Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 01, 2022 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-12690 | |
Entity Registrant Name | UMH PROPERTIES, INC. | |
Entity Central Index Key | 0000752642 | |
Entity Tax Identification Number | 22-1890929 | |
Entity Incorporation, State or Country Code | MD | |
Entity Address, Address Line One | Juniper Business Plaza | |
Entity Address, Address Line Two | 3499 Route 9 North | |
Entity Address, Address Line Three | Suite 3-C | |
Entity Address, City or Town | Freehold | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 07728 | |
City Area Code | (732) | |
Local Phone Number | 577-9997 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 54,694,978 | |
Common Stock, $.10 par value | ||
Title of 12(b) Security | Common Stock, $.10 par value | |
Trading Symbol | UMH | |
Security Exchange Name | NYSE | |
6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value | ||
Title of 12(b) Security | 6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value | |
Trading Symbol | UMH PRD | |
Security Exchange Name | NYSE |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Investment Property and Equipment | ||
Land | $ 79,326 | $ 74,963 |
Site and Land Improvements | 739,241 | 716,211 |
Buildings and Improvements | 32,627 | 30,450 |
Rental Homes and Accessories | 395,988 | 383,467 |
Total Investment Property | 1,247,182 | 1,205,091 |
Equipment and Vehicles | 25,377 | 24,437 |
Total Investment Property and Equipment | 1,272,559 | 1,229,528 |
Accumulated Depreciation | (338,825) | (316,073) |
Net Investment Property and Equipment | 933,734 | 913,455 |
Other Assets | ||
Cash and Cash Equivalents | 275,807 | 116,175 |
Marketable Securities at Fair Value | 46,932 | 113,748 |
Inventory of Manufactured Homes | 45,992 | 23,659 |
Notes and Other Receivables, net | 59,660 | 55,359 |
Prepaid Expenses and Other Assets | 19,045 | 17,135 |
Land Development Costs | 31,085 | 22,352 |
Investment in Joint Venture | 11,010 | 8,937 |
Total Other Assets | 489,531 | 357,365 |
TOTAL ASSETS | 1,423,265 | 1,270,820 |
LIABILITIES: | ||
Mortgages Payable, net of unamortized debt issuance costs | 468,811 | 452,567 |
Other Liabilities: | ||
Accounts Payable | 4,572 | 4,274 |
Loans Payable, net of unamortized debt issuance costs | 58,375 | 46,757 |
Series A Bonds, net of unamortized debt issuance costs | 98,811 | 0 |
Series C Preferred Stock Called for Redemption | 247,100 | 0 |
Accrued Liabilities and Deposits | 15,548 | 17,162 |
Tenant Security Deposits | 8,153 | 7,920 |
Total Other Liabilities | 432,559 | 76,113 |
Total Liabilities | 901,370 | 528,680 |
Shareholders’ Equity: | ||
Series C – 6.75% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 13,750 shares authorized; 9,884 shares issued and outstanding as of December 31, 2021 | 0 | 247,100 |
Series D – 6.375% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 9,300 shares authorized; 8,609 shares issued and outstanding as of June 30, 2022 and December 31, 2021 | 215,219 | 215,219 |
Common Stock - $0.10 par value per share; 144,164 shares authorized; 54,665 and 51,651 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively | 5,467 | 5,165 |
Excess Stock - $0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of June 30, 2022 and December 31, 2021 | 0 | 0 |
Additional Paid-In Capital | 326,573 | 300,020 |
Undistributed Income (Accumulated Deficit) | (25,364) | (25,364) |
Total Shareholders’ Equity | 521,895 | 742,140 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,423,265 | $ 1,270,820 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares shares in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 144,164 | 144,164 |
Common stock, shares issued | 54,665 | 51,651 |
Common stock, shares outstanding | 54,665 | 51,651 |
Excess stock, par value | $ 0.10 | $ 0.10 |
Excess stock, shares authorized | 3,000 | 3,000 |
Excess stock, shares issued | 0 | 0 |
Excess stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Represents the stated rate on redeemable preferred stock as of the balance sheet date | 6.75% | |
Preferred Stock, par value | $ 0.10 | |
Preferred stock, shares authorized | 13,750 | |
Preferred stock, shares outstanding | 9,884 | |
Preferred stock, shares issued | 9,884 | |
Series D Preferred Stock [Member] | ||
Represents the stated rate on redeemable preferred stock as of the balance sheet date | 6.375% | 6.375% |
Preferred Stock, par value | $ 0.10 | $ 0.10 |
Preferred stock, shares authorized | 9,300 | 9,300 |
Preferred stock, shares outstanding | 8,609 | 8,609 |
Preferred stock, shares issued | 8,609 | 8,609 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
INCOME: | ||||
Rental and Related Income | $ 42,229 | $ 39,341 | $ 83,806 | $ 78,054 |
Sales of Manufactured Homes | 6,994 | 9,618 | 11,285 | 14,037 |
Total Income | 49,223 | 48,959 | 95,091 | 92,091 |
EXPENSES: | ||||
Community Operating Expenses | 18,923 | 17,045 | 36,994 | 34,182 |
Cost of Sales of Manufactured Homes | 4,837 | 7,017 | 7,820 | 10,488 |
Selling Expenses | 1,214 | 1,362 | 2,369 | 2,493 |
General and Administrative Expenses | 4,300 | 3,339 | 8,198 | 6,780 |
Depreciation Expense | 11,984 | 11,184 | 23,701 | 22,192 |
Total Expenses | 41,258 | 39,947 | 79,082 | 76,135 |
OTHER INCOME (EXPENSE): | ||||
Interest Income | 1,068 | 792 | 1,978 | 1,609 |
Dividend Income | 721 | 1,287 | 1,501 | 2,589 |
Gain (Loss) on Sales of Marketable Securities, net | 0 | 436 | 30,721 | (294) |
Increase (Decrease) in Fair Value of Marketable Securities | (10,044) | 9,291 | (41,794) | 19,510 |
Other Income | 196 | 152 | 416 | 299 |
Loss on Investment in Joint Venture | (136) | 0 | (257) | 0 |
Interest Expense | (6,414) | (4,972) | (11,901) | (9,770) |
Total Other Income (Expense) | (14,609) | 6,986 | (19,336) | 13,943 |
Income (Loss) before Gain (Loss) on Sales of Investment Property and Equipment | (6,644) | 15,998 | (3,327) | 29,899 |
Gain (Loss) on Sales of Investment Property and Equipment | (44) | 5 | (86) | (18) |
Net Income (Loss) | (6,688) | 16,003 | (3,413) | 29,881 |
Less: Preferred Dividends | (7,600) | (7,600) | (15,200) | (14,639) |
Less: Redemption of Preferred Stock | (8,190) | 0 | (8,190) | 0 |
Net Income (Loss) Attributable to Common Shareholders | $ (22,478) | $ 8,403 | $ (26,803) | $ 15,242 |
Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted | $ (0.41) | $ 0.18 | $ (0.50) | $ 0.34 |
Weighted Average Common Shares Outstanding: | ||||
Basic | 54,215 | 45,476 | 53,224 | 44,056 |
Diluted | 54,215 | 46,628 | 53,224 | 45,008 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Preferred Stock [Member] Series C Preferred Stock [Member] | Preferred Stock [Member] Series D Preferred Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 4,192 | $ 247,100 | $ 160,854 | $ 115,026 | $ (25,364) | $ 501,808 |
Beginning balance, shares at Dec. 31, 2020 | 41,920 | |||||
Common Stock Issued with the DRIP | $ 24 | 0 | 0 | 3,838 | 0 | 3,862 |
Common Stock Issued with the DRIP, shares | 239 | |||||
Common Stock Issued through Restricted Stock Awards | $ 30 | 0 | 0 | (30) | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 297 | |||||
