UMH Properties (UMH) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2020	Nov. 02, 2020
Schedule of Capitalization, Equity [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-12690
Entity Registrant Name	UMH PROPERTIES, INC.
Entity Central Index Key	0000752642
Entity Tax Identification Number	22-1890929
Entity Incorporation, State or Country Code	MD
Entity Address, Address Line One	Juniper Business Plaza
Entity Address, Address Line Two	3499 Route 9 North
Entity Address, Address Line Three	Suite 3-C
Entity Address, City or Town	Freehold
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07728
City Area Code	732
Local Phone Number	577-9997
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,709,519
Common Stock, $.10 par value [Member]
Schedule of Capitalization, Equity [Line Items]
Title of 12(b) Security	Common Stock, $.10 par value
Trading Symbol	UMH
Security Exchange Name	NYSE
6.75% Series C Cumulative Redeemable Preferred Stock, $.10 par value [Member]
Schedule of Capitalization, Equity [Line Items]
Title of 12(b) Security	6.75% Series C Cumulative Redeemable Preferred Stock, $.10 par value
Trading Symbol	UMH PRC
Security Exchange Name	NYSE
6.375% Series D Cumulative Redeemable Preferred Stock, $.10 par value [Member]
Schedule of Capitalization, Equity [Line Items]
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 (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Investment Property and Equipment
Land	$ 73,436	$ 72,459
Site and Land Improvements	639,519	618,041
Buildings and Improvements	27,584	27,380
Rental Homes and Accessories	338,887	297,401
Total Investment Property	1,079,426	1,015,281
Equipment and Vehicles	22,030	21,145
Total Investment Property and Equipment	1,101,456	1,036,426
Accumulated Depreciation	(262,524)	(232,783)
Net Investment Property and Equipment	838,932	803,643
Other Assets
Cash and Cash Equivalents	54,666	12,902
Marketable Securities at Fair Value	85,161	116,186
Inventory of Manufactured Homes	27,063	31,967
Notes and Other Receivables, net	44,603	37,995
Prepaid Expenses and Other Assets	19,355	10,762
Land Development Costs	24,964	11,998
Total Other Assets	255,812	221,810
TOTAL ASSETS	1,094,744	1,025,453
LIABILITIES:
Mortgages Payable, net of unamortized debt issuance costs	472,376	373,658
Other Liabilities:
Accounts Payable	5,746	4,572
Loans Payable, net of unamortized debt issuance costs	34,583	83,686
Series B Preferred Stock Called for Redemption	95,017	0
Accrued Liabilities and Deposits	14,682	10,575
Tenant Security Deposits	7,397	6,623
Total Other Liabilities	157,425	105,456
Total Liabilities	629,801	479,114
Commitments and Contingencies
Shareholders’ Equity:
Series B – 8.0% Cumulative Redeemable Preferred Stock, par value $0.10 per share; 4,000 shares authorized; 3,801 shares issued and outstanding as of December 31, 2019	0	95,030
Series C – 6.75% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 13,750 shares authorized; 9,884 and 9,750 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	247,100	243,750
Series D – 6.375% Cumulative Redeemable Preferred Stock, par value $0.10 per share, 9,300 and 6,000 shares authorized; 5,424 and 2,651 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	135,589	66,268
Common Stock - $0.10 par value per share; 140,364 and 123,664 shares authorized; 41,627 and 41,130 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	4,163	4,113
Excess Stock - $0.10 par value per share; 3,000 shares authorized; no shares issued or outstanding as of September 30, 2020 and December 31, 2019	0	0
Additional Paid-In Capital	103,455	162,542
Undistributed Income (Accumulated Deficit)	(25,364)	(25,364)
Total Shareholders’ Equity	464,943	546,339
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,094,744	$ 1,025,453

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.10	$ 0.10
Common stock, shares authorized	140,364,000	123,664,000
Common stock, shares issued	41,627,000	41,130,000
Common stock, shares outstanding	41,627,000	41,130,000
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 B Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock		8.00%
Cumulative redeemable preferred stock, par value		$ 0.10
Cumulative redeemable preferred stock, shares authorized		4,000,000
Cumulative redeemable preferred stock, shares issued		3,801,000
Cumulative redeemable preferred stock, shares outstanding		3,801,000
Series C Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock	6.75%	6.75%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	13,750,000	13,750,000
Cumulative redeemable preferred stock, shares issued	9,884,000	9,750,000
Cumulative redeemable preferred stock, shares outstanding	9,884,000	9,750,000
Series D Preferred Stock [Member]
Percentage rate on cumulative redeemable preferred stock	6.375%	6.375%
Cumulative redeemable preferred stock, par value	$ 0.10	$ 0.10
Cumulative redeemable preferred stock, shares authorized	9,300,000	6,000,000
Cumulative redeemable preferred stock, shares issued	5,424,000	2,651,000
Cumulative redeemable preferred stock, shares outstanding	5,424,000	2,651,000

Consolidated Statements of Inco

Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
INCOME:
Rental and Related Income	$ 36,358	$ 32,948	$ 105,767	$ 94,980
Sales of Manufactured Homes	6,765	4,382	15,013	13,867
Total Income	43,123	37,330	120,780	108,847
EXPENSES:
Community Operating Expenses	16,245	15,772	47,191	45,886
Cost of Sales of Manufactured Homes	4,695	3,271	10,713	10,117
Selling Expenses	1,381	1,375	3,757	3,803
General and Administrative Expenses	2,934	2,579	8,262	7,910
Depreciation Expense	10,492	9,390	30,991	27,010
Total Expenses	35,747	32,387	100,914	94,726
OTHER INCOME (EXPENSE):
Interest Income	736	650	2,144	1,787
Dividend Income	1,183	1,858	4,481	5,734
Increase (Decrease) in Fair Value of Marketable Securities	(6,739)	9,234	(31,921)	15,478
Other Income	232	171	561	424
Interest Expense	(4,524)	(4,396)	(13,144)	(13,289)
Total Other Income (Expense)	(9,112)	7,517	(37,879)	10,134
Income (Loss) before Loss on Sales of Investment Property and Equipment	(1,736)	12,460	(18,013)	24,255
Loss on Sales of Investment Property and Equipment	(31)	(27)	(177)	(36)
Net Income (Loss)	(1,767)	12,433	(18,190)	24,219
Less: Preferred Dividends	(8,109)	(6,811)	(24,289)	(18,220)
Less: Redemption of Preferred Stock	(2,871)	0	(2,871)	0
Net Income (Loss) Attributable to Common Shareholders	$ (12,747)	$ 5,622	$ (45,350)	$ 5,999
Basic and Diluted Income (Loss) Per Share:
Net Income (Loss)	$ (0.04)	$ 0.31	$ (0.44)	$ 0.61
Less: Preferred Dividends	$ 0.20	$ 0.17	$ 0.59	$ 0.46
Less: Redemption of Preferred Stock	0.07	0	0.07	0
Net Income (Loss) Attributable to Common Shareholders	$ (0.31)	$ 0.14	$ (1.10)	$ 0.15
Weighted Average Common Shares Outstanding:
Basic	41,421,000	40,513,000	41,275,000	39,592,000
Diluted	41,421,000	40,754,000	41,275,000	39,830,000

