Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Entity Registrant Name | UMH PROPERTIES, INC. | ||
Entity Central Index Key | 752,642 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
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 | 36,070,968 | ||
Trading symbol | UMH | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2,017 | ||
Non Affiliates [Member] | |||
Entity Public Float | $ 570,225,929 | ||
Affiliates [Member] | |||
Entity Public Float | $ 522,718,594 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Investment Property and Equipment | ||
Land | $ 61,239,644 | $ 47,476,314 |
Site and Land Improvements | 463,242,075 | 398,776,390 |
Buildings and Improvements | 22,963,926 | 21,101,836 |
Rental Homes and Accessories | 216,992,988 | 172,862,227 |
Total Investment Property | 764,438,633 | 640,216,767 |
Equipment and Vehicles | 16,874,760 | 14,986,196 |
Total Investment Property and Equipment | 781,313,393 | 655,202,963 |
Accumulated Depreciation | (166,444,512) | (140,255,603) |
Net Investment Property and Equipment | 614,868,881 | 514,947,360 |
Other Assets | ||
Cash and Cash Equivalents | 23,242,090 | 4,216,592 |
Securities Available for Sale at Fair Value | 132,964,276 | 108,755,172 |
Inventory of Manufactured Homes | 17,569,365 | 17,424,574 |
Notes and Other Receivables, net | 25,451,053 | 20,323,191 |
Prepaid Expenses and Other Assets | 3,457,083 | 4,497,937 |
Land Development Costs | 6,328,578 | 10,279,992 |
Total Other Assets | 209,012,445 | 165,497,458 |
TOTAL ASSETS | 823,881,326 | 680,444,818 |
LIABILITIES: | ||
Mortgages Payable, net of unamortized debt issuance costs | 304,895,117 | 293,025,592 |
Other Liabilities: | ||
Accounts Payable | 2,960,739 | 2,962,037 |
Loans Payable, net of unamortized debt issuance costs | 84,704,487 | 58,285,385 |
Accrued Liabilities and Deposits | 4,977,886 | 4,820,142 |
Tenant Security Deposits | 5,127,633 | 4,319,695 |
Total Other Liabilities | 97,770,745 | 70,387,259 |
Total Liabilities | 402,665,862 | 363,412,851 |
Commitments and Contingencies | ||
Shareholders' Equity: | ||
Series A - 8.25% Cumulative Redeemable Preferred Stock, par value $0.10 per share, -0- and 3,663,800 shares authorized, issued and outstanding as of December 31, 2017 and 2016, respectively | 0 | 91,595,000 |
Series B - 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 4,000,000 shares authorized; 3,801,200 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 95,030,000 | 95,030,000 |
Series C - 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 5,750,000 and -0- shares authorized, issued and outstanding as of December 31, 2017 and 2016, respectively | 143,750,000 | 0 |
Common Stock - $0.10 par value per share, 113,663,800 and 75,000,000 shares authorized; 35,488,068 and 29,388,811 shares issued and outstanding as of December 31, 2017 and 2016, respectively | 3,548,807 | 2,938,881 |
Excess Stock - $0.10 par value per share, 3,000,000 shares authorized; no shares issued or outstanding as of December 31, 2017 and 2016, respectively | 0 | 0 |
Additional Paid-In Capital | 168,034,868 | 111,422,691 |
Accumulated Other Comprehensive Income | 11,519,582 | 16,713,188 |
Accumulated Deficit | (667,793) | (667,793) |
Total Shareholders' Equity | 421,215,464 | 317,031,967 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 823,881,326 | $ 680,444,818 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 113,663,800 | 75,000,000 |
Common stock, shares issued | 35,488,068 | 29,388,811 |
Common stock, shares outstanding | 35,488,068 | 29,388,811 |
Excess stock, par value | $ 0.10 | $ 0.10 |
Excess stock, shares authorized | 3,000,000 | 3,000,000 |
Excess stock, shares issued | ||
Excess stock, shares outstanding | ||
Series A Cumulative Redeemable Preferred Stock [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 | 0 | 3,663,800 |
Cumulative redeemable preferred stock, shares issued | 0 | 3,663,800 |
Cumulative redeemable preferred stock, shares outstanding | 0 | 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 | 4,000,000 |
Cumulative redeemable preferred stock, shares issued | 3,801,200 | 3,801,200 |
Cumulative redeemable preferred stock, shares outstanding | 3,801,200 | 3,801,200 |
Series C Cumulative Redeemable Preferred Stock [Member] | ||
Percentage rate on cumulative redeemable preferred stock | 6.75% | 6.75% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 5,750,000 | 0 |
Cumulative redeemable preferred stock, shares issued | 5,750,000 | 0 |
Cumulative redeemable preferred stock, shares outstanding | 5,750,000 | 0 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
INCOME: | |||
Rental and Related Income | $ 101,801,425 | $ 90,679,557 | $ 74,762,548 |
Sales of Manufactured Homes | 10,846,494 | 8,534,272 | 6,754,123 |
Total Income | 112,647,919 | 99,213,829 | 81,516,671 |
EXPENSES: | |||
Community Operating Expenses | 47,846,565 | 42,638,333 | 37,049,462 |
Cost of Sales of Manufactured Homes | 8,471,190 | 6,466,520 | 5,058,350 |
Selling Expenses | 3,095,155 | 2,852,405 | 2,788,360 |
General and Administrative Expenses | 9,645,681 | 8,004,925 | 7,345,644 |
Acquisition Costs | 0 | 79,231 | 957,219 |
Depreciation Expense | 27,557,746 | 23,214,100 | 18,877,511 |
Total Expenses | 96,616,337 | 83,255,514 | 72,076,546 |
OTHER INCOME (EXPENSE): | |||
Interest Income | 2,006,880 | 1,584,585 | 1,819,567 |
Dividend Income | 8,134,898 | 6,636,126 | 4,399,181 |
Gain on Sales of Securities, net | 1,747,528 | 2,285,301 | 204,230 |
Other Income | 705,048 | 504,759 | 435,816 |
Interest Expense | (15,876,972) | (15,432,364) | (14,074,446) |
Total Other Income (Expense) | (3,282,618) | (4,421,593) | (7,215,652) |
Income Before Loss on Sales of Investment Property and Equipment | 12,748,964 | 11,536,722 | 2,224,473 |
Loss on Sales of Investment Property and Equipment | (80,930) | (2,163) | (80,268) |
Net Income | 12,668,034 | 11,534,559 | 2,144,205 |
Less: Preferred Dividends | (16,844,812) | (14,103,432) | (8,267,198) |
Less: Redemption of Preferred Stock | (3,502,487) | 0 | 0 |
Net Loss Attributable to Common Shareholders | $ (7,679,265) | $ (2,568,873) | $ (6,122,993) |
Basic and Diluted Income (Loss) Per Share: | |||
Net Income | $ 0.39 | $ 0.41 | $ 0.08 |
Less: Preferred Dividends | $ (0.52) | $ (0.51) | $ (0.32) |
Less: Redemption of Preferred Stock | (0.11) | 0 | 0 |
Net Loss Attributable to Common Shareholders | $ (0.24) | $ (0.10) | $ (0.24) |
Weighted Average Common Shares Outstanding: | |||
Basic and Diluted | 32,675,650 | 27,808,895 | 25,932,626 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
Net Income | $ 12,668,034 | $ 11,534,559 | $ 2,144,205 |
Other Comprehensive Income (Loss): | |||
Unrealized Holding Gains (Losses) Arising During the Year | (3,450,061) | 21,057,498 | (6,930,717) |
Reclassification Adjustment for Net Gains Realized in Income | (1,747,528) | (2,285,301) | (204,230) |
Change in Fair Value of Interest Rate Swap Agreements | 3,983 | (2,283) | 37,985 |
Comprehensive Income (Loss) | 7,474,428 | 30,304,473 | (4,952,757) |
Less: Preferred Dividends | (16,844,812) | (14,103,432) | (8,267,198) |
Less: Redemption of Preferred Stock | (3,502,487) | 0 | 0 |
Comprehensive Income (Loss) Attributable to Common Shareholders | $ (12,872,871) | $ 16,201,041 | $ (13,219,955) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) | Common Stock [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Series C 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, 2014 | $ 2,437,208 | $ 91,595,000 | $ 0 | $ 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 | 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 | 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 | 0 | 167,825 | 0 | 0 | $ 170,075 | |
Common Stock Issued through Stock Options, shares | 22,500 | (22,500) | |||||||
Preferred Stock Issued through Registered Direct Placement, net | $ 0 | 0 | 45,030,000 | 0 | (1,987,876) | 0 | 0 | $ 43,042,124 | |
Distributions | 0 | 0 | 0 | 0 | (24,159,503) | 0 | (2,144,205) | (26,303,708) | |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 855,768 | 0 | 0 | 855,768 | |
Net Income | 0 | 0 | 0 | 0 | 0 | 0 | 2,144,205 | 2,144,205 | |
Unrealized Net Holding Loss/Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | (7,134,947) | 0 | (7,134,947) | |
Interest Rate Swaps | 0 | 0 | 0 | 0 | 0 | 37,985 | 0 | 37,985 | |
Balance at Dec. 31, 2015 | $ 2,708,684 | 91,595,000 | 45,030,000 | 0 | 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 | 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 | 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 | 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 | 0 | 216 | 0 | 0 | $ 0 | |
Cancellation of Shares Due to Restricted Stock Forfeitures, shares | (2,160) | ||||||||
Preferred Stock Issued through Registered Direct Placement, net | $ 0 | 0 | 50,000,000 | 0 | (879,147) | 0 | 0 | 49,120,853 | |
Distributions | 0 | 0 | 0 | 0 | (23,047,908) | 0 | (11,534,559) | (34,582,467) | |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,064,678 | 0 | 0 | 1,064,678 | |
Net Income | 0 | 0 | 0 | 0 | 0 | 0 | 11,534,559 | 11,534,559 | |
Unrealized Net Holding Loss/Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | 18,772,197 | 0 | 18,772,197 | |
Interest Rate Swaps | 0 | 0 | 0 | 0 | 0 | (2,283) | 0 | (2,283) | |
Balance at Dec. 31, 2016 | $ 2,938,881 | 91,595,000 | 95,030,000 | 0 | 111,422,691 | 16,713,188 | (667,793) | 317,031,967 | |
Balance, shares at Dec. 31, 2016 | 29,388,811 | ||||||||
Common Stock Issued with the DRIP | $ 409,536 | 0 | 0 | 0 | 59,955,654 | 0 | 0 | 60,365,190 | |
Common Stock Issued with the DRIP, shares | 4,095,357 | ||||||||
Common Stock Issued through Restricted Stock Awards | $ 5,600 | 0 | 0 | 0 | (5,600) | 0 | 0 | 0 | |
Common Stock Issued through Restricted Stock Awards, shares | 56,000 | ||||||||
Common Stock Issued through Stock Options | $ 54,790 | 0 | 0 | 0 | 5,380,844 | 0 | 0 | $ 5,435,634 | |
Common Stock Issued through Stock Options, shares | 547,900 | (547,900) | |||||||
Common Stock Issued through Registered Direct Placement, net | $ 140,000 | 0 | 0 | 0 | 22,378,238 | 0 | 0 | $ 22,518,238 | |
Common Stock Issued through Registered Direct Placement, net, shares | 1,400,000 | ||||||||
Preferred Stock Issued through Underwritten Registered Public Offering, net | $ 0 | 0 | 0 | 143,750,000 | (4,774,153) | 0 | 0 | 138,975,847 | |
Preferred Stock Called for Redemption | 0 | (91,595,000) | 0 | 0 | 3,488,159 | 0 | (3,488,159) | (91,595,000) | |
Distributions | 0 | 0 | 0 | 0 | (31,125,456) | 0 | (9,179,875) | (40,305,331) | |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,314,491 | 0 | 0 | 1,314,491 | |
Net Income | 0 | 0 | 0 | 0 | 0 | 0 | 12,668,034 | 12,668,034 | |
Unrealized Net Holding Loss/Gain on Securities Available for Sale Net of Reclassification Adjustment | 0 | 0 | 0 | 0 | 0 | (5,197,589) | 0 | (5,197,589) | |
Interest Rate Swaps | 0 | 0 | 0 | 0 | 0 | 3,983 | 0 | 3,983 | |
Balance at Dec. 31, 2017 | $ 3,548,807 | $ 0 | $ 95,030,000 | $ 143,750,000 | $ 168,034,868 | $ 11,519,582 | $ (667,793) | $ 421,215,464 | |
Balance, shares at Dec. 31, 2017 | 35,488,068 | ||||||||
[1] | Dividend Reinvestment and Stock Purchase Plan. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income | $ 12,668,034 | $ 11,534,559 | $ 2,144,205 |
Non-cash items included in Net Income: | |||
Depreciation | 27,557,746 | 23,214,100 | 18,877,511 |
Amortization of Financing Costs | 660,910 | 733,485 | 829,017 |
Stock Compensation Expense | 1,314,491 | 1,064,678 | 855,768 |
Provision for Uncollectible Notes and Other Receivables | 1,273,535 | (909,397) | (1,123,926) |
Gain on Sales of Securities, net | (1,747,528) | (2,285,301) | (204,230) |
Loss on Sales of Investment Property & Equipment | 80,930 | 2,163 | 80,268 |
Changes in Operating Assets and Liabilities: | |||
Inventory of Manufactured Homes | (144,791) | (3,113,164) | (2,004,695) |
Notes and Other Receivables, net of Notes Acquired with Acquisitions | 215,684 | (1,204,014) | 840,066 |
Prepaid Expenses and Other Assets | 1,040,854 | (435,124) | (706,779) |
Accounts Payable | (1,298) | 145,747 | 991,997 |
Accrued Liabilities and Deposits | 161,727 | (1,878,719) | 1,976,958 |
Tenant Security Deposits | 807,938 | 665,605 | 904,200 |
Net Cash Provided by Operating Activities | 41,341,162 | 29,353,412 | 25,708,212 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of Manufactured Home Communities, net of mortgages assumed | (61,669,247) | (4,081,798) | (78,926,525) |
Purchase of Investment Property and Equipment | (62,009,984) | (58,184,812) | (51,218,338) |
Proceeds from Sales of Investment Property and Equipment | 2,299,670 | 1,114,503 | 777,394 |
Additions to Land Development Costs | (3,881,035) | (3,728,869) | (921,141) |
Purchase of Securities Available for Sale | (45,075,311) | (27,518,151) | (23,019,035) |
Proceeds from Sales of Securities Available for Sale | 17,416,146 | 14,831,737 | 4,633,019 |
Net Cash Used in Investing Activities | (152,919,761) | (77,567,390) | (148,674,626) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Mortgages, net of mortgages assumed | 44,420,000 | 31,804,000 | 139,432,000 |
Net Proceeds (Payments) from Short Term Borrowings | 26,401,635 | 406,935 | (19,452,727) |
Principal Payments of Mortgages and Loans | (34,970,645) | (25,072,315) | (37,756,234) |
Financing Costs on Debt | (641,471) | (668,338) | (2,311,829) |
Proceeds from Issuance of Preferred Stock, net of offering costs | 138,975,847 | 49,120,853 | 43,042,124 |
Redemption of 8.25% Series A Preferred Stock | (91,595,000) | 0 | 0 |
Proceeds from Registered Direct Placement of Common Stock, net of offering costs | 22,518,238 | 0 | 0 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 57,506,016 | 20,012,393 | 22,593,531 |
Proceeds from Exercise of Stock Options | 5,435,634 | 2,485,060 | 170,075 |
Preferred Dividends Paid | (16,665,934) | (14,563,645) | (7,556,588) |
Common Dividends Paid, net of Dividend Reinvestments | (20,780,223) | (17,630,270) | (16,740,833) |
Net Cash Provided by Financing Activities | 130,604,097 | 45,894,673 | 121,419,519 |
Net Increase (Decrease) in Cash and Cash Equivalents | 19,025,498 | (2,319,305) | (1,546,895) |
Cash and Cash Equivalents at Beginning of Year | 4,216,592 | 6,535,897 | 8,082,792 |
CASH AND CASH EQUIVALENTS AT END OF YEAR | $ 23,242,090 | $ 4,216,592 | $ 6,535,897 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) | 12 Months Ended |
Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |
Redemption of preferred stock, percentage | 8.25% |
Organization
Organization | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of the Business As of December 31, 2017, the Company owns and operates 112 manufactured home communities containing approximately 20,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. 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 Boardwalk Elkhart, Indiana 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 Village Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania Cinnamon Woods Conowingo, Maryland 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 Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York Evergreen Estates Lodi, Ohio MANUFACTURED HOME COMMUNITY LOCATION Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania High View Acres Washington, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillcrest Crossing Lower Burrell, Pennsylvania Hillcrest Marysville, Ohio 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 Marysville Estates Marysville, Ohio 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 Mount Pleasant Village Mount Pleasant, Pennsylvania Mountaintop Ephrata, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Falls, Ohio Oxford Village West Grove, Pennsylvania Parke Place Elkhart, Indiana 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 MANUFACTURED HOME COMMUNITY LOCATION 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 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 Wellington Estates Export, Pennsylvania 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 in accordance with U.S. GAAP, 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 less accumulated depreciation. 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 (“FASB”) 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”) and 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 allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. 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, 2017 and 2016, 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). On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. Upon adoption of ASU 2016-01, the Company anticipates that these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses will be recognized through net income. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. 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 net realizable 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, 2017 and 2016 was $24,066,567 and $18,361,298, respectively. At December 31, 2017 and 2016, the reserves for uncollectible accounts, notes and other receivables were $1,206,767 and $1,138,282, respectively. For the years ended December 31, 2017, 2016 and 2015, the provisions for uncollectible notes and other receivables were $1,273,535, $909,397 and $1,123,926, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2017, 2016 and 2015 amounted to $1,205,050, $811,530 and $1,151,976, 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 9.0% and the average maturity is approximately 12 years. Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis over the term of the related obligations, and included as a component of interest expense. 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, 2017 and 2016, accumulated amortization amounted to $3,746,862 and $3,085,952, respectively. The Company estimates that aggregate amortization expense will be approximately $571,000 for 2018, $544,000 for 2019, $508,000 for 2020, $501,000 for 2021 and $445,000 for 2022. 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 had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2017, these agreements have expired and the Company no longer had any interest rate swap agreements in effect. Revenue Recognition The Company derives its income primarily from the rental of manufactured homesites. The Company also owns approximately 5,600 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 (32,675,650, 27,808,895 and 25,932,626 in 2017, 2016 and 2015, 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, 2017, 2016 and 2015, employee stock options to purchase 1,778,100, 1,760,000 and 1,560,500, 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 $1,314,491, $1,064,678 and $855,768 have been recognized in 2017, 2016 and 2015, respectively. During 2017, 2016 and 2015, compensation costs included a one-time charge of $200,907, $312,400, and $102,000, 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 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 Subsidiary (“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, 2017. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2017, the tax years 2014 through and including 2017 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 Adopted 2017 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 adopted this standard effective January 1, 2017, on a prospective basis. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs of approximately $798,000 have been capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. 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 adopted this standard effective January 1, 2017, and it did not have a material impact on our financial position, results of operations or cash flows. 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”). The Company adopted this standard effective January 1, 2017, and it did not have a material impact on our financial position, results of operations or cash flows. Adopted 2018 In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017-09 clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under FASB Accounting Standards Codification Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. 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. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. 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 adopted this standard effective January 1, 2018. The Company previously classified its marketable securities as available-for-sale and carried at fair value with unrealized holding gains and losses excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) was reflected in the Company’s Comprehensive Income (loss). Upon adoption, these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses will be recognized through net income. Unrealized net holding gains of $11,519,582, as of January 1, 2018, were reclassed to beginning retained earnings. 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 adopted this standard effective January 1, 2018 using the modified retrospective approach. Our primary source of revenue is generated from lease agreements for our sites and homes. The lease component of these agreements will be accounted for under ASC 840 “Leases,” and the non-lease components under ASC 605 “Revenue Recognition.” Sales of manufactured homes is recognized under ASC 605 “Revenue Recognition” since these homes are not permanent fixtures or improvements to the |
Investment Property and Equipme
Investment Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Investment Property and Equipment | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions in 2017 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 also acquired two manufactured home communities located in 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 10-year, $14,250,000 mortgage with an interest rate of 4.56% and a 30-year amortization (See Note 5). On January 24, 2017, the Company acquired Hillcrest Crossing, a manufactured home community located in 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 occupancy for this community was approximately 40%. On May 31, 2017, the Company acquired Cinnamon Woods, a manufactured home community located in Maryland, for $4,000,000. This age restricted community contains a total of 63 developed homesites that are situated on approximately 79 total acres, of which approximately 61 acres are available for expansion. At the date of acquisition, the occupancy for this community was approximately 92%. On December 22, 2017, the Company acquired five communities located in Pennsylvania for approximately $22,780,000. This acquisition consists of three all-age communities and two age-restricted communities containing a total of 643 developed homesites. These communities are situated on approximately 141 acres. At the date of acquisition, the average occupancy for these communities was approximately 72%. In conjunction with this acquisition, the Company assumed a mortgage loan with a balance of approximately $2,418,000. The interest rate on this mortgage is fixed at 6.35%. This mortgage matures on January 1, 2023 (See Note 5). 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. 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, including transactions costs of approximately $798,000 and -0- for the years ended December 31, 2017 and 2016, respectively: Fair Value at Acquisition Date 2017 Acquisitions 2016 Acquisitions Assets Acquired: Land $ 13,601,000 $ 2,000,000 Depreciable Property 46,416,000 5,277,000 Notes Receivable and Other 4,070,000 -0- Total Assets Acquired $ 64,087,000 $ 7,277,000 Total Income, Community Net Operating Income (“Community NOI”)* and Net Income (Loss) for communities acquired in 2017 and 2016, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2017 and 2016, are as follows: 2017 Acquisitions 2016 Acquisitions 2017 2017 2016 Total Income $ 4,732,307 $ 980,968 $ 172,050 Community NOI * $ 2,398,652 $ 354,416 $ 103,578 Net Income (Loss) $ 211,468 $ (242,682 ) $ 3,051 *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, 2017 December 31, 2016 Site and Land Improvements $ 114,617,282 $ 99,161,090 Buildings and Improvements 5,779,146 4,947,543 Rental Homes and Accessories 33,621,420 24,906,990 Equipment and Vehicles 12,426,664 11,239,980 Total Accumulated Depreciation $ 166,444,512 $ 140,255,603 Other Many oil and gas companies compete for the opportunity to drill for oil and gas. Successful bidders pay an upfront purchase price (“bonus payment”). In May 2017, the Company received a bonus payment of $251,680 for the right to allow an oil and gas company to drill at one of its communities. The bonus payment is not refundable and the Company has no further obligations related to it. Therefore, this bonus payment received by the Company is considered earned by the Company and has been recorded as Other Income in the accompanying Consolidated Statements of Income. In addition to this upfront bonus payment, the Company entered into an agreement (“Lease”) whereby the oil and gas company may remove the oil and gas from the property, provided that it pays the Company an 18% royalty fee based on the amount of the oil and gas removed. The term of the Lease is for five years. |
Securities Available for Sale
