] | ||||||||
Common stock shares authorized | 2,000,000 | |||||||
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | ||||||||
Cumulative redeemable preferred stock, shares authorized | 3,663,800 | |||||||
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | ||||||||
Common stock shares authorized | 4,000,000 | |||||||
Preferred Stock Series A [Member] | ||||||||
Preferred stock, shares outstanding | 3,663,800 | 3,663,800 | 3,663,800 | |||||
Preferred stock par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||
Cumulative redeemable preferred stock, shares issued | 3,663,800 | 3,663,800 | 3,663,800 | |||||
Percentage rate on cumulative redeemable preferred stock | 8.25% | 8.25% | 8.25% | |||||
Cumulative redeemable preferred stock, shares authorized | 3,663,800 | 3,663,800 | 3,663,800 | 3,663,800 | 3,663,800 | |||
Preferred Stock Series A [Member] | Amendment [Member] | ||||||||
Cumulative redeemable preferred stock, shares authorized | 3,663,800 | 3,663,800 | ||||||
Minimum [Member] | ||||||||
Amount of optional cash payments | $ 500 | |||||||
Minimum [Member] | Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member] | ||||||||
Common stock shares authorized | 42,000,000 | |||||||
Minimum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||||
Cumulative redeemable preferred stock, shares authorized | 3,663,800 | |||||||
Maximum [Member] | ||||||||
Amount of optional cash payments | $ 1,000 | |||||||
Increase in authorized number of shares | 4,000,000 | 11,000,000 | ||||||
Shares authorized | 81,663,800 | 70,663,800 | ||||||
Maximum [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||||
Increase in authorized number of shares | 70,663,800 | |||||||
Maximum [Member] | Maryland State Department of Assessments and Taxation [Member] | Common Stock [Member] | ||||||||
Common stock shares authorized | 64,000,000 | |||||||
Maximum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||||
Cumulative redeemable preferred stock, shares authorized | 3,663,800 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Amount Received in Connection With DRIP (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Class of Stock [Line Items] | ||||
Amounts Received | [1] | $ 22,400,945 | $ 24,599,818 | $ 32,792,239 |
Dividend Reinvestment Stock Purchase Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Amounts Received | 22,400,945 | 24,599,818 | 32,792,239 | |
Less: Dividends Reinvested | (2,388,552) | (2,006,287) | (1,858,491) | |
Amounts Received, net | $ 20,012,393 | $ 22,593,531 | $ 30,933,748 | |
Number of Shares Issued | 1,966,133 | 2,657,255 | 3,554,191 | |
[1] | Dividend Reinvestment and Stock Purchase Plan. |
Distributions (Details Narrativ
Distributions (Details Narrative) - $ / shares | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | ||||
Payment Date | Mar. 15, 2016 | |||
Preferred stock, dividend declared per share, paid | $ (0.51) | $ (0.32) | $ (0.34) | |
Preferred Stock Series A [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend declared per share, paid | 2.0625 | |||
Series B Cumulative Redeemable Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend declared per share, paid | $ 2 | |||
January 19, 2017 [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 19, 2016 | |||
Record Date | Feb. 15, 2016 | |||
Payment Date | Mar. 15, 2017 | |||
Dividends declared per share | $ 0.18 | |||
January 19, 2017 [Member] | Cumulative Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend declared per share, paid | 0.515625 | |||
January 19, 2017 [Member] | 8% Series B Cumulative Redeemable Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Preferred stock, dividend declared per share, paid | $ 0.50 | |||
December 1, 2016 through February 28, 2017 [Member] | Preferred Stock Series A [Member] | ||||
Dividends Payable [Line Items] | ||||
Cumulative redeemable preferred stock, dividend rate, percentage | 8.25% |
Distributions - Summary of Paym
Distributions - Summary of Payment of Distributions to Shareholders (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Distributions [Abstract] | |||||||||||||||
Distributions including dividends reinvested paid to common shareholders | $ 5,204,709 | $ 5,031,818 | $ 4,903,286 | $ 4,879,009 | $ 4,864,760 | $ 4,767,312 | $ 4,633,318 | $ 4,481,730 | $ 4,316,063 | $ 4,125,060 | $ 3,991,110 | $ 3,853,595 | $ 20,018,822 | $ 18,747,120 | $ 16,285,828 |
Dividend declared per share, paid | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.72 |
Distributions - Summary of Pa66
Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) - USD ($) | 2 Months Ended | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | ||||
Payment Date | Mar. 15, 2016 | |||
Preferred stock, dividend declared per share, paid | $ (0.51) | $ (0.32) | $ (0.34) | |
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Amount of distributions paid for preferred stock | $ 7,556,588 | $ 7,556,588 | $ 7,556,588 | |
Preferred stock, dividend declared per share, paid | $ 2.0625 | $ 2.0625 | $ 2.0625 | |
Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Amount of distributions paid for preferred stock | $ 7,007,057 | |||
Preferred stock, dividend declared per share, paid | $ 2.22466 | |||
Dividend Payment Date One [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 15, 2016 | |||
Record Date | Feb. 16, 2016 | |||
Payment Date | Mar. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date One [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 15, 2016 | |||
Record Date | Feb. 16, 2016 | |||
Payment Date | Mar. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,305,257 | |||
Preferred stock, dividend declared per share, paid | $ 0.72466 | |||
Dividend Payment Date Two [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 4, 2016 | |||
Record Date | May 16, 2016 | |||
Payment Date | Jun. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Two [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 4, 2016 | |||
Record Date | May 16, 2016 | |||
Payment Date | Jun. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,900,600 | |||
Preferred stock, dividend declared per share, paid | $ 0.50 | |||
Dividend Payment Date Three [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 1, 2016 | |||
Record Date | Aug. 15, 2016 | |||
Payment Date | Sep. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Three [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 1, 2016 | |||
Record Date | Aug. 15, 2016 | |||
Payment Date | Sep. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,900,600 | |||
Preferred stock, dividend declared per share, paid | $ 0.50 | |||
Dividend Payment Date Four [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 3, 2016 | |||
Record Date | Nov. 17, 2016 | |||
Payment Date | Dec. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Four [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 3, 2016 | |||
Record Date | Nov. 17, 2016 | |||
Payment Date | Dec. 15, 2016 | |||
Amount of distributions paid for preferred stock | $ 1,900,600 | |||
Preferred stock, dividend declared per share, paid | $ 0.50 | |||
Dividend Payment Date Five [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 15, 2015 | |||
Record Date | Feb. 17, 2015 | |||
Payment Date | Mar. 16, 2015 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Six [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 1, 2015 | |||
Record Date | May 15, 2015 | |||
Payment Date | Jun. 16, 2015 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Seven [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 1, 2015 | |||
Record Date | Aug. 15, 2015 | |||
Payment Date | Sep. 15, 2015 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Eight [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 1, 2015 | |||
Record Date | Nov. 17, 2015 | |||
Payment Date | Dec. 15, 2015 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Nine [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 15, 2014 | |||
Record Date | Feb. 18, 2014 | |||
Payment Date | Mar. 17, 2014 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Ten [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 1, 2014 | |||
Record Date | May 15, 2014 | |||
Payment Date | Jun. 16, 2014 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Eleven [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 1, 2014 | |||
