Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 27, 2023 | Jun. 30, 2022 | |
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Period Focus | FY | ||
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 | 3499 Route 9 | ||
Entity Address, Address Line Two | Suite 3C | ||
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 Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 900.7 | ||
Entity Common Stock, Shares Outstanding | 59,641,288 | ||
Documents Incorporated by Reference [Text Block] | Part III incorporates certain information by reference from the Registrant’s definitive proxy statement for the 2023 annual meeting of shareholders, which will be filed no later than 120 days after the close of the Registrant’s fiscal year ended December 31, 2022. | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 127 | ||
Auditor Name | PKF O’Connor Davies, LLP | ||
Auditor Location | New York, New York | ||
Common Stock, $.10 par value [Member] | |||
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 [Member] | |||
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Investment Property and Equipment | ||
Land | $ 86,619 | $ 74,963 |
Site and Land Improvements | 846,218 | 716,211 |
Buildings and Improvements | 35,933 | 30,450 |
Rental Homes and Accessories | 422,818 | 383,467 |
Total Investment Property | 1,391,588 | 1,205,091 |
Equipment and Vehicles | 26,721 | 24,437 |
Total Investment Property and Equipment | 1,418,309 | 1,229,528 |
Accumulated Depreciation | (363,098) | (316,073) |
Net Investment Property and Equipment | 1,055,211 | 913,455 |
Other Assets | ||
Cash and Cash Equivalents | 29,785 | 116,175 |
Marketable Securities at Fair Value | 42,178 | 113,748 |
Inventory of Manufactured Homes | 88,468 | 23,659 |
Notes and Other Receivables, net | 67,271 | 55,359 |
Prepaid Expenses and Other Assets | 20,011 | 17,135 |
Land Development Costs | 23,250 | 22,352 |
Investment in Joint Venture | 18,422 | 8,937 |
Total Other Assets | 289,385 | 357,365 |
TOTAL ASSETS | 1,344,596 | 1,270,820 |
LIABILITIES: | ||
Mortgages Payable, net of unamortized debt issuance costs | 508,938 | 452,567 |
Other Liabilities: | ||
Accounts Payable | 6,387 | 4,274 |
Loans Payable, net of unamortized debt issuance costs | 153,531 | 46,757 |
Series A Bonds, net of unamortized debt issuance costs | 99,207 | 0 |
Accrued Liabilities and Deposits | 16,852 | 17,162 |
Tenant Security Deposits | 8,485 | 7,920 |
Total Other Liabilities | 284,462 | 76,113 |
Total Liabilities | 793,400 | 528,680 |
Commitments and Contingencies | ||
Shareholders’ Equity: | ||
Series C – 6.75% Cumulative Redeemable Preferred Stock, $0.10 par value per share, 3,866 and 13,750 shares authorized as of December 31, 2022 and 2021, respectively; 9,884 shares issued and outstanding as of December 31, 2021 | 0 | 247,100 |
Series D – 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 9,300 shares authorized; 9,015 and 8,609 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 225,379 | 215,219 |
Common Stock - $0.10 par value per share, 154,048 and 144,164 shares authorized as of December 31, 2022 and 2021, respectively; 57,595 and 51,651 shares issued and outstanding as of December 31, 2022 and 2021, respectively | 5,760 | 5,165 |
Excess Stock - $0.10 par value per share, 3,000 shares authorized; no shares issued or outstanding as of December 31, 2022 and 2021 | 0 | 0 |
Additional Paid-In Capital | 343,189 | 300,020 |
Undistributed Income (Accumulated Deficit) | (25,364) | (25,364) |
Total UMH Properties, Inc. Shareholders’ Equity | 548,964 | 742,140 |
Non-Controlling Interest in Consolidated Subsidiaries | 2,232 | 0 |
Total Shareholders’ Equity | 551,196 | 742,140 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 1,344,596 | $ 1,270,820 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Common stock, par value | $ 0.10 | $ 0.10 |
Common stock, shares authorized | 154,048,469 | 144,164,000 |
Common stock, shares issued | 57,595,000 | 51,651,000 |
Common stock, shares outstanding | 57,595,000 | 51,651,000 |
Excess stock, par value | $ 0.10 | $ 0.10 |
Excess stock, shares authorized | 3,000,000 | 3,000,000 |
Excess stock, shares issued | 0 | 0 |
Excess stock, shares outstanding | 0 | 0 |
Series C Preferred Stock [Member] | ||
Cumulative redeemable preferred stock, percentage | 6.75% | 6.75% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 3,866,000 | 13,750,000 |
Cumulative redeemable preferred stock, shares outstanding | 9,884,000 | |
Series D Preferred Stock [Member] | ||
Cumulative redeemable preferred stock, percentage | 6.375% | 6.375% |
Cumulative redeemable preferred stock, par value | $ 0.10 | $ 0.10 |
Cumulative redeemable preferred stock, shares authorized | 9,300,000 | 9,300,000 |
Cumulative redeemable preferred stock, shares outstanding | 9,015,000 | 8,609,000 |
Cumulative redeemable preferred stock, shares issued | 9,015,000 | 8,609,000 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
INCOME: | |||
Rental and Related Income | $ 170,434 | $ 159,034 | $ 143,344 |
Sales of Manufactured Homes | 25,342 | 27,089 | 20,265 |
Total Income | 195,776 | 186,123 | 163,609 |
EXPENSES: | |||
Community Operating Expenses | 75,660 | 68,046 | 63,175 |
Cost of Sales of Manufactured Homes | 17,562 | 20,091 | 14,417 |
Selling Expenses | 5,282 | 4,807 | 4,941 |
General and Administrative Expenses | 18,979 | 14,095 | 11,056 |
Depreciation Expense | 48,769 | 45,124 | 41,707 |
Total Expenses | 166,252 | 152,163 | 135,296 |
OTHER INCOME (EXPENSE): | |||
Interest Income | 4,085 | 3,362 | 2,917 |
Dividend Income | 2,903 | 5,098 | 5,729 |
Gain on Sales of Marketable Securities, net | 6,394 | 2,342 | 0 |
Increase (Decrease) in Fair Value of Marketable Securities | (21,839) | 25,052 | (14,119) |
Other Income | 1,240 | 626 | 718 |
Loss on Investment in Joint Venture | (671) | (24) | 0 |
Interest Expense | (26,439) | (19,158) | (18,287) |
Total Other Income (Expense) | (34,327) | 17,298 | (23,042) |
Income (Loss) Before Loss on Sales of Investment Property and Equipment | (4,803) | 51,258 | 5,271 |
Loss on Sales of Investment Property and Equipment | (169) | (170) | (216) |
Net Income (Loss) | (4,972) | 51,088 | 5,055 |
Preferred Dividends | (23,221) | (29,839) | (31,943) |
Redemption of Preferred Stock | (8,190) | 0 | (2,871) |
Loss Attributable to Non-Controlling Interest | 118 | 0 | 0 |
Net Income (Loss) Attributable to Common Shareholders | $ (36,265) | $ 21,249 | $ (29,759) |
Net Income (Loss) Attributable to Common Shareholders Per Share | |||
Basic | $ (0.67) | $ 0.46 | $ (0.72) |
Diluted | $ (0.67) | $ 0.45 | $ (0.72) |
Weighted Average Common Shares Outstanding: | |||
Basic | 54,389 | 46,332 | 41,395 |
Diluted | 54,389 | 47,432 | 41,395 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Preferred Stock [Member] Series B Preferred 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] | Non-Controlling Interest in Consolidated Subsidiary [Member] | Total |
Balance, value at Dec. 31, 2019 | $ 4,113 | $ 95,030 | $ 243,750 | $ 66,268 | $ 162,542 | $ (25,364) | $ 0 | $ 546,339 |
Balance, shares at Dec. 31, 2019 | 41,130 | |||||||
Common Stock Issued with the DRIP | $ 72 | 0 | 0 | 0 | 9,082 | 0 | 0 | 9,154 |
Common Stock Issued with the DRIP, shares | 720 | |||||||
Common Stock Issued through Restricted/ Unrestricted Stock Awards | $ 5 | 0 | 0 | 0 | (5) | 0 | 0 | 0 |
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares | 46 | |||||||
Common Stock Issued through Stock Options | $ 6 | 0 | 0 | 0 | 653 | 0 | 0 | 659 |
Common Stock Issued through Stock Options, shares | 63 | |||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 13 | 0 | 0 | 0 | 1,730 | 0 | 0 | 1,743 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 135 | |||||||
Repurchase of Common Stock | $ (17) | 0 | 0 | 0 | (1,813) | 0 | 0 | (1,830) |
Repurchase of Common Stock, shares | (174) | |||||||
Repurchase of Preferred Stock | $ 0 | (13) | 0 | 0 | 1 | 0 | 0 | (12) |
Preferred Stock Issued in connection with At-The-Market Offerings, net | 0 | 0 | 3,350 | 94,586 | (1,795) | 0 | 0 | 96,141 |
Redemption of Preferred Stock | 0 | (95,017) | 0 | 0 | 2,871 | (2,871) | 0 | (95,017) |
Distributions | 0 | 0 | 0 | 0 | (59,567) | (2,184) | 0 | (61,751) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 1,327 | 0 | 0 | 1,327 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | 5,055 | 0 | 5,055 |
Balance, value at Dec. 31, 2020 | $ 4,192 | 0 | 247,100 | 160,854 | 115,026 | (25,364) | 0 | 501,808 |
Balance, shares at Dec. 31, 2020 | 41,920 | |||||||
Common Stock Issued with the DRIP | $ 50 | 0 | 0 | 0 | 9,723 | 0 | 0 | 9,773 |
Common Stock Issued with the DRIP, shares | 503 | |||||||
Common Stock Issued through Restricted/ Unrestricted Stock Awards | $ 30 | 0 | 0 | 0 | (30) | 0 | 0 | 0 |
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares | 297 | |||||||
Common Stock Issued through Stock Options | $ 71 | 0 | 0 | 0 | 8,530 | 0 | 0 | 8,601 |
Common Stock Issued through Stock Options, shares | 710 | |||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 822 | 0 | 0 | 0 | 178,247 | 0 | 0 | 179,069 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 8,221 | |||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 0 | 54,365 | (1,152) | 0 | 0 | 53,213 |
Distributions | 0 | 0 | 0 | 0 | (13,771) | (51,088) | 0 | (64,859) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 3,447 | 0 | 0 | 3,447 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | 51,088 | 0 | 51,088 |
Balance, value at Dec. 31, 2021 | $ 5,165 | 0 | 247,100 | 215,219 | 300,020 | (25,364) | 0 | 742,140 |
Balance, shares at Dec. 31, 2021 | 51,651 | |||||||
Common Stock Issued with the DRIP | $ 44 | 0 | 0 | 0 | 7,764 | 0 | 0 | 7,808 |
Common Stock Issued with the DRIP, shares | 430 | |||||||
Common Stock Issued through Restricted/ Unrestricted Stock Awards | $ 12 | 0 | 0 | 0 | (12) | 0 | 0 | 0 |
Common Stock Issued through Restricted/ Unrestricted Stock Awards, shares | 124 | |||||||
Common Stock Issued through Stock Options | $ 40 | 0 | 0 | 0 | 4,155 | 0 | 0 | 4,195 |
Common Stock Issued through Stock Options, shares | 404 | |||||||
Common Stock Issued in connection with At-The-Market Offerings, net | $ 499 | 0 | 0 | 0 | 100,253 | 0 | 0 | 100,752 |
Common Stock Issued in connection with At-The-Market Offerings, net, shares | 4,986 | |||||||
Preferred Stock Issued in connection with At-The-Market Offerings, net | $ 0 | 0 | 0 | 10,160 | (1,085) | 0 | 0 | 9,075 |
Redemption of Preferred Stock | 0 | 0 | (247,100) | 0 | 8,185 | (8,185) | 0 | (247,100) |
Distributions | 0 | 0 | 0 | 0 | (81,061) | 13,039 | 0 | (68,022) |
Stock Compensation Expense | 0 | 0 | 0 | 0 | 4,970 | 0 | 0 | 4,970 |
Net Income (Loss) | 0 | 0 | 0 | 0 | 0 | (4,854) | (118) | (4,972) |
Investment from Non-Controlling Interest | 0 | 0 | 0 | 0 | 0 | 0 | 2,350 | 2,350 |
Balance, value at Dec. 31, 2022 | $ 5,760 | $ 0 | $ 0 | $ 225,379 | $ 343,189 | $ (25,364) | $ 2,232 | $ 551,196 |
Balance, shares at Dec. 31, 2022 | 57,595 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net Income (Loss) | $ (4,972) | $ 51,088 | $ 5,055 |
Non-cash items included in Net Income (Loss): | |||
Depreciation | 48,769 | 45,124 | 41,707 |
Amortization of Financing Costs | 1,956 | 1,001 | 1,027 |
Stock Compensation Expense | 4,970 | 3,447 | 1,327 |
Provision for Uncollectible Notes and Other Receivables | 1,497 | 1,213 | 1,546 |
Gain on Sales of Marketable Securities, net | (6,394) | (2,342) | 0 |
Decrease (Increase) in Fair Value of Marketable Securities | 21,839 | (25,052) | 14,119 |
Loss on Sales of Investment Property and Equipment | 169 | 170 | 216 |
Changes in Operating Assets and Liabilities: | |||
Inventory of Manufactured Homes | (64,809) | 1,791 | 6,517 |
Notes and Other Receivables, net of notes acquired with acquisitions | (12,740) | (9,957) | (9,965) |
Prepaid Expenses and Other Assets | (636) | (1,557) | (2,058) |
Accounts Payable | 2,113 | (116) | (182) |
Accrued Liabilities and Deposits | (310) | (134) | 6,720 |
Tenant Security Deposits | 565 | 487 | 810 |
Net Cash Provided by (Used in) Operating Activities | (7,983) | 65,163 | 66,839 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of Manufactured Home Communities, net of mortgages assumed | (65,562) | (18,405) | (5,320) |
Purchase of Investment Property and Equipment | (81,112) | (59,270) | (76,761) |
Proceeds from Sales of Investment Property and Equipment | 3,098 | 2,859 | 2,657 |
Additions to Land Development Costs | (27,185) | (27,428) | (23,241) |
Purchase of Marketable Securities | (19) | (18) | (1,105) |
Proceeds from Sales of Marketable Securities | 56,144 | 16,835 | 0 |
Investment in Joint Venture | (9,485) | (8,937) | 0 |
Net Cash Used in Investing Activities | (124,121) | (94,364) | (103,770) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from Mortgages, net of mortgages assumed | 59,801 | 6,070 | 105,984 |
Net Proceeds (Payments) from Short Term Borrowings | 107,280 | (40,448) | 3,309 |
Principal Payments of Mortgages and Loans | (24,294) | (25,618) | (7,115) |
Proceeds from Bond Issuance | 102,670 | 0 | 0 |
Financing Costs on Debt | (6,561) | (167) | (4,737) |
Investments from Non-Controlling Interest | 2,350 | 0 | 0 |
Proceeds from At-The-Market Preferred Equity Program, net of offering costs | 9,075 | 53,213 | 96,141 |
Payments on Redemption of Preferred Stock | (247,100) | 0 | (95,017) |
Proceeds from At-The-Market Common Equity Program, net of offering costs | 100,752 | 179,069 | 1,743 |
Proceeds from Issuance of Common Stock in the DRIP, net of dividend reinvestments | 5,025 | 6,267 | 6,003 |
Repurchase of Preferred Stock, net | 0 | 0 | (12) |
Repurchase of Common Stock, net | 0 | 0 | (1,830) |
Proceeds from Exercise of Stock Options | 4,195 | 8,601 | 659 |
Preferred Dividends Paid | (24,611) | (29,839) | (31,943) |
Common Dividends Paid, net of dividend reinvestments | (40,628) | (31,514) | (26,657) |
Net Cash Provided by Financing Activities | 47,954 | 125,634 | 46,528 |
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash | (84,150) | 96,433 | 9,597 |
Cash, Cash Equivalents and Restricted Cash at Beginning of Year | 125,026 | 28,593 | 18,996 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF YEAR | $ 40,876 | $ 125,026 | $ 28,593 |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2022 | |
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 15% Description of the Business As of December 31, 2022, the Company owned and operated 134 25,600 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 Bayshore Estates Sandusky, Ohio Birchwood Farms Birch Run, Michigan Boardwalk Elkhart, Indiana Broadmore Estates Goshen, Indiana Brookside Village Berwick, Pennsylvania Brookview Village Greenfield Center, New York Camelot Village Anderson, Indiana Camelot Woods Altoona, Pennsylvania Candlewick Court Owosso, Michigan Carsons Chambersburg, Pennsylvania Catalina Middletown, Ohio Cedarcrest Village Vineland, New Jersey Center Manor Monaca, Pennsylvania 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/ Duck River Columbia, Tennessee Cranberry Village Cranberry Township, Pennsylvania Crestview Athens, Pennsylvania Cross Keys Village Duncansville, Pennsylvania Crossroads Village Mount Pleasant, Pennsylvania Dallas Mobile Home Community Toronto, Ohio Deer Meadows New Springfield, Ohio MANUFACTURED HOME COMMUNITY LOCATION Deer Run Dothan, Alabama D & R Village Clifton Park, New York Evergreen Estates Lodi, Ohio Evergreen Manor Bedford, Ohio Evergreen Village Mantua, Ohio Fairview Manor Millville, New Jersey Fifty One Estates Elizabeth, Pennsylvania Fohl Village Canton, Ohio Forest Creek Elkhart, Indiana Forest Park Village Cranberry Township, Pennsylvania Fox Chapel Village Cheswick, Pennsylvania Frieden Manor Schuylkill Haven, Pennsylvania Friendly Village Perrysburg, Ohio Garden View Orangeburg, South Carolina Green Acres Chambersburg, Pennsylvania Gregory Courts Honey Brook, Pennsylvania Hayden Heights Dublin, Ohio Heather Highlands Inkerman, Pennsylvania Hidden Creek Erie, Michigan High View Acres Export, Pennsylvania Highland Elkhart, Indiana Highland Estates Kutztown, Pennsylvania Hillcrest Crossing Lower Burrell, Pennsylvania Hillcrest Estates 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 Iris Winds Sumter, South Carolina Kinnebrook Monticello, New York La Vista Estates Dothan, Alabama Lake Erie Estates Fredonia, New York Lake Sherman Village Navarre, Ohio Lakeview Meadows Lakeview, Ohio Laurel Woods Cresson, Pennsylvania Little Chippewa Orrville, Ohio Mandell Trails Butler, Pennsylvania Maple Manor Taylor, Pennsylvania Marysville Estates Marysville, Ohio Meadowood New Middletown, Ohio Meadows Nappanee, Indiana Meadows of Perrysburg Perrysburg, Ohio Melrose Village Wooster, Ohio Melrose West Wooster, Ohio Memphis Blues Memphis, Tennessee Monroe Valley Jonestown, Pennsylvania Moosic Heights Avoca, Pennsylvania Mount Pleasant Village Mount Pleasant, Pennsylvania Mountaintop Narvon, Pennsylvania New Colony West Mifflin, Pennsylvania Northtowne Meadows Erie, Michigan Oak Ridge Estates Elkhart, Indiana Oak Tree Jackson, New Jersey MANUFACTURED HOME COMMUNITY LOCATION Oakwood Lake Village Tunkhannock, Pennsylvania Olmsted Falls Olmsted Township, Ohio Oxford Village West Grove, Pennsylvania Parke Place Elkhart, Indiana Perrysburg Estates Perrysburg, Ohio Pikewood Manor Elyria, Ohio Pine Ridge Village/Pine Manor Carlisle, Pennsylvania Pine Valley Estates Apollo, Pennsylvania Pleasant View Estates Bloomsburg, Pennsylvania Port Royal Village Belle Vernon, Pennsylvania Redbud Estates Anderson, Indiana River Valley Estates Marion, Ohio Rolling Hills Estates Carlisle, Pennsylvania Rostraver Estates Belle Vernon, Pennsylvania Sandy Valley Estates Magnolia, Ohio Shady Hills Nashville, Tennessee Somerset Estates/Whispering Pines Somerset, Pennsylvania Southern Terrace Columbiana, Ohio Southwind Village Jackson, New Jersey Spreading Oaks Village Athens, Ohio Springfield Meadows Springfield, Ohio Suburban Estates Greensburg, Pennsylvania Summit Estates Ravenna, Ohio Summit Village Marion, Indiana Sunny Acres Somerset, Pennsylvania Sunnyside Eagleville, Pennsylvania Trailmont Goodlettsville, Tennessee Twin Oaks I & II Olmsted Township, 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 Bellefontaine, 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 In addition to the manufactured home communities owned by the Company listed above, the Company’s joint venture with Nuveen Real Estate, in which the Company has a 40 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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% 77 A subsidiary of the Company is the managing member of the Company’s joint venture with Nuveen Real Estate. 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. 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 27.5 3 27.5 2,029 305 3.7 2.6 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. The Company’s primary indicator of potential impairment is based on net operating income trends year over year. 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 an other than temporary 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. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2022, no impairment charges were required. 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. In January 2017, the FASB issued Accounting Standards Update (“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 was 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 2021 and 2022 should be accounted for as acquisitions of assets. As such, transaction costs, primarily consisting of 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. Prior to the adoption of ASU 2017-01, the Company’s acquisitions were considered an acquisition of a business and therefore, the acquisition costs were expensed. 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 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). 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. Marketable Securities Investments in marketable securities consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 15% 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. 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, 2022 and 2021, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date 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 and 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. At December 31, 2022 and 2021, the reserves for uncollectible accounts, notes and other receivables were $ 2.6 2.1 1.5 1.2 1.5 1.0 712,000 1.2 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 supportable forecasts that affect the collectability of the reported amount. As of December 31, 2022 and 2021, the Company had notes receivable of $ 63.0 51.9 1.3 1.0 The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The weighted average interest rate on these loans is approximately 6.7% 8 Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis which approximates the effective interest method 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, 2022 and 2021, accumulated amortization amounted to $ 9.1 7.2 2.0 1.9 1.7 1.6 577,000 1.2 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 99-year ground lease at one community expiring April 12, 2099 option to extend for another 99-year term. 3.6 Prepaid Expenses and Other Assets Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows ( in thousands SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2023 $ 460 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,711 The weighted average remaining lease term for these leases, including renewal options is 160.2 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 12/31/22 12/31/21 12/31/20 12/31/19 Cash and Cash Equivalents $ 29,785 $ 116,175 $ 15,336 $ 12,902 Restricted Cash 11,091 8,851 13,257 6,094 Cash, Cash Equivalents And Restricted Cash $ 40,876 $ 125,026 $ 28,593 $ 18,996 Revenue Recognition 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. 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 ( 54.4 46.3 41.4 3.5 3.3 1.1 3.3 Stock Compensation Plan The Company accounts for awards of stock, 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 are 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 are recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards are 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 $ 5.0 3.4 1.3 433,000 44,000 127,000 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 or cash-type investments and meets certain other requirements for qualification as a REIT. 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, 2022. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2022, the tax years 2019 through and including 2022 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. 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. 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. |
INVESTMENT PROPERTY AND EQUIPME
INVESTMENT PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
INVESTMENT PROPERTY AND EQUIPMENT | NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions in 2022 On March 31, 2022, the Company acquired Center Manor, located in Monaca, Pennsylvania, for approximately $ 5.8 96 18 83 On May 3, 2022, the Company acquired Mandell Trails, located in Butler, Pennsylvania, for approximately $ 7.4 132 69 70 On May 25, 2022, the Company acquired La Vista Estates, located in Dothan, Alabama, for approximately $ 3.9 139 36 6 On July 14, 2022, the Company acquired Hidden Creek, located in Erie, Michigan, for approximately $ 22.0 351 88 63 On August 10, 2022, the Company acquired Garden View, located in Orangeburg, South Carolina, for approximately $ 5.2 187 39 42 On November 22, 2022, the Company acquired Fohl Village, located in Canton, Ohio, for approximately $ 19.1 321 170 77 On December 15, 2022, the Company acquired Oak Tree, located in Jackson, New Jersey, for approximately $ 22.9 260 41 98 Acquisitions in 2021 On January 8, 2021, the Company acquired Deer Run, located in Dothan, Alabama, for approximately $ 4.6 195 33 37 On January 21, 2021, the Company acquired Iris Winds, located in Sumter, South Carolina, for approximately $ 3.4 142 24 49 On June 1, 2021, the Company acquired Bayshore Estates, located in Sandusky, Ohio, for approximately $ 10.3 206 56 86 The Company has evaluated these acquisitions and has determined that they should be accounted for as acquisitions of assets. As such, we have allocated the total cash consideration, including transaction costs of approximately $ 852,000 109,000 (in thousands) SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED 2022 Acquisitions 2021 Acquisitions Assets Acquired: Land $ 6,379 $ 986 Depreciable Property 80,027 17,223 Notes Receivable and Other 656 197 Total Assets Acquired $ 87,062 $ 18,406 Total Income, Community Net Operating Income (“Community NOI”)* and Net Loss for communities acquired in 2022 and 2021, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2022 and 2021, are as follows (in thousands) SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED 2022 Acquisitions 2021 Acquisitions 2022 2022 2021 Total Income $ 1,376 $ 1,685 $ 1,134 Community NOI * $ 610 $ 497 $ 235 Net Loss $ (781 ) $ (1,078 ) $ (740 ) * Community NOI is defined as rental and related income less community operating expenses. See Note 7 for additional information relating to Loans and Mortgages Payable and Note 18 for the Unaudited Pro Forma Financial Information relating to these acquisitions. In addition to the acquisitions listed above made by the Company, the Company’s joint venture with Nuveen Real Estate consummated its second acquisition in December 2022. (See Note 5.) Accumulated Depreciation The following is a summary of accumulated depreciation by major classes of assets (in thousands) SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS December 31, 2022 December 31, 2021 Site and Land Improvements $ 225,926 $ 199,482 Buildings and Improvements 11,294 10,020 Rental Homes and Accessories 104,481 87,104 Equipment and Vehicles 21,397 19,467 Total Accumulated Depreciation $ 363,098 $ 316,073 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities primarily consist of common and preferred stock of other REITs. The Company does not own more than 10 15 The following is a listing of marketable securities at December 31, 2022 (in thousands) SUMMARY OF MARKETABLE SECURITIES Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Cedar Realty Trust, Inc. B 7.250 % 12 $ 257 $ 168 Cedar Realty Trust, Inc. C 6.500 % 20 494 235 Centerspace C 6.625 % 20 500 505 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 97 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 38 Total Preferred Stock 2,749 1,043 Common Stock: Alerislife Inc. 12 45 6 Diversified HealthCare Trust 171 2,920 111 Franklin Street Properties Corporation 220 2,219 601 Industrial Logistics Properties Trust 87 1,729 285 Kimco Realty Corporation 890 16,677 18,850 Office Properties Income Trust 562 36,418 7,496 Orion Office REIT, Inc. 18 293 158 Pennsylvania Real Estate Investment Trust 15 2,316 17 Realty Income Corporation 185 10,910 11,716 Urstadt Biddle Properties, Inc. 100 2,049 1,895 Total Common Stock 75,576 41,135 Total Marketable Securities $ 78,325 $ 42,178 The following is a listing of marketable securities at December 31, 2021 (in thousands) Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Cedar Realty Trust, Inc. B 7.250 % 10 $ 237 $ 264 Cedar Realty Trust, Inc. C 6.500 % 20 494 505 Centerspace C 6.625 % 20 500 522 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 304 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 145 Total Preferred Stock 2,729 1,740 Common Stock: CBL & Associates Properties, Inc. 12 18,230 361 Five Star Senior Living 12 45 34 Franklin Street Properties Corporation 220 2,219 1,309 Industrial Logistics Properties Trust 87 1,729 2,186 Kimco Realty Corporation 890 16,677 21,939 Monmouth Real Estate Investment Corporation 2,655 25,031 55,778 Office Properties Income Trust 562 36,418 13,948 Orion Office REIT, Inc. 18 293 345 Pennsylvania Real Estate Investment Trust 222 2,316 226 Diversified HealthCare Trust 171 2,920 528 Urstadt Biddle Properties, Inc. 100 2,049 2,130 Realty Income Corporation 185 10,910 13,224 Washington Prime Group 3 6,489 0 Total Common Stock 125,326 112,008 Total Marketable Securities $ 128,055 $ 113,748 As of December 31, 2021, the Company’s securities portfolio included 2.7 2.7 21.00 2.7 55.7 25 30.7 24.7 24.3 36.1 14.3 39.4 |
INVESTMENT IN JOINT VENTURE
INVESTMENT IN JOINT VENTURE | 12 Months Ended |
Dec. 31, 2022 | |
Investment In Joint Venture | |