Consolidated Statements of Shar

Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Series B Preferred Share [Member]	Series C Preferred Share [Member]	Series D Preferred Share [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2018	$ 3,832	$ 95,030	$ 143,750	$ 50,000	$ 157,450	$ (25,364)	$ 424,698
Beginning balance, shares at Dec. 31, 2018	38,320,000
Common Stock Issued with the DRIP	$ 84	0	0	0	10,587	0	10,671
Common Stock Issued with the DRIP, shares	837,000
Common Stock Issued through Restricted Stock Awards	$ 0	0	0	0	0	0	0
Common Stock Issued through Restricted Stock Awards, shares	1,000
Distributions	$ 0	0	0	0	(1,066)	(11,037)	(12,103)
Stock Compensation Expense	0	0	0	0	391	0	391
Net Income (Loss)	0	0	0	0	0	11,037	11,037
Ending balance, value at Mar. 31, 2019	$ 3,916	95,030	143,750	50,000	167,362	(25,364)	434,694
Ending balance, shares at Mar. 31, 2019	39,158,000
Common Stock Issued with the DRIP	$ 83	0	0	0	10,641	0	10,724
Common Stock Issued with the DRIP, shares	834,000
Common Stock Issued through Restricted Stock Awards	$ 12	0	0	0	(12)	0	0
Common Stock Issued through Restricted Stock Awards, shares	120,000
Common Stock Issued through Stock Options	$ 4	0	0	0	431	0	435
Common Stock Issued through Stock Options, shares	42,000
Distributions	$ 0	0	0	0	(13,221)	(749)	(13,970)
Stock Compensation Expense	0	0	0	0	668	0	668
Preferred Stock Issued through Underwritten Registered Public Offering, net	0	0	100,000	0	(3,312)	0	96,688
Net Income (Loss)	0	0	0	0	0	749	749
Ending balance, value at Jun. 30, 2019	$ 4,015	95,030	243,750	50,000	162,557	(25,364)	529,988
Ending balance, shares at Jun. 30, 2019	40,154,000
Common Stock Issued with the DRIP	$ 65	0	0	0	7,756	0	7,821
Common Stock Issued with the DRIP, shares	645,000
Common Stock Issued through Stock Options	$ 3	0	0	0	326	0	329
Common Stock Issued through Stock Options, shares	32,000
Repurchase of Common Stock	$ (2)	0	0	0	(235)	0	(237)
Repurchase of Common Stock, shares	(20,000)
Distributions	$ 0	0	0	0	(1,700)	(12,433)	(14,133)
Stock Compensation Expense	0	0	0	0	433	0	433
Net Income (Loss)	0	0	0	0	0	12,433	12,433
Ending balance, value at Sep. 30, 2019	$ 4,081	95,030	243,750	50,000	169,137	(25,364)	536,634
Ending balance, shares at Sep. 30, 2019	40,811,000
Beginning balance, value at Dec. 31, 2019	$ 4,113	95,030	243,750	66,268	162,542	(25,364)	546,339
Beginning balance, shares at Dec. 31, 2019	41,130,000
Common Stock Issued with the DRIP	$ 13	0	0	0	1,588	0	1,601
Common Stock Issued with the DRIP, shares	133,000
Common Stock Issued through Restricted Stock Awards	$ 3	0	0	0	(3)	0	0
Common Stock Issued through Restricted Stock Awards, shares	26,000
Common Stock Issued through Stock Options	$ 3	0	0	0	303	0	306
Common Stock Issued through Stock Options, shares	29,000
Repurchase of Preferred Stock	$ 0	(13)	0	0	1	0	(12)
Repurchase of Preferred Stock, shares	0
Repurchase of Common Stock	$ (15)	0	0	0	(1,589)	0	(1,604)
Repurchase of Common Stock, shares	(152,000)
Preferred Stock Issued in connection with At-The-Market Offerings, net	$ 0	0	0	63,999	(867)	0	63,132
Distributions	0	0	0	0	(50,255)	34,748	(15,507)
Stock Compensation Expense	0	0	0	0	574	0	574
Net Income (Loss)	0	0	0	0	0	(34,748)	(34,748)
Ending balance, value at Mar. 31, 2020	$ 4,117	95,017	243,750	130,267	112,294	(25,364)	560,081
Ending balance, shares at Mar. 31, 2020	41,166,000
Beginning balance, value at Dec. 31, 2019	$ 4,113	95,030	243,750	66,268	162,542	(25,364)	546,339
Beginning balance, shares at Dec. 31, 2019	41,130,000
Ending balance, value at Sep. 30, 2020	$ 4,163	0	247,100	135,589	103,455	(25,364)	464,943
Ending balance, shares at Sep. 30, 2020	41,627,000
Beginning balance, value at Mar. 31, 2020	$ 4,117	95,017	243,750	130,267	112,294	(25,364)	560,081
Beginning balance, shares at Mar. 31, 2020	41,166,000
Common Stock Issued with the DRIP	$ 15	0	0	0	1,728	0	1,743
Common Stock Issued with the DRIP, shares	157,000
Repurchase of Common Stock	$ (2)	0	0	0	(223)	0	(225)
Repurchase of Common Stock, shares	(22,000)
Distributions	$ 0	0	0	0	2,818	(18,325)	(15,507)
Stock Compensation Expense	0	0	0	0	313	0	313
Net Income (Loss)	0	0	0	0	0	18,325	18,325
Ending balance, value at Jun. 30, 2020	$ 4,130	95,017	243,750	130,267	116,930	(25,364)	564,730
Ending balance, shares at Jun. 30, 2020	41,301,000
Common Stock Issued with the DRIP	$ 18	0	0	0	2,190	0	2,208
Common Stock Issued with the DRIP, shares	178,000
Common Stock Issued through Stock Options	$ 3	0	0	0	313	0	316
Common Stock Issued through Stock Options, shares	31,000
Preferred Stock Issued in connection with At-The-Market Offerings, net	$ 0	0	3,350	5,322	(331)	0	8,341
Distributions	0	0	0	0	(20,138)	4,575	(15,563)
Stock Compensation Expense	0	0	0	0	217	0	217
Common Stock Issued in connection with At-The-Market Offerings, net	$ 12	0	0	0	1,466	0	1,478
Common Stock Issued in connection with At-The-Market Offerings, net, shares	117,000
Preferred Stock Called for Redemption	$ 0	(95,017)	0	0	2,808	(2,808)	(95,017)
Net Income (Loss)	0	0	0	0	0	(1,767)	(1,767)
Ending balance, value at Sep. 30, 2020	$ 4,163	$ 0	$ 247,100	$ 135,589	$ 103,455	$ (25,364)	$ 464,943
Ending balance, shares at Sep. 30, 2020	41,627,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net Income (Loss)	$ (18,190)	$ 24,219
Non-Cash items included in Net Income (Loss):
Depreciation	30,991	27,010
Amortization of Financing Costs	654	559
Stock Compensation Expense	1,104	1,492
Provision for Uncollectible Notes and Other Receivables	1,056	972
(Increase) Decrease in Fair Value of Marketable Securities	31,921	(15,478)
Loss on Sales of Investment Property and Equipment	177	36
Changes in Operating Assets and Liabilities:
Inventory of Manufactured Homes	4,904	(6,812)
Notes and Other Receivables	(7,664)	(6,748)
Prepaid Expenses and Other Assets	(666)	(3,814)
Accounts Payable	1,174	1,142
Accrued Liabilities and Deposits	4,106	2,529
Tenant Security Deposits	774	755
Net Cash Provided by Operating Activities	50,341	25,862
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of Manufactured Home Communities, net of mortgages assumed	(6,274)	(37,308)
Purchase of Investment Property and Equipment	(59,427)	(49,344)
Proceeds from Sales of Investment Property and Equipment	1,919	2,129
Additions to Land Development Costs	(12,966)	(13,731)
Purchase of Marketable Securities	(896)	(1,364)
Net Cash Used in Investing Activities	(77,644)	(99,618)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from Mortgages, net of mortgages assumed	105,984	44,850
Net Payments on Short Term Borrowings	(49,191)	(31,576)
Principal Payments of Mortgages	(6,579)	(19,567)
Financing Costs on Debt	(3,927)	(787)
Proceeds from At-The-Market Preferred Equity Program, net of offering costs	71,473	0
Proceeds from Issuance of Preferred Stock, net of offering costs	0	96,688
Proceeds from At-The-Market Common Equity Program, net of offering costs	1,477	0
Proceeds from Issuance of Common Stock in the DRIP, net of Dividend Reinvestments	3,225	23,579
Repurchase of Preferred Stock, net	(12)	(237)
Repurchase of Common Stock, net	(1,830)	0
Proceeds from Exercise of Stock Options	622	764
Preferred Dividends Paid	(24,289)	(18,745)
Common Dividends Paid, net of Dividend Reinvestments	(19,959)	(15,823)
Net Cash Provided by Financing Activities	76,994	79,146
Net Increase in Cash, Cash Equivalents and Restricted Cash	49,691	5,390
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	18,996	12,777
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD	$ 68,687	$ 18,167