Common Stock Issued through Stock Options | $ 21 | 0 | 0 | 2,567 | 0 | 2,588 |
Common Stock Issued through Stock Options, shares | 215 | |||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 35 | 0 | 0 | 6,550 | 0 | 6,585 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 352 | |||||
Distributions | $ 0 | 0 | 0 | (1,209) | (13,878) | (15,087) |
Stock Compensation Expense | 0 | 0 | 0 | 750 | 0 | 750 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 13,878 | 13,878 |
Preferred Stock Issued in connection with At-The-Market Offerings, net | 0 | 0 | 31,591 | (727) | 0 | 30,864 |
Ending balance, value at Mar. 31, 2021 | $ 4,302 | 247,100 | 192,445 | 126,765 | (25,364) | 545,248 |
Ending balance, shares at Mar. 31, 2021 | 43,023 | |||||
Common Stock Issued with the DRIP | $ 7 | 0 | 0 | 1,469 | 0 | 1,476 |
Common Stock Issued with the DRIP, shares | 70 | |||||
Common Stock Issued through Stock Options | $ 40 | 0 | 0 | 4,683 | 0 | 4,723 |
Common Stock Issued through Stock Options, shares | 400 | |||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 390 | 0 | 0 | 77,727 | 0 | 78,117 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 3,894 | |||||
Distributions | $ 0 | 0 | 0 | (226) | (16,003) | (16,229) |
Stock Compensation Expense | 0 | 0 | 0 | 774 | 0 | 774 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 16,003 | 16,003 |
Preferred Stock Issued in connection with At-The-Market Offerings, net | 0 | 0 | 22,774 | (425) | 0 | 22,349 |
Ending balance, value at Jun. 30, 2021 | $ 4,739 | 247,100 | 215,219 | 210,767 | (25,364) | 652,461 |
Ending balance, shares at Jun. 30, 2021 | 47,387 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 5,165 | 247,100 | 215,219 | 300,020 | (25,364) | 742,140 |
Beginning balance, shares at Dec. 31, 2021 | 51,651 | |||||
Common Stock Issued with the DRIP | $ 7 | 0 | 0 | 1,667 | 0 | 1,674 |
Common Stock Issued with the DRIP, shares | 72 | |||||
Common Stock Issued through Restricted Stock Awards | $ 11 | 0 | 0 | (11) | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 114 | |||||
Common Stock Issued through Stock Options | $ 8 | 0 | 0 | 985 | 0 | 993 |
Common Stock Issued through Stock Options, shares | 78 | |||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 159 | 0 | 0 | 38,210 | 0 | 38,369 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 1,585 | |||||
Distributions | $ 0 | 0 | 0 | (14,731) | (3,275) | (18,006) |
Stock Compensation Expense | 0 | 0 | 0 | 1,169 | 0 | 1,169 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 3,275 | 3,275 |
Ending balance, value at Mar. 31, 2022 | $ 5,350 | 247,100 | 215,219 | 327,309 | (25,364) | 769,614 |
Ending balance, shares at Mar. 31, 2022 | 53,500 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 5,165 | 247,100 | 215,219 | 300,020 | (25,364) | 742,140 |
Beginning balance, shares at Dec. 31, 2021 | 51,651 | |||||
Ending balance, value at Jun. 30, 2022 | $ 5,467 | 0 | 215,219 | 326,573 | (25,364) | 521,895 |
Ending balance, shares at Jun. 30, 2022 | 54,665 | |||||
Beginning balance, value at Mar. 31, 2022 | $ 5,350 | 247,100 | 215,219 | 327,309 | (25,364) | 769,614 |
Beginning balance, shares at Mar. 31, 2022 | 53,500 | |||||
Common Stock Issued with the DRIP | $ 8 | 0 | 0 | 1,332 | 0 | 1,340 |
Common Stock Issued with the DRIP, shares | 78 | |||||
Common Stock Issued through Restricted Stock Awards | $ 0 | 0 | 0 | 0 | 0 | 0 |
Common Stock Issued through Restricted Stock Awards, shares | 4 | |||||
Common Stock Issued through Stock Options | $ 23 | 0 | 0 | 2,197 | 0 | 2,220 |
Common Stock Issued through Stock Options, shares | 226 | |||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 86 | 0 | 0 | 19,781 | 0 | 19,867 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 857 | |||||
Distributions | $ 0 | 0 | 0 | (33,363) | 14,873 | (18,490) |
Stock Compensation Expense | 0 | 0 | 0 | 1,132 | 0 | 1,132 |
Net Income (Loss) | 0 | 0 | 0 | 0 | (6,688) | (6,688) |
Preferred Stock Called for Redemption | 0 | (247,100) | 0 | 8,185 | (8,185) | (247,100) |
Ending balance, value at Jun. 30, 2022 | $ 5,467 | $ 0 | $ 215,219 | $ 326,573 | $ (25,364) | $ 521,895 |
Ending balance, shares at Jun. 30, 2022 | 54,665 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Income (Loss) | $ (3,413) | $ 29,881 |
Non-Cash items included in Net Income (Loss): | ||
Depreciation | 23,701 | 22,192 |
Amortization of Financing Costs | 939 | 450 |
Stock Compensation Expense | 2,301 | 1,524 |
Provision for Uncollectible Notes and Other Receivables | 611 | 631 |
(Gain) Loss on Sales of Marketable Securities, net | (30,721) | 294 |
(Increase) Decrease in Fair Value of Marketable Securities | 41,794 | (19,510) |
Loss on Sales of Investment Property and Equipment | 86 | 18 |
Changes in Operating Assets and Liabilities: | ||
Inventory of Manufactured Homes | (22,333) | 1,997 |
Notes and Other Receivables, net of notes acquired with acquisitions | (4,912) | (5,422) |
Prepaid Expenses and Other Assets | (1,555) | 589 |
Accounts Payable | 298 | 1,224 |
Accrued Liabilities and Deposits | (1,614) | (1,079) |
Tenant Security Deposits | 233 | 414 |
Net Cash Provided by Operating Activities | 5,415 | 33,203 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Manufactured Home Communities | (17,306) | (18,926) |
Purchase of Investment Property and Equipment | (28,646) | (29,908) |
Proceeds from Sales of Investment Property and Equipment | 1,887 | 1,253 |
Additions to Land Development Costs | (8,733) | (8,951) |
Purchase of Marketable Securities | (10) | (9) |
Proceeds from Sales of Marketable Securities | 55,752 | 6,968 |
Investment in Joint Venture | (2,073) | 0 |
Net Cash Provided by (Used in) Investing Activities | 871 | (49,573) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Mortgages | 25,643 | 0 |
Net Proceeds (Payments) from Short-Term Borrowings | 11,493 | (23,615) |
Principal Payments of Mortgages | (8,787) | (5,597) |
Proceeds from Bonds Issuance | 102,670 | 0 |
Financing Costs on Debt | (5,285) | 0 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 0 | 53,213 |
Proceeds from At-The-Market Common Equity Program, net of offering costs | 58,236 | 84,702 |
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments | 1,498 | 3,553 |
Proceeds from Exercise of Stock Options | 3,213 | 7,311 |
Preferred Dividends Paid | (15,200) | (14,639) |
Common Dividends Paid, net of Dividend Reinvestments | (19,780) | (14,892) |
Net Cash Provided by Financing Activities | 153,701 | 90,036 |
Net Increase in Cash, Cash Equivalents and Restricted Cash | 159,987 | 73,666 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 125,026 | 28,593 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ 285,013 | $ 102,259 |
ORGANIZATION AND ACCOUNTING POL
ORGANIZATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND ACCOUNTING POLICIES | NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc., a Maryland corporation, and its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company owns and operates 130 24,400 15 The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim consolidated financial statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2021. Use of Estimates In preparing the consolidated financial statements in accordance with 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, accounting for land development, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. Investment in Joint Venture The Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement. The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors that are considered in evaluation of the existence of impairment indicators (See Note 5). Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of June 30, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.4 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 207 2023 391 2024 391 2025 391 2026 391 Thereafter 19,123 Total Lease Payments $ 20,894 The weighted average remaining lease term for these leases is 164.8 5 Restricted Cash The Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance sheets. The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6/30/22 12/31/21 6/30/21 12/31/20 Cash and Cash Equivalents $ 275,807 $ 116,175 $ 90,096 $ 15,336 Restricted Cash 9,206 8,851 12,163 13,257 Cash, Cash Equivalents And Restricted Cash $ 285,013 $ 125,026 $ 102,259 $ 28,593 Revenue On January 1, 2018, the Company adopted ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 842. Revenue from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. Notes Receivables On January 1, 2020, the Company adopted 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. As of June 30, 2022 and 2021, the Company had notes receivable of $ 56.1 48.2 1.1 1.0 Other Recent Accounting Pronouncements 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. |
NET INCOME (LOSS) PER SHARE
NET INCOME (LOSS) PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
NET INCOME (LOSS) PER SHARE | NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted Net Income per Share is calculated by dividing Net Income by the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. For the three and six months ended June 30, 2022, common stock equivalents resulting from employee stock options to purchase 3.5 2.8 1.2 952,000 |
INVESTMENT PROPERTY AND EQUIPME
INVESTMENT PROPERTY AND EQUIPMENT | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
INVESTMENT PROPERTY AND EQUIPMENT | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions On March 31, 2022, the Company acquired Center Manor, located in Monaca, Pennsylvania, for approximately $ 5.8 96 18 83 On May 3, 2022, the Company acquired Mandell Trails, located in Butler, Pennsylvania, for approximately $ 7.4 132 65 70 On May 25, 2022, the Company acquired La Vista Estates, located in Dothan, Alabama, for approximately $ 3.9 139 36 6 The Company has evaluated these acquisitions and has determined that they should be accounted for as acquisitions of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $ 253,000 in thousands SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 3,431 Depreciable Property 13,875 Total Assets Acquired $ 17,306 See Note 13 for the Unaudited Pro Forma Financial Information relating to these acquisitions. The Company’s business plan includes the purchase of value-add communities, redevelopment, development and expansion of communities. The Company capitalizes payroll for those individuals responsible for and who spend their time on the execution and supervision of development activities and capital projects. Salaries and benefits capitalized to land development were approximately $ 1.6 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities consist primarily of marketable common and preferred stock of other REITs with a fair value of $ 46.9 2.7 15 As of December 31, 2021, the Company’s securities portfolio included 2.7 2.7 21.00 2.7 55.7 25 30.7 As of June 30, 2022, the Company had total net unrealized losses of $ 56.1 10.0 41.8 |
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE | 6 Months Ended |
Jun. 30, 2022 | |
Investment In Joint Venture | |
INVESTMENT IN JOINT VENTURE | NOTE 5- INVESTMENT IN JOINT VENTURE On December 8, 2021, the Company and Nuveen Real Estate, a part of Nuveen Global Investments LLC (“Nuveen”), established a joint venture for the purpose of acquiring manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The terms of the joint venture are set forth in a Limited Liability Company Agreement dated as of December 8, 2021 (the “LLC Agreement”) entered into between a wholly owned subsidiary of the Company and an affiliate of Nuveen. The LLC Agreement provides for the parties to initially fund up to $ 70 24 100 four years 60 40 On December 22, 2021, the Company, through its joint venture with Nuveen Real Estate, closed on the acquisition of a newly developed all-age, manufactured home community located in Sebring, Florida for a total purchase price of $ 22.2 219 39 The Company accounts for this joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, “Investments – Equity Method and Joint Ventures”. |
LOANS AND MORTGAGES PAYABLE AND
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS | NOTE 6 – LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS Unsecured Line of Credit On November 29, 2018, the Company entered into a First Amendment to Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent 50 75 50 125 Availability under the Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. On February 5, 2021, the Company entered into a Second Amendment to Amended and Restated Credit Agreement with BMO to further reduce the capitalization rate from 7.0% to 6.5%. 25 2.62 Loans Payable The following is a summary of our loans payable as of June 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF LOANS PAYABLE 6/30/2022 12/31/2021 Amount Rate Amount Rate Unsecured line of credit $ 25,000 2.62 % $ 25,000 1.60 % Floorplan inventory financing 22,438 4.85 % 10,945 4.38 % FirstBank rental home financing 5,000 3.50 % 5,000 3.50 % OceanFirst notes receivable financing 6,000 4.00 % 6,000 3.25 % Total Loans Payable 58,438 3.69 % 46,945 2.66 % Unamortized debt issuance costs (63 ) (188 ) Loans Payable, net of unamortized debt issuance costs $ 58,375 3.70 % $ 46,757 2.67 % Series A Bonds On February 6, 2022, the Company issued $ 102.7 4.72 98.7 4.72 February 28, 2027 1.25 Under the Deed of Trust, the Company has the right to redeem the 2027 Bonds, in whole or in part, at any time on or after 60 days from February 9, 2022, the date on which the 2027 Bonds were listed for trading on the Tel Aviv Stock Exchange (the “TASE”). Any such voluntary early redemption by the Company will require payment of the applicable early redemption amount calculated in accordance with the Deed of Trust. Upon the occurrence of an event of default or certain other events, including a delisting of the 2027 Bonds by the TASE, the Company may be required to affect an early repayment or redemption of all or a portion of the 2027 Bonds at their par value plus accrued and unpaid interest. The Deed of Trust permits the Company, subject to certain conditions, to issue additional 