Record Date | Aug. 15, 2014 | |||
Payment Date | Sep. 15, 2014 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 | |||
Dividend Payment Date Twelve [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 1, 2014 | |||
Record Date | Nov. 17, 2014 | |||
Payment Date | Dec. 15, 2014 | |||
Amount of distributions paid for preferred stock | $ 1,889,147 | |||
Preferred stock, dividend declared per share, paid | $ 0.515625 |
Federal Income Taxes (Details N
Federal Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Preferred Dividends Paid, net | $ 14,563,645 | $ 7,556,588 | $ 7,556,588 |
Preferred stock, dividend declared per share, paid | $ (0.51) | $ (0.32) | $ (0.34) |
S&F Tax [Member] | |||
Amount of operating losses of S&F | $ 2,307,104 | $ 3,550,961 | $ 3,946,571 |
Federal state and franchise taxes included in general and administrative expenses | 5,000 | 15,000 | 15,000 |
Series A Preferred Stock [Member] | |||
Preferred Dividends Paid, net | $ 7,556,588 | $ 7,556,588 | $ 7,556,588 |
Preferred stock, dividend declared per share, paid | $ 2.0625 | $ 2.0625 | $ 2.0625 |
Percentage of distributions characterized as ordinary income | 1.79472 | 1.36264 | 1.66551 |
Percentage of distributions characterized as capital gains | $ 0.26778 | 0.03439 | $ 0.39699 |
Percentage of distributions characterized as return capital | $ 0.66547 | ||
Series B Preferred Stock [Member] | |||
Preferred Dividends Paid, net | $ 7,007,057 | ||
Preferred stock, dividend declared per share, paid | $ 2.22466 | ||
Percentage of distributions characterized as ordinary income | 1.93582 | ||
Percentage of distributions characterized as capital gains | $ 0.28884 |
Federal Income Taxes - Schedule
Federal Income Taxes - Schedule of Characterized Distributions Paid per Common Share (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.72 | $ 0.72 | $ 0.72 |
Percentage of distributions paid per common share | 100.00% | 100.00% | 100.00% | ||||||||||||
Ordinary Income [Member] | |||||||||||||||
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0.09549 | $ 0 | $ 0.01114 | ||||||||||||
Percentage of distributions paid per common share | 13.26% | 0.00% | 1.55% | ||||||||||||
Capital Gains [Member] | |||||||||||||||
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0.01425 | $ 0 | $ 0.00265 | ||||||||||||
Percentage of distributions paid per common share | 1.98% | 0.00% | 0.37% | ||||||||||||
Return Of Capital [Member] | |||||||||||||||
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0.61026 | $ 0.72000 | $ 0.70621 | ||||||||||||
Percentage of distributions paid per common share | 84.76% | 100.00% | 98.08% |
Contingencies, Commitments and
Contingencies, Commitments and Other Matters (Details Narrative) | 12 Months Ended | |
Dec. 31, 2016USD ($)HomeSites | Dec. 31, 2015USD ($) | |
Litigation settlement amount | $ 125,000 | |
Number of developed home sites | HomeSites | 134 | |
Total original loan amount | $ 5,000,000 | |
Total loan balance | 4,000,000 | |
Notes and other receivables | $ 3,495,000 | |
Minimum [Member] | ||
Range of purchase price repossessed | 80.00% | |
Minimum [Member] | Purchase Price [Member] | ||
Range of purchase price repossessed | 55.00% | |
Maximum [Member] | ||
Range of purchase price repossessed | 95.00% | |
Maximum [Member] | Purchase Price [Member] | ||
Range of purchase price repossessed | 100.00% |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value Disclosures [Abstract] | ||
Fair value of fixed rate mortgages payable | $ 282,369,063 | $ 276,657,074 |
Carrying value of fixed rate mortgages payable | $ 285,584,102 | $ 274,542,499 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Recognized at Fair Value On a Recurring Basis (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | $ (3,983) | $ (1,700) |
Total | 108,751,189 | 75,009,560 | |
Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | 0 | 0 |
Total | 108,755,172 | 75,011,260 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | (3,983) | (1,700) |
Total | (3,983) | (1,700) | |
Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | 0 | 0 |
Total | 0 | 0 | |
Preferred Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 13,028,200 | 14,219,712 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 13,028,200 | 14,219,712 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 0 | 0 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 0 | 0 | |
Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 95,726,972 | 60,791,548 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 95,726,972 | 60,791,548 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Equity Securities | $ 0 | $ 0 | |
[1] | Included in accrued liabilities and deposits |
Supplemental Cash Flow Inform72
Supplemental Cash Flow Information (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 15,406,689 | $ 12,497,858 | $ 10,832,747 |
Mortgages for the acquisition of communities | 3,200,000 | 2,300,000 | |
Land development costs | 170,925 | 60,857 | 100,372 |
Reinvestment of dividends | $ 2,388,552 | $ 2,006,287 | $ 1,858,491 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) | Jan. 24, 2017USD ($)aHomeSites | Jan. 20, 2017USD ($)aHomeSitesBoardwalkHomesitesParkePlaceHomesites | Dec. 31, 2016USD ($)HomeCommunity | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Jan. 18, 2017USD ($) |
Payments to acquire home communities | $ 4,081,798 | $ 78,926,525 | $ 15,879,551 | |||
Number of All-Age communities | HomeCommunity | 4,700 | |||||
Interest rate percentage on mortgage loan | 9.40% | |||||
Subsequent Event [Member] | ||||||
Interest rate percentage on mortgage loan | 40.00% | |||||
Subsequent Event [Member] | Ohio [Member] | ||||||
Number of All-Age communities | HomeSites | 532 | |||||
Area of real estate property | a | 149 | |||||
Percentage of acquisition average occupancy of communities | 57.00% | |||||
Subsequent Event [Member] | Osolo Indiana [Member] | ||||||
Area of real estate property | a | 155 | |||||
Percentage of acquisition average occupancy of communities | 77.00% | |||||
Mortgage loan | $ 14,250,000 | |||||
Interest rate percentage on mortgage loan | 4.56% | |||||
Mortgage loans on realestate term | 10 years | |||||
Amortization period of mortgage loans on realestate | 30 years | |||||
Subsequent Event [Member] | Community Acquisitions [Member] | ||||||
Remaining amount drew down form credit facility | $ 15,000,000 | |||||
Subsequent Event [Member] | Hillcrest Estates and Marysville Estates [Member] | ||||||
Payments to acquire home communities | $ 9,588,000 | |||||
Subsequent Event [Member] | Two Manufactured Home Communities [Member] | Osolo Indiana [Member] | ||||||
Payments to acquire home communities | $ 24,437,000 | |||||
Subsequent Event [Member] | First Manufactured Home Communities [Member] | Osolo Indiana Boardwalk [Member] | ||||||
Number of All-Age communities | BoardwalkHomesites | 195 | |||||
Subsequent Event [Member] | Second Manufactured Home Communities [Member] | Osolo Indiana [Member] | Parke Place [Member] | ||||||
Number of All-Age communities | ParkePlaceHomesites | 364 | |||||
Subsequent Event [Member] | Hillcrest Crossing [Member] | Lower Burrell, Pennsylvania [Member] | ||||||
Payments to acquire home communities | $ 2,485,000 | |||||
Number of All-Age communities | HomeSites | 200 | |||||
Area of real estate property | a | 78 |
Proforma Financial Informatio74
Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combinations [Abstract] | ||
Rental and Related Income | $ 100,038,000 | $ 88,769,000 |
Community Operating Expenses | 42,818,000 | 40,166,000 |
Net Loss Attributable to Common Shareholders | $ (2,440,000) | $ (6,371,000) |
Net Loss Attributable to Common Shareholders per Share - Basic and Diluted | $ (0.09) | $ (0.25) |
Selected Quarterly Financial 75
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total Income | $ 25,143,697 | $ 25,355,051 | $ 25,210,707 | $ 23,504,374 | $ 21,924,143 | $ 21,694,999 | $ 19,553,443 | $ 18,344,086 | $ 99,213,829 | $ 81,516,671 | $ 71,431,933 |
Total Expenses | 20,634,766 | 21,567,389 | 21,176,977 | 19,876,382 | 19,256,221 | 18,965,700 | 17,484,822 | 16,369,803 | 83,255,514 | 72,076,546 | 64,521,158 |
Other Income (Expense) | (1,153,663) | (587,077) | (937,242) | (1,743,611) | (2,479,582) | (1,684,881) | (1,790,710) | (1,260,479) | (4,421,593) | (7,215,652) | (2,680,285) |