ORGANIZATION AND ACCOUNTING POL

ORGANIZATION AND ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
ORGANIZATION AND ACCOUNTING POLICIES	NOTE 1 – ORGANIZATION AND ACCOUNTING POLICIES UMH Properties, Inc., a Maryland corporation, together with its subsidiaries (“we”, “our”, “us” or “the Company”) operates as a real estate investment trust (“REIT”) deriving its income primarily from real estate rental operations. The Company owns and operates 124 23,400 The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 15 On March 11, 2020, the World Health Organization declared COVID-19, a pandemic, and on March 13, 2020, the United States declared a national emergency with respect to COVID-19. The Company’s 124 The Company has elected to be taxed as a REIT under Sections 856-860 of the Internal Revenue Code (the “Code”) and intends to maintain its qualification as a REIT in the future. As a qualified REIT, with limited exceptions, the Company will not be taxed under federal and certain state income tax laws at the corporate level on taxable income that it distributes to its shareholders. For special tax provisions applicable to REITs, refer to Sections 856-860 of the Code. The Company is subject to franchise taxes in some of the states in which the Company owns property. The interim Consolidated Financial Statements furnished herein have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) applicable to interim financial information, the instructions to Form 10-Q, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020. For further information, refer to the Consolidated Financial Statements and footnotes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2019. Use of Estimates In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions. Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods. Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company previously entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2019 and September 30, 2020, these agreements had expired and the Company does not have any interest rate swap agreements in effect. Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2020, the right-of-use assets and corresponding lease liabilities of $ 3.7 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) Sep. 30, 2020 2020 $ 107 2021 427 2022 417 2023 384 2024 384 Thereafter 8,432 Total Lease Payments $ 10,151 The weighted average remaining lease term for these leases is 145.1 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. 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) 9/30/20 12/31/19 9/30/19 12/31/18 Cash and Cash Equivalents $ 54,666 $ 12,902 $ 11,111 $ 7,433 Restricted Cash 14,021 6,094 7,056 5,344 Cash, Cash Equivalents And Restricted Cash $ 68,687 $ 18,996 $ 18,167 $ 12,777 Revenue On January 1, 2018, the Company adopted ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 840 “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 840. 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 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. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. As of January 1, 2020, we adopted the fair value option for our notes receivable and there was not a material impact. As of September 30, 2020 and 2019, the Company had notes receivable of $ 41.8 34.7 0.9 0.7 In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that year. The Company adopted this standard effective with its financial statements for the quarter ended March 31, 2020, and it did not have a material impact on its fair value disclosures. Other Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2020
Earnings Per Share [Abstract]
NET INCOME (LOSS) PER SHARE	NOTE 2 – NET INCOME (LOSS) PER SHARE Basic Net Income (Loss) per Share is calculated by dividing Net Income (Loss) by the weighted average shares outstanding for the period. Diluted Net Income per Share is calculated by dividing Net Income by the weighted average number of common shares outstanding, and when dilutive, the potential net shares that would be issued upon exercise of stock options pursuant to the treasury stock method. In periods with a net loss, the diluted loss per share equals the basic loss per share as all common stock equivalents are excluded from the per share calculation because they are anti-dilutive. For the three and nine months ended September 30, 2020, employee stock options to purchase 3.3 1.1 240,000 1.1 238,000

INVESTMENT PROPERTY AND EQUIPME

INVESTMENT PROPERTY AND EQUIPMENT	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
INVESTMENT PROPERTY AND EQUIPMENT	NOTE 3 – INVESTMENT PROPERTY AND EQUIPMENT Acquisitions On July 24, 2020, the Company acquired Camelot Woods, located in Altoona, Pennsylvania, for approximately $ 3.3 147 27 56 On September 21, 2020, the Company acquired Lake Erie Estates, located in Fredonia, New York, for approximately $ 4.5 163 21 71 2.7 These acquisitions have been accounted for utilizing the acquisition method of accounting in accordance with ASC 805, Business Combinations, and accordingly, the results of the acquired assets are included in the statements of income (loss) from the date of acquisition. The following table summarizes the estimated fair value of the assets acquired, including transaction costs of approximately $ 1.1 (in thousands) SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Assets Acquired: Land $ 786 Depreciable Property 8,162 Total Assets Acquired $ 8,948 See Note 12 for the Unaudited Pro Forma Financial Information relating to these acquisitions.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	9 Months Ended
	Sep. 30, 2020
Investments, Debt and Equity Securities [Abstract]
MARKETABLE SECURITIES	NOTE 4 – MARKETABLE SECURITIES The Company’s marketable securities consists primarily of marketable common and preferred stock of other REITs with a fair value of $ 85.2 6.3 15 During the nine months ended September 30, 2020, the Company made purchases of $ 896 69,000 839,000 12.13 2.6 24.8 36.6 As of September 30, 2020, the Company had total net unrealized losses of $ 57.2 6.7 31.9

LOANS AND MORTGAGES PAYABLE

LOANS AND MORTGAGES PAYABLE	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
LOANS AND MORTGAGES PAYABLE	NOTE 5 – LOANS AND MORTGAGES PAYABLE Unsecured Line of Credit On November 29, 2018, the Company entered into a First Amendment to Amended and Restated Credit Agreement (the “Amendment”) to expand and extend its existing unsecured revolving credit facility (the “Facility”). The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent. The Amendment provided for an increase from $ 50 75 50 125 November 29, 2022 15 1.66 Loans Payable Loans Payable includes unamortized debt issuance costs of $ 270,000 and $ 358,000 on September 30, 2020 and December 31, 2019, respectively. The weighted average interest rate was 3.1 % and 3.7 % on September 30, 2020 and December 31, 2019, respectively, not including the effect of unamortized debt issuance costs. On September 30, 2020, there was zero 0 outstanding on the margin loan. Subsequent to quarter end, the Company drew down approximately $ 26 million on its margin line (see Note 11). On June 30, 2020, the Company entered into an amended and restated revolving line of credit for the financing of homes, increasing total availability from $ 15 20 3.25 June 1, 2022 one year 6 3.25 On October 7, 2020, the Company entered into a $ 20 Mortgages Payable The following is a summary of our mortgages payable as of September 30, 2020 and December 31, 2019 (in thousands) SUMMARY OF MORTGAGES PAYABLE 9/30/2020 12/31/2019 Amount Rate Amount Rate Fixed rate mortgages $ 479,124 3.81 % $ 377,045 4.14 % Unamortized debt issuance costs (6,748 ) (3,387 ) Mortgages, net of unamortized debt issuance costs $ 472,376 3.86 % $ 373,658 4.18 % As of September 30, 2020 and December 31, 2019, the weighted average loan maturity of mortgages payable was 6.3 6.0 On August 20, 2020, the Company completed the financing of 28 of its unencumbered communities, containing approximately 4,100 106 This Federal National Mortgage Association (Fannie Mae) credit facility has a 10-year maturity 30 2.62 On September 21, 2020, the Company assumed a mortgage loan with a balance of approximately $ 2.7 million, in conjunction with its acquisition of Lake Erie Estates in Fredonia, New York. The interest rate on this mortgage is fixed at 5.16% . This mortgage matures on July 6, 2025 .