Securities Available for Sale | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016, 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, 2017: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 43,720 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,383,064 Cedar Realty Trust, Inc. B 7.250 % 18,269 422,544 458,755 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 500,800 Colony Northstar, Inc. I 7.150 % 20,000 500,000 503,600 Investors Real Estate Trust C 6.625 % 20,000 500,000 520,308 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,007,200 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 502,200 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 131,000 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 326,875 Total Preferred Stock 5,390,072 5,377,522 Common Stock: CBL & Associates Properties, Inc. 1,500,000 16,157,749 8,490,000 Franklin Street Properties Corporation 150,000 1,659,118 1,611,000 Government Properties Income Trust 1,020,000 19,430,983 18,910,800 Kimco Realty Corporation 750,000 14,475,908 13,612,500 Monmouth Real Estate Investment Corporation (1) 2,335,930 20,698,562 41,579,558 Pennsylvania Real Estate Investment Trust 150,000 1,602,636 1,783,500 Select Income Real Estate Investment Trust 775,000 18,649,691 19,475,750 Senior Housing Properties Trust 160,911 2,739,069 3,081,446 Tanger Factory Outlet 120,000 2,941,621 3,181,200 Urstadt Biddle Properties, Inc. 100,000 2,048,516 2,174,000 Vereit, Inc. 1,300,000 11,253,514 10,127,000 Washington Prime Group 500,000 4,397,255 3,560,000 Total Common Stock 116,054,622 127,586,754 Total Securities Available for Sale $ 121,444,694 $ 132,964,276 (1) Related entity – See Note 8. 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. As of December 31, 2017, the Company held eight 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, 2017: Less than 12 Months 12 Months or Longer Fair Value Unrealized Loss Fair Value Unrealized Loss Preferred Stock $ 1,383,064 $ (104,080 ) $ 43,720 $ (6,549 ) Common Stock 56,311,300 (11,063,227 ) -0- -0- Total $ 57,694,364 $ (11,167,307 ) $ 43,720 $ (6,549 ) The following is a summary of the range of the losses: Number of Individual Securities Fair Value Unrealized Loss Range of Loss 2 $ 20,521,800 $ (568,302 ) 3 % 3 25,122,564 (2,094,002 ) 6-10 % 1 43,720 (6,549 ) 13 % 1 3,560,000 (837,254 ) 19 % 1 8,490,000 (7,667,749 ) 47 % 8 $ 57,738,084 $ (11,173,856 ) The Company normally holds REIT securities long term and has the ability and intent to hold securities to recovery. As of December 31, 2017, 2016 and 2015, the securities portfolio had net unrealized holding gains (losses) of $11,519,582, $16,717,171 and $(2,055,027), respectively. During the years ended December 31, 2017, 2016 and 2015, the Company received proceeds of $17,416,146, $14,831,737 and $4,633,019, on sales or redemptions of securities available for sale, respectively. The Company recorded the following Gain (Loss) on Sale of Securities, net: 2017 2016 2015 Gross realized gains $ 1,749,034 $ 2,287,454 $ 208,200 Gross realized losses (1,506 ) (2,153 ) (3,970 ) Total Realized Gain on Sales of Securities, net $ 1,747,528 $ 2,285,301 $ 204,230 The Company had margin loan balances of $37,157,467 and $22,727,458 at December 31, 2017 and 2016, respectively, which were collateralized by the Company’s securities portfolio. |
Loans and Mortgages Payable
Loans and Mortgages Payable | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016 was 2.0%. These margin loans are due on demand. At December 31, 2017 and 2016, the margin loans amounted to $37,157,467 and $22,727,458, 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 nk (“OceanFirst Line”), secured by the Company’s eligible notes receivable. The maximum availability on the OceanFirst Line is $10 million. Interest was reduced from prime plus 50 basis points to prime plus 25 basis points. The new maturity date is June 1, 2020. As of December 31, 2017 and 2016, the amount outstanding on this revolving line of credit was $4 million, and the interest rate was 4.75% and 4.25%, 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 $3,969,329 and $4,000,000 as of December 31, 2017 and 2016, respectively. The Company also has $1,977,783 in automotive loans with a weighted average interest rate of 4.05%. Unsecured Lines of Credit On March 28, 2017, the Company entered into an amended and restated credit agreement to renew and expand its existing unsecured revolving credit facility. The new unsecured revolving credit facility (the “Facility”) was syndicated with BMO Capital Markets (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent. The Facility provides for an increase from $35 million in available borrowings to $50 million in available borrowings with a $75 million accordion feature, bringing the total potential availability up to $125 million, subject to certain conditions. The maturity date of the Facility is March 27, 2020, with a one year extension option. Borrowings will bear interest at the Company’s option of LIBOR plus 1.75% to 2.50% or BMO’s prime lending rate plus 0.75% to 1.50%, based on the Company’s overall leverage. Based on the Company’s current leverage ratio, borrowings under the Facility will bear interest at LIBOR plus 2% or at BMO’s prime lending rate plus 1%. The amount outstanding under this Facility was $35 million at December 31, 2017. The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows: Year Ended December 31, 2018 $ 2,776,329 2019 4,506,895 2020 39,526,583 2021 420,131 2022 236,217 Thereafter 37,299,669 Total Loans Payable 84,765,824 Unamortized Debt Issuance Costs (61,337 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 84,704,487 Mortgages Payable Mortgages Payable represents the principal amounts outstanding as of December 31, 2017, net of unamortized debt issuance costs. Interest is payable on these mortgages at fixed rates ranging from 3.71% to 6.5% and a variable rate of prime plus 1.0%. The weighted average interest rate as of December 31, 2017 was 4.3%, compared to 4.4% as of December 31, 2016, including the effect of unamortized debt issuance costs. The weighted average interest rate as of December 31, 2017 was 4.2%, compared to 4.3% as of December 31, 2016, not including the effect of unamortized debt issuance costs. The weighted average loan maturity of the Mortgage Notes Payable was 6.9 years at December 31, 2017 and 2016. The following is a summary of mortgages payable at December 31, 2017 and 2016: At December 31, 2017 Balance at December 31, Property Due Date Interest Rate 2017 2016 Allentown 10/01/25 4.06 % $ 13,390,559 $ 13,637,719 Brookview Village 04/01/25 3.92 % 2,778,698 2,832,889 Candlewick Court 09/01/25 4.10 % 4,468,826 4,551,134 Catalina 08/19/25 4.20 % 5,533,771 5,739,657 Cedarcrest 04/01/25 3.71 % 12,024,840 12,268,266 Clinton Mobile Home Resort 10/01/25 4.06 % 3,514,421 3,579,289 Cranberry Village 04/01/25 3.92 % 7,620,974 7,769,600 D & R Village 03/01/25 3.85 % 7,685,346 7,837,828 Fairview Manor 11/01/26 3.85 % 16,010,749 16,299,292 Forest Park Village 09/01/25 4.10 % 8,332,848 8,486,324 Hayden Heights 04/01/25 3.92 % 2,094,009 2,134,846 Heather Highlands 08/28/18 Prime + 1.0 % 16,606 354,529 Highland Estates 06/01/27 4.12 % 16,640,165 9,035,246 Holiday Village 09/01/25 4.10 % 7,929,646 8,075,696 Holiday Village- IN 11/01/25 3.96 % 8,514,837 8,674,151 Holly Acres Estates 10/05/21 6.50 % 2,194,312 2,228,629 Kinnebrook Village 04/01/25 3.92 % 4,048,226 4,127,176 Lake Sherman Village 09/01/25 4.10 % 5,510,432 5,611,924 Olmsted Falls 04/01/25 3.98 % 2,093,269 2,133,656 Oxford Village 01/01/20 5.94 % 6,751,511 6,963,586 Shady Hills 04/01/25 3.92 % 4,992,527 5,089,892 Somerset Estates and Whispering Pines 02/26/19 4.89 % 217,770 395,886 Springfield Meadows 10/06/25 4.83 % 3,141,199 3,191,381 Suburban Estates 10/01/25 4.06 % 5,583,084 5,686,136 Sunny Acres 10/01/25 4.06 % 6,214,642 6,329,351 Southwind Village 01/01/20 5.94 % 5,392,911 5,562,311 Trailmont 04/01/25 3.92 % 3,328,351 3,393,262 Twin Oaks 12/01/19 5.75 % 2,415,894 2,494,084 Valley Hills 06/01/26 4.32 % 3,408,438 3,466,014 Waterfalls 06/01/26 4.38 % 4,639,515 4,716,994 Weatherly Estates 04/01/25 3.92 % 8,121,177 8,279,558 Wellington Estates 01/01/23 6.35 % 2,414,621 -0- Woods Edge 01/07/26 4.30 % 6,728,792 6,969,958 Worthington Arms 09/01/25 4.10 % 9,342,775 9,514,851 Various (2 properties) 02/01/27 4.56 % 14,049,088 -0- Various (4 properties) 07/01/23 4.975 % 8,079,960 8,226,015 Various (5 properties) 01/01/22 4.25 % 13,749,838 14,072,987 Various (5 properties) 12/06/22 4.75 % 7,154,380 7,294,460 Various (5 properties) 02/01/18 6.83 % -0- 8,818,862 Various (6 properties) 08/01/27 4.18 % 13,296,207 -0- Various (11 properties) 08/01/17 LIBOR + 3.0 % -0- 10,625,352 Various (13 properties) 03/01/23 4.065 % 49,035,572 50,095,192 Total Mortgages Payable 308,460,786 296,563,983 Unamortized Debt Issuance Costs (3,565,669 ) (3,538,391 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 304,895,117 $ 293,025,592 At December 31, 2017 and 2016, mortgages were collateralized by real property with a carrying value of $538,249,737 and $488,623,061, respectively, before accumulated depreciation and amortization. Interest costs amounting to $500,859, $359,906 and $277,944 were capitalized during 2017, 2016 and 2015, respectively, in connection with the Company’s expansion program. Recent Transactions During the year ended December 31, 2017 On January 20, 2017, the Company obtained a $14,250,000 Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage through Wells Fargo Bank, N.A. (“Wells Fargo”) on Boardwalk and Parke Place in connection with the Company’s acquisition of these communities. This mortgage is at a fixed rate of 4.56% and matures on February 1, 2027. Principal repayments are based on a 30-year amortization schedule. On May 31, 2017, the Company obtained a $16,800,000 Freddie Mac mortgage through Wells Fargo on Highland Estates. This mortgage is at a fixed rate of 4.12% and matures on June 1, 2027. Principal repayments are based on a 30-year amortization schedule. Proceeds from this mortgage was used to repay the existing $9,000,000 mortgage with an interest rate of 6.175%. On August 28, 2017, the Company obtained a $13,370,000 mortgage loan on six communities from Sun National Bank. This mortgage is at a fixed rate of 4.18% and matures on August 1, 2027. Principal repayments are based on a 30-year amortization schedule. Proceeds from this mortgage was used to repay the existing $10,000,000 mortgage, secured by eleven communities with an interest rate of LIBOR plus 3%, which was fixed at 3.89% with an interest rate swap. On December 22, 2017, the Company assumed a mortgage loan with a balance of approximately $2,418,000, in conjunction with its acquisition of Wellington Estates. The interest rate on this mortgage is fixed at 6.35%. This mortgage matures on January 1, 2023. 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. The aggregate principal payments of all mortgages payable are scheduled as follows: Year Ended December 31, 2018 $ 6,744,175 2019 20,418,685 2020 6,552,999 2021 21,209,912 2022 13,058,727 Thereafter 240,476,288 Total $ 308,460,786 |
Stock Compensation Plan
Stock Compensation Plan | 12 Months Ended |
Dec. 31, 2017 | |
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. 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, 2017, thirty-four employees were granted options to purchase a total of 576,000 shares. 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. The fair value of these options for the years ended December 31, 2017, 2016 and 2015 was approximately $1,042,000, $425,000 and $393,000, respectively, based on assumptions noted below and is being amortized over the 1-year vesting period. The remaining unamortized stock option expense was $191,360 as of December 31, 2017, which will be expensed in 2018. 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: 2017 2016 2015 Dividend yield 5.80 % 7.32 % 7.37 % Expected volatility 26.30 % 26.30 % 27.17 % Risk-free interest rate 2.37 % 1.49 % 2.12 % Expected lives 10 8 8 Estimated forfeitures -0- -0- -0- During the year ended December 31, 2017, options to twenty seven employees to purchase a total of 547,900 shares were exercised. 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, 2017, options to one employee to purchase a total of 10,000 shares were forfeited. 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. A summary of the status of the Company’s stock option plans as of December 31, 2017, 2016 and 2015 and changes during the years then ended are as follows: 2017 2016 2015 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,760,000 $ 9.97 1,560,500 $ 9.92 1,301,000 $ 10.34 Granted 576,000 14.96 527,000 9.77 425,000 9.82 Exercised (547,900 ) 9.92 (277,500 ) 8.96 (22,500 ) 7.56 Forfeited (10,000 ) 9.77 -0- -0- (37,000 ) 10.63 Expired -0- -0- (50,000 ) 11.97 (106,000 ) 14.84 Outstanding at end of year 1,778,100 11.60 1,760,000 9.97 1,560,500 9.92 Options exercisable at end of year 1,202,100 1,233,000 1,135,500 Weighted average fair value of options granted during the year $ 1.81 $ 0.81 $ 0.93 The following is a summary of stock options outstanding as of December 31, 2017: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 07/27/10 4 34,000 11.40 07/27/18 07/05/11 4 34,000 11.16 07/05/19 08/29/12 6 44,000 11.29 08/29/20 06/26/13 10 232,100 10.08 06/26/21 06/11/14 11 175,000 9.85 06/11/22 06/24/15 12 303,000 9.82 06/24/23 04/05/16 21 380,000 9.77 04/05/24 01/19/17 2 60,000 * 14.25 01/19/27 04/04/17 34 516,000 * 15.04 04/04/27 1,778,100 * 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, 2017, 2016 and 2015 was $5,935,112, $8,939,488 and $669,098, respectively, of which $5,896,112, $6,156,928 and $541,598 relate to options exercisable. The intrinsic value of options exercised in 2017, 2016 and 2015 was $3,030,119, $1,018,730 and $62,230, respectively, determined as of the date of option exercise. The weighted average remaining contractual term of the above options was 6.8, 5.6 and 5.4 years as of December 31, 2017, 2016 and 2015, respectively. For the years ended December 31, 2017, 2016 and 2015, amounts charged to stock compensation expense relating to stock option grants, which is included in General and Administrative Expenses, totaled $928,977, $463,864 and $365,560, respectively. Restricted Stock On April 4, 2017, the Company awarded 45,000 shares of restricted stock to two participants. On September 27, 2017, the Company awarded 11,000 shares of restricted stock to ten participants. 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. The grant date fair value of restricted stock grants awarded to participants was $845,870, $627,085 and $334,450 for the years ended December 31, 2017, 2016 and 2015, respectively. These grants vest in equal installments over five years. As of December 31, 2017, there remained a total of $1,147,859 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 3.7 years. For the years ended December 31, 2017, 2016 and 2015, amounts charged to stock compensation expense related to restricted stock grants, which is included in General and Administrative Expenses, totaled $385,514, $600,814 and $490,208, respectively. A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2017, 2016 and 2015, and changes during the year ended December 31, 2017, 2016 and 2015 are presented below: 2017 2016 2015 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 133,315 $ 10.04 121,242 $ 9.83 137,346 $ 10.37 Granted 56,000 15.10 60,500 10.37 35,000 9.56 Dividend Reinvested Shares 6,867 14.83 8,430 10.82 10,736 9.09 Forfeited -0- -0- (2,160 ) 9.83 -0- -0- Vested (49,229 ) 10.67 (54,697 ) 10.07 (61,840 ) 9.63 Non-vested at end of year 146,953 $ 11.98 133,315 $ 10.04 121,242 $ 9.83 As of December 31, 2017, there were 613,500 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, 2017 | |
Retirement Benefits [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 2017, 2016 and 2015, 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 $330,020, $245,057 and $167,971 in 2017, 2016 and 2015, respectively. |
Related Party Transactions and
Related Party Transactions and Other Matters | 12 Months Ended |
Dec. 31, 2017 | |
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 five 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, 2017, the Company owns a total of 2,335,930 shares of MREIC common stock, representing 3.0% of the total shares outstanding at December 31, 2017 (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. Mr. Samuel A. Landy and Ms. Anna T. Chew are currently negotiating a new employment agreement. 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. On July 1, 2017, the Company entered into a lease for additional office space adjacent to its existing corporate office space requiring monthly lease payments of $1,275 through April 30, 2020 and $1,310 through April 30, 2022. On February 14, 2018, the Company entered into a lease for additional office space adjacent to its existing corporate office space requiring monthly lease payments of $1,800 through April 30, 2020 and $1,850 through April 30, 2022. Management believes that the aforesaid rents are no more than what the Company would pay for comparable space elsewhere. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Amounts Received $ 60,365,190 $ 22,400,945 $ 24,599,818 Less: Dividends Reinvested (2,859,174 ) (2,388,552 ) (2,006,287 ) Amounts Received, net $ 57,506,016 $ 20,012,393 $ 22,593,531 Number of Shares Issued 4,095,357 1,966,133 2,657,255 On June 5, 2017, the Company issued and sold 1,400,000 shares of its Common Stock in a registered direct placement at a sale price of $16.60 per share. The Company received net proceeds from the offering after expenses of approximately $22.5 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. Preferred Stock 8.25% Series A Cumulative Redeemable Preferred Stock On August 31, 2017, the Company redeemed all 3,663,800 issued and outstanding shares of its 8.25% Series A Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series A Preferred Stock”) at a redemption price of $25.00 per share, totaling $91,595,000. Unpaid dividends on the Series A Preferred Stock accruing for the period from June 1, 2017 through the redemption date, totaling $1,889,147 (or $0.515625 per share) were paid on September 15, 2017 to holders of record as of the August 15, 2017 record date previously established by the Company’s Board of Directors and accordingly such dividends were not included in the redemption price. The Company recognized a deemed dividend of $3,502,000 on the Consolidated Statement of Income for the year ended December 31, 2017, which represents the difference between the redemption value and the carrying value net of original deferred issuance costs. 8.0% Series B Cumulative Redeemable Preferred Stock 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, 2016, amounting to $710,610 is included in the computation of net loss attributable to common shareholders in the accompanying consolidated financial statements for the year ended December 31, 2016. 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. 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 Stock, on April 4, 2016, the Company filed with 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 Maryland SDAT 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). Additionally, on June 2, 2017, the Company filed with the Maryland SDAT a further amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 10,000,000 shares 6.75% Series C Cumulative Redeemable Preferred Stock On July 26, 2017, the Company issued 5,000,000 shares of its new 6.75% Series C Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share (“Series C Preferred Stock”) at an offering price of $25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 5,000,000 shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $120,800,000. On August 2, 2017, the Company issued an additional 750,000 shares of Series C Preferred Stock pursuant to the underwriters’ exercise of their overallotment option and received additional net proceeds of approximately $18,200,000. The Company used a portion of the net proceeds from the sale of Series C Preferred Stock to redeem all of the 3,663,800 outstanding shares of our Series A Preferred Stock. The balance of the offering proceeds will be used for general corporate purposes, which may include purchase of manufactured homes for sale or lease to customers, expansion of our existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. Dividends on the Series C Preferred shares are cumulative from July 26, 2017 at an annual rate of $1.6875 per share and will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. The first quarterly dividend on the Series C Preferred was payable September 15, 2017 and amounted to $970,312 or $0.16875 per share for the dividend period from July 26, 2017 to August 31, 2017. The Series C Preferred Stock, par value $0.10 per share, 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 C Preferred Stock is not redeemable prior to July 26, 2022. On and after July 26, 2022, the Series C 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 C Preferred Stock ranks on a parity with the Company’s Series B Preferred Stock with respect to dividend rights and rights upon liquidation, dissolution or winding up. Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series C Preferred Stock were offered, each holder of the Series C Preferred Stock will have the right to convert all or part of the shares of the Series C Preferred Stock held into common stock of the Company, unless the Company elects to redeem the Series C Preferred Stock. Holders of the Series C Preferred Stock generally have no voting rights, except if the Company fails to pay dividends for nine 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 C Preferred, the Company filed with the Maryland SDAT, an amendment to the Company’s charter to increase the authorized number of shares of the Company’s common stock by 30,750,000 shares. As a result of this amendment, the Company’s total authorized shares were increased from 95,663,800 shares (classified as 85,000,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred and 3,000,000 shares of excess stock) to 126,413,800 shares (classified as 115,750,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred 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 C Preferred and reclassifying 5,750,000 shares of Common Stock as shares of Series C Preferred. After the reclassification, the Company’s authorized stock consisted of 110,000,000 shares of Common Stock, 3,663,800 shares of Series A Preferred, 4,000,000 shares of Series B Preferred, 5,750,000 shares of Series C Preferred and 3,000,000 shares of excess stock. Additionally, upon the redemption on August 31, 2017 of all 3,663,800 outstanding shares of the Series A Preferred, the authorized shares of Series A Preferred automatically converted to authorized Common Stock, which increased our authorized Common Stock to 113,663,800 shares. Issuer Purchases of Equity Securities On January 25, 2018, 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, 2017 | |
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, 2017, 2016 and 2015: 2017 2016 2015 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 5,416,827 $ 0.18 $ 4,879,009 $ 0.18 $ 4,481,730 $ 0.18 June 30 5,700,036 0.18 4,903,286 0.18 4,633,318 0.18 September 30 6,188,961 0.18 5,031,818 0.18 4,767,312 0.18 December 31 6,333,573 0.18 5,204,709 0.18 4,864,760 0.18 $ 23,639,397 $ 0.72 $ 20,018,822 $ 0.72 $ 18,747,120 $ 0.72 These amounts do not include the discount on shares purchased through the Company’s DRIP. On January 25, 2018, the Company declared a cash dividend of $0.18 per share to be paid on March 15, 2018 to shareholders of record as of the close of business on February 15, 2018. Preferred Stock The following dividends were paid to holders of our Series A Preferred Stock during the year ended December 31, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,889,147 $ 0.515625 4/3/2017 5/15/2017 6/15/2017 1,889,147 0.515625 7/3/2017 8/15/2017 9/15/2017 1,889,147 0.515625 $ 5,667,441 $ 1.546875 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 Declaration Date Record Date Payment Date Dividend Dividend per Share 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 The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,900,600 $ 0.50 4/3/2017 5/15/2017 6/15/2017 1,900,600 0.50 7/3/2017 8/15/2017 9/15/2017 1,900,600 0.50 10/2/2017 11/15/2017 12/15/2017 1,900,600 0.50 $ 7,602,400 $ 2.00 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 25, 2018, the Board of Directors declared a quarterly dividend of $0.50 per share for the period from December 1, 2017 through February 28, 2018, on the Company’s Series B Preferred Stock payable March 15, 2018 to shareholders of record as of the close of business on February 15, 2018. The following dividends were paid to holders of our Series C Preferred Stock during the year ended December 31, 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 7/3/2017 8/15/2017 9/15/2017 $ 970,313 $ 0.168750 10/2/2017 11/15/2017 12/15/2017 2,425,781 0.421875 $ 3,396,094 $ 0.590625 On January 25, 2018, the Board of Directors declared a quarterly dividend of $0.421875 per share for the period from December 1, 2017 through February 28, 2018, on the Company’s Series C Preferred Stock payable March 15, 2018 to shareholders of record as of the close of business on February 15, 2018. |
Federal Income Taxes
Federal Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015: 2017 2016 2015 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.00000 0.00 % $ 0.09549 13.26 % $ 0.00000 0.00 % Capital gains 0.00000 0.00 % 0.01425 1.98 % 0.00000 0.00 % Return of capital 0.72000 100.00 % 0.61026 84.76 % 0.72000 100.00 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 % For the year ended December 31, 2017, total distributions paid by the Company for its Series A Preferred Stock, amounted to $5,667,441 or $1.546875 per share (for income tax purposes, $0.494148 characterized as ordinary income, $0.138204 characterized as capital gains and $0.914523 characterized as return or capital). 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, 2017, total distributions paid by the Company for its Series B preferred stock, amounted to $7,602,400 or $2.00 per share (for income tax purposes, $0.638896 characterized as ordinary income, $0.178688 characterized as capital gains and $1.182416 characterized as return or capital). 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). For the year ended December 31, 2017, total distributions paid by the Company for its Series C preferred stock, amounted to $3,396,094 or $0.590625 per share (for income tax purposes, $0.188674 characterized as ordinary income, $0.052769 characterized as capital gains and $0.349182 characterized as return or capital). 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, 2017, 2016 and 2015, S&F had operating losses for financial reporting purposes of $2,066,587, $2,307,104 and $3,550,961, respectively. Therefore, a valuation allowance has been established against any deferred tax assets relating to S&F. For the years ended December 31, 2017, 2016 and 2015, S&F recorded $0, $5,000 and $15,000, respectively, in federal, state and franchise taxes. |