Net Income | 3,376,615 | 3,200,013 | 3,051,462 | 1,906,469 | 174,461 | 1,047,245 | 203,982 | 718,517 | 11,534,559 | 2,144,205 | 4,237,803 |
Net Loss Attributable to Common Shareholders | $ (413,132) | $ (589,734) | $ (682,729) | $ (883,278) | $ (2,425,296) | $ (841,902) | $ (1,685,165) | $ (1,170,630) | $ (2,568,873) | $ (6,122,993) | $ (3,318,785) |
Net Loss Attributable to Common Shareholders Per Share - Basic and Diluted | $ (0.01) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.10) | $ (0.03) | $ (0.06) | $ (0.05) | $ (0.09) | $ (0.24) | $ (0.15) |
Schedule III - Real Estate an76
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Total | $ 636,576,955 | $ 574,283,574 | $ 444,908,976 | $ 362,707,205 | |
Accumulated Depreciation | $ 128,780,501 | $ 107,453,972 | $ 90,277,082 | $ 76,328,213 | |
Allentown [Member] | |||||
Location | Memphis, TN | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 13,637,719 | ||||
Land | 250,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,569,101 | ||||
Capitalization Subsequent to Acquisition | 9,843,420 | ||||
Land, gross | [1],[2] | 480,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,182,521 | |||
Total | [1],[2] | 12,662,521 | |||
Accumulated Depreciation | $ 5,187,063 | ||||
Arbor Estates [Member] | |||||
Location | Doylestown, PA | ||||
Date of Construction | 1,959 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 2,650,000 | ||||
Site, Land & Building Improvements and Rental Homes | 8,266,000 | ||||
Capitalization Subsequent to Acquisition | 969,266 | ||||
Land, gross | [1],[2] | 2,650,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,235,266 | |||
Total | [1],[2] | 11,885,266 | |||
Accumulated Depreciation | $ 1,197,142 | ||||
Auburn Estates [Member] | |||||
Location | Orrville, OH | ||||
Date of Construction | 1971/1985/1995 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 114,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,174,000 | ||||
Capitalization Subsequent to Acquisition | 355,280 | ||||
Land, gross | [1],[2] | 114,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,529,280 | |||
Total | [1],[2] | 1,643,280 | |||
Accumulated Depreciation | $ 163,398 | ||||
Birchwood Farms [Member] | |||||
Location | Birch Run, MI | ||||
Date of Construction | 1976-1977 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 70,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,797,000 | ||||
Capitalization Subsequent to Acquisition | 1,686,954 | ||||
Land, gross | [1],[2] | 70,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,483,954 | |||
Total | [1],[2] | 4,553,954 | |||
Accumulated Depreciation | $ 629,232 | ||||
Broadmore Estates [Member] | |||||
Location | Goshen, IN | ||||
Date of Construction | 1950/1990 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | $ 50,095,192 | |||
Land | 1,120,000 | ||||
Site, Land & Building Improvements and Rental Homes | 11,136,000 | ||||
Capitalization Subsequent to Acquisition | 6,206,691 | ||||
Land, gross | [1],[2] | 1,120,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 17,342,691 | |||
Total | [1],[2] | 18,462,691 | |||
Accumulated Depreciation | $ 2,186,065 | ||||
Brookside Village [Member] | |||||
Location | Berwick, PA | ||||
Date of Construction | 1973-1976 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 372,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,776,000 | ||||
Capitalization Subsequent to Acquisition | 1,221,426 | ||||
Land, gross | [1],[2] | 372,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,997,426 | |||
Total | [1],[2] | 6,369,426 | |||
Accumulated Depreciation | $ 1,160,539 | ||||
Brookview Village [Member] | |||||
Location | Greenfield Ctr, NY | ||||
Date of Construction | prior to 1970 | ||||
Date Acquired | 1,977 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,832,889 | ||||
Land | 37,500 | ||||
Site, Land & Building Improvements and Rental Homes | 232,547 | ||||
Capitalization Subsequent to Acquisition | 4,369,792 | ||||
Land, gross | [1],[2] | 122,865 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,516,974 | |||
Total | [1],[2] | 4,639,839 | |||
Accumulated Depreciation | $ 2,209,561 | ||||
Candlewick Court [Member] | |||||
Location | Owosso, MI | ||||
Date of Construction | 1,975 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,551,134 | ||||
Land | 159,200 | ||||
Site, Land & Building Improvements and Rental Homes | 7,087,221 | ||||
Capitalization Subsequent to Acquisition | 1,188,057 | ||||
Land, gross | [1],[2] | 159,200 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,275,278 | |||
Total | [1],[2] | 8,434,478 | |||
Accumulated Depreciation | $ 441,471 | ||||
Carsons [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,963 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 176,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,411,000 | ||||
Capitalization Subsequent to Acquisition | 935,152 | ||||
Land, gross | [1],[2] | 176,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,346,152 | |||
Total | [1],[2] | 3,522,152 | |||
Accumulated Depreciation | $ 461,349 | ||||
Catalina [Member] | |||||
Location | Middletown, OH | ||||
Date of Construction | 1968-1976 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,739,657 | ||||
Land | 1,008,000 | ||||
Site, Land & Building Improvements and Rental Homes | 11,734,640 | ||||
Capitalization Subsequent to Acquisition | 1,993,004 | ||||
Land, gross | [1],[2] | 1,008,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,727,644 | |||
Total | [1],[2] | 14,735,644 | |||
Accumulated Depreciation | $ 728,492 | ||||
Cedarcrest [Member] | |||||
Location | Vineland, NJ | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 12,268,266 | ||||
Land | 320,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,866,323 | ||||
Capitalization Subsequent to Acquisition | 2,628,346 | ||||
Land, gross | [1],[2] | 408,206 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,406,463 | |||
Total | [1],[2] | 4,814,669 | |||
Accumulated Depreciation | $ 2,730,868 | ||||
Chambersburg I & II [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,955 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | $ 10,625,352 | |||
Land | 108,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,397,000 | ||||
Capitalization Subsequent to Acquisition | 373,954 | ||||
Land, gross | [1],[2] | 108,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,770,954 | |||
Total | [1],[2] | 2,878,954 | |||
Accumulated Depreciation | $ 424,733 | ||||
Chelsea [Member] | |||||
Location | Sayre, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 124,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,049,000 | ||||
Capitalization Subsequent to Acquisition | 758,722 | ||||
Land, gross | [1],[2] | 124,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,807,722 | |||
Total | [1],[2] | 2,931,722 | |||
Accumulated Depreciation | $ 384,891 | ||||
City View [Member] | |||||
Location | Lewistown, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 137,000 | ||||
Site, Land & Building Improvements and Rental Homes | 613,000 | ||||
Capitalization Subsequent to Acquisition | 1,241,302 | ||||
Land, gross | [1],[2] | 137,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,854,302 | |||
Total | [1],[2] | 1,991,302 | |||
Accumulated Depreciation | $ 246,952 | ||||
Clinton [Member] | |||||
Location | Tiffin, OH | ||||
Date of Construction | 1968/1987 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,579,289 | ||||
Land | 142,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,301,800 | ||||
Capitalization Subsequent to Acquisition | 199,155 | ||||
Land, gross | [1],[2] | 142,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,500,955 | |||
Total | [1],[2] | 3,642,955 | |||
Accumulated Depreciation | $ 659,270 | ||||
Collingwood [Member] | |||||
Location | Horseheads, NY | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 196,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,317,500 | ||||
Capitalization Subsequent to Acquisition | 1,202,057 | ||||
Land, gross | [1],[2] | 196,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,519,557 | |||
Total | [1],[2] | 3,715,557 | |||
Accumulated Depreciation | $ 481,544 | ||||
Colonial Heights [Member] | |||||