INVESTMENT IN JOINT VENTURE | NOTE 5- INVESTMENT IN JOINT VENTURE In December 2021, the Company and Teachers Insurance and Annuity Association of America, through Nuveen Real Estate (its asset management division) (“Nuveen” or “Nuveen Real Estate”), 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 The Company serves as managing member of the joint venture and will be responsible for day-to-day operations of the joint venture and management of its properties, subject to obtaining Nuveen’s approval of major decisions (including investments, dispositions, financings, major capital expenditures and annual budgets). For its role as managing member and property manager, the Company will receive asset management and property management fees. In addition, the Company will be entitled to receive a promote percentage once each member of the joint venture has recouped its invested capital and received a 7.5 After December 8, 2024 or, if later, the second anniversary of the joint venture’s acquisition and placing in service of a manufactured housing or recreational vehicle community, Nuveen will have a right to initiate the sale of one or more of the communities owned by the joint venture. If Nuveen elects to initiate such a sale process, the Company may exercise a right of first refusal to acquire Nuveen’s interest in the community or communities to be sold for a purchase price corresponding to the greater of the appraised value of such communities or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. The LLC Agreement between the Company and Nuveen provides that until the capital contributions to the joint venture are fully funded or the joint venture is terminated, the joint venture will be the exclusive vehicle for the Company to acquire any manufactured housing communities and/or recreational vehicle communities that meet the joint venture’s investment guidelines. These guidelines call for the joint venture to acquire manufactured housing and recreational vehicle communities that have been developed within the previous two years Nuveen will have the right to remove and replace the Company as managing member of the joint venture and manager of the joint venture’s properties if the Company breaches certain obligations or certain events occur. Upon such removal, Nuveen may elect to buy out the Company’s interest in the joint venture at 98 While the Company considers the LLC Agreement with Nuveen to be an important agreement, the Company has concluded that the LLC Agreement does not fall within the definition of a “material contract” as defined by SEC rules. The LLC Agreement requires the Company to offer Nuveen the opportunity to have the joint venture acquire a manufactured housing community or recreational vehicle community that meets the investment guidelines. If Nuveen decides not to acquire the community through the joint venture, however, the Company is free to purchase the community on its own outside of the joint venture. Based upon this, and in light of the Company’s relationship and its dealings with Nuveen since entering into the LLC Agreement, the Company has concluded that there is no meaningful restriction on the Company’s ability to acquire communities that meet the investment guidelines and that the other provisions of the LLC Agreement do not impose any material obligations or restrictions on the Company. On December 22, 2021, the joint venture closed on the acquisition of Sebring Square, a newly developed all-age, manufactured home community located in Sebring, Florida, for a total purchase price of $ 22.2 219 39 15.1 144 20 The Company and Nuveen are continuing to seek opportunities to acquire additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate additional acquisitions but will maintain its existing property portfolio, consisting of the Sebring Square and Rum Runner communities. While the terms and conditions of such new joint venture entities have not been fully negotiated, it is expected that invested capital would continue to be funded 60 40 |
OPPORTUNITY ZONE FUND
OPPORTUNITY ZONE FUND | 12 Months Ended |
Dec. 31, 2022 | |
Opportunity Zone Fund | |
OPPORTUNITY ZONE FUND | NOTE 6 - OPPORTUNITY ZONE FUND In July 2022, the Company invested $ 8.0 5.2 77 3.7 |
LOANS AND MORTGAGES PAYABLE
LOANS AND MORTGAGES PAYABLE | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
LOANS AND MORTGAGES PAYABLE | NOTE 7 – LOANS AND MORTGAGES PAYABLE Loans Payable The Company may purchase securities on margin. The interest rates charged on the margin loans at December 31, 2022 and 2021 was 5.0 0.75 The Company has revolving credit agreements totaling $ 73.5 st st 4.15 6 64.1 10.9 7.70 4.38 In June 2020, the Company expanded its revolving line of credit with OceanFirst Bank (“OceanFirst Line”) from $ 15 20 3.25 June 1, 2020 June 1, 2022 10 7.50 6 3.25 On October 7, 2020, the Company entered into a revolving line of credit with FirstBank secured by rental homes and rental home leases in several of our manufactured home communities. This facility allows for proceeds of $ 20 30 November 29, 2022 November 29, 2023 Interest is payable at prime plus 25 basis points with a floor of 3.5%, adjusted on the first day of each calendar quarter. 5.1 6.5 5 3.5 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 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 First 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%. On November 7, 2022, the Company entered into the Second Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. 75 100 400 500 Availability under the amended 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 value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base. Interest rates on borrowings are based on the Company’s overall leverage ratio and is equal to the Secured Overnight Financing Rate (“SOFR”) plus 1.50 2.20 0.50 1.20 1.60 0.60 5.88 1.60 As of December 31, 2022 and 2021, the amount outstanding under this Facility was $ 75 25 The aggregate principal payments of all loans payable, including the Credit Facility, are scheduled as follows (in thousands) SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY Year Ended December 31, 2023 $ 79,226 2024 0 2025 0 2026 75,000 2027 0 Thereafter 0 Total Loans Payable 154,226 Unamortized Debt Issuance Costs (695 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 153,531 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. As of December 31, 2022, the Company is in compliance with these covenants. 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 Mortgages Payable represents the principal amounts outstanding, net of unamortized debt issuance costs. Interest is payable on these mortgages at fixed rates ranging from 2.62% 6.35% 4.0% 3.8% 3.9% 3.8% 5.1 5.2 The following is a summary of mortgages payable at December 31, 2022 and 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE At December 31, 2022 Balance at December 31, Property Due Date Interest Rate 2022 2021 Allentown 10/01/25 4.06 % $ 11,992 $ 12,295 Brookview Village 04/01/25 3.92 % 2,473 2,539 Candlewick Court 09/01/25 4.10 % 4,002 4,104 Catalina 08/19/25 3.00 % 4,311 4,586 Cedarcrest Village 04/01/25 3.71 % 10,662 10,956 Clinton Mobile Home Resort 10/01/25 4.06 % 3,147 3,227 Cranberry Village 04/01/25 3.92 % 6,783 6,965 D & R Village 03/01/25 3.85 % 6,828 7,013 Fairview Manor 11/01/26 3.85 % 14,388 14,739 Fohl Village 11/22/32 5.93 % 9,490 0 Forest Park Village 09/01/25 4.10 % 7,463 7,652 Friendly Village 06/06/23 4.618 % 6,382 6,650 Hayden Heights 04/01/25 3.92 % 1,864 1,914 Highland Estates 06/01/27 4.12 % 15,080 15,419 Holiday Village 09/01/25 4.10 % 7,102 7,282 Holiday Village- IN 11/01/25 3.96 % 7,616 7,811 Holly Acres Estates 09/01/31 3.21 % 5,910 6,031 Kinnebrook Village 04/01/25 3.92 % 3,603 3,700 Lake Erie Estates 07/06/25 5.16 % 2,549 2,604 Lake Sherman Village 09/01/25 4.10 % 4,935 5,060 Meadows of Perrysburg 10/06/23 5.413 % 0 2,825 Northtowne Meadows 09/06/26 4.45 % 11,322 11,576 Oak Tree 12/15/32 5.60 % 12,000 0 Olmsted Falls 04/01/25 3.98 % 1,865 1,915 Oxford Village 07/01/29 3.41 % 14,659 14,985 Perrysburg Estates 09/06/25 4.98 % 1,493 1,526 Pikewood Manor 11/29/28 5.00 % 13,414 13,766 Shady Hills 04/01/25 3.92 % 4,444 4,563 Springfield Meadows 10/06/25 4.83 % 0 2,914 Suburban Estates 10/01/25 4.06 % 5,000 5,126 Sunny Acres 10/01/25 4.06 % 5,566 5,706 Trailmont 04/01/25 3.92 % 2,963 3,042 Twin Oaks 10/01/29 3.37 % 5,683 5,809 Valley Hills 06/01/26 4.32 % 3,080 3,152 Waterfalls 06/01/26 4.38 % 4,197 4,293 Weatherly Estates 04/01/25 3.92 % 7,229 7,422 Wellington Estates 02/01/23 6.35 % 2,144 2,205 Woods Edge 01/07/26 3.25 % 5,306 5,627 Worthington Arms 09/01/25 4.10 % 8,369 8,580 Various (2 properties) 02/01/27 4.56 % 12,799 13,073 Various (2 properties) 08/01/28 4.27 % 12,408 12,661 Various (2 properties) 07/01/29 3.41 % 21,430 21,907 Various (4 properties) 07/01/23 4.975 % 7,230 7,418 Various (4 properties) 10/1/32 5.24 % 34,027 0 Various (5 properties) 12/06/22 4.75 % 0 6,523 Various (6 properties) 08/01/27 4.18 % 12,048 12,320 Various (13 properties) 03/01/23 4.065 % 43,037 44,339 Various (28 properties) * 09/01/30 4.25 % 24,935 0 Various (28 properties) 09/01/30 2.62 % 100,481 102,882 Total Mortgages Payable 513,709 456,702 Unamortized Debt Issuance Costs (4,771 ) (4,135 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 508,938 $ 452,567 * Rental home addition to the Fannie Mae credit facility consisting of 28 properties. At December 31, 2022 and 2021, mortgages were collateralized by real property with a carrying value of $ 1.1 950.9 2.7 1.5 1.3 134 36 Recent Financing Transactions During the year ended December 31, 2022 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 On September 26, 2022, the Company completed the addition of two tranches to its Fannie Mae credit facility through Wells Fargo Bank, N.A., for total proceeds of approximately $ 34.0 250 Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years. 5.24 On November 22, 2022, in conjunction with the acquisition of Fohl Village (See Note 3), the Company obtained a mortgage totaling $ 9.5 5.93 5 4.5 November 22, 2032 30 On December 15, 2022, in conjunction with the acquisition of Oak Tree (see Note 3), the Company obtained a mortgage totaling $ 12.0 5.6 5 4.5 December 15, 2032 30 During the year ended December 31, 2021 On August 17, 2021, the Company obtained a Federal Home Loan Mortgage Corporation (“Freddie Mac”) mortgage totaling $ 6.1 3.21 September 1, 2031 30 The aggregate principal payments of all mortgages payable are scheduled as follows (in thousands) SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE Year Ended December 31, 2023 $ 70,323 2024 11,983 2025 138,373 2026 37,967 2027 42,674 Thereafter 212,389 Total $ 513,709 |
STOCK COMPENSATION PLAN
STOCK COMPENSATION PLAN | 12 Months Ended |
Dec. 31, 2022 | |
Compensation Related Costs [Abstract] | |
STOCK COMPENSATION PLAN | NOTE 8 – 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 On June 14, 2018, the shareholders approved and ratified an amendment and restatement (and renaming) of the 2013 Plan (now referred to as the Amended and Restated 2013 Incentive Award Plan) (the “Amended and Restated 2013 Plan”) The amendment and restatement made two substantive changes: (1) provide an additional 2 On June 16, 2021, the shareholders approved and ratified an amendment of the Company’s Amended and Restated 2013 Plan. The amendment provides for an additional 3 The Compensation Committee has the exclusive authority to administer and construe the Amended and Restated 2013 Plan and shall determine, among other things: persons eligible for awards and who shall receive them; the terms and conditions of the awards; the time or times and conditions subject to which awards may become vested, deliverable, exercisable, or as to which any may apply, be accelerated or lapse; and amend or modify the terms and conditions of an award with the consent of the participant. Generally, the term of any stock option may not be more than 10 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, 2022, forty-six employees were granted options to purchase a total of 570,800 767,900 715,000 2.6 2.1 686,000 3.6 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: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 2021 2020 Dividend yield 3.47 % 4.66 % 5.33 % Expected volatility 25.09 % 24.59 % 24.57 % Risk-free interest rate 2.63 % 1.44 % 0.89 % Expected lives 10 10 10 Estimated forfeitures 0 0 0 During the year ended December 31, 2022, options to fourteen employees to purchase a total of 404,160 709,980 62,500 400 23,000 A summary of the status of the stock options outstanding under the Company’s stock compensation plans as of December 31, 2022, 2021 and 2020 and changes during the years then ended are as follows (in thousands) SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 3,324 $ 14.25 3,266 $ 12.03 2,637 $ 12.05 Granted 570 22.88 768 21.90 715 9.84 Exercised (404 ) 10.38 (710 ) 12.11 (63 ) 10.55 Forfeited 0 0 0 19.36 (11 ) 11.65 Expired 0 0 0 0 (12 ) 11.29 Outstanding at end of year 3,490 15.96 3,324 14.25 3,266 12.03 Options exercisable at end of year 1,879 2,556 2,556 Weighted average fair value of options granted during the year $ 4.50 $ 2.77 $ 0.96 The following is a summary of stock options outstanding as of December 31, 2022 (in thousands) SUMMARY OF STOCK OPTIONS OUTSTANDING Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/24/15 3 45 9.82 06/24/23 04/05/16 7 184 9.77 04/05/24 01/19/17 2 60 14.25 01/19/27 04/04/17 18 397 15.04 04/04/27 04/02/18 16 291 13.09 04/02/28 07/09/18 4 40 15.75 07/09/28 12/10/18 1 25 12.94 12/10/28 01/02/19 2 60 11.42 01/02/29 04/02/19 19 403 13.90 04/02/29 01/17/20 1 10 * 16.37 01/17/30 03/25/20 39 622 * 9.70 03/25/30 05/20/20 2 14 * 11.80 05/20/30 03/18/21 41 159 * 19.36 03/18/31 07/14/21 46 609 * 22.57 07/14/31 03/28/22 45 471 * 23.81 03/28/32 09/09/22 1 100 * 18.52 09/09/32 3,490 * Exercisable over 5 years 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, 2022, 2021 and 2020 was $ 8.2 42.9 9.3 5.5 39.9 5.7 373,000 3.6 283,000 6.7 7.6 6.4 1.3 325,000 396,000 Restricted Stock On January 29, 2021, the Company awarded special restricted stock grants totaling 146,572 August 2020 groundbreaking Federal National Mortgage Association (“Fannie Mae”) financing at 2.62%, the proceeds of which were used to redeem our 8% Series B Cumulative Redeemable Preferred Stock, Liquidation Preference $ 25.00 4.3 SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA Vesting Date Performance Goal to be Met (1) Percent of Shares Vested June 30, 2023 Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater 100% June 30, 2023 Growth in cumulative Normalized FFO over the past 3 years is 5% or greater Bonus of 50% of the Restricted Stock (total of 150% June 30, 2023 Growth in cumulative Normalized FFO over the past 3 years is 20% or greater Bonus of 100% of the Restricted Stock (total of 200% (1) Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $ 0.64 On January 12, 2022, the Company awarded a total of 25,000 78,000 25,000 108,500 15,000 19,700 2.5 2.5 512,000 8.7 2.9 3.7 3.1 931,000 A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022, 2021 and 2020, and changes during the year ended December 31, 2022, 2021 and 2020 are presented below (in thousands) SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS 2022 2021 2020 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 434 $ 16.66 212 $ 13.69 238 $ 13.33 Granted 103 23.98 280 16.51 35 14.75 Dividend Reinvested Shares 20 18.10 15 21.68 11 12.91 Vested (86 ) 20.69 (73 ) 8.48 (72 ) 12.87 Non-vested at end of year 471 $ 17.58 434 $ 16.66 212 $ 13.69 Other Stock-Based Awards Effective June 20, 2018, a portion of our quarterly directors’ fee was paid with our unrestricted Common Stock. During 2022, 21,492 20.94 16,500 14.78 11,000 16.13 As of December 31, 2022, there were 1.7 |
401(k) PLAN
401(k) PLAN | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
401(k) PLAN | NOTE 9 – 401(k) PLAN All full-time employees who are over 21 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. 984,000 752,000 1.1 |
RELATED PARTY TRANSACTIONS AND
RELATED PARTY TRANSACTIONS AND OTHER MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS AND OTHER MATTERS | NOTE 10 – RELATED PARTY TRANSACTIONS AND OTHER MATTERS Transactions with Monmouth Real Estate Investment Corporation As of December 31, 2021, the Company’s securities portfolio included 2.7 2.7 21.00 2.7 55.7 25 30.7 Employment Agreements On January 11, 2023, the Company entered into employment agreements with Mr. Samuel A. Landy, Ms. Anna T. Chew, Mr. Craig Koster and Mr. Brett Taft. The agreements are effective as of January 1, 2023 and provide for base compensation, incentive bonuses, and certain customary fringe benefits, including vacation, life insurance and health benefits and the right to participate in the Company’s 401(k) retirement plan (see Note 17). Other Matters Mr. Eugene W. Landy, the Founder and Chairman of the Board of Directors of the Company, owned a 24 23,098 23,302 Further, Mr. Eugene W. Landy owns a 9.6 4.8 0.96 0.96 0.96 |
SHAREHOLDERS_ EQUITY
SHAREHOLDERS’ EQUITY | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SHAREHOLDERS’ EQUITY | NOTE 11 – SHAREHOLDERS’ EQUITY As of December 31, 2022, our authorized capital stock consisted of 170,413,800 154,048,469 0.10 199,331 8.0 0.10 3,866,000 6.75 0.10 9,300,000 0.10 3,000,000 0.10 4,400,000 170,413,800 149,648,469 199,331 3,866,000 13,700,000 3,000,000 0.10 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. 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 95 500 1,000 1,000 5,000 5,000 1,000 Amounts received in connection with the DRIP for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP 2022 2021 2020 Amounts Received $ 7,808 $ 9,773 $ 9,154 Less: Dividends Reinvested (2,783 ) (3,506 ) (3,151 ) Amounts Received, net $ 5,025 $ 6,267 $ 6,003 Number of Shares Issued 430 503 720 Common Stock At-The-Market Sales Program 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 4.7 20.18 94.6 92.9 55.4 Issuer Purchases of Equity Securities On January 12, 2022, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorized us to repurchase up to $ 25 Preferred Stock 6.75% Series C Cumulative Redeemable Preferred Stock On July 26, 2022, the Company voluntarily redeemed all 9.9 6.75 25.00 0.2578 25.2578 249.6 8.2 6.375% Series D Cumulative Redeemable Preferred Stock On January 22, 2018, the Company issued 2 6.375 25.00 25.00 2 48.2 Dividends on the Series D Preferred Stock shares are cumulative from January 22, 2018 and are payable quarterly in arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share. The Series D Preferred Stock, par value $ 0.10 25.00 Upon the occurrence of a Delisting Event or Change of Control, each as defined in the Prospectus pursuant to which the shares of Series D Preferred Stock were offered, each holder of the Series D Preferred Stock will have the right to convert all or part of the shares of the Series D Preferred Stock held into Common Stock of the Company, unless the Company elects to redeem the Series D Preferred Stock. Holders of the Series D 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 D Preferred Stock, in January 2018 the Company filed with the Maryland SDAT Articles Supplementary setting forth the rights, preferences and terms of the Series D Preferred Stock shares and reclassifying 2.3 During 2022, 2021 and 2020, the Company sold additional shares of Series D Preferred Stock pursuant to its at-the-market sales programs, and amended its charter in connection therewith, as described below. Preferred Stock At-The-Market Sales Programs On July 22, 2020, the Company entered into a Preferred Stock At-The-Market Sales Program (“Preferred ATM Program”) with B. Riley, as distribution agent, under which the Company may offer and sell shares of the Company’s Series C Preferred Stock and/or Series D Preferred Stock, having an aggregate sales price of up to $ 100 406,000 22.90 9.3 9.1 2.9 On January 10, 2023, the Company entered into a new Preferred Stock At-The-Market Sales Program (“2023 Preferred ATM Program”) (see Note 17). |
DISTRIBUTIONS
DISTRIBUTIONS | 12 Months Ended |
Dec. 31, 2022 | |
Distributions | |
DISTRIBUTIONS | NOTE 12 – DISTRIBUTIONS Common Stock The following cash distributions, including dividends reinvested, were paid to common shareholders during the three years ended December 31, 2022, 2021 and 2020 (in thousands except per share amounts) SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS 2022 2021 2020 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 10,406 $ 0.20 $ 8,048 $ 0.19 $ 7,417 $ 0.18 June 30 10,890 0.20 8,629 0.19 7,417 0.18 September 30 10,960 0.20 9,016 0.19 7,454 0.18 December 31 11,154 0.20 9,327 0.19 7,520 0.18 $ 43,410 $ 0.80 $ 35,020 $ 0.76 $ 29,808 $ 0.72 These amounts do not include the discount on shares purchased through the Company’s DRIP. On January 11, 2023, the Company declared a 2.5 0.20 0.205 March 15, 2023 February 15, 2023 Preferred Stock The following dividends were paid to holders of our Series B Preferred Stock during the years ended December 31, 2020 (in thousands except per share amounts) SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 1,901 $ 0.50 4/2/2020 5/15/2020 6/15/2020 1,900 0.50 7/1/2020 8/17/2020 9/15/2020 1,900 0.50 9/11/2020 9/11/2020 10/20/2020 1,035 0.2722 $ 6,736 $ 1.7722 The following dividends were paid to holders of our Series C Preferred Stock during the years ended December 31, 2022, 2021 and 2020 (in thousands except per share amounts) Declaration Date Record Date Payment Date Dividend Dividend per Share 1/12/2022 2/15/2022 3/15/2022 $ 4,170 $ 0.421875 4/1/2022 5/16/2022 6/15/2022 4,170 0.421875 7/1/2022 8/15/2022 9/15/2022 2,548 0.257800 $ 10,888 $ 1.101550 1/15/2021 2/16/2021 3/15/2021 $ 4,170 $ 0.421875 4/1/2021 5/17/2021 6/15/2021 4,170 0.421875 7/1/2021 8/15/2021 9/15/2021 4,170 0.421875 10/1/2021 11/15/2021 12/15/2021 4,170 0.421875 $ 16,680 $ 1.68750 1/15/2020 2/18/2020 3/16/2020 $ 4,113 $ 0.421875 4/2/2020 5/15/2020 6/15/2020 4,113 0.421875 7/1/2020 8/17/2020 9/15/2020 4,128 0.421875 10/1/2020 11/16/2020 12/15/2020 4,170 0.421875 $ 16,524 $ 1.68750 The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2022, 2021 and 2020 (in thousands except per share amounts) Declaration Date Record Date Payment Date Dividend Dividend per Share 1/12/2022 2/15/2022 3/15/2022 $ 3,430 $ 0.3984375 4/1/2022 5/16/2022 6/15/2022 3,430 0.3984375 7/1/2022 8/15/2022 9/15/2022 3,430 0.3984375 10/3/2022 11/15/2022 12/15/2022 3,433 0.3984375 $ 13,723 $ 1.59375 Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2021 2/16/2021 3/15/2021 $ 2,869 $ 0.3984375 4/1/2021 5/17/2021 6/15/2021 3,430 0.3984375 7/1/2021 8/15/2021 9/15/2021 3,430 0.3984375 10/1/2021 11/15/2021 12/15/2021 3,430 0.3984375 $ 13,159 $ 1.59375 1/15/2020 2/18/2020 3/16/2020 $ 2,076 $ 0.3984375 4/2/2020 5/15/2020 6/15/2020 2,076 0.3984375 7/1/2020 8/17/2020 9/15/2020 2,082 0.3984375 10/1/2020 11/16/2020 12/15/2020 2,449 0.3984375 $ 8,683 $ 1.59375 On January 11, 2023, the Board of Directors declared a quarterly dividend of $ 0.3984375 March 15, 2023 February 15, 2023 |
FEDERAL INCOME TAXES
FEDERAL INCOME TAXES | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
FEDERAL INCOME TAXES | NOTE 13 – FEDERAL INCOME TAXES Characterization of Distributions The following table characterizes the distributions paid for the years ended December 31, 2022, 2021 and 2020: SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE 2022 2021 2020 Amount Percent Amount Percent Amount Percent Common Stock Ordinary income $ 0 0 % $ 0.024636 3.24 % $ 0 0 % Capital gains 0 0 % 0.002008 0.26 % 0 0 % Return of capital 0.80 100.00 % 0.733356 96.50 % 0.72 100.00 % $ 0.80 100.00 % $ 0.76 100.00 % $ 0.72 100.00 % Preferred Stock - Series B Ordinary income $ 0 0 % $ 0 0 % $ 0.661633 37.33 % Capital gains 0 0 % 0 0 % 0 0 % Return of capital 0 0 % 0 0 % 1.110567 62.67 % $ 0 0 % $ 0 0 % $ 1.772200 100.00 % Preferred Stock - Series C Ordinary income $ 0.432071 39.22 % $ 1.560268 92.46 % $ 0.630008 37.33 % Capital gains 0 0 % 0.127232 7.54 % 0 0 % Return of capital 0.669479 60.78 % 0 0 % 1.057492 62.67 % $ 1.101550 100.00 % $ 1.687500 100.00 % $ 1.687500 100.00 % 2022 2021 2020 Amount Percent Amount Percent Amount Percent Preferred Stock - Series D Ordinary income $ 0.625130 39.22 % $ 1.473586 92.46 % $ 0.595008 37.33 % Capital gains 0 0 % 0.120164 7.54 % 0 0 % Return of capital 0.968620 60.78 % 0 0 % 0.998742 62.67 % $ 1.593750 100.00 % $ 1.593750 100.00 % $ 1.593750 100.00 % 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 year ended December 31, 2022, S&F had operating income for financial reporting purposes of $ 71,000 1.4 273,000 16,000 10,000 10,000 |
COMMITMENTS, CONTINGENCIES AND
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS | NOTE 14 – 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. The Company and S&F have 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 $ 1.1 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 $ 58.2 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, which governs the joint venture between the Company and Nuveen. The LLC Agreement provides for the parties to initially fund up to $ 70 24 100 four years 40 60 The Company and Nuveen are continuing to seek opportunities to acquire additional manufactured housing and/or recreational vehicle communities that are under development and/or newly developed and meet certain other investment guidelines. The Company and Nuveen have informally agreed that any future acquisitions would be made by one or more new joint venture entities to be formed for that purpose and that the existing joint venture entity formed in December 2021 will not consummate additional acquisitions but will maintain its existing property portfolio. While the terms and conditions of such new joint venture entities have not been fully negotiated, it is expected that invested capital would continue to be funded 60 40 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 15 - 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 marketable securities. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2022 and 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS 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, 2022: Equity Securities - Preferred Stock $ 1,043 $ 1,043 $ 0 $ 0 Equity Securities - Common Stock 41,135 41,135 0 0 Total $ 42,178 $ 42,178 $ 0 $ 0 December 31, 2021: Equity Securities - Preferred Stock $ 1,740 $ 1,740 $ 0 $ 0 Equity 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 receivables approximates their current carrying amounts since all such items are short-term in nature. The fair value of marketable securities 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, 2022, the fair and carrying value of fixed rate mortgages payable amounted to $ 503.5 513.7 458.4 456.7 |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION | NOTE 16 – SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the years ended December 31, 2022, 2021 and 2020 was $ 27.0 19.7 18.3 2.7 1.5 1.3 During the year ended December 31, 2020, the Company assumed mortgages totaling $ 2.7 During the years ended December 31, 2022, 2021 and 2020, land development costs of $ 26.3 25.9 14.4 During the years ended December 31, 2022, 2021 and 2020, the Company had dividend reinvestments of $ 2.8 3.5 3.2 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 17 – 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. Common ATM Program Since January 1, 2023, the Company issued and sold an additional 1.9 16.99 32.7 32.2 22.8 Preferred ATM Program On January 10, 2023, the Company entered into an At Market Issuance Sales Agreement (“2023 Preferred ATM Program”) with B. Riley Securities, Inc., as distribution agent (the “Distribution Agent”) under which the Company may offer and sell shares of the Company’s 6.375 0.10 25.00 100 Since January 1, 2023, the Company issued and sold an additional 640,000 22.77 $ 14.6 $ 14.4 17 $ 85.4 Restricted Stock Awards On January 11, 2023, the Company awarded approximately 25,000 Employment Agreements On January 11, 2023, the Company entered into employment agreements with Mr. Samuel A. Landy, Ms. Anna T. Chew, Mr. Craig Koster and Mr. Brett Taft. The agreements are effective as of January 1, 2023 and have initial terms of three years which will be renewed automatically thereafter for additional successive one (1) year terms commencing on the third anniversary and each subsequent anniversary of the effective date unless otherwise terminated pursuant to the terms of each agreement. The agreements provide for base compensation, incentive bonuses, long term equity compensation awards, which shall be subject to performance-based and time-based vesting requirements, compensation on termination, including change of control, and certain customary fringe benefits, including vacation, life insurance and health benefits and the right to participate in the Company’s 401(k) retirement plan. Acquisitions On January 19, 2023, the Company acquired Mighty Oak, a newly developed all-age, manufactured home community located in Albany, Georgia, for approximately $ 3.7 118 26 Loans and Mortgages Payable On February 24, 2023, the Company amended its unsecured line of credit to expand available borrowings from $ 100 180 On February 27, 2023, the Company paid off a mortgage of approximately $ 43.1 20 |
PRO FORMA FINANCIAL INFORMATION
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2022 | |
Pro Forma Financial Information | |
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) | NOTE 18– PRO FORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2021 and through 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, 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 2022 2021 For the years ended December 31, 2022 2021 Rental and Related Income $ 174,746 $ 165,078 Community Operating Expenses 76,747 70,098 Net Income (Loss) Attributable to Common Shareholders (37,536 ) 19,298 Net Income (Loss) Attributable to Common Shareholders per Share: Basic (0.69 ) 0.42 Diluted (0.69 ) 0.41 |
SCHEDULE III