Commitments, Contingencies and
Commitments, Contingencies and Legal Matters | 12 Months Ended |
Dec. 31, 2017 | |
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, 2016 is $125,000 for the settlement of the Memphis Mobile City lawsuit. The Company is redeveloping this community and has completed Phase I in 2017. Once fully developed, the community will contain a total of 144 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, 2017, the total loan balance was approximately $3 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, 2017, the total loan balance was approximately $3.6 million. Although this agreement is still active, this program is not being utilized by the Company’s new customers as a source of financing. S&F entered into a Chattel Loan Origination, Sale and Servicing Agreement (“COP Program”) with Triad Financial Services, effective January 1, 2016. Neither the Company, nor S&F, 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 a 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, assigned to S&F and then assigned by S&F to the Company. Included in Notes and Other Receivables is approximately $8,437,000 of loans that the Company acquired under the COP Program as of December 31, 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: 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, 2017: Equity Securities - Preferred Stock $ 5,377,522 $ 5,377,522 $ -0- $ -0- Equity Securities - Common Stock 127,586,754 127,586,754 -0- -0- Interest Rate Swap (1) -0- -0- -0- -0- Total $ 132,964,276 $ 132,964,276 $ -0- $ -0- 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- (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, 2017, the fair and carrying value of fixed rate mortgages payable amounted to $303,741,677 and $308,444,180, respectively. As of December 31, 2016, the fair and carrying value of fixed rate mortgages payable amounted to $282,369,069 and $285,584,102, respectively. Prior to 2017, if the Company acquired a property that was considered an acquisition of a business, the Company was required to fair value all of the acquired assets and liabilities, including intangible assets and liabilities (See Note 1). Those fair value measurements fell within level 3 of the fair value hierarchy. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015 was $15,656,251, $15,058,016 and $12,497,858, respectively. During the years ended December 31, 2017 and 2016, the Company assumed mortgages totaling $2,418,198 and $3,195,202, respectively for the acquisition of communities. During the years ended December 31, 2017, 2016 and 2015, land development costs of $7,832,450, $170,925 and $60,857, respectively were transferred to investment property and equipment and placed in service. During the years ended December 31, 2017, 2016 and 2015, the Company had dividend reinvestments of $2,859,174, $2,388,552 and $2,006,287, respectively which required no cash transfers. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 15 – SUBSEQUENT EVENTS On January 22, 2018, the Company issued 2,000,000 shares of its new 6.375% Series D Cumulative Redeemable Preferred Stock (“Series D Preferred Stock”) at an offering price of $25.00 per share in an underwritten registered public offering. The Company received net proceeds from the sale of these 2,000,000 shares, after deducting the underwriting discount and other estimated offering expenses, of approximately $48.1 million and plans to use the net proceeds of the offering for general corporate purposes, which may include the purchase of manufactured homes for sale or lease to customers, expansion of its existing communities, potential acquisitions of additional properties and possible repayment of indebtedness on a short-term basis. In conjunction with the issuance of the Company’s Series D Preferred Stock, the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series D Preferred Stock and reclassifying 2,300,000 shares of Common Stock as shares of Series D Preferred Stock. After the reclassification, the Company’s authorized stock consists of 111,363,800 shares of Common Stock, 4,000,000 shares of Series B Preferred Stock, 5,750,000 shares of Series C Preferred Stock, 2,300,000 shares of Series D Preferred Stock and 3,000,000 shares of excess stock. |
Proforma Financial Information
Proforma Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Proforma Financial Information (Unaudited) | NOTE 16 – PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the 2017 and 2016 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 2017 and 2016 assuming that the acquisitions had occurred as of January 1, 2016, 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, 2017 2016 Rental and Related Income $ 103,618,000 $ 98,019,000 Community Operating Expenses 48,051,000 45,690,000 Net Loss Attributable to Common Shareholders (8,418,000 ) (3,432,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (0.26 ) (0.12 ) |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
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 2017 March 31 June 30 September 30 December 31 Total Income $ 26,448,549 $ 28,817,848 $ 28,684,937 $ 28,696,585 Total Expenses 22,485,487 24,858,243 24,704,729 24,567,878 Other Income (Expense) (1,653,136 ) (383,472 ) (699,309 ) (546,701 ) Net Income 2,285,546 3,589,871 3,262,001 3,530,616 Net Loss Attributable to Common Shareholders (1,504,201 ) (199,876 ) (5,179,423 ) (795,765 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.01 ) (0.15 ) (0.03 ) 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 – Basic and Diluted (0.03 ) (0.03 ) (0.02 ) (0.02 ) |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 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 $ 13,390,559 $ 250,000 $ 2,569,101 $ 10,425,033 Arbor Estates Doylestown, PA (1) 2,650,000 8,266,000 1,260,944 Auburn Estates Orrville, OH (4) 114,000 1,174,000 507,470 Birchwood Farms Birch Run, MI (1) 70,000 2,797,000 2,449,356 Boardwalk Elkhart, IN 14,049,088 (6) 1,796,000 4,767,792 (17,029 ) Broadmore Estates Goshen, IN 49,035,572 (1) 1,120,000 11,136,000 8,249,474 Brookside Berwick, PA (3) 372,000 4,776,000 1,640,711 Brookview Greenfield Ctr, NY 2,778,698 37,500 232,547 7,262,982 Candlewick Court Owosso, MI 4,468,826 159,200 7,087,221 3,049,600 Carsons Chambersburg, PA -0- 176,000 2,411,000 1,259,274 Catalina Middletown, OH 5,533,771 1,008,000 11,734,640 2,927,665 Cedarcrest Vineland, NJ 12,024,840 320,000 1,866,323 2,528,003 Chambersburg Chambersburg, PA -0- 108,000 2,397,000 606,548 Chelsea Sayre, PA (2) 124,000 2,049,000 1,112,180 Cinnamon Woods Conowingo, MD -0- 1,884,000 2,116,000 218,001 City View Lewistown, PA -0- 137,000 613,000 1,332,531 Clinton Tiffin, OH 3,514,421 142,000 3,301,800 233,583 Collingwood Horseheads, NY -0- 196,000 2,317,500 1,376,360 Colonial Heights Wintersville, OH (1) 67,000 2,383,000 4,202,660 Countryside Estates Muncie, IN -0- 174,000 1,926,000 3,527,990 Countryside Estates Ravenna, OH -0- 205,000 2,895,997 3,820,768 Countryside Village Columbia, TN -0- 394,000 6,916,500 8,044,110 Cranberry Cranberry Twp, PA 7,620,974 181,930 1,922,931 3,981,410 Crestview Athens, PA -0- 188,000 2,258,000 1,306,840 Cross Keys Duncansville, PA -0- 60,774 378,093 3,598,385 Crossroads Village Mount Pleasant, PA -0- 183,000 1,403,400 24,370 D&R Clifton Park, NY 7,685,346 391,724 704,021 3,213,228 Dallas Mobile Home Toronto,OH -0- 275,600 2,728,503 1,295,277 Deer Meadows New Springfield,OH -0- 226,000 2,299,275 2,148,907 Evergreen Estates Lodi,OH -0- 99,000 1,121,300 462,148 Evergreen Manor Bedford, OH -0- 49,000 2,372,258 895,208 Evergreen Village Mantua, OH -0- 105,000 1,277,001 865,356 Fairview Manor Millville, NJ 16,010,749 216,000 1,166,517 9,694,617 Forest Creek Elkhart, IN (1) 440,000 7,004,000 1,790,506 Forest Park Cranberry Twp, PA 8,332,848 75,000 977,225 7,537,662 Fox Chapel Village Cheswick, PA -0- 372,000 4,081,700 72,515 Frieden Manor Schuylkill Haven, PA 13,296,207 (2) 643,000 5,293,500 1,992,141 Green Acres Chambersburg, PA -0- 63,000 584,000 111,538 Gregory Courts Honey Brook, PA (1) 370,000 1,220,000 427,354 Hayden Heights Dublin,OH 2,094,009 248,100 2,147,700 571,620 Heather Highlands Inkerman, PA 16,606 572,500 2,151,569 10,427,038 High View Acres Apollo, PA -0- 825,000 4,263,500 93,912 Highland Elkhart, IN (1) 510,000 7,084,000 3,505,739 Highland Estates Kutztown, PA 16,640,165 145,000 1,695,041 12,095,649 Hillcrest Crossing Lower Burrell, PA -0- 961,000 1,463,825 1,924,330 Hillcrest Estates Marysville, OH -0- 1,277,000 3,033,500 511,855 Hillside Estates Greenburg,PA (5) 483,600 2,678,525 1,932,865 Holiday Village Nashville, TN 7,929,646 1,632,000 5,618,000 6,903,835 Holiday Village Elkhart, IN 8,514,837 490,600 13,808,269 3,740,161 Holly Acres Erie, PA 2,194,312 194,000 3,591,000 605,914 Hudson Estates Peninsula, OH -0- 141,000 3,515,878 4,614,404 Huntingdon Pointe Tarrs, PA -0- 399,000 865,450 801,695 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 Independence Park Clinton, PA $ 8,079,960 (5) $ 686,400 $ 2,783,633 $ 2,544,627 Kinnebrook Monticello, NY 4,048,226 235,600 1,402,572 12,811,315 Lake Sherman Navarre, OH 5,510,432 290,000 1,457,673 9,854,641 Lakeview Meadows Lakeview, OH -0- 574,000 1,103,600 848,061 Laurel Woods Cresson, PA -0- 432,700 2,070,426 3,453,562 Little Chippewa Orrville, OH (4) 113,000 1,135,000 1,488,980 Maple Manor Taylor, PA 13,749,838 (3) 674,000 9,432,800 4,722,874 Marysville Estates Marysville, OH -0- 810,000 4,555,800 654,373 Meadowood New Middletown, OH (1) 152,000 3,191,000 2,584,707 Meadows Nappanee, IN -0- 548,600 6,720,900 2,515,755 Melrose Village Wooster, OH 7,154,380 (4) 767,000 5,429,000 4,336,425 Melrose West Wooster, OH (4) 94,000 1,040,000 52,182 Memphis Blues Memphis, TN -0- 78,435 810,477 4,681,136 Monroe Valley Jonestown, PA (2) 114,000 994,000 432,570 Moosic Heights Avoca, PA (3) 330,000 3,794,100 2,075,353 Mount Pleasant Village Mount Pleasant, PA -0- 280,000 3,501,600 68,354 Mountaintop Narvon, PA (2) 134,000 1,665,000 601,666 Oak Ridge Elkhart, IN (1) 500,000 7,524,000 1,777,443 Oakwood Lake Tunkhannock, PA (3) 379,000 1,639,000 830,332 Olmsted Falls Olmsted Falls, OH 2,093,269 569,000 3,031,000 1,311,829 Oxford West Grove, PA 6,751,511 175,000 990,515 2,169,652 Parke Place Elkhart, IN (6) 4,317,000 10,340,950 1,135,827 Pine Ridge/Pine Manor Carlisle, PA -0- 37,540 198,321 9,387,272 Pine Valley Apollo, PA -0- 670,000 1,336,600 5,379,401 Pleasant View Bloomsburg, PA (3) 282,000 2,174,800 1,304,424 Port Royal Belle Vernon, PA -0- 150,000 2,491,796 11,934,453 River Valley Marion, OH -0- 236,000 785,293 6,438,539 Rolling Hills Estates Carlisle, PA -0- 301,000 1,419,013 1,451,304 Rostraver Estates Belle Veron, PA - (5) 813,600 2,203,506 1,695,206 Sandy Valley Magnolia, OH -0- 270,000 1,941,430 7,839,672 Shady Hills Nashville, TN 4,992,527 337,000 3,379,000 3,914,330 Somerset/Whispering Somerset, PA 217,770 1,485,000 2,050,400 7,100,994 Southern Terrace Columbiana, OH (1) 63,000 3,387,000 442,707 Southwind Jackson, NJ 5,392,911 100,095 602,820 2,675,258 Spreading Oaks Athens, OH -0- 67,000 1,326,800 3,108,808 Springfield Meadows Springfield, OH 3,141,199 1,230,000 3,092,706 282,931 Suburban Estates Greensburg, PA 5,583,084 299,000 5,837,272 2,650,335 Summit Estates Ravenna, OH -0- 198,000 2,779,260 2,699,446 Sunny Acres Somerset, PA 6,214,642 287,000 6,113,528 1,385,661 Sunnyside Eagleville, PA (1) 450,000 2,674,000 334,695 Trailmont Goodlettsville, TN 3,328,351 411,000 1,867,000 3,579,237 Twin Oaks Olmsted Falls, OH 2,415,894 823,000 3,527,000 1,677,396 Twin Pines Goshen, IN (1) 650,000 6,307,000 3,038,527 Valley High Ruffs Dale, PA (5) 284,000 2,266,750 1,240,667 Valley Hills Ravenna, OH 3,408,438 996,000 6,542,178 6,523,105 Valley Stream Mountaintop, PA -0- 323,000 3,190,550 650,910 Valley View HB Honeybrook, PA (1) 1,380,000 5,348,000 1,566,922 Valley View I Ephrata, PA (2) 191,000 4,359,000 988,314 Valley View II Ephrata, PA (2) 72,000 1,746,000 4,909 Voyager Estates West Newton, PA -0- 742,000 3,142,725 1,977,981 Waterfalls Hamburg, NY 4,639,515 424,000 3,812,000 3,637,198 Wayside Bellefontaine, OH -0- 196,000 1,080,050 158,681 Weatherly Estates Lebanon, TN 8,121,177 1,184,000 4,034,480 4,515,367 Wellington Estates Export, PA 2,414,621 896,000 6,179,000 123,037 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 Wood Valley Caledonia, OH $ -0- $ 260,000 $ 1,753,206 $ 4,267,484 Woodland Manor West Monroe, NY -0- 77,000 841,000 2,852,704 Woodlawn Eatontown, NJ -0- 157,421 280,749 1,481,724 Woods Edge West Lafayette, IN 6,728,792 1,808,100 13,321,318 2,345,912 Worthington Arms Lewis Center, OH 9,342,775 436,800 12,705,530 1,472,783 Youngstown Estates Youngstown, NY (4) 269,000 1,606,000 1,053,026 $ 308,460,786 $ 54,431,819 $ 376,757,529 $ 327,297,677 Column A Column E (6) (7) Column F Description Gross Amount at Which Carried at 12/31/17 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Allentown Memphis, TN $ 480,000 $ 12,764,134 $ 13,244,134 $ 5,622,205 Arbor Estates Doylestown, PA 2,650,000 9,526,944 12,176,944 1,574,520 Auburn Estates Orrville, OH 114,000 1,681,470 1,795,470 225,416 Birchwood Farms Birch Run, MI 70,000 5,246,356 5,316,356 864,289 Boardwalk Elkhart, IN 1,796,000 4,750,763 6,546,763 173,168 Broadmore Estates Goshen, IN 1,120,000 19,385,474 20,505,474 3,012,157 Brookside Berwick, PA 372,000 6,416,711 6,788,711 1,392,564 Brookview Greenfield Ctr, NY 122,865 7,410,164 7,533,029 2,357,656 Candlewick Court Owosso, MI 159,200 10,136,821 10,296,021 877,845 Carsons Chambersburg, PA 176,000 3,670,274 3,846,274 591,483 Catalina Middletown, OH 1,008,000 14,662,305 15,670,305 1,364,525 Cedarcrest Vineland, NJ 408,206 4,306,120 4,714,326 2,795,731 Chambersburg Chambersburg, PA 108,000 3,003,548 3,111,548 535,412 Chelsea Sayre, PA 124,000 3,161,180 3,285,180 501,859 Cinnamon Woods Conowingo, MD 1,884,000 2,334,001 4,218,001 56,761 City View Lewistown, PA 137,000 1,945,531 2,082,531 321,674 Clinton Tiffin, OH 142,000 3,535,383 3,677,383 793,776 Collingwood Horseheads, NY 196,000 3,693,860 3,889,860 625,100 Colonial Heights Wintersville, OH 67,000 6,585,660 6,652,660 1,039,768 Countryside Estates Muncie, IN 174,000 5,453,990 5,627,990 755,613 Countryside Estates Ravenna, OH 205,000 6,716,765 6,921,765 688,791 Countryside Village Columbia, TN 609,000 14,745,610 15,354,610 2,916,765 Cranberry Cranberry Twp, PA 181,930 5,904,341 6,086,271 2,885,885 Crestview Athens, PA 361,500 3,391,340 3,752,840 552,142 Cross Keys Duncansville, PA 60,774 3,976,478 4,037,252 1,294,428 Crossroads Village Mount Pleasant, PA 183,000 1,427,770 1,610,770 5,012 D&R Clifton Park, NY 391,724 3,917,249 4,308,973 2,045,833 Dallas Mobile Home Toronto,OH 275,600 4,023,780 4,299,380 448,086 Deer Meadows New Springfield,OH 226,000 4,448,182 4,674,182 452,414 Evergreen Estates Lodi,OH 119,000 1,563,448 1,682,448 188,683 Evergreen Manor Bedford, OH 49,000 3,267,466 3,316,466 371,934 Evergreen Village Mantua, OH 105,000 2,142,357 2,247,357 251,789 Fairview Manor Millville, NJ 2,534,892 8,542,242 11,077,134 5,005,204 Forest Creek Elkhart, IN 440,000 8,794,506 9,234,506 1,735,122 Forest Park Cranberry Twp, PA 75,000 8,514,887 8,589,887 3,169,111 Fox Chapel Village Cheswick, PA 372,000 4,154,215 4,526,215 14,381 Frieden Manor Schuylkill Haven, PA 643,000 7,285,641 7,928,641 1,314,625 Green Acres Chambersburg, PA 63,000 695,538 758,538 125,691 Gregory Courts Honey Brook, PA 370,000 1,647,354 2,017,354 261,779 Hayden Heights Dublin,OH 248,100 2,719,320 2,967,420 335,477 Heather Highlands Inkerman, PA 572,500 12,578,607 13,151,107 4,959,606 High View Acres Apollo, PA 825,000 4,357,412 5,182,412 14,045 Highland Elkhart, IN 510,000 10,589,739 11,099,739 1,715,882 Highland Estates Kutztown, PA 404,239 13,531,451 13,935,690 6,693,393 Hillcrest Crossing Lower Burrell, PA 961,000 3,388,155 4,349,155 82,876 Hillcrest Estates Marysville, OH 1,277,000 3,545,355 4,822,355 133,643 Hillside Estates Greenburg,PA 483,600 4,611,390 5,094,990 486,796 Holiday Village Nashville, TN 1,632,000 12,521,835 14,153,835 1,811,334 Holiday Village Elkhart, IN 490,600 17,548,430 18,039,030 1,375,999 Holly Acres Erie, PA 194,000 4,196,914 4,390,914 420,405 Hudson Estates Peninsula, OH 141,000 8,130,282 8,271,282 823,582 Huntingdon Pointe Tarrs, PA 399,000 1,667,145 2,066,145 121,362 Column A Column E (6) (7) Column F Description Gross Amount at Which Carried at 12/31/17 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Independence Park Clinton, PA $ 686,400 $ 5,328,260 $ 6,014,660 $ 510,057 Kinnebrook Monticello, NY 352,972 14,096,515 14,449,487 4,936,134 Lake Sherman Navarre, OH 290,000 11,312,314 11,602,314 3,918,732 Lakeview Meadows Lakeview, OH 725,663 1,799,998 2,525,661 90,514 Laurel Woods Cresson, PA 432,700 5,523,988 5,956,688 2,048,960 Little Chippewa Orrville, OH 113,000 2,623,980 2,736,980 275,603 Maple Manor Taylor, PA 674,000 14,155,674 14,829,674 3,015,890 Marysville Estates Marysville, OH 820,668 5,199,505 6,020,173 199,348 Meadowood New Middletown, OH 152,000 5,775,707 5,927,707 981,658 Meadows Nappanee, IN 548,600 9,236,655 9,785,255 758,790 Melrose Village Wooster, OH 767,000 9,765,425 10,532,425 1,217,325 Melrose West Wooster, OH 94,000 1,092,182 1,186,182 159,710 Memphis Blues Memphis, TN 335,935 5,234,113 5,570,048 1,328,193 Monroe Valley Jonestown, PA 114,000 1,426,570 1,540,570 248,809 Moosic Heights Avoca, PA 330,000 5,869,453 6,199,453 1,183,142 Mount Pleasant Village Mount Pleasant, PA 280,000 3,569,954 3,849,954 13,071 Mountaintop Narvon, PA 134,000 2,266,666 2,400,666 402,704 Oak Ridge Elkhart, IN 500,000 9,301,443 9,801,443 1,845,852 Oakwood Lake Tunkhannock, PA 379,000 2,469,332 2,848,332 537,890 Olmsted Falls Olmsted Falls, OH 569,000 4,342,829 4,911,829 719,715 Oxford West Grove, PA 155,000 3,180,167 3,335,167 2,042,718 Parke Place Elkhart, IN 4,317,000 11,476,777 15,793,777 452,565 Pine Ridge/Pine Manor Carlisle, PA 145,472 9,477,661 9,623,133 3,024,777 Pine Valley Apollo, PA 732,089 6,653,912 7,386,001 2,630,313 Pleasant View Bloomsburg, PA 282,000 3,479,224 3,761,224 708,447 Port Royal Belle Vernon, PA 505,000 14,071,249 14,576,249 6,482,162 River Valley Marion, OH 236,000 7,223,832 7,459,832 3,379,144 Rolling Hills Estates Carlisle, PA 301,000 2,870,317 3,171,317 571,963 Rostraver Estates Belle Veron, PA 813,600 3,898,712 4,712,312 431,257 Sandy Valley Magnolia, OH 270,000 9,781,102 10,051,102 4,648,644 Shady Hills Nashville, TN 337,000 7,293,330 7,630,330 1,347,505 Somerset/Whispering Somerset, PA 1,488,600 9,147,794 10,636,394 3,159,972 Southern Terrace Columbiana, OH 63,000 3,829,707 3,892,707 708,693 Southwind Jackson, NJ 100,095 3,278,078 3,378,173 1,972,762 Spreading Oaks Athens, OH 67,000 4,435,608 4,502,608 1,666,426 Springfield Meadows Springfield, OH 1,230,000 3,375,637 4,605,637 130,146 Suburban Estates Greensburg, PA 299,000 8,487,607 8,786,607 1,849,609 Summit Estates Ravenna, OH 198,000 5,478,706 5,676,706 568,575 Sunny Acres Somerset, PA 287,000 7,499,189 7,786,189 1,842,783 Sunnyside Eagleville, PA 450,000 3,008,695 3,458,695 493,012 Trailmont Goodlettsville, TN 411,000 5,446,237 5,857,237 1,008,889 Twin Oaks Olmsted Falls, OH 998,000 5,029,396 6,027,396 898,732 Twin Pines Goshen, IN 650,000 9,345,527 9,995,527 1,555,867 Valley High Ruffs Dale, PA 284,000 3,507,417 3,791,417 383,503 Valley Hills Ravenna, OH 996,000 13,065,283 14,061,283 1,478,494 Valley Stream Mountaintop, PA 323,000 3,841,460 4,164,460 357,886 Valley View HB Honeybrook, PA 1,380,000 6,914,922 8,294,922 1,198,477 Valley View I Ephrata, PA 191,000 5,347,314 5,538,314 1,008,023 Valley View II Ephrata, PA 72,000 1,750,909 1,822,909 345,020 Voyager Estates West Newton, PA 742,000 5,120,706 5,862,706 452,882 Waterfalls Hamburg, NY 424,000 7,449,198 7,873,198 3,665,333 Wayside Bellefontaine, OH 196,000 1,238,731 1,434,731 68,070 Weatherly Estates Lebanon, TN 1,184,000 8,549,847 9,733,847 3,067,077 Column A Column E (6) (7) Column F Description Gross Amount at Which Carried at 12/31/17 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Wellington Estates Export, PA $ 896,000 $ 6,302,037 $ 7,198,037 $ 22,981 Wood Valley Caledonia, OH 260,000 6,020,690 6,280,690 2,764,346 Woodland Manor West Monroe, NY 77,000 3,693,704 3,770,704 1,008,380 Woodlawn Eatontown, NJ 135,420 1,784,474 1,919,894 800,823 Woods Edge West Lafayette, IN 1,808,100 15,667,230 17,475,330 1,296,996 Worthington Arms Lewis Center, OH 436,800 14,178,313 14,615,113 1,225,567 Youngstown Estates Youngstown, NY 269,000 2,659,026 2,928,026 297,404 $ 59,020,844 $ 699,466,181 $ 758,487,025 $ 153,591,917 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 Boardwalk Elkhart, IN 1995-1996 2017 5 to 27.5 Broadmore Estates Goshen, IN 1950/1990 2013 5 to 27.5 Brookside Berwick, PA 1973-1976 2010 5 to 27.5 Brookview 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 Chambersburg, PA 1955 2012 5 to 27.5 Chelsea Sayre, PA 1972 2012 5 to 27.5 Cinnamon Woods Conowingo, MD 2005 2017 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 Cranberry Twp, PA 1974 1986 5 to 27.5 Crestview Athens, PA 1964 2012 5 to 27.5 Cross Keys Duncansville, PA 1961 1979 5 to 27.5 Crossroads Village Mount Pleasant, PA 1955/2004 2017 5 to 27.5 D&R Clifton Park, NY 1972 1978 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 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 Cranberry Twp, PA prior to 1980 1982 5 to 27.5 Fox Chapel Village Cheswick, PA 1975 2017 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 1970 1992 5 to 27.5 High View Acres Apollo, PA 1984 2017 5 to 27.5 Highland Elkhart, IN 1969 2013 5 to 27.5 Highland Estates Kutztown, PA 1971 1979 5 to 27.5 Hillcrest Crossing Lower Burrell, PA 1971 2017 5 to 27.5 Hillcrest Estates Marysville, OH 1995 2017 5 to 27.5 Hillside Estates Greenburg,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 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 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life 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 Marysville Estates Marysville, OH 1960s to 2015 2017 5 to 27.5 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 Jonestown, PA 1969 2012 5 to 27.5 Moosic Heights Avoca, PA 1972 2010 5 to 27.5 Mount Pleasant Village Mount Pleasant, PA 1977-1986 2017 5 to 27.5 Mountaintop Narvon, PA 1972 2012 5 to 27.5 Oak Ridge 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 West Grove, PA 1971 1974 5 to 27.5 Parke Place Elkhart, IN 1995-1996 2017 5 to 27.5 Pine Ridge/Pine Manor Carlisle, PA 1961 1969 5 to 27.5 Pine Valley Apollo, PA prior to 1980 1995 5 to 27.5 Pleasant View Bloomsburg, PA 1960’s 2010 5 to 27.5 Port Royal Belle Vernon, PA 1973 1983 5 to 27.5 River Valley Marion, OH 1950 1986 5 to 27.5 Rolling Hills Estates Carlisle, PA 1972-1975 2013 5 to 27.5 Rostraver Estates Belle Veron, PA 1970 2014 5 to 27.5 Sandy Valley 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 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 Olmsted Falls, 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 HB Honeybrook, PA 1970 2013 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 Voyager Estates West Newton, PA 1968 2015 5 to 27.5 Waterfalls Hamburg, NY prior to 1980 1997 5 to 27.5 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Wayside Bellefontaine, OH 1960’s 2016 5 to 27.5 Weatherly Estates Lebanon, TN 1997 2006 5 to 27.5 Wellington Estate Export, PA 1970/1996 2017 5 to 27.5 Wood Valley Caledonia, OH prior to 1980 1996 5 to 27.5 Woodland Manor West Monroe, NY prior to 1980 2003 5 to 27.5 Woodlawn Eatontown, NJ 1964 1978 5 to 27.5 Woods Edge West Lafayette, IN 1974 2015 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 thirteen properties. (2) Represents one mortgage note payable secured by six properties. (3) Represents one mortgage note payable secured by five properties. (4) Represents one mortgage note payable secured by five properties. (5) Represents one mortgage note payable secured by four properties. (6) Represents one mortgage note payable secured by two properties. (7) Reconciliation /———-FIXED ASSETS————/ 12/31/17 12/31/16 12/31/15 Balance – Beginning of Year $ 636,576,955 $ 574,283,574 $ 444,908,976 Additions: Acquisitions 59,308,067 7,276,356 82,276,902 Improvements 65,458,396 56,417,927 48,263,233 Total Additions 124,766,463 63,694,283 130,540,135 Deletions (2,856,393 ) (1,400,902 ) (1,165,537 ) Balance – End of Year $ 758,487,025 $ 636,576,955 $ 574,283,574 /——ACCUMULATED DEPRECIATION——/ 12/31/17 12/31/16 12/31/15 Balance – Beginning of Year $ 128,780,501 $ 107,453,972 $ 90,277,082 Additions: Depreciation 25,307,453 21,625,264 17,481,811 Total Additions 25,307,453 21,625,264 17,481,811 Deletions (496,037 ) (298,735 ) (304,921 ) Balance – End of Year $ 153,591,917 $ 128,780,501 $ 107,453,972 (8) The aggregate cost for Federal tax purposes approximates historical cost. |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Description of the Business | Description of the Business As of December 31, 2017, the Company owns and operates 112 manufactured home communities containing approximately 20,000 developed sites. These communities are located in New Jersey, New York, Ohio, Pennsylvania, Tennessee, Indiana, Michigan and Maryland. 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 Boardwalk Elkhart, Indiana 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 Village Vineland, New Jersey Chambersburg I & II Chambersburg, Pennsylvania Chelsea Sayre, Pennsylvania Cinnamon Woods Conowingo, Maryland 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 Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio D & R Village Clifton Park, New York Evergreen Estates Lodi, Ohio MANUFACTURED HOME COMMUNITY LOCATION Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio Fairview Manor Millville, New Jersey Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania High View Acres Washington, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillcrest Crossing Lower Burrell, Pennsylvania Hillcrest Marysville, Ohio 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 Marysville Estates Marysville, Ohio 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 Mount Pleasant Village Mount Pleasant, Pennsylvania Mountaintop Ephrata, Pennsylvania Oak Ridge Estates Elkhart, Indiana Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Falls, Ohio Oxford Village West Grove, Pennsylvania Parke Place Elkhart, Indiana 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 MANUFACTURED HOME COMMUNITY LOCATION 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 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 Wellington Estates Export, Pennsylvania 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 in accordance with U.S. GAAP, 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 less accumulated depreciation. 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 (“FASB”) 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”) and 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 allocates the purchase price of an acquired property generally determined by internal evaluation as well as third-party appraisal of the property obtained in conjunction with the purchase. Effective January 1, 2017, the Company adopted Accounting Standards Update (“ASU”) 2017-01, “Business Combinations (Topic 805), Clarifying the Definition of a Business”. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs, such as broker fees, transfer taxes, legal, accounting, valuation, and other professional and consulting fees, related to acquisitions are capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. |