Location | Wintersville, OH | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 67,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,383,000 | ||||
Capitalization Subsequent to Acquisition | 3,772,898 | ||||
Land, gross | [1],[2] | 67,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,155,898 | |||
Total | [1],[2] | 6,222,898 | |||
Accumulated Depreciation | $ 772,241 | ||||
Countryside Estates [Member] | |||||
Location | Muncie, IN | ||||
Date of Construction | 1,996 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 174,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,926,000 | ||||
Capitalization Subsequent to Acquisition | 2,635,057 | ||||
Land, gross | [1],[2] | 174,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,561,057 | |||
Total | [1],[2] | 4,735,057 | |||
Accumulated Depreciation | $ 582,843 | ||||
Countryside Estates [Member] | |||||
Location | Ravenna, OH | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [7] | $ 8,818,862 | |||
Land | 205,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,895,997 | ||||
Capitalization Subsequent to Acquisition | 2,616,020 | ||||
Land, gross | [1],[2] | 205,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,512,017 | |||
Total | [1],[2] | 5,717,017 | |||
Accumulated Depreciation | $ 434,912 | ||||
Countryside Village [Member] | |||||
Location | Columbia, TN | ||||
Date of Construction | 1988/1992 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 394,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,916,500 | ||||
Capitalization Subsequent to Acquisition | 7,961,498 | ||||
Land, gross | [1],[2] | 609,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,662,998 | |||
Total | [1],[2] | 15,271,998 | |||
Accumulated Depreciation | $ 2,326,197 | ||||
Cranberry Village [Member] | |||||
Location | Cranberry Twp, PA | ||||
Date of Construction | 1,974 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 7,769,600 | ||||
Land | 181,930 | ||||
Site, Land & Building Improvements and Rental Homes | 1,922,931 | ||||
Capitalization Subsequent to Acquisition | 3,501,615 | ||||
Land, gross | [1],[2] | 181,930 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,424,546 | |||
Total | [1],[2] | 5,606,476 | |||
Accumulated Depreciation | $ 2,733,960 | ||||
Crestview [Member] | |||||
Location | Sayre, PA | ||||
Date of Construction | 1,964 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 188,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,258,000 | ||||
Capitalization Subsequent to Acquisition | 1,148,016 | ||||
Land, gross | [1],[2] | 361,500 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,232,516 | |||
Total | [1],[2] | 3,594,016 | |||
Accumulated Depreciation | $ 425,472 | ||||
Cross Keys Village [Member] | |||||
Location | Duncansville, PA | ||||
Date of Construction | 1,961 | ||||
Date Acquired | 1,979 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 60,774 | ||||
Site, Land & Building Improvements and Rental Homes | 378,093 | ||||
Capitalization Subsequent to Acquisition | 3,178,652 | ||||
Land, gross | [1],[2] | 60,774 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,556,745 | |||
Total | [1],[2] | 3,617,519 | |||
Accumulated Depreciation | $ 1,199,569 | ||||
Dallas Mobile Home [Member] | |||||
Location | Toronto, OH | ||||
Date of Construction | 1950-1957 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 275,600 | ||||
Site, Land & Building Improvements and Rental Homes | 2,728,503 | ||||
Capitalization Subsequent to Acquisition | 916,762 | ||||
Land, gross | [1],[2] | 275,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,645,265 | |||
Total | [1],[2] | 3,920,865 | |||
Accumulated Depreciation | $ 296,191 | ||||
Deer Meadows [Member] | |||||
Location | New Springfield, OH | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [7] | ||||
Land | 226,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,299,275 | ||||
Capitalization Subsequent to Acquisition | 1,081,149 | ||||
Land, gross | [1],[2] | 226,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,380,424 | |||
Total | [1],[2] | 3,606,424 | |||
Accumulated Depreciation | $ 291,027 | ||||
D&R Village [Member] | |||||
Location | Clifton Park, NY | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 1,978 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 7,837,828 | ||||
Land | 391,724 | ||||
Site, Land & Building Improvements and Rental Homes | 704,021 | ||||
Capitalization Subsequent to Acquisition | 3,202,804 | ||||
Land, gross | [1],[2] | 391,724 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,906,825 | |||
Total | [1],[2] | 4,298,549 | |||
Accumulated Depreciation | $ 1,955,811 | ||||
Evergreen Estates [Member] | |||||
Location | Lodi, OH | ||||
Date of Construction | 1,965 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [7] | ||||
Land | 99,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,121,300 | ||||
Capitalization Subsequent to Acquisition | 330,820 | ||||
Land, gross | [1],[2] | 119,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,432,120 | |||
Total | [1],[2] | 1,551,120 | |||
Accumulated Depreciation | $ 129,557 | ||||
Evergreen Manor [Member] | |||||
Location | Bedford, OH | ||||
Date of Construction | 1,960 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [7] | ||||
Land | 49,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,372,258 | ||||
Capitalization Subsequent to Acquisition | 526,753 | ||||
Land, gross | [1],[2] | 49,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,899,011 | |||
Total | [1],[2] | 2,948,011 | |||
Accumulated Depreciation | $ 257,836 | ||||
Evergreen Village [Member] | |||||
Location | Mantua, OH | ||||
Date of Construction | 1,960 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [7] | ||||
Land | 105,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,277,001 | ||||
Capitalization Subsequent to Acquisition | 692,114 | ||||
Land, gross | [1],[2] | 105,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,969,115 | |||
Total | [1],[2] | 2,074,115 | |||
Accumulated Depreciation | $ 174,552 | ||||
Fairview Manor [Member] | |||||
Location | Millville, NJ | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 16,299,292 | ||||
Land | 216,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,166,517 | ||||
Capitalization Subsequent to Acquisition | 9,483,856 | ||||
Land, gross | [1],[2] | 2,534,892 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,331,481 | |||
Total | [1],[2] | 10,866,373 | |||
Accumulated Depreciation | $ 4,775,026 | ||||
Forest Creek [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1996-1997 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 440,000 | ||||
Site, Land & Building Improvements and Rental Homes | 7,004,000 | ||||
Capitalization Subsequent to Acquisition | 1,685,875 | ||||
Land, gross | [1],[2] | 440,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,689,875 | |||
Total | [1],[2] | 9,129,875 | |||
Accumulated Depreciation | $ 1,343,487 | ||||
Forest Park Village [Member] | |||||
Location | Cranberry Twp, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,982 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,486,324 | ||||
Land | 75,000 | ||||
Site, Land & Building Improvements and Rental Homes | 977,225 | ||||
Capitalization Subsequent to Acquisition | 6,914,108 | ||||
Land, gross | [1],[2] | 75,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,891,333 | |||
Total | [1],[2] | 7,966,333 | |||
Accumulated Depreciation | $ 2,890,114 | ||||
Frieden Manor [Member] | |||||
Location | Schuylkill Haven, PA | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 643,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,293,500 | ||||
Capitalization Subsequent to Acquisition | 1,713,786 | ||||
Land, gross | [1],[2] | 643,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,007,286 | |||
Total | [1],[2] | 7,650,286 | |||
Accumulated Depreciation | $ 1,032,959 | ||||
Green Acres [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,978 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 63,000 | ||||
Site, Land & Building Improvements and Rental Homes | 584,000 | ||||
Capitalization Subsequent to Acquisition | 105,105 | ||||
Land, gross | [1],[2] | 63,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 689,105 | |||
Total | [1],[2] | 752,105 | |||
Accumulated Depreciation | $ 99,847 | ||||