2027 Bonds without obtaining approval of the holders of the 2027 Bonds. The 2027 Bonds are general unsecured obligations of the Company and rank equal in right of payment with all of the Company’s existing and future unsecured indebtedness. The Deed of Trust includes certain customary covenants, including financial covenants requiring the Company to maintain certain ratios of debt to net operating income, to shareholders equity and to earnings, and customary events of default. The 2027 Bonds were offered solely to investors outside the United States and were not offered to, or for the account or benefit of, U.S. Persons (as defined in Regulation S under the Securities Act of 1933). Mortgages Payable The following is a summary of our mortgages payable as of June 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 6/30/2022 12/31/2021 Amount Rate Amount Rate Fixed rate mortgages $ 473,559 3.77 % $ 456,702 3.75 % Unamortized debt issuance costs (4,748 ) (4,135 ) Mortgages Payable, net of unamortized debt issuance costs $ 468,811 3.81 % $ 452,567 3.79 % In August 2020, the Company financed 28 of its previously unencumbered communities, containing approximately 4,100 sites, under a Federal National Mortgage Association (“Fannie Mae”) credit facility through Wells Fargo Bank, N.A. for total proceeds of approximately $ 106 1,100 25.6 4.25 As of June 30, 2022 and December 31, 2021, the weighted average loan maturity of mortgages payable was 4.9 5.2 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 7 - SHAREHOLDERS’ EQUITY Common Stock On February 8, 2022, the Company’s common stock was approved for listing on the TASE. Trading of the common stock on the TASE began on February 9, 2022. The Company’s common stock continues to be listed on the NYSE. On June 15, 2022, the Company paid total cash dividends of $ 10.9 0.20 605,000 0.20 September 15, 2022 August 15, 2022 During the six months ended June 30, 2022, the Company received, including dividends reinvested of $ 1.5 3.0 150,000 On January 12, 2022, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorizes us to repurchase up to $ 25 Common Stock At-The-Market Sales Programs On August 16, 2021, the Company entered into an Equity Distribution Agreement (the “2021 Common ATM Program”) with BMO Capital Markets Corp., J.P. Morgan Securities LLC, B. Riley Securities, Inc., Compass Point Research & Trading, LLC, and Janney Montgomery Scott LLC, as distribution agents (the “Distribution Agents”) under which the Company was permitted to offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $ 100 300,000 26.82 8.0 7.9 On March 7, 2022, the Company entered into a new Equity Distribution Agreement (the “2022 Common ATM Program”) with the Distribution Agents under which the Company may offer and sell shares of the Company’s Common Stock, having an aggregate sales price of up to $ 150 2.1 23.94 51.3 50.3 98.7 6.75% Series C Cumulative Redeemable Preferred Stock On June 15, 2022, the Company paid $ 4.2 0.421875 6.75 25.00 1.6875 On June 16, 2022, the Company issued a notice of redemption for its Series C Preferred Stock, pursuant to which all 9.9 million issued and outstanding shares of Series C Preferred Stock were redeemed on July 26, 2022 (the “Redemption Date”) at a redemption price equal to the $ 25.00 per share liquidation preference of the Series C Preferred Stock plus accrued and unpaid dividends to, but not including, the Redemption Date in an amount of $ 0.2578 per share, for a total payment of $ 25.2578 per share (the “Redemption Price”). As a result of our redemption notice, the Company recognized a preferred share redemption charge of approximately $ 8.2 million for the six months ended June 30, 2022, related to the original issuance costs. As of June 30, 2022, as a result of the redemption notice, the Series C Preferred Stock was reclassified out of Shareholders’ Equity and recorded as a liability on the Company’s Consolidated Balance Sheet. See Note 12 for additional detail. 6.375% Series D Cumulative Redeemable Preferred Stock On June 15, 2022, the Company paid $ 3.4 0.3984375 6.375 25.00 1.59375 On July 1, 2022, the Company declared a dividend of $ 0.3984375 September 15, 2022 August 15, 2022 |
STOCK BASED COMPENSATION
STOCK BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Compensation Related Costs [Abstract] | |
STOCK BASED COMPENSATION | NOTE 8 – STOCK BASED COMPENSATION 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 costs 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 of $ 1.1 2.3 774,000 1.5 On January 12, 2022, the Company awarded a total of 25,000 613,000 5 On January 12, 2022, the Company awarded a total of 5,508 135,000 On March 23, 2022, the Company awarded a total of 5,598 135,000 On March 25, 2022, the Company awarded a total of 78,000 1.9 5 On March 28, 2022, the Company granted options to purchase 470,800 2.1 five years On June 15, 2022, the Company awarded a total of 3,933 68,000 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 during the six months ended June 30, 2022: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 Dividend yield 3.51 % Expected volatility 24.79 % Risk-free interest rate 2.48 % Expected lives 10 Estimated forfeitures 0 During the six months ended June 30, 2022, fourteen participants exercised options to purchase a total of 304,160 10.56 3.2 3.2 As of June 30, 2022, there were options outstanding to purchase 3.5 12.3 1.8 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 9 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at June 30, 2022 and December 31, 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2022: Marketable Securities - Preferred stock $ 912 $ 912 $ 0 $ 0 Marketable Securities - Common stock 46,020 46,020 0 0 Total $ 46,932 $ 46,932 $ 0 $ 0 As of December 31, 2021: Marketable Securities - Preferred stock $ 1,740 $ 1,740 $ 0 $ 0 Marketable Securities - Common stock 112,008 112,008 0 0 Total $ 113,748 $ 113,748 $ 0 $ 0 In addition to the Company’s investment in marketable securities 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 marketable securities 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 receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate loans payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of June 30, 2022, the estimated fair value of fixed rate mortgages payable amounted to $ 460.9 473.6 |
CONTINGENCIES, COMMITMENTS AND