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, 2017 and 2016, 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). On January 1, 2018, the Company adopted ASU 2016-01, “Financial Instruments – Overall: Recognition and Measurement of Financial Assets and Financial Liabilities”. Upon adoption of ASU 2016-01, the Company anticipates that these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses will be recognized through net income. See “Recently Adopted Accounting Pronouncements” below for additional information regarding the adoption of this ASU. 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 net realizable 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, 2017 and 2016 was $24,066,567 and $18,361,298, respectively. At December 31, 2017 and 2016, the reserves for uncollectible accounts, notes and other receivables were $1,206,767 and $1,138,282, respectively. For the years ended December 31, 2017, 2016 and 2015, the provisions for uncollectible notes and other receivables were $1,273,535, $909,397 and $1,123,926, respectively. Charge-offs and other adjustments related to repossessed homes for the years ended December 31, 2017, 2016 and 2015 amounted to $1,205,050, $811,530 and $1,151,976, 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 9.0% and the average maturity is approximately 12 years. |
Unamortized Financing Costs | Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis over the term of the related obligations, and included as a component of interest expense. 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, 2017 and 2016, accumulated amortization amounted to $3,746,862 and $3,085,952, respectively. The Company estimates that aggregate amortization expense will be approximately $571,000 for 2018, $544,000 for 2019, $508,000 for 2020, $501,000 for 2021 and $445,000 for 2022. |
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 had entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2017, these agreements have expired and the Company no longer had any interest rate swap agreements in effect. |
Revenue Recognition | Revenue Recognition The Company derives its income primarily from the rental of manufactured homesites. The Company also owns approximately 5,600 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 (32,675,650, 27,808,895 and 25,932,626 in 2017, 2016 and 2015, 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, 2017, 2016 and 2015, employee stock options to purchase 1,778,100, 1,760,000 and 1,560,500, 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 $1,314,491, $1,064,678 and $855,768 have been recognized in 2017, 2016 and 2015, respectively. During 2017, 2016 and 2015, compensation costs included a one-time charge of $200,907, $312,400, and $102,000, 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 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 Subsidiary (“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, 2017. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2017, the tax years 2014 through and including 2017 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. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Adopted 2017 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 adopted this standard effective January 1, 2017, on a prospective basis. The Company evaluated its acquisitions and has determined that its acquisitions of manufactured home communities during 2017 should be accounted for as acquisitions of assets. As such, transaction costs of approximately $798,000 have been capitalized as part of the cost of the acquisitions, which is then subject to a purchase price allocation based on relative fair value. 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 adopted this standard effective January 1, 2017, and it did not have a material impact on our financial position, results of operations or cash flows. 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”). The Company adopted this standard effective January 1, 2017, and it did not have a material impact on our financial position, results of operations or cash flows. Adopted 2018 In May 2017, the FASB issued ASU No. 2017-09, “Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting.” ASU 2017-09 clarifies which changes to the terms or conditions of a share based payment award are subject to the guidance on modification accounting under FASB Accounting Standards Codification Topic 718. Entities would apply the modification accounting guidance unless the value, vesting requirements and classification of a share based payment award are the same immediately before and after a change to the terms or conditions of the award. ASU No. 2017-09 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. In February 2017, the FASB issued ASU No. 2017-05, “Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets.” ASU 2017-05 provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and in-substance non-financial assets in contracts with non-customers, unless other specific guidance applies. The standard requires a company to derecognize nonfinancial assets once it transfers control of a distinct nonfinancial asset or distinct in substance nonfinancial asset. Additionally, when a company transfers its controlling interest in a nonfinancial asset, but retains a noncontrolling ownership interest, the company is required to measure any non-controlling interest it receives or retains at fair value. The guidance requires companies to recognize a full gain or loss on the transaction. As a result of the new guidance, the guidance specific to real estate sales in ASC 360-20 will be eliminated. As such, sales and partial sales of real estate assets will now be subject to the same derecognition model as all other nonfinancial assets. The guidance is effective for annual periods beginning after December 15, 2017, including interim periods within that reporting period. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. 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. The Company adopted this standard effective January 1, 2018, and it did not have a material impact on our financial position, results of operations or cash flows. 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 adopted this standard effective January 1, 2018. The Company previously classified its marketable securities as available-for-sale and carried at fair value with unrealized holding gains and losses excluded from earnings and reported as a separate component of Shareholders’ Equity until realized. The change in the unrealized net holding gains (losses) was reflected in the Company’s Comprehensive Income (loss). Upon adoption, these securities will continue to be measured at fair value; however, the change in the unrealized net holding gains and losses will be recognized through net income. Unrealized net holding gains of $11,519,582, as of January 1, 2018, were reclassed to beginning retained earnings. 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 adopted this standard effective January 1, 2018 using the modified retrospective approach. Our primary source of revenue is generated from lease agreements for our sites and homes. The lease component of these agreements will be accounted for under ASC 840 “Leases,” and the non-lease components under ASC 605 “Revenue Recognition.” Sales of manufactured homes is recognized under ASC 605 “Revenue Recognition” since these homes are not permanent fixtures or improvements to the underlying real estate. Interest income and dividend income is presented separately but is not in the scope of ASU 2014-09. Other income is recognized under ASC 605 “Revenue Recognition” and primarily consists of brokerage commissions for arranging for the sale of a home by a third party, service and marketing agreements with cable providers, and in 2017 include an upfront oil and gas bonus payment.The adoption of this standard 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 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 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. 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. |
Investment Property and Equip28
Investment Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate [Abstract] | |
Schedule of Estimated Fair Value of Assets Acquired | Fair Value at Acquisition Date 2017 Acquisitions 2016 Acquisitions Assets Acquired: Land $ 13,601,000 $ 2,000,000 Depreciable Property 46,416,000 5,277,000 Notes Receivable and Other 4,070,000 -0- Total Assets Acquired $ 64,087,000 $ 7,277,000 |
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 2017 and 2016, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2017 and 2016, are as follows: 2017 Acquisitions 2016 Acquisitions 2017 2017 2016 Total Income $ 4,732,307 $ 980,968 $ 172,050 Community NOI * $ 2,398,652 $ 354,416 $ 103,578 Net Income (Loss) $ 211,468 $ (242,682 ) $ 3,051 *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, 2017 December 31, 2016 Site and Land Improvements $ 114,617,282 $ 99,161,090 Buildings and Improvements 5,779,146 4,947,543 Rental Homes and Accessories 33,621,420 24,906,990 Equipment and Vehicles 12,426,664 11,239,980 Total Accumulated Depreciation $ 166,444,512 $ 140,255,603 |
Securities Available for Sale (
Securities Available for Sale (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017: Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: CBL & Associates Properties, Inc. D 7.375 % 2,000 $ 50,269 $ 43,720 CBL & Associates Properties, Inc. E 6.625 % 62,724 1,487,145 1,383,064 Cedar Realty Trust, Inc. B 7.250 % 18,269 422,544 458,755 Cedar Realty Trust, Inc. C 6.500 % 20,000 494,407 500,800 Colony Northstar, Inc. I 7.150 % 20,000 500,000 503,600 Investors Real Estate Trust C 6.625 % 20,000 500,000 520,308 Pennsylvania Real Estate Investment Trust B 7.375 % 40,000 1,000,000 1,007,200 Pennsylvania Real Estate Investment Trust D 6.875 % 20,000 498,207 502,200 Urstadt Biddle Properties, Inc. G 6.750 % 5,000 125,000 131,000 Urstadt Biddle Properties, Inc. H 6.250 % 12,500 312,500 326,875 Total Preferred Stock 5,390,072 5,377,522 Common Stock: CBL & Associates Properties, Inc. 1,500,000 16,157,749 8,490,000 Franklin Street Properties Corporation 150,000 1,659,118 1,611,000 Government Properties Income Trust 1,020,000 19,430,983 18,910,800 Kimco Realty Corporation 750,000 14,475,908 13,612,500 Monmouth Real Estate Investment Corporation (1) 2,335,930 20,698,562 41,579,558 Pennsylvania Real Estate Investment Trust 150,000 1,602,636 1,783,500 Select Income Real Estate Investment Trust 775,000 18,649,691 19,475,750 Senior Housing Properties Trust 160,911 2,739,069 3,081,446 Tanger Factory Outlet 120,000 2,941,621 3,181,200 Urstadt Biddle Properties, Inc. 100,000 2,048,516 2,174,000 Vereit, Inc. 1,300,000 11,253,514 10,127,000 Washington Prime Group 500,000 4,397,255 3,560,000 Total Common Stock 116,054,622 127,586,754 Total Securities Available for Sale $ 121,444,694 $ 132,964,276 (1) Related entity – See Note 8. 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. |
Summary of Temporarily Impaired Securities | The following is a summary of temporarily impaired securities at December 31, 2017: Less than 12 Months 12 Months or Longer Fair Value Unrealized Loss Fair Value Unrealized Loss Preferred Stock $ 1,383,064 $ (104,080 ) $ 43,720 $ (6,549 ) Common Stock 56,311,300 (11,063,227 ) -0- -0- Total $ 57,694,364 $ (11,167,307 ) $ 43,720 $ (6,549 ) |
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 2 $ 20,521,800 $ (568,302 ) 3 % 3 25,122,564 (2,094,002 ) 6-10 % 1 43,720 (6,549 ) 13 % 1 3,560,000 (837,254 ) 19 % 1 8,490,000 (7,667,749 ) 47 % 8 $ 57,738,084 $ (11,173,856 ) |
Summary of Gain (loss) on Securities Transactions | The Company recorded the following Gain (Loss) on Sale of Securities, net: 2017 2016 2015 Gross realized gains $ 1,749,034 $ 2,287,454 $ 208,200 Gross realized losses (1,506 ) (2,153 ) (3,970 ) Total Realized Gain on Sales of Securities, net $ 1,747,528 $ 2,285,301 $ 204,230 |
Loans and Mortgages Payable (Ta
Loans and Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2018 $ 2,776,329 2019 4,506,895 2020 39,526,583 2021 420,131 2022 236,217 Thereafter 37,299,669 Total Loans Payable 84,765,824 Unamortized Debt Issuance Costs (61,337 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 84,704,487 |
Summary of Mortgages Payable | The following is a summary of mortgages payable at December 31, 2017 and 2016: At December 31, 2017 Balance at December 31, Property Due Date Interest Rate 2017 2016 Allentown 10/01/25 4.06 % $ 13,390,559 $ 13,637,719 Brookview Village 04/01/25 3.92 % 2,778,698 2,832,889 Candlewick Court 09/01/25 4.10 % 4,468,826 4,551,134 Catalina 08/19/25 4.20 % 5,533,771 5,739,657 Cedarcrest 04/01/25 3.71 % 12,024,840 12,268,266 Clinton Mobile Home Resort 10/01/25 4.06 % 3,514,421 3,579,289 Cranberry Village 04/01/25 3.92 % 7,620,974 7,769,600 D & R Village 03/01/25 3.85 % 7,685,346 7,837,828 Fairview Manor 11/01/26 3.85 % 16,010,749 16,299,292 Forest Park Village 09/01/25 4.10 % 8,332,848 8,486,324 Hayden Heights 04/01/25 3.92 % 2,094,009 2,134,846 Heather Highlands 08/28/18 Prime + 1.0 % 16,606 354,529 Highland Estates 06/01/27 4.12 % 16,640,165 9,035,246 Holiday Village 09/01/25 4.10 % 7,929,646 8,075,696 Holiday Village- IN 11/01/25 3.96 % 8,514,837 8,674,151 Holly Acres Estates 10/05/21 6.50 % 2,194,312 2,228,629 Kinnebrook Village 04/01/25 3.92 % 4,048,226 4,127,176 Lake Sherman Village 09/01/25 4.10 % 5,510,432 5,611,924 Olmsted Falls 04/01/25 3.98 % 2,093,269 2,133,656 Oxford Village 01/01/20 5.94 % 6,751,511 6,963,586 Shady Hills 04/01/25 3.92 % 4,992,527 5,089,892 Somerset Estates and Whispering Pines 02/26/19 4.89 % 217,770 395,886 Springfield Meadows 10/06/25 4.83 % 3,141,199 3,191,381 Suburban Estates 10/01/25 4.06 % 5,583,084 5,686,136 Sunny Acres 10/01/25 4.06 % 6,214,642 6,329,351 Southwind Village 01/01/20 5.94 % 5,392,911 5,562,311 Trailmont 04/01/25 3.92 % 3,328,351 3,393,262 Twin Oaks 12/01/19 5.75 % 2,415,894 2,494,084 Valley Hills 06/01/26 4.32 % 3,408,438 3,466,014 Waterfalls 06/01/26 4.38 % 4,639,515 4,716,994 Weatherly Estates 04/01/25 3.92 % 8,121,177 8,279,558 Wellington Estates 01/01/23 6.35 % 2,414,621 -0- Woods Edge 01/07/26 4.30 % 6,728,792 6,969,958 Worthington Arms 09/01/25 4.10 % 9,342,775 9,514,851 Various (2 properties) 02/01/27 4.56 % 14,049,088 -0- Various (4 properties) 07/01/23 4.975 % 8,079,960 8,226,015 Various (5 properties) 01/01/22 4.25 % 13,749,838 14,072,987 Various (5 properties) 12/06/22 4.75 % 7,154,380 7,294,460 Various (5 properties) 02/01/18 6.83 % -0- 8,818,862 Various (6 properties) 08/01/27 4.18 % 13,296,207 -0- Various (11 properties) 08/01/17 LIBOR + 3.0 % -0- 10,625,352 Various (13 properties) 03/01/23 4.065 % 49,035,572 50,095,192 Total Mortgages Payable 308,460,786 296,563,983 Unamortized Debt Issuance Costs (3,565,669 ) (3,538,391 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 304,895,117 $ 293,025,592 |
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, 2018 $ 6,744,175 2019 20,418,685 2020 6,552,999 2021 21,209,912 2022 13,058,727 Thereafter 240,476,288 Total $ 308,460,786 |
Stock Compensation Plan (Tables
Stock Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Compensation Related Costs [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: 2017 2016 2015 Dividend yield 5.80 % 7.32 % 7.37 % Expected volatility 26.30 % 26.30 % 27.17 % Risk-free interest rate 2.37 % 1.49 % 2.12 % Expected lives 10 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, 2017, 2016 and 2015 and changes during the years then ended are as follows: 2017 2016 2015 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 1,760,000 $ 9.97 1,560,500 $ 9.92 1,301,000 $ 10.34 Granted 576,000 14.96 527,000 9.77 425,000 9.82 Exercised (547,900 ) 9.92 (277,500 ) 8.96 (22,500 ) 7.56 Forfeited (10,000 ) 9.77 -0- -0- (37,000 ) 10.63 Expired -0- -0- (50,000 ) 11.97 (106,000 ) 14.84 Outstanding at end of year 1,778,100 11.60 1,760,000 9.97 1,560,500 9.92 Options exercisable at end of year 1,202,100 1,233,000 1,135,500 Weighted average fair value of options granted during the year $ 1.81 $ 0.81 $ 0.93 |
Summary of Stock Options Outstanding | The following is a summary of stock options outstanding as of December 31, 2017: Date of Grant Number of Employees Number of Shares Option Price Expiration Date 07/27/10 4 34,000 11.40 07/27/18 07/05/11 4 34,000 11.16 07/05/19 08/29/12 6 44,000 11.29 08/29/20 06/26/13 10 232,100 10.08 06/26/21 06/11/14 11 175,000 9.85 06/11/22 06/24/15 12 303,000 9.82 06/24/23 04/05/16 21 380,000 9.77 04/05/24 01/19/17 2 60,000 * 14.25 01/19/27 04/04/17 34 516,000 * 15.04 04/04/27 1,778,100 * 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, 2017, 2016 and 2015, and changes during the year ended December 31, 2017, 2016 and 2015 are presented below: 2017 2016 2015 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 133,315 $ 10.04 121,242 $ 9.83 137,346 $ 10.37 Granted 56,000 15.10 60,500 10.37 35,000 9.56 Dividend Reinvested Shares 6,867 14.83 8,430 10.82 10,736 9.09 Forfeited -0- -0- (2,160 ) 9.83 -0- -0- Vested (49,229 ) 10.67 (54,697 ) 10.07 (61,840 ) 9.63 Non-vested at end of year 146,953 $ 11.98 133,315 $ 10.04 121,242 $ 9.83 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Schedule of Amount Received in Connection with DRIP | Amounts received in connection with the DRIP for the years ended December 31, 2017, 2016 and 2015 were as follows: 2017 2016 2015 Amounts Received $ 60,365,190 $ 22,400,945 $ 24,599,818 Less: Dividends Reinvested (2,859,174 ) (2,388,552 ) (2,006,287 ) Amounts Received, net $ 57,506,016 $ 20,012,393 $ 22,593,531 Number of Shares Issued 4,095,357 1,966,133 2,657,255 |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Distributions [Abstract] | |
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, 2017, 2016 and 2015: 2017 2016 2015 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 5,416,827 $ 0.18 $ 4,879,009 $ 0.18 $ 4,481,730 $ 0.18 June 30 5,700,036 0.18 4,903,286 0.18 4,633,318 0.18 September 30 6,188,961 0.18 5,031,818 0.18 4,767,312 0.18 December 31 6,333,573 0.18 5,204,709 0.18 4,864,760 0.18 $ 23,639,397 $ 0.72 $ 20,018,822 $ 0.72 $ 18,747,120 $ 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, 2017, 2016 and 2015: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,889,147 $ 0.515625 4/3/2017 5/15/2017 6/15/2017 1,889,147 0.515625 7/3/2017 8/15/2017 9/15/2017 1,889,147 0.515625 $ 5,667,441 $ 1.546875 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 Declaration Date Record Date Payment Date Dividend Dividend per Share 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 The following dividends were paid to holders of our Series B Preferred Stock during the year ended December 31, 2017 and 2016: Declaration Date Record Date Payment Date Dividend Dividend per Share 1/19/2017 2/15/2017 3/15/2017 $ 1,900,600 $ 0.50 4/3/2017 5/15/2017 6/15/2017 1,900,600 0.50 7/3/2017 8/15/2017 9/15/2017 1,900,600 0.50 10/2/2017 11/15/2017 12/15/2017 1,900,600 0.50 $ 7,602,400 $ 2.00 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 The following dividends were paid to holders of our Series C Preferred Stock during the year ended December 31, 2017: Declaration Date Record Date Payment Date Dividend Dividend per Share 7/3/2017 8/15/2017 9/15/2017 $ 970,313 $ 0.168750 10/2/2017 11/15/2017 12/15/2017 2,425,781 0.421875 $ 3,396,094 $ 0.590625 |
Federal Income Taxes (Tables)
Federal Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017, 2016 and 2015: 2017 2016 2015 Amount Percent Amount Percent Amount Percent Ordinary income $ 0.00000 0.00 % $ 0.09549 13.26 % $ 0.00000 0.00 % Capital gains 0.00000 0.00 % 0.01425 1.98 % 0.00000 0.00 % Return of capital 0.72000 100.00 % 0.61026 84.76 % 0.72000 100.00 % $ 0.72 100 % $ 0.72 100 % $ 0.72 100 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 and 2016: 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, 2017: Equity Securities - Preferred Stock $ 5,377,522 $ 5,377,522 $ -0- $ -0- Equity Securities - Common Stock 127,586,754 127,586,754 -0- -0- Interest Rate Swap (1) -0- -0- -0- -0- Total $ 132,964,276 $ 132,964,276 $ -0- $ -0- 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- (1) Included in accrued liabilities and deposits |
Proforma Financial Informatio36
Proforma Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Summary of Pro Forma Financial Information | For the years ended December 31, 2017 2016 Rental and Related Income $ 103,618,000 $ 98,019,000 Community Operating Expenses 48,051,000 45,690,000 Net Loss Attributable to Common Shareholders (8,418,000 ) (3,432,000 ) Net Loss Attributable to Common Shareholders per Share: Basic and Diluted (0.26 ) (0.12 ) |
Selected Quarterly Financial 37
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Selected Quarterly Financial Data | 2017 March 31 June 30 September 30 December 31 Total Income $ 26,448,549 $ 28,817,848 $ 28,684,937 $ 28,696,585 Total Expenses 22,485,487 24,858,243 24,704,729 24,567,878 Other Income (Expense) (1,653,136 ) (383,472 ) (699,309 ) (546,701 ) Net Income 2,285,546 3,589,871 3,262,001 3,530,616 Net Loss Attributable to Common Shareholders (1,504,201 ) (199,876 ) (5,179,423 ) (795,765 ) Net Loss Attributable to Common Shareholders per Share – Basic and Diluted (0.05 ) (0.01 ) (0.15 ) (0.03 ) 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 – Basic and Diluted (0.03 ) (0.03 ) (0.02 ) (0.02 ) |
Organization (Details Narrative
Organization (Details Narrative) | 12 Months Ended |
Dec. 31, 2017 | |
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. |
Real Estate Investment Trusts [Member] | |
Portfolio of gross assets | The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets. |
Maximum percentage of undepreciated assets | 20.00% |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2017USD ($)HomeSitesHomeCommunityshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | |
Number of operates manufacture home communities | HomeSites | 112 | ||
Number of developed home sites company own and operates | HomeCommunity | 20,000 | ||
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 | $ 24,066,567 | $ 18,361,298 | |
Reserves for uncollectible accounts, notes and other receivables | 1,206,767 | 1,138,282 | |
Provisions for uncollectible notes and other receivables | (1,273,535) | 909,397 | $ 1,123,926 |
Charge-offs and other adjustments related to repossessed homes | $ 1,205,050 | 811,530 | $ 1,151,976 |
Average interest rate on loan | 9.00% | ||
Average maturity of loan | 12 years | ||
Accumulated amortization of deferred finance cost | $ 3,746,862 | $ 3,085,952 | |
Estimated amortization expense of finance cost for 2018 | 571,000 | ||
Estimated amortization expense of finance cost for 2019 | 544,000 | ||
Estimated amortization expense of finance cost for 2020 | 508,000 | ||
Estimated amortization expense of finance cost for 2021 | 501,000 | ||
Estimated amortization expense of finance cost for 2022 | 445,000 | ||
Fair value of interest rate swaps | |||
Number of rental units owned | HomeCommunity | 5,600 | ||
Weighted average common shares outstanding basic and diluted | shares | 32,675,650 | 27,808,895 | 25,932,626 |
Number of employee stock option to purchase shares | shares | 1,778,100 | 1,760,000 | 1,560,500 |
Compensation costs | $ 1,314,491 | $ 1,064,678 | $ 855,768 |
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. | ||
Transaction costs | 798,000 | $ 0 | |
Total net unrealized gains | 11,519,582 | 16,717,171 | (2,055,027) |
January 1, 2018 [Member] | |||