SCHEDULE III | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) Site, Land Column A Column B Column C Column D Description Initial Cost Site, Land & Building Capitalization Improvements Subsequent to Name Location Encumbrances Land and Rental Allentown Memphis, TN $ 11,992 $ 250 $ 2,569 $ 19,352 Arbor Estates Doylestown, PA - (2 ) 2,650 8,266 3,045 Auburn Estates Orrville, OH 0 114 1,174 1,116 Bayshore Estates Sandusky, OH 0 561 9,553 2,211 Birchwood Farms Birch Run, MI - (2 ) 70 2,797 4,199 Boardwalk Elkhart, IN 12,799 (6 ) 1,796 4,768 339 Broadmore Estates Goshen, IN 43,037 (2 ) 1,120 11,136 12,709 Brookside Berwick, PA - (4 ) 372 4,776 4,051 Brookview Greenfield Ctr, NY 2,473 38 233 12,451 Camelot Village Anderson, IN - (7 ) 824 2,480 2,856 Camelot Woods Altoona, PA 0 573 2,767 2,521 Candlewick Court Owosso, MI 4,002 159 7,087 7,185 Carsons Chambersburg, PA 24,935 (1 ) 176 2,411 2,968 Catalina Middletown, OH 4,311 1,008 11,735 14,179 Cedarcrest Vineland, NJ 10,662 320 1,866 3,832 Center Manor Monaca, Pa 0 198 5,602 211 Chambersburg Chambersburg, PA - (1 ) 108 2,397 1,442 Chelsea Sayre, PA - (3 ) 124 2,049 2,302 Cinnamon Woods Conowingo, MD - (1 ) 1,884 2,116 1,282 City View Lewistown, PA 0 137 613 1,551 Clinton Tiffin, OH 3,147 142 3,302 507 Collingwood Horseheads, NY - (1 ) 196 2,318 3,900 Colonial Heights Wintersville, OH - (2 ) 67 2,383 8,502 Countryside Estates Muncie, IN 0 174 1,926 6,639 Countryside Estates Ravenna, OH - (1 ) 205 2,896 6,266 Countryside Village Columbia, TN 100,481 (1 ) 394 6,917 15,341 Cranberry Cranberry Twp, PA 6,783 182 1,923 4,526 Crestview Athens, PA - (1 ) 188 2,258 3,281 Cross Keys Duncansville, PA 0 61 378 5,037 Crossroads Village Mount Pleasant, PA - (1 ) 183 1,403 230 D&R Clifton Park, NY 6,828 392 704 3,834 Dallas Mobile Home Toronto,OH - (1 ) 276 2,729 3,897 Deer Meadows New Springfield,OH - (1 ) 226 2,299 4,855 Deer Run Dothan, AL 0 298 4,242 7,071 Evergreen Estates Lodi,OH - (1 ) 99 1,121 618 Evergreen Manor Bedford, OH 0 49 2,372 1,546 Evergreen Village Mantua, OH - (1 ) 105 1,277 1,411 Fairview Manor Millville, NJ 14,388 216 1,167 11,463 Fifty One Estates Elizabeth, PA - (1 ) 1,214 5,746 3,394 Fohl Village Canton, OH 9,490 1,018 18,052 100 Forest Creek Elkhart, IN - (2 ) 440 7,004 2,889 Forest Park Cranberry Twp, PA 7,463 75 977 10,512 Fox Chapel Village Cheswick, PA 0 372 4,082 4,399 Frieden Manor Schuylkill Haven, PA 12,048 (3 ) 643 5,294 6,186 Friendly Village Perrysburg, OH 6,382 1,215 18,141 13,120 Garden View Estates Orangeburg, SC 0 156 5,044 1,171 Green Acres Chambersburg, PA 0 63 584 214 Gregory Courts Honey Brook, PA - (2 ) 370 1,220 1,332 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) 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 Hayden Heights Dublin,OH $ 1,864 $ 248 $ 2,148 $ 1,098 Heather Highlands Inkerman, PA 0 573 2,152 15,951 Hidden Creek Erie, MI 0 614 20,717 821 High View Acres Export, PA - (1 ) 825 4,264 864 Highland Elkhart, IN - (2 ) 510 7,084 6,176 Highland Estates Kutztown, PA 15,080 145 1,695 12,768 Hillcrest Crossing Lower Burrell, PA - (1 ) 961 1,464 10,894 Hillcrest Estates Marysville, OH - (1 ) 1,277 3,034 5,775 Hillside Estates Greensburg, PA - (5 ) 484 2,679 3,889 Holiday Mobile Village Nashville, TN 7,102 1,632 5,618 15,385 Holiday Village Elkhart, IN 7,616 491 13,808 10,823 Holly Acres Erie, PA 5,910 194 3,591 1,463 Hudson Estates Peninsula, OH - (1 ) 141 3,516 6,193 Huntingdon Pointe Tarrs, PA - (1 ) 399 865 2,316 Independence Park Clinton, PA 7,230 (5 ) 686 2,784 6,414 Iris Winds Sumter, SC 0 121 3,324 5,291 Kinnebrook Monticello, NY 3,603 236 1,403 14,840 La Vista Estates Dothan, AL 0 713 3,165 817 Lake Erie Estates Fredonia, NY 2,549 104 4,391 3,002 Lake Sherman Navarre, OH 4,935 290 1,458 15,519 Lakeview Meadows Lakeview, OH - (1 ) 574 1,104 2,198 Laurel Woods Cresson, PA 0 433 2,070 6,621 Little Chippewa Orrville, OH 0 113 1,135 2,831 Mandell Trails Butler, PA 0 2,470 4,905 378 Maple Manor Taylor, PA 34,028 (4 ) 674 9,433 8,322 Marysville Estates Marysville, OH - (1 ) 810 4,556 9,474 Meadowood New Middletown, OH - (2 ) 152 3,191 5,644 Meadows Nappanee, IN 0 549 6,721 11,693 Meadows of Perrysburg Perrysburg, OH 0 2,146 5,541 1,456 Melrose Village Wooster, OH 0 767 5,429 8,671 Melrose West Wooster, OH 0 94 1,040 123 Memphis Blues Memphis, TN 0 78 810 15,605 Monroe Valley Jonestown, PA - (3 ) 114 994 774 Moosic Heights Avoca, PA - (4 ) 330 3,794 4,370 Mount Pleasant Village Mount Pleasant, PA - (1 ) 280 3,502 1,703 Mountaintop Narvon, PA - (3 ) 134 1,665 2,049 New Colony West Mifflin, PA - (1 ) 429 4,129 1,961 Northtowne Meadows Erie, MI 11,322 1,272 23,859 4,404 Oak Ridge Elkhart, IN - (2 ) 500 7,524 3,999 Oak Tree Jackson, NJ 12,000 1,134 21,766 310 Oakwood Lake Tunkhannock, PA 0 379 1,639 2,683 Olmsted Falls Olmsted Falls, OH 1,865 569 3,031 2,585 Oxford West Grove, PA 14,659 175 991 2,934 Parke Place Elkhart, IN - (6 ) 4,317 10,341 6,860 Perrysburg Estates Perrysburg, OH 1,493 399 4,047 6,591 Pikewood Manor Elyria, OH 13,414 1,053 22,068 17,873 Pine Ridge/Pine Manor Carlisle, PA 0 38 198 11,058 Pine Valley Apollo, PA 0 670 1,337 9,825 Pleasant View Bloomsburg, PA - (4 ) 282 2,175 3,178 Port Royal Belle Vernon, PA 0 150 2,492 17,266 Redbud Estates Anderson, IN 12,408 (7 ) 1,739 15,091 7,199 River Valley Marion, OH 0 236 785 9,568 Rolling Hills Estates Carlisle, PA - (1 ) 301 1,419 3,119 Rostraver Estates Belle Vernon, PA - (5 ) 814 2,204 2,639 Sandy Valley Magnolia, OH 0 270 1,941 14,395 Shady Hills Nashville, TN 4,444 337 3,379 5,027 Somerset/Whispering Somerset, PA - (1 ) 1,485 2,050 9,854 Southern Terrace Columbiana, OH - (2 ) 63 3,387 776 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) 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 Southwind Jackson, NJ $ 21,430 (8 ) $ 100 $ 603 $ 3,426 Spreading Oaks Athens, OH 0 67 1,327 4,381 Springfield Meadows Springfield, OH 0 1,230 3,093 2,994 Suburban Estates Greensburg, PA 5,000 299 5,837 5,430 Summit Estates Ravenna, OH - (1 ) 198 2,779 4,781 Summit Village Marion, IN 0 522 2,821 4,059 Sunny Acres Somerset, PA 5,566 287 6,114 3,997 Sunnyside Eagleville, PA - (2 ) 450 2,674 970 Trailmont Goodlettsville, TN 2,963 411 1,867 3,916 Twin Oaks Olmsted Falls, OH 5,683 823 3,527 2,426 Twin Pines Goshen, IN - (2 ) 650 6,307 6,545 Valley High Ruffs Dale, PA - (5 ) 284 2,267 2,655 Valley Hills Ravenna, OH 3,080 996 6,542 10,155 Valley Stream Mountaintop, PA 0 323 3,191 1,267 Valley View HB Honeybrook, PA - (2 ) 1,380 5,348 4,982 Valley View I Ephrata, PA - (3 ) 191 4,359 1,250 Valley View II Ephrata, PA - (3 ) 72 1,746 78 Voyager Estates West Newton, PA - (1 ) 742 3,143 5,878 Waterfalls Hamburg, NY 4,197 424 3,812 6,216 Wayside Bellefontaine, OH - (1 ) 196 1,080 2,958 Weatherly Estates Lebanon, TN 7,229 1,184 4,034 4,151 Wellington Estates Export, PA 2,144 896 6,179 6,942 Wood Valley Caledonia, OH 0 260 1,753 6,546 Woodland Manor West Monroe, NY - (1 ) 77 841 5,512 Woodlawn Eatontown, NJ - (8 ) 157 281 2,334 Woods Edge West Lafayette, IN 5,306 1,808 13,321 10,536 Worthington Arms Lewis Center, OH 8,368 437 12,706 7,402 Youngstown Estates Youngstown, NY 0 269 1,606 1,959 $ 513,709 $ 73,208 $ 584,215 $ 722,104 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) Column A Column E (9) (10) Column F Description Gross Amount at Which Carried at 12/31/22 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Allentown Memphis, TN $ 1,500 $ 20,671 $ 22,171 $ (8,000 ) Arbor Estates Doylestown, PA 2,650 11,311 13,961 (3,517 ) Auburn Estates Orrville, OH 114 2,290 2,404 (590 ) Bayshore Estates Sandusky, OH 561 11,764 12,325 (618 ) Birchwood Farms Birch Run, MI 70 6,996 7,066 (2,121 ) Boardwalk Elkhart, IN 1,796 5,107 6,903 (1,051 ) Broadmore Estates Goshen, IN 1,120 23,845 24,965 (7,584 ) Brookside Berwick, PA 372 8,827 9,199 (2,851 ) Brookview Greenfield Ctr, NY 123 12,599 12,722 (4,016 ) Camelot Village Anderson, IN 828 5,332 6,160 (493 ) Camelot Woods Altoona, PA 766 5,095 5,861 (377 ) Candlewick Court Owosso, MI 159 14,272 14,431 (3,809 ) Carsons Chambersburg, PA 176 5,379 5,555 (1,411 ) Catalina Middletown, OH 1,008 25,914 26,922 (6,146 ) Cedarcrest Vineland, NJ 408 5,610 6,018 (3,301 ) Center Manor Monaca, Pa 201 5,810 6,011 (175 ) Chambersburg Chambersburg, PA 118 3,829 3,947 (1,106 ) Chelsea Sayre, PA 124 4,351 4,475 (1,264 ) Cinnamon Woods Conowingo, MD 1,884 3,398 5,282 (558 ) City View Lewistown, PA 137 2,164 2,301 (696 ) Clinton Tiffin, OH 142 3,809 3,951 (1,451 ) Collingwood Horseheads, NY 196 6,218 6,414 (1,594 ) Colonial Heights Wintersville, OH 67 10,885 10,952 (2,736 ) Countryside Estates Muncie, IN 174 8,565 8,739 (2,188 ) Countryside Estates Ravenna, OH 205 9,162 9,367 (2,360 ) Countryside Village Columbia, TN 609 22,043 22,652 (6,451 ) Cranberry Cranberry Twp, PA 182 6,449 6,631 (3,702 ) Crestview Athens, PA 362 5,365 5,727 (1,429 ) Cross Keys Duncansville, PA 61 5,415 5,476 (2,039 ) Crossroads Village Mount Pleasant, PA 183 1,633 1,816 (336 ) D&R Clifton Park, NY 392 4,538 4,930 (2,475 ) Dallas Mobile Home Toronto,OH 276 6,626 6,902 (1,497 ) Deer Meadows New Springfield,OH 226 7,154 7,380 (1,571 ) Deer Run Dothan, AL 301 11,310 11,611 (477 ) Evergreen Estates Lodi,OH 119 1,719 1,838 (504 ) Evergreen Manor Bedford, OH 49 3,918 3,967 (1,096 ) Evergreen Village Mantua, OH 105 2,688 2,793 (716 ) Fairview Manor Millville, NJ 2,535 10,311 12,846 (6,520 ) Fifty One Estates Elizabeth, PA 1,330 9,024 10,354 (956 ) Fohl Village Canton, OH 1,023 18,147 19,170 (110 ) Forest Creek Elkhart, IN 440 9,893 10,333 (3,631 ) Forest Park Cranberry Twp, PA 75 11,489 11,564 (4,847 ) Fox Chapel Village Cheswick, PA 372 8,481 8,853 (1,192 ) Frieden Manor Schuylkill Haven, PA 1,420 10,703 12,123 (3,054 ) Friendly Village Perrysburg, OH 1,266 31,210 32,476 (3,398 ) Garden View Estates Orangeburg, SC 158 6,213 6,371 (82 ) Green Acres Chambersburg, PA 63 798 861 (253 ) Gregory Courts Honey Brook, PA 370 2,552 2,922 (792 ) Hayden Heights Dublin,OH 248 3,246 3,494 (920 ) Heather Highlands Inkerman, PA 573 18,103 18,676 (7,532 ) Hidden Creek Erie, MI 618 21,534 22,152 (323 ) High View Acres Export, PA 825 5,128 5,953 (898 ) Highland Elkhart, IN 510 13,260 13,770 (4,642 ) UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) Column A Column E (9) (10) Column F Description Gross Amount at Which Carried at 12/31/22 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Highland Estates Kutztown, PA $ 404 $ 14,204 $ 14,608 $ (8,693 ) Hillcrest Crossing Lower Burrell, PA 961 12,358 13,319 (1,744 ) Hillcrest Estates Marysville, OH 1,277 8,809 10,086 (1,468 ) Hillside Estates Greensburg, PA 484 6,568 7,052 (1,644 ) Holiday Mobile Village Nashville, TN 1,632 21,003 22,635 (4,465 ) Holiday Village Elkhart, IN 491 24,631 25,122 (5,843 ) Holly Acres Erie, PA 194 5,054 5,248 (1,284 ) Hudson Estates Peninsula, OH 141 9,709 9,850 (2,612 ) Huntingdon Pointe Tarrs, PA 399 3,181 3,580 (602 ) Independence Park Clinton, PA 686 9,198 9,884 (1,807 ) Iris Winds Sumter, SC 122 8,614 8,736 (374 ) Kinnebrook Monticello, NY 353 16,126 16,479 (7,378 ) La Vista Estates Dothan, AL 718 3,977 4,695 (73 ) Lake Erie Estates Fredonia, NY 140 7,357 7,497 (595 ) Lake Sherman Navarre, OH 290 16,977 17,267 (6,500 ) Lakeview Meadows Lakeview, OH 726 3,150 3,876 (612 ) Laurel Woods Cresson, PA 433 8,691 9,124 (3,418 ) Little Chippewa Orrville, OH 113 3,966 4,079 (947 ) Mandell Trails Butler, PA 2,537 5,216 7,753 (107 ) Maple Manor Taylor, PA 674 17,755 18,429 (6,144 ) Marysville Estates Marysville, OH 818 14,022 14,840 (2,161 ) Meadowood New Middletown, OH 152 8,835 8,987 (2,432 ) Meadows Nappanee, IN 549 18,414 18,963 (4,046 ) Meadows of Perrysburg Perrysburg, OH 2,182 6,961 9,143 (912 ) Melrose Village Wooster, OH 767 14,100 14,867 (3,546 ) Melrose West Wooster, OH 94 1,163 1,257 (369 ) Memphis Blues Memphis, TN 336 16,157 16,493 (3,461 ) Monroe Valley Jonestown, PA 114 1,768 1,882 (558 ) Moosic Heights Avoca, PA 330 8,164 8,494 (2,540 ) Mount Pleasant Village Mount Pleasant, PA 280 5,205 5,485 (1,067 ) Mountaintop Narvon, PA 249 3,599 3,848 (883 ) New Colony West Mifflin, PA 448 6,071 6,519 (699 ) Northtowne Meadows Erie, MI 1,313 28,222 29,535 (3,655 ) Oak Ridge Elkhart, IN 500 11,523 12,023 (3,803 ) Oak Tree Jackson, NJ 1,149 22,061 23,210 (67 ) Oakwood Lake Tunkhannock, PA 379 4,322 4,701 (1,176 ) Olmsted Falls Olmsted Falls, OH 569 5,616 6,185 (1,682 ) Oxford West Grove, PA 155 3,945 4,100 (2,416 ) Parke Place Elkhart, IN 4,317 17,201 21,518 (4,111 ) Perrysburg Estates Perrysburg, OH 407 10,630 11,037 (1,275 ) Pikewood Manor Elyria, OH 1,071 39,923 40,994 (5,192 ) Pine Ridge/Pine Manor Carlisle, PA 145 11,149 11,294 (5,069 ) Pine Valley Apollo, PA 732 11,100 11,832 (4,306 ) Pleasant View Bloomsburg, PA 307 5,328 5,635 (1,559 ) Port Royal Belle Vernon, PA 505 19,403 19,908 (9,216 ) Redbud Estates Anderson, IN 1,753 22,276 24,029 (3,183 ) River Valley Marion, OH 236 10,353 10,589 (4,768 ) Rolling Hills Estates Carlisle, PA 517 4,322 4,839 (1,230 ) Rostraver Estates Belle Veron, PA 814 4,843 5,657 (1,315 ) Sandy Valley Magnolia, OH 270 16,336 16,606 (6,585 ) Shady Hills Nashville, TN 337 8,406 8,743 (2,790 ) Somerset/Whispering Somerset, PA 1,489 11,900 13,389 (5,208 ) Southern Terrace Columbiana, OH 63 4,163 4,226 (1,458 ) UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (in thousands) Column A Column E (9) (10) Column F Description Gross Amount at Which Carried at 12/31/22 Site, Land & Building Improvements Accumulated Name Location Land and Rental Homes Total Depreciation Southwind Jackson, NJ $ 100 $ 4,029 $ 4,129 $ (2,372 ) Spreading Oaks Athens, OH 67 5,708 5,775 (2,597 ) Springfield Meadows Springfield, OH 1,230 6,087 7,317 (997 ) Suburban Estates Greensburg, PA 299 11,267 11,566 (3,819 ) Summit Estates Ravenna, OH 198 7,560 7,758 (1,981 ) Summit Village Marion, IN 522 6,880 7,402 (1,518 ) Sunny Acres Somerset, PA 287 10,111 10,398 (3,540 ) Sunnyside Eagleville, PA 662 3,432 4,094 (1,121 ) Trailmont Goodlettsville, TN 411 5,783 6,194 (1,829 ) Twin Oaks Olmsted Falls, OH 998 5,778 6,776 (1,970 ) Twin Pines Goshen, IN 650 12,852 13,502 (3,994 ) Valley High Ruffs Dale, PA 284 4,922 5,206 (1,214 ) Valley Hills Ravenna, OH 996 16,697 17,693 (4,515 ) Valley Stream Mountaintop, PA 323 4,458 4,781 (1,073 ) Valley View HB Honeybrook, PA 1,380 10,330 11,710 (3,029 ) Valley View I Ephrata, PA 280 5,520 5,800 (1,990 ) Valley View II Ephrata, PA 72 1,824 1,896 (670 ) Voyager Estates West Newton, PA 742 9,021 9,763 (1,827 ) Waterfalls Hamburg, NY 424 10,028 10,452 (5,294 ) Wayside Bellefontaine, OH 261 3,973 4,234 (579 ) Weatherly Estates Lebanon, TN 1,184 8,185 9,369 (4,314 ) Wellington Estates Export, PA 896 13,121 14,017 (1,987 ) Wood Valley Caledonia, OH 260 8,299 8,559 (4,002 ) Woodland Manor West Monroe, NY 77 6,353 6,430 (2,017 ) Woodlawn Eatontown, NJ 135 2,637 2,772 (1,104 ) Woods Edge West Lafayette, IN 1,808 23,857 25,665 (5,499 ) Worthington Arms Lewis Center, OH 437 20,108 20,545 (4,510 ) Youngstown Estates Youngstown, NY 269 3,565 3,834 (910 ) $ 80,964 $ 1,298,563 $ 1,379,527 $ (340,776 ) UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 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 Bayshore Estates Sandusky, OH 1969 2021 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 Camelot Village Anderson, IN 1998 2018 5 to 27.5 Camelot Woods Altoona, PA 1999 2020 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 Center Manor Monaca, Pa 1957 2022 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 Deer Run Dothan, AL 1960 2021 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 Fifty One Estates Elizabeth, PA 1970’s 2019 5 to 27.5 Fohl Village Canton, OH 1972 2022 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 Friendly Village Perrysburg, OH 1970 2019 5 to 27.5 Garden View Estates Orangeburg, SC 1962 2022 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 Hidden Creek Erie, MI 1993 2022 5 to 27.5 High View Acres Export, PA 1984 2017 5 to 27.5 Highland Elkhart, IN 1969 2013 5 to 27.5 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life 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 Greensburg, PA 1980 2014 5 to 27.5 Holiday Mobile 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 Independence Park Clinton, PA 1987 2014 5 to 27.5 Iris Winds Sumter, SC 1972 2021 5 to 27.5 Kinnebrook Monticello, NY 1972 1988 5 to 27.5 La Vista Estates Dothan, AL 1972 2022 5 to 27.5 Lake Erie Estates Fredonia, NY 1965-1975 2020 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 Mandell Trails Butler, PA 1969 2022 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 Meadows of Perrysburg Perrysburg, OH 1998 2018 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 New Colony West Mifflin, PA 1975 2019 5 to 27.5 Northtowne Meadows Erie, MI 1988, 1995, 1999 2019 5 to 27.5 Oak Ridge Elkhart, IN 1990 2013 5 to 27.5 Oak Tree Jackson, NJ 1958 2022 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 Perrysburg Estates Perrysburg, OH 1972 2018 5 to 27.5 Pikewood Manor Elyria, OH 1962 2018 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 Redbud Estates Anderson, IN 1966/1998/2003 2018 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 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 Column A Column G Column H Column I Description Date of Date Depreciable Name Location Construction Acquired Life Suburban Estates Greensburg, PA 1968/1980 2010 5 to 27.5 Summit Estates Ravenna, OH 1969 2014 5 to 27.5 Summit Village Marion, IN 2000 2018 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 Wayside Bellefontaine, OH 1960 2016 5 to 27.5 Weatherly Estates Lebanon, TN 1997 2006 5 to 27.5 Wellington Estates 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 UMH PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2022 (1) Represents one mortgage note payable secured by twenty-eight properties and one mortgage notes payable secured by the rental home therein. (2) Represents one mortgage note payable secured by thirteen properties. (3) Represents one mortgage note payable secured by six properties. (4) Represents one mortgage note payable secured by four properties. (5) Represents one mortgage note payable secured by four properties. (6) Represents one mortgage note payable secured by two properties. (7) Represents one mortgage note payable secured by two properties. (8) Represents one mortgage note payable secured by two properties. (9) Reconciliation (10) The aggregate cost for Federal tax purposes approximates historical cost. 12/31/22 12/31/21 12/31/20 /———-FIXED ASSETS————/ (in thousands) 12/31/22 12/31/21 12/31/20 Balance – Beginning of Year $ 1,198,104 $ 1,100,256 $ 1,008,104 Additions: Acquisitions 85,553 8,546 7,835 Improvements 108,544 94,213 88,684 Total Additions 194,097 102,759 96,519 Deletions (12,674 ) (4,911 ) (4,367 ) Balance – End of Year $ 1,379,527 $ 1,198,104 $ 1,100,256 12/31/22 12/31/21 12/31/20 /——ACCUMULATED DEPRECIATION——/ (in thousands) 12/31/22 12/31/21 12/31/20 Balance – Beginning of Year $ 295,740 $ 254,369 $ 216,332 Additions: Depreciation 46,650 43,064 39,525 Total Additions 46,650 43,064 39,525 Deletions (1,614 ) (1,693 ) (1,488 ) Balance – End of Year $ 340,776 $ 295,740 $ 254,369 (10) The aggregate cost for Federal tax purposes approximates historical cost. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
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% 77 A subsidiary of the Company is the managing member of the Company’s joint venture with Nuveen Real Estate. |
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. |
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 27.5 3 27.5 2,029 305 3.7 2.6 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. The Company’s primary indicator of potential impairment is based on net operating income trends year over year. 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 an other than temporary 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. The process entailed the analysis of property for instances where the net book value exceeded the estimated fair value. The Company reviewed its operating properties in light of the requirements of ASC 360-10 and determined that, as of December 31, 2022, no impairment charges were required. |
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. In January 2017, the FASB issued Accounting Standards Update (“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 was 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 2021 and 2022 should be accounted for as acquisitions of assets. As such, transaction costs, primarily consisting of 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. Prior to the adoption of ASU 2017-01, the Company’s acquisitions were considered an acquisition of a business and therefore, the acquisition costs were expensed. |
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 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). |
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. |
Marketable Securities | Marketable Securities Investments in marketable securities consist of marketable common and preferred stock securities of other REITs, which the Company generally limits to no more than approximately 15% 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. 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, 2022 and 2021, gains or losses on the sale of securities are based on average cost and are accounted for on a trade date 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 and 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. At December 31, 2022 and 2021, the reserves for uncollectible accounts, notes and other receivables were $ 2.6 2.1 1.5 1.2 1.5 1.0 712,000 1.2 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 supportable forecasts that affect the collectability of the reported amount. As of December 31, 2022 and 2021, the Company had notes receivable of $ 63.0 51.9 1.3 1.0 The Company’s notes receivable primarily consists of installment loans collateralized by manufactured homes with principal and interest payable monthly. The weighted average interest rate on these loans is approximately 6.7% 8 |
Unamortized Financing Costs | Unamortized Financing Costs Costs incurred in connection with obtaining mortgages and other financings and refinancings are deferred and presented in the consolidated balance sheet as a direct deduction from the carrying amount of that debt liability. These costs are amortized on a straight-line basis which approximates the effective interest method 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, 2022 and 2021, accumulated amortization amounted to $ 9.1 7.2 2.0 1.9 1.7 1.6 577,000 1.2 |
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 99-year ground lease at one community expiring April 12, 2099 option to extend for another 99-year term. 3.6 Prepaid Expenses and Other Assets Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows ( in thousands SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2023 $ 460 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,711 The weighted average remaining lease term for these leases, including renewal options is 160.2 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 12/31/22 12/31/21 12/31/20 12/31/19 Cash and Cash Equivalents $ 29,785 $ 116,175 $ 15,336 $ 12,902 Restricted Cash 11,091 8,851 13,257 6,094 Cash, Cash Equivalents And Restricted Cash $ 40,876 $ 125,026 $ 28,593 $ 18,996 |
Revenue Recognition | Revenue Recognition 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. |
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 ( 54.4 46.3 41.4 3.5 3.3 1.1 3.3 |
Stock Compensation Plan | Stock Compensation Plan The Company accounts for awards of stock, 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 are 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 are recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards are 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 $ 5.0 3.4 1.3 433,000 44,000 127,000 |
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 or cash-type investments and meets certain other requirements for qualification as a REIT. 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, 2022. The Company records interest and penalties relating to unrecognized tax benefits, if any, as interest expense. As of December 31, 2022, the tax years 2019 through and including 2022 remain open to examination by the Internal Revenue Service. There are currently no federal tax examinations in progress. |
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. |
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. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS | Future minimum lease payments under these leases over the remaining lease terms, exclusive of renewal options are as follows ( in thousands SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS 2023 $ 460 2024 460 2025 460 2026 460 2027 257 Thereafter 18,614 Total Lease Payments $ 20,711 |
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 12/31/22 12/31/21 12/31/20 12/31/19 Cash and Cash Equivalents $ 29,785 $ 116,175 $ 15,336 $ 12,902 Restricted Cash 11,091 8,851 13,257 6,094 Cash, Cash Equivalents And Restricted Cash $ 40,876 $ 125,026 $ 28,593 $ 18,996 |
INVESTMENT PROPERTY AND EQUIP_2
INVESTMENT PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Real Estate [Abstract] | |
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED | SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED 2022 Acquisitions 2021 Acquisitions Assets Acquired: Land $ 6,379 $ 986 Depreciable Property 80,027 17,223 Notes Receivable and Other 656 197 Total Assets Acquired $ 87,062 $ 18,406 |
SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED | Total Income, Community Net Operating Income (“Community NOI”)* and Net Loss for communities acquired in 2022 and 2021, which are included in our Consolidated Statements of Income (Loss) for the years ended December 31, 2022 and 2021, are as follows (in thousands) SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED 2022 Acquisitions 2021 Acquisitions 2022 2022 2021 Total Income $ 1,376 $ 1,685 $ 1,134 Community NOI * $ 610 $ 497 $ 235 Net Loss $ (781 ) $ (1,078 ) $ (740 ) * Community NOI is defined as rental and related income less community operating expenses. |
SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS | The following is a summary of accumulated depreciation by major classes of assets (in thousands) SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS December 31, 2022 December 31, 2021 Site and Land Improvements $ 225,926 $ 199,482 Buildings and Improvements 11,294 10,020 Rental Homes and Accessories 104,481 87,104 Equipment and Vehicles 21,397 19,467 Total Accumulated Depreciation $ 363,098 $ 316,073 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
SUMMARY OF MARKETABLE SECURITIES | The following is a listing of marketable securities at December 31, 2022 (in thousands) SUMMARY OF MARKETABLE SECURITIES Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Cedar Realty Trust, Inc. B 7.250 % 12 $ 257 $ 168 Cedar Realty Trust, Inc. C 6.500 % 20 494 235 Centerspace C 6.625 % 20 500 505 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 97 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 38 Total Preferred Stock 2,749 1,043 Common Stock: Alerislife Inc. 12 45 6 Diversified HealthCare Trust 171 2,920 111 Franklin Street Properties Corporation 220 2,219 601 Industrial Logistics Properties Trust 87 1,729 285 Kimco Realty Corporation 890 16,677 18,850 Office Properties Income Trust 562 36,418 7,496 Orion Office REIT, Inc. 18 293 158 Pennsylvania Real Estate Investment Trust 15 2,316 17 Realty Income Corporation 185 10,910 11,716 Urstadt Biddle Properties, Inc. 100 2,049 1,895 Total Common Stock 75,576 41,135 Total Marketable Securities $ 78,325 $ 42,178 The following is a listing of marketable securities at December 31, 2021 (in thousands) Interest Number Market Series Rate of Shares Cost Value Equity Securities: Preferred Stock: Cedar Realty Trust, Inc. B 7.250 % 10 $ 237 $ 264 Cedar Realty Trust, Inc. C 6.500 % 20 494 505 Centerspace C 6.625 % 20 500 522 Pennsylvania Real Estate Investment Trust B 7.375 % 40 1,000 304 Pennsylvania Real Estate Investment Trust D 6.875 % 20 498 145 Total Preferred Stock 2,729 1,740 Common Stock: CBL & Associates Properties, Inc. 12 18,230 361 Five Star Senior Living 12 45 34 Franklin Street Properties Corporation 220 2,219 1,309 Industrial Logistics Properties Trust 87 1,729 2,186 Kimco Realty Corporation 890 16,677 21,939 Monmouth Real Estate Investment Corporation 2,655 25,031 55,778 Office Properties Income Trust 562 36,418 13,948 Orion Office REIT, Inc. 18 293 345 Pennsylvania Real Estate Investment Trust 222 2,316 226 Diversified HealthCare Trust 171 2,920 528 Urstadt Biddle Properties, Inc. 100 2,049 2,130 Realty Income Corporation 185 10,910 13,224 Washington Prime Group 3 6,489 0 Total Common Stock 125,326 112,008 Total Marketable Securities $ 128,055 $ 113,748 |
LOANS AND MORTGAGES PAYABLE (Ta
LOANS AND MORTGAGES PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
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 (in thousands) SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY Year Ended December 31, 2023 $ 79,226 2024 0 2025 0 2026 75,000 2027 0 Thereafter 0 Total Loans Payable 154,226 Unamortized Debt Issuance Costs (695 ) Total Loans Payable, net of Unamortized Debt Issuance Costs $ 153,531 |
SCHEDULE OF MORTGAGES PAYABLE | The following is a summary of mortgages payable at December 31, 2022 and 2021 (in thousands) SCHEDULE OF MORTGAGES PAYABLE At December 31, 2022 Balance at December 31, Property Due Date Interest Rate 2022 2021 Allentown 10/01/25 4.06 % $ 11,992 $ 12,295 Brookview Village 04/01/25 3.92 % 2,473 2,539 Candlewick Court 09/01/25 4.10 % 4,002 4,104 Catalina 08/19/25 3.00 % 4,311 4,586 Cedarcrest Village 04/01/25 3.71 % 10,662 10,956 Clinton Mobile Home Resort 10/01/25 4.06 % 3,147 3,227 Cranberry Village 04/01/25 3.92 % 6,783 6,965 D & R Village 03/01/25 3.85 % 6,828 7,013 Fairview Manor 11/01/26 3.85 % 14,388 14,739 Fohl Village 11/22/32 5.93 % 9,490 0 Forest Park Village 09/01/25 4.10 % 7,463 7,652 Friendly Village 06/06/23 4.618 % 6,382 6,650 Hayden Heights 04/01/25 3.92 % 1,864 1,914 Highland Estates 06/01/27 4.12 % 15,080 15,419 Holiday Village 09/01/25 4.10 % 7,102 7,282 Holiday Village- IN 11/01/25 3.96 % 7,616 7,811 Holly Acres Estates 09/01/31 3.21 % 5,910 6,031 Kinnebrook Village 04/01/25 3.92 % 3,603 3,700 Lake Erie Estates 07/06/25 5.16 % 2,549 2,604 Lake Sherman Village 09/01/25 4.10 % 4,935 5,060 Meadows of Perrysburg 10/06/23 5.413 % 0 2,825 Northtowne Meadows 09/06/26 4.45 % 11,322 11,576 Oak Tree 12/15/32 5.60 % 12,000 0 Olmsted Falls 04/01/25 3.98 % 1,865 1,915 Oxford Village 07/01/29 3.41 % 14,659 14,985 Perrysburg Estates 09/06/25 4.98 % 1,493 1,526 Pikewood Manor 11/29/28 5.00 % 13,414 13,766 Shady Hills 04/01/25 3.92 % 4,444 4,563 Springfield Meadows 10/06/25 4.83 % 0 2,914 Suburban Estates 10/01/25 4.06 % 5,000 5,126 Sunny Acres 10/01/25 4.06 % 5,566 5,706 Trailmont 04/01/25 3.92 % 2,963 3,042 Twin Oaks 10/01/29 3.37 % 5,683 5,809 Valley Hills 06/01/26 4.32 % 3,080 3,152 Waterfalls 06/01/26 4.38 % 4,197 4,293 Weatherly Estates 04/01/25 3.92 % 7,229 7,422 Wellington Estates 02/01/23 6.35 % 2,144 2,205 Woods Edge 01/07/26 3.25 % 5,306 5,627 Worthington Arms 09/01/25 4.10 % 8,369 8,580 Various (2 properties) 02/01/27 4.56 % 12,799 13,073 Various (2 properties) 08/01/28 4.27 % 12,408 12,661 Various (2 properties) 07/01/29 3.41 % 21,430 21,907 Various (4 properties) 07/01/23 4.975 % 7,230 7,418 Various (4 properties) 10/1/32 5.24 % 34,027 0 Various (5 properties) 12/06/22 4.75 % 0 6,523 Various (6 properties) 08/01/27 4.18 % 12,048 12,320 Various (13 properties) 03/01/23 4.065 % 43,037 44,339 Various (28 properties) * 09/01/30 4.25 % 24,935 0 Various (28 properties) 09/01/30 2.62 % 100,481 102,882 Total Mortgages Payable 513,709 456,702 Unamortized Debt Issuance Costs (4,771 ) (4,135 ) Total Mortgages Payable, net of Unamortized Debt Issuance Costs $ 508,938 $ 452,567 * Rental home addition to the Fannie Mae credit facility consisting of 28 properties. |
SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE | The aggregate principal payments of all mortgages payable are scheduled as follows (in thousands) SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE Year Ended December 31, 2023 $ 70,323 2024 11,983 2025 138,373 2026 37,967 2027 42,674 Thereafter 212,389 Total $ 513,709 |
STOCK COMPENSATION PLAN (Tables
STOCK COMPENSATION PLAN (Tables) | 12 Months Ended |
Dec. 31, 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 in the following years: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2022 2021 2020 Dividend yield 3.47 % 4.66 % 5.33 % Expected volatility 25.09 % 24.59 % 24.57 % Risk-free interest rate 2.63 % 1.44 % 0.89 % Expected lives 10 10 10 Estimated forfeitures 0 0 0 |
SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS | A summary of the status of the stock options outstanding under the Company’s stock compensation plans as of December 31, 2022, 2021 and 2020 and changes during the years then ended are as follows (in thousands) SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS 2022 2021 2020 Weighted- Weighted- Weighted- Average Average Average Exercise Exercise Exercise Shares Price Shares Price Shares Price Outstanding at beginning of year 3,324 $ 14.25 3,266 $ 12.03 2,637 $ 12.05 Granted 570 22.88 768 21.90 715 9.84 Exercised (404 ) 10.38 (710 ) 12.11 (63 ) 10.55 Forfeited 0 0 0 19.36 (11 ) 11.65 Expired 0 0 0 0 (12 ) 11.29 Outstanding at end of year 3,490 15.96 3,324 14.25 3,266 12.03 Options exercisable at end of year 1,879 2,556 2,556 Weighted average fair value of options granted during the year $ 4.50 $ 2.77 $ 0.96 |
SUMMARY OF STOCK OPTIONS OUTSTANDING | The following is a summary of stock options outstanding as of December 31, 2022 (in thousands) SUMMARY OF STOCK OPTIONS OUTSTANDING Date of Grant Number of Employees Number of Shares Option Price Expiration Date 06/24/15 3 45 9.82 06/24/23 04/05/16 7 184 9.77 04/05/24 01/19/17 2 60 14.25 01/19/27 04/04/17 18 397 15.04 04/04/27 04/02/18 16 291 13.09 04/02/28 07/09/18 4 40 15.75 07/09/28 12/10/18 1 25 12.94 12/10/28 01/02/19 2 60 11.42 01/02/29 04/02/19 19 403 13.90 04/02/29 01/17/20 1 10 * 16.37 01/17/30 03/25/20 39 622 * 9.70 03/25/30 05/20/20 2 14 * 11.80 05/20/30 03/18/21 41 159 * 19.36 03/18/31 07/14/21 46 609 * 22.57 07/14/31 03/28/22 45 471 * 23.81 03/28/32 09/09/22 1 100 * 18.52 09/09/32 3,490 * Exercisable over 5 years |
SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA | SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA Vesting Date Performance Goal to be Met (1) Percent of Shares Vested June 30, 2023 Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater 100% June 30, 2023 Growth in cumulative Normalized FFO over the past 3 years is 5% or greater Bonus of 50% of the Restricted Stock (total of 150% June 30, 2023 Growth in cumulative Normalized FFO over the past 3 years is 20% or greater Bonus of 100% of the Restricted Stock (total of 200% (1) Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $ 0.64 |
SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS | A summary of the status of the Company’s non-vested restricted stock awards as of December 31, 2022, 2021 and 2020, and changes during the year ended December 31, 2022, 2021 and 2020 are presented below (in thousands) SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS 2022 2021 2020 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 434 $ 16.66 212 $ 13.69 238 $ 13.33 Granted 103 23.98 280 16.51 35 14.75 Dividend Reinvested Shares 20 18.10 15 21.68 11 12.91 Vested (86 ) 20.69 (73 ) 8.48 (72 ) 12.87 Non-vested at end of year 471 $ 17.58 434 $ 16.66 212 $ 13.69 |
SHAREHOLDERS_ EQUITY (Tables)
SHAREHOLDERS’ EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP | Amounts received in connection with the DRIP for the years ended December 31, 2022, 2021 and 2020 were as follows (in thousands): SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP 2022 2021 2020 Amounts Received $ 7,808 $ 9,773 $ 9,154 Less: Dividends Reinvested (2,783 ) (3,506 ) (3,151 ) Amounts Received, net $ 5,025 $ 6,267 $ 6,003 Number of Shares Issued 430 503 720 |
DISTRIBUTIONS (Tables)
DISTRIBUTIONS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Distributions | |
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, 2022, 2021 and 2020 (in thousands except per share amounts) SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS 2022 2021 2020 Quarter Ended Amount Per Share Amount Per Share Amount Per Share March 31 $ 10,406 $ 0.20 $ 8,048 $ 0.19 $ 7,417 $ 0.18 June 30 10,890 0.20 8,629 0.19 7,417 0.18 September 30 10,960 0.20 9,016 0.19 7,454 0.18 December 31 11,154 0.20 9,327 0.19 7,520 0.18 $ 43,410 $ 0.80 $ 35,020 $ 0.76 $ 29,808 $ 0.72 |
SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS | The following dividends were paid to holders of our Series B Preferred Stock during the years ended December 31, 2020 (in thousands except per share amounts) SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2020 2/18/2020 3/16/2020 $ 1,901 $ 0.50 4/2/2020 5/15/2020 6/15/2020 1,900 0.50 7/1/2020 8/17/2020 9/15/2020 1,900 0.50 9/11/2020 9/11/2020 10/20/2020 1,035 0.2722 $ 6,736 $ 1.7722 The following dividends were paid to holders of our Series C Preferred Stock during the years ended December 31, 2022, 2021 and 2020 (in thousands except per share amounts) Declaration Date Record Date Payment Date Dividend Dividend per Share 1/12/2022 2/15/2022 3/15/2022 $ 4,170 $ 0.421875 4/1/2022 5/16/2022 6/15/2022 4,170 0.421875 7/1/2022 8/15/2022 9/15/2022 2,548 0.257800 $ 10,888 $ 1.101550 1/15/2021 2/16/2021 3/15/2021 $ 4,170 $ 0.421875 4/1/2021 5/17/2021 6/15/2021 4,170 0.421875 7/1/2021 8/15/2021 9/15/2021 4,170 0.421875 10/1/2021 11/15/2021 12/15/2021 4,170 0.421875 $ 16,680 $ 1.68750 1/15/2020 2/18/2020 3/16/2020 $ 4,113 $ 0.421875 4/2/2020 5/15/2020 6/15/2020 4,113 0.421875 7/1/2020 8/17/2020 9/15/2020 4,128 0.421875 10/1/2020 11/16/2020 12/15/2020 4,170 0.421875 $ 16,524 $ 1.68750 The following dividends were paid to holders of our Series D Preferred Stock during the years ended December 31, 2022, 2021 and 2020 (in thousands except per share amounts) Declaration Date Record Date Payment Date Dividend Dividend per Share 1/12/2022 2/15/2022 3/15/2022 $ 3,430 $ 0.3984375 4/1/2022 5/16/2022 6/15/2022 3,430 0.3984375 7/1/2022 8/15/2022 9/15/2022 3,430 0.3984375 10/3/2022 11/15/2022 12/15/2022 3,433 0.3984375 $ 13,723 $ 1.59375 Declaration Date Record Date Payment Date Dividend Dividend per Share 1/15/2021 2/16/2021 3/15/2021 $ 2,869 $ 0.3984375 4/1/2021 5/17/2021 6/15/2021 3,430 0.3984375 7/1/2021 8/15/2021 9/15/2021 3,430 0.3984375 10/1/2021 11/15/2021 12/15/2021 3,430 0.3984375 $ 13,159 $ 1.59375 1/15/2020 2/18/2020 3/16/2020 $ 2,076 $ 0.3984375 4/2/2020 5/15/2020 6/15/2020 2,076 0.3984375 7/1/2020 8/17/2020 9/15/2020 2,082 0.3984375 10/1/2020 11/16/2020 12/15/2020 2,449 0.3984375 $ 8,683 $ 1.59375 |
FEDERAL INCOME TAXES (Tables)
FEDERAL INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE | The following table characterizes the distributions paid for the years ended December 31, 2022, 2021 and 2020: SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE 2022 2021 2020 Amount Percent Amount Percent Amount Percent Common Stock Ordinary income $ 0 0 % $ 0.024636 3.24 % $ 0 0 % Capital gains 0 0 % 0.002008 0.26 % 0 0 % Return of capital 0.80 100.00 % 0.733356 96.50 % 0.72 100.00 % $ 0.80 100.00 % $ 0.76 100.00 % $ 0.72 100.00 % Preferred Stock - Series B Ordinary income $ 0 0 % $ 0 0 % $ 0.661633 37.33 % Capital gains 0 0 % 0 0 % 0 0 % Return of capital 0 0 % 0 0 % 1.110567 62.67 % $ 0 0 % $ 0 0 % $ 1.772200 100.00 % Preferred Stock - Series C Ordinary income $ 0.432071 39.22 % $ 1.560268 92.46 % $ 0.630008 37.33 % Capital gains 0 0 % 0.127232 7.54 % 0 0 % Return of capital 0.669479 60.78 % 0 0 % 1.057492 62.67 % $ 1.101550 100.00 % $ 1.687500 100.00 % $ 1.687500 100.00 % 2022 2021 2020 Amount Percent Amount Percent Amount Percent Preferred Stock - Series D Ordinary income $ 0.625130 39.22 % $ 1.473586 92.46 % $ 0.595008 37.33 % Capital gains 0 0 % 0.120164 7.54 % 0 0 % Return of capital 0.968620 60.78 % 0 0 % 0.998742 62.67 % $ 1.593750 100.00 % $ 1.593750 100.00 % $ 1.593750 100.00 % |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS | 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 marketable securities. The fair value of these certain financial assets and liabilities was determined using the following inputs at December 31, 2022 and 2021 (in thousands) FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS 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, 2022: Equity Securities - Preferred Stock $ 1,043 $ 1,043 $ 0 $ 0 Equity Securities - Common Stock 41,135 41,135 0 0 Total $ 42,178 $ 42,178 $ 0 $ 0 December 31, 2021: Equity Securities - Preferred Stock $ 1,740 $ 1,740 $ 0 $ 0 Equity Securities - Common Stock 112,008 112,008 0 0 Total $ 113,748 $ 113,748 $ 0 $ 0 |
PRO FORMA FINANCIAL INFORMATI_2
PRO FORMA FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Pro Forma Financial Information | |
SUMMARY OF PRO FORMA FINANCIAL INFORMATION | SUMMARY OF PRO FORMA FINANCIAL INFORMATION 2022 2021 For the years ended December 31, 2022 2021 Rental and Related Income $ 174,746 $ 165,078 Community Operating Expenses 76,747 70,098 Net Income (Loss) Attributable to Common Shareholders (37,536 ) 19,298 Net Income (Loss) Attributable to Common Shareholders per Share: Basic (0.69 ) 0.42 Diluted (0.69 ) 0.41 |
ORGANIZATION (Details Narrative
ORGANIZATION (Details Narrative) | 12 Months Ended |
Dec. 31, 2022 Integer | |
Percentage of undepreciated assets | 15% |
Nuveen Real Estate [Member] | |
Acquiring percentage of interest | 40% |
Real Estate Investment Trusts [Member] | |
Percentage of undepreciated assets | 15% |
Number of operations | 134 |
Number of developed sites | 25,600 |
SCHEDULE OF FUTURE MINIMUM LEAS
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Accounting Policies [Abstract] | |
2023 | $ 460 |
2024 | 460 |
2025 | 460 |
2026 | 460 |
2027 | 257 |
Thereafter | 18,614 |
Total Lease Payments | $ 20,711 |
SCHEDULE OF CASH, CASH EQUIVALE
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||||
Cash and Cash Equivalents | $ 29,785 | $ 116,175 | $ 15,336 | $ 12,902 |
Restricted Cash | 11,091 | 8,851 | 13,257 | 6,094 |
Cash, Cash Equivalents And Restricted Cash | $ 40,876 | $ 125,026 | $ 28,593 | $ 18,996 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) Integer shares | Dec. 31, 2021 USD ($) Integer shares | Dec. 31, 2020 USD ($) shares | |
Property, Plant and Equipment [Line Items] | |||
Number of developed home sites | Integer | 305 | 305 | |
Salary and benefits | $ 3,700,000 | $ 2,600,000 | |
Reserves for uncollectible accounts, notes and other receivables | 2,600,000 | 2,100,000 | |
Provisions for uncollectible notes and other receivables | 1,497,000 | 1,213,000 | $ 1,546,000 |
Charge-offs and other adjustments related to repossessed homes, amount | 1,000,000 | 712,000 | $ 1,200,000 |
Notes receivable | 63,000,000 | 51,900,000 | |
Fair value adjustment of notes receivable | $ 1,300,000 | 1,000,000 | |
Weighted average interest rate | 6.70% | ||
Average maturity, term | 8 years | ||
Accumulated amortization | $ 9,100,000 | $ 7,200,000 | |
Amortization Year: 1 | 2,000,000 | ||
Amortization Year: 2 | 1,900,000 | ||
Amortization Year: 3 | 1,700,000 | ||
Amortization Year: 4 | 1,600,000 | ||
Amortization Year: 5 | 577,000 | ||
Amortization thereafter | $ 1,200,000 | ||
Lease expiration date | Apr. 12, 2099 | ||
Lease, option to extend | option to extend for another 99-year term. | ||
Operating lease right of use assets | $ 3,600,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Prepaid Expenses and Other Assets | ||
Weighted average remaining lease term, including renewal options | 160 years 2 months 12 days | ||
Operating lease, weighted average discount rate, percent | 5% | ||
Weighted average number of common shares outstanding | shares | 54,389 | 46,332 | 41,395 |
Computation of diluted net income (loss) per share | shares | 1,100 | ||
Share-based payment arrangement, noncash expense | $ 4,970,000 | $ 3,447,000 | $ 1,327,000 |
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 or cash-type investments and meets certain other requirements for qualification as a REIT. | ||
General and Administrative Expense [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Share-based payment arrangement, noncash expense | $ 5,000,000 | 3,400,000 | 1,300,000 |
One-time Charge [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Share-based payment arrangement, noncash expense | $ 433,000 | $ 44,000 | $ 127,000 |
Share-Based Payment Arrangement, Option [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Options to purchase of common stock | shares | 3,500 | 3,300 | 3,300 |
10 Communities [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Number of sites acquired | Integer | 2,029 | 2,029 | |
Sites and Buildings [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Sites and Buildings [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 27 years 6 months | ||
Improvements of Investment Property and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 3 years | ||
Improvements of Investment Property and Equipment [Member] | Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 27 years 6 months | ||
All Subsidiaries [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Investment ownership percentage | 100% | ||
OZ Fund [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Investment ownership percentage | 77% |
SCHEDULE OF ESTIMATED FAIR VALU
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Real Estate [Abstract] | ||
Land | $ 6,379 | $ 986 |
Depreciable Property | 80,027 | 17,223 |
Notes Receivable and Other | 656 | 197 |
Total Assets Acquired | $ 87,062 | $ 18,406 |
SCHEDULE OF COMMUNITY NET OPERA
SCHEDULE OF COMMUNITY NET OPERATING INCOME AND NET INCOME (LOSS) ACQUIRED (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
2022 Acquisitions [Member] | |||
Asset Acquisition [Line Items] | |||
Total Income | $ 1,376 | ||
Community NOI | [1] | 610 | |
Net Loss | (781) | ||
2021 Acquisitions [Member] | |||
Asset Acquisition [Line Items] | |||
Total Income | 1,685 | $ 1,134 | |
Community NOI | [1] | 497 | 235 |
Net Loss | $ (1,078) | $ (740) | |
[1]Community NOI is defined as rental and related income less community operating expenses. |
SUMMARY OF ACCUMULATED DEPRECIA
SUMMARY OF ACCUMULATED DEPRECIATION BY MAJOR CLASSES OF ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Total Accumulated Depreciation | $ 363,098 | $ 316,073 |
Site and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Accumulated Depreciation | 225,926 | 199,482 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Accumulated Depreciation | 11,294 | 10,020 |
Rental Homes and Accessories [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Accumulated Depreciation | 104,481 | 87,104 |
Equipment and Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total Accumulated Depreciation | $ 21,397 | $ 19,467 |
INVESTMENT PROPERTY AND EQUIP_3
INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative) | 12 Months Ended | ||||||||||||
Dec. 15, 2022 USD ($) a Integer | Nov. 22, 2022 USD ($) a Integer | Aug. 10, 2022 USD ($) a Integer | Jul. 14, 2022 USD ($) a Integer | May 25, 2022 USD ($) a Integer | May 03, 2022 USD ($) a Integer | Mar. 31, 2022 USD ($) a Integer | Jun. 02, 2021 USD ($) a Integer | Jan. 21, 2021 USD ($) a Integer | Jan. 08, 2021 USD ($) a Integer | Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | Dec. 31, 2020 USD ($) | |
Payments to acquire real estate | $ 65,562,000 | $ 18,405,000 | $ 5,320,000 | ||||||||||
Number of developed homesites | Integer | 305 | 305 | |||||||||||
Transaction costs | $ 852,000 | $ 109,000 | |||||||||||
Center Manor [Member] | Monaca, Pennsylvania [Member] | |||||||||||||
Payments to acquire real estate | $ 5,800,000 | ||||||||||||
Number of developed homesites | Integer | 96 | ||||||||||||
Area of land | a | 18 | ||||||||||||
Percentage of average occupancy | 83% | ||||||||||||
Mandell Trails [Member] | Butler Pennsylvania [Member] | |||||||||||||
Payments to acquire real estate | $ 7,400,000 | ||||||||||||
Number of developed homesites | Integer | 132 | ||||||||||||
Area of land | a | 69 | ||||||||||||
Percentage of average occupancy | 70% | ||||||||||||
La Vista Estates [Member] | Dothan Alabama [Member] | |||||||||||||
Payments to acquire real estate | $ 3,900,000 | ||||||||||||
Number of developed homesites | Integer | 139 | ||||||||||||
Area of land | a | 36 | ||||||||||||
Percentage of average occupancy | 6% | ||||||||||||
Hidden Creek [Member] | Erie, Michigan [Member] | |||||||||||||
Payments to acquire real estate | $ 22,000,000 | ||||||||||||
Number of developed homesites | Integer | 351 | ||||||||||||
Area of land | a | 88 | ||||||||||||
Percentage of average occupancy | 63% | ||||||||||||
Garden View [Member] | Orangeburg, South Carolina [Member] | |||||||||||||
Payments to acquire real estate | $ 5,200,000 | ||||||||||||
Number of developed homesites | Integer | 187 | ||||||||||||
Area of land | a | 39 | ||||||||||||
Percentage of average occupancy | 42% | ||||||||||||
Fohl Village [Member] | Canton Ohio [Member] | |||||||||||||
Payments to acquire real estate | $ 19,100,000 | ||||||||||||
Number of developed homesites | Integer | 321 | ||||||||||||
Area of land | a | 170 | ||||||||||||
Percentage of average occupancy | 77% | ||||||||||||
Oak Tree [Member] | Jackson New Jersey [Member] | |||||||||||||
Payments to acquire real estate | $ 22,900,000 | ||||||||||||
Number of developed homesites | Integer | 260 | ||||||||||||
Area of land | a | 41 | ||||||||||||
Percentage of average occupancy | 98% | ||||||||||||
Deer Run [Member] | Dothan Alabama [Member] | |||||||||||||
Payments to acquire real estate | $ 4,600,000 | ||||||||||||
Number of developed homesites | Integer | 195 | ||||||||||||
Area of land | a | 33 | ||||||||||||
Percentage of average occupancy | 37% | ||||||||||||
Iris Winds [Member] | Sumter South Carolina [Member] | |||||||||||||
Payments to acquire real estate | $ 3,400,000 | ||||||||||||
Number of developed homesites | Integer | 142 | ||||||||||||
Area of land | a | 24 | ||||||||||||
Percentage of average occupancy | 49% | ||||||||||||
Bayshore Estates [Member] | Sandusky Ohio [Member] | |||||||||||||
Payments to acquire real estate | $ 10,300,000 | ||||||||||||
Number of developed homesites | Integer | 206 | ||||||||||||
Area of land | a | 56 | ||||||||||||
Percentage of average occupancy | 86% |
SUMMARY OF MARKETABLE SECURITIE
SUMMARY OF MARKETABLE SECURITIES (Details) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Marketable Securities [Line Items] | ||
Cost | $ 78,325 | $ 128,055 |
Market Value | $ 42,178 | $ 113,748 |
Cedar Realty Trust, Inc Series B [Member] | ||
Marketable Securities [Line Items] | ||
Interest Rate | 7.25% | 7.25% |
Number of Shares | 12 | 10 |
Cost | $ 257 | $ 237 |
Market Value | $ 168 | $ 264 |
Cedar Realty Trust Inc Series C [Member] | ||
Marketable Securities [Line Items] | ||
Interest Rate | 6.50% | 6.50% |
Number of Shares | 20 | 20 |
Cost | $ 494 | $ 494 |
Market Value | $ 235 | $ 505 |
Centerspace Series C [Member] | ||
Marketable Securities [Line Items] | ||
Interest Rate | 6.625% | 6.625% |
Number of Shares | 20 | 20 |
Cost | $ 500 | $ 500 |
Market Value | $ 505 | $ 522 |
Pennsylvania Real Estate Investment Trust Series B [Member] | ||
Marketable Securities [Line Items] | ||
Interest Rate | 7.375% | 7.375% |
Number of Shares | 40 | 40 |
Cost | $ 1,000 | $ 1,000 |
Market Value | $ 97 | $ 304 |
Pennsylvania Real Estate Investment Trust Series D [Member] | ||
Marketable Securities [Line Items] | ||
Interest Rate | 6.875% | 6.875% |
Number of Shares | 20 | 20 |
Cost | $ 498 | $ 498 |
Market Value | 38 | 145 |
Preferred Stock [Member] | ||
Marketable Securities [Line Items] | ||
Cost | 2,749 | 2,729 |
Market Value | $ 1,043 | $ 1,740 |
Alerislife Inc [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 12 | |
Cost | $ 45 | |
Market Value | $ 6 | |
Diversified Healthcare Trust [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 171 | 171 |
Cost | $ 2,920 | $ 2,920 |
Market Value | $ 111 | $ 528 |
Franklin Street Properties Corporation [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 220 | 220 |
Cost | $ 2,219 | $ 2,219 |
Market Value | $ 601 | $ 1,309 |
Industrial Logistics Properties Trust [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 87 | 87 |
Cost | $ 1,729 | $ 1,729 |
Market Value | $ 285 | $ 2,186 |
Kimco Realty Corporation [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 890 | 890 |
Cost | $ 16,677 | $ 16,677 |
Market Value | $ 18,850 | $ 21,939 |
Office Properties Income Trust [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 562 | 562 |
Cost | $ 36,418 | $ 36,418 |
Market Value | $ 7,496 | $ 13,948 |
Orion Office REIT Inc [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 18 | 18 |
Cost | $ 293 | $ 293 |
Market Value | $ 158 | $ 345 |
Pennsylvania Real Estate Investment Trust [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 15 | 222 |
Cost | $ 2,316 | $ 2,316 |
Market Value | $ 17 | $ 226 |
Realty Income Corporation [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 185 | 185 |
Cost | $ 10,910 | $ 10,910 |
Market Value | $ 11,716 | $ 13,224 |
Urstadt Biddle Properties Inc [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 100 | 100 |
Cost | $ 2,049 | $ 2,049 |
Market Value | 1,895 | 2,130 |
Common Stock [Member] | ||
Marketable Securities [Line Items] | ||
Cost | 75,576 | 125,326 |
Market Value | $ 41,135 | $ 112,008 |
CBL and Associates Properties, Inc [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 12 | |
Cost | $ 18,230 | |
Market Value | $ 361 | |
Five Star Senior Living [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 12 | |
Cost | $ 45 | |
Market Value | $ 34 | |
Monmouth Real Estate Investment Corporation [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 2,655 | |
Cost | $ 25,031 | |
Market Value | $ 55,778 | |
Washington Prime Group [Member] | ||
Marketable Securities [Line Items] | ||
Number of Shares | 3 | |
Cost | $ 6,489 | |
Market Value | $ 0 |
MARKETABLE SECURITIES (Details
MARKETABLE SECURITIES (Details Narrative) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Maximum percentage of ownership in marketable securities | 10% | |||
Undepreciated assets percentage | 15% | |||
Total cost | $ 24.7 | |||
Loss | 24.3 | |||
Net unrealized holding losses | $ 36.1 | $ 14.3 | $ 39.4 | |
Monmouth Real Estate Investment Corporation [Member] | ||||
Number of shares owned in affiliate company | 2.7 | 2.7 | ||
Percentage of shares owned in affiliate company | 2.70% | |||
Share price | $ 21 | |||
Number of shares merger consideration | 2.7 | |||
Consideration amount | $ 55.7 | |||
Cost | 25 | |||
Equity securities, fv-ni, gain (loss) | $ 30.7 |
INVESTMENT IN JOINT VENTURE (De
INVESTMENT IN JOINT VENTURE (Details Narrative) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Dec. 23, 2022 USD ($) a Integer | Dec. 22, 2021 USD ($) a Integer | Dec. 08, 2021 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 USD ($) | Dec. 31, 2022 Integer | Dec. 31, 2021 Integer | |
Committed capital percent by related party | 40% | 40% | |||||
Committed capital percent by the Company | 40% | 40% | |||||
Developed homesites | Integer | 305 | 305 | |||||
Nuveen Global Investments LLC [Member] | |||||||
Investment company internal rate, description | In addition, the Company will have the right to buy out Nuveen’s interest in the joint venture at any time after December 8, 2031 at a purchase price corresponding to the greater of the appraised value of the portfolio or the amount required to provide a 7.5% net unlevered internal rate of return on Nuveen’s investment. | ||||||
Percentage of share elect to buy out in joint venture | 98% | 98% | |||||
Payments to acquire productive assets | $ 22.2 | ||||||
Nuveen Global Investments LLC [Member] | Sebring Florida [Member] | |||||||
Payments to acquire productive assets | $ 15.1 | ||||||
Nuveen Global Investments LLC [Member] | Sebring Square [Member] | |||||||
Developed homesites | Integer | 219 | ||||||
Area of land | a | 39 | ||||||
Nuveen Global Investments LLC [Member] | Rum Runner [Member] | |||||||
Developed homesites | Integer | 144 | ||||||
Area of land | a | 20 | ||||||
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | |||||||
Initial total commitments | $ 70 | $ 70 | |||||
Initial commitment period for acquisitions | 24 months | 24 months | |||||
Additional increase in total commitmnets | $ 100 | $ 100 | |||||
Extention for commitment period | 4 years | 4 years | |||||
Committed capital percent by related party | 60% | 60% | 60% | 60% | |||
Unlevered internal rate of return, percentage | 7.50% | ||||||
Joint venture to acquired manufactured housing and recreational vehicle communities | 2 years |
OPPORTUNITY ZONE FUND (Details
OPPORTUNITY ZONE FUND (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Jan. 19, 2023 | Aug. 10, 2022 | Jul. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Payments to acquire real estate | $ 65,562 | $ 18,405 | $ 5,320 | |||
OZ Fund [Member] | ||||||
Investment | 77% | |||||
Hammond Estates [Member] | Orangeburg, South Carolina [Member] | ||||||
Payments to acquire real estate | $ 5,200 | |||||
Mighty Oak [Member] | Subsequent Event [Member] | ||||||
Price of acquisition expected | $ 3,700 | |||||
UMH OZ Fund, LLC [Member] | ||||||
Payment for investments | $ 8,000 |
SCHEDULE OF AGGREGATE PRINCIPAL
SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL LOANS PAYABLE INCLUDING CREDIT FACILITY (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total Loans Payable, net of Unamortized Debt Issuance Costs | $ 153,531 | $ 46,757 |
Loans Payable [Member] | ||
Debt Instrument [Line Items] | ||
2023 | 79,226 | |
2024 | 0 | |
2025 | 0 | |
2026 | 75,000 | |
2027 | 0 | |
Thereafter | 0 | |
Total Loans Payable | 154,226 | |
Unamortized Debt Issuance Costs | (695) | |
Total Loans Payable, net of Unamortized Debt Issuance Costs | $ 153,531 |
SCHEDULE OF MORTGAGES PAYABLE (
SCHEDULE OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5% | 0.75% | |
Total Mortgages Payable | $ 513,709 | $ 456,702 | |
Unamortized Debt Issuance Costs | (4,771) | (4,135) | |
Total Mortgages Payable, net of Unamortized Debt Issuance Costs | $ 508,938 | 452,567 | |
Allentown [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | ||
Total Mortgages Payable | $ 11,992 | 12,295 | |
Brookview Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 2,473 | 2,539 | |
Candlewick Court [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Total Mortgages Payable | $ 4,002 | 4,104 | |
Catalina [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 19, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3% | ||
Total Mortgages Payable | $ 4,311 | 4,586 | |
Cedarcrest Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.71% | ||
Total Mortgages Payable | $ 10,662 | 10,956 | |
Clinton Mobile Home Resort [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | ||
Total Mortgages Payable | $ 3,147 | 3,227 | |
Cranberry Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 6,783 | 6,965 | |
D and R Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||
Total Mortgages Payable | $ 6,828 | 7,013 | |
Fairview Manor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Nov. 01, 2026 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||
Total Mortgages Payable | $ 14,388 | 14,739 | |
Fohl Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Nov. 22, 2032 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.93% | ||
Total Mortgages Payable | $ 9,490 | 0 | |
Forest Park Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Total Mortgages Payable | $ 7,463 | 7,652 | |
Friendly Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 06, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.618% | ||
Total Mortgages Payable | $ 6,382 | 6,650 | |
Hayden Heights [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 1,864 | 1,914 | |
Highland Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 01, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.12% | ||
Total Mortgages Payable | $ 15,080 | 15,419 | |
Holiday Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Total Mortgages Payable | $ 7,102 | 7,282 | |
Holiday Village- IN [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Nov. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.96% | ||
Total Mortgages Payable | $ 7,616 | 7,811 | |