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS | NOTE 10 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation will have a material adverse effect on the financial position or results of operations. The Company has an agreement with 21st Mortgage Corporation (“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 95 1.1 55 100 1.3 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 $ 51.0 The Company and one of its subsidiaries are parties to a Limited Liability Company Agreement dated as of December 8, 2021 with an affiliate of Nuveen Real Estate, which governs the joint venture formed between the Company and Nuveen Real Estate. The LLC Agreement provides for the parties to initially fund up to $ 70 24 100 four years 40 60 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 11 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the six months ended June 30, 2022 and 2021 was $ 11.7 10.1 712,000 693,000 During the six months ended June 30, 2022 and 2021, the Company had Dividend Reinvestments of $ 1.5 1.8 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12– SUBSEQUENT EVENTS Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. On July 14, 2022, the Company acquired Hidden Creek, located in Erie, Michigan, for approximately $ 21.1 351 88 63 On July 26, 2022, pursuant to its June 16, 2022 notice of redemption, the Company redeemed all 9.9 6.75 25.00 0.2578 25.2578 249.6 In conjunction with the Series C Preferred Stock redemption, on July 22, 2022, the Company drew down $ 50 In July 2022, the Company invested $ 8 |
PROFORMA FINANCIAL INFORMATION
PROFORMA FINANCIAL INFORMATION (UNAUDITED) | 6 Months Ended |
Jun. 30, 2022 | |
Proforma Financial Information | |
PROFORMA FINANCIAL INFORMATION (UNAUDITED) | NOTE 13 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2021 and through July 2022. 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 this period assuming that the acquisitions had occurred as of the first day of the applicable period, 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 (in thousands) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 6/30/22 6/30/21 6/30/22 6/30/21 Three Months Ended Six months Ended 6/30/22 6/30/21 6/30/22 6/30/21 Rental and Related Income $ 42,507 $ 39,972 $ 84,554 $ 79,408 Community Operating Expenses 19,045 17,345 37,321 34,844 Net Income (Loss) Attributable to Common Shareholders (22,573 ) 8,283 (27,007 ) 14,983 Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.42 ) $ 0.18 $ (0.51 ) $ 0.34 |
ORGANIZATION AND ACCOUNTING P_2
ORGANIZATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates In preparing the consolidated financial statements in accordance with 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, accounting for land development, reserves and accruals, and stock compensation expense. Actual results could differ from these estimates and assumptions. |
Reclassifications | Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. |
Investment in Joint Venture | Investment in Joint Venture The Company accounts for its investment in its joint venture with Nuveen Real Estate under the equity method of accounting in accordance with ASC 323, Investments – Equity Method and Joint Ventures. The Company has the ability to exercise significant influence, but not control, over the operating and financial decisions of the joint venture. Under the equity method of accounting, the cost of an investment is adjusted for the Company’s share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss is allocated in accordance with the provisions of the operating agreement. The carrying value of the investment in the joint venture is reviewed for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance, and other economic trends are among the factors that are considered in evaluation of the existence of impairment indicators (See Note 5). |
Leases | Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of June 30, 2022, the right-of-use assets and corresponding lease liabilities of $ 3.4 Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 207 2023 391 2024 391 2025 391 2026 391 Thereafter 19,123 Total Lease Payments $ 20,894 The weighted average remaining lease term for these leases is 164.8 5 |
Restricted Cash | Restricted Cash The Company’s restricted cash consists of amounts primarily held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. Restricted cash is included in prepaid expenses and other assets on the consolidated balance sheets. The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6/30/22 12/31/21 6/30/21 12/31/20 Cash and Cash Equivalents $ 275,807 $ 116,175 $ 90,096 $ 15,336 Restricted Cash 9,206 8,851 12,163 13,257 Cash, Cash Equivalents And Restricted Cash $ 285,013 $ 125,026 $ 102,259 $ 28,593 |
Revenue | Revenue On January 1, 2018, the Company adopted ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 842 “Leases.” The non-lease components of our lease agreements consist primarily of utility reimbursements, which are accounted for with the site lease as a single lease under ASC 842. Revenue from sales of manufactured homes is recognized in accordance with the core principle of ASC 606, at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we generally have no remaining performance obligation. Interest income is primarily from notes receivables for the previous sales of manufactured homes. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Dividend income and gain (loss) on sales of marketable securities are from our investments in marketable securities and are presented separately but are not in the scope of ASC 606. Other income primarily consists of brokerage commissions for arranging for the sale of a home by a third party and other miscellaneous income. This income is recognized when the transactions are completed and our performance obligations have been fulfilled. |
Notes Receivables | Notes Receivables On January 1, 2020, the Company adopted 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. As of June 30, 2022 and 2021, the Company had notes receivable of $ 56.1 48.2 1.1 1.0 |
Other Recent Accounting Pronouncements | Other Recent Accounting Pronouncements 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. |
ORGANIZATION AND ACCOUNTING P_3
ORGANIZATION AND ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2022 $ 207 2023 391 2024 391 2025 391 2026 391 Thereafter 19,123 Total Lease Payments $ 20,894 |
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH | The following table reconciles beginning of period and end of period balances of cash, cash equivalents and restricted cash for the periods shown (in thousands) SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH 6/30/22 12/31/21 6/30/21 12/31/20 Cash and Cash Equivalents $ 275,807 $ 116,175 $ 90,096 $ 15,336 Restricted Cash 9,206 8,851 12,163 13,257 Cash, Cash Equivalents And Restricted Cash $ 285,013 $ 125,026 $ 102,259 $ 28,593 |
INVESTMENT PROPERTY AND EQUIP_2
INVESTMENT PROPERTY AND EQUIPMENT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate [Abstract] | |
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED | SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Date Assets Acquired: Land $ 3,431 Depreciable Property 13,875 Total Assets Acquired $ 17,306 |
LOANS AND MORTGAGES PAYABLE A_2
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF LOANS PAYABLE | The following is a summary of our loans payable as of June 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF LOANS PAYABLE 6/30/2022 12/31/2021 Amount Rate Amount Rate Unsecured line of credit $ 25,000 2.62 % $ 25,000 1.60 % Floorplan inventory financing 22,438 4.85 % 10,945 4.38 % FirstBank rental home financing 5,000 3.50 % 5,000 3.50 % OceanFirst notes receivable financing 6,000 4.00 % 6,000 3.25 % Total Loans Payable 58,438 3.69 % 46,945 2.66 % Unamortized debt issuance costs (63 ) (188 ) Loans Payable, net of unamortized debt issuance costs $ 58,375 3.70 % $ 46,757 2.67 % |