Total net unrealized gains | 11,519,582 | ||
Stock Option [Member] | |||
Compensation costs | $ 200,907 | $ 312,400 | $ 102,000 |
Real Estate Investment Trusts [Member] | |||
Portfolio of gross assets | The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 20% of its undepreciated assets. | ||
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 |
Investment Property and Equip40
Investment Property and Equipment (Details Narrative) | Dec. 22, 2017USD ($)aHomeSitesHomeCommunity | May 31, 2017USD ($)aHomeSites | Jan. 24, 2017USD ($)aHomeSites | Jan. 20, 2017USD ($)aHomeSitesHomeCommunity | Dec. 19, 2016USD ($)aHomeSites | Sep. 01, 2016USD ($)aHomeSitesHomeCommunity | May 02, 2016 | May 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Mortgage loan | $ 304,895,117 | $ 293,025,592 | ||||||||
Maturity Date | Jun. 1, 2026 | |||||||||
Amortization of principal repayments term | 30 years | |||||||||
Transaction costs | $ 798,000 | $ 0 | ||||||||
Bonus payment | $ 251,680 | |||||||||
Royalty fee percentage | 18.00% | |||||||||
Lease term | 5 years | |||||||||
Ohio Manufactured Home Communities [Member] | ||||||||||
Number of manufactured home communities acquired | HomeCommunity | 2 | 2 | ||||||||
Purchase price of acquired entity | $ 9,588,000 | $ 4,323,000 | $ 2,954,000 | |||||||
Number of property sites | HomeSites | 532 | 124 | 165 | |||||||
Area of acquired real estate property | a | 149 | 121 | 71 | |||||||
Percentage of average occupancy | 57.00% | 82.00% | 64.00% | |||||||
Mortgage loan | $ 3,195,000 | |||||||||
Interest rate on mortgage | 4.83% | |||||||||
Mortgage maturity date | Oct. 6, 2025 | |||||||||
Indiana Manufactured Home Communities [Member] | ||||||||||
Number of manufactured home communities acquired | HomeCommunity | 2 | |||||||||
Purchase price of acquired entity | $ 24,437,000 | |||||||||
Area of acquired real estate property | a | 155 | |||||||||
Percentage of average occupancy | 77.00% | |||||||||
Term of mortgage | 10 years | |||||||||
Mortgage loan | $ 14,250,000 | |||||||||
Interest rate on mortgage | 4.56% | |||||||||
Amortization of principal repayments term | 30 years | |||||||||
Boardwalk,Age Restricted Community [Member] | ||||||||||
Number of property sites | HomeSites | 195 | |||||||||
Parke Place, All-age Community [Member] | ||||||||||
Number of property sites | HomeSites | 364 | |||||||||
Hillcrest Crossing Manufactured Home Communities [Member] | ||||||||||
Purchase price of acquired entity | $ 2,485,000 | |||||||||
Number of property sites | HomeSites | 200 | |||||||||
Area of acquired real estate property | a | 78 | |||||||||
Percentage of average occupancy | 40.00% | |||||||||
Cinnamon Woods Manufactured Home Communities [Member] | ||||||||||
Purchase price of acquired entity | $ 4,000,000 | $ 4,000,000 | ||||||||
Number of property sites | HomeSites | 63 | |||||||||
Age Restricted Community [Member] | ||||||||||
Area of acquired real estate property | a | 79 | |||||||||
Percentage of average occupancy | 92.00% | |||||||||
Acreage available for expansion | a | 61 | |||||||||
Pennsylvania Communities [Member] | ||||||||||
Number of manufactured home communities acquired | HomeCommunity | 5 | |||||||||
Purchase price of acquired entity | $ 22,780,000 | |||||||||
Area of acquired real estate property | a | 141 | |||||||||
Percentage of average occupancy | 72.00% | |||||||||
Mortgage loan | $ 2,418,000 | |||||||||
Interest rate on mortgage | 6.35% | |||||||||
Mortgage maturity date | Jan. 1, 2023 | |||||||||
Three all Age Communities and Two Age Restricted Communities [Member] | ||||||||||
Number of property sites | HomeSites | 643 |
Investment Property and Equip41
Investment Property and Equipment - Schedule of Estimated Fair Value of Assets Acquired (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Real Estate [Abstract] | ||
Land | $ 13,601,000 | $ 2,000,000 |
Depreciable Property | 46,416,000 | 5,277,000 |
Notes Receivable and Other | 4,070,000 | 0 |
Total Assets Acquired | $ 64,087,000 | $ 7,277,000 |
Investment Property and Equip42
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Net Income (Loss) | $ 3,530,616 | $ 3,262,001 | $ 3,589,871 | $ 2,285,546 | $ 3,376,615 | $ 3,200,013 | $ 3,051,462 | $ 1,906,469 | $ 12,668,034 | $ 11,534,559 | $ 2,144,205 | |
2017 Acquisitions [Member] | ||||||||||||
Total Income | 4,732,307 | |||||||||||
Community NOI * | [1] | 2,398,652 | ||||||||||
Net Income (Loss) | 211,468 | |||||||||||
2016 Acquisitions [Member] | ||||||||||||
Total Income | 980,968 | 172,050 | ||||||||||
Community NOI * | [1] | 354,416 | 103,578 | |||||||||
Net Income (Loss) | $ (242,682) | $ 3,051 | ||||||||||
[1] | Community NOI is defined as rental and related income less community operating expenses. |
Investment Property and Equip43
Investment Property and Equipment - Summary of Accumulated Depreciation By Major Classes of Assets (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Total Accumulated Depreciation | $ 166,444,512 | $ 140,255,603 |
Site and Land Improvements [Member] | ||
Total Accumulated Depreciation | 114,617,282 | 99,161,090 |
Buildings and Improvements [Member] | ||
Total Accumulated Depreciation | 5,779,146 | 4,947,543 |
Rental Homes and Accessories [Member] | ||
Total Accumulated Depreciation | 33,621,420 | 24,906,990 |
Equipment and Vehicles [Member] | ||
Total Accumulated Depreciation | $ 12,426,664 | $ 11,239,980 |
Securities Available for Sale44
Securities Available for Sale (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Maximum percentage of available for sale securities held | 10.00% | ||
Total net unrealized holding gains (losses) in REIT securities portfolio | $ 11,519,582 | $ 16,717,171 | $ (2,055,027) |
Proceeds from sales of securities available for sale | 17,416,146 | 14,831,737 | $ 4,633,019 |
Margin loan outstanding | $ 37,157,467 | $ 22,727,458 |
Securities Available For Sale -
Securities Available For Sale - Summary of Available-for-sale Securities (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Cost | $ 121,444,694 | $ 92,038,001 | |
Market Value | $ 132,964,276 | $ 108,755,172 | |
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 | $ 43,720 | $ 48,900 | |
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 | $ 1,487,145 | |
Market Value | $ 1,383,064 | $ 1,440,789 | |
Cedar Realty Trust, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 7.25% | 7.25% | |
Number of Shares | 18,269 | 58,577 | |
Cost | $ 422,544 | $ 1,411,846 | |
Market Value | $ 458,755 | $ 1,426,126 | |
Cedar Realty Trust, Inc Preferred Stock Series C [Member] | |||
Interest Rate | 6.50% | ||
Number of Shares | 20,000 | ||
Cost | $ 494,407 | ||
Market Value | $ 500,800 | ||
Colony Northstar, Inc. Preferred Stock Series I [Member] | |||
Interest Rate | 7.15% | ||
Number of Shares | 20,000 | ||
Cost | $ 500,000 | ||
Market Value | $ 503,600 | ||
Investors Real Estate Trust Preferred Stock Series C [Member] | |||
Interest Rate | 6.625% | ||
Number of Shares | 20,000 | ||
Cost | $ 500,000 | ||
Market Value | $ 520,308 | ||
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 | $ 1,007,200 | $ 1,000,000 | |
Pennsylvania Real Estate Investment Trust Preferred Stock Series D [Member] | |||
Interest Rate | 6.875% | ||
Number of Shares | 20,000 | ||
Cost | $ 498,207 | ||
Market Value | $ 502,200 | ||
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 | $ 131,000 | 128,000 | |
Urstadt Biddle Properties, Inc Preferred Stock Series H [Member] | |||
Interest Rate | 6.25% | ||
Number of Shares | 12,500 | ||
Cost | $ 312,500 | ||
Market Value | 326,875 | ||
Preferred Stock [Member] | |||
Cost | 5,390,072 | 12,857,467 | |
Market Value | $ 5,377,522 | $ 13,028,200 | |
CBL & Associates Properties, Inc [Member] | |||
Number of Shares | 1,500,000 | 1,000,000 | |
Cost | $ 16,157,749 | $ 11,785,016 | |
Market Value | $ 8,490,000 | $ 11,500,000 | |
Franklin Street Properties Corporation [Member] | |||
Number of Shares | 150,000 | ||
Cost | $ 1,659,118 | ||
Market Value | $ 1,611,000 | ||
Government Properties Income Trust [Member] | |||
Number of Shares | 1,020,000 | 810,000 | |
Cost | $ 19,430,983 | $ 15,520,076 | |
Market Value | $ 18,910,800 | $ 15,442,650 | |
Kimco Realty Corporation [Member] | |||
Number of Shares | 750,000 | ||
Cost | $ 14,475,908 | ||
Market Value | $ 13,612,500 | ||
Monmouth Real Estate Investment Corporation [Member] | |||
Number of Shares | [1] | 2,335,930 | 2,237,588 |
Cost | [1] | $ 20,698,562 | $ 19,231,411 |
Market Value | [1] | $ 41,579,558 | $ 34,100,835 |
Pennsylvania Real Estate Investment Trust [Member] | |||
Number of Shares | 150,000 | ||
Cost | $ 1,602,636 | ||
Market Value | $ 1,783,500 | ||
Select Income Real Estate Investment Trust [Member] | |||
Number of Shares | 775,000 | 740,000 | |
Cost | $ 18,649,691 | $ 17,802,516 | |
Market Value | $ 19,475,750 | $ 18,648,000 | |
Senior Housing Properties Trust [Member] | |||
Number of Shares | 160,911 | 220,911 | |
Cost | $ 2,739,069 | $ 3,760,406 | |
Market Value | $ 3,081,446 | $ 4,181,845 | |
Tanger Factory Outlet [Member] | |||
Number of Shares | 120,000 | ||
Cost | $ 2,941,621 | ||
Market Value | $ 3,181,200 | ||
Urstadt Biddle Properties, Inc [Member] | |||
Number of Shares | 100,000 | 85,000 | |
Cost | $ 2,048,516 | $ 1,761,151 | |
Market Value | $ 2,174,000 | $ 2,049,350 | |
Vereit, Inc [Member] | |||
Number of Shares | 1,300,000 | 500,000 | |
Cost | $ 11,253,514 | $ 4,512,658 | |
Market Value | $ 10,127,000 | 4,230,000 | |
Washington Prime Group [Member] | |||
Number of Shares | 500,000 | ||
Cost | $ 4,397,255 | ||
Market Value | 3,560,000 | ||
Common Stock [Member] | |||
Cost | 116,054,622 | 79,180,534 | |
Market Value | $ 127,586,754 | $ 95,726,972 | |
Ashford Hospitality Trust, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 8.55% | ||
Number of Shares | 10,000 | ||
Cost | $ 251,205 | ||
Market Value | $ 253,800 | ||
Chesapeake Lodging Trust Preferred Stock Series A [Member] | |||
Interest Rate | 7.75% | ||
Number of Shares | 20,000 | ||
Cost | $ 500,000 | ||
Market Value | $ 507,806 | ||
Corporate Office Properties Trust Preferred Stock Series L [Member] | |||
Interest Rate | 7.375% | ||
Number of Shares | 26,000 | ||
Cost | $ 650,330 | ||
Market Value | $ 656,760 | ||
Kilroy Realty Corporation Preferred Stock Series G [Member] | |||
Interest Rate | 6.875% | ||
Number of Shares | 34,948 | ||
Cost | $ 844,770 | ||
Market Value | $ 885,932 | ||
LaSalle Hotel Properties Preferred Stock Series H [Member] | |||
Interest Rate | 7.50% | ||
Number of Shares | 40,000 | ||
Cost | $ 982,589 | ||
Market Value | $ 1,002,000 | ||
Pennsylvania Real Estate Investment Trust Preferred Stock Series A [Member] | |||
Interest Rate | 8.25% | ||
Number of Shares | 68,800 | ||
Cost | $ 1,720,885 | ||
Market Value | $ 1,739,952 | ||
Retail Properties of America, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 7.00% | ||
Number of Shares | 20,000 | ||
Cost | $ 481,949 | ||
Market Value | $ 500,000 | ||
Stag Industrial, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 6.625% | ||
Number of Shares | 20,100 | ||
Cost | $ 470,007 | ||
Market Value | $ 501,495 | ||
Summit Hotel Properties, Inc Preferred Stock Series B [Member] | |||
Interest Rate | 7.875% | ||
Number of Shares | 20,000 | ||
Cost | $ 500,000 | ||
Market Value | $ 514,780 | ||
Sun Communities, Inc Preferred Stock Series A [Member] | |||
Interest Rate | 7.125% | ||
Number of Shares | 45,000 | ||
Cost | $ 1,117,377 | ||
Market Value | $ 1,133,550 | ||
Terreno Realty Corporation Preferred Stock Series A [Member] | |||
Interest Rate | 7.75% | ||
Number of Shares | 20,300 | ||
Cost | $ 507,791 | ||
Market Value | $ 512,575 | ||
Urstadt Biddle Properties, Inc Preferred Stock Series F [Member] | |||
Interest Rate | 7.125% | ||
Number of Shares | 30,421 | ||
Cost | $ 756,304 | ||
Market Value | $ 775,735 | ||
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 | ||
Cost | $ 3,199,933 | ||
Market Value | $ 3,618,000 | ||
Nobility Homes Inc [Member] | |||
Number of Shares | 20,000 | ||
Cost | $ 158,200 | ||
Market Value | $ 315,000 | ||
Parkway Properties Inc [Member] | |||
Number of Shares | 33,243 | ||
Cost | $ 628,819 | ||
Market Value | $ 739,657 | ||
[1] | Related entity - See Note 8. |
Securities Available for Sale46
Securities Available for Sale - Summary of Temporarily Impaired Securities (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Less Than 12 Months, Fair Value | $ 57,694,364 |
Less Than 12 Months, Unrealized Loss | (11,167,307) |
12 Months or Longer, Fair Value | 43,720 |
12 Months or Longer, Unrealized Loss | (6,549) |
Preferred Stock [Member] | |
Less Than 12 Months, Fair Value | 1,383,064 |
Less Than 12 Months, Unrealized Loss | (104,080) |
12 Months or Longer, Fair Value | 43,720 |
12 Months or Longer, Unrealized Loss | (6,549) |
Common Stock [Member] | |
Less Than 12 Months, Fair Value | 56,311,300 |
Less Than 12 Months, Unrealized Loss | (11,063,227) |
12 Months or Longer, Fair Value | 0 |
12 Months or Longer, Unrealized Loss | $ 0 |
Securities Available for Sale47
Securities Available for Sale - Summary of Range of Losses (Details) | 12 Months Ended |
Dec. 31, 2017USD ($)Security | |
Fair Value | $ 57,738,084 |
Unrealized Loss | $ (11,173,856) |
Securities Group One [Member] | |
Number of Individual Securities | Security | 2 |
Fair Value | $ 20,521,800 |
Unrealized Loss | $ (568,302) |
Range of Loss | 3.00% |
Securities Group Two [Member] | |
Number of Individual Securities | Security | 3 |
Fair Value | $ 25,122,564 |
Unrealized Loss | $ (2,094,002) |
Securities Group Two [Member] | Minimum [Member] | |
Range of Loss | 6.00% |
Securities Group Two [Member] | Maximum [Member] | |
Range of Loss | 10.00% |
Securities Group Three [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 43,720 |
Unrealized Loss | $ (6,549) |
Range of Loss | 13.00% |
Securities Group Four [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 3,560,000 |
Unrealized Loss | $ (837,254) |
Range of Loss | 19.00% |
Securities Group Five [Member] | |
Number of Individual Securities | Security | 1 |
Fair Value | $ 8,490,000 |
Unrealized Loss | $ (7,667,749) |
Range of Loss | 47.00% |
Securities Available For Sale48
Securities Available For Sale - Summary of Gain (loss) on Securities Transactions (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 1,749,034 | $ 2,287,454 | $ 208,200 |
Gross realized losses | (1,506) | (2,153) | (3,970) |
Total Realized Gain on Sales of Securities, net | $ 1,747,528 | $ 2,285,301 | $ 204,230 |
Loans and Mortgages Payable (De
Loans and Mortgages Payable (Details Narrative) - USD ($) | Dec. 22, 2017 | Aug. 28, 2017 | May 31, 2017 | Mar. 28, 2017 | Jan. 20, 2017 | Dec. 19, 2016 | Oct. 31, 2016 | May 02, 2016 | Jan. 07, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Percentage of margin loan interest rate | 2.00% | 2.00% | ||||||||||
Outstanding on margin loan | $ 37,157,467 | $ 22,727,458 | ||||||||||
Number of coverage ratio, description | The Company must maintain a coverage ratio of approximately 2 times. | |||||||||||
Weighted average interest rate | 4.30% | 4.40% | ||||||||||
Line of credit facility interest rate, description | Prime plus 1.0% | |||||||||||
Mortgage loans term | 6 years 10 months 25 days | 6 years 10 months 25 days | ||||||||||
Mortgage loan | $ 304,895,117 | $ 293,025,592 | ||||||||||
Mortgage loans on real estate, carrying amount | 538,249,737 | 488,623,061 | ||||||||||
Accumulated capitalized interest costs | $ 500,859 | $ 359,906 | $ 277,944 | |||||||||
Maturity Date | Jun. 1, 2026 | |||||||||||
Amortization of principal repayments term | 30 years | |||||||||||
Interest rate on mortgage that was paid off | 6.66% | |||||||||||
Mortgages Payable [Member] | ||||||||||||
Weighted average interest rate | 4.20% | 4.30% | ||||||||||
Mortgage Loan [Member] | ||||||||||||
Interest rate on mortgage | 6.35% | |||||||||||
Mortgage loan | $ 2,418,000 | |||||||||||
Maturity Date | Jan. 1, 2023 | |||||||||||
Automotive Loans [Member] | ||||||||||||
Weighted average interest rate | 4.05% | |||||||||||
Bank automotive loans | $ 1,977,783 | |||||||||||
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% | |||||||||||
Amount of prior loan paid off | $ 9,700,000 | |||||||||||
Ocean First Bank [Member] | ||||||||||||
Maximum revolving credit agreement | $ 10,000,000 | |||||||||||
Interest rate of line of credit | 4.75% | 4.25% | ||||||||||
Lines of credit, outstanding amount | $ 4,000,000 | |||||||||||
Line of credit facility, maturity date | Jun. 1, 2020 | |||||||||||
Line of credit facility interest rate, description | Interest was reduced from prime plus 50 basis points to prime plus 25 basis points. The new maturity date is June 1, 2020. | |||||||||||
Maturity Date | Jan. 7, 2026 | |||||||||||
Interest rate description | members plus 2.5%. | |||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Lines of credit, outstanding amount | $ 2,239,315 | $ 6,314,352 | ||||||||||
Weighted average interest rate | 6.74% | 5.90% | ||||||||||
Sun National Bank [Member] | ||||||||||||
Line of credit facility interest rate, description | LIBOR plus 3% | |||||||||||
Interest rate on mortgage | 4.18% | |||||||||||
Mortgage loan | $ 13,370,000 | |||||||||||
Maturity Date | Aug. 1, 2027 | |||||||||||
Interest rate on mortgage that was paid off | 3.89% | |||||||||||
Proceeds from repayment of mortgage loan | $ 10,000,000 | |||||||||||
Minimum [Member] | ||||||||||||
Interest rate on mortgage | 3.71% | |||||||||||
Maximum [Member] | ||||||||||||
Interest rate on mortgage | 6.50% | |||||||||||
21st Mortgage Corporation [Member] | ||||||||||||
Interest rate on mortgage | 6.99% | |||||||||||
Loans outstanding | $ 421,930 | $ 467,101 | ||||||||||
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 | |||||||||||
Interest rate on mortgage | 4.625% | |||||||||||
Loans outstanding | $ 3,969,329 | $ 4,000,000 | ||||||||||
Shares of monmouth real estate investment corporation pledged as collateral | 1,000,000 | |||||||||||
Maturity Date | Oct. 30, 2019 | |||||||||||
Bank of Montreal [Member] | ||||||||||||
Maximum revolving credit agreement | $ 50,000,000 | |||||||||||
Lines of credit, outstanding amount | $ 35,000,000 | |||||||||||
Available borrowings according feature, value | 75,000,000 | |||||||||||
Unsecured lines of credit | $ 125,000,000 | |||||||||||
Bank of Montreal [Member] | Minimum [Member] | ||||||||||||
Line of credit facility, maturity date | Mar. 27, 2020 | |||||||||||
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. | |||||||||||
Unsecured line of credit | $ 35,000,000 | |||||||||||
Borrowing capacity, description | The Facility provides for an increase from $35 million in available borrowings to $50 million in available borrowings with a $75 million accordion feature, bringing the total potential availability up to $125 million, subject to certain conditions. | |||||||||||
Bank of Montreal [Member] | Maximum [Member] | ||||||||||||
Unsecured line of credit | $ 50,000,000 | |||||||||||
Wells Fargo Bank, N.A [Member] | ||||||||||||
Interest rate on mortgage | 4.12% | 4.56% | ||||||||||
Mortgage loan | $ 16,800,000 | $ 14,250,000 | ||||||||||
Maturity Date | Jun. 1, 2027 | Feb. 1, 2027 | ||||||||||
Interest rate on mortgage that was paid off | 6.175% | |||||||||||
Proceeds from repayment of mortgage loan | $ 9,000,000 | |||||||||||
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 |
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, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
2,018 | $ 2,776,329 | |
2,019 | 4,506,895 | |
2,020 | 39,526,583 | |
2,021 | 420,131 | |
2,022 | 236,217 | |
Thereafter | 37,299,669 | |
Total Loans Payable | 84,765,824 | |
Unamortized Debt Issuance Costs | (61,337) | |
Total Loans Payable, net of Unamortized Debt Issuance Costs | $ 84,704,487 | $ 58,285,385 |
Loans and Mortgages Payable -51
Loans and Mortgages Payable - Summary of Mortgages Payable (Details) - USD ($) | May 02, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Due Date | Jun. 1, 2026 | ||
Total Mortgages Payable | $ 308,460,786 | $ 296,563,983 | |
Unamortized debt issuance costs | (3,565,669) | (3,538,391) | |
Total Mortgages Payable, net of Unamortized Debt Issuance Costs | $ 304,895,117 | $ 293,025,592 | |
Allentown [Member] | |||
Due Date | Oct. 1, 2025 | Oct. 1, 2025 | |
Interest Rate | 4.06% | 4.06% | |
Total Mortgages Payable | $ 13,390,559 | $ 13,637,719 | |
Brookview Village [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 2,778,698 | $ 2,832,889 | |
Candlewick Court [Member] | |||
Due Date | Sep. 1, 2025 | Sep. 1, 2025 | |
Interest Rate | 4.10% | 4.10% | |
Total Mortgages Payable | $ 4,468,826 | $ 4,551,134 | |
Catalina [Member] | |||
Due Date | Aug. 19, 2025 | Aug. 19, 2025 | |
Interest Rate | 4.20% | 4.20% | |
Total Mortgages Payable | $ 5,533,771 | $ 5,739,657 | |
Cedarcrest [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.71% | 3.71% | |
Total Mortgages Payable | $ 12,024,840 | $ 12,268,266 | |
Clinton Mobile Home Resort [Member] | |||
Due Date | Oct. 1, 2025 | Oct. 1, 2025 | |
Interest Rate | 4.06% | 4.06% | |
Total Mortgages Payable | $ 3,514,421 | $ 3,579,289 | |
Cranberry Village [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 7,620,974 | $ 7,769,600 | |
D&R Village [Member] | |||
Due Date | Mar. 1, 2025 | Mar. 1, 2025 | |
Interest Rate | 3.85% | 3.85% | |
Total Mortgages Payable | $ 7,685,346 | $ 7,837,828 | |
Fairview Manor [Member] | |||
Due Date | Nov. 1, 2026 | Nov. 1, 2026 | |
Interest Rate | 3.85% | 3.85% | |
Total Mortgages Payable | $ 16,010,749 | $ 16,299,292 | |
Forest Park Village [Member] | |||
Due Date | Sep. 1, 2025 | Sep. 1, 2025 | |
Interest Rate | 4.10% | 4.10% | |
Total Mortgages Payable | $ 8,332,848 | $ 8,486,324 | |
Hayden Heights [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 2,094,009 | $ 2,134,846 | |
Heather Highlands [Member] | |||
Due Date | Aug. 28, 2018 | Aug. 28, 2018 | |
Interest Rate, description | Prime + 1.0% | Prime + 1.0% | |
Total Mortgages Payable | $ 16,606 | $ 354,529 | |
Highland Estates [Member] | |||
Due Date | Jun. 1, 2027 | Sep. 1, 2017 | |
Interest Rate | 4.12% | 6.175% | |
Total Mortgages Payable | $ 16,640,165 | $ 9,035,246 | |
Holiday Village [Member] | |||
Due Date | Sep. 1, 2025 | Sep. 1, 2025 | |
Interest Rate | 4.10% | 4.10% | |
Total Mortgages Payable | $ 7,929,646 | $ 8,075,696 | |
Holiday Village- IN [Member] | |||
Due Date | Nov. 1, 2025 | Nov. 1, 2025 | |
Interest Rate | 3.96% | 3.96% | |
Total Mortgages Payable | $ 8,514,837 | $ 8,674,151 | |
Holly Acres Estates [Member] | |||
Due Date | Oct. 5, 2021 | Oct. 5, 2021 | |
Interest Rate | 6.50% | 6.50% | |
Total Mortgages Payable | $ 2,194,312 | $ 2,228,629 | |
Kinnebrook Village [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 4,048,226 | $ 4,127,176 | |
Lake Sherman Village [Member] | |||
Due Date | Sep. 1, 2025 | Sep. 1, 2025 | |
Interest Rate | 4.10% | 4.10% | |
Total Mortgages Payable | $ 5,510,432 | $ 5,611,924 | |
Olmsted Falls [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.98% | 3.98% | |
Total Mortgages Payable | $ 2,093,269 | $ 2,133,656 | |
Oxford Village [Member] | |||
Due Date | Jan. 1, 2020 | Jan. 1, 2020 | |
Interest Rate | 5.94% | 5.94% | |
Total Mortgages Payable | $ 6,751,511 | $ 6,963,586 | |
Shady Hills [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 4,992,527 | $ 5,089,892 | |
Somerset Estates And Whispering Pines [Member] | |||
Due Date | Feb. 26, 2019 | Feb. 26, 2019 | |
Interest Rate | 4.89% | 4.89% | |
Total Mortgages Payable | $ 217,770 | $ 395,886 | |
Springfield Meadows [Member] | |||
Due Date | Oct. 6, 2025 | Oct. 6, 2025 | |
Interest Rate | 4.83% | 4.83% | |
Total Mortgages Payable | $ 3,141,199 | $ 3,191,381 | |
Suburban Estates [Member] | |||
Due Date | Oct. 1, 2025 | Oct. 1, 2025 | |
Interest Rate | 4.06% | 4.06% | |
Total Mortgages Payable | $ 5,583,084 | $ 5,686,136 | |
Sunny Acres [Member] | |||
Due Date | Oct. 1, 2025 | Oct. 1, 2025 | |
Interest Rate | 4.06% | 4.06% | |
Total Mortgages Payable | $ 6,214,642 | $ 6,329,351 | |
Southwind Village [Member] | |||
Due Date | Jan. 1, 2020 | Jan. 1, 2020 | |
Interest Rate | 5.94% | 5.94% | |
Total Mortgages Payable | $ 5,392,911 | $ 5,562,311 | |
Trailmont [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 3,328,351 | $ 3,393,262 | |
Twin Oaks [Member] | |||
Due Date | Dec. 1, 2019 | Dec. 1, 2019 | |
Interest Rate | 5.75% | 5.75% | |
Total Mortgages Payable | $ 2,415,894 | $ 2,494,084 | |
Valley Hills [Member] | |||
Due Date | Jun. 1, 2026 | Jun. 1, 2026 | |
Interest Rate | 4.32% | 4.32% | |
Total Mortgages Payable | $ 3,408,438 | $ 3,466,014 | |
Waterfalls [Member] | |||
Due Date | Jun. 1, 2026 | Jun. 1, 2026 | |
Interest Rate | 4.38% | 4.38% | |
Total Mortgages Payable | $ 4,639,515 | $ 4,716,994 | |
Weatherly Estates [Member] | |||
Due Date | Apr. 1, 2025 | Apr. 1, 2025 | |
Interest Rate | 3.92% | 3.92% | |
Total Mortgages Payable | $ 8,121,177 | $ 8,279,558 | |
Wellington Estates [Member] | |||
Due Date | Jan. 1, 2023 | Jan. 1, 2023 | |
Interest Rate | 6.35% | 6.35% | |
Total Mortgages Payable | $ 2,414,621 | $ 0 | |
Woods Edge [Member] | |||
Due Date | Jan. 7, 2026 | Jan. 7, 2026 | |
Interest Rate | 4.30% | 4.30% | |
Total Mortgages Payable | $ 6,728,792 | $ 6,969,958 | |
Worthington Arms [Member] | |||
Due Date | Sep. 1, 2025 | Sep. 1, 2025 | |
Interest Rate | 4.10% | 4.10% | |
Total Mortgages Payable | $ 9,342,775 | $ 9,514,851 | |
Various (2 Properties) [Member] | |||
Due Date | Feb. 1, 2027 | Feb. 1, 2027 | |
Interest Rate | 4.56% | 4.56% | |
Total Mortgages Payable | $ 14,049,088 | $ 0 | |
Various (4 Properties) [Member] | |||
Due Date | Jul. 1, 2023 | Jul. 1, 2023 | |
Interest Rate | 4.975% | 4.975% | |
Total Mortgages Payable | $ 8,079,960 | $ 8,226,015 | |
Various (5 Properties) [Member] | |||
Due Date | Jan. 1, 2022 | Jan. 1, 2022 | |
Interest Rate | 4.25% | 4.25% | |
Total Mortgages Payable | $ 13,749,838 | $ 14,072,987 | |
Various (5 Properties) [Member] | |||
Due Date | Dec. 6, 2022 | Dec. 6, 2022 | |