Gregory Courts [Member] | |||||
Location | Honey Brook, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 370,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,220,000 | ||||
Capitalization Subsequent to Acquisition | 346,398 | ||||
Land, gross | [1],[2] | 370,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,566,398 | |||
Total | [1],[2] | 1,936,398 | |||
Accumulated Depreciation | $ 192,436 | ||||
Hayden Heights [Member] | |||||
Location | Dublin, OH | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,134,846 | ||||
Land | 248,100 | ||||
Site, Land & Building Improvements and Rental Homes | 2,147,700 | ||||
Capitalization Subsequent to Acquisition | 519,943 | ||||
Land, gross | [1],[2] | 248,100 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,667,643 | |||
Total | [1],[2] | 2,915,743 | |||
Accumulated Depreciation | $ 225,356 | ||||
Heather Highlands [Member] | |||||
Location | Inkerman, PA | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 510,000 | ||||
Site, Land & Building Improvements and Rental Homes | 7,084,000 | ||||
Capitalization Subsequent to Acquisition | 1,884,592 | ||||
Land, gross | [1],[2] | 510,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,968,592 | |||
Total | [1],[2] | 9,478,592 | |||
Accumulated Depreciation | $ 1,296,725 | ||||
Highland [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 1,992 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 354,529 | ||||
Land | 572,500 | ||||
Site, Land & Building Improvements and Rental Homes | 2,151,569 | ||||
Capitalization Subsequent to Acquisition | 8,228,321 | ||||
Land, gross | [1],[2] | 572,500 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,379,890 | |||
Total | [1],[2] | 10,952,390 | |||
Accumulated Depreciation | $ 4,592,021 | ||||
Highland Estates [Member] | |||||
Location | Kutztown, PA | ||||
Date of Construction | 1,971 | ||||
Date Acquired | 1,979 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 9,035,246 | ||||
Land | 145,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,695,041 | ||||
Capitalization Subsequent to Acquisition | 11,631,628 | ||||
Land, gross | [1],[2] | 404,239 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,067,430 | |||
Total | [1],[2] | 13,471,669 | |||
Accumulated Depreciation | $ 6,261,207 | ||||
Hillside Estates [Member] | |||||
Location | Greensburg, PA | ||||
Date of Construction | 1,980 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | ||||
Land | 483,600 | ||||
Site, Land & Building Improvements and Rental Homes | 2,678,525 | ||||
Capitalization Subsequent to Acquisition | 1,437,008 | ||||
Land, gross | [1],[2] | 483,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,115,533 | |||
Total | [1],[2] | 4,599,133 | |||
Accumulated Depreciation | $ 318,242 | ||||
Holiday Village [Member] | |||||
Location | Nashville, TN | ||||
Date of Construction | 1,967 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,075,696 | ||||
Land | 1,632,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,618,000 | ||||
Capitalization Subsequent to Acquisition | 6,519,687 | ||||
Land, gross | [1],[2] | 1,632,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,137,687 | |||
Total | [1],[2] | 13,769,687 | |||
Accumulated Depreciation | $ 1,302,883 | ||||
Holiday Village [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1,966 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,674,151 | ||||
Land | 490,600 | ||||
Site, Land & Building Improvements and Rental Homes | 13,808,269 | ||||
Capitalization Subsequent to Acquisition | 1,599,404 | ||||
Land, gross | [1],[2] | 490,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,407,673 | |||
Total | [1],[2] | 15,898,273 | |||
Accumulated Depreciation | $ 694,801 | ||||
Holly Acres Estates [Member] | |||||
Location | Erie, PA | ||||
Date of Construction | 1977/2007 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,228,629 | ||||
Land | 194,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,591,000 | ||||
Capitalization Subsequent to Acquisition | 247,768 | ||||
Land, gross | [1],[2] | 194,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,838,768 | |||
Total | [1],[2] | 4,032,768 | |||
Accumulated Depreciation | $ 271,745 | ||||
Hudson Estates [Member] | |||||
Location | Peninsula, OH | ||||
Date of Construction | 1,956 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 141,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,515,878 | ||||
Capitalization Subsequent to Acquisition | 3,250,757 | ||||
Land, gross | [1],[2] | 141,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,766,635 | |||
Total | [1],[2] | 6,907,635 | |||
Accumulated Depreciation | $ 519,837 | ||||
Huntingdon Pointe [Member] | |||||
Location | Tarrs, PA | ||||
Date of Construction | 2,000 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 399,000 | ||||
Site, Land & Building Improvements and Rental Homes | 865,450 | ||||
Capitalization Subsequent to Acquisition | 442,514 | ||||
Land, gross | [1],[2] | 399,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,307,964 | |||
Total | [1],[2] | 1,706,964 | |||
Accumulated Depreciation | $ 66,588 | ||||
Independence Park [Member] | |||||
Location | Clinton, PA | ||||
Date of Construction | 1,987 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | $ 8,226,015 | |||
Land | 686,400 | ||||
Site, Land & Building Improvements and Rental Homes | 2,783,633 | ||||
Capitalization Subsequent to Acquisition | 1,834,765 | ||||
Land, gross | [1],[2] | 686,400 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,618,398 | |||
Total | [1],[2] | 5,304,798 | |||
Accumulated Depreciation | $ 323,859 | ||||
Kinnebrook [Member] | |||||
Location | Monticello, NY | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 1,988 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,127,176 | ||||
Land | 235,600 | ||||
Site, Land & Building Improvements and Rental Homes | 1,402,572 | ||||
Capitalization Subsequent to Acquisition | 10,328,190 | ||||
Land, gross | [1],[2] | 352,972 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,613,390 | |||
Total | [1],[2] | 11,966,362 | |||
Accumulated Depreciation | $ 4,536,547 | ||||
Lake Sherman [Member] | |||||
Location | Navarre, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,987 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,611,924 | ||||
Land | 290,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,457,673 | ||||
Capitalization Subsequent to Acquisition | 8,936,710 | ||||
Land, gross | [1],[2] | 290,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,394,383 | |||
Total | [1],[2] | 10,684,383 | |||
Accumulated Depreciation | $ 3,538,456 | ||||
Lakeview Meadows [Member] | |||||
Location | Lakeview, OH | ||||
Date of Construction | 1,995 | ||||
Date Acquired | 2,016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 574,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,103,600 | ||||
Capitalization Subsequent to Acquisition | 59,348 | ||||
Land, gross | [1],[2] | 574,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,162,948 | |||
Total | [1],[2] | 1,736,948 | |||
Accumulated Depreciation | $ 15,339 | ||||
Laurel Woods [Member] | |||||
Location | Cresson, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2,001 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 432,700 | ||||
Site, Land & Building Improvements and Rental Homes | 2,070,426 | ||||
Capitalization Subsequent to Acquisition | 3,141,475 | ||||
Land, gross | [1],[2] | 432,700 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,211,901 | |||
Total | [1],[2] | 5,644,601 | |||
Accumulated Depreciation | $ 1,847,290 | ||||
Little Chippewa [Member] | |||||
Location | Orrville, OH | ||||
Date of Construction | 1,968 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 113,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,135,000 | ||||
Capitalization Subsequent to Acquisition | 854,599 | ||||
Land, gross | [1],[2] | 113,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,989,599 | |||
Total | [1],[2] | 2,102,599 | |||
Accumulated Depreciation | $ 181,674 | ||||
Maple Manor [Member] | |||||
Location | Taylor, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | $ 14,072,989 | |||
Land | 674,000 | ||||
Site, Land & Building Improvements and Rental Homes | 9,432,800 | ||||
Capitalization Subsequent to Acquisition | 3,971,321 | ||||