SCHEDULE OF MORTGAGES PAYABLE | The following is a summary of our mortgages payable as of June 30, 2022 and December 31, 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE 6/30/2022 12/31/2021 Amount Rate Amount Rate Fixed rate mortgages $ 473,559 3.77 % $ 456,702 3.75 % Unamortized debt issuance costs (4,748 ) (4,135 ) Mortgages Payable, net of unamortized debt issuance costs $ 468,811 3.81 % $ 452,567 3.79 % |
STOCK BASED COMPENSATION (Table
STOCK BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
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 during the six months ended June 30, 2022: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 Dividend yield 3.51 % Expected volatility 24.79 % Risk-free interest rate 2.48 % Expected lives 10 Estimated forfeitures 0 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS | In accordance with ASC 820-10, “Fair Value Measurements and Disclosures,” the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at June 30, 2022 and December 31, 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices In Active Significant Markets for Other Significant Identical Observable Unobservable Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of June 30, 2022: Marketable Securities - Preferred stock $ 912 $ 912 $ 0 $ 0 Marketable Securities - Common stock 46,020 46,020 0 0 Total $ 46,932 $ 46,932 $ 0 $ 0 As of December 31, 2021: Marketable Securities - Preferred stock $ 1,740 $ 1,740 $ 0 $ 0 Marketable Securities - Common stock 112,008 112,008 0 0 Total $ 113,748 $ 113,748 $ 0 $ 0 |
PROFORMA FINANCIAL INFORMATIO_2
PROFORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Proforma Financial Information | |
SUMMARY OF PRO FORMA FINANCIAL INFORMATION | The following unaudited pro forma condensed financial information reflects the acquisitions during 2021 and through July 2022. 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 this period assuming that the acquisitions had occurred as of the first day of the applicable period, 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 (in thousands) SUMMARY OF PRO FORMA FINANCIAL INFORMATION 6/30/22 6/30/21 6/30/22 6/30/21 Three Months Ended Six months Ended 6/30/22 6/30/21 6/30/22 6/30/21 Rental and Related Income $ 42,507 $ 39,972 $ 84,554 $ 79,408 Community Operating Expenses 19,045 17,345 37,321 34,844 Net Income (Loss) Attributable to Common Shareholders (22,573 ) 8,283 (27,007 ) 14,983 Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted $ (0.42 ) $ 0.18 $ (0.51 ) $ 0.34 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Accounting Policies [Abstract] | |
2022 | $ 207 |
2023 | 391 |
2024 | 391 |
2025 | 391 |
2026 | 391 |
Thereafter | 19,123 |
Total Lease Payments | $ 20,894 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 275,807 | $ 116,175 | $ 90,096 | $ 15,336 |
Restricted Cash | 9,206 | 8,851 | 12,163 | 13,257 |
Cash, Cash Equivalents And Restricted Cash | $ 285,013 | $ 125,026 | $ 102,259 | $ 28,593 |
ORGANIZATION AND ACCOUNTING P_4
ORGANIZATION AND ACCOUNTING POLICIES (Details Narrative) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 USD ($) Integer | Jun. 30, 2021 USD ($) | |
Operating lease liability | $ 3.4 | |
Right-of-use asset | $ 3.4 | |
Weighted average remaining lease term | 164 years 9 months 18 days | |
Operating lease, weighted average discount rate, percent | 5% | |
Notes receivable | $ 56.1 | $ 48.2 |
Fair value adjustment of notes receivable | $ 1.1 | $ 1 |
Real Estate Investment Trusts [Member] | ||
Number of operates manufacture home communities | Integer | 130 | |
Number of developed home sites own and operates | Integer | 24,400 | |
Maximum percentage of undepreciated assets | 15% |
NET INCOME (LOSS) PER SHARE (De
NET INCOME (LOSS) PER SHARE (Details Narrative) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Option Indexed to Issuer's Equity [Line Items] | ||||
Antidilutive securities included from computation of earnings per share, amount | 1,200,000 | 952,000 | ||
Share-Based Payment Arrangement, Option [Member] | ||||
Option Indexed to Issuer's Equity [Line Items] | ||||
Options to purchase of common stock | 3,500,000 | 2,800,000 | 3,500,000 | 2,800,000 |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Real Estate [Abstract] | |
Land | $ 3,431 |
Depreciable Property | 13,875 |
Total Assets Acquired | $ 17,306 |
INVESTMENT PROPERTY AND EQUIP_3
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative) | 6 Months Ended | ||||
May 25, 2022 USD ($) a Integer | May 03, 2022 USD ($) a Integer | Mar. 31, 2022 USD ($) a Integer | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Purchase price of acquired entity | $ 17,306,000 | $ 18,926,000 | |||
Transaction costs | 253,000 | ||||
Land Development [Member] | |||||
Salaries and benefits | $ 1,600,000 | ||||
Center Manor [Member] | Monaca, Pennsylvania [Member] | |||||
Purchase price of acquired entity | $ 5,800,000 | ||||
Number of property sites | Integer | 96 | ||||
Area of land | a | 18 | ||||
Percentage of average occupancy | 83% | ||||
Mandell Trails [Member] | Butler Pennsylvania [Member] | |||||
Purchase price of acquired entity | $ 7,400,000 | ||||
Number of property sites | Integer | 132 | ||||
Area of land | a | 65 | ||||
Percentage of average occupancy | 70% | ||||
La Vista Estates [Member] | Dothan Alabama [Member] | |||||
Purchase price of acquired entity | $ 3,900,000 | ||||
Number of property sites | Integer | 139 | ||||
Area of land | a | 36 | ||||
Percentage of average occupancy | 6% |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 28, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Available marketable securities | $ 46.9 | $ 46.9 | ||
Percentage of undepreciated assets | 2.70% | |||
Increase (decrease) in fair value of marketable securities | $ 10 | $ 41.8 | ||
Monmouth Real Estate Investment Corporation [Member] | ||||
Consideration amount | $ 55.7 | |||
Real Estate Investment Trusts [Member] | ||||
Percentage of undepreciated assets maximum | 15% | |||
Unrealized losses | $ 56.1 | |||
Monmouth Real Estate Investment Corporation [Member] | ||||
Number of shares owned in affiliate company | 2.7 | |||
Percentage of shares owned in affiliate company | 2.70% | |||
Share price | $ 21 | |||
Number of shares merger consideration | 2.7 | |||
Merger related costs | $ 25 | |||
Equity Securities, FV-NI, Gain (Loss) | $ 30.7 |
INVESTMENT IN JOINT VENTURE (De
INVESTMENT IN JOINT VENTURE (Details Narrative) $ in Millions | Dec. 22, 2021 USD ($) a Integer | Dec. 08, 2021 USD ($) |
Committed capital percent by related party | 40% | |
Nuveen Global Investments LLC [Member] | ||
Payments to acquire productive assets | $ 22.2 | |
Number of developed homesites | Integer | 219 | |
Area of land | a | 39 | |
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | ||
Initial total commitments | $ 70 | |
Initial commitment period for acquisitions | 24 months | |