Holly Acres Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2031 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.21% | ||
Total Mortgages Payable | $ 5,910 | 6,031 | |
Kinnebrook Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 3,603 | 3,700 | |
Lake Erie Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jul. 06, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.16% | ||
Total Mortgages Payable | $ 2,549 | 2,604 | |
Lake Sherman Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Total Mortgages Payable | $ 4,935 | 5,060 | |
Meadows of Perrysburg [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 06, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.413% | ||
Total Mortgages Payable | $ 0 | 2,825 | |
Northtowne Meadows [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 06, 2026 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.45% | ||
Total Mortgages Payable | $ 11,322 | 11,576 | |
Oak Tree [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 15, 2032 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.60% | ||
Total Mortgages Payable | $ 12,000 | 0 | |
Olmsted Falls [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | ||
Total Mortgages Payable | $ 1,865 | 1,915 | |
Oxford Village [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jul. 01, 2029 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.41% | ||
Total Mortgages Payable | $ 14,659 | 14,985 | |
Perrysburg Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 06, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.98% | ||
Total Mortgages Payable | $ 1,493 | 1,526 | |
Pikewood Manor [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Nov. 29, 2028 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5% | ||
Total Mortgages Payable | $ 13,414 | 13,766 | |
Shady Hills [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 4,444 | 4,563 | |
Springfield Meadows [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 06, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.83% | ||
Total Mortgages Payable | $ 0 | 2,914 | |
Suburban Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | ||
Total Mortgages Payable | $ 5,000 | 5,126 | |
Sunny Acres [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.06% | ||
Total Mortgages Payable | $ 5,566 | 5,706 | |
Trailmont [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 2,963 | 3,042 | |
Twin Oaks [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2029 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.37% | ||
Total Mortgages Payable | $ 5,683 | 5,809 | |
Valley Hills [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 01, 2026 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.32% | ||
Total Mortgages Payable | $ 3,080 | 3,152 | |
Waterfalls [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jun. 01, 2026 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.38% | ||
Total Mortgages Payable | $ 4,197 | 4,293 | |
Weatherly Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Apr. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.92% | ||
Total Mortgages Payable | $ 7,229 | 7,422 | |
Wellington Estates [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Feb. 01, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.35% | ||
Total Mortgages Payable | $ 2,144 | 2,205 | |
Woods Edge [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jan. 07, 2026 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||
Total Mortgages Payable | $ 5,306 | 5,627 | |
Worthington Arms [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2025 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.10% | ||
Total Mortgages Payable | $ 8,369 | 8,580 | |
Various (2 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Feb. 01, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.56% | ||
Total Mortgages Payable | $ 12,799 | 13,073 | |
Various (2 properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 01, 2028 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.27% | ||
Total Mortgages Payable | $ 12,408 | 12,661 | |
Various (2 properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jul. 01, 2029 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.41% | ||
Total Mortgages Payable | $ 21,430 | 21,907 | |
Various (4 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Jul. 01, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.975% | ||
Total Mortgages Payable | $ 7,230 | 7,418 | |
Various (4 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Oct. 01, 2032 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.24% | ||
Total Mortgages Payable | $ 34,027 | 0 | |
Various (5 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Dec. 06, 2022 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.75% | ||
Total Mortgages Payable | $ 0 | 6,523 | |
Various (6 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Aug. 01, 2027 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.18% | ||
Total Mortgages Payable | $ 12,048 | 12,320 | |
Various (13 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Mar. 01, 2023 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.065% | ||
Total Mortgages Payable | $ 43,037 | 44,339 | |
Various (28 properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | [1] | Sep. 01, 2030 | |
Debt Instrument, Interest Rate, Stated Percentage | [1] | 4.25% | |
Total Mortgages Payable | [1] | $ 24,935 | 0 |
Various (28 Properties) [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Debt Instrument, Maturity Date | Sep. 01, 2030 | ||
Debt Instrument, Interest Rate, Stated Percentage | 2.62% | ||
Total Mortgages Payable | $ 100,481 | $ 102,882 | |
[1]Rental home addition to the Fannie Mae credit facility consisting of 28 properties. |
SCHEDULE OF AGGREGATE PRINCIP_2
SCHEDULE OF AGGREGATE PRINCIPAL PAYMENTS OF ALL MORTGAGES PAYABLE (Details) - Mortgages [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 70,323 |
2024 | 11,983 |
2025 | 138,373 |
2026 | 37,967 |
2027 | 42,674 |
Thereafter | 212,389 |
Total Loans Payable | $ 513,709 |
LOANS AND MORTGAGES PAYABLE (De
LOANS AND MORTGAGES PAYABLE (Details Narrative) $ in Millions | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 15, 2022 USD ($) | Nov. 22, 2022 USD ($) | Nov. 07, 2022 USD ($) | Sep. 26, 2022 USD ($) Integer | Mar. 15, 2022 USD ($) Integer | Feb. 06, 2022 USD ($) | Aug. 17, 2021 USD ($) | Oct. 07, 2020 USD ($) | Nov. 29, 2018 USD ($) | Aug. 31, 2020 USD ($) | Jun. 30, 2020 USD ($) | Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | Feb. 24, 2023 USD ($) | Feb. 23, 2023 USD ($) | Nov. 06, 2022 USD ($) | Dec. 31, 2020 USD ($) | Jun. 29, 2020 USD ($) | Nov. 28, 2018 USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5% | 0.75% | |||||||||||||||||
Line of credit, amount outstanding | $ 180 | $ 100 | |||||||||||||||||
Debt, weighted average interest rate | 6.70% | ||||||||||||||||||
Mortgage on real property | $ 1,100 | $ 950.9 | |||||||||||||||||
Accumulated Capitalized Interest Costs | $ 2.7 | $ 1.5 | $ 1.3 | ||||||||||||||||
Number of communities owned | Integer | 134 | ||||||||||||||||||
Number of unencumbered | Integer | 36 | ||||||||||||||||||
Number of developed homesites | Integer | 305 | 305 | |||||||||||||||||
Fohl Village [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Initial interest rate | 5.93% | ||||||||||||||||||
Debt instrument maturity date | Nov. 22, 2032 | ||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||
Secured Long-Term Debt, Noncurrent | $ 9.5 | ||||||||||||||||||
Lines of Credits Amortization Period | 30 years | ||||||||||||||||||
Oak Tree [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Initial interest rate | 5.60% | ||||||||||||||||||
Debt instrument maturity date | Dec. 15, 2032 | ||||||||||||||||||
Debt instrument term | 5 years | ||||||||||||||||||
Secured Long-Term Debt, Noncurrent | $ 12 | ||||||||||||||||||
Lines of Credits Amortization Period | 30 years | ||||||||||||||||||
Federal National Mortgage Association Mortgages [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 5.24% | 4.25% | |||||||||||||||||
Proceeds from lines of credit | $ 25.6 | $ 106 | |||||||||||||||||
Number of developed homesites | Integer | 250 | 1,100 | |||||||||||||||||
Proceeds from line of credit | $ 34 | ||||||||||||||||||
Tranches loan term | Both tranches have a loan term of 10 years with the Community Tranche amortizing over 30 years and the Home Tranche amortizing over 17 years. | ||||||||||||||||||
Series A Bonds [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4.72% | ||||||||||||||||||
Sale of stock, number of shares issued in transaction, amount | $ 102.7 | ||||||||||||||||||
Sale of Stock, Consideration Received on Transaction | $ 98.7 | ||||||||||||||||||
Debt instrument maturity date | Feb. 28, 2027 | ||||||||||||||||||
Unsecured Line of Credit [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit, amount outstanding | $ 75 | $ 25 | |||||||||||||||||
Mortgage Payable [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Weighted average interest rate including effect of unamortized debt issuance costs | 4% | 3.80% | |||||||||||||||||
Weighted average interest rate, not including effect of unamortized debt issuance costs | 3.90% | 3.80% | |||||||||||||||||
Debt instrument term | 5 years 1 month 6 days | 5 years 2 months 12 days | |||||||||||||||||
Wells Fargo [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 3.21% | ||||||||||||||||||
Debt instrument maturity date | Sep. 01, 2031 | ||||||||||||||||||
Secured Long-Term Debt, Noncurrent | $ 6.1 | ||||||||||||||||||
Lines of Credits Amortization Period | 30 years | ||||||||||||||||||
Ocean First Bank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 20 | $ 15 | |||||||||||||||||
Initial interest rate | 3.25% | 7.50% | 3.25% | ||||||||||||||||
Line of credit, amount outstanding | $ 10 | $ 6 | |||||||||||||||||
Line of credit initiation date | Jun. 01, 2020 | ||||||||||||||||||
Line of credit facility, expiration date | Jun. 01, 2022 | ||||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit, amount outstanding | $ 64.1 | $ 10.9 | |||||||||||||||||
Debt, weighted average interest rate | 7.70% | 4.38% | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 5.88% | 1.60% | |||||||||||||||||
Unsecured Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 1.60% | ||||||||||||||||||
Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 0.60% | ||||||||||||||||||
Minimum [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 2.62% | ||||||||||||||||||
Minimum [Member] | Fohl Village [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4.50% | ||||||||||||||||||
Minimum [Member] | Oak Tree [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 4.50% | ||||||||||||||||||
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 1.50% | ||||||||||||||||||
Minimum [Member] | Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 0.50% | ||||||||||||||||||
Maximum [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 6.35% | ||||||||||||||||||
Maximum [Member] | Series A Bonds [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 1.25% | ||||||||||||||||||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | Secured Overnight Financing Rate SOFR [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 2.20% | ||||||||||||||||||
Maximum [Member] | Unsecured Revolving Credit Facility [Member] | Prime Rate [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, interest rate | 1.20% | ||||||||||||||||||
21st Mortgage Corporation [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Initial interest rate | 4.15% | ||||||||||||||||||
21st Mortgage Corporation [Member] | Minimum [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Initial interest rate | 6% | ||||||||||||||||||
First Bank [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Interest rate | 6.50% | 3.50% | |||||||||||||||||
Line of credit, amount outstanding | $ 5.1 | $ 5 | |||||||||||||||||
Line of credit facility, expiration date | Nov. 29, 2022 | ||||||||||||||||||
Proceeds from lines of credit | $ 20 | ||||||||||||||||||
Proceeds from lines of credit expandable | $ 30 | ||||||||||||||||||
Line of credit facility, extended date | Nov. 29, 2023 | ||||||||||||||||||
Line of credit facility, interest rate description | Interest is payable at prime plus 25 basis points with a floor of 3.5%, adjusted on the first day of each calendar quarter. | ||||||||||||||||||
Credit Agreements to Finance Inventory Purchases [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 73.5 | ||||||||||||||||||
Amended and Restated Credit Agreement [Member] | Unsecured Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 125 | ||||||||||||||||||
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 | ||||||||||||||||||
Line of credit facility, borrowing capacity | $ 75 | $ 50 | |||||||||||||||||
Line of credit accordion feature | $ 50 | ||||||||||||||||||
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 First 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%. | ||||||||||||||||||
Second Amended And Restated Credit Agreement [Member] | Unsecured Revolving Credit Facility [Member] | |||||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 500 | ||||||||||||||||||
Line of credit facility, borrowing capacity, description | The expanded Facility is syndicated with two banks, BMO and JPMorgan, as joint arrangers and joint book runners, with Bank of Montreal as administrative agent. | ||||||||||||||||||
Line of credit facility, borrowing capacity | $ 100 | $ 75 | |||||||||||||||||
Line of credit accordion feature | $ 400 | ||||||||||||||||||
Line of credit facility, description | Availability under the amended 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 value of the Borrowing Base communities is based on a capitalization rate of 6.5% applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base. |
SCHEDULE OF FAIR VALUE OF OPTIO
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation Related Costs [Abstract] | |||
Dividend yield | 3.47% | 4.66% | 5.33% |
Expected volatility | 25.09% | 24.59% | 24.57% |
Risk-free interest rate | 2.63% | 1.44% | 0.89% |
Expected lives | 10 years | 10 years | 10 years |
Estimated forfeitures | $ 0 | $ 0 | $ 0 |
SCHEDULE OF STOCK OPTION PLANS
SCHEDULE OF STOCK OPTION PLANS AND CHANGES IN STOCK OPTIONS (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding at end of year, Shares | 3,490 | ||
Share-Based Payment Arrangement, Option [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Outstanding at beginning of year, Shares | 3,324 | 3,266 | 2,637 |
Outstanding at beginning of year, Weighted Average Exercise Price | $ 14.25 | $ 12.03 | $ 12.05 |
Granted, Shares | 570 | 768 | 715 |
Weighted Average Exercise Price, Granted | $ 22.88 | $ 21.90 | $ 9.84 |
Exercised, Shares | (404) | (710) | (63) |
Weighted Average Exercise Price, Exercised | $ 10.38 | $ 12.11 | $ 10.55 |
Forfeited, shares | 0 | 0 | (11) |
Weighted Average Exercise Price, Forfeited | $ 0 | $ 19.36 | $ 11.65 |
Expired, Shares | 0 | 0 | (12) |
Weighted Average Exercise Price, Expired | $ 0 | $ 0 | $ 11.29 |
Outstanding at end of year, Shares | 3,490 | 3,324 | 3,266 |
Outstanding at end of year, Weighted Average Exercise Price | $ 15.96 | $ 14.25 | $ 12.03 |
Options exercisable at end of year, Shares | 1,879 | 2,556 | 2,556 |
Weighted average fair value of options granted during the year | $ 4.50 | $ 2.77 | $ 0.96 |
SUMMARY OF STOCK OPTIONS OUTSTA
SUMMARY OF STOCK OPTIONS OUTSTANDING (Details) shares in Thousands, Integer in Thousands | 12 Months Ended | |
Dec. 31, 2022 Integer $ / shares shares | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Number of Shares | 3,490 | |
Exercisable, contractual term | 5 years | |
Stock Option Grant One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jun. 24, 2015 | |
Number of Employees | Integer | 3 | |
Number of Shares | 45 | |
Option Price | $ / shares | $ 9.82 | |
Expiration Date | Jun. 24, 2023 | |
Stock Option Grant Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Apr. 05, 2016 | |
Number of Employees | Integer | 7 | |
Number of Shares | 184 | |
Option Price | $ / shares | $ 9.77 | |
Expiration Date | Apr. 05, 2024 | |
Stock Option Grant Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jan. 19, 2017 | |
Number of Employees | Integer | 2 | |
Number of Shares | 60 | |
Option Price | $ / shares | $ 14.25 | |
Expiration Date | Jan. 19, 2027 | |
Stock Option Grant Four [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Apr. 04, 2017 | |
Number of Employees | Integer | 18 | |
Number of Shares | 397 | |
Option Price | $ / shares | $ 15.04 | |
Expiration Date | Apr. 04, 2027 | |
Stock Option Grant Five [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Apr. 02, 2018 | |
Number of Employees | Integer | 16 | |
Number of Shares | 291 | |
Option Price | $ / shares | $ 13.09 | |
Expiration Date | Apr. 02, 2028 | |
Stock Option Grant Six [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jul. 09, 2018 | |
Number of Employees | Integer | 4 | |
Number of Shares | 40 | |
Option Price | $ / shares | $ 15.75 | |
Expiration Date | Jul. 09, 2028 | |
Stock Option Grant Seven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Dec. 10, 2018 | |
Number of Employees | Integer | 1 | |
Number of Shares | 25 | |
Option Price | $ / shares | $ 12.94 | |
Expiration Date | Dec. 10, 2028 | |
Stock Option Grant Eight [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jan. 02, 2019 | |
Number of Employees | Integer | 2 | |
Number of Shares | 60 | |
Option Price | $ / shares | $ 11.42 | |
Expiration Date | Jan. 02, 2029 | |
Stock Option Grant Nine [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Apr. 02, 2019 | |
Number of Employees | Integer | 19 | |
Number of Shares | 403 | |
Option Price | $ / shares | $ 13.90 | |
Expiration Date | Apr. 02, 2029 | |
Stock Option Grant Ten [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jan. 17, 2020 | |
Number of Employees | Integer | 1 | |
Number of Shares | 10 | [1] |
Option Price | $ / shares | $ 16.37 | |
Expiration Date | Jan. 17, 2030 | |
Stock Option Grant Eleven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Mar. 25, 2020 | |
Number of Employees | Integer | 39 | |
Number of Shares | 622 | [1] |
Option Price | $ / shares | $ 9.70 | |
Expiration Date | Mar. 25, 2030 | |
Stock Option Grant Twelve [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | May 20, 2020 | |
Number of Employees | Integer | 2 | |
Number of Shares | 14 | [1] |
Option Price | $ / shares | $ 11.80 | |
Expiration Date | May 20, 2030 | |
Stock Option Grant Thirteen [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Mar. 18, 2021 | |
Number of Employees | Integer | 41 | |
Number of Shares | 159 | [1] |
Option Price | $ / shares | $ 19.36 | |
Expiration Date | Mar. 18, 2031 | |
Stock Option Grant Fourteen [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Jul. 14, 2021 | |
Number of Employees | Integer | 46 | |
Number of Shares | 609 | [1] |
Option Price | $ / shares | $ 22.57 | |
Expiration Date | Jul. 14, 2031 | |
Stock Option Grant Fifteen [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Mar. 28, 2022 | |
Number of Employees | Integer | 45 | |
Number of Shares | 471 | [1] |
Option Price | $ / shares | $ 23.81 | |
Expiration Date | Mar. 28, 2032 | |
Stock Option Grant Sixteen [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Date of Grant | Sep. 09, 2022 | |
Number of Employees | Integer | 1 | |
Number of Shares | 100 | [1] |
Option Price | $ / shares | $ 18.52 | |
Expiration Date | Sep. 09, 2032 | |
[1]Exercisable over 5 years |
SCHEDULE OF PERFORMANCE-BASED V
SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA (Details) | 12 Months Ended | |
Dec. 31, 2022 | ||
Share-Based Payment Arrangement, Tranche One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vesting Date | Jun. 30, 2023 | |
Performance Goal to be Met | Growth in cumulative Normalized Funds from Operations (“Normalized FFO”) over the past 3 years is 2% or greater | [1] |
Percent of Shares Vested | 100% | |
Share-Based Payment Arrangement, Tranche Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vesting Date | Jun. 30, 2023 | |
Performance Goal to be Met | Growth in cumulative Normalized FFO over the past 3 years is 5% or greater | [1] |
Percent of Shares Vested | 150% | |
Percent of Shares Vested, Description | Bonus of 50% of the Restricted Stock (total of 150%) | |
Share-Based Payment Arrangement, Tranche Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Vesting Date | Jun. 30, 2023 | |
Performance Goal to be Met | Growth in cumulative Normalized FFO over the past 3 years is 20% or greater | [1] |
Percent of Shares Vested | 200% | |
Percent of Shares Vested, Description | Bonus of 100% of the Restricted Stock (total of 200%) | |
[1]Growth in cumulative Normalized FFO is measured as the trailing 12-month Normalized FFO per share at June 30, 2023 divided by the trailing 12-month Normalized FFO per share at June 30, 2020, which amount is $ 0.64 |
SCHEDULE OF PERFORMANCE-BASED_2
SCHEDULE OF PERFORMANCE-BASED VESTING CRITERIA (Details) (Parenthetical) | Jun. 30, 2020 $ / shares |
Share-Based Payment Arrangement, Tranche One [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Shares Issued, Price Per Share | $ 0.64 |
SCHEDULE OF NONVESTED RESTRICTE
SCHEDULE OF NONVESTED RESTRICTED STOCK AWARDS (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Non-vested at Beinning of year, Shares | 434 | 212 | 238 |
Non-vested at Beginning of year, Weighted Average Grant Date Fair Value | $ 16.66 | $ 13.69 | $ 13.33 |
Granted, Shares | 103 | 280 | 35 |
Weighted Average Grant Date Fair Value, Granted | $ 23.98 | $ 16.51 | $ 14.75 |
Dividend Reinvested Shares, Shares | 20 | 15 | 11 |
Weighted Average Grant Date Fair Value, Dividend Reinvested Shares | $ 18.10 | $ 21.68 | $ 12.91 |
Vested, Shares | (86) | (73) | (72) |
Weighted Average Grant Date Fair Value, Vested | $ 20.69 | $ 8.48 | $ 12.87 |
Non-vested at end of year, Shares | 471 | 434 | 212 |
Non-vested at end of year, Weighted Average Grant Date Fair Value | $ 17.58 | $ 16.66 | $ 13.69 |
STOCK COMPENSATION PLAN (Detail
STOCK COMPENSATION PLAN (Details Narrative) - USD ($) | 12 Months Ended | ||||||||||||
Mar. 25, 2022 | Jan. 12, 2022 | Jun. 16, 2021 | Mar. 18, 2021 | Jan. 29, 2021 | Jan. 13, 2021 | Oct. 23, 2020 | Jan. 08, 2020 | Jun. 14, 2018 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jun. 13, 2013 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Intrinsic value of options outstanding | $ 8,200,000 | $ 42,900,000 | $ 9,300,000 | ||||||||||
Exercisable, intrinsic value | 5,500,000 | 39,900,000 | 5,700,000 | ||||||||||
Options, exercises in period, intrinsic value | $ 373,000 | $ 3,600,000 | $ 283,000 | ||||||||||
Options, weighted average remaining contractual term | 6 years 8 months 12 days | 7 years 7 months 6 days | 6 years 4 months 24 days | ||||||||||
General and administrative expenses | $ 1,300,000 | $ 325,000 | $ 396,000 | ||||||||||
Restricted Stock [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Unrecognized restricted stock compensation | 8,700,000 | ||||||||||||
General and administrative expenses | $ 3,700,000 | $ 3,100,000 | $ 931,000 | ||||||||||
Unrestricted shares | 103,000 | 280,000 | 35,000 | ||||||||||
Restricted stock grants | $ 2,500,000 | $ 2,500,000 | $ 512,000 | ||||||||||
Remaining contractual terms | 2 years 10 months 24 days | ||||||||||||
Weighted average fair value | $ 23.98 | $ 16.51 | $ 14.75 | ||||||||||
Unrestricted Common Stock [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Unrestricted shares | 21,492 | 16,500 | 11,000 | ||||||||||
Weighted average fair value | $ 20.94 | $ 14.78 | $ 16.13 | ||||||||||
Two Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Restricted stock award | 78,000 | ||||||||||||
Five Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Fair value of the restricted stock grants | $ 4,300,000 | ||||||||||||
Restricted stock award | 25,000 | 146,572 | 25,000 | ||||||||||
Redeem percentage description | August 2020 groundbreaking Federal National Mortgage Association (“Fannie Mae”) financing at 2.62%, the proceeds of which were used to redeem our 8% Series B Cumulative Redeemable Preferred Stock, Liquidation Preference $25.00 per share. | ||||||||||||
Liquidation preference, per shares | $ 25 | ||||||||||||
Four Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Restricted stock award | 108,500 | ||||||||||||
Three Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Unrestricted shares | 15,000 | ||||||||||||
Two Participants [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Unrestricted shares | 19,700 | ||||||||||||
Stock Options [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Unrecognized restricted stock compensation | $ 3,600,000 | ||||||||||||
Stock Options [Member] | Forty Six Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Stock option granted | 570,800 | 767,900 | |||||||||||
Fair value of the restricted stock grants | $ 2,600,000 | $ 2,100,000 | |||||||||||
Stock Options [Member] | Forty One Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Stock option granted | 715,000 | ||||||||||||
Fair value of the restricted stock grants | $ 686,000 | ||||||||||||
Stock Options [Member] | Fourteen Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Stock option exercised | 404,160 | ||||||||||||
Stock Options [Member] | Thirty Five Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Stock option exercised | 709,980 | ||||||||||||
Stock Options [Member] | Ten Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Stock option exercised | 62,500 | ||||||||||||
Stock Options [Member] | One Employee [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 400 | ||||||||||||
Stock Options [Member] | Two Employees [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 23,000 | ||||||||||||
2013 Stock Option and Stock Award Plan [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Number of shares authorized | 3,000,000 | ||||||||||||
Stock option granted period | 10 years | ||||||||||||
2013 Stock Option and Stock Award Plan [Member] | Restricted Stock [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Shares available for gran | 1,700,000 | ||||||||||||
2013 Incentive Award Plan [Member] | |||||||||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||||||||||||
Number of additional shares authorized | 3,000,000 | 2,000,000 |
401(k) PLAN (Details Narrative)
401(k) PLAN (Details Narrative) - 401(k) Plan [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Eligibility age of employees for plan | 21 years | ||
Defined contribution plan, description | 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. | ||
Defined contribution plan, cost | $ 984,000 | $ 752,000 | $ 1,100,000 |
RELATED PARTY TRANSACTIONS AN_2
RELATED PARTY TRANSACTIONS AND OTHER MATTERS (Details Narrative) - USD ($) $ / shares in Units, shares in Millions | 12 Months Ended | |||
Feb. 28, 2022 | Oct. 02, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | |
April 30, 2022 [Member] | ||||
Operating lease, payments | $ 23,098 | |||
May 1, 2022 Through April 30, 2027 [Member] | ||||
Operating lease, payments | $ 23,302 | |||
Mr. Eugene and W. Landy [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 24% | |||
Mr.Eugene W. Landy [Member] | ||||
Ownership, interest rate | 9.60% | |||
Mr.Samuel A. Landy [Member] | ||||
Ownership, interest rate | 4.80% | |||
Mr.Daniel Landy [Member] | ||||
Ownership, interest rate | 0.96% | |||
Samuel Landy Family Limited Partnership [Member] | ||||
Ownership, interest rate | 0.96% | |||
Independent Directors [Member] | ||||
Ownership, interest rate | 0.96% | |||
Monmouth Real Estate Investment Corporation [Member] | ||||
Number of shares owned in affiliate company | 2.7 | 2.7 | ||
Percentage of shares owned in affiliate company | 2.70% | |||
Share price | $ 21 | |||
Value of shares owned in affiliate company | $ 55,700,000 | |||
Cost of shares at initial acquisition | 25,000,000 | |||
Gain on investments | $ 30,700,000 |
SCHEDULE OF AMOUNT RECEIVED IN
SCHEDULE OF AMOUNT RECEIVED IN CONNECTION WITH DRIP (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Amounts Received | $ 7,808 | $ 9,773 | $ 9,154 |
Dividend Reinvestment Stock Purchase Plan [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Amounts Received | 7,808 | 9,773 | 9,154 |
Less: Dividends Reinvested | (2,783) | (3,506) | (3,151) |
Amounts Received, net | $ 5,025 | $ 6,267 | $ 6,003 |
Number of Shares Issued | 430 | 503 | 720 |
SHAREHOLDERS_ EQUITY (Details N
SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) | 1 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||
Jul. 26, 2022 | Mar. 07, 2022 | Jan. 12, 2022 | Aug. 16, 2021 | Feb. 11, 2021 | Feb. 10, 2021 | Jul. 22, 2020 | Jan. 15, 2020 | Jan. 14, 2020 | Jan. 22, 2018 | Jan. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 10, 2023 | |
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 170,413,800 | 170,413,800 | ||||||||||||||
Common stock, shares authorized | 154,048,469 | 154,048,469 | 144,164,000 | |||||||||||||
Common stock, par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||
Excess stock, shares authorized | 3,000,000 | 3,000,000 | 3,000,000 | |||||||||||||
Excess stock, par value | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||
Payments for repurchase of common stock | $ 0 | $ 0 | $ 1,830,000 | |||||||||||||
New Common ATM Program [Member] | 2020 Registration Statement [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 7,900,000 | |||||||||||||||
Sale of stock, 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] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 92,900,000 | |||||||||||||||
Sale of stock, number of shares issued in transaction | 4,700,000 | |||||||||||||||
Sale of stock, price per share | $ 20.18 | $ 20.18 | ||||||||||||||
Gross proceeds from sale of equity | $ 94,600,000 | |||||||||||||||
Common stock available for sale value | $ 55,400,000 | $ 55,400,000 | ||||||||||||||