Land, gross | [1],[2] | 674,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,404,121 | |||
Total | [1],[2] | 14,078,121 | |||
Accumulated Depreciation | $ 2,470,919 | ||||
Meadowood [Member] | |||||
Location | New Middletown, OH | ||||
Date of Construction | 1,957 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 152,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,191,000 | ||||
Capitalization Subsequent to Acquisition | 2,027,873 | ||||
Land, gross | [1],[2] | 152,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,218,873 | |||
Total | [1],[2] | 5,370,873 | |||
Accumulated Depreciation | $ 749,139 | ||||
Meadows [Member] | |||||
Location | Nappanee, IN | ||||
Date of Construction | 1965-1973 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 548,600 | ||||
Site, Land & Building Improvements and Rental Homes | 6,720,900 | ||||
Capitalization Subsequent to Acquisition | 1,278,258 | ||||
Land, gross | [1],[2] | 548,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,999,158 | |||
Total | [1],[2] | 8,547,758 | |||
Accumulated Depreciation | $ 387,480 | ||||
Melrose Village [Member] | |||||
Location | Wooster, OH | ||||
Date of Construction | 1970-1978 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | $ 7,294,460 | |||
Land | 767,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,429,000 | ||||
Capitalization Subsequent to Acquisition | 3,652,118 | ||||
Land, gross | [1],[2] | 767,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,081,118 | |||
Total | [1],[2] | 9,848,118 | |||
Accumulated Depreciation | $ 836,307 | ||||
Melrose West [Member] | |||||
Location | Wooster, OH | ||||
Date of Construction | 1,995 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 94,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,040,000 | ||||
Capitalization Subsequent to Acquisition | 48,618 | ||||
Land, gross | [1],[2] | 94,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,088,618 | |||
Total | [1],[2] | 1,182,618 | |||
Accumulated Depreciation | $ 119,131 | ||||
Memphis Blues [Member] | |||||
Location | Memphis, TN | ||||
Date of Construction | 1,955 | ||||
Date Acquired | 1,985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 78,435 | ||||
Site, Land & Building Improvements and Rental Homes | 810,477 | ||||
Capitalization Subsequent to Acquisition | 1,612,983 | ||||
Land, gross | [1],[2] | 335,935 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,165,960 | |||
Total | [1],[2] | 2,501,895 | |||
Accumulated Depreciation | $ 1,212,347 | ||||
Monroe Valley [Member] | |||||
Location | Ephrata, PA | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 114,000 | ||||
Site, Land & Building Improvements and Rental Homes | 994,000 | ||||
Capitalization Subsequent to Acquisition | 428,713 | ||||
Land, gross | [1],[2] | 114,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,422,713 | |||
Total | [1],[2] | 1,536,713 | |||
Accumulated Depreciation | $ 204,572 | ||||
Moosic Heights [Member] | |||||
Location | Avoca, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 330,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,794,100 | ||||
Capitalization Subsequent to Acquisition | 1,437,446 | ||||
Land, gross | [1],[2] | 330,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,231,546 | |||
Total | [1],[2] | 5,561,546 | |||
Accumulated Depreciation | $ 967,745 | ||||
Mountaintop [Member] | |||||
Location | Ephrata, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 134,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,665,000 | ||||
Capitalization Subsequent to Acquisition | 479,395 | ||||
Land, gross | [1],[2] | 134,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,144,395 | |||
Total | [1],[2] | 2,278,395 | |||
Accumulated Depreciation | $ 320,795 | ||||
Oak Ridge Estates [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1,990 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 500,000 | ||||
Site, Land & Building Improvements and Rental Homes | 7,524,000 | ||||
Capitalization Subsequent to Acquisition | 1,560,097 | ||||
Land, gross | [1],[2] | 500,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,084,097 | |||
Total | [1],[2] | 9,584,097 | |||
Accumulated Depreciation | $ 1,424,232 | ||||
Oakwood Lake [Member] | |||||
Location | Tunkhannock, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 379,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,639,000 | ||||
Capitalization Subsequent to Acquisition | 740,354 | ||||
Land, gross | [1],[2] | 379,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,379,354 | |||
Total | [1],[2] | 2,758,354 | |||
Accumulated Depreciation | $ 440,784 | ||||
Olmsted Falls [Member] | |||||
Location | Olmsted Falls, OH | ||||
Date of Construction | 1953/1970 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,133,656 | ||||
Land | 569,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,031,000 | ||||
Capitalization Subsequent to Acquisition | 969,391 | ||||
Land, gross | [1],[2] | 569,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,000,391 | |||
Total | [1],[2] | 4,569,391 | |||
Accumulated Depreciation | $ 558,463 | ||||
Oxford Village [Member] | |||||
Location | West Grove, PA | ||||
Date of Construction | 1,971 | ||||
Date Acquired | 1,974 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 6,963,586 | ||||
Land | 175,000 | ||||
Site, Land & Building Improvements and Rental Homes | 990,515 | ||||
Capitalization Subsequent to Acquisition | 1,988,629 | ||||
Land, gross | [1],[2] | 155,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,999,144 | |||
Total | [1],[2] | 3,154,144 | |||
Accumulated Depreciation | $ 1,974,506 | ||||
Pine Ridge/Manor [Member] | |||||
Location | Carlisle, PA | ||||
Date of Construction | 1,961 | ||||
Date Acquired | 1,969 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 37,540 | ||||
Site, Land & Building Improvements and Rental Homes | 198,321 | ||||
Capitalization Subsequent to Acquisition | 7,770,336 | ||||
Land, gross | [1],[2] | 145,473 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,860,724 | |||
Total | [1],[2] | 8,006,197 | |||
Accumulated Depreciation | $ 2,715,002 | ||||
Pine Valley Estates [Member] | |||||
Location | Apollo, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,995 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 670,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,336,600 | ||||
Capitalization Subsequent to Acquisition | 4,894,957 | ||||
Land, gross | [1],[2] | 732,089 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,169,468 | |||
Total | [1],[2] | 6,901,557 | |||
Accumulated Depreciation | $ 2,373,531 | ||||
Pleasant View Estates [Member] | |||||
Location | Bloomsburg, PA | ||||
Date of Construction | 1960's | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 282,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,174,800 | ||||
Capitalization Subsequent to Acquisition | 986,050 | ||||
Land, gross | [1],[2] | 282,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,160,850 | |||
Total | [1],[2] | 3,442,850 | |||
Accumulated Depreciation | $ 587,530 | ||||
Port Royal Village [Member] | |||||
Location | Belle Vernon, PA | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 1,983 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 150,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,491,796 | ||||
Capitalization Subsequent to Acquisition | 11,533,104 | ||||
Land, gross | [1],[2] | 505,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,669,900 | |||
Total | [1],[2] | 14,174,900 | |||
Accumulated Depreciation | $ 6,019,395 | ||||
River Valley Estates [Member] | |||||
Location | Marion, OH | ||||
Date of Construction | 1,950 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 236,000 | ||||
Site, Land & Building Improvements and Rental Homes | 785,293 | ||||
Capitalization Subsequent to Acquisition | 5,994,421 | ||||
Land, gross | [1],[2] | 236,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,779,714 | |||
Total | [1],[2] | 7,015,714 | |||
Accumulated Depreciation | $ 3,205,477 | ||||
Rolling Hills Estates [Member] | |||||
Location | Carlisle, PA | ||||
Date of Construction | 1972-1975 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 301,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,419,013 | ||||
Capitalization Subsequent to Acquisition | 1,416,113 | ||||