Additional increase in total commitmnets | $ 100 | |
Extention for commitment period | 4 years | |
Committed capital percent by related party | 60% |
SCHEDULE OF LOANS PAYABLE (Deta
SCHEDULE OF LOANS PAYABLE (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 58,438 | $ 46,945 |
Debt instrument, interest rate | 3.69% | 2.66% |
Unamortized debt issuance costs | $ (63) | $ (188) |
Loans Payable, net of unamortized debt issuance costs | $ 58,375 | $ 46,757 |
Loans payable, net of unamortized debt issuance costs percentage | 3.70% | 2.67% |
Unsecured Line of Credit [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 25,000 | $ 25,000 |
Debt instrument, interest rate | 2.62% | 1.60% |
Floorplan Inventory Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 22,438 | $ 10,945 |
Debt instrument, interest rate | 4.85% | 4.38% |
FirstBank Rental Home Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 5,000 | $ 5,000 |
Debt instrument, interest rate | 3.50% | 3.50% |
OceanFirst Notes Receivable Financing [Member] | ||
Short-Term Debt [Line Items] | ||
Total Loans Payable | $ 6,000 | $ 6,000 |
Debt instrument, interest rate | 4% | 3.25% |
SCHEDULE OF MORTGAGES PAYABLE (
SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
Fixed rate mortgages | $ 473,559 | $ 456,702 |
Mortgages percentage | 3.77% | 3.75% |
Unamortized debt issuance costs | $ (4,748) | $ (4,135) |
Mortgages, net of unamortized debt issuance costs | $ 468,811 | $ 452,567 |
Mortgages, net of unamortized debt issuance costs percentage | 3.81% | 3.79% |
LOANS AND MORTGAGES PAYABLE A_3
LOANS AND MORTGAGES PAYABLE AND OTHER LONG-TERM INDEBTEDNESS (Details Narrative) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Mar. 15, 2022 USD ($) Integer | Feb. 06, 2022 USD ($) | Nov. 29, 2018 USD ($) | Aug. 31, 2020 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 | Nov. 28, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||||
Line of credit facility, description | Availability under the Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%. On February 5, 2021, the Company entered into a Second Amendment to Amended and Restated Credit Agreement with BMO to further reduce the capitalization rate from 7.0% to 6.5%. | ||||||
Line of credit, interest rate | 3.69% | 2.66% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.77% | 3.75% | |||||
Weighted average loan maturity | 4 years 10 months 24 days | 5 years 2 months 12 days | |||||
Federal National Mortgage Association Mortgages [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Proceeds from lines of credit | $ 25.6 | $ 106 | |||||
Number of developed homesites | Integer | 1,100 | ||||||
Line of Credit Facility, Interest Rate at Period End | 4.25% | ||||||
Series A Bonds [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Sale of stock, number of shares issued in transaction, amount | $ 102.7 | ||||||
Sale of Stock, Percentage of Ownership after Transaction | 4.72% | ||||||
Sale of Stock, Consideration Received Per Transaction | $ 98.7 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.72% | ||||||
Debt Instrument, Maturity Date | Feb. 28, 2027 | ||||||
Series A Bonds [Member] | Maximum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 1.25% | ||||||
Unsecured Line of Credit [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit, outstanding | $ 25 | ||||||
Line of credit, interest rate | 2.62% | 1.60% | |||||
Unsecured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Line of credit facility, borrowing capacity, description | The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent | ||||||
Line of credit facility, borrowing capacity | $ 75 | $ 50 | |||||
Line of credit accordion feature | 50 | ||||||
Line of credit facility, maximum borrowing capacity | $ 125 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||
Jul. 26, 2022 | Jul. 01, 2022 | Jun. 15, 2022 | Mar. 07, 2022 | Jan. 12, 2022 | Aug. 16, 2021 | Jan. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Jun. 15, 2021 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends paid | $ 10,900,000 | |||||||||||
Dividend paid price per share | $ 0.20 | |||||||||||
Proceed from dividend reinvestment and stock purchase plan (DRIP) | $ 1,500,000 | $ 1,800,000 | ||||||||||
Preferred Stock, Redemption Amount | $ 247,100,000 | 247,100,000 | $ 0 | |||||||||
Common Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Proceed from dividend reinvestment and stock purchase plan (DRIP) | 3,000,000 | |||||||||||
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | Maximum [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Net proceeds from sale of equity after offering expenses | $ 150,000,000 | $ 100,000,000 | ||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividend paid price per share | $ 0.20 | |||||||||||
Dividend payable date of record | Sep. 15, 2022 | |||||||||||
Divided date of record | Aug. 15, 2022 | |||||||||||
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends paid | $ 4,200,000 | |||||||||||
Dividend paid price per share | $ 0.421875 | |||||||||||
Dividend rate declared | 6.75% | |||||||||||
Liquidation preference, per share | $ 25 | |||||||||||
Annual rate of dividend | $ 1.6875 | |||||||||||
Preferred Stock, Redemption Amount | 8,200,000 | 8,200,000 | ||||||||||
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividend paid price per share | $ 0.2578 | |||||||||||
Liquidation preference, per share | $ 25 | |||||||||||
Preferred stock redemption shares | 9,900,000 | |||||||||||
Preferred Stock, Redemption Price Per Share | $ 25.2578 | |||||||||||
Preferred Stock, Redemption Amount | $ 249,600,000 | |||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Dividends paid | $ 3,400,000 | |||||||||||
Dividend paid price per share | $ 0.3984375 | |||||||||||
Dividend rate declared | 6.375% | |||||||||||
Liquidation preference, per share | $ 25 | |||||||||||
Annual rate of dividend | $ 1.59375 | |||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Divided date of record | Aug. 15, 2022 | |||||||||||
Dividend paid price per share | $ 0.3984375 | |||||||||||
Dividend payable date | Sep. 15, 2022 | |||||||||||
Stock Purchase Plan [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Reinvestment of dividend | $ 605,000 | $ 1,500,000 | ||||||||||
DRIP [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Shares issued during the period | 150,000 | |||||||||||
Common Stock Repurchase Program [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Authorized Stock Repurchase, value | $ 25,000,000 | |||||||||||
New Common ATM Program [Member] | 2020 Registration Statement [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Net proceeds from sale of equity after offering expenses | $ 7,900,000 | |||||||||||
Number of shares issued in transaction | 300,000 | |||||||||||
Sale of Stock, Price Per Share | $ 26.82 | |||||||||||
Gross proceeds from sale of equity | $ 8,000,000 | |||||||||||
2022 Common ATM Program [Member] | 2022 Distribution Agents [Member] | ||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||