Interest Rate | 4.75% | 4.75% | |
Total Mortgages Payable | $ 7,154,380 | $ 7,294,460 | |
Various (5 Properties) [Member] | |||
Due Date | Feb. 1, 2018 | Feb. 1, 2018 | |
Interest Rate | 6.83% | 6.83% | |
Total Mortgages Payable | $ 0 | $ 8,818,862 | |
Various (6 Properties) [Member] | |||
Due Date | Aug. 1, 2027 | Aug. 1, 2027 | |
Interest Rate | 4.18% | 4.18% | |
Total Mortgages Payable | $ 13,296,207 | $ 0 | |
Various (11 Properties) [Member] | |||
Due Date | Aug. 1, 2017 | Aug. 1, 2017 | |
Interest Rate, description | LIBOR + 3.0% | LIBOR + 3.0% | |
Total Mortgages Payable | $ 0 | $ 10,625,352 | |
Various (13 Properties) [Member] | |||
Due Date | Mar. 1, 2023 | Mar. 1, 2023 | |
Interest Rate | 4.065% | 4.065% | |
Total Mortgages Payable | $ 49,035,572 | $ 50,095,192 |
Loans and Mortgages Payable -52
Loans and Mortgages Payable - Schedule of Aggregate Principal Payments of All Mortgages Payable (Details) | Dec. 31, 2017USD ($) |
2,018 | $ 2,776,329 |
2,019 | 4,506,895 |
2,020 | 39,526,583 |
2,021 | 420,131 |
2,022 | 236,217 |
Thereafter | 37,299,669 |
Total | 84,765,824 |
Mortgages [Member] | |
2,018 | 6,744,175 |
2,019 | 20,418,685 |
2,020 | 6,552,999 |
2,021 | 21,209,912 |
2,022 | 13,058,727 |
Thereafter | 240,476,288 |
Total | $ 308,460,786 |
Stock Compensation Plan (Detail
Stock Compensation Plan (Details Narrative) | Sep. 27, 2017Participantsshares | Apr. 04, 2017Participantsshares | Sep. 14, 2016Participantsshares | Apr. 05, 2016Participantsshares | Sep. 16, 2015Participantsshares | Feb. 05, 2015Participantsshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Jun. 13, 2013shares |
Number of granted options to purchase, shares | 1,778,100 | |||||||||
Stock option vested term | 1 year | |||||||||
Unamortized stock option expense | $ | $ 191,360 | $ 85,997 | ||||||||
Number of exercised shares | (547,900) | (277,500) | (22,500) | |||||||
Aggregate intrinsic value of outstanding | $ | $ 5,935,112 | $ 8,939,488 | $ 669,098 | |||||||
Aggregate intrinsic value of options exercised | $ | 5,896,112 | 6,156,928 | 541,598 | |||||||
Intrinsic value of options exercised | $ | $ 3,030,119 | $ 1,018,730 | $ 62,230 | |||||||
Weighted-average remaining contractual term | 6 years 9 months 18 days | 5 years 7 months 6 days | 5 years 4 months 24 days | |||||||
Stock compensation expense of general and administrative expenses | $ | $ 928,977 | $ 463,864 | $ 365,560 | |||||||
Stock Options [Member] | ||||||||||
Fair value of stock options granted | $ | $ 1,042,000 | $ 425,000 | $ 393,000 | |||||||
Stock Options [Member] | Thirty Four Employees [Member] | ||||||||||
Number of granted options to purchase, shares | 576,000 | 527,000 | ||||||||
Stock Options [Member] | Twenty Four Employees [Member] | ||||||||||
Number of granted options to purchase, shares | 425,000 | |||||||||
Stock Options [Member] | Twenty Seven Employees [Member] | ||||||||||
Number of exercised shares | 547,900 | |||||||||
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] | One Employee [Member] | ||||||||||
Number of shares expired or forfeited | 10,000 | 50,000 | ||||||||
Stock Options [Member] | Sixteen Employees [Member] | ||||||||||
Number of shares expired or forfeited | 143,000 | |||||||||
Restricted Stock [Member] | ||||||||||
Stock option vested term | 5 years | 5 years | ||||||||
Unamortized stock option expense | $ | $ 1,147,859 | |||||||||
Weighted-average remaining contractual term | 3 years 8 months 12 days | 3 years 8 months 12 days | 3 years 8 months 12 days | |||||||
Stock compensation expense of general and administrative expenses | $ | $ 385,514 | $ 600,814 | $ 490,208 | |||||||
Number of granted, shares | 11,000 | 45,000 | 20,000 | 40,500 | 10,000 | 25,000 | 56,000 | 60,500 | 35,000 | |
Number of participants in restricted stock grants awarded | Participants | 10 | 2 | 1 | 2 | 10 | 1 | ||||
Fair value of restricted stock grants | $ | $ 845,870 | $ 627,085 | $ 334,450 | |||||||
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 | 613,500 | |||||||||
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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Dividend yield | 5.80% | 7.32% | 7.37% |
Expected volatility | 26.30% | 26.30% | 27.17% |
Risk-free interest rate | 2.37% | 1.49% | 2.12% |
Expected lives | 10 years | 8 years | 8 years |
Estimated forfeitures | $ 0 | $ 0 | $ 0 |
Stock Compensation Plan - Sch55
Stock Compensation Plan - Schedule of Stock Option Plans and Changes in Stock Options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Compensation Related Costs [Abstract] | |||
Outstanding at beginning of year, Shares | 1,760,000 | 1,560,500 | 1,301,000 |
Granted, Shares | 576,000 | 527,000 | 425,000 |
Exercised, Shares | (547,900) | (277,500) | (22,500) |
Forfeited, shares | (10,000) | 0 | (37,000) |
Expired, Shares | 0 | (50,000) | (106,000) |
Outstanding at end of year, Shares | 1,778,100 | 1,760,000 | 1,560,500 |
Options exercisable at end of year | 1,202,100 | 1,233,000 | 1,135,500 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 9.97 | $ 9.92 | $ 10.34 |
Weighted Average Exercise Price, Granted | 14.96 | 9.77 | 9.82 |
Weighted Average Exercise Price, Exercised | 9.92 | 8.96 | 7.56 |
Weighted Average Exercise Price, Forfeited | 9.77 | 0 | 10.63 |
Weighted Average Exercise Price, Expired | 0 | 11.97 | 14.84 |
Outstanding at end of year, Weighted Average Exercise Price | 11.60 | 9.97 | 9.92 |
Weighted-average fair value of options granted during the year | $ 1.81 | $ 0.81 | $ 0.93 |
Stock Compensation Plan - Summa
Stock Compensation Plan - Summary of Stock Options Outstanding (Details) | 12 Months Ended | |
Dec. 31, 2017Employees$ / sharesshares | ||
Number of Shares | 1,778,100 | |
Stock Option Grant One [Member] | ||
Date of Grant | Jul. 27, 2010 | |
Number of Employees | Employees | 4 | |
Number of Shares | 34,000 | |
Option Price | $ / shares | $ 11.40 | |
Expiration Date | Jul. 27, 2018 | |
Stock Option Grant Two [Member] | ||
Date of Grant | Jul. 5, 2011 | |
Number of Employees | Employees | 4 | |
Number of Shares | 34,000 | |
Option Price | $ / shares | $ 11.16 | |
Expiration Date | Jul. 5, 2019 | |
Stock Option Grant Three [Member] | ||
Date of Grant | Aug. 29, 2012 | |
Number of Employees | Employees | 6 | |
Number of Shares | 44,000 | |
Option Price | $ / shares | $ 11.29 | |
Expiration Date | Aug. 29, 2020 | |
Stock Option Grant Four [Member] | ||
Date of Grant | Jun. 26, 2013 | |
Number of Employees | Employees | 10 | |
Number of Shares | 232,100 | |
Option Price | $ / shares | $ 10.08 | |
Expiration Date | Jun. 26, 2021 | |
Stock Option Grant Five [Member] | ||
Date of Grant | Jun. 11, 2014 | |
Number of Employees | Employees | 11 | |
Number of Shares | 175,000 | |
Option Price | $ / shares | $ 9.85 | |
Expiration Date | Jun. 11, 2022 | |
Stock Option Grant Six [Member] | ||
Date of Grant | Jun. 24, 2015 | |
Number of Employees | Employees | 12 | |
Number of Shares | 303,000 | |
Option Price | $ / shares | $ 9.82 | |
Expiration Date | Jun. 24, 2023 | |
Stock Option Grant Seven [Member] | ||
Date of Grant | Apr. 5, 2016 | |
Number of Employees | Employees | 21 | |
Number of Shares | 380,000 | |
Option Price | $ / shares | $ 9.77 | |
Expiration Date | Apr. 5, 2024 | |
Stock Option Grant Eight [Member] | ||
Date of Grant | Jan. 19, 2017 | |
Number of Employees | Employees | 2 | |
Number of Shares | 60,000 | [1] |
Option Price | $ / shares | $ 14.25 | |
Expiration Date | Jan. 19, 2027 | |
Stock Option Grant Nine [Member] | ||
Date of Grant | Apr. 4, 2017 | |
Number of Employees | Employees | 34 | |
Number of Shares | 516,000 | [1] |
Option Price | $ / shares | $ 15.04 | |
Expiration Date | Apr. 4, 2027 | |
[1] | Unexercisable |
Stock Compensation Plan - Sch57
Stock Compensation Plan - Schedule of Nonvested Restricted Stock Awards (Details) - Restricted Stock [Member] - $ / shares | Sep. 27, 2017 | Apr. 04, 2017 | Sep. 14, 2016 | Apr. 05, 2016 | Sep. 16, 2015 | Feb. 05, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Non-vested at beginning of year, Shares | 133,315 | 121,242 | 137,346 | ||||||
Granted, Shares | 11,000 | 45,000 | 20,000 | 40,500 | 10,000 | 25,000 | 56,000 | 60,500 | 35,000 |
Dividend Reinvested Shares, Shares | 6,867 | 8,430 | 10,736 | ||||||
Forfeited, Shares | 0 | (2,160) | 0 | ||||||
Vested, Shares | (49,229) | (54,697) | (61,840) | ||||||
Non-vested at end of year, Shares | 146,953 | 133,315 | 121,242 | ||||||
Non-vested at beginning of year, Weighted Average Grant Date Fair Value | $ 10.04 | $ 9.83 | $ 10.37 | ||||||
Weighted Average Grant Date Fair Value, Granted | 15.10 | 10.37 | 9.56 | ||||||
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares | 14.83 | 10.82 | 9.09 | ||||||
Weighted Average Grant Date Fair Value, Forfeited | 0 | 9.83 | 0 | ||||||
Weighted Average Grant Date Fair Value, Vested | 10.67 | 10.07 | 9.63 | ||||||
Non-vested at end of year, Weighted Average Grant Date Fair Value | $ 11.98 | $ 10.04 | $ 9.83 |
401(k) Plan (Details Narrative)
401(k) Plan (Details Narrative) - 401(k) Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 330,020 | $ 245,057 | $ 167,971 |
Related Party Transactions an59
Related Party Transactions and Other Matters (Details Narrative) | May 01, 2015USD ($) | Dec. 31, 2017USD ($)DirectorsAndShareholdersshares | Jul. 01, 2017USD ($) |
Renewed lease term | 7 years | ||
April 30, 2020 [Member] | |||
Lease payment through April 30, 2020 | $ 14,900 | $ 1,275 | |
April 30, 2020 [Member] | Additional Office Space Lease February 14, 2018 [Member] | |||
Lease payment through April 30, 2020 | $ 1,800 | ||
April 30, 2022 [Member] | |||
Lease payment through April 30, 2022 | $ 15,300 | $ 1,310 | |
April 30, 2022 [Member] | Additional Office Space Lease February 14, 2018 [Member] | |||
Lease payment through April 30, 2022 | $ 1,850 | ||
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 | 5 | ||
Number of shares owned in affiliate company | shares | 2,335,930 | ||
Percentage of shares owned in affiliate company | 3.00% |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) - USD ($) | Aug. 31, 2017 | Aug. 02, 2017 | Jul. 26, 2017 | Jun. 05, 2017 | Jun. 02, 2017 | Aug. 11, 2016 | Apr. 05, 2016 | Apr. 04, 2016 | Oct. 20, 2015 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 |
Discount rate on purchase price under dividend reinvestment plan | 95.00% | ||||||||||||||||||||||||
Proceeds from issuance of offering | $ 22,518,238 | $ 0 | $ 0 | ||||||||||||||||||||||
Preferred stock redemption charge | $ 0 | $ 91,595,000 | $ 0 | $ 91,595,000 | $ 91,595,000 | ||||||||||||||||||||
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 | ||||||||||
Dividend paid date | Feb. 15, 2018 | ||||||||||||||||||||||||
Record date of dividend | Mar. 15, 2018 | ||||||||||||||||||||||||
Net proceeds from issuance of shares | $ 138,975,847 | $ 49,120,853 | $ 43,042,124 | ||||||||||||||||||||||
Common stock shares authorized | 113,663,800 | 75,000,000 | 113,663,800 | 75,000,000 | 75,000,000 | ||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | 3,000,000 | ||||||||||||||||||||
Shares authorized | 81,663,800 | ||||||||||||||||||||||||
January 25, 2018 [Member] | |||||||||||||||||||||||||
Number of share authorized to repurchase under Share Repurchase Program | 10,000,000 | 10,000,000 | |||||||||||||||||||||||
Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Increase in authorized number of shares | 22,000,000 | ||||||||||||||||||||||||
Common stock shares authorized | 48,663,800 | ||||||||||||||||||||||||
Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Increase in authorized number of shares | 10,000,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | 3,000,000 | |||||||||||||||||||||||
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | ||||||||||||||||||||||||
Cumulative redeemable preferred stock percentage | 8.25% | ||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||||||||||||
Preferred stock, redemption price per share | $ 25 | ||||||||||||||||||||||||
Preferred stock redemption charge | $ 91,595,000 | ||||||||||||||||||||||||
Dividends paid | $ 1,889,147 | ||||||||||||||||||||||||
Dividend declared per share, paid | $ 0.515625 | ||||||||||||||||||||||||
Dividend paid date | Sep. 15, 2017 | ||||||||||||||||||||||||
Record date of dividend | Aug. 15, 2017 | ||||||||||||||||||||||||
8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Board of Directors [Member] | |||||||||||||||||||||||||
Dividends paid | $ 3,502,000 | ||||||||||||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Dividends paid | $ 710,610 | ||||||||||||||||||||||||
Dividend paid date | Mar. 15, 2016 | ||||||||||||||||||||||||
Cumulative redeemable preferred stock, shares issued | 1,801,200 | 3,801,200 | 3,801,200 | 3,801,200 | 3,801,200 | 3,801,200 | |||||||||||||||||||
Percentage rate on cumulative redeemable preferred stock | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | 8.00% | |||||||||||||||||||
Cumulative redemption price per share | $ 25 | ||||||||||||||||||||||||
Net proceeds from issuance of shares | $ 43,000,000 | ||||||||||||||||||||||||
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 | $ 0.10 | $ 0.10 | ||||||||||||||||||||
Shares issued price per share | $ 25 | $ 25 | |||||||||||||||||||||||
Preferred stock, shares outstanding | 3,801,200 | 3,801,200 | 3,801,200 | 3,801,200 | 3,801,200 | ||||||||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 2,000,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||
Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 4,000,000 | 4,000,000 | |||||||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | ||||||||||||||||||||||||
Cumulative redeemable preferred stock, shares issued | 0 | 3,663,800 | 0 | 3,663,800 | 3,663,800 | ||||||||||||||||||||
Percentage rate on cumulative redeemable preferred stock | 8.25% | 8.25% | 8.25% | 8.25% | 8.25% | ||||||||||||||||||||
Preferred stock par value | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||||||||
Increase in authorized number of shares | 113,663,800 | ||||||||||||||||||||||||
Preferred stock, shares outstanding | 3,663,800 | 0 | 3,663,800 | 0 | 3,663,800 | 3,663,800 | |||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | ||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||
Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | 3,663,800 | |||||||||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||||||||||
Number of stock sold during period | 2,000,000 | ||||||||||||||||||||||||
Sale of stock price per share | $ 25.50 | ||||||||||||||||||||||||
Proceeds from sale of common stock | $ 49,100,000 | ||||||||||||||||||||||||
Series B Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 2,000,000 | ||||||||||||||||||||||||
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 71,000,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 85,000,000 | ||||||||||||||||||||||||
Shares authorized | 85,663,800 | ||||||||||||||||||||||||
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 75,000,000 | ||||||||||||||||||||||||
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Number of stock sold during period | 5,000,000 | ||||||||||||||||||||||||
Proceeds from issuance of offering | $ 120,800,000 | ||||||||||||||||||||||||
Preferred Stock, Liquidation Preference Per Share | $ 25 | ||||||||||||||||||||||||
Preferred stock, redemption price per share | $ 25 | ||||||||||||||||||||||||
Dividends paid | $ 970,312 | ||||||||||||||||||||||||
Dividend declared per share, paid | $ 0.16875 | ||||||||||||||||||||||||
Dividend paid date | Sep. 15, 2017 | ||||||||||||||||||||||||
Record date of dividend | Aug. 31, 2017 | ||||||||||||||||||||||||
Cumulative redeemable preferred stock, shares issued | 5,000,000 | ||||||||||||||||||||||||
Net proceeds from issuance of shares | $ 18,200,000 | ||||||||||||||||||||||||
Description of preferred stock dividend | Annual rate of $1.6875 per share and will be payable quarterly in arrears on March 15, June 15, September 15, and December 15. | ||||||||||||||||||||||||
Exercised overallotment option and purchased additional shares | 750,000 | ||||||||||||||||||||||||
Annual rate on dividend per share payable quarterly | $ 1.6875 | ||||||||||||||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||||||||||||
Preferred stock, redemption price per share | 25 | ||||||||||||||||||||||||
Preferred stock par value | $ 0.10 | ||||||||||||||||||||||||
Common stock shares authorized | 110,000,000 | ||||||||||||||||||||||||
Series C Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Increase in authorized number of shares | 30,750,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 95,663,800 | ||||||||||||||||||||||||
Series A Preferred Shares [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | ||||||||||||||||||||||||
Series B Preferred Shares [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 4,000,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||
Series C Preferred Shares [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 5,750,000 | ||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||
Number of stock sold during period | 1,400,000 | ||||||||||||||||||||||||
Sale of stock price per share | $ 16.60 | ||||||||||||||||||||||||
Proceeds from issuance of offering | $ 22,500,000 | ||||||||||||||||||||||||
Common Stock [Member] | Amendment [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 71,000,000 | ||||||||||||||||||||||||
Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 62,000,000 | ||||||||||||||||||||||||
Common Stock [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 2,000,000 | ||||||||||||||||||||||||
8% Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 2,000,000 | ||||||||||||||||||||||||
Minimum [Member] | |||||||||||||||||||||||||
Amount of optional cash payments | $ 500 | ||||||||||||||||||||||||
Minimum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 62,000,000 | 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, authorized | 3,663,800 | ||||||||||||||||||||||||
Maximum [Member] | |||||||||||||||||||||||||
Amount of optional cash payments | $ 1,000 | ||||||||||||||||||||||||
Increase in authorized number of shares | 11,000,000 | ||||||||||||||||||||||||
Shares authorized | 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] | Amendment [Member] | |||||||||||||||||||||||||
Excess stock, shares authorized | 3,000,000 | ||||||||||||||||||||||||
Maximum [Member] | Series B Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 4,000,000 | ||||||||||||||||||||||||
Maximum [Member] | Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 | ||||||||||||||||||||||||
Maximum [Member] | Series C Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Increase in authorized number of shares | 126,413,800 | ||||||||||||||||||||||||
Maximum [Member] | Series A Preferred Shares [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 115,750,000 | ||||||||||||||||||||||||
Maximum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Increase in authorized number of shares | 4,000,000 | ||||||||||||||||||||||||
Common stock shares authorized | 73,000,000 | 64,000,000 | |||||||||||||||||||||||
Shares authorized | 81,663,800 | ||||||||||||||||||||||||
Maximum [Member] | Common Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | Amendment [Member] | |||||||||||||||||||||||||
Common stock shares authorized | 81,663,800 | ||||||||||||||||||||||||
Maximum [Member] | 8.25% Series A Cumulative Redeemable Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | |||||||||||||||||||||||||
Cumulative redeemable preferred stock, authorized | 3,663,800 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Amount Received in Connection with DRIP (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Class of Stock [Line Items] | |||||
Amounts Received | $ 60,365,190 | $ 22,400,945 | [1] | $ 24,599,818 | [1] |
Dividend Reinvestment Stock Purchase Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Amounts Received | 60,365,190 | 22,400,945 | 24,599,818 | ||
Less: Dividends Reinvested | (2,859,174) | (2,388,552) | (2,006,287) | ||
Amounts Received, net | $ 57,506,016 | $ 20,012,393 | $ 22,593,531 | ||
Number of Shares Issued | 4,095,357 | 1,966,133 | 2,657,255 | ||
[1] | Dividend Reinvestment and Stock Purchase Plan. |
Distributions (Details Narrativ
Distributions (Details Narrative) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | |||
Declaration Date | Jan. 25, 2018 | ||
Record Date | Mar. 15, 2018 | ||
Payment Date | Feb. 15, 2018 | ||
Preferred stock, dividend declared per share, paid | $ (0.52) | $ (0.51) | $ (0.32) |
January 25, 2018 [Member] | |||
Dividends Payable [Line Items] | |||
Dividends declared per share | 0.18 | ||
January 25, 2018 [Member] | Series B Preferred Shares [Member] | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend declared per share, paid | 0.50 | ||
January 25, 2018 [Member] | Series C Preferred Stock [Member] | |||
Dividends Payable [Line Items] | |||
Preferred stock, dividend declared per share, paid | $ 0.421875 |
Distributions - Summary of Paym
Distributions - Summary of Payment of Distributions to Shareholders (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Distributions [Abstract] | |||||||||||||||
Distributions including dividends reinvested paid to common shareholders | $ 6,333,573 | $ 6,188,961 | $ 5,700,036 | $ 5,416,827 | $ 5,204,709 | $ 5,031,818 | $ 4,903,286 | $ 4,879,009 | $ 4,864,760 | $ 4,767,312 | $ 4,633,318 | $ 4,481,730 | $ 23,639,397 | $ 20,018,822 | $ 18,747,120 |
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 Pa64
Distributions - Summary of Payment of Dividends to Preferred Shareholders (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 25, 2018 | |||
Record Date | Mar. 15, 2018 | |||
Payment Date | Feb. 15, 2018 | |||
Preferred stock, dividend declared per share, paid | $ (0.52) | $ (0.51) | $ (0.32) | |
Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Amount of distributions paid for preferred stock | $ 5,667,441 | $ 7,556,588 | $ 7,556,588 | |
Preferred stock, dividend declared per share, paid | $ 1.546875 | $ 2.0625 | $ 2.0625 | |
Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Amount of distributions paid for preferred stock | $ 7,602,400 | $ 7,007,057 | ||
Preferred stock, dividend declared per share, paid | $ 2 | $ 2.22466 | ||
Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Amount of distributions paid for preferred stock | $ 3,396,094 | |||
Preferred stock, dividend declared per share, paid | $ 0.590625 | |||
Dividend Payment Date One [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jan. 19, 2017 | |||
Record Date | Feb. 15, 2017 | |||
Payment Date | Mar. 15, 2017 | |||
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. 19, 2017 | |||
Record Date | Feb. 15, 2017 | |||
Payment Date | Mar. 15, 2017 | |||
Dividend Payment Date One [Member] | Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 3, 2017 | |||
Record Date | Aug. 15, 2017 | |||
Payment Date | Sep. 15, 2017 | |||
Amount of distributions paid for preferred stock | $ 970,313 | |||
Preferred stock, dividend declared per share, paid | $ 0.168750 | |||
Dividend Payment Date Two [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Apr. 3, 2017 | |||
Record Date | May 15, 2017 | |||
Payment Date | Jun. 15, 2017 | |||
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. 3, 2017 | |||
Record Date | May 15, 2017 | |||
Payment Date | Jun. 15, 2017 | |||
Dividend Payment Date Two [Member] | Series C Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 2, 2017 | |||
Record Date | Nov. 15, 2017 | |||
Payment Date | Dec. 15, 2017 | |||
Amount of distributions paid for preferred stock | $ 2,425,781 | |||
Preferred stock, dividend declared per share, paid | $ 0.421875 | |||
Dividend Payment Date Three [Member] | Series A Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Jul. 3, 2017 | |||
Record Date | Aug. 15, 2017 | |||
Payment Date | Sep. 15, 2017 | |||
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. 3, 2017 | |||
Record Date | Aug. 15, 2017 | |||
Payment Date | Sep. 15, 2017 | |||
Dividend Payment Date Four [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 Four [Member] | Series B Preferred Stock [Member] | ||||
Dividends Payable [Line Items] | ||||
Declaration Date | Oct. 2, 2017 | |||
Record Date | Nov. 15, 2017 | |||
Payment Date | Dec. 15, 2017 | |||
Dividend Payment Date Five [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 Five [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 Six [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 Six [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 Seven [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 Seven [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 Eight [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 Eight [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 |
Federal Income Taxes (Details N
Federal Income Taxes (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Preferred Dividends Paid, net | $ 16,665,934 | $ 14,563,645 | $ 7,556,588 |
Preferred stock, dividend declared per share, paid | $ (0.52) | $ (0.51) | $ (0.32) |
S&F Tax [Member] | |||
Amount of operating losses of S&F | $ 2,066,587 | $ 2,307,104 | $ 3,550,961 |
Federal state and franchise taxes included in general and administrative expenses | 0 | 5,000 | 15,000 |
Series A Preferred Stock [Member] | |||
Preferred Dividends Paid, net | $ 5,667,441 | $ 7,556,588 | $ 7,556,588 |
Preferred stock, dividend declared per share, paid | $ 1.546875 | $ 2.0625 | $ 2.0625 |
Percentage of distributions characterized as ordinary income | 0.494148 | 1.79472 | 1.36264 |
Percentage of distributions characterized as capital gains | 0.138204 | $ 0.26778 | 0.03439 |
Percentage of distributions characterized as return capital | $ 0.914523 | $ 0.66547 | |
Series B Preferred Stock [Member] | |||
Preferred Dividends Paid, net | $ 7,602,400 | $ 7,007,057 | |
Preferred stock, dividend declared per share, paid | $ 2 | $ 2.22466 | |