Land, gross | [1],[2] | 301,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,835,126 | |||
Total | [1],[2] | 3,136,126 | |||
Accumulated Depreciation | $ 400,518 | ||||
Rostraver Estates [Member] | |||||
Location | Belle Vernon, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | ||||
Land | 813,600 | ||||
Site, Land & Building Improvements and Rental Homes | 2,203,506 | ||||
Capitalization Subsequent to Acquisition | 1,227,696 | ||||
Land, gross | [1],[2] | 813,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,431,202 | |||
Total | [1],[2] | 4,244,802 | |||
Accumulated Depreciation | $ 285,378 | ||||
Sandy Valley Estates [Member] | |||||
Location | Magnolia, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 270,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,941,430 | ||||
Capitalization Subsequent to Acquisition | 6,844,079 | ||||
Land, gross | [1],[2] | 270,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,785,509 | |||
Total | [1],[2] | 9,055,509 | |||
Accumulated Depreciation | $ 4,356,449 | ||||
Shady Hills [Member] | |||||
Location | Nashville, TN | ||||
Date of Construction | 1,954 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,089,892 | ||||
Land | 337,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,379,000 | ||||
Capitalization Subsequent to Acquisition | 3,443,837 | ||||
Land, gross | [1],[2] | 337,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,822,837 | |||
Total | [1],[2] | 7,159,837 | |||
Accumulated Depreciation | $ 1,061,745 | ||||
Somerset/Whispering [Member] | |||||
Location | Somerset, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2,004 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 395,886 | ||||
Land | 1,485,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,050,400 | ||||
Capitalization Subsequent to Acquisition | 6,644,002 | ||||
Land, gross | [1],[2] | 1,488,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,690,802 | |||
Total | [1],[2] | 10,179,402 | |||
Accumulated Depreciation | $ 2,819,604 | ||||
Southern Terrace [Member] | |||||
Location | Columbiana, OH | ||||
Date of Construction | 1,983 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 63,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,387,000 | ||||
Capitalization Subsequent to Acquisition | 383,118 | ||||
Land, gross | [1],[2] | 63,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,770,118 | |||
Total | [1],[2] | 3,833,118 | |||
Accumulated Depreciation | $ 568,089 | ||||
Southwind Village [Member] | |||||
Location | Jackson, NJ | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 1,969 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,562,310 | ||||
Land | 100,095 | ||||
Site, Land & Building Improvements and Rental Homes | 602,820 | ||||
Capitalization Subsequent to Acquisition | 2,528,575 | ||||
Land, gross | [1],[2] | 100,095 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,131,395 | |||
Total | [1],[2] | 3,231,490 | |||
Accumulated Depreciation | $ 1,919,130 | ||||
Spreading Oaks [Member] | |||||
Location | Athens, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,996 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 67,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,326,800 | ||||
Capitalization Subsequent to Acquisition | 2,759,056 | ||||
Land, gross | [1],[2] | 67,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,085,856 | |||
Total | [1],[2] | 4,152,856 | |||
Accumulated Depreciation | $ 1,543,619 | ||||
Springfield Meadows [Member] | |||||
Location | Springfield, OH | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,191,381 | ||||
Land | 1,230,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,092,706 | ||||
Capitalization Subsequent to Acquisition | 0 | ||||
Land, gross | [1],[2] | 1,230,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,092,706 | |||
Total | [1],[2] | 4,322,706 | |||
Accumulated Depreciation | $ 9,599 | ||||
Suburban Estates [Member] | |||||
Location | Greensburg, PA | ||||
Date of Construction | 1968/1980 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,686,136 | ||||
Land | 299,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,837,272 | ||||
Capitalization Subsequent to Acquisition | 2,431,158 | ||||
Land, gross | [1],[2] | 299,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,268,430 | |||
Total | [1],[2] | 8,567,430 | |||
Accumulated Depreciation | $ 1,532,384 | ||||
Summit Estates [Member] | |||||
Location | Ravenna, OH | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 198,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,779,260 | ||||
Capitalization Subsequent to Acquisition | 1,609,677 | ||||
Land, gross | [1],[2] | 198,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,388,937 | |||
Total | [1],[2] | 4,586,937 | |||
Accumulated Depreciation | $ 362,907 | ||||
Sunny Acres [Member] | |||||
Location | Somerset, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 6,329,350 | ||||
Land | 287,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,113,528 | ||||
Capitalization Subsequent to Acquisition | 958,253 | ||||
Land, gross | [1],[2] | 287,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,071,781 | |||
Total | [1],[2] | 7,358,781 | |||
Accumulated Depreciation | $ 1,564,458 | ||||
Sunnyside [Member] | |||||
Location | Eagleville, PA | ||||
Date of Construction | 1,960 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 450,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,674,000 | ||||
Capitalization Subsequent to Acquisition | 201,512 | ||||
Land, gross | [1],[2] | 450,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,875,512 | |||
Total | [1],[2] | 3,325,512 | |||
Accumulated Depreciation | $ 381,052 | ||||
Trailmont [Member] | |||||
Location | Goodlettsville, TN | ||||
Date of Construction | 1,964 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,393,262 | ||||
Land | 411,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,867,000 | ||||
Capitalization Subsequent to Acquisition | 3,431,368 | ||||
Land, gross | [1],[2] | 411,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,298,368 | |||
Total | [1],[2] | 5,709,368 | |||
Accumulated Depreciation | $ 786,338 | ||||
Twin Oaks I & II [Member] | |||||
Location | Olmsted Twp, OH | ||||
Date of Construction | 1952/1997 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,494,084 | ||||
Land | 823,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,527,000 | ||||
Capitalization Subsequent to Acquisition | 1,387,658 | ||||
Land, gross | [1],[2] | 998,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,739,658 | |||
Total | [1],[2] | 5,737,658 | |||
Accumulated Depreciation | $ 693,329 | ||||
Twin Pines [Member] | |||||
Location | Goshen, IN | ||||
Date of Construction | 1956/1990 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 650,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,307,000 | ||||
Capitalization Subsequent to Acquisition | 2,470,027 | ||||
Land, gross | [1],[2] | 650,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,777,027 | |||
Total | [1],[2] | 9,427,027 | |||
Accumulated Depreciation | $ 1,160,152 | ||||
Valley High [Member] | |||||
Location | Ruffs Dale, PA | ||||
Date of Construction | 1,974 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | ||||
Land | 284,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,266,750 | ||||
Capitalization Subsequent to Acquisition | 841,848 | ||||
Land, gross | [1],[2] | 284,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,108,598 | |||
Total | [1],[2] | 3,392,598 | |||
Accumulated Depreciation | $ 252,991 | ||||
Valley Hills [Member] | |||||
Location | Ravenna, OH | ||||
Date of Construction | 1960-1970 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,466,014 | ||||
Land | 996,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,542,178 | ||||
Capitalization Subsequent to Acquisition | 4,822,424 | ||||
Land, gross | [1],[2] | 996,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,364,602 | |||
Total | [1],[2] | 12,360,602 | |||
Accumulated Depreciation | $ 966,118 | ||||
Valley Stream [Member] | |||||
Location | Mountaintop, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 323,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,190,550 | ||||
Capitalization Subsequent to Acquisition | 556,089 | ||||