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 6 - SHAREHOLDERS’ EQUITY Common Stock On September 15, 2020, the Company paid total cash dividends of $ 7.5 0.18 August 15, 2020 which $ 654,000 Total dividends paid to our common shareholders for the nine months ended September 30, 2020 amounted to $ 22.3 2.3 0.18 December 15, 2020 November 16, 2020 During the nine months ended September 30, 2020, t he Company received, including dividends reinvested of $ 2.3 5.6 468,000 On January 15, 2020, the Board of Directors reaffirmed our Common Stock Repurchase Program (the “Repurchase Program”) that authorized us to repurchase up to $ 25 million in the aggregate of the Company’s common stock. Purchases under the Repurchase Program were permitted to be made using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases were based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Repurchase Program did require the Company to acquire any particular amount of common stock and may be suspended, modified or discontinued at any time at the Company’s discretion without prior notice. During the first nine months of 2020, the Company repurchased approximately 174,000 shares of common stock at an aggregate cost of $ 1.8 million, or a weighted average price of $ 10.50 per share. The last repurchase was made on May 14, 2020. 8.0% Series B Cumulative Redeemable Preferred Stock On September 15, 2020 , the Company paid $ 1.9 0.50 June 1, 2020 through August 31, 2020 August 17, 2020 8.0 25.00 2.00 Total dividends paid to our Series B Preferred Stock shareholders for the nine months ended September 30, 2020 amounted to $ 5.7 On March 13, 2020, the Board of Directors approved our Series B Preferred Stock Repurchase Program (the “Series B Repurchase Program”) that authorized us to repurchase up to $ 5 million in the aggregate of the Company’s Series B Preferred Stock. Purchases under the Series B Repurchase Program were permitted to be made using a variety of methods, which may including open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases were based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The Series B Repurchase Program did not require the Company to acquire any particular amount of Series B Preferred Stock. During March 2020, the Company repurchased 531 shares of our Series B Preferred Stock for approximately $ 12,000 . On September 11, 2020, the Company issued a notice of redemption for its Series B Preferred Stock, pursuant to which all 3.8 million issued and outstanding shares of Series B Preferred Stock were redeemed on October 20, 2020 (the “Redemption Date”) at a redemption price equal to the $ 25.00 per share liquidation preference of the Series B Preferred Stock plus accrued and unpaid dividends to, but not including, the Redemption Date in an amount of $ 0.2722 per share, for a total payment of $ 25.2722 per share (the “Redemption Price”). As a result of our redemption notice, the Company recognized a preferred share redemption charge of approximately $ 2.9 million for the nine months ended September 30, 2020, related to the original issuance costs. As of September 30, 2020, as a result of the redemption notice, the Series B Preferred Stock was reclassified out of Shareholders’ Equity and recorded as a liability on the Company’s Consolidated Balance Sheet. See Note 11 for additional detail. 6.75% Series C Cumulative Redeemable Preferred Stock On September 15, 2020 , the Company paid $ 4.1 0.421875 June 1, 2020 through August 31, 2020 August 17, 2020 6.75 25.00 1.6875 Total dividends paid to our Series C Preferred Stock shareholders for the nine months ended September 30, 2020 amounted to $ 12.4 On October 1, 2020, the Company declared a dividend of $ 0.421875 September 1, 2020 through November 30, 2020 December 15, 2020 November 16, 2020 6.375% Series D Cumulative Redeemable Preferred Stock On September 15, 2020 , the Company paid $ 2.1 million in dividends or $ 0.3984375 per share for the period from June 1, 2020 through August 31, 2020 August 17, 2020 6.375 25.00 1.59375 Total dividends paid to our Series D Preferred Stock shareholders for the nine months ended September 30, 2020 amounted to $ 6.2 million. On October 1, 2020, the Company declared a dividend of $ 0.3984375 September 1, 2020 through November 30, 2020 December 15, 2020 shareholders November 16, 2020 Common Stock At-The-Market Sales Program On May 14, 2020, the Company filed with the State Department of Assessments and Taxation of the State of Maryland (the “Maryland SDAT”) an amendment to the Company’s charter to increase the Company’s authorized shares of common stock, par value $ 0.10 20 On June 30, 2020, the Company entered into an Equity Distribution Agreement (“Common ATM Program”) with BMO Capital Markets Corp., B. Riley FBR, Inc., Compass Point Research & Trading, LLC, D.A. Davidson & Co., Janney Montgomery Scott LLC, and J.P. Morgan Securities LLC, as distribution agents (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 $ 100 117,000 14.54 1.7 1.5 Preferred Stock At-The-Market Sales Program On October 21, 2019, the Company entered into a Preferred Stock At-The-Market Sales Program (“2019 Preferred ATM Program”) with B. Riley FBR, Inc. (“B. Riley”), as distribution agent, under which the Company was permitted to 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 million. Sales of shares under the 2019 Preferred ATM Program were “at the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing trading market for the Series C Preferred Stock or Series D Preferred Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. The Company began selling shares under the 2019 Preferred ATM Program on October 22, 2019 and through June 30, 2020, 3.2 million shares of Series D Preferred Stock were sold under the 2019 Preferred ATM Program at a weighted average price of $ 25.09 per share, generating gross proceeds of $ 80.5 million and net proceeds of $ 79.1 million, after offering expenses. Of these amounts, year to date through June 30, 2020, we sold 2.6 million shares at a weighted average price of $ 25.06 per share, generating gross proceeds of $ 64.1 million and net proceeds after offering expenses of $ 63.1 million. The Company discontinued the sale of shares under the 2019 Preferred ATM Program prior to June 30, 2020. On July 15, 2020, the Company filed with the Maryland SDAT Articles Supplementary reclassifying and designating 3.3 140.4 4 13.8 9.3 3 0.10 On July 22, 2020, the Company entered into a new Preferred ATM Stock At-The-Market Sales Program (“New 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 million. Sales of shares under the New Preferred ATM Program are “at the market offerings” as defined in Rule 415 under the Securities Act, including, without limitation, sales made directly on or through the NYSE, or on any other existing trading market for the Series C Preferred Stock or Series D Preferred Stock, as applicable, or to or through a market maker or any other method permitted by law, including, without limitation, negotiated transactions and block trades. Shares of Series C Preferred Stock and/or Series D Preferred Stock sold under the New Preferred ATM Program are offered pursuant to the Company’s 2020 Registration Statement and are sold and issued pursuant to the Company’s prospectus dated June 1, 2020 included in the 2020 Registration Statement and the related prospectus supplement dated July 22, 2020. The New Preferred ATM Program replaced the 2019 Preferred ATM Program. The Company began selling shares under the New Preferred ATM Program on August 11, 2020 and through September 30, 2020, 134,000 shares of Series C Preferred Stock were sold at a weighted average price of $ 24.96 per share and 213,000 shares of Series D Preferred Stock were sold at a weighted average price of $ 24.78 per share, generating total gross proceeds of $ 8.6 million and total net proceeds of $ 8.3 million, after offering expenses. As of September 30, 2020, $ 91.4 million in shares of Series C Preferred Stock and/or Series D Preferred Stock remained eligible for sale under the New Preferred ATM Program.

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION	9 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
STOCK BASED COMPENSATION	NOTE 7 – STOCK BASED COMPENSATION The Company accounts for awards of stock options and restricted stock in accordance with ASC 718-10, Compensation-Stock Compensation. ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The compensation cost for stock option grants is determined using option pricing models, intended to estimate the fair value of the awards at the grant date less estimated forfeitures. The compensation expense for restricted stock is recognized based on the fair value of the restricted stock awards less estimated forfeitures. The fair value of restricted stock awards is equal to the fair value of the Company’s stock on the grant date. Compensation costs of $ 217 1.1 433 1.5 On January 8, 2020, the Company awarded a total of 15,000 233 five On January 15, 2020, the Company awarded a total of 11,000 177 On January 17, 2020, the Company granted options to purchase 10,000 16,000 three On March 25, 2020, the Company granted options to purchase 690,000 653 five On May 20, 2020, the Company granted options to purchase 15,000 17,000 five The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the nine months ended September 30, 2020 and 2019: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2020 2019 Dividend yield 5.33% 5.13% Expected volatility 24.57% 24.04% Risk-free interest rate 0.89% 2.50% Expected lives 10 10 Estimated forfeitures 0 0 The weighted-average fair value of options granted during the nine months ended September 30, 2020 and 2019 was $ 0.96 1.72 During the nine months ended September 30, 2020, eight participants exercised options to purchase a total of 59,500 10.46 622 276 23,000 As of September 30, 2020, there were options outstanding to purchase 3.3 3.4 478,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 8 - FAIR VALUE MEASUREMENTS In accordance with ASC 820-10, Fair Value Measurements and Disclosures, the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2020 and December 31, 2019 (in thousands) SUMMARY OF FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2020: Marketable Securities - Preferred stock $ 2,172 $ 2,172 $ 0 $ 0 Marketable Securities - Common stock 82,989 82,989 0 0 Total $ 85,161 $ 85,161 $ 0 $ 0 As of December 31, 2019: Marketable Securities - Preferred stock $ 3,516 $ 3,516 $ 0 $ 0 Marketable Securities - Common stock 112,670 112,670 0 0 Total $ 116,186 $ 116,186 $ 0 $ 0 In addition to the Company’s investments in marketable securities, the Company is required to disclose certain information about the 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 and traded in active markets and are therefore classified in Level 1 of the fair value hierarchy. The fair value of Cash and Cash Equivalents and Notes Receivable approximates their current carrying amounts since all such items are short-term in nature. The fair value of variable rate Loans Payable approximate their current carrying amounts since such amounts payable are at approximately a weighted-average current market rate of interest. As of September 30, 2020, the fair value of Fixed Rate Mortgages Payable amounted to $ 491.7 479.1

CONTINGENCIES, COMMITMENTS AND

CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES, COMMITMENTS AND OTHER MATTERS	NOTE 9 – CONTINGENCIES, COMMITMENTS AND OTHER MATTERS From time to time, the Company may be subject to claims and litigation in the ordinary course of business. Management does not believe that any such claims or litigation will have a material adverse effect on the financial position or results of operations. The Company has an agreement with 21st Mortgage Corporation (“21st Mortgage”) under which 21st Mortgage can provide financing for home purchasers in the Company’s communities. The Company does not receive referral fees or other cash compensation under the agreement. If 21st Mortgage makes loans to purchasers and those purchasers default on their loans and 21st Mortgage repossesses the homes securing such loans, the Company has agreed to purchase from 21st Mortgage each such repossessed home for a price equal to 80 95 2.0 55 100 2.0 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 $ 33.2