New Preferred Stock-At-The Market Sales Program [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 100,000,000 | |||||||||||||||
Preferred Stock ATM Sales Program [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 9,100,000 | |||||||||||||||
Sale of stock, number of shares issued in transaction | 406,000 | |||||||||||||||
Sale of stock, price per share | $ 22.90 | $ 22.90 | ||||||||||||||
Gross proceeds from sale of equity | $ 9,300,000 | |||||||||||||||
Preferred stock available for sale value | 2,900,000 | 2,900,000 | ||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Percentage of discount on purchase price under dividend reinvestment plan | 95% | |||||||||||||||
Maximum monthly amount granted for waivers for purchase of shares | $ 1,000 | $ 5,000 | $ 5,000 | $ 1,000 | ||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Minimum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Amount of optional cash payments | $ 500 | |||||||||||||||
Dividend Reinvestment Stock Purchase Plan [Member] | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Amount of optional cash payments | $ 1,000 | |||||||||||||||
Common Stock [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 100,000,000 | |||||||||||||||
Common Stock [Member] | Maximum [Member] | ATM Program [Member] | B. Riley FBR, Inc [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from sale of equity | $ 150,000,000 | |||||||||||||||
Issuer Purchases of Equity Securities [Member] | Maximum [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Payments for repurchase of common stock | $ 25,000,000 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 170,413,800 | |||||||||||||||
Excess stock, shares authorized | 3,000,000 | |||||||||||||||
Excess stock, par value | $ 0.10 | |||||||||||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 149,648,469 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Cumulative redeemable preferred stock, shares authorized | 199,331 | 199,331 | ||||||||||||||
Represents the stated rate on redeemable preferred stock | 8% | 8% | ||||||||||||||
Preferred stock, par value per share | $ 0.10 | $ 0.10 | ||||||||||||||
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 199,331 | |||||||||||||||
Series C Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Cumulative redeemable preferred stock, shares authorized | 3,866,000 | 3,866,000 | 13,750,000 | |||||||||||||
Represents the stated rate on redeemable preferred stock | 6.75% | 6.75% | 6.75% | |||||||||||||
Preferred stock, par value per share | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||||||
Preferred stock shares outstanding | 9,884,000 | |||||||||||||||
Series C Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 3,866,000 | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Cumulative redeemable preferred stock, shares authorized | 9,300,000 | 9,300,000 | 9,300,000 | |||||||||||||
Represents the stated rate on redeemable preferred stock | 6.375% | 6.375% | 6.375% | |||||||||||||
Preferred stock, par value per share | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | ||||||||||||
Preferred stock shares issued | 9,015,000 | 9,015,000 | 8,609,000 | |||||||||||||
Preferred stock shares outstanding | 9,015,000 | 9,015,000 | 8,609,000 | |||||||||||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Authorized capital stock | 13,700,000 | |||||||||||||||
Common stock, shares authorized | 4,400,000 | |||||||||||||||
6.75% Series C Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Represents the stated rate on redeemable preferred stock | 6.75% | |||||||||||||||
Preferred stock shares issued | 9,900,000 | |||||||||||||||
Preferred stock shares outstanding | 9,900,000 | |||||||||||||||
Preferred stock, liquidation preference per share | $ 25 | |||||||||||||||
Dividend paid price per share | 0.2578 | |||||||||||||||
Preferred stock, redemption price per share | $ 25.2578 | |||||||||||||||
Preferred stock, redemption amount | $ 249,600,000 | $ 8,200,000 | $ 8,200,000 | |||||||||||||
6.375% Series D Cumulative Redeemable Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Represents the stated rate on redeemable preferred stock | 6.375% | |||||||||||||||
Proceeds from sale of equity | $ 48,200,000 | |||||||||||||||
Sale of stock, number of shares issued in transaction | 2,000,000 | |||||||||||||||
Preferred stock, liquidation preference per share | $ 25 | |||||||||||||||
Preferred stock, redemption price per share | $ 25 | |||||||||||||||
Description of preferred stock dividend | arrears on March 15, June 15, September 15, and December 15 at an annual rate of $1.59375 per share. | |||||||||||||||
Series D Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Dividend paid price per share | $ 1.59375 | $ 1.59375 | $ 1.59375 | |||||||||||||
Preferred stock, redemption price per share | $ 25 | |||||||||||||||
Series D Preferred Stock [Member] | Common Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Reclassification of common shares to preferred stock | 2,300,000 |
SUMMARY OF PAYMENT OF DISTRIBUT
SUMMARY OF PAYMENT OF DISTRIBUTIONS TO SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Distributions | |||||||||||||||
Distributions including dividends reinvested paid to common shareholders | $ 11,154 | $ 10,960 | $ 10,890 | $ 10,406 | $ 9,327 | $ 9,016 | $ 8,629 | $ 8,048 | $ 7,520 | $ 7,454 | $ 7,417 | $ 7,417 | $ 43,410 | $ 35,020 | $ 29,808 |
Dividend declared per share, paid | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.80 | $ 0.76 | $ 0.72 |
SUMMARY OF PAYMENT OF DIVIDENDS
SUMMARY OF PAYMENT OF DIVIDENDS TO PREFERRED SHAREHOLDERS (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Series B Preferred Stocks [Member] | |||
Amount of distributions paid for preferred stock | $ 6,736 | ||
Preferred stock, dividend declared per share, paid | $ 1.7722 | ||
Series B Preferred Stocks [Member] | Dividend Payment Date One [Member] | |||
Declaration Date | Jan. 15, 2020 | ||
Record Date | Feb. 18, 2020 | ||
Payment Date | Mar. 16, 2020 | ||
Amount of distributions paid for preferred stock | $ 1,901 | ||
Preferred stock, dividend declared per share, paid | $ 0.50 | ||
Series B Preferred Stocks [Member] | Dividend Payment Date Two [Member] | |||
Declaration Date | Apr. 02, 2020 | ||
Record Date | May 15, 2020 | ||
Payment Date | Jun. 15, 2020 | ||
Amount of distributions paid for preferred stock | $ 1,900 | ||
Preferred stock, dividend declared per share, paid | $ 0.50 | ||
Series B Preferred Stocks [Member] | Dividend Payment Date Three [Member] | |||
Declaration Date | Jul. 01, 2020 | ||
Record Date | Aug. 17, 2020 | ||
Payment Date | Sep. 15, 2020 | ||
Amount of distributions paid for preferred stock | $ 1,900 | ||
Preferred stock, dividend declared per share, paid | $ 0.50 | ||
Series B Preferred Stocks [Member] | Dividend Payment Date Four [Member] | |||
Declaration Date | Sep. 11, 2020 | ||
Record Date | Sep. 11, 2020 | ||
Payment Date | Oct. 20, 2020 | ||
Amount of distributions paid for preferred stock | $ 1,035 | ||
Preferred stock, dividend declared per share, paid | $ 0.2722 | ||
Series C Preferred Stock [Member] | |||
Amount of distributions paid for preferred stock | $ 10,888 | $ 16,680 | $ 16,524 |
Preferred stock, dividend declared per share, paid | $ 1.101550 | $ 1.68750 | $ 1.68750 |
Series C Preferred Stock [Member] | Dividend Payment Date One [Member] | |||
Declaration Date | Jan. 12, 2022 | Jan. 15, 2021 | Jan. 15, 2020 |
Record Date | Feb. 15, 2022 | Feb. 16, 2021 | Feb. 18, 2020 |
Payment Date | Mar. 15, 2022 | Mar. 15, 2021 | Mar. 16, 2020 |
Amount of distributions paid for preferred stock | $ 4,170 | $ 4,170 | $ 4,113 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Two [Member] | |||
Declaration Date | Apr. 01, 2022 | Apr. 01, 2021 | Apr. 02, 2020 |
Record Date | May 16, 2022 | May 17, 2021 | May 15, 2020 |
Payment Date | Jun. 15, 2022 | Jun. 15, 2021 | Jun. 15, 2020 |
Amount of distributions paid for preferred stock | $ 4,170 | $ 4,170 | $ 4,113 |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Three [Member] | |||
Declaration Date | Jul. 01, 2022 | Jul. 01, 2021 | Jul. 01, 2020 |
Record Date | Aug. 15, 2022 | Aug. 15, 2021 | Aug. 17, 2020 |
Payment Date | Sep. 15, 2022 | Sep. 15, 2021 | Sep. 15, 2020 |
Amount of distributions paid for preferred stock | $ 2,548 | $ 4,170 | $ 4,128 |
Preferred stock, dividend declared per share, paid | $ 0.257800 | $ 0.421875 | $ 0.421875 |
Series C Preferred Stock [Member] | Dividend Payment Date Four [Member] | |||
Declaration Date | Oct. 01, 2021 | Oct. 01, 2020 | |
Record Date | Nov. 15, 2021 | Nov. 16, 2020 | |
Payment Date | Dec. 15, 2021 | Dec. 15, 2020 | |
Amount of distributions paid for preferred stock | $ 4,170 | $ 4,170 | |
Preferred stock, dividend declared per share, paid | $ 0.421875 | $ 0.421875 | |
Series D Preferred Stock [Member] | |||
Amount of distributions paid for preferred stock | $ 13,723 | $ 13,159 | $ 8,683 |
Preferred stock, dividend declared per share, paid | $ 1.59375 | $ 1.59375 | $ 1.59375 |
Series D Preferred Stock [Member] | Dividend Payment Date One [Member] | |||
Declaration Date | Jan. 12, 2022 | Jan. 15, 2021 | Jan. 15, 2020 |
Record Date | Feb. 15, 2022 | Feb. 16, 2021 | Feb. 18, 2020 |
Payment Date | Mar. 15, 2022 | Mar. 15, 2021 | Mar. 16, 2020 |
Amount of distributions paid for preferred stock | $ 3,430 | $ 2,869 | $ 2,076 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
Series D Preferred Stock [Member] | Dividend Payment Date Two [Member] | |||
Declaration Date | Apr. 01, 2022 | Apr. 01, 2021 | Apr. 02, 2020 |
Record Date | May 16, 2022 | May 17, 2021 | May 15, 2020 |
Payment Date | Jun. 15, 2022 | Jun. 15, 2021 | Jun. 15, 2020 |
Amount of distributions paid for preferred stock | $ 3,430 | $ 3,430 | $ 2,076 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
Series D Preferred Stock [Member] | Dividend Payment Date Three [Member] | |||
Declaration Date | Jul. 01, 2022 | Jul. 01, 2021 | Jul. 01, 2020 |
Record Date | Aug. 15, 2022 | Aug. 15, 2021 | Aug. 17, 2020 |
Payment Date | Sep. 15, 2022 | Sep. 15, 2021 | Sep. 15, 2020 |
Amount of distributions paid for preferred stock | $ 3,430 | $ 3,430 | $ 2,082 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
Series D Preferred Stock [Member] | Dividend Payment Date Four [Member] | |||
Declaration Date | Oct. 03, 2022 | Oct. 01, 2021 | Oct. 01, 2020 |
Record Date | Nov. 15, 2022 | Nov. 15, 2021 | Nov. 16, 2020 |
Payment Date | Dec. 15, 2022 | Dec. 15, 2021 | Dec. 15, 2020 |
Amount of distributions paid for preferred stock | $ 3,433 | $ 3,430 | $ 2,449 |
Preferred stock, dividend declared per share, paid | $ 0.3984375 | $ 0.3984375 | $ 0.3984375 |
DISTRIBUTIONS (Details Narrativ
DISTRIBUTIONS (Details Narrative) - Subsequent Event [Member] | Jan. 11, 2023 $ / shares |
Percentage of increase in dividend | 2.50% |
Dividends payable, date to be paid | Mar. 15, 2023 |
Dividends payable, date of record | Feb. 15, 2023 |
Series D Preferred Shares [Member] | |
Dividends payable, date to be paid | Mar. 15, 2023 |
Dividends payable, date of record | Feb. 15, 2023 |
Preferred stock, dividends per share, declared | $ 0.3984375 |
Minimum [Member] | |
Common stock dividends per share declared | 0.20 |
Maximum [Member] | |
Common stock dividends per share declared | $ 0.205 |
SCHEDULE OF CHARACTERIZED DISTR
SCHEDULE OF CHARACTERIZED DISTRIBUTIONS PAID PER COMMON SHARE (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Stock, Dividends, Per Share, Cash Paid | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.20 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.19 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.80 | $ 0.76 | $ 0.72 |
Percentage Of Distributions Paid Per Common Share | 100% | 100% | 100% | ||||||||||||
Series B Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 1.772200 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 0% | 100% | ||||||||||||
Series C Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.101550 | $ 1.687500 | $ 1.687500 | ||||||||||||
Percentage of distributions paid per preferred stock | 100% | 100% | 100% | ||||||||||||
Series D Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 1.593750 | $ 1.593750 | $ 1.593750 | ||||||||||||
Percentage of distributions paid per preferred stock | 100% | 100% | 100% | ||||||||||||
Ordinary Income [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.024636 | $ 0 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 0% | 3.24% | 0% | ||||||||||||
Ordinary Income [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0.661633 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 0% | 37.33% | ||||||||||||
Ordinary Income [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.432071 | $ 1.560268 | $ 0.630008 | ||||||||||||
Percentage of distributions paid per preferred stock | 39.22% | 92.46% | 37.33% | ||||||||||||
Ordinary Income [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.625130 | $ 1.473586 | $ 0.595008 | ||||||||||||
Percentage of distributions paid per preferred stock | 39.22% | 92.46% | 37.33% | ||||||||||||
Capital Gains [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.002008 | $ 0 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 0% | 0.26% | 0% | ||||||||||||
Capital Gains [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 0 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 0% | 0% | ||||||||||||
Capital Gains [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.127232 | $ 0 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 7.54% | 0% | ||||||||||||
Capital Gains [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0.120164 | $ 0 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 7.54% | 0% | ||||||||||||
Return Of Capital [Member] | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.80 | $ 0.733356 | $ 0.72 | ||||||||||||
Percentage Of Distributions Paid Per Common Share | 100% | 96.50% | 100% | ||||||||||||
Return Of Capital [Member] | Series B Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0 | $ 0 | $ 1.110567 | ||||||||||||
Percentage of distributions paid per preferred stock | 0% | 0% | 62.67% | ||||||||||||
Return Of Capital [Member] | Series C Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.669479 | $ 0 | $ 1.057492 | ||||||||||||
Percentage of distributions paid per preferred stock | 60.78% | 0% | 62.67% | ||||||||||||
Return Of Capital [Member] | Series D Preferred Shares [Member] | |||||||||||||||
Preferred Stock, Dividends, Per Share, Cash Paid | $ 0.968620 | $ 0 | $ 0.998742 | ||||||||||||
Percentage of distributions paid per preferred stock | 60.78% | 0% | 62.67% |
FEDERAL INCOME TAXES (Details N
FEDERAL INCOME TAXES (Details Narrative) - Federal State and Local Income Taxes [Member] - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||
Net income of taxable reit subsidiary | $ 71,000 | ||
Net loss of taxable reit subsidiary | $ 1,400,000 | $ 273,000 | |
Federal state and franchise taxes included in general and administrative expenses | $ 16,000 | $ 10,000 | $ 10,000 |
COMMITMENTS, CONTINGENCIES AN_2
COMMITMENTS, CONTINGENCIES AND LEGAL MATTERS (Details Narrative) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 08, 2021 | Dec. 31, 2021 | Dec. 31, 2022 | Dec. 22, 2021 | |
Loss Contingencies [Line Items] | ||||
Committed capital percent by related party | 40% | 40% | ||
Triad Financial Services [Member] | ||||
Loss Contingencies [Line Items] | ||||
Notes and other receivables | $ 58.2 | |||
21st Mortgage Corporation [Member] | ||||
Loss Contingencies [Line Items] | ||||
Investment owned balance principal amount | 1.1 | |||
Investment owned balance | $ 1.1 | |||
Nuveen Global Investments LLC [Member] | LLC Agreement [Member] | ||||
Loss Contingencies [Line Items] | ||||
Initial total commitment | $ 70 | $ 70 | ||
Initial commitment period for acquisitions | 24 months | 24 months | ||
Additional increase in total commitmnets | $ 100 | $ 100 | ||
Extention for commitment period | 4 years | 4 years | ||
Committed capital percent by related party | 60% | 60% | 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% |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | $ 42,178 | $ 113,748 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 42,178 | 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 | 42,178 | 113,748 |
Preferred Stock [Member] | Fair Value, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable Securities | 1,043 | 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 | 1,043 | 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 | 41,135 | 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 | 41,135 | 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) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Disclosures [Abstract] | ||
Estimate fair value of fixed rate mortgages payable | $ 503.5 | $ 458.4 |
Carrying value of fixed rate mortgages payable | $ 513.7 | $ 456.7 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Cash paid for interest | $ 27 | $ 19.7 | $ 18.3 |
Interest cost capitalized to land development | 2.7 | 1.5 | 1.3 |
Mortgages assumed | 2.7 | ||
Land development costs | 26.3 | 25.9 | 14.4 |
Reinvestment of dividends | $ 2.8 | $ 3.5 | $ 3.2 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||
Feb. 27, 2023 USD ($) | Jan. 19, 2023 USD ($) a Integer | Jan. 11, 2023 shares | Jan. 10, 2023 USD ($) $ / shares | Feb. 10, 2023 USD ($) $ / shares shares | Feb. 17, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) Integer $ / shares shares | Dec. 31, 2021 USD ($) Integer $ / shares shares | Dec. 31, 2020 USD ($) shares | Feb. 24, 2023 USD ($) | Feb. 23, 2023 USD ($) | Jan. 22, 2018 $ / shares | |
Subsequent Event [Line Items] | ||||||||||||
Business acquisition price | $ 65,562 | $ 18,405 | $ 5,320 | |||||||||
Number of developed homesites | Integer | 305 | 305 | ||||||||||
Line of credit | $ 180,000 | $ 100,000 | ||||||||||
Restricted Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Restricted stock awards, shares | shares | 103,000 | 280,000 | 35,000 | |||||||||
Series D Preferred Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Preferred Stock, par value | $ / shares | $ 0.10 | $ 0.10 | $ 0.10 | |||||||||
Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Mortgage loan paid off with borrowing | $ 43,100 | |||||||||||
Proceeds from lines of credit | $ 20,000 | |||||||||||
Subsequent Event [Member] | Mighty Oak [Member] | Albany, Georgia [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Business acquisition price | $ 3,700 | |||||||||||
Number of developed homesites | Integer | 118 | |||||||||||
Area of land | a | 26 | |||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | Five Employees [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Restricted stock awards, shares | shares | 25,000 | |||||||||||
2022 Common ATM Program [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued in transaction | shares | 1,900,000 | |||||||||||
Sale of stock, price per share | $ / shares | $ 16.99 | |||||||||||
Gross proceeds from sale of equity | $ 32,700 | |||||||||||
Proceeds from sale of equity | 32,200 | |||||||||||
Common stock available for sale value | $ 22,800 | |||||||||||
2023 Preferred ATM Program [Member] | Subsequent Event [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Sale of stock, price per share | $ / shares | $ 22.77 | |||||||||||
Gross proceeds from sale of equity after offering expenses | $ 14,600 | |||||||||||
Proceeds from sale of equity | $ 14,400 | |||||||||||
2023 Preferred ATM Program [Member] | Subsequent Event [Member] | Preferred Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Number of shares issued in transaction | shares | 640,000 | |||||||||||
Shares reserved for future issuance | shares | 85,400,000 | |||||||||||
2023 Preferred ATM Program [Member] | Subsequent Event [Member] | Series D Preferred Stock [Member] | ||||||||||||
Subsequent Event [Line Items] | ||||||||||||
Proceeds from sale of equity | $ 100,000 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.375% | |||||||||||
Preferred Stock, par value | $ / shares | $ 0.10 | |||||||||||
Preferred Stock liquidation preference per share | $ / shares | $ 25 |
SUMMARY OF PRO FORMA FINANCIAL
SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Pro Forma Financial Information | ||
Rental and Related Income | $ 174,746 | $ 165,078 |
Community Operating Expenses | 76,747 | 70,098 |
Net Income (Loss) Attributable to Common Shareholders | $ (37,536) | $ 19,298 |
Net Income (Loss) Attributable to Common Shareholders per Share: | ||
Basic | $ (0.69) | $ 0.42 |
Diluted | $ (0.69) | $ 0.41 |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Total | $ 1,379,527 | $ 1,198,104 | $ 1,100,256 | $ 1,008,104 | |
Accumulated depreciation | (340,776) | (295,740) | $ (254,369) | $ (216,332) | |
Allentown [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | 11,992 | ||||
Land | 250 | ||||
Site, Land & Building Improvements and Rental Homes | 2,569 | ||||
Capitalization Subsequent to Acquisition | 19,352 | ||||
Land, gross | [1],[2] | 1,500 | |||
Site, land & building improvements and rental homes | [1],[2] | 20,671 | |||
Total | [1],[2] | 22,171 | |||
Accumulated depreciation | $ (8,000) | ||||
Location | Memphis, TN | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Arbor Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | $ 2,650 | ||||
Site, Land & Building Improvements and Rental Homes | 8,266 | ||||
Capitalization Subsequent to Acquisition | 3,045 | ||||
Land, gross | [1],[2] | 2,650 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,311 | |||
Total | [1],[2] | 13,961 | |||
Accumulated depreciation | $ (3,517) | ||||
Location | Doylestown, PA | ||||
Date of Construction | 1959 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Auburn Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 114 | ||||
Site, Land & Building Improvements and Rental Homes | 1,174 | ||||
Capitalization Subsequent to Acquisition | 1,116 | ||||
Land, gross | [1],[2] | 114 | |||
Site, land & building improvements and rental homes | [1],[2] | 2,290 | |||
Total | [1],[2] | 2,404 | |||
Accumulated depreciation | $ (590) | ||||
Location | Orrville, OH | ||||
Date of Construction | 1971/1985/1995 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Bayshore Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 561 | ||||
Site, Land & Building Improvements and Rental Homes | 9,553 | ||||
Capitalization Subsequent to Acquisition | 2,211 | ||||
Land, gross | [1],[2] | 561 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,764 | |||
Total | [1],[2] | 12,325 | |||
Accumulated depreciation | $ (618) | ||||
Location | Sandusky, OH | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2021 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Birchwood Farms [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 70 | ||||
Site, Land & Building Improvements and Rental Homes | 2,797 | ||||
Capitalization Subsequent to Acquisition | 4,199 | ||||
Land, gross | [1],[2] | 70 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,996 | |||
Total | [1],[2] | 7,066 | |||
Accumulated depreciation | $ (2,121) | ||||
Location | Birch Run, MI | ||||
Date of Construction | 1976-1977 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Boardwalk [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [4] | $ 12,799 | |||
Land | 1,796 | ||||
Site, Land & Building Improvements and Rental Homes | 4,768 | ||||
Capitalization Subsequent to Acquisition | 339 | ||||
Land, gross | [1],[2] | 1,796 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,107 | |||
Total | [1],[2] | 6,903 | |||
Accumulated depreciation | $ (1,051) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1995-1996 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Broadmore Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | $ 43,037 | |||
Land | 1,120 | ||||
Site, Land & Building Improvements and Rental Homes | 11,136 | ||||
Capitalization Subsequent to Acquisition | 12,709 | ||||
Land, gross | [1],[2] | 1,120 | |||
Site, land & building improvements and rental homes | [1],[2] | 23,845 | |||
Total | [1],[2] | 24,965 | |||
Accumulated depreciation | $ (7,584) | ||||
Location | Goshen, IN | ||||
Date of Construction | 1950/1990 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Brookside [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [5] | ||||
Land | 372 | ||||
Site, Land & Building Improvements and Rental Homes | 4,776 | ||||
Capitalization Subsequent to Acquisition | 4,051 | ||||
Land, gross | [1],[2] | 372 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,827 | |||
Total | [1],[2] | 9,199 | |||
Accumulated depreciation | $ (2,851) | ||||
Location | Berwick, PA | ||||
Date of Construction | 1973-1976 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Brookview [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 2,473 | ||||
Land | 38 | ||||
Site, Land & Building Improvements and Rental Homes | 233 | ||||
Capitalization Subsequent to Acquisition | 12,451 | ||||
Land, gross | [1],[2] | 123 | |||
Site, land & building improvements and rental homes | [1],[2] | 12,599 | |||
Total | [1],[2] | 12,722 | |||
Accumulated depreciation | $ (4,016) | ||||
Location | Greenfield Ctr, NY | ||||
Date of Construction | prior to 1970 | ||||
Date Acquired | 1977 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Camelot Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [6] | ||||
Land | 824 | ||||
Site, Land & Building Improvements and Rental Homes | 2,480 | ||||
Capitalization Subsequent to Acquisition | 2,856 | ||||
Land, gross | [1],[2] | 828 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,332 | |||
Total | [1],[2] | 6,160 | |||
Accumulated depreciation | $ (493) | ||||
Location | Anderson, IN | ||||
Date of Construction | 1998 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Camelot Woods [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 573 | ||||
Site, Land & Building Improvements and Rental Homes | 2,767 | ||||
Capitalization Subsequent to Acquisition | 2,521 | ||||
Land, gross | [1],[2] | 766 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,095 | |||
Total | [1],[2] | 5,861 | |||
Accumulated depreciation | $ (377) | ||||
Location | Altoona, PA | ||||
Date of Construction | 1999 | ||||
Date Acquired | 2020 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Candlewick Court [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 4,002 | ||||
Land | 159 | ||||
Site, Land & Building Improvements and Rental Homes | 7,087 | ||||
Capitalization Subsequent to Acquisition | 7,185 | ||||
Land, gross | [1],[2] | 159 | |||
Site, land & building improvements and rental homes | [1],[2] | 14,272 | |||
Total | [1],[2] | 14,431 | |||
Accumulated depreciation | $ (3,809) | ||||
Location | Owosso, MI | ||||
Date of Construction | 1975 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Carsons [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | $ 24,935 | |||
Land | 176 | ||||
Site, Land & Building Improvements and Rental Homes | 2,411 | ||||
Capitalization Subsequent to Acquisition | 2,968 | ||||
Land, gross | [1],[2] | 176 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,379 | |||
Total | [1],[2] | 5,555 | |||
Accumulated depreciation | $ (1,411) | ||||
Location | Chambersburg, PA | ||||
Date of Construction | 1963 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Catalina [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | $ 4,311 | |||
Land | 1,008 | ||||
Site, Land & Building Improvements and Rental Homes | 11,735 | ||||
Capitalization Subsequent to Acquisition | 14,179 | ||||
Land, gross | [1],[2] | 1,008 | |||
Site, land & building improvements and rental homes | [1],[2] | 25,914 | |||
Total | [1],[2] | 26,922 | |||
Accumulated depreciation | $ (6,146) | ||||
Location | Middletown, OH | ||||
Date of Construction | 1968-1976 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Cedarcrest [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 10,662 | ||||
Land | 320 | ||||
Site, Land & Building Improvements and Rental Homes | 1,866 | ||||
Capitalization Subsequent to Acquisition | 3,832 | ||||
Land, gross | [1],[2] | 408 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,610 | |||
Total | [1],[2] | 6,018 | |||
Accumulated depreciation | $ (3,301) | ||||
Location | Vineland, NJ | ||||
Date of Construction | 1973 | ||||
Date Acquired | 1986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Center Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 198 | ||||
Site, Land & Building Improvements and Rental Homes | 5,602 | ||||
Capitalization Subsequent to Acquisition | 211 | ||||
Land, gross | [1],[2] | 201 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,810 | |||
Total | [1],[2] | 6,011 | |||
Accumulated depreciation | $ (175) | ||||
Location | Monaca, Pa | ||||
Date of Construction | 1957 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Chambersburg [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 108 | ||||
Site, Land & Building Improvements and Rental Homes | 2,397 | ||||
Capitalization Subsequent to Acquisition | 1,442 | ||||
Land, gross | [1],[2] | 118 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,829 | |||
Total | [1],[2] | 3,947 | |||
Accumulated depreciation | $ (1,106) | ||||
Location | Chambersburg, PA | ||||
Date of Construction | 1955 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Chelsea [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | ||||
Land | 124 | ||||
Site, Land & Building Improvements and Rental Homes | 2,049 | ||||
Capitalization Subsequent to Acquisition | 2,302 | ||||
Land, gross | [1],[2] | 124 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,351 | |||
Total | [1],[2] | 4,475 | |||
Accumulated depreciation | $ (1,264) | ||||
Location | Sayre, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Cinnamon Woods [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 1,884 | ||||
Site, Land & Building Improvements and Rental Homes | 2,116 | ||||