Percentage of distributions characterized as ordinary income | 0.638896 | 1.93582 | |
Percentage of distributions characterized as capital gains | 0.178688 | $ 0.28884 | |
Percentage of distributions characterized as return capital | $ 1.182416 | ||
Series C Preferred Stock [Member] | |||
Preferred Dividends Paid, net | $ 3,396,094 | ||
Preferred stock, dividend declared per share, paid | $ 0.590625 | ||
Percentage of distributions characterized as ordinary income | 0.188674 | ||
Percentage of distributions characterized as capital gains | 0.052769 | ||
Percentage of distributions characterized as return capital | $ 0.349182 |
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, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | 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, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 0.09549 | $ 0 | ||||||||||||
Percentage of distributions paid per common share | 0.00% | 13.26% | 0.00% | ||||||||||||
Capital Gains [Member] | |||||||||||||||
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0 | $ 0.01425 | $ 0 | ||||||||||||
Percentage of distributions paid per common share | 0.00% | 1.98% | 0.00% | ||||||||||||
Return Of Capital [Member] | |||||||||||||||
Characterization Of Distributions [Line Items] | |||||||||||||||
Amount of distributions paid per common share | $ 0.72000 | $ 0.61026 | $ 0.72000 | ||||||||||||
Percentage of distributions paid per common share | 100.00% | 84.76% | 100.00% |
Commitments, Contingencies an67
Commitments, Contingencies and Legal Matters (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Litigation settlement amount | $ 125,000 | |
Total original loan amount | $ 3,000,000 | |
Total loan balance | 3,600,000 | |
Notes and other receivables | $ 8,437,000 | |
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, 2017 | Dec. 31, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value of fixed rate mortgages payable | $ 303,741,677 | $ 282,369,069 |
Carrying value of fixed rate mortgages payable | $ 308,444,180 | $ 285,584,102 |
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, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | $ 0 | $ (3,983) |
Total | 132,964,276 | 108,751,189 | |
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 | 132,964,276 | 108,755,172 | |
Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Interest Rate Swap | [1] | 0 | (3,983) |
Total | 0 | (3,983) | |
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] | |||
Securities Available for Sale | 5,377,522 | 13,028,200 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 5,377,522 | 13,028,200 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 0 | 0 | |
Preferred Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 0 | 0 | |
Common Stock [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 127,586,754 | 95,726,972 | |
Common Stock [Member] | Fair Value, Inputs, Level 1 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 127,586,754 | 95,726,972 | |
Common Stock [Member] | Fair Value, Inputs, Level 2 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | 0 | 0 | |
Common Stock [Member] | Fair Value, Inputs, Level 3 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Securities Available for Sale | $ 0 | $ 0 | |
[1] | Included in accrued liabilities and deposits. |
Supplemental Cash Flow Inform70
Supplemental Cash Flow Information (Details Narrative) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 15,656,251 | $ 15,058,016 | $ 12,497,858 |
Mortgages for the acquisition of communities | 2,418,198 | 3,195,202 | |
Land development costs | 7,832,450 | 170,925 | 60,857 |
Reinvestment of dividends | $ 2,859,174 | $ 2,388,552 | $ 2,006,287 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - USD ($) | Jan. 22, 2018 | Apr. 05, 2016 | Oct. 20, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Net proceeds from issuance of shares | $ 138,975,847 | $ 49,120,853 | $ 43,042,124 | |||
Common stock, shares authorized | 113,663,800 | 75,000,000 | ||||
Excess stock, shares authorized | 3,000,000 | 3,000,000 | ||||
Maryland State Department of Assessments and Taxation [Member] | ||||||
Increase in authorized number of shares | 22,000,000 | |||||
Common stock, shares authorized | 48,663,800 | |||||
Series B Preferred Stock [Member] | ||||||
Number of stock sold during period | 2,000,000 | |||||
Subsequent Event [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||
Common stock, shares authorized | 111,363,800 | |||||
Excess stock, shares authorized | 3,000,000 | |||||
Subsequent Event [Member] | 6.375% Series D Cumulative Redeemable Preferred Stock [Member] | ||||||
Number of stock sold during period | 2,000,000 | |||||
Preferred stock, redemption price per share | $ 25 | |||||
Net proceeds from issuance of shares | $ 48,100,000 | |||||
Subsequent Event [Member] | Series D Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||
Increase in authorized number of shares | 2,300,000 | |||||
Preferred stock, shares authorized | 2,300,000 | |||||
Subsequent Event [Member] | Series B Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||
Preferred stock, shares authorized | 4,000,000 | |||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | Maryland State Department of Assessments and Taxation [Member] | ||||||
Preferred stock, shares authorized | 5,750,000 |
Proforma Financial Informatio72
Proforma Financial Information (Unaudited) - Summary of Pro Forma Financial Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Business Combinations [Abstract] | ||
Rental and Related Income | $ 103,618,000 | $ 98,019,000 |
Community Operating Expenses | 48,051,000 | 45,690,000 |
Net Loss Attributable to Common Shareholders | $ (8,418,000) | $ (3,432,000) |
Net Loss Attributable to Common Shareholders Per Share - Basic and Diluted | $ (0.26) | $ (0.12) |
Selected Quarterly Financial 73
Selected Quarterly Financial Data (Unaudited) - Schedule of Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||
Total Income | $ 28,696,585 | $ 28,684,937 | $ 28,817,848 | $ 26,448,549 | $ 25,143,697 | $ 25,355,051 | $ 25,210,707 | $ 23,504,374 | $ 112,647,919 | $ 99,213,829 | $ 81,516,671 |
Total Expenses | 24,567,878 | 24,704,729 | 24,858,243 | 22,485,487 | 20,634,766 | 21,567,389 | 21,176,977 | 19,876,382 | 96,616,337 | 83,255,514 | 72,076,546 |
Other Income (Expense) | (546,701) | (699,309) | (383,472) | (1,653,136) | (1,153,663) | (587,077) | (937,242) | (1,743,611) | (3,282,618) | (4,421,593) | (7,215,652) |
Net Income | 3,530,616 | 3,262,001 | 3,589,871 | 2,285,546 | 3,376,615 | 3,200,013 | 3,051,462 | 1,906,469 | 12,668,034 | 11,534,559 | 2,144,205 |
Net Loss Attributable to Common Shareholders | $ (795,765) | $ (5,179,423) | $ (199,876) | $ (1,504,201) | $ (413,132) | $ (589,734) | $ (682,729) | $ (883,278) | $ (7,679,265) | $ (2,568,873) | $ (6,122,993) |
Net Loss Attributable to Common Shareholders Per Share - Basic and Diluted | $ (0.03) | $ (0.15) | $ (0.01) | $ (0.05) | $ (0.02) | $ (0.02) | $ (0.03) | $ (0.03) | $ (0.24) | $ (0.10) | $ (0.24) |
Schedule III - Real Estate an74
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Total | $ 758,487,025 | $ 636,576,955 | $ 574,283,574 | $ 444,908,976 | |
Accumulated Depreciation | $ 153,591,917 | $ 128,780,501 | $ 107,453,972 | $ 90,277,082 | |
Allentown [Member] | |||||
Location | Memphis, TN | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 13,390,559 | ||||
Land | 250,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,569,101 | ||||
Capitalization Subsequent to Acquisition | 10,425,033 | ||||
Land, gross | [1],[2] | 480,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,764,134 | |||
Total | [1],[2] | 13,244,134 | |||
Accumulated Depreciation | $ 5,622,205 | ||||
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 | 1,260,944 | ||||
Land, gross | [1],[2] | 2,650,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,526,944 | |||
Total | [1],[2] | 12,176,944 | |||
Accumulated Depreciation | $ 1,574,520 | ||||
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 | 507,470 | ||||
Land, gross | [1],[2] | 114,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,681,470 | |||
Total | [1],[2] | 1,795,470 | |||
Accumulated Depreciation | $ 225,416 | ||||
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 | 2,449,356 | ||||
Land, gross | [1],[2] | 70,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,246,356 | |||
Total | [1],[2] | 5,316,356 | |||
Accumulated Depreciation | $ 864,289 | ||||
Boardwalk [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1995-1996 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | $ 14,049,088 | |||
Land | 1,796,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,767,792 | ||||
Capitalization Subsequent to Acquisition | (17,029) | ||||
Land, gross | [1],[2] | 1,796,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,750,763 | |||
Total | [1],[2] | 6,546,763 | |||
Accumulated Depreciation | $ 173,168 | ||||
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] | $ 49,035,572 | |||
Land | 1,120,000 | ||||
Site, Land & Building Improvements and Rental Homes | 11,136,000 | ||||
Capitalization Subsequent to Acquisition | 8,249,474 | ||||
Land, gross | [1],[2] | 1,120,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 19,385,474 | |||
Total | [1],[2] | 20,505,474 | |||
Accumulated Depreciation | $ 3,012,157 | ||||
Brookside [Member] | |||||
Location | Berwick, PA | ||||
Date of Construction | 1973-1976 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 372,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,776,000 | ||||
Capitalization Subsequent to Acquisition | 1,640,711 | ||||
Land, gross | [1],[2] | 372,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,416,711 | |||
Total | [1],[2] | 6,788,711 | |||
Accumulated Depreciation | $ 1,392,564 | ||||
Brookview [Member] | |||||
Location | Greenfield Ctr, NY | ||||
Date of Construction | prior to 1970 | ||||
Date Acquired | 1,977 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,778,698 | ||||
Land | 37,500 | ||||
Site, Land & Building Improvements and Rental Homes | 232,547 | ||||
Capitalization Subsequent to Acquisition | 7,262,982 | ||||
Land, gross | [1],[2] | 122,865 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,410,164 | |||
Total | [1],[2] | 7,533,029 | |||
Accumulated Depreciation | $ 2,357,656 | ||||
Candlewick Court [Member] | |||||
Location | Owosso, MI | ||||
Date of Construction | 1,975 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,468,826 | ||||
Land | 159,200 | ||||
Site, Land & Building Improvements and Rental Homes | 7,087,221 | ||||
Capitalization Subsequent to Acquisition | 3,049,600 | ||||
Land, gross | [1],[2] | 159,200 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,136,821 | |||
Total | [1],[2] | 10,296,021 | |||
Accumulated Depreciation | $ 877,845 | ||||
Carsons [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,963 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 176,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,411,000 | ||||
Capitalization Subsequent to Acquisition | 1,259,274 | ||||
Land, gross | [1],[2] | 176,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,670,274 | |||
Total | [1],[2] | 3,846,274 | |||
Accumulated Depreciation | $ 591,483 | ||||
Catalina [Member] | |||||
Location | Middletown, OH | ||||
Date of Construction | 1968-1976 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,533,771 | ||||
Land | 1,008,000 | ||||
Site, Land & Building Improvements and Rental Homes | 11,734,640 | ||||
Capitalization Subsequent to Acquisition | 2,927,665 | ||||
Land, gross | [1],[2] | 1,008,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,662,305 | |||
Total | [1],[2] | 15,670,305 | |||
Accumulated Depreciation | $ 1,364,525 | ||||
Cedarcrest [Member] | |||||
Location | Vineland, NJ | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 12,024,840 | ||||
Land | 320,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,866,323 | ||||
Capitalization Subsequent to Acquisition | 2,528,003 | ||||
Land, gross | [1],[2] | 408,206 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,306,120 | |||
Total | [1],[2] | 4,714,326 | |||
Accumulated Depreciation | $ 2,795,731 | ||||
Chambersburg [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,955 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 108,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,397,000 | ||||
Capitalization Subsequent to Acquisition | 606,548 | ||||
Land, gross | [1],[2] | 108,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,003,548 | |||
Total | [1],[2] | 3,111,548 | |||
Accumulated Depreciation | $ 535,412 | ||||
Chelsea [Member] | |||||
Location | Sayre, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 124,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,049,000 | ||||
Capitalization Subsequent to Acquisition | 1,112,180 | ||||
Land, gross | [1],[2] | 124,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,161,180 | |||
Total | [1],[2] | 3,285,180 | |||
Accumulated Depreciation | $ 501,859 | ||||
Cinnamon Woods [Member] | |||||
Location | Conowingo, MD | ||||
Date of Construction | 2,005 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 1,884,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,116,000 | ||||
Capitalization Subsequent to Acquisition | 218,001 | ||||
Land, gross | [1],[2] | 1,884,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,334,001 | |||
Total | [1],[2] | 4,218,001 | |||
Accumulated Depreciation | $ 56,761 | ||||
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 | 1,332,531 | ||||
Land, gross | [1],[2] | 137,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,945,531 | |||
Total | [1],[2] | 2,082,531 | |||
Accumulated Depreciation | $ 321,674 | ||||
Clinton [Member] | |||||
Location | Tiffin, OH | ||||
Date of Construction | 1968/1987 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,514,421 | ||||
Land | 142,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,301,800 | ||||
Capitalization Subsequent to Acquisition | 233,583 | ||||
Land, gross | [1],[2] | 142,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,535,383 | |||
Total | [1],[2] | 3,677,383 | |||
Accumulated Depreciation | $ 793,776 | ||||
Collingwood [Member] | |||||
Location | Horseheads, NY | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 196,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,317,500 | ||||
Capitalization Subsequent to Acquisition | 1,376,360 | ||||
Land, gross | [1],[2] | 196,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,693,860 | |||
Total | [1],[2] | 3,889,860 | |||
Accumulated Depreciation | $ 625,100 | ||||
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 | 4,202,660 | ||||
Land, gross | [1],[2] | 67,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,585,660 | |||
Total | [1],[2] | 6,652,660 | |||
Accumulated Depreciation | $ 1,039,768 | ||||
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 | 3,527,990 | ||||
Land, gross | [1],[2] | 174,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,453,990 | |||
Total | [1],[2] | 5,627,990 | |||
Accumulated Depreciation | $ 755,613 | ||||
Countryside Estates [Member] | |||||
Location | Ravenna, OH | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 205,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,895,997 | ||||
Capitalization Subsequent to Acquisition | 3,820,768 | ||||
Land, gross | [1],[2] | 205,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,716,765 | |||
Total | [1],[2] | 6,921,765 | |||
Accumulated Depreciation | $ 688,791 | ||||
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 | 8,044,110 | ||||
Land, gross | [1],[2] | 609,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,745,610 | |||
Total | [1],[2] | 15,354,610 | |||
Accumulated Depreciation | $ 2,916,765 | ||||
Cranberry [Member] | |||||
Location | Cranberry Twp, PA | ||||
Date of Construction | 1,974 | ||||
Date Acquired | 1,986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 7,620,974 | ||||
Land | 181,930 | ||||
Site, Land & Building Improvements and Rental Homes | 1,922,931 | ||||
Capitalization Subsequent to Acquisition | 3,981,410 | ||||
Land, gross | [1],[2] | 181,930 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,904,341 | |||
Total | [1],[2] | 6,086,271 | |||
Accumulated Depreciation | $ 2,885,885 | ||||
Crestview [Member] | |||||
Location | Athens, PA | ||||
Date of Construction | 1,964 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 188,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,258,000 | ||||
Capitalization Subsequent to Acquisition | 1,306,840 | ||||
Land, gross | [1],[2] | 361,500 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,391,340 | |||
Total | [1],[2] | 3,752,840 | |||
Accumulated Depreciation | $ 552,142 | ||||
Cross Keys [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 | 3,598,385 | ||||
Land, gross | [1],[2] | 60,774 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,976,478 | |||
Total | [1],[2] | 4,037,252 | |||
Accumulated Depreciation | $ 1,294,428 | ||||
Crossroads Village [Member] | |||||
Location | Mount Pleasant, PA | ||||
Date of Construction | 1955/2004 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 183,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,403,400 | ||||
Capitalization Subsequent to Acquisition | 24,370 | ||||
Land, gross | [1],[2] | 183,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,427,770 | |||
Total | [1],[2] | 1,610,770 | |||
Accumulated Depreciation | $ 5,012 | ||||
D&R [Member] | |||||
Location | Clifton Park, NY | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 1,978 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 7,685,346 | ||||
Land | 391,724 | ||||
Site, Land & Building Improvements and Rental Homes | 704,021 | ||||
Capitalization Subsequent to Acquisition | 3,213,228 | ||||
Land, gross | [1],[2] | 391,724 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,917,249 | |||
Total | [1],[2] | 4,308,973 | |||
Accumulated Depreciation | $ 2,045,833 | ||||
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 | 1,295,277 | ||||
Land, gross | [1],[2] | 275,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,023,780 | |||
Total | [1],[2] | 4,299,380 | |||
Accumulated Depreciation | $ 448,086 | ||||
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 | $ 0 | ||||
Land | 226,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,299,275 | ||||
Capitalization Subsequent to Acquisition | 2,148,907 | ||||
Land, gross | [1],[2] | 226,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,448,182 | |||
Total | [1],[2] | 4,674,182 | |||
Accumulated Depreciation | $ 452,414 | ||||
Evergreen Estates [Member] | |||||
Location | Lodi, OH | ||||
Date of Construction | 1,965 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 99,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,121,300 | ||||
Capitalization Subsequent to Acquisition | 462,148 | ||||
Land, gross | [1],[2] | 119,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,563,448 | |||
Total | [1],[2] | 1,682,448 | |||
Accumulated Depreciation | $ 188,683 | ||||
Evergreen Manor [Member] | |||||
Location | Bedford, OH | ||||
Date of Construction | 1,960 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 49,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,372,258 | ||||
Capitalization Subsequent to Acquisition | 895,208 | ||||
Land, gross | [1],[2] | 49,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,267,466 | |||
Total | [1],[2] | 3,316,466 | |||
Accumulated Depreciation | $ 371,934 | ||||
Evergreen Village [Member] | |||||
Location | Mantua, OH | ||||
Date of Construction | 1,960 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 105,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,277,001 | ||||
Capitalization Subsequent to Acquisition | 865,356 | ||||
Land, gross | [1],[2] | 105,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,142,357 | |||
Total | [1],[2] | 2,247,357 | |||
Accumulated Depreciation | $ 251,789 | ||||
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 | $ 16,010,749 | ||||
Land | 216,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,166,517 | ||||
Capitalization Subsequent to Acquisition | 9,694,617 | ||||
Land, gross | [1],[2] | 2,534,892 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,542,242 | |||
Total | [1],[2] | 11,077,134 | |||
Accumulated Depreciation | $ 5,005,204 | ||||
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 | 1,790,506 | ||||
Land, gross | [1],[2] | 440,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,794,506 | |||
Total | [1],[2] | 9,234,506 | |||
Accumulated Depreciation | $ 1,735,122 | ||||
Forest Park [Member] | |||||
Location | Cranberry Twp, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,982 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,332,848 | ||||
Land | 75,000 | ||||
Site, Land & Building Improvements and Rental Homes | 977,225 | ||||
Capitalization Subsequent to Acquisition | 7,537,662 | ||||
Land, gross | [1],[2] | 75,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,514,887 | |||
Total | [1],[2] | 8,589,887 | |||
Accumulated Depreciation | $ 3,169,111 | ||||
Fox Chapel Village [Member] | |||||
Location | Cheswick, PA | ||||
Date of Construction | 1,975 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 372,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,081,700 | ||||
Capitalization Subsequent to Acquisition | 72,515 | ||||
Land, gross | [1],[2] | 372,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,154,215 | |||
Total | [1],[2] | 4,526,215 | |||
Accumulated Depreciation | $ 14,381 | ||||
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 | [5] | $ 13,296,207 | |||
Land | 643,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,293,500 | ||||
Capitalization Subsequent to Acquisition | 1,992,141 | ||||
Land, gross | [1],[2] | 643,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,285,641 | |||
Total | [1],[2] | 7,928,641 | |||
Accumulated Depreciation | $ 1,314,625 | ||||
Green Acres [Member] | |||||
Location | Chambersburg, PA | ||||
Date of Construction | 1,978 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 63,000 | ||||
Site, Land & Building Improvements and Rental Homes | 584,000 | ||||
Capitalization Subsequent to Acquisition | 111,538 | ||||
Land, gross | [1],[2] | 63,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 695,538 | |||
Total | [1],[2] | 758,538 | |||
Accumulated Depreciation | $ 125,691 | ||||
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 | 427,354 | ||||
Land, gross | [1],[2] | 370,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,647,354 | |||
Total | [1],[2] | 2,017,354 | |||
Accumulated Depreciation | $ 261,779 | ||||
Hayden Heights [Member] | |||||
Location | Dublin, OH | ||||
Date of Construction | 1,973 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,094,009 | ||||
Land | 248,100 | ||||
Site, Land & Building Improvements and Rental Homes | 2,147,700 | ||||
Capitalization Subsequent to Acquisition | 571,620 | ||||
Land, gross | [1],[2] | 248,100 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,719,320 | |||
Total | [1],[2] | 2,967,420 | |||
Accumulated Depreciation | $ 335,477 | ||||
Heather Highlands [Member] | |||||
Location | Inkerman, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 1,992 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 16,606 | ||||
Land | 572,500 | ||||
Site, Land & Building Improvements and Rental Homes | 2,151,569 | ||||
Capitalization Subsequent to Acquisition | 10,427,038 | ||||
Land, gross | [1],[2] | 572,500 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,578,607 | |||
Total | [1],[2] | 13,151,107 | |||
Accumulated Depreciation | $ 4,959,606 | ||||
High View Acres [Member] | |||||
Location | Apollo, PA | ||||
Date of Construction | 1,984 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 825,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,263,500 | ||||
Capitalization Subsequent to Acquisition | 93,912 | ||||
Land, gross | [1],[2] | 825,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,357,412 | |||
Total | [1],[2] | 5,182,412 | |||
Accumulated Depreciation | $ 14,045 | ||||
Highland [Member] | |||||
Location | Elkhart, IN | ||||
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 | 3,505,739 | ||||
Land, gross | [1],[2] | 510,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 10,589,739 | |||
Total | [1],[2] | 11,099,739 | |||
Accumulated Depreciation | $ 1,715,882 | ||||
Highland Estates [Member] | |||||
Location | Kutztown, PA | ||||
Date of Construction | 1,971 | ||||
Date Acquired | 1,979 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 16,640,165 | ||||
Land | 145,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,695,041 | ||||
Capitalization Subsequent to Acquisition | 12,095,649 | ||||
Land, gross | [1],[2] | 404,239 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,531,451 | |||
Total | [1],[2] | 13,935,690 | |||
Accumulated Depreciation | $ 6,693,393 | ||||
Hillcrest Crossing [Member] | |||||
Location | Lower Burrell, PA | ||||
Date of Construction | 1,971 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 961,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,463,825 | ||||
Capitalization Subsequent to Acquisition | 1,924,330 | ||||
Land, gross | [1],[2] | 961,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,388,155 | |||
Total | [1],[2] | 4,349,155 | |||
Accumulated Depreciation | $ 82,876 | ||||
Hillcrest Estates [Member] | |||||
Location | Marysville, OH | ||||
Date of Construction | 1,995 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 1,277,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,033,500 | ||||
Capitalization Subsequent to Acquisition | 511,855 | ||||
Land, gross | [1],[2] | 1,277,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,545,355 | |||
Total | [1],[2] | 4,822,355 | |||
Accumulated Depreciation | $ 133,643 | ||||
Hillside Estates [Member] | |||||
Location | Greensburg, PA | ||||
Date of Construction | 1,980 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | ||||