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 10 - SUPPLEMENTAL CASH FLOW INFORMATION Cash paid for interest during the nine months ended September 30, 2020 and 2019 was $ 13.5 13.7 896 1.0 During the nine months ended September 30, 2020 and 2019, the Company assumed mortgages totaling $ 2.7 19.4 During the nine months ended September 30, 2020 and 2019, the Company had Dividend Reinvestments of $ 2.3 5.6

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS Management has evaluated subsequent events for disclosure and/or recognition in the financial statements through the date that the financial statements were issued. On 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 million and is expandable to $ 30 million with an accordion feature. The facility has a maturity date of November 29, 2022, with a one -year extension available at the Company’s option. Interest is payable at prime plus twenty-five basis points with a floor of 3.5% . On October 20, 2020, the Company redeemed all 3.8 8.0 25.00 0.2722 25.2722 96.1 In conjunction with the Series B Preferred Stock redemption, on October 15, 2020, the Company drew down $ 30 million on its credit facility. In addition, the Company drew down approximately $ 26 million on its margin line on October 19, 2020 Since October 1, 2020, the Company sold an additional 583,000 shares of its Series D Preferred Stock at a weighted average price of $ 24.78 per share through the New Preferred ATM Program, generating gross proceeds of $ 14.4 million and net proceeds of $ 14.2 million, after offering expenses. Since October 1, 2020, the Company sold an additional 8,000 shares of its Common Stock at a weighted average price of $ 15.00 per share, through its Common ATM Program, generating gross proceeds of $ 119 ,000 and net proceeds of $ 117 ,000, after offering expenses.

PROFORMA FINANCIAL INFORMATION

PROFORMA FINANCIAL INFORMATION (UNAUDITED)	9 Months Ended
	Sep. 30, 2020
Proforma Financial Information
PROFORMA FINANCIAL INFORMATION (UNAUDITED)	NOTE 12 – PROFORMA FINANCIAL INFORMATION (UNAUDITED) The following unaudited pro forma condensed financial information reflects the acquisitions during 2019 and through September 30, 2020. This information has been prepared utilizing the historical financial statements of the Company and the effect of additional Revenue and Expenses from the properties acquired during this period assuming that the acquisitions had occurred as of the first day of the applicable period, after giving effect to certain adjustments including: (a) Rental and Related Income; (b) Community Operating Expenses; (c) Interest Expense resulting from the assumed increase in Mortgages and Loans Payable related to the new acquisitions; and (d) Depreciation Expense related to the new acquisitions. The unaudited pro forma condensed financial information is not indicative of the results of operations that would have been achieved had the acquisitions reflected herein been consummated on the dates indicated or that will be achieved in the future (in thousands) SUMMARY OF PRO FORMA FINANCIAL INFORMATION Three Months Ended Nine months Ended 9/30/20 9/30/19 9/30/20 9/30/19 Rental and Related Income $ 36,783 $ 34,049 $ 107,410 $ 100,476 Community Operating Expenses 16,298 16,053 47,418 47,700 Net Income (Loss) Attributable (12,507 ) 5,928 (44,440 ) 7,017 Net Income (Loss) Attributable $ (0.30 ) $ 0.15 $ (1.08 ) $ 0.18

ORGANIZATION AND ACCOUNTING P_2

ORGANIZATION AND ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates In preparing the consolidated financial statements in accordance with U.S. GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, as well as contingent assets and liabilities as of the dates of the consolidated balance sheets and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ significantly from these estimates and assumptions.
Reclassifications	Reclassifications Certain amounts in the financial statements for the prior periods have been reclassified to conform to the statement presentation for the current periods.
Derivative Instruments and Hedging Activities	Derivative Instruments and Hedging Activities In the normal course of business, the Company is exposed to financial market risks, including interest rate risk on its variable rate debt. The Company attempts to limit these risks by following established risk management policies, procedures and strategies, including the use of derivative financial instruments. The Company’s primary strategy in entering into derivative contracts is to minimize the variability that changes in interest rates could have on its future cash flows. The Company generally employs derivative instruments that effectively convert a portion of its variable rate debt to fixed rate debt. The Company does not enter into derivative instruments for speculative purposes. The Company previously entered into various interest rate swap agreements that have had the effect of fixing interest rates relative to specific mortgage loans. As of December 31, 2019 and September 30, 2020, these agreements had expired and the Company does not have any interest rate swap agreements in effect.
Leases	Leases We account for our leases under ASC 842, “Leases.” Our primary source of revenue is generated from lease agreements for our sites and homes, where we are the lessor. These leases are generally for one-year or month-to-month terms and renewable by mutual agreement from us and the resident, or in some cases, as provided by jurisdictional statute. We are the lessee in other arrangements, primarily for our corporate office and a ground lease at one community. As of September 30, 2020, the right-of-use assets and corresponding lease liabilities of $ 3.7 SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) Sep. 30, 2020 2020 $ 107 2021 427 2022 417 2023 384 2024 384 Thereafter 8,432 Total Lease Payments $ 10,151 The weighted average remaining lease term for these leases is 145.1 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. 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) 9/30/20 12/31/19 9/30/19 12/31/18 Cash and Cash Equivalents $ 54,666 $ 12,902 $ 11,111 $ 7,433 Restricted Cash 14,021 6,094 7,056 5,344 Cash, Cash Equivalents And Restricted Cash $ 68,687 $ 18,996 $ 18,167 $ 12,777
Revenue	Revenue On January 1, 2018, the Company adopted ASU 2014-09 “Revenue from Contracts with Customers (Topic 606)” (ASC 606). For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Rental and related income is generated from lease agreements for our sites and homes. The lease component of these agreements is accounted for under ASC 840 “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 840. 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 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.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” ASU 2016-13 requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 is effective for annual reporting periods, including interim reporting periods within those periods, beginning after December 15, 2019. As of January 1, 2020, we adopted the fair value option for our notes receivable and there was not a material impact. As of September 30, 2020 and 2019, the Company had notes receivable of $ 41.8 34.7 0.9 0.7 In August 2018, the FASB issued ASU No. 2018-13, “Disclosure Framework — Changes to the Disclosure Requirements for Fair Value Measurement” which removes, modifies, and adds certain disclosure requirements related to fair value measurements in ASC 820. This guidance is effective for public companies for fiscal years beginning after December 15, 2019, including interim periods within that year. The Company adopted this standard effective with its financial statements for the quarter ended March 31, 2020, and it did not have a material impact on its fair value disclosures.
Other Recent Accounting Pronouncements	Other Recent Accounting Pronouncements Management does not believe that any other recently issued, but not yet effective accounting pronouncements, if adopted, would have a material effect on the accompanying Consolidated Financial Statements.

ORGANIZATION AND ACCOUNTING P_3

ORGANIZATION AND ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS	SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS Future minimum lease payments under these leases over the remaining lease terms are as follows (in thousands) Sep. 30, 2020 2020 $ 107 2021 427 2022 417 2023 384 2024 384 Thereafter 8,432 Total Lease Payments $ 10,151
SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH	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) 9/30/20 12/31/19 9/30/19 12/31/18 Cash and Cash Equivalents $ 54,666 $ 12,902 $ 11,111 $ 7,433 Restricted Cash 14,021 6,094 7,056 5,344 Cash, Cash Equivalents And Restricted Cash $ 68,687 $ 18,996 $ 18,167 $ 12,777

INVESTMENT PROPERTY AND EQUIP_2

INVESTMENT PROPERTY AND EQUIPMENT (Tables)	9 Months Ended
	Sep. 30, 2020
Real Estate [Abstract]
SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED	SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED At Acquisition Assets Acquired: Land $ 786 Depreciable Property 8,162 Total Assets Acquired $ 8,948

LOANS AND MORTGAGES PAYABLE (Ta

LOANS AND MORTGAGES PAYABLE (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
SUMMARY OF MORTGAGES PAYABLE	The following is a summary of our mortgages payable as of September 30, 2020 and December 31, 2019 (in thousands) SUMMARY OF MORTGAGES PAYABLE 9/30/2020 12/31/2019 Amount Rate Amount Rate Fixed rate mortgages $ 479,124 3.81 % $ 377,045 4.14 % Unamortized debt issuance costs (6,748 ) (3,387 ) Mortgages, net of unamortized debt issuance costs $ 472,376 3.86 % $ 373,658 4.18 %

STOCK BASED COMPENSATION (Table

STOCK BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2020
Compensation Related Costs [Abstract]
SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS	The fair value of each option grant is estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions used for grants during the nine months ended September 30, 2020 and 2019: SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS 2020 2019 Dividend yield 5.33% 5.13% Expected volatility 24.57% 24.04% Risk-free interest rate 0.89% 2.50% Expected lives 10 10 Estimated forfeitures 0 0