Capitalization Subsequent to Acquisition | 1,282 | ||||
Land, gross | [1],[2] | 1,884 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,398 | |||
Total | [1],[2] | 5,282 | |||
Accumulated depreciation | $ (558) | ||||
Location | Conowingo, MD | ||||
Date of Construction | 2005 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
City View [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 137 | ||||
Site, Land & Building Improvements and Rental Homes | 613 | ||||
Capitalization Subsequent to Acquisition | 1,551 | ||||
Land, gross | [1],[2] | 137 | |||
Site, land & building improvements and rental homes | [1],[2] | 2,164 | |||
Total | [1],[2] | 2,301 | |||
Accumulated depreciation | $ (696) | ||||
Location | Lewistown, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Clinton [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 3,147 | ||||
Land | 142 | ||||
Site, Land & Building Improvements and Rental Homes | 3,302 | ||||
Capitalization Subsequent to Acquisition | 507 | ||||
Land, gross | [1],[2] | 142 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,809 | |||
Total | [1],[2] | 3,951 | |||
Accumulated depreciation | $ (1,451) | ||||
Location | Tiffin, OH | ||||
Date of Construction | 1968/1987 | ||||
Date Acquired | 2011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Collingwood [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 196 | ||||
Site, Land & Building Improvements and Rental Homes | 2,318 | ||||
Capitalization Subsequent to Acquisition | 3,900 | ||||
Land, gross | [1],[2] | 196 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,218 | |||
Total | [1],[2] | 6,414 | |||
Accumulated depreciation | $ (1,594) | ||||
Location | Horseheads, NY | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Colonial Heights [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 67 | ||||
Site, Land & Building Improvements and Rental Homes | 2,383 | ||||
Capitalization Subsequent to Acquisition | 8,502 | ||||
Land, gross | [1],[2] | 67 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,885 | |||
Total | [1],[2] | 10,952 | |||
Accumulated depreciation | $ (2,736) | ||||
Location | Wintersville, OH | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Countryside Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 174 | ||||
Site, Land & Building Improvements and Rental Homes | 1,926 | ||||
Capitalization Subsequent to Acquisition | 6,639 | ||||
Land, gross | [1],[2] | 174 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,565 | |||
Total | [1],[2] | 8,739 | |||
Accumulated depreciation | $ (2,188) | ||||
Location | Muncie, IN | ||||
Date of Construction | 1996 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Countryside Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 205 | ||||
Site, Land & Building Improvements and Rental Homes | 2,896 | ||||
Capitalization Subsequent to Acquisition | 6,266 | ||||
Land, gross | [1],[2] | 205 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,162 | |||
Total | [1],[2] | 9,367 | |||
Accumulated depreciation | $ (2,360) | ||||
Location | Ravenna, OH | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Countryside Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | $ 100,481 | |||
Land | 394 | ||||
Site, Land & Building Improvements and Rental Homes | 6,917 | ||||
Capitalization Subsequent to Acquisition | 15,341 | ||||
Land, gross | [1],[2] | 609 | |||
Site, land & building improvements and rental homes | [1],[2] | 22,043 | |||
Total | [1],[2] | 22,652 | |||
Accumulated depreciation | $ (6,451) | ||||
Location | Columbia, TN | ||||
Date of Construction | 1988/1992 | ||||
Date Acquired | 2011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Cranberry [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 6,783 | ||||
Land | 182 | ||||
Site, Land & Building Improvements and Rental Homes | 1,923 | ||||
Capitalization Subsequent to Acquisition | 4,526 | ||||
Land, gross | [1],[2] | 182 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,449 | |||
Total | [1],[2] | 6,631 | |||
Accumulated depreciation | $ (3,702) | ||||
Location | Cranberry Twp, PA | ||||
Date of Construction | 1974 | ||||
Date Acquired | 1986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Crestview [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 188 | ||||
Site, Land & Building Improvements and Rental Homes | 2,258 | ||||
Capitalization Subsequent to Acquisition | 3,281 | ||||
Land, gross | [1],[2] | 362 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,365 | |||
Total | [1],[2] | 5,727 | |||
Accumulated depreciation | $ (1,429) | ||||
Location | Athens, PA | ||||
Date of Construction | 1964 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Cross Keys [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 61 | ||||
Site, Land & Building Improvements and Rental Homes | 378 | ||||
Capitalization Subsequent to Acquisition | 5,037 | ||||
Land, gross | [1],[2] | 61 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,415 | |||
Total | [1],[2] | 5,476 | |||
Accumulated depreciation | $ (2,039) | ||||
Location | Duncansville, PA | ||||
Date of Construction | 1961 | ||||
Date Acquired | 1979 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Crossroads Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 183 | ||||
Site, Land & Building Improvements and Rental Homes | 1,403 | ||||
Capitalization Subsequent to Acquisition | 230 | ||||
Land, gross | [1],[2] | 183 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,633 | |||
Total | [1],[2] | 1,816 | |||
Accumulated depreciation | $ (336) | ||||
Location | Mount Pleasant, PA | ||||
Date of Construction | 1955/2004 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
D and R [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 6,828 | ||||
Land | 392 | ||||
Site, Land & Building Improvements and Rental Homes | 704 | ||||
Capitalization Subsequent to Acquisition | 3,834 | ||||
Land, gross | [1],[2] | 392 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,538 | |||
Total | [1],[2] | 4,930 | |||
Accumulated depreciation | $ (2,475) | ||||
Location | Clifton Park, NY | ||||
Date of Construction | 1972 | ||||
Date Acquired | 1978 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Dallas Mobile Home [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 276 | ||||
Site, Land & Building Improvements and Rental Homes | 2,729 | ||||
Capitalization Subsequent to Acquisition | 3,897 | ||||
Land, gross | [1],[2] | 276 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,626 | |||
Total | [1],[2] | 6,902 | |||
Accumulated depreciation | $ (1,497) | ||||
Location | Toronto,OH | ||||
Date of Construction | 1950-1957 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Deer Meadows [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 226 | ||||
Site, Land & Building Improvements and Rental Homes | 2,299 | ||||
Capitalization Subsequent to Acquisition | 4,855 | ||||
Land, gross | [1],[2] | 226 | |||
Site, land & building improvements and rental homes | [1],[2] | 7,154 | |||
Total | [1],[2] | 7,380 | |||
Accumulated depreciation | $ (1,571) | ||||
Location | New Springfield,OH | ||||
Date of Construction | 1973 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Deer Run [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 298 | ||||
Site, Land & Building Improvements and Rental Homes | 4,242 | ||||
Capitalization Subsequent to Acquisition | 7,071 | ||||
Land, gross | [1],[2] | 301 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,310 | |||
Total | [1],[2] | 11,611 | |||
Accumulated depreciation | $ (477) | ||||
Location | Dothan, AL | ||||
Date of Construction | 1960 | ||||
Date Acquired | 2021 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Evergreen Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 99 | ||||
Site, Land & Building Improvements and Rental Homes | 1,121 | ||||
Capitalization Subsequent to Acquisition | 618 | ||||
Land, gross | [1],[2] | 119 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,719 | |||
Total | [1],[2] | 1,838 | |||
Accumulated depreciation | $ (504) | ||||
Location | Lodi,OH | ||||
Date of Construction | 1965 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Evergreen Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 49 | ||||
Site, Land & Building Improvements and Rental Homes | 2,372 | ||||
Capitalization Subsequent to Acquisition | 1,546 | ||||
Land, gross | [1],[2] | 49 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,918 | |||
Total | [1],[2] | 3,967 | |||
Accumulated depreciation | $ (1,096) | ||||
Location | Bedford, OH | ||||
Date of Construction | 1960 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Evergreen Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 105 | ||||
Site, Land & Building Improvements and Rental Homes | 1,277 | ||||
Capitalization Subsequent to Acquisition | 1,411 | ||||
Land, gross | [1],[2] | 105 | |||
Site, land & building improvements and rental homes | [1],[2] | 2,688 | |||
Total | [1],[2] | 2,793 | |||
Accumulated depreciation | $ (716) | ||||
Location | Mantua, OH | ||||
Date of Construction | 1960 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Fairview Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 14,388 | ||||
Land | 216 | ||||
Site, Land & Building Improvements and Rental Homes | 1,167 | ||||
Capitalization Subsequent to Acquisition | 11,463 | ||||
Land, gross | [1],[2] | 2,535 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,311 | |||
Total | [1],[2] | 12,846 | |||
Accumulated depreciation | $ (6,520) | ||||
Location | Millville, NJ | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Fifty One Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 1,214 | ||||
Site, Land & Building Improvements and Rental Homes | 5,746 | ||||
Capitalization Subsequent to Acquisition | 3,394 | ||||
Land, gross | [1],[2] | 1,330 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,024 | |||
Total | [1],[2] | 10,354 | |||
Accumulated depreciation | $ (956) | ||||
Location | Elizabeth, PA | ||||
Date of Construction | 1970’s | ||||
Date Acquired | 2019 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Fohl Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 9,490 | ||||
Land | 1,018 | ||||
Site, Land & Building Improvements and Rental Homes | 18,052 | ||||
Capitalization Subsequent to Acquisition | 100 | ||||
Land, gross | [1],[2] | 1,023 | |||
Site, land & building improvements and rental homes | [1],[2] | 18,147 | |||
Total | [1],[2] | 19,170 | |||
Accumulated depreciation | $ (110) | ||||
Location | Canton, OH | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Forest Creek [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 440 | ||||
Site, Land & Building Improvements and Rental Homes | 7,004 | ||||
Capitalization Subsequent to Acquisition | 2,889 | ||||
Land, gross | [1],[2] | 440 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,893 | |||
Total | [1],[2] | 10,333 | |||
Accumulated depreciation | $ (3,631) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1996-1997 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Forest Park [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,463 | ||||
Land | 75 | ||||
Site, Land & Building Improvements and Rental Homes | 977 | ||||
Capitalization Subsequent to Acquisition | 10,512 | ||||
Land, gross | [1],[2] | 75 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,489 | |||
Total | [1],[2] | 11,564 | |||
Accumulated depreciation | $ (4,847) | ||||
Location | Cranberry Twp, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1982 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Fox Chapel Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 372 | ||||
Site, Land & Building Improvements and Rental Homes | 4,082 | ||||
Capitalization Subsequent to Acquisition | 4,399 | ||||
Land, gross | [1],[2] | 372 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,481 | |||
Total | [1],[2] | 8,853 | |||
Accumulated depreciation | $ (1,192) | ||||
Location | Cheswick, PA | ||||
Date of Construction | 1975 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Frieden Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | $ 12,048 | |||
Land | 643 | ||||
Site, Land & Building Improvements and Rental Homes | 5,294 | ||||
Capitalization Subsequent to Acquisition | 6,186 | ||||
Land, gross | [1],[2] | 1,420 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,703 | |||
Total | [1],[2] | 12,123 | |||
Accumulated depreciation | $ (3,054) | ||||
Location | Schuylkill Haven, PA | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Friendly Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 6,382 | ||||
Land | 1,215 | ||||
Site, Land & Building Improvements and Rental Homes | 18,141 | ||||
Capitalization Subsequent to Acquisition | 13,120 | ||||
Land, gross | [1],[2] | 1,266 | |||
Site, land & building improvements and rental homes | [1],[2] | 31,210 | |||
Total | [1],[2] | 32,476 | |||
Accumulated depreciation | $ (3,398) | ||||
Location | Perrysburg, OH | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2019 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Garden View Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 156 | ||||
Site, Land & Building Improvements and Rental Homes | 5,044 | ||||
Capitalization Subsequent to Acquisition | 1,171 | ||||
Land, gross | [1],[2] | 158 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,213 | |||
Total | [1],[2] | 6,371 | |||
Accumulated depreciation | $ (82) | ||||
Location | Orangeburg, SC | ||||
Date of Construction | 1962 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Green Acres [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 63 | ||||
Site, Land & Building Improvements and Rental Homes | 584 | ||||
Capitalization Subsequent to Acquisition | 214 | ||||
Land, gross | [1],[2] | 63 | |||
Site, land & building improvements and rental homes | [1],[2] | 798 | |||
Total | [1],[2] | 861 | |||
Accumulated depreciation | $ (253) | ||||
Location | Chambersburg, PA | ||||
Date of Construction | 1978 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Gregory Courts [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 370 | ||||
Site, Land & Building Improvements and Rental Homes | 1,220 | ||||
Capitalization Subsequent to Acquisition | 1,332 | ||||
Land, gross | [1],[2] | 370 | |||
Site, land & building improvements and rental homes | [1],[2] | 2,552 | |||
Total | [1],[2] | 2,922 | |||
Accumulated depreciation | $ (792) | ||||
Location | Honey Brook, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hayden Heights [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 1,864 | ||||
Land | 248 | ||||
Site, Land & Building Improvements and Rental Homes | 2,148 | ||||
Capitalization Subsequent to Acquisition | 1,098 | ||||
Land, gross | [1],[2] | 248 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,246 | |||
Total | [1],[2] | 3,494 | |||
Accumulated depreciation | $ (920) | ||||
Location | Dublin,OH | ||||
Date of Construction | 1973 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Heather Highlands [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 573 | ||||
Site, Land & Building Improvements and Rental Homes | 2,152 | ||||
Capitalization Subsequent to Acquisition | 15,951 | ||||
Land, gross | [1],[2] | 573 | |||
Site, land & building improvements and rental homes | [1],[2] | 18,103 | |||
Total | [1],[2] | 18,676 | |||
Accumulated depreciation | $ (7,532) | ||||
Location | Inkerman, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 1992 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hidden Creek [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 614 | ||||
Site, Land & Building Improvements and Rental Homes | 20,717 | ||||
Capitalization Subsequent to Acquisition | 821 | ||||
Land, gross | [1],[2] | 618 | |||
Site, land & building improvements and rental homes | [1],[2] | 21,534 | |||
Total | [1],[2] | 22,152 | |||
Accumulated depreciation | $ (323) | ||||
Location | Erie, MI | ||||
Date of Construction | 1993 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
High View Acres [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 825 | ||||
Site, Land & Building Improvements and Rental Homes | 4,264 | ||||
Capitalization Subsequent to Acquisition | 864 | ||||
Land, gross | [1],[2] | 825 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,128 | |||
Total | [1],[2] | 5,953 | |||
Accumulated depreciation | $ (898) | ||||
Location | Export, PA | ||||
Date of Construction | 1984 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Highland [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 510 | ||||
Site, Land & Building Improvements and Rental Homes | 7,084 | ||||
Capitalization Subsequent to Acquisition | 6,176 | ||||
Land, gross | [1],[2] | 510 | |||
Site, land & building improvements and rental homes | [1],[2] | 13,260 | |||
Total | [1],[2] | 13,770 | |||
Accumulated depreciation | $ (4,642) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Highland Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 15,080 | ||||
Land | 145 | ||||
Site, Land & Building Improvements and Rental Homes | 1,695 | ||||
Capitalization Subsequent to Acquisition | 12,768 | ||||
Land, gross | [1],[2] | 404 | |||
Site, land & building improvements and rental homes | [1],[2] | 14,204 | |||
Total | [1],[2] | 14,608 | |||
Accumulated depreciation | $ (8,693) | ||||
Location | Kutztown, PA | ||||
Date of Construction | 1971 | ||||
Date Acquired | 1979 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hillcrest Crossing [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 961 | ||||
Site, Land & Building Improvements and Rental Homes | 1,464 | ||||
Capitalization Subsequent to Acquisition | 10,894 | ||||
Land, gross | [1],[2] | 961 | |||
Site, land & building improvements and rental homes | [1],[2] | 12,358 | |||
Total | [1],[2] | 13,319 | |||
Accumulated depreciation | $ (1,744) | ||||
Location | Lower Burrell, PA | ||||
Date of Construction | 1971 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hillcrest Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 1,277 | ||||
Site, Land & Building Improvements and Rental Homes | 3,034 | ||||
Capitalization Subsequent to Acquisition | 5,775 | ||||
Land, gross | [1],[2] | 1,277 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,809 | |||
Total | [1],[2] | 10,086 | |||
Accumulated depreciation | $ (1,468) | ||||
Location | Marysville, OH | ||||
Date of Construction | 1995 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hillside Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [9] | ||||
Land | 484 | ||||
Site, Land & Building Improvements and Rental Homes | 2,679 | ||||
Capitalization Subsequent to Acquisition | 3,889 | ||||
Land, gross | [1],[2] | 484 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,568 | |||
Total | [1],[2] | 7,052 | |||
Accumulated depreciation | $ (1,644) | ||||
Location | Greensburg, PA | ||||
Date of Construction | 1980 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Holiday Mobile Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,102 | ||||
Land | 1,632 | ||||
Site, Land & Building Improvements and Rental Homes | 5,618 | ||||
Capitalization Subsequent to Acquisition | 15,385 | ||||
Land, gross | [1],[2] | 1,632 | |||
Site, land & building improvements and rental homes | [1],[2] | 21,003 | |||
Total | [1],[2] | 22,635 | |||
Accumulated depreciation | $ (4,465) | ||||
Location | Nashville, TN | ||||
Date of Construction | 1967 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Holiday Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,616 | ||||
Land | 491 | ||||
Site, Land & Building Improvements and Rental Homes | 13,808 | ||||
Capitalization Subsequent to Acquisition | 10,823 | ||||
Land, gross | [1],[2] | 491 | |||
Site, land & building improvements and rental homes | [1],[2] | 24,631 | |||
Total | [1],[2] | 25,122 | |||
Accumulated depreciation | $ (5,843) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1966 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Holly Acres [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 5,910 | ||||
Land | 194 | ||||
Site, Land & Building Improvements and Rental Homes | 3,591 | ||||
Capitalization Subsequent to Acquisition | 1,463 | ||||
Land, gross | [1],[2] | 194 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,054 | |||
Total | [1],[2] | 5,248 | |||
Accumulated depreciation | $ (1,284) | ||||
Location | Erie, PA | ||||
Date of Construction | 1977/2007 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Hudson Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 141 | ||||
Site, Land & Building Improvements and Rental Homes | 3,516 | ||||
Capitalization Subsequent to Acquisition | 6,193 | ||||
Land, gross | [1],[2] | 141 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,709 | |||
Total | [1],[2] | 9,850 | |||
Accumulated depreciation | $ (2,612) | ||||
Location | Peninsula, OH | ||||
Date of Construction | 1956 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Huntingdon Pointe [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 399 | ||||
Site, Land & Building Improvements and Rental Homes | 865 | ||||
Capitalization Subsequent to Acquisition | 2,316 | ||||
Land, gross | [1],[2] | 399 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,181 | |||
Total | [1],[2] | 3,580 | |||
Accumulated depreciation | $ (602) | ||||
Location | Tarrs, PA | ||||
Date of Construction | 2000 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Independence Park [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [9] | $ 7,230 | |||
Land | 686 | ||||
Site, Land & Building Improvements and Rental Homes | 2,784 | ||||
Capitalization Subsequent to Acquisition | 6,414 | ||||
Land, gross | [1],[2] | 686 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,198 | |||
Total | [1],[2] | 9,884 | |||
Accumulated depreciation | $ (1,807) | ||||
Location | Clinton, PA | ||||
Date of Construction | 1987 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Iris Winds [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 121 | ||||
Site, Land & Building Improvements and Rental Homes | 3,324 | ||||
Capitalization Subsequent to Acquisition | 5,291 | ||||
Land, gross | [1],[2] | 122 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,614 | |||
Total | [1],[2] | 8,736 | |||
Accumulated depreciation | $ (374) | ||||
Location | Sumter, SC | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2021 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Kinnebrook [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 3,603 | ||||
Land | 236 | ||||
Site, Land & Building Improvements and Rental Homes | 1,403 | ||||
Capitalization Subsequent to Acquisition | 14,840 | ||||
Land, gross | [1],[2] | 353 | |||
Site, land & building improvements and rental homes | [1],[2] | 16,126 | |||
Total | [1],[2] | 16,479 | |||
Accumulated depreciation | $ (7,378) | ||||
Location | Monticello, NY | ||||
Date of Construction | 1972 | ||||
Date Acquired | 1988 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
La Vista Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 713 | ||||
Site, Land & Building Improvements and Rental Homes | 3,165 | ||||
Capitalization Subsequent to Acquisition | 817 | ||||
Land, gross | [1],[2] | 718 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,977 | |||
Total | [1],[2] | 4,695 | |||
Accumulated depreciation | $ (73) | ||||
Location | Dothan, AL | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Lake Erie Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 2,549 | ||||
Land | 104 | ||||
Site, Land & Building Improvements and Rental Homes | 4,391 | ||||
Capitalization Subsequent to Acquisition | 3,002 | ||||
Land, gross | [1],[2] | 140 | |||
Site, land & building improvements and rental homes | [1],[2] | 7,357 | |||
Total | [1],[2] | 7,497 | |||
Accumulated depreciation | $ (595) | ||||
Location | Fredonia, NY | ||||
Date of Construction | 1965-1975 | ||||
Date Acquired | 2020 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Lake Sherman [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 4,935 | ||||
Land | 290 | ||||
Site, Land & Building Improvements and Rental Homes | 1,458 | ||||
Capitalization Subsequent to Acquisition | 15,519 | ||||
Land, gross | [1],[2] | 290 | |||
Site, land & building improvements and rental homes | [1],[2] | 16,977 | |||
Total | [1],[2] | 17,267 | |||
Accumulated depreciation | $ (6,500) | ||||
Location | Navarre, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1987 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Lakeview Meadows [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 574 | ||||
Site, Land & Building Improvements and Rental Homes | 1,104 | ||||
Capitalization Subsequent to Acquisition | 2,198 | ||||
Land, gross | [1],[2] | 726 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,150 | |||
Total | [1],[2] | 3,876 | |||
Accumulated depreciation | $ (612) | ||||
Location | Lakeview, OH | ||||
Date of Construction | 1995 | ||||
Date Acquired | 2016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Laurel Woods [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 433 | ||||
Site, Land & Building Improvements and Rental Homes | 2,070 | ||||
Capitalization Subsequent to Acquisition | 6,621 | ||||
Land, gross | [1],[2] | 433 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,691 | |||
Total | [1],[2] | 9,124 | |||
Accumulated depreciation | $ (3,418) | ||||
Location | Cresson, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2001 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Little Chippewa [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 113 | ||||
Site, Land & Building Improvements and Rental Homes | 1,135 | ||||
Capitalization Subsequent to Acquisition | 2,831 | ||||
Land, gross | [1],[2] | 113 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,966 | |||
Total | [1],[2] | 4,079 | |||
Accumulated depreciation | $ (947) | ||||
Location | Orrville, OH | ||||
Date of Construction | 1968 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Mandell Trails [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 2,470 | ||||
Site, Land & Building Improvements and Rental Homes | 4,905 | ||||
Capitalization Subsequent to Acquisition | 378 | ||||
Land, gross | [1],[2] | 2,537 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,216 | |||
Total | [1],[2] | 7,753 | |||
Accumulated depreciation | $ (107) | ||||
Location | Butler, PA | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Maple Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [5] | $ 34,028 | |||
Land | 674 | ||||
Site, Land & Building Improvements and Rental Homes | 9,433 | ||||
Capitalization Subsequent to Acquisition | 8,322 | ||||
Land, gross | [1],[2] | 674 | |||
Site, land & building improvements and rental homes | [1],[2] | 17,755 | |||
Total | [1],[2] | 18,429 | |||
Accumulated depreciation | $ (6,144) | ||||
Location | Taylor, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Marysville Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 810 | ||||
Site, Land & Building Improvements and Rental Homes | 4,556 | ||||
Capitalization Subsequent to Acquisition | 9,474 | ||||
Land, gross | [1],[2] | 818 | |||
Site, land & building improvements and rental homes | [1],[2] | 14,022 | |||
Total | [1],[2] | 14,840 | |||
Accumulated depreciation | $ (2,161) | ||||
Location | Marysville, OH | ||||
Date of Construction | 1960s to 2015 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Meadowood [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 152 | ||||
Site, Land & Building Improvements and Rental Homes | 3,191 | ||||
Capitalization Subsequent to Acquisition | 5,644 | ||||
Land, gross | [1],[2] | 152 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,835 | |||
Total | [1],[2] | 8,987 | |||
Accumulated depreciation | $ (2,432) | ||||
Location | New Middletown, OH | ||||
Date of Construction | 1957 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Meadows [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 549 | ||||
Site, Land & Building Improvements and Rental Homes | 6,721 | ||||
Capitalization Subsequent to Acquisition | 11,693 | ||||
Land, gross | [1],[2] | 549 | |||
Site, land & building improvements and rental homes | [1],[2] | 18,414 | |||
Total | [1],[2] | 18,963 | |||
Accumulated depreciation | $ (4,046) | ||||
Location | Nappanee, IN | ||||
Date of Construction | 1965-1973 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Meadows of Perrysburg [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 2,146 | ||||
Site, Land & Building Improvements and Rental Homes | 5,541 | ||||
Capitalization Subsequent to Acquisition | 1,456 | ||||
Land, gross | [1],[2] | 2,182 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,961 | |||
Total | [1],[2] | 9,143 | |||
Accumulated depreciation | $ (912) | ||||
Location | Perrysburg, OH | ||||
Date of Construction | 1998 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Melrose Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 767 | ||||
Site, Land & Building Improvements and Rental Homes | 5,429 | ||||
Capitalization Subsequent to Acquisition | 8,671 | ||||
Land, gross | [1],[2] | 767 | |||
Site, land & building improvements and rental homes | [1],[2] | 14,100 | |||
Total | [1],[2] | 14,867 | |||
Accumulated depreciation | $ (3,546) | ||||
Location | Wooster, OH | ||||
Date of Construction | 1970-1978 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Melrose West [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 94 | ||||
Site, Land & Building Improvements and Rental Homes | 1,040 | ||||
Capitalization Subsequent to Acquisition | 123 | ||||
Land, gross | [1],[2] | 94 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,163 | |||
Total | [1],[2] | 1,257 | |||
Accumulated depreciation | $ (369) | ||||
Location | Wooster, OH | ||||
Date of Construction | 1995 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Memphis Blues [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 78 | ||||