Land, gross | [1],[2] | 323,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,746,639 | |||
Total | [1],[2] | 4,069,639 | |||
Accumulated Depreciation | $ 219,935 | ||||
Valley View-I [Member] | |||||
Location | Ephrata, PA | ||||
Date of Construction | 1,961 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 191,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,359,000 | ||||
Capitalization Subsequent to Acquisition | 958,252 | ||||
Land, gross | [1],[2] | 191,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,317,252 | |||
Total | [1],[2] | 5,508,252 | |||
Accumulated Depreciation | $ 808,807 | ||||
Valley View-II [Member] | |||||
Location | Ephrata, PA | ||||
Date of Construction | 1,999 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 72,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,746,000 | ||||
Capitalization Subsequent to Acquisition | 2,508 | ||||
Land, gross | [1],[2] | 72,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,748,508 | |||
Total | [1],[2] | 1,820,508 | |||
Accumulated Depreciation | $ 281,190 | ||||
Valley View-HB [Member] | |||||
Location | Honey Brook, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [3] | ||||
Land | 1,380,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,348,000 | ||||
Capitalization Subsequent to Acquisition | 1,249,830 | ||||
Land, gross | [1],[2] | 1,380,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,597,830 | |||
Total | [1],[2] | 7,977,830 | |||
Accumulated Depreciation | $ 891,195 | ||||
Voyager Estates [Member] | |||||
Location | West Newton, PA | ||||
Date of Construction | 1,968 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 742,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,142,725 | ||||
Capitalization Subsequent to Acquisition | 1,390,989 | ||||
Land, gross | [1],[2] | 742,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,533,714 | |||
Total | [1],[2] | 5,275,714 | |||
Accumulated Depreciation | $ 264,698 | ||||
Waterfalls Village [Member] | |||||
Location | Hamburg, NY | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,997 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,716,994 | ||||
Land | 424,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,812,000 | ||||
Capitalization Subsequent to Acquisition | 3,390,639 | ||||
Land, gross | [1],[2] | 424,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,202,639 | |||
Total | [1],[2] | 7,626,639 | |||
Accumulated Depreciation | $ 3,390,559 | ||||
Wayside [Member] | |||||
Location | Lakeview, OH | ||||
Date of Construction | 1960's | ||||
Date Acquired | 2,016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 196,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,080,050 | ||||
Capitalization Subsequent to Acquisition | 14,093 | ||||
Land, gross | [1],[2] | 196,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,094,143 | |||
Total | [1],[2] | 1,290,143 | |||
Accumulated Depreciation | $ 16,411 | ||||
Weatherly Estates [Member] | |||||
Location | Lebanon, TN | ||||
Date of Construction | 1,997 | ||||
Date Acquired | 2,006 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,279,558 | ||||
Land | 1,184,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,034,480 | ||||
Capitalization Subsequent to Acquisition | 4,497,402 | ||||
Land, gross | [1],[2] | 1,184,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,531,882 | |||
Total | [1],[2] | 9,715,882 | |||
Accumulated Depreciation | $ 2,697,726 | ||||
Woodland Manor [Member] | |||||
Location | West Monroe, NY | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2,003 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 77,000 | ||||
Site, Land & Building Improvements and Rental Homes | 841,000 | ||||
Capitalization Subsequent to Acquisition | 2,393,082 | ||||
Land, gross | [1],[2] | 77,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,234,082 | |||
Total | [1],[2] | 3,311,082 | |||
Accumulated Depreciation | $ 885,408 | ||||
Woodlawn Village [Member] | |||||
Location | Eatontown, NJ | ||||
Date of Construction | 1,964 | ||||
Date Acquired | 1,978 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 157,421 | ||||
Site, Land & Building Improvements and Rental Homes | 280,749 | ||||
Capitalization Subsequent to Acquisition | 1,383,879 | ||||
Land, gross | [1],[2] | 135,421 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,686,628 | |||
Total | [1],[2] | 1,822,049 | |||
Accumulated Depreciation | $ 733,269 | ||||
Woods Edge [Member] | |||||
Location | West Lafayette, IN | ||||
Date of Construction | 1,974 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 6,969,958 | ||||
Land | 1,808,100 | ||||
Site, Land & Building Improvements and Rental Homes | 13,321,318 | ||||
Capitalization Subsequent to Acquisition | 849,953 | ||||
Land, gross | [1],[2] | 1,808,100 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,171,271 | |||
Total | [1],[2] | 15,979,371 | |||
Accumulated Depreciation | $ 684,613 | ||||
Wood Valley [Member] | |||||
Location | Caledonia, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,996 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 260,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,753,206 | ||||
Capitalization Subsequent to Acquisition | 3,897,202 | ||||
Land, gross | [1],[2] | 260,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,650,408 | |||
Total | [1],[2] | 5,910,408 | |||
Accumulated Depreciation | $ 2,582,955 | ||||
Worthington Arms [Member] | |||||
Location | Lewis Center, OH | ||||
Date of Construction | 1,968 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 9,514,851 | ||||
Land | 436,800 | ||||
Site, Land & Building Improvements and Rental Homes | 12,705,530 | ||||
Capitalization Subsequent to Acquisition | 836,527 | ||||
Land, gross | [1],[2] | 436,800 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,542,057 | |||
Total | [1],[2] | 13,978,857 | |||
Accumulated Depreciation | $ 691,591 | ||||
Youngstown Estates [Member] | |||||
Location | Youngstown, NY | ||||
Date of Construction | 1,963 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 269,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,606,000 | ||||
Capitalization Subsequent to Acquisition | 598,191 | ||||
Land, gross | [1],[2] | 269,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,204,191 | |||
Total | [1],[2] | 2,473,191 | |||
Accumulated Depreciation | 201,752 | ||||
Total [Member] | |||||
Encumbrances | 296,563,983 | ||||
Land | 40,830,819 | ||||
Site, Land & Building Improvements and Rental Homes | 331,050,462 | ||||
Capitalization Subsequent to Acquisition | 264,695,674 | ||||
Land, gross | 45,257,515 | ||||
Site, Land & Building Improvements and Rental Homes, gross | 591,319,440 | ||||
Total | 636,576,955 | ||||
Accumulated Depreciation | $ 128,780,501 | ||||
[1] | Reconciliation | ||||
[2] | Represents one mortgage note payable secured by four properties. | ||||
[3] | Represents one mortgage note payable secured by thirteen properties. | ||||
[4] | Represents one mortgage note payable secured by five properties. | ||||
[5] | Represents one mortgage note payable secured by five properties. | ||||
[6] | Represents one mortgage note payable secured by eleven properties. | ||||
[7] | Represents one mortgage note payable secured by five properties. |
Schedule III - Real Estate an77
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Invesment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Real Estate Invesment Details | |||
Balance - Beginning of Year | $ 574,283,574 | $ 444,908,976 | $ 362,707,205 |
Acquisitions | 7,276,356 | 82,276,902 | 42,422,064 |
Improvements | 56,417,927 | 48,263,233 | 40,659,958 |
Total Additions | 63,694,283 | 130,540,135 | 83,082,022 |
Deletions | (1,400,902) | (1,165,537) | (880,251) |
Balance - End of Year | $ 636,576,955 | $ 574,283,574 | $ 444,908,976 |
Schedule III - Real Estate an78
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Iii - Real Estate And Accumulated Depreciation - Schedule Of Accumulated Depreciation Details | |||
Balance - Beginning of Year | $ 107,453,972 | $ 90,277,082 | $ 76,328,213 |
Depreciation | 21,625,264 | 17,481,811 | 14,306,274 |
Total Additions | 21,625,264 | 17,481,811 | 14,306,274 |
Deletions | (298,735) | (304,921) | (357,405) |
Balance - End of Year | $ 128,780,501 | $ 107,453,972 | $ 90,277,082 |