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
SUMMARY OF FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS	In accordance with ASC 820-10, Fair Value Measurements and Disclosures, the Company measures certain financial assets and liabilities at fair value on a recurring basis, including marketable securities. The fair value of these financial assets and liabilities was determined using the following inputs at September 30, 2020 and December 31, 2019 (in thousands) SUMMARY OF FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements at Reporting Date Using Quoted Prices Significant In Active Other Significant Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of September 30, 2020: Marketable Securities - Preferred stock $ 2,172 $ 2,172 $ 0 $ 0 Marketable Securities - Common stock 82,989 82,989 0 0 Total $ 85,161 $ 85,161 $ 0 $ 0 As of December 31, 2019: Marketable Securities - Preferred stock $ 3,516 $ 3,516 $ 0 $ 0 Marketable Securities - Common stock 112,670 112,670 0 0 Total $ 116,186 $ 116,186 $ 0 $ 0

PROFORMA FINANCIAL INFORMATIO_2

PROFORMA FINANCIAL INFORMATION (UNAUDITED) (Tables)	9 Months Ended
	Sep. 30, 2020
Proforma Financial Information
SUMMARY OF PRO FORMA FINANCIAL INFORMATION	SUMMARY OF PRO FORMA FINANCIAL INFORMATION Three Months Ended Nine months Ended 9/30/20 9/30/19 9/30/20 9/30/19 Rental and Related Income $ 36,783 $ 34,049 $ 107,410 $ 100,476 Community Operating Expenses 16,298 16,053 47,418 47,700 Net Income (Loss) Attributable (12,507 ) 5,928 (44,440 ) 7,017 Net Income (Loss) Attributable $ (0.30 ) $ 0.15 $ (1.08 ) $ 0.18

SCHEDULE OF FUTURE MINIMUM LEAS

SCHEDULE OF FUTURE MINIMUM LEASE PAYMENTS (Details) $ in Thousands	Sep. 30, 2020USD ($)
Accounting Policies [Abstract]
2020	$ 107
2021	427
2022	417
2023	384
2024	384
Thereafter	8,432
Total Lease Payments	$ 10,151

SCHEDULE OF CASH, CASH EQUIVALE

SCHEDULE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Cash and Cash Equivalents	$ 54,666	$ 12,902	$ 11,111	$ 7,433
Restricted Cash	14,021	6,094	7,056	5,344
Cash, Cash Equivalents And Restricted Cash	$ 68,687	$ 18,996	$ 18,167	$ 12,777

ORGANIZATION AND ACCOUNTING P_4

ORGANIZATION AND ACCOUNTING POLICIES (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)Number	Sep. 30, 2019USD ($)	Mar. 11, 2020Number
Entity Listings [Line Items]
Operating lease, liabilities | $	$ 3.7
Weighted average remaining lease term	145 years 1 month 6 days
Right of use assets and lease liabilities, interest rate	5.00%
Notes receivable | $	$ 41.8	$ 34.7
Fair value adjustment of notes receivable | $	$ 0.9	$ 0.7
Real Estate Investment Trusts [Member]
Entity Listings [Line Items]
Number of operates manufacture home communities | Number	124
Number of developed home sites company own and operates | Number	23,400
Portfolio of gross assets	The Company also owns a portfolio of REIT securities which the Company generally limits to no more than approximately 15% of its undepreciated assets.
Maximum percentage of undepreciated assets	15.00%
Number of residential communities | Number			124

NET INCOME (LOSS) PER SHARE (De

NET INCOME (LOSS) PER SHARE (Details Narrative) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Option Indexed to Issuer's Equity [Line Items]
Common stock equivalents		240,000		238,000
Share-based Payment Arrangement, Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Common stock diluted net income per share	3,300,000	1,100,000	3,300,000	1,100,000

SCHEDULE OF ESTIMATED FAIR VALU

SCHEDULE OF ESTIMATED FAIR VALUE OF ASSETS ACQUIRED (Details) $ in Thousands	Sep. 30, 2020USD ($)
Real Estate [Abstract]
Land	$ 786
Depreciable Property	8,162
Total Assets Acquired	$ 8,948

INVESTMENT PROPERTY AND EQUIP_3

INVESTMENT PROPERTY AND EQUIPMENT (Details Narrative) $ in Thousands	Sep. 21, 2020USD ($)aNumber	Jul. 24, 2020USD ($)aNumber	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Purchase price of acquired entity			$ 6,274	$ 37,308
Transaction costs			$ 1,100
Camelot Woods [Member] | Altoona Pennsylvania [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Purchase price of acquired entity		$ 3,300
Number of property sites | Number		147
Area of acquired real estate property | a		27
Percentage of average occupancy		56.00%
Lake Erie Estates [Member] | Fredonia New York [Member]
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]
Purchase price of acquired entity	$ 4,500
Number of property sites | Number	163
Area of acquired real estate property | a	21
Percentage of average occupancy	71.00%
Mortgage value	$ 2,700

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019
Entity Listings [Line Items]
Available marketable securities	$ 85,200	$ 85,200
Percentage of undepreciated assets		6.30%
Purchase of marketable securities		$ 896	$ 1,364
Decrease in fair value of marketable securities	6,700	$ 31,900
Real Estate Investment Trusts [Member]
Entity Listings [Line Items]
Maximum percentage of undepreciated assets		15.00%
Total net unrealized holding losses		$ 57,200
Monmouth Real Estate Investment Corporation [Member]
Entity Listings [Line Items]
Number of common stock owned, shares		2,600,000
Number of common stock owned, value		$ 24,800
Number of common stock owned, fair value	$ 36,600	$ 36,600
Monmouth Real Estate Investment Corporation [Member] | Stock Purchase Plan [Member]
Entity Listings [Line Items]
Purchase of common stock		69,000
Purchase of common stock, value		$ 839,000
Weighted average cost per shares	$ 12.13	$ 12.13

SUMMARY OF MORTGAGES PAYABLE (D

SUMMARY OF MORTGAGES PAYABLE (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
Fixed rate mortgages	$ 479,124	$ 377,045
Mortgages percentage	3.81%	4.14%
Unamortized debt issuance costs	$ (6,748)	$ (3,387)
Mortgages, net of unamortized debt issuance costs	$ 472,376	$ 373,658
Mortgages, net of unamortized debt issuance costs percentage	3.86%	4.18%

LOANS AND MORTGAGES PAYABLE (De

LOANS AND MORTGAGES PAYABLE (Details Narrative) $ in Thousands	Oct. 07, 2020USD ($)	Sep. 21, 2020USD ($)	Aug. 20, 2020USD ($)Number	Nov. 29, 2018USD ($)	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Oct. 19, 2020USD ($)	Jun. 29, 2020USD ($)
Debt Instrument [Line Items]
Lines of credit						$ 15,000
Interest rate						1.66%
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net						$ 270,000	$ 358,000
Debt, Weighted Average Interest Rate						3.10%	3.70%
Number Of Developed Home Sites Company Own and Operates						$ 0
Debt Instrument, Term						6 years 3 months 18 days	6 years
Lake Erie Estates [Member] | Fredonia New York [Member]
Debt Instrument [Line Items]
Interest rate on mortgage		5.16%
Secured Long-term Debt, Noncurrent		$ 2,700
Debt Instrument, Maturity Date		Jul. 6, 2025
Federal National Mortgage Association Mortgage Fannie Mae [Member]
Debt Instrument [Line Items]
Number of sites | Number			4,100
Proceeds from mortgage			$ 106,000
Maturity and principal repayments term, description			This Federal National Mortgage Association (Fannie Mae) credit facility has a 10-year maturity
Principal repayments, term			30 years
Interest rate on mortgage			2.62%
Prime Rate [Member]
Debt Instrument [Line Items]
Interest rate					3.25%
Subsequent Event [Member]
Debt Instrument [Line Items]
Margin line of credit								$ 26,000
Revolving line of credit	$ 20,000
Subsequent Event [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Interest rate	3.50%
Unsecured Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Borrowing capacity, description				The Facility is syndicated with two banks led by BMO Capital Markets Corp. (“BMO”), as sole lead arranger and sole book runner, with Bank of Montreal as administrative agent, and includes JPMorgan Chase Bank, N.A. (“J.P. Morgan”) as the sole syndication agent. The Amendment provided for an increase from $50 million in available borrowings to $75 million in available borrowings with a $50 million accordion feature, bringing the total potential availability up to $125 million, subject to certain conditions including obtaining commitments from additional lenders. The Amendment also extended the maturity date of the Facility from March 27, 2020 to November 29, 2022, with a one-year extension available at the Company’s option, subject to certain conditions including payment of an extension fee. Availability under the Facility is limited to 60% of the value of the unencumbered communities which the Company has placed in the Facility’s unencumbered asset pool (“Borrowing Base”). The Amendment increased the value of the Borrowing Base communities by reducing the capitalization rate applied to the Net Operating Income (“NOI”) generated by the communities in the Borrowing Base from 7.5% to 7.0%.
Line of credit accordion feature				$ 50,000
Line of credit facility, maximum borrowing capacity				$ 125,000
Line of credit facility, maturity date				Nov. 29, 2022
Unsecured Revolving Credit Facility [Member] | Minimum [Member]
Debt Instrument [Line Items]
Line of credit facility, available borrowings				$ 50,000
Unsecured Revolving Credit Facility [Member] | Maximum [Member]
Debt Instrument [Line Items]
Line of credit facility, available borrowings				$ 75,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Line of credit facility, maturity date					Jun. 1, 2022
Lines of credit					$ 20,000				$ 15,000
Interest rate						3.25%
Debt instrument, description					one year
Revolving line of credit						$ 6,000
Revolving Credit Facility [Member] | Subsequent Event [Member]
Debt Instrument [Line Items]
Line of credit facility, available borrowings	$ 30,000