Site, Land & Building Improvements and Rental Homes | 810 | ||||
Capitalization Subsequent to Acquisition | 15,605 | ||||
Land, gross | [1],[2] | 336 | |||
Site, land & building improvements and rental homes | [1],[2] | 16,157 | |||
Total | [1],[2] | 16,493 | |||
Accumulated depreciation | $ (3,461) | ||||
Location | Memphis, TN | ||||
Date of Construction | 1955 | ||||
Date Acquired | 1985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Monroe Valley [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | ||||
Land | 114 | ||||
Site, Land & Building Improvements and Rental Homes | 994 | ||||
Capitalization Subsequent to Acquisition | 774 | ||||
Land, gross | [1],[2] | 114 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,768 | |||
Total | [1],[2] | 1,882 | |||
Accumulated depreciation | $ (558) | ||||
Location | Jonestown, PA | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Moosic Heights [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [5] | ||||
Land | 330 | ||||
Site, Land & Building Improvements and Rental Homes | 3,794 | ||||
Capitalization Subsequent to Acquisition | 4,370 | ||||
Land, gross | [1],[2] | 330 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,164 | |||
Total | [1],[2] | 8,494 | |||
Accumulated depreciation | $ (2,540) | ||||
Location | Avoca, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Mount Pleasant Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 280 | ||||
Site, Land & Building Improvements and Rental Homes | 3,502 | ||||
Capitalization Subsequent to Acquisition | 1,703 | ||||
Land, gross | [1],[2] | 280 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,205 | |||
Total | [1],[2] | 5,485 | |||
Accumulated depreciation | $ (1,067) | ||||
Location | Mount Pleasant, PA | ||||
Date of Construction | 1977-1986 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Mountaintop [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | ||||
Land | 134 | ||||
Site, Land & Building Improvements and Rental Homes | 1,665 | ||||
Capitalization Subsequent to Acquisition | 2,049 | ||||
Land, gross | [1],[2] | 249 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,599 | |||
Total | [1],[2] | 3,848 | |||
Accumulated depreciation | $ (883) | ||||
Location | Narvon, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
New Colony [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 429 | ||||
Site, Land & Building Improvements and Rental Homes | 4,129 | ||||
Capitalization Subsequent to Acquisition | 1,961 | ||||
Land, gross | [1],[2] | 448 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,071 | |||
Total | [1],[2] | 6,519 | |||
Accumulated depreciation | $ (699) | ||||
Location | West Mifflin, PA | ||||
Date of Construction | 1975 | ||||
Date Acquired | 2019 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Northtowne Meadows [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 11,322 | ||||
Land | 1,272 | ||||
Site, Land & Building Improvements and Rental Homes | 23,859 | ||||
Capitalization Subsequent to Acquisition | 4,404 | ||||
Land, gross | [1],[2] | 1,313 | |||
Site, land & building improvements and rental homes | [1],[2] | 28,222 | |||
Total | [1],[2] | 29,535 | |||
Accumulated depreciation | $ (3,655) | ||||
Location | Erie, MI | ||||
Date of Construction | 1988, 1995, 1999 | ||||
Date Acquired | 2019 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Oak Ridge [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 500 | ||||
Site, Land & Building Improvements and Rental Homes | 7,524 | ||||
Capitalization Subsequent to Acquisition | 3,999 | ||||
Land, gross | [1],[2] | 500 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,523 | |||
Total | [1],[2] | 12,023 | |||
Accumulated depreciation | $ (3,803) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1990 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Oak Tree [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 12,000 | ||||
Land | 1,134 | ||||
Site, Land & Building Improvements and Rental Homes | 21,766 | ||||
Capitalization Subsequent to Acquisition | 310 | ||||
Land, gross | [1],[2] | 1,149 | |||
Site, land & building improvements and rental homes | [1],[2] | 22,061 | |||
Total | [1],[2] | 23,210 | |||
Accumulated depreciation | $ (67) | ||||
Location | Jackson, NJ | ||||
Date of Construction | 1958 | ||||
Date Acquired | 2022 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Oakwood Lake [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 379 | ||||
Site, Land & Building Improvements and Rental Homes | 1,639 | ||||
Capitalization Subsequent to Acquisition | 2,683 | ||||
Land, gross | [1],[2] | 379 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,322 | |||
Total | [1],[2] | 4,701 | |||
Accumulated depreciation | $ (1,176) | ||||
Location | Tunkhannock, PA | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Olmsted Falls [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 1,865 | ||||
Land | 569 | ||||
Site, Land & Building Improvements and Rental Homes | 3,031 | ||||
Capitalization Subsequent to Acquisition | 2,585 | ||||
Land, gross | [1],[2] | 569 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,616 | |||
Total | [1],[2] | 6,185 | |||
Accumulated depreciation | $ (1,682) | ||||
Location | Olmsted Falls, OH | ||||
Date of Construction | 1953/1970 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Oxford [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 14,659 | ||||
Land | 175 | ||||
Site, Land & Building Improvements and Rental Homes | 991 | ||||
Capitalization Subsequent to Acquisition | 2,934 | ||||
Land, gross | [1],[2] | 155 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,945 | |||
Total | [1],[2] | 4,100 | |||
Accumulated depreciation | $ (2,416) | ||||
Location | West Grove, PA | ||||
Date of Construction | 1971 | ||||
Date Acquired | 1974 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Parke Place [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [4] | ||||
Land | 4,317 | ||||
Site, Land & Building Improvements and Rental Homes | 10,341 | ||||
Capitalization Subsequent to Acquisition | 6,860 | ||||
Land, gross | [1],[2] | 4,317 | |||
Site, land & building improvements and rental homes | [1],[2] | 17,201 | |||
Total | [1],[2] | 21,518 | |||
Accumulated depreciation | $ (4,111) | ||||
Location | Elkhart, IN | ||||
Date of Construction | 1995-1996 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Perrysburg Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 1,493 | ||||
Land | 399 | ||||
Site, Land & Building Improvements and Rental Homes | 4,047 | ||||
Capitalization Subsequent to Acquisition | 6,591 | ||||
Land, gross | [1],[2] | 407 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,630 | |||
Total | [1],[2] | 11,037 | |||
Accumulated depreciation | $ (1,275) | ||||
Location | Perrysburg, OH | ||||
Date of Construction | 1972 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Pikewood Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 13,414 | ||||
Land | 1,053 | ||||
Site, Land & Building Improvements and Rental Homes | 22,068 | ||||
Capitalization Subsequent to Acquisition | 17,873 | ||||
Land, gross | [1],[2] | 1,071 | |||
Site, land & building improvements and rental homes | [1],[2] | 39,923 | |||
Total | [1],[2] | 40,994 | |||
Accumulated depreciation | $ (5,192) | ||||
Location | Elyria, OH | ||||
Date of Construction | 1962 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Pine Ridge/Pine Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 38 | ||||
Site, Land & Building Improvements and Rental Homes | 198 | ||||
Capitalization Subsequent to Acquisition | 11,058 | ||||
Land, gross | [1],[2] | 145 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,149 | |||
Total | [1],[2] | 11,294 | |||
Accumulated depreciation | $ (5,069) | ||||
Location | Carlisle, PA | ||||
Date of Construction | 1961 | ||||
Date Acquired | 1969 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Pine Valley [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 670 | ||||
Site, Land & Building Improvements and Rental Homes | 1,337 | ||||
Capitalization Subsequent to Acquisition | 9,825 | ||||
Land, gross | [1],[2] | 732 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,100 | |||
Total | [1],[2] | 11,832 | |||
Accumulated depreciation | $ (4,306) | ||||
Location | Apollo, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1995 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Pleasant View [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [5] | ||||
Land | 282 | ||||
Site, Land & Building Improvements and Rental Homes | 2,175 | ||||
Capitalization Subsequent to Acquisition | 3,178 | ||||
Land, gross | [1],[2] | 307 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,328 | |||
Total | [1],[2] | 5,635 | |||
Accumulated depreciation | $ (1,559) | ||||
Location | Bloomsburg, PA | ||||
Date of Construction | 1960’s | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Port Royal [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 150 | ||||
Site, Land & Building Improvements and Rental Homes | 2,492 | ||||
Capitalization Subsequent to Acquisition | 17,266 | ||||
Land, gross | [1],[2] | 505 | |||
Site, land & building improvements and rental homes | [1],[2] | 19,403 | |||
Total | [1],[2] | 19,908 | |||
Accumulated depreciation | $ (9,216) | ||||
Location | Belle Vernon, PA | ||||
Date of Construction | 1973 | ||||
Date Acquired | 1983 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Redbud Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [6] | $ 12,408 | |||
Land | 1,739 | ||||
Site, Land & Building Improvements and Rental Homes | 15,091 | ||||
Capitalization Subsequent to Acquisition | 7,199 | ||||
Land, gross | [1],[2] | 1,753 | |||
Site, land & building improvements and rental homes | [1],[2] | 22,276 | |||
Total | [1],[2] | 24,029 | |||
Accumulated depreciation | $ (3,183) | ||||
Location | Anderson, IN | ||||
Date of Construction | 1966/1998/2003 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
River Valley [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 236 | ||||
Site, Land & Building Improvements and Rental Homes | 785 | ||||
Capitalization Subsequent to Acquisition | 9,568 | ||||
Land, gross | [1],[2] | 236 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,353 | |||
Total | [1],[2] | 10,589 | |||
Accumulated depreciation | $ (4,768) | ||||
Location | Marion, OH | ||||
Date of Construction | 1950 | ||||
Date Acquired | 1986 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Rolling Hills Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 301 | ||||
Site, Land & Building Improvements and Rental Homes | 1,419 | ||||
Capitalization Subsequent to Acquisition | 3,119 | ||||
Land, gross | [1],[2] | 517 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,322 | |||
Total | [1],[2] | 4,839 | |||
Accumulated depreciation | $ (1,230) | ||||
Location | Carlisle, PA | ||||
Date of Construction | 1972-1975 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Rostraver Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [9] | ||||
Land | 814 | ||||
Site, Land & Building Improvements and Rental Homes | 2,204 | ||||
Capitalization Subsequent to Acquisition | 2,639 | ||||
Land, gross | [1],[2] | 814 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,843 | |||
Total | [1],[2] | 5,657 | |||
Accumulated depreciation | $ (1,315) | ||||
Location | Belle Veron, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Sandy Valley [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 270 | ||||
Site, Land & Building Improvements and Rental Homes | 1,941 | ||||
Capitalization Subsequent to Acquisition | 14,395 | ||||
Land, gross | [1],[2] | 270 | |||
Site, land & building improvements and rental homes | [1],[2] | 16,336 | |||
Total | [1],[2] | 16,606 | |||
Accumulated depreciation | $ (6,585) | ||||
Location | Magnolia, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1985 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Shady Hills [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 4,444 | ||||
Land | 337 | ||||
Site, Land & Building Improvements and Rental Homes | 3,379 | ||||
Capitalization Subsequent to Acquisition | 5,027 | ||||
Land, gross | [1],[2] | 337 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,406 | |||
Total | [1],[2] | 8,743 | |||
Accumulated depreciation | $ (2,790) | ||||
Location | Nashville, TN | ||||
Date of Construction | 1954 | ||||
Date Acquired | 2011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Somerset/Whispering [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 1,485 | ||||
Site, Land & Building Improvements and Rental Homes | 2,050 | ||||
Capitalization Subsequent to Acquisition | 9,854 | ||||
Land, gross | [1],[2] | 1,489 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,900 | |||
Total | [1],[2] | 13,389 | |||
Accumulated depreciation | $ (5,208) | ||||
Location | Somerset, PA | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2004 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Southern Terrace [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 63 | ||||
Site, Land & Building Improvements and Rental Homes | 3,387 | ||||
Capitalization Subsequent to Acquisition | 776 | ||||
Land, gross | [1],[2] | 63 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,163 | |||
Total | [1],[2] | 4,226 | |||
Accumulated depreciation | $ (1,458) | ||||
Location | Columbiana, OH | ||||
Date of Construction | 1983 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Southwind [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [10] | $ 21,430 | |||
Land | 100 | ||||
Site, Land & Building Improvements and Rental Homes | 603 | ||||
Capitalization Subsequent to Acquisition | 3,426 | ||||
Land, gross | [1],[2] | 100 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,029 | |||
Total | [1],[2] | 4,129 | |||
Accumulated depreciation | $ (2,372) | ||||
Location | Jackson, NJ | ||||
Date of Construction | 1969 | ||||
Date Acquired | 1969 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Spreading Oaks [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 67 | ||||
Site, Land & Building Improvements and Rental Homes | 1,327 | ||||
Capitalization Subsequent to Acquisition | 4,381 | ||||
Land, gross | [1],[2] | 67 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,708 | |||
Total | [1],[2] | 5,775 | |||
Accumulated depreciation | $ (2,597) | ||||
Location | Athens, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1996 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Springfield Meadows [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 1,230 | ||||
Site, Land & Building Improvements and Rental Homes | 3,093 | ||||
Capitalization Subsequent to Acquisition | 2,994 | ||||
Land, gross | [1],[2] | 1,230 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,087 | |||
Total | [1],[2] | 7,317 | |||
Accumulated depreciation | $ (997) | ||||
Location | Springfield, OH | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Suburban Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 5,000 | ||||
Land | 299 | ||||
Site, Land & Building Improvements and Rental Homes | 5,837 | ||||
Capitalization Subsequent to Acquisition | 5,430 | ||||
Land, gross | [1],[2] | 299 | |||
Site, land & building improvements and rental homes | [1],[2] | 11,267 | |||
Total | [1],[2] | 11,566 | |||
Accumulated depreciation | $ (3,819) | ||||
Location | Greensburg, PA | ||||
Date of Construction | 1968/1980 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Summit Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 198 | ||||
Site, Land & Building Improvements and Rental Homes | 2,779 | ||||
Capitalization Subsequent to Acquisition | 4,781 | ||||
Land, gross | [1],[2] | 198 | |||
Site, land & building improvements and rental homes | [1],[2] | 7,560 | |||
Total | [1],[2] | 7,758 | |||
Accumulated depreciation | $ (1,981) | ||||
Location | Ravenna, OH | ||||
Date of Construction | 1969 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Summit Village [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 522 | ||||
Site, Land & Building Improvements and Rental Homes | 2,821 | ||||
Capitalization Subsequent to Acquisition | 4,059 | ||||
Land, gross | [1],[2] | 522 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,880 | |||
Total | [1],[2] | 7,402 | |||
Accumulated depreciation | $ (1,518) | ||||
Location | Marion, IN | ||||
Date of Construction | 2000 | ||||
Date Acquired | 2018 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Sunny Acres [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 5,566 | ||||
Land | 287 | ||||
Site, Land & Building Improvements and Rental Homes | 6,114 | ||||
Capitalization Subsequent to Acquisition | 3,997 | ||||
Land, gross | [1],[2] | 287 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,111 | |||
Total | [1],[2] | 10,398 | |||
Accumulated depreciation | $ (3,540) | ||||
Location | Somerset, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2010 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Sunnyside [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 450 | ||||
Site, Land & Building Improvements and Rental Homes | 2,674 | ||||
Capitalization Subsequent to Acquisition | 970 | ||||
Land, gross | [1],[2] | 662 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,432 | |||
Total | [1],[2] | 4,094 | |||
Accumulated depreciation | $ (1,121) | ||||
Location | Eagleville, PA | ||||
Date of Construction | 1960 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Trailmont [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 2,963 | ||||
Land | 411 | ||||
Site, Land & Building Improvements and Rental Homes | 1,867 | ||||
Capitalization Subsequent to Acquisition | 3,916 | ||||
Land, gross | [1],[2] | 411 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,783 | |||
Total | [1],[2] | 6,194 | |||
Accumulated depreciation | $ (1,829) | ||||
Location | Goodlettsville, TN | ||||
Date of Construction | 1964 | ||||
Date Acquired | 2011 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Twin Oaks [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 5,683 | ||||
Land | 823 | ||||
Site, Land & Building Improvements and Rental Homes | 3,527 | ||||
Capitalization Subsequent to Acquisition | 2,426 | ||||
Land, gross | [1],[2] | 998 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,778 | |||
Total | [1],[2] | 6,776 | |||
Accumulated depreciation | $ (1,970) | ||||
Location | Olmsted Falls, OH | ||||
Date of Construction | 1952/1997 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Twin Pines [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 650 | ||||
Site, Land & Building Improvements and Rental Homes | 6,307 | ||||
Capitalization Subsequent to Acquisition | 6,545 | ||||
Land, gross | [1],[2] | 650 | |||
Site, land & building improvements and rental homes | [1],[2] | 12,852 | |||
Total | [1],[2] | 13,502 | |||
Accumulated depreciation | $ (3,994) | ||||
Location | Goshen, IN | ||||
Date of Construction | 1956/1990 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley High [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [9] | ||||
Land | 284 | ||||
Site, Land & Building Improvements and Rental Homes | 2,267 | ||||
Capitalization Subsequent to Acquisition | 2,655 | ||||
Land, gross | [1],[2] | 284 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,922 | |||
Total | [1],[2] | 5,206 | |||
Accumulated depreciation | $ (1,214) | ||||
Location | Ruffs Dale, PA | ||||
Date of Construction | 1974 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley Hills [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 3,080 | ||||
Land | 996 | ||||
Site, Land & Building Improvements and Rental Homes | 6,542 | ||||
Capitalization Subsequent to Acquisition | 10,155 | ||||
Land, gross | [1],[2] | 996 | |||
Site, land & building improvements and rental homes | [1],[2] | 16,697 | |||
Total | [1],[2] | 17,693 | |||
Accumulated depreciation | $ (4,515) | ||||
Location | Ravenna, OH | ||||
Date of Construction | 1960-1970 | ||||
Date Acquired | 2014 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley Stream [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 323 | ||||
Site, Land & Building Improvements and Rental Homes | 3,191 | ||||
Capitalization Subsequent to Acquisition | 1,267 | ||||
Land, gross | [1],[2] | 323 | |||
Site, land & building improvements and rental homes | [1],[2] | 4,458 | |||
Total | [1],[2] | 4,781 | |||
Accumulated depreciation | $ (1,073) | ||||
Location | Mountaintop, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley View HB [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [3] | ||||
Land | 1,380 | ||||
Site, Land & Building Improvements and Rental Homes | 5,348 | ||||
Capitalization Subsequent to Acquisition | 4,982 | ||||
Land, gross | [1],[2] | 1,380 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,330 | |||
Total | [1],[2] | 11,710 | |||
Accumulated depreciation | $ (3,029) | ||||
Location | Honeybrook, PA | ||||
Date of Construction | 1970 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley View I [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | ||||
Land | 191 | ||||
Site, Land & Building Improvements and Rental Homes | 4,359 | ||||
Capitalization Subsequent to Acquisition | 1,250 | ||||
Land, gross | [1],[2] | 280 | |||
Site, land & building improvements and rental homes | [1],[2] | 5,520 | |||
Total | [1],[2] | 5,800 | |||
Accumulated depreciation | $ (1,990) | ||||
Location | Ephrata, PA | ||||
Date of Construction | 1961 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Valley View II [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [8] | ||||
Land | 72 | ||||
Site, Land & Building Improvements and Rental Homes | 1,746 | ||||
Capitalization Subsequent to Acquisition | 78 | ||||
Land, gross | [1],[2] | 72 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,824 | |||
Total | [1],[2] | 1,896 | |||
Accumulated depreciation | $ (670) | ||||
Location | Ephrata, PA | ||||
Date of Construction | 1999 | ||||
Date Acquired | 2012 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Voyager Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 742 | ||||
Site, Land & Building Improvements and Rental Homes | 3,143 | ||||
Capitalization Subsequent to Acquisition | 5,878 | ||||
Land, gross | [1],[2] | 742 | |||
Site, land & building improvements and rental homes | [1],[2] | 9,021 | |||
Total | [1],[2] | 9,763 | |||
Accumulated depreciation | $ (1,827) | ||||
Location | West Newton, PA | ||||
Date of Construction | 1968 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Waterfalls [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 4,197 | ||||
Land | 424 | ||||
Site, Land & Building Improvements and Rental Homes | 3,812 | ||||
Capitalization Subsequent to Acquisition | 6,216 | ||||
Land, gross | [1],[2] | 424 | |||
Site, land & building improvements and rental homes | [1],[2] | 10,028 | |||
Total | [1],[2] | 10,452 | |||
Accumulated depreciation | $ (5,294) | ||||
Location | Hamburg, NY | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1997 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Wayside [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 196 | ||||
Site, Land & Building Improvements and Rental Homes | 1,080 | ||||
Capitalization Subsequent to Acquisition | 2,958 | ||||
Land, gross | [1],[2] | 261 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,973 | |||
Total | [1],[2] | 4,234 | |||
Accumulated depreciation | $ (579) | ||||
Location | Bellefontaine, OH | ||||
Date of Construction | 1960 | ||||
Date Acquired | 2016 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Weatherly Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 7,229 | ||||
Land | 1,184 | ||||
Site, Land & Building Improvements and Rental Homes | 4,034 | ||||
Capitalization Subsequent to Acquisition | 4,151 | ||||
Land, gross | [1],[2] | 1,184 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,185 | |||
Total | [1],[2] | 9,369 | |||
Accumulated depreciation | $ (4,314) | ||||
Location | Lebanon, TN | ||||
Date of Construction | 1997 | ||||
Date Acquired | 2006 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Wellington Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 2,144 | ||||
Land | 896 | ||||
Site, Land & Building Improvements and Rental Homes | 6,179 | ||||
Capitalization Subsequent to Acquisition | 6,942 | ||||
Land, gross | [1],[2] | 896 | |||
Site, land & building improvements and rental homes | [1],[2] | 13,121 | |||
Total | [1],[2] | 14,017 | |||
Accumulated depreciation | $ (1,987) | ||||
Location | Export, PA | ||||
Date of Construction | 1970/1996 | ||||
Date Acquired | 2017 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Wood Valley [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 260 | ||||
Site, Land & Building Improvements and Rental Homes | 1,753 | ||||
Capitalization Subsequent to Acquisition | 6,546 | ||||
Land, gross | [1],[2] | 260 | |||
Site, land & building improvements and rental homes | [1],[2] | 8,299 | |||
Total | [1],[2] | 8,559 | |||
Accumulated depreciation | $ (4,002) | ||||
Location | Caledonia, OH | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 1996 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Woodland Manor [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [7] | ||||
Land | 77 | ||||
Site, Land & Building Improvements and Rental Homes | 841 | ||||
Capitalization Subsequent to Acquisition | 5,512 | ||||
Land, gross | [1],[2] | 77 | |||
Site, land & building improvements and rental homes | [1],[2] | 6,353 | |||
Total | [1],[2] | 6,430 | |||
Accumulated depreciation | $ (2,017) | ||||
Location | West Monroe, NY | ||||
Date of Construction | prior to 1980 | ||||
Date Acquired | 2003 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Woodlawn [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | [10] | ||||
Land | 157 | ||||
Site, Land & Building Improvements and Rental Homes | 281 | ||||
Capitalization Subsequent to Acquisition | 2,334 | ||||
Land, gross | [1],[2] | 135 | |||
Site, land & building improvements and rental homes | [1],[2] | 2,637 | |||
Total | [1],[2] | 2,772 | |||
Accumulated depreciation | $ (1,104) | ||||
Location | Eatontown, NJ | ||||
Date of Construction | 1964 | ||||
Date Acquired | 1978 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Woods Edge [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 5,306 | ||||
Land | 1,808 | ||||
Site, Land & Building Improvements and Rental Homes | 13,321 | ||||
Capitalization Subsequent to Acquisition | 10,536 | ||||
Land, gross | [1],[2] | 1,808 | |||
Site, land & building improvements and rental homes | [1],[2] | 23,857 | |||
Total | [1],[2] | 25,665 | |||
Accumulated depreciation | $ (5,499) | ||||
Location | West Lafayette, IN | ||||
Date of Construction | 1974 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Worthington Arms [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 8,368 | ||||
Land | 437 | ||||
Site, Land & Building Improvements and Rental Homes | 12,706 | ||||
Capitalization Subsequent to Acquisition | 7,402 | ||||
Land, gross | [1],[2] | 437 | |||
Site, land & building improvements and rental homes | [1],[2] | 20,108 | |||
Total | [1],[2] | 20,545 | |||
Accumulated depreciation | $ (4,510) | ||||
Location | Lewis Center, OH | ||||
Date of Construction | 1968 | ||||
Date Acquired | 2015 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Youngstown Estates [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 0 | ||||
Land | 269 | ||||
Site, Land & Building Improvements and Rental Homes | 1,606 | ||||
Capitalization Subsequent to Acquisition | 1,959 | ||||
Land, gross | [1],[2] | 269 | |||
Site, land & building improvements and rental homes | [1],[2] | 3,565 | |||
Total | [1],[2] | 3,834 | |||
Accumulated depreciation | $ (910) | ||||
Location | Youngstown, NY | ||||
Date of Construction | 1963 | ||||
Date Acquired | 2013 | ||||
Depreciable Life (in years) | 5 to 27.5 | ||||
Total [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Write-down or Reserve [Line Items] | |||||
Encumbrances | $ 513,709 | ||||
Land | 73,208 | ||||
Site, Land & Building Improvements and Rental Homes | 584,215 | ||||
Capitalization Subsequent to Acquisition | 722,104 | ||||
Land, gross | [1],[2] | 80,964 | |||
Site, land & building improvements and rental homes | [1],[2] | 1,298,563 | |||
Total | [1],[2] | 1,379,527 | |||
Accumulated depreciation | $ (340,776) | ||||
[1]Reconciliation[2]The aggregate cost for Federal tax purposes approximates historical cost.[3]Represents one mortgage note payable secured by thirteen properties.[4]Represents one mortgage note payable secured by two properties.[5]Represents one mortgage note payable secured by four properties.[6]Represents one mortgage note payable secured by two properties.[7]Represents one mortgage note payable secured by twenty-eight properties and one mortgage notes payable secured by the rental home therein.[8]Represents one mortgage note payable secured by six properties.[9]Represents one mortgage note payable secured by four properties.[10]Represents one mortgage note payable secured by two properties. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF REAL ESTATE INVESTMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance – Beginning of Year | $ 1,198,104 | $ 1,100,256 | $ 1,008,104 |
Acquisitions | 85,553 | 8,546 | 7,835 |
Improvements | 108,544 | 94,213 | 88,684 |
Total Additions | 194,097 | 102,759 | 96,519 |
Deletions | (12,674) | (4,911) | (4,367) |
Balance – End of Year | $ 1,379,527 | $ 1,198,104 | $ 1,100,256 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - SCHEDULE OF ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||
Balance – Beginning of Year | $ 295,740 | $ 254,369 | $ 216,332 |
Depreciation | 46,650 | 43,064 | 39,525 |
Total Additions | 46,650 | 43,064 | 39,525 |
Deletions | (1,614) | (1,693) | (1,488) |
Balance – End of Year | $ 340,776 | $ 295,740 | $ 254,369 |