Net proceeds from sale of equity after offering expenses | $ 50,300,000 | |||||||||||
Number of shares issued in transaction | 2,100,000 | |||||||||||
Sale of Stock, Price Per Share | $ 23.94 | $ 23.94 | ||||||||||
Gross proceeds from sale of equity | $ 51,300,000 | |||||||||||
Common stock available for sale value | $ 98,700,000 | $ 98,700,000 |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Compensation Related Costs [Abstract] | |
Dividend yield | 3.51% |
Expected volatility | 24.79% |
Risk-free interest rate | 2.48% |
Expected lives | 10 years |
Estimated forfeitures | $ 0 |
STOCK BASED COMPENSATION (Detai
STOCK BASED COMPENSATION (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||||||||
Jun. 15, 2022 | Mar. 28, 2022 | Mar. 25, 2022 | Mar. 23, 2022 | Jan. 12, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Compensation costs | $ 1,100,000 | $ 774,000 | $ 2,300,000 | $ 1,500,000 | |||||||
Number of restricted stock award, value | 0 | $ 0 | $ 0 | ||||||||
Common stock issued through stock options | $ 2,220,000 | $ 993,000 | $ 4,723,000 | $ 2,588,000 | |||||||
Options outstanding | 3,500,000 | 3,500,000 | |||||||||
Aggregate intrinsic value | $ 12,300,000 | $ 12,300,000 | |||||||||
Number of shares available for grant | 1,800,000 | 1,800,000 | |||||||||
Five Employees [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Number of restricted stock award | 25,000 | ||||||||||
Number of restricted stock award, value | $ 613,000 | ||||||||||
Grants vest term | 5 years | ||||||||||
Nine Members of Board of Directors [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Number of common stock award | 3,933 | 5,598 | 5,508 | ||||||||
Fair value of grant options | $ 68,000 | $ 135,000 | $ 135,000 | ||||||||
Two Employees [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Number of restricted stock award | 78,000 | ||||||||||
Number of restricted stock award, value | $ 1,900,000 | ||||||||||
Grants vest term | 5 years | ||||||||||
Forty-Five Participants [Member] | Stock Options [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Grants vest term | 5 years | ||||||||||
Fair value of grant options | $ 2,100,000 | ||||||||||
Option to purchase common stock | 470,800 | ||||||||||
Fourteen Participants [Member] | Stock Options [Member] | |||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||
Common stock issued through stock options, shares | 304,160 | ||||||||||
Weighted-average exercise price | $ 10.56 | ||||||||||
Common stock issued through stock options | $ 3,200,000 | ||||||||||
Aggregate intrinsic value of options exercised | $ 3,200,000 |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 46,932 | $ 113,748 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 46,932 | 113,748 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 46,932 | 113,748 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 912 | 1,740 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 912 | 1,740 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 46,020 | 112,008 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 46,020 | 112,008 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 0 | 0 |
Common Stock [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions | Jun. 30, 2022 USD ($) |
Fair Value Disclosures [Abstract] | |
Estimate fair value of fixed rate mortgages payable | $ 460.9 |
Carrying value of fixed rate mortgages payable | $ 473.6 |
CONTINGENCIES, COMMITMENTS AN_2
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS (Details Narrative) - USD ($) $ in Millions | 6 Months Ended | |
Dec. 08, 2021 | Jun. 30, 2022 | |
Loss Contingencies [Line Items] | ||
Committed capital percent by related party | 40% | |
21st Mortgage Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Investment owned balance, principal amount | $ 1.1 | |
Investment owned, balance | 1.3 | |
Notes and other receivables | $ 51 | |
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Initial total commitments | $ 70 | |
Initial commitment period for acquisitions | 24 months | |
Additional increase in total commitmnets | $ 100 | |
Extention for commitment period | 4 years | |
Committed capital percent by related party | 60% | |
Minimum [Member] | 21st Mortgage Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Range of purchase price repossessed | 80% | |
Minimum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member] | ||
Loss Contingencies [Line Items] | ||
Range of purchase price repossessed | 55% | |
Maximum [Member] | 21st Mortgage Corporation [Member] | ||
Loss Contingencies [Line Items] | ||
Range of purchase price repossessed | 95% | |
Maximum [Member] | 21st Mortgage Corporation [Member] | Purchase Price [Member] | ||
Loss Contingencies [Line Items] | ||
Range of purchase price repossessed | 100% |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 11,700,000 | $ 10,100,000 |
Interest cost capitalized to land development | 712,000 | 693,000 |
Reinvestment of dividends | $ 1,500,000 | $ 1,800,000 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, $ in Thousands, shares in Millions | 1 Months Ended | 6 Months Ended | |||||||
Jul. 26, 2022 USD ($) $ / shares shares | Jul. 14, 2022 USD ($) a Integer | Jun. 15, 2022 $ / shares | Jul. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jul. 22, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jun. 15, 2021 $ / shares | |
Payments to Acquire Real Estate | $ 17,306 | $ 18,926 | |||||||
Preferred Stock, Redemption Amount | 247,100 | $ 0 | |||||||
UMH OZ Fund, LLC [Member] | |||||||||
Payment for investments | $ 8,000 | ||||||||
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | $ 0.421875 | ||||||||
Preferred Stock, Redemption Amount | $ 8,200 | ||||||||
Subsequent Event [Member] | Series C Preferred Stock [Member] | |||||||||
Credit facility drawdown | $ 50,000 | ||||||||
Subsequent Event [Member] | 6.75% Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||
Preferred stock redemption shares | shares | 9.9 | ||||||||
Sale of Stock, Percentage of Ownership after Transaction | 6.75% | ||||||||
Preferred Stock, Liquidation Preference Per Share | $ / shares | $ 25 | ||||||||
Preferred Stock, Dividends Per Share, Declared | $ / shares | 0.2578 | ||||||||
Preferred Stock, Redemption Price Per Share | $ / shares | $ 25.2578 | ||||||||
Preferred Stock, Redemption Amount | $ 249,600 | ||||||||
Subsequent Event [Member] | Hidden Creek [Member] | Erie, Michigan [Member] | |||||||||
Payments to Acquire Real Estate | $ 21,100 | ||||||||
Number of developed homesites | Integer | 351 | ||||||||
Area of Land | a | 88 | ||||||||
Percentage of average occupancy | 63% |
SUMMARY OF PRO FORMA FINANCIAL
SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Proforma Financial Information | ||||
Rental and Related Income | $ 42,507 | $ 39,972 | $ 84,554 | $ 79,408 |
Community Operating Expenses | 19,045 | 17,345 | 37,321 | 34,844 |
Net Income (Loss) Attributable to Common Shareholders | $ (22,573) | $ 8,283 | $ (27,007) | $ 14,983 |
Net Income (Loss) Attributable to Common Shareholders Per Share – Basic and Diluted | $ (0.42) | $ 0.18 | $ (0.51) | $ 0.34 |