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Oct. 20, 2020	Oct. 01, 2020	Oct. 01, 2020	Sep. 30, 2020	Sep. 15, 2020	Sep. 11, 2020	Jul. 22, 2020	Mar. 13, 2020	Jan. 15, 2020	Oct. 21, 2019	Oct. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Oct. 01, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Jul. 15, 2020	May 14, 2020	Dec. 31, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceed from dividend reinvestment and stock purchase plan (DRIP)																							$ 2,300	$ 5,600
New shares issued under drip, value															$ 2,208	$ 1,743	$ 1,601	$ 7,821	$ 10,724	$ 10,671
Stock Repurchased During Period, Value																$ 225	$ 1,604	237
Common stock, par value				$ 0.10									$ 0.10		$ 0.10								$ 0.10			$ 0.10	$ 0.10
Common stock, shares authorized				140,364,000									140,364,000		140,364,000								140,364,000		140,400,000	20,000,000	123,664,000
Proceeds from issuance of offering																							$ 71,473	$ 0
Excess stock, shares authorized				3,000,000									3,000,000		3,000,000								3,000,000		3		3,000,000
Preferred stock, par value																									$ 0.10
A T M Program [Member] | B Riley F B R Inc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross proceeds from issuance of stock													$ 8,600
Proceeds from issuance of offering													$ 8,300
Equity Distribution Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of Stock, Consideration Received on Transaction												$ 100,000
Preferred Stock At The Market Sales Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold																					2,600,000
Gross proceeds from issuance of stock																					$ 64,100
Proceeds from issuance of offering																					$ 63,100
Shares Issued, Price Per Share												$ 25.06				$ 25.06					$ 25.06	$ 25.06
Preferred Stock At The Market Sales Program [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of Stock, Consideration Received on Transaction										$ 100,000
New Preferred Stock At The Market Sales Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of Stock, Consideration Received on Transaction							$ 100,000
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Proceed from dividend reinvestment and stock purchase plan (DRIP)																							$ 2,300
New shares issued under drip, value																							$ 5,600
New shares issued under drip																							468,000
Stock Repurchased During Period, Shares																							174,000
Stock Repurchased During Period, Value																							$ 1,800
Share Price				$ 10.50									$ 10.50		$ 10.50								$ 10.50
Common Stock [Member] | Common Stock Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase of common stock authorized									$ 25,000
8.0% Series B Cumulative Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividend declared per share, paid						$ 0.2722
Preferred Stock, Liquidation Preference Per Share						25
Preferred Stock, Redemption Price Per Share						$ 25.2722
Preferred Stock, Redemption Amount				$ 2,900									$ 2,900		$ 2,900								$ 2,900
8.0% Series B Cumulative Redeemable Preferred Stock [Member] | Series B Preferred Stock Repurchase Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock Repurchased During Period, Shares																	531
Stock Repurchased During Period, Value																	$ 12,000
Purchase of preferred stock authorized value								$ 5,000
Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Excess Stock, Value						3.8
Number of stock eligible for sale																											4,000,000
Preferred stock, par value																											$ 0.10
6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid					$ 4,100
Dividend declared per share, paid					$ 0.421875
Record date of dividend					Aug. 17, 2020
Annual rate on dividend per share payable quarterly					$ 1.6875
Dividend payable date to be paid day month and year description					June 1, 2020 through August 31, 2020
Preferred Stock, Dividend Rate, Percentage					6.75%
Preferred Stock, Liquidation Preference Per Share					$ 25
Series D Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid					$ 2,100																		$ 6,200
Dividend declared per share, paid					$ 0.3984375
Record date of dividend					Aug. 17, 2020
Annual rate on dividend per share payable quarterly					$ 1.59375
Dividend payable date to be paid day month and year description					June 1, 2020 through August 31, 2020
Preferred Stock, Dividend Rate, Percentage					6.375%
Preferred Stock, Liquidation Preference Per Share					$ 25
Number of stock eligible for sale				9,300,000									9,300,000		9,300,000								9,300,000				6,000,000
Preferred stock, par value				$ 0.10									$ 0.10		$ 0.10								$ 0.10				$ 0.10
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Redemption Price Per Share	$ 0.2722
Subsequent Event [Member] | Series B Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Dividend Rate, Percentage	8.00%
Preferred Stock, Redemption Price Per Share	$ 25
Subsequent Event [Member] | 6.75% Series C Cumulative Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Record date of dividend		Nov. 16, 2020
Annual rate on dividend per share payable quarterly		$ 0.421875	$ 0.421875											$ 0.421875
Dividend paid date		Dec. 15, 2020
Dividend payable date to be paid day month and year description		September 1, 2020 through November 30, 2020
Subsequent Event [Member] | Series D Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold											583,000
Gross proceeds from issuance of stock											$ 14,400
Proceeds from issuance of offering											$ 14,200
Shares Issued, Price Per Share											$ 24.78
Subsequent Event [Member] | Six Point Three Hundred And Seventy Five Percentage Series Dumulative Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Record date of dividend			Nov. 16, 2020
Annual rate on dividend per share payable quarterly		$ 0.3984375	$ 0.3984375											0.3984375
Dividend paid date			Dec. 15, 2020
Dividend payable date to be paid day month and year description			September 1, 2020 through November 30, 2020
Common Shareholders [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid																							$ 22,300
Proceed from dividend reinvestment and stock purchase plan (DRIP)																							$ 2,300
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid					$ 7,500
Dividend declared per share, paid					$ 0.18
Record date of dividend					Aug. 15, 2020
Proceed from dividend reinvestment and stock purchase plan (DRIP)					$ 654,000
New shares issued under drip, value															$ 18	$ 15	$ 13	$ 65	$ 83	$ 84
New shares issued under drip															178,000	157,000	133,000	645,000	834,000	837,000
Stock Repurchased During Period, Shares																(22,000)	(152,000)	(20,000)
Stock Repurchased During Period, Value																$ 2	$ 15	$ 2
Common Stock [Member] | A T M Program [Member] | B Riley F B R Inc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold				117,000
Sale of stock price per share				$ 14.54									$ 14.54		$ 14.54								$ 14.54
Gross proceeds from issuance of stock				$ 1,700
Proceeds from issuance of offering				$ 1,500
Common Stock [Member] | Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Record date of dividend			Dec. 15, 2020
Annual rate on dividend per share payable quarterly		$ 0.18	$ 0.18											$ 0.18
Dividend paid date														Nov. 16, 2020
8.0% Series B Cumulative Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid					$ 1,900
Dividend declared per share, paid					$ 0.50
Record date of dividend					Aug. 17, 2020
Annual rate on dividend per share payable quarterly					$ 2
Dividend payable date to be paid day month and year description					June 1, 2020 through August 31, 2020
Preferred Stock, Dividend Rate, Percentage					8.00%
Preferred Stock, Liquidation Preference Per Share					$ 25
Series B Preferred Share [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid																							$ 5,700
New shares issued under drip, value															$ 0	0	0	0	$ 0	$ 0
Stock Repurchased During Period, Value																0	0	0
Number of stock eligible for sale																									4,000,000
Series C Preferred Share [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Dividends paid																							$ 12,400
New shares issued under drip, value															$ 0	0	0	0	0	0
Stock Repurchased During Period, Value																0	0	0
Number of stock eligible for sale																									13,800,000
Series C Preferred Share [Member] | A T M Program [Member] | B Riley F B R Inc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold													134,000
Sale of stock price per share				$ 24.96									$ 24.96		$ 24.96								$ 24.96
Series D Preferred Share [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
New shares issued under drip, value															$ 0	0	0	0	$ 0	$ 0
Stock Repurchased During Period, Value																$ 0	$ 0	$ 0
Common stock, shares authorized																									3,300,000
Number of stock eligible for sale																									9,300,000
Series D Preferred Share [Member] | A T M Program [Member] | B Riley F B R Inc [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold													213,000
Sale of stock price per share				$ 24.78									$ 24.78		$ 24.78								$ 24.78
Series D Preferred Share [Member] | Preferred Stock At The Market Sales Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number shares issued and sold																						3,200,000
Gross proceeds from issuance of stock																						$ 80,500
Proceeds from issuance of offering																						$ 79,100
Shares Issued, Price Per Share												$ 25.09				$ 25.09					$ 25.09	$ 25.09
Series C Preferred Stock Or Series D Preferred Stock [Member] | Preferred Stock At The Market Sales Program [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Preferred Stock, Shares Subscribed but Unissued, Subscriptions Receivable				$ 91,400									$ 91,400		$ 91,400								$ 91,400