Land | 483,600 | ||||
Site, Land & Building Improvements and Rental Homes | 2,678,525 | ||||
Capitalization Subsequent to Acquisition | 1,932,865 | ||||
Land, gross | [1],[2] | 483,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,611,390 | |||
Total | [1],[2] | 5,094,990 | |||
Accumulated Depreciation | $ 486,796 | ||||
Holiday Village [Member] | |||||
Location | Nashville, TN | ||||
Date of Construction | 1,967 | ||||
Date Acquired | 2,013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 7,929,646 | ||||
Land | 1,632,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,618,000 | ||||
Capitalization Subsequent to Acquisition | 6,903,835 | ||||
Land, gross | [1],[2] | 1,632,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 12,521,835 | |||
Total | [1],[2] | 14,153,835 | |||
Accumulated Depreciation | $ 1,811,334 | ||||
Holiday Village [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1,966 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,514,837 | ||||
Land | 490,600 | ||||
Site, Land & Building Improvements and Rental Homes | 13,808,269 | ||||
Capitalization Subsequent to Acquisition | 3,740,161 | ||||
Land, gross | [1],[2] | 490,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 17,548,430 | |||
Total | [1],[2] | 18,039,030 | |||
Accumulated Depreciation | $ 1,375,999 | ||||
Holly Acres [Member] | |||||
Location | Erie, PA | ||||
Date of Construction | 1977/2007 | ||||
Date Acquired | 2,015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,194,312 | ||||
Land | 194,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,591,000 | ||||
Capitalization Subsequent to Acquisition | 605,914 | ||||
Land, gross | [1],[2] | 194,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,196,914 | |||
Total | [1],[2] | 4,390,914 | |||
Accumulated Depreciation | $ 420,405 | ||||
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 | 4,614,404 | ||||
Land, gross | [1],[2] | 141,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,130,282 | |||
Total | [1],[2] | 8,271,282 | |||
Accumulated Depreciation | $ 823,582 | ||||
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 | 801,695 | ||||
Land, gross | [1],[2] | 399,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,667,145 | |||
Total | [1],[2] | 2,066,145 | |||
Accumulated Depreciation | $ 121,362 | ||||
Independence Park [Member] | |||||
Location | Clinton, PA | ||||
Date of Construction | 1,987 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [6] | $ 8,079,960 | |||
Land | 686,400 | ||||
Site, Land & Building Improvements and Rental Homes | 2,783,633 | ||||
Capitalization Subsequent to Acquisition | 2,544,627 | ||||
Land, gross | [1],[2] | 686,400 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,328,260 | |||
Total | [1],[2] | 6,014,660 | |||
Accumulated Depreciation | $ 510,057 | ||||
Kinnebrook [Member] | |||||
Location | Monticello, NY | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 1,988 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,048,226 | ||||
Land | 235,600 | ||||
Site, Land & Building Improvements and Rental Homes | 1,402,572 | ||||
Capitalization Subsequent to Acquisition | 12,811,315 | ||||
Land, gross | [1],[2] | 352,972 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,096,515 | |||
Total | [1],[2] | 14,449,487 | |||
Accumulated Depreciation | $ 4,936,134 | ||||
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 | $ 5,510,432 | ||||
Land | 290,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,457,673 | ||||
Capitalization Subsequent to Acquisition | 9,854,641 | ||||
Land, gross | [1],[2] | 290,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,312,314 | |||
Total | [1],[2] | 11,602,314 | |||
Accumulated Depreciation | $ 3,918,732 | ||||
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 | 848,061 | ||||
Land, gross | [1],[2] | 725,663 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,799,998 | |||
Total | [1],[2] | 2,525,661 | |||
Accumulated Depreciation | $ 90,514 | ||||
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 | 3,453,562 | ||||
Land, gross | [1],[2] | 432,700 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,523,988 | |||
Total | [1],[2] | 5,956,688 | |||
Accumulated Depreciation | $ 2,048,960 | ||||
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 | 1,488,980 | ||||
Land, gross | [1],[2] | 113,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,623,980 | |||
Total | [1],[2] | 2,736,980 | |||
Accumulated Depreciation | $ 275,603 | ||||
Maple Manor [Member] | |||||
Location | Taylor, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | $ 13,749,838 | |||
Land | 674,000 | ||||
Site, Land & Building Improvements and Rental Homes | 9,432,800 | ||||
Capitalization Subsequent to Acquisition | 4,722,874 | ||||
Land, gross | [1],[2] | 674,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,155,674 | |||
Total | [1],[2] | 14,829,674 | |||
Accumulated Depreciation | $ 3,015,890 | ||||
Marysville Estates [Member] | |||||
Location | Marysville, OH | ||||
Date of Construction | 1960s to 2015 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 810,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,555,800 | ||||
Capitalization Subsequent to Acquisition | 654,373 | ||||
Land, gross | [1],[2] | 820,668 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,199,505 | |||
Total | [1],[2] | 6,020,173 | |||
Accumulated Depreciation | $ 199,348 | ||||
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 | 2,584,707 | ||||
Land, gross | [1],[2] | 152,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,775,707 | |||
Total | [1],[2] | 5,927,707 | |||
Accumulated Depreciation | $ 981,658 | ||||
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 | 2,515,755 | ||||
Land, gross | [1],[2] | 548,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,236,655 | |||
Total | [1],[2] | 9,785,255 | |||
Accumulated Depreciation | $ 758,790 | ||||
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] | $ 7,154,380 | |||
Land | 767,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,429,000 | ||||
Capitalization Subsequent to Acquisition | 4,336,425 | ||||
Land, gross | [1],[2] | 767,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,765,425 | |||
Total | [1],[2] | 10,532,425 | |||
Accumulated Depreciation | $ 1,217,325 | ||||
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 | 52,182 | ||||
Land, gross | [1],[2] | 94,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,092,182 | |||
Total | [1],[2] | 1,186,182 | |||
Accumulated Depreciation | $ 159,710 | ||||
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 | 4,681,136 | ||||
Land, gross | [1],[2] | 335,935 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,234,113 | |||
Total | [1],[2] | 5,570,048 | |||
Accumulated Depreciation | $ 1,328,193 | ||||
Monroe Valley [Member] | |||||
Location | Jonestown, PA | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 114,000 | ||||
Site, Land & Building Improvements and Rental Homes | 994,000 | ||||
Capitalization Subsequent to Acquisition | 432,570 | ||||
Land, gross | [1],[2] | 114,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,426,570 | |||
Total | [1],[2] | 1,540,570 | |||
Accumulated Depreciation | $ 248,809 | ||||
Moosic Heights [Member] | |||||
Location | Avoca, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 330,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,794,100 | ||||
Capitalization Subsequent to Acquisition | 2,075,353 | ||||
Land, gross | [1],[2] | 330,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,869,453 | |||
Total | [1],[2] | 6,199,453 | |||
Accumulated Depreciation | $ 1,183,142 | ||||
Mount Pleasant Village [Member] | |||||
Location | Mount Pleasant, PA | ||||
Date of Construction | 1977-1986 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 0 | ||||
Land | 280,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,501,600 | ||||
Capitalization Subsequent to Acquisition | 68,354 | ||||
Land, gross | [1],[2] | 280,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,569,954 | |||
Total | [1],[2] | 3,849,954 | |||
Accumulated Depreciation | $ 13,071 | ||||
Mountaintop [Member] | |||||
Location | Narvon, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [5] | ||||
Land | 134,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,665,000 | ||||
Capitalization Subsequent to Acquisition | 601,666 | ||||
Land, gross | [1],[2] | 134,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,266,666 | |||
Total | [1],[2] | 2,400,666 | |||
Accumulated Depreciation | $ 402,704 | ||||
Oak Ridge [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 | 1,777,443 | ||||
Land, gross | [1],[2] | 500,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,301,443 | |||
Total | [1],[2] | 9,801,443 | |||
Accumulated Depreciation | $ 1,845,852 | ||||
Oakwood Lake [Member] | |||||
Location | Tunkhannock, PA | ||||
Date of Construction | 1,972 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 379,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,639,000 | ||||
Capitalization Subsequent to Acquisition | 830,332 | ||||
Land, gross | [1],[2] | 379,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,469,332 | |||
Total | [1],[2] | 2,848,332 | |||
Accumulated Depreciation | $ 537,890 | ||||
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 | $ 2,093,269 | ||||
Land | 569,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,031,000 | ||||
Capitalization Subsequent to Acquisition | 1,311,829 | ||||
Land, gross | [1],[2] | 569,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,342,829 | |||
Total | [1],[2] | 4,911,829 | |||
Accumulated Depreciation | $ 719,715 | ||||
Oxford [Member] | |||||
Location | West Grove, PA | ||||
Date of Construction | 1,971 | ||||
Date Acquired | 1,974 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 6,751,511 | ||||
Land | 175,000 | ||||
Site, Land & Building Improvements and Rental Homes | 990,515 | ||||
Capitalization Subsequent to Acquisition | 2,169,652 | ||||
Land, gross | [1],[2] | 155,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,180,167 | |||
Total | [1],[2] | 3,335,167 | |||
Accumulated Depreciation | $ 2,042,718 | ||||
Parke Place [Member] | |||||
Location | Elkhart, IN | ||||
Date of Construction | 1995-1996 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [2] | ||||
Land | 4,317,000 | ||||
Site, Land & Building Improvements and Rental Homes | 10,340,950 | ||||
Capitalization Subsequent to Acquisition | 1,135,827 | ||||
Land, gross | [1],[2] | 4,317,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 11,476,777 | |||
Total | [1],[2] | 15,793,777 | |||
Accumulated Depreciation | $ 452,565 | ||||
Pine Ridge/Pine 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 | 9,387,272 | ||||
Land, gross | [1],[2] | 145,472 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,477,661 | |||
Total | [1],[2] | 9,623,133 | |||
Accumulated Depreciation | $ 3,024,777 | ||||
Pine Valley [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 | 5,379,401 | ||||
Land, gross | [1],[2] | 732,089 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,653,912 | |||
Total | [1],[2] | 7,386,001 | |||
Accumulated Depreciation | $ 2,630,313 | ||||
Pleasant View [Member] | |||||
Location | Bloomsburg, PA | ||||
Date of Construction | 1960's | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | [4] | ||||
Land | 282,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,174,800 | ||||
Capitalization Subsequent to Acquisition | 1,304,424 | ||||
Land, gross | [1],[2] | 282,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,479,224 | |||
Total | [1],[2] | 3,761,224 | |||
Accumulated Depreciation | $ 708,447 | ||||
Port Royal [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 | 11,934,453 | ||||
Land, gross | [1],[2] | 505,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,071,249 | |||
Total | [1],[2] | 14,576,249 | |||
Accumulated Depreciation | $ 6,482,162 | ||||
River Valley [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 | 6,438,539 | ||||
Land, gross | [1],[2] | 236,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,223,832 | |||
Total | [1],[2] | 7,459,832 | |||
Accumulated Depreciation | $ 3,379,144 | ||||
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 | 1,451,304 | ||||
Land, gross | [1],[2] | 301,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,870,317 | |||
Total | [1],[2] | 3,171,317 | |||
Accumulated Depreciation | $ 571,963 | ||||
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 | [6] | ||||
Land | 813,600 | ||||
Site, Land & Building Improvements and Rental Homes | 2,203,506 | ||||
Capitalization Subsequent to Acquisition | 1,695,206 | ||||
Land, gross | [1],[2] | 813,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,898,712 | |||
Total | [1],[2] | 4,712,312 | |||
Accumulated Depreciation | $ 431,257 | ||||
Sandy Valley [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 | 7,839,672 | ||||
Land, gross | [1],[2] | 270,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,781,102 | |||
Total | [1],[2] | 10,051,102 | |||
Accumulated Depreciation | $ 4,648,644 | ||||
Shady Hills [Member] | |||||
Location | Nashville, TN | ||||
Date of Construction | 1,954 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,992,527 | ||||
Land | 337,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,379,000 | ||||
Capitalization Subsequent to Acquisition | 3,914,330 | ||||
Land, gross | [1],[2] | 337,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,293,330 | |||
Total | [1],[2] | 7,630,330 | |||
Accumulated Depreciation | $ 1,347,505 | ||||
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 | $ 217,770 | ||||
Land | 1,485,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,050,400 | ||||
Capitalization Subsequent to Acquisition | 7,100,994 | ||||
Land, gross | [1],[2] | 1,488,600 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,147,794 | |||
Total | [1],[2] | 10,636,394 | |||
Accumulated Depreciation | $ 3,159,972 | ||||
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 | 442,707 | ||||
Land, gross | [1],[2] | 63,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,829,707 | |||
Total | [1],[2] | 3,892,707 | |||
Accumulated Depreciation | $ 708,693 | ||||
Southwind [Member] | |||||
Location | Jackson, NJ | ||||
Date of Construction | 1,969 | ||||
Date Acquired | 1,969 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,392,911 | ||||
Land | 100,095 | ||||
Site, Land & Building Improvements and Rental Homes | 602,820 | ||||
Capitalization Subsequent to Acquisition | 2,675,258 | ||||
Land, gross | [1],[2] | 100,095 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,278,078 | |||
Total | [1],[2] | 3,378,173 | |||
Accumulated Depreciation | $ 1,972,762 | ||||
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 | 3,108,808 | ||||
Land, gross | [1],[2] | 67,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 4,435,608 | |||
Total | [1],[2] | 4,502,608 | |||
Accumulated Depreciation | $ 1,666,426 | ||||
Springfield Meadows [Member] | |||||
Location | Springfield, OH | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,141,199 | ||||
Land | 1,230,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,092,706 | ||||
Capitalization Subsequent to Acquisition | 282,931 | ||||
Land, gross | [1],[2] | 1,230,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,375,637 | |||
Total | [1],[2] | 4,605,637 | |||
Accumulated Depreciation | $ 130,146 | ||||
Suburban Estates [Member] | |||||
Location | Greensburg, PA | ||||
Date of Construction | 1968/1980 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 5,583,084 | ||||
Land | 299,000 | ||||
Site, Land & Building Improvements and Rental Homes | 5,837,272 | ||||
Capitalization Subsequent to Acquisition | 2,650,335 | ||||
Land, gross | [1],[2] | 299,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,487,607 | |||
Total | [1],[2] | 8,786,607 | |||
Accumulated Depreciation | $ 1,849,609 | ||||
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 | 2,699,446 | ||||
Land, gross | [1],[2] | 198,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,478,706 | |||
Total | [1],[2] | 5,676,706 | |||
Accumulated Depreciation | $ 568,575 | ||||
Sunny Acres [Member] | |||||
Location | Somerset, PA | ||||
Date of Construction | 1,970 | ||||
Date Acquired | 2,010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 6,214,642 | ||||
Land | 287,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,113,528 | ||||
Capitalization Subsequent to Acquisition | 1,385,661 | ||||
Land, gross | [1],[2] | 287,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,499,189 | |||
Total | [1],[2] | 7,786,189 | |||
Accumulated Depreciation | $ 1,842,783 | ||||
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 | 334,695 | ||||
Land, gross | [1],[2] | 450,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,008,695 | |||
Total | [1],[2] | 3,458,695 | |||
Accumulated Depreciation | $ 493,012 | ||||
Trailmont [Member] | |||||
Location | Goodlettsville, TN | ||||
Date of Construction | 1,964 | ||||
Date Acquired | 2,011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,328,351 | ||||
Land | 411,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,867,000 | ||||
Capitalization Subsequent to Acquisition | 3,579,237 | ||||
Land, gross | [1],[2] | 411,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,446,237 | |||
Total | [1],[2] | 5,857,237 | |||
Accumulated Depreciation | $ 1,008,889 | ||||
Twin Oaks [Member] | |||||
Location | Olmsted Falls, OH | ||||
Date of Construction | 1952/1997 | ||||
Date Acquired | 2,012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,415,894 | ||||
Land | 823,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,527,000 | ||||
Capitalization Subsequent to Acquisition | 1,677,396 | ||||
Land, gross | [1],[2] | 998,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,029,396 | |||
Total | [1],[2] | 6,027,396 | |||
Accumulated Depreciation | $ 898,732 | ||||
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 | 3,038,527 | ||||
Land, gross | [1],[2] | 650,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 9,345,527 | |||
Total | [1],[2] | 9,995,527 | |||
Accumulated Depreciation | $ 1,555,867 | ||||
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 | [6] | ||||
Land | 284,000 | ||||
Site, Land & Building Improvements and Rental Homes | 2,266,750 | ||||
Capitalization Subsequent to Acquisition | 1,240,667 | ||||
Land, gross | [1],[2] | 284,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,507,417 | |||
Total | [1],[2] | 3,791,417 | |||
Accumulated Depreciation | $ 383,503 | ||||
Valley Hills [Member] | |||||
Location | Ravenna, OH | ||||
Date of Construction | 1960-1970 | ||||
Date Acquired | 2,014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 3,408,438 | ||||
Land | 996,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,542,178 | ||||
Capitalization Subsequent to Acquisition | 6,523,105 | ||||
Land, gross | [1],[2] | 996,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 13,065,283 | |||
Total | [1],[2] | 14,061,283 | |||
Accumulated Depreciation | $ 1,478,494 | ||||
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 | 650,910 | ||||
Land, gross | [1],[2] | 323,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,841,460 | |||
Total | [1],[2] | 4,164,460 | |||
Accumulated Depreciation | $ 357,886 | ||||
Valley View HB [Member] | |||||
Location | Honeybrook, 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 | 1,566,922 | ||||
Land, gross | [1],[2] | 1,380,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,914,922 | |||
Total | [1],[2] | 8,294,922 | |||
Accumulated Depreciation | $ 1,198,477 | ||||
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 | [5] | ||||
Land | 191,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,359,000 | ||||
Capitalization Subsequent to Acquisition | 988,314 | ||||
Land, gross | [1],[2] | 191,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,347,314 | |||
Total | [1],[2] | 5,538,314 | |||
Accumulated Depreciation | $ 1,008,023 | ||||
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 | [5] | ||||
Land | 72,000 | ||||
Site, Land & Building Improvements and Rental Homes | 1,746,000 | ||||
Capitalization Subsequent to Acquisition | 4,909 | ||||
Land, gross | [1],[2] | 72,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,750,909 | |||
Total | [1],[2] | 1,822,909 | |||
Accumulated Depreciation | $ 345,020 | ||||
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 | 1,977,981 | ||||
Land, gross | [1],[2] | 742,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 5,120,706 | |||
Total | [1],[2] | 5,862,706 | |||
Accumulated Depreciation | $ 452,882 | ||||
Waterfalls [Member] | |||||
Location | Hamburg, NY | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1,997 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 4,639,515 | ||||
Land | 424,000 | ||||
Site, Land & Building Improvements and Rental Homes | 3,812,000 | ||||
Capitalization Subsequent to Acquisition | 3,637,198 | ||||
Land, gross | [1],[2] | 424,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 7,449,198 | |||
Total | [1],[2] | 7,873,198 | |||
Accumulated Depreciation | $ 3,665,333 | ||||
Wayside [Member] | |||||
Location | Bellefontaine, OH | ||||
Date of Construction | 1960s | ||||
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 | 158,681 | ||||
Land, gross | [1],[2] | 196,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,238,731 | |||
Total | [1],[2] | 1,434,731 | |||
Accumulated Depreciation | $ 68,070 | ||||
Weatherly Estates [Member] | |||||
Location | Lebanon, TN | ||||
Date of Construction | 1,997 | ||||
Date Acquired | 2,006 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 8,121,177 | ||||
Land | 1,184,000 | ||||
Site, Land & Building Improvements and Rental Homes | 4,034,480 | ||||
Capitalization Subsequent to Acquisition | 4,515,367 | ||||
Land, gross | [1],[2] | 1,184,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 8,549,847 | |||
Total | [1],[2] | 9,733,847 | |||
Accumulated Depreciation | $ 3,067,077 | ||||
Wellington Estates [Member] | |||||
Location | Export, PA | ||||
Date of Construction | 1970/1996 | ||||
Date Acquired | 2,017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Encumbrances | $ 2,414,621 | ||||
Land | 896,000 | ||||
Site, Land & Building Improvements and Rental Homes | 6,179,000 | ||||
Capitalization Subsequent to Acquisition | 123,037 | ||||
Land, gross | [1],[2] | 896,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,302,037 | |||
Total | [1],[2] | 7,198,037 | |||
Accumulated Depreciation | $ 22,981 | ||||
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 | 4,267,484 | ||||
Land, gross | [1],[2] | 260,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 6,020,690 | |||
Total | [1],[2] | 6,280,690 | |||
Accumulated Depreciation | $ 2,764,346 | ||||
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 | 2,852,704 | ||||
Land, gross | [1],[2] | 77,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 3,693,704 | |||
Total | [1],[2] | 3,770,704 | |||
Accumulated Depreciation | $ 1,008,380 | ||||
Woodlawn [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 | 1,481,724 | ||||
Land, gross | [1],[2] | 135,420 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 1,784,474 | |||
Total | [1],[2] | 1,919,894 | |||
Accumulated Depreciation | $ 800,823 | ||||
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 | $ 6,728,792 | ||||
Land | 1,808,100 | ||||
Site, Land & Building Improvements and Rental Homes | 13,321,318 | ||||
Capitalization Subsequent to Acquisition | 2,345,912 | ||||
Land, gross | [1],[2] | 1,808,100 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 15,667,230 | |||
Total | [1],[2] | 17,475,330 | |||
Accumulated Depreciation | $ 1,296,996 | ||||
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 | $ 9,342,775 | ||||
Land | 436,800 | ||||
Site, Land & Building Improvements and Rental Homes | 12,705,530 | ||||
Capitalization Subsequent to Acquisition | 1,472,783 | ||||
Land, gross | [1],[2] | 436,800 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 14,178,313 | |||
Total | [1],[2] | 14,615,113 | |||
Accumulated Depreciation | $ 1,225,567 | ||||
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 | 1,053,026 | ||||
Land, gross | [1],[2] | 269,000 | |||
Site, Land & Building Improvements and Rental Homes, gross | [1],[2] | 2,659,026 | |||
Total | [1],[2] | 2,928,026 | |||
Accumulated Depreciation | 297,404 | ||||
Total [Member] | |||||
Encumbrances | 308,460,786 | ||||
Land | 54,431,819 | ||||
Site, Land & Building Improvements and Rental Homes | 376,757,529 | ||||
Capitalization Subsequent to Acquisition | 327,297,677 | ||||
Land, gross | 59,020,844 | ||||
Site, Land & Building Improvements and Rental Homes, gross | 699,466,181 | ||||
Total | 758,487,025 | ||||
Accumulated Depreciation | $ 153,591,917 | ||||
[1] | Reconciliation | ||||
[2] | Represents one mortgage note payable secured by two 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 six properties. | ||||
[6] | Represents one mortgage note payable secured by four properties. |
Schedule III - Real Estate an75
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate Investment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance - Beginning of Year | $ 636,576,955 | $ 574,283,574 | $ 444,908,976 |
Acquisitions | 59,308,067 | 7,276,356 | 82,276,902 |
Improvements | 65,458,396 | 56,417,927 | 48,263,233 |
Total Additions | 124,766,463 | 63,694,283 | 130,540,135 |
Deletions | (2,856,393) | (1,400,902) | (1,165,537) |
Balance - End of Year | $ 758,487,025 | $ 636,576,955 | $ 574,283,574 |
Schedule III - Real Estate an76
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance - Beginning of Year | $ 128,780,501 | $ 107,453,972 | $ 90,277,082 |
Depreciation | 25,307,453 | 21,625,264 | 17,481,811 |
Total Additions | 25,307,453 | 21,625,264 | 17,481,811 |
Deletions | (496,037) | (298,735) | (304,921) |
Balance - End of Year | $ 153,591,917 | $ 128,780,501 | $ 107,453,972 |