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTION GRANT OF WEIGHTED-AVERAGE ASSUMPTIONS (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Compensation Related Costs [Abstract]
Dividend yield	5.33%	5.13%
Expected volatility	24.57%	24.04%
Risk-free interest rate	0.89%	2.50%
Expected lives	10 years	10 years
Estimated forfeitures	$ 0	$ 0

STOCK BASED COMPENSATION (Detai

STOCK BASED COMPENSATION (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands

May 20, 2020

Mar. 25, 2020

Jan. 17, 2020

Jan. 15, 2020

Jan. 08, 2020

Sep. 30, 2020

Mar. 31, 2020

Sep. 30, 2019

Jun. 30, 2019

Mar. 31, 2019

Sep. 30, 2020

Sep. 30, 2019

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Share-based Payment Arrangement, Expense

$ 217

$ 433

$ 1,100

$ 1,500

Stock Issued During Period, Value, Restricted Stock Award, Gross

$ 0

$ 0

$ 0

Weighted-average exercise price

$ 0.96

$ 1.72

Stock Issued During Period, Value, Stock Options Exercised

$ 316

$ 306

$ 329

$ 435

Amended and Restated 2013 Incentive Award Plan [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Options outstanding

3,300,000

3,300,000

Aggregate intrinsic value of outstanding

$ 3,400

$ 3,400

Available for future grant under plan

478,000

478,000

Three Employees [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Number of restricted stock award

15,000

Stock Issued During Period, Value, Restricted Stock Award, Gross

$ 233

Shares vest term description

five

five

three

five

Boardof Directors [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Number of common stock award

11,000

Fair value of grant options

$ 177

One Participant [Member] | Amended and Restated 2013 Incentive Award Plan [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Number of common stock award

10,000

Fair value of grant options

$ 16,000

Forty Participants [Member] | Stock Options [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Fair value of grant options

$ 653

Option to purchase common stock

690,000

Two Participants [Member] | Amended and Restated 2013 Incentive Award Plan [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Number of common stock award

15,000

Fair value of grant options

$ 17

Eight Participants [Member] | Stock Options [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Weighted-average exercise price

$ 10.46

Exercised option to purchase common stock

59,500

Stock Issued During Period, Value, Stock Options Exercised

$ 622

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value

$ 276

Two Employees [Member]

Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items]

Option to purchase shares forfeited or expired

23,000

SUMMARY OF FINANCIAL ASSETS AND

SUMMARY OF FINANCIAL ASSETS AND LIABILITIES RECOGNIZED AT FAIR VALUE ON A RECURRING BASIS (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 85,161	$ 116,186
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	85,161	116,186
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	85,161	116,186
Fair Value, Recurring [Member] | Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	2,172	3,516
Fair Value, Recurring [Member] | Preferred Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	2,172	3,516
Fair Value, Recurring [Member] | Preferred Stock [Member] | 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, Recurring [Member] | Preferred Stock [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, Recurring [Member] | Common Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	82,989	112,670
Fair Value, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	82,989	112,670
Fair Value, Recurring [Member] | Common Stock [Member] | 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, Recurring [Member] | Common Stock [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities	$ 0	$ 0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) $ in Millions	Sep. 30, 2020USD ($)
Fair Value Disclosures [Abstract]
Estimate fair value of fixed rate mortgages payable	$ 491.7
Carrying value of fixed rate mortgages payable	$ 479.1

CONTINGENCIES, COMMITMENTS AN_2

CONTINGENCIES, COMMITMENTS AND OTHER MATTERS (Details Narrative) - Twenty First Mortgage Corporation [Member] $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)
Loss Contingencies [Line Items]
Investment owned, balance, principal amount	$ 2
Investment owned, balance	2
Notes and other receivables	$ 33.2
Minimum [Member]
Loss Contingencies [Line Items]
Range Of Purchase Price Repossessed	80.00%
Minimum [Member] | Purchase Price [Member]
Loss Contingencies [Line Items]
Range Of Purchase Price Repossessed	55.00%
Maximum [Member]
Loss Contingencies [Line Items]
Range Of Purchase Price Repossessed	95.00%
Maximum [Member] | Purchase Price [Member]
Loss Contingencies [Line Items]
Range Of Purchase Price Repossessed	100.00%

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Cash paid for interest	$ 13,500	$ 13,700
Interest cost capitalized to land development	896	1,000
Mortgages assumed	2,700	19,400
Reinvestment of dividends	$ 2,300	$ 5,600

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Oct. 20, 2020	Oct. 07, 2020	Sep. 15, 2020	Oct. 30, 2020	Jun. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Oct. 19, 2020	Oct. 15, 2020	Jun. 29, 2020	Dec. 31, 2019
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period						1.66%
Long-term Line of Credit						$ 15,000
Proceeds from Issuance Initial Public Offering						$ 71,473	$ 0
Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued											3,801,000
Preferred stock, shares outstanding											3,801,000
Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued						5,424,000					2,651,000
Preferred stock, shares outstanding						5,424,000					2,651,000
Preferred stock percentage			6.375%
Prime Rate [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period					3.25%
Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period						3.25%
Long-term Line of Credit					$ 20,000					$ 15,000
Subsequent Event [Member]
Subsequent Event [Line Items]
Redemption price per share	$ 0.2722
Redemption value	$ 96,100
Margin line of credit								$ 26,000
Subsequent Event [Member] | Total Payment [Member]
Subsequent Event [Line Items]
Redemption price per share	$ 25.2722
Subsequent Event [Member] | Series B Preferred Stock [Member]
Subsequent Event [Line Items]
Preferred stock, shares issued	3,800,000
Preferred stock, shares outstanding	3,800,000
Preferred stock percentage	8.00%
Redemption price per share	$ 25
Long-term Line of Credit									$ 30,000
Subsequent Event [Member] | Series D Preferred Stock [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction				583,000
Shares Issued, Price Per Share				$ 24.78
Gross proceeds from issuance of stock				$ 14,400
Proceeds from Issuance Initial Public Offering				$ 14,200
Subsequent Event [Member] | Prime Rate [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Interest Rate During Period		3.50%
Subsequent Event [Member] | Revolving Credit Facility [Member]
Subsequent Event [Line Items]
Proceeds from Lines of Credit		$ 20,000
Line of Credit Facility, Remaining Borrowing Capacity		$ 30,000
Line of Credit Facility, Description		The facility has a maturity date of November 29, 2022, with a one -year extension available at the Company’s option. Interest is payable at prime plus twenty-five basis points with a floor of
Subsequent Event [Member] | A T M Program [Member]
Subsequent Event [Line Items]
Sale of Stock, Number of Shares Issued in Transaction				8,000
Shares Issued, Price Per Share				$ 15
Gross proceeds from issuance of stock				$ 119
Proceeds from Issuance Initial Public Offering				$ 117

SUMMARY OF PRO FORMA FINANCIAL

SUMMARY OF PRO FORMA FINANCIAL INFORMATION (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Proforma Financial Information
Rental and Related Income	$ 36,783	$ 34,049	$ 107,410	$ 100,476
Community Operating Expenses	16,298	16,053	47,418	47,700
Net Income (Loss) Attributable to Common Shareholders	$ (12,507)	$ 5,928	$ (44,440)	$ 7,017
Net Income (Loss) Attributable to Common Shareholders Per Share - Basic and Diluted	$ (0.30)	$ 0.15	$ (1.08)	$